Posts Tagged ‘investments’

The Recession: 10 Years Later

Posted on December 08, 2017 by Laura Lam

In December 2007, employment peaked and started to head south – for two long years.  What followed: The loss of more than 8 million jobs, half the value of the Dow and the S&P 500, and trillions of dollars in retirement accounts and household wealth. Lives and businesses were ruined and whole neighborhoods emptied out, as banks took back homes bought on badly underwritten credit. A decade later, the American economy has recovered in many ways. Employers have been steadily adding jobs since early 2010, the stock market is booming and home prices have reached new all-time highs.  But in…

Millennials’ Financial Habits Differ from Previous Generations

Posted on May 12, 2017 by Laura Lam

More so than Gen X and baby boomers, millennials prioritize issues like buying a home, purchasing cars, saving for and planning vacations and weddings and college planning, according to a recent Stash survey.  Yet these are not issues that most financial advisers typically bring up with clients.  “We have a retirement, baby-boomer-centric service model that tends not to interest millennials,” said Alan Moore, co-founder of the XY Planning Network.  “Advisers need to look at where younger investors are in their lives and help them with those issues, such as navigating debt.” The financial habits of millennials,a giant generation of 92 million people…

4 Tips to Beat Elderly Financial Fraud

Posted on July 22, 2016 by Laura Lam

It’s not hard to sniff out how swindlers prey upon the elderly. They know they respond to mail, phone and front-door solicitations. Older people like to talk to people they don’t know.  Swindlers prey upon fear and insecurity. They blanket a neighborhood after a storm, offering to do “free storm damage asssessment.” They’ll pose as IRS agents or bill collectors to collect fake debts.  There’s an art to elder financial fraud and it’s practiced every day. If you know the danger signals, you can ward off these scamsters. When people get into their eighth decades and beyond, they process information…

Should Marketplace Lenders Draw on Geographical Data?

Posted on March 29, 2016 by Laura Lam

The fast-growing online lending business has brought a new twist to one of the most sensitive topics in lending: geography. Lenders, including online services known as “peer to peer” marketplaces, aren’t allowed to discriminate based on age, race and other factors. Skipping neighborhoods, or marketing to one neighborhood over another, has been the basis for “redlining” suits in which federal regulators accuse banks of discrimination. The fair-lending rules were written before the boom in online lending – and they don’t deal specifically with the investors who fund the loans online.  That has created questions about whether it is appropriate for investors in online loans…

What Retirement Looks Like Today

Posted on November 24, 2015 by Saldutti

Baby boomers are not embracing traditional retirement as we know it. In fact, the time-honored idea of packing up your desk and retiring to a beach on your 65th birthday may very well be a relic of the past, thanks to factors like longer life expectancies and inadequate savings.  This generation dutifully played by the rules: 81% of employed boomers who are offered a 401(k) or similar plan participate. The median they save each year is 10% of their salaries. A little more than 50% surveyed say that they have a “large enough” nest egg for retirement.  Yet, even with all this,…

Banks Plan to Spend More on Tech in 2016

Posted on October 19, 2015 by Saldutti

Driven by the need to secure computer systems, develop analytic capabilities and enhance customer-facing platforms, most banks are planning substantial increases in spending across a wide spectrum of technology in 2016, according to SourceMedia poll of chief information officers.  Anticipated increases in spending on security are particularly intense, with most executives forecasting jumps in budget allocations of at least 10%. By contrast, banks are finding little to cut in the technology arena, with desktops 1 of just 2 categories where more CIOs forecast decreases than increases in spending next year. Besides security, most bank CIOs plan to spend more next…

Investors Still Value Relationship With Financial Advisors

Posted on July 16, 2015 by Saldutti

Financial advisors got some encouraging news from the latest Wells Fargo/Gallup Investor and Retirement Optimism survey. Despite the recent proliferation of robo-advisors, U.S. investors prefer personal financial advisors 2 to 1.  When asked which 3 professional resources are most important to them, 50% of the respondents ranked a strong relationship with a personal financial advisor first; 24% chose state-of-the-art online or digital investing tools; and 19% chose on-call access to a financial advisor. “Technology is important, but the highest number of investors want a personal relationship with a financial advisor,” says Mary Mack, president of Wells Fargo Advisors. “Many clients…

Retirement Confidence Rises Slightly

Posted on June 04, 2015 by Saldutti

In yesterday’s blog post, we discussed ways to ensure that you’ll have enough during your Golden Years.  Today, we focus on retirement confidence.  Slightly more than half, or 52%, of savers feel like they might actually have enough money to live comfortably in retirement.  That’s not a striking vote of confidence. But it’s an improvement from last year, when 47% of people surveyed said they thought they would have enough income in retirement, according to a study released by Spectrem Group, a market research firm specializing in retirement and investing. People are generally feeling better about their finances – including retirement – as they watch…

Who Wants to Be a Millionaire?

Posted on April 29, 2015 by Saldutti

A recent study by Fidelity Investments focused on what it takes to become a millionaire without the help of a game show, and found that many people have the ability to accrue tremendous wealth, but that their windows for such financial success are closing.  Fidelity’s seventh annual “Millionaire Outlook” study looked at the potential investors have for moving up toward millionaire status. The key group in the study was the “emerging affluent,” which would be the people who seem to have both the resources and the interest/ability to live out their seven-figure dream. The key finding in the study is…