Hindsight is a wonderful thing, but it can’t erase bad financial choices. The best hope is that it prompts a switch to more positive behavior.
Recent polling by personal finance software firm Quicken has found that 80% of respondents have financial regrets, which are led by not building up an emergency fund and not investing more aggressively.
The firm’s survey was conducted against the gloomy backdrop of looming layoffs, with tech, media, logistics, and of course finance among the American industries that are seeing rising levels of job cuts. Without emergency funds to draw on alongside strong financial fundamentals, the loss of income from unexpected unemployment hits hard.
With almost half of survey participants revealing that they would run out of money in less than three months if they lost their regular income, the perilous position that millions of Americans could be in is clear.
Good financial advice has helped 54% of respondents manage their budgets in the past but 17% said that they had taken bad advice that hurt them financially.
"Financial decisions are inherently personal – it's important to balance best practices with each life stage, current state of the economy, and your financial standing," said Kristen Dillard, vice president of product and head of Quicken Simplifi. "Historically we see an increased interest in personal financial management at the start of each year, with more people than ever turning to Quicken Simplifi for support this year. By understanding their entire financial picture, consumers can thoughtfully grow their money and ensure financial security."
The survey found that living within your means and saving for retirement are the best financial decisions that you can make overall, but other priorities are deemed age-specific, such as establishing your credit profile in your 20s and 30s; not taking on debt from purchases in your 40s and 50s; and having enough saved for retirement in your 50s and 60s.
Building and maintaining a good credit score is cited by 85% of respondents as important and 70% believe that having credit cards is key to this. But most also say it’s vital that cards are managed well and paid off rather than carrying a balance.
Three-quarters also said that owning a home is a great way to build net worth but most say that it’s best to buy with a larger down payment and smaller mortgage, to pay off the loan as quickly as possible, and to refinance when rates are cheaper.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
