Is health insurance still an attractive benefit?
Posted On July 17, 2014
With the recent Supreme Court decision excusing Hobby Lobby from providing certain birth control options in its employee health plan and the goal of Obamacare to make health care affordable and accessible to all Americans the employer-assisted health plan is getting tons of attention. We know costs keep rising and many employers are passing more and more of that cost on to employees. And with the rise in part-time and contract workers, employees are finding themselves increasingly ineligible for employer plans. Will all these trends converge to make employer-provided coverage a relic? I don’t see it happening right away, but… Read More
Categories: Financial Services, Generation X, Generation Y / Millennials, Retirement, Workplace
Nice group to be affiliated with.
Posted On June 16, 2014
I wasn’t aware until this morning after reading the article below that the audience for this conference last week managed on average $1 billion in retirement funds for their clients. Wow. I would have been much more nervous. But, as always, extraordinarily nice people. http://www.riabiz.com/a/4968982889103360/td-ameritrade-hosts-a-posh-billion-dollar-club-summit-at-a-seaside-ritz-carlton#.U55QxoAoqMw.twitter
Categories: Financial Services, Work
Gen X and retirement: A case of cognitive dissonance?
Posted On April 17, 2014
The Insured Retirement Institute recently released a study, “The Retirement Readiness of Generation X” which outlines the financial security, or lack thereof, that Generation X expects in their retirement years. The study reinforces how the Great Recession hit Gen X hard at a moment when their financial stories would typically have been on an upswing. What I found most interesting about this piece, however, was that the survey results paint the picture of a very conflicted generation – one that believes one way, but whose actions are in complete contradiction of that belief. These three statistics in particular, presented in… Read More
Categories: Blog, Financial Services, Generation X, RetirementGen X & Y – not your father’s millionaires.
Posted On October 24, 2013
Every year, Fidelity Investments publishes its Millionaire Outlook survey, which analyzes the investing attitudes and behaviors of millionaires. And while the Millennials (or Gen Y as the survey refers to them) are not having the easiest time right out of the college gates, they do have some showing among the young millionaire ranks. Interestingly enough, the study groups Gen X and Gen Y collectively as “young millionaires” with investment traits significantly different than the Boomer+ millionaires. It is sometimes thought that class, or privilege, trumps the generational norms. That is, individuals at the far ends of the socioeconomic spectrum are… Read More
Categories: Charity, Financial Services, Menu 1Don’t forget about the Boomers – financial advisor needs continue to grow
Posted On July 23, 2013
I work with a good deal of financial advisory firms, many of which are grappling with how to attract and engage younger investors to maintain a strong continuity of client base. And while this is increasingly important, it is also worth noting that the financial advisory needs of the Baby Boomers are not going away. In fact, they are likely to grow. Relationship-oriented service businesses should not assume that all Boomers have established relationships with providers. An article in U-T San Diego quotes a 2013 study by the PNC Financial Services Group states that only 43% of Boomers surveyed have… Read More
Categories: Baby Boomers, Financial ServicesGen X employees caught in the middle – financially stressed out
Posted On July 4, 2013
Gen Xers are currently in their mid 30s to early 50s and they are feeling the pinch of dual responsibilities. Many are faced with funding college educations while simultaneously supporting elderly parents who may not have the retirement savings to support longer lives and growing health care costs. According to PricewaterhouseCoopers’ Employee Financial Wellness Survey, 30% of Gen X employees have tapped into their retirement savings and 36% expect they will need to – numbers significantly higher than their Boomer and Millennial peers. So, what does that mean for employers? It means a core portion of your workforce is extremely… Read More
Categories: Financial Services, WorkplaceThis guy gets it.
Posted On June 13, 2013
Came across this commentary on inspiring Millennial employees in Forbes the other day and thought it was worth sharing. The theory and tips and “story behind the story” of managing across the generations that our team provides to clients around the country is important. But sometimes it’s helpful to hear it straight from the folks in the trenches figuring out how to make things work. This guy gets it – and what’s even better, he admits he didn’t always get it. Change can lead to good things. Author Ty Kiisel confirms the experiences I’ve had over the years and what… Read More
Categories: Financial Services, Generations, WorkplaceMillennials more conservative than you might think
Posted On June 6, 2013
Merrill Lynch recently released a white paper Millennials and Money that surveyed some of the most affluent members of the youngest generation currently in the workforce and found them to be at odds with many of the stereotypes typically applied to this group. Michael Liersch, director of behavioral science for Merrill Lynch writes: These young people aren’t rebelling against the traditional investment approaches advocated by their parents—not only do most say they would have no objection to using their parents’ financial advisors, they are also most likely to describe their investment philosophy as “buy and hold.” They aren’t turning to… Read More
Categories: Blog, Financial ServicesAre cynical Xers wearing rose-colored glasses?
Posted On May 21, 2013
Just last week we were talking about how 50% of Gen Xers are confident in their retirement savings. Today, we’re hearing that the confidence may not match up with the bank accounts. The Associated Press reported on the findings of a recent Pew study of the retirement readiness of Boomers and Gen Xers. While retirees are advised to have enough savings to replace 70% of their income, Gen Xers are on track to replace only 50%. The report seems to point to the timing of major economic events during the Gen X lifetime – where Boomers largely benefited from the… Read More
Categories: Financial Services, Generations, Recession EconomyRecord-Breaking Market Indexes not Lifting Millennials
Posted On March 14, 2013
As the stock market indexes reach unprecedented heights, Millennial employment and wealth are still stuck at recession like levels. Despite the emerging “green shoots” in recent economic news, including declining overall unemployment, Millennial unemployment has been stuck around 11%, with a “real” rate of about 16% (including those who are not actively looking for work). This disparity, observers suggest, will only worsen the disconnect and distrust between the Millennial generation and the financial markets, as prosperity, in the Millennials’ view, seems to be available to everyone but them. Without the financial means to participate in the investment economy, they may… Read More
Categories: Financial Services, Generations, Recession Economy