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Friday, June 27, 2014

Fw: Rise of the machines in financial advising

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From: "Retirement Security SmartBrief" <rssb@smartbrief.com>

Date: Fri, 27 Jun 2014 13:03:13 -0500

To: <mainandwall@hotmail.com>

Subject: Rise of the machines in financial advising

Rise of the machines in financial advising | Use of target-date, similar funds is increasing, report finds | Workers plan to keep working past retirement age

Created for mainandwall@hotmail.com | Web Version

June 27, 2014

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Workers plan to keep working past retirement age
Yet another survey finds many workers plan to stay on the job past traditional retirement age. Half of the defined-contribution plan participants surveyed by State Street Global Advisors say they'll keep working, and 40% say it's because they want to, not because they have to. PlanAdviser.com (6/26)

Aging boomers push up household age
The number of households with someone 65 or older will rise by 10.7 million in the next decade thanks to aging baby boomers. The latest State of the Nation's Housing report from Harvard's Joint Center for Housing Studies says 78% of older homeowners intend to stay in their homes, indicating a growing need for home-based services. Senior Housing News (6/26)

ETFs face hurdles getting into 401(k)s
More investors are seeking access to exchange-traded funds via their 401(k) plans, according to Charles Schwab's 2014 ETF Investor Survey. However, there are thorny obstacles forcing plan sponsors to take a measured approach. WealthManagement.com (U.S.) (6/26)

Make zero a retirement goal
The number to strive for in retirement is zero, as in zero liabilities, says Michael Falk of Focus Consulting Group. If a retiree can manage that, the person might be able to pay for basic living expenses with Social Security and other guaranteed income. Morningstar (6/26)

Not so long ago, the average retirement lasted 8 years. Today it is often 30 or more.

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Financial Literacy

Women improve financial literacy but still lag behind
A study by Financial Finesse says women are seeking out information to improve their financial literacy. Still, only a third of women feel confident about allocating their assets, compared with half of all men. BenefitsPro.com (6/26)

A preflight checklist for retirement finances
Financial adviser Roger Wohlner offers a financial-resources checklist for workers on the verge of retirement. The list includes reviewing all assets and planning distributions from pensions and other income sources. Forbes (6/26)

The Adviser-Client Relationship

Independent advisers gain ground after financial crisis
Independent financial advisers no longer need a long string of professional designations to compete with top wire houses, says Dave Bellaire, general counsel of FSI. Financial Times (tiered subscription model) (6/26)

Some advisers should reconsider their fees
John Furey revisits an old adviser issue: pricing. He suggests that there has been relatively little innovation in pricing, despite great leaps of innovation on the product and delivery fronts. A new paradigm isn't likely "until competitive forces push [assets under management] pricing to the point where a change must be made," he writes. InvestmentNews (free registration)/Outside-IN blog (6/26)