'Life events' ignored

Employees who were recently laid off won't find a lot of advice from mutual fund companies about what they should do with their cash.
JAN 04, 2009
Employees who were recently laid off won't find a lot of advice from mutual fund companies about what they should do with their cash. Just 50% of firms offered information about "life events" such as marriage, divorce, changing jobs and dealing with the death of a loved one, according to a survey of 18 fund companies last month from Corporate Insight Inc. "We also found that firms generally differ on the life events that should be discussed," said Lauren Wistrom, a senior analyst at the New York-based financial services consulting firm. The most popular topics were unemployment/changing jobs and planning for major purchases, with 56% of firms offering information that touch upon these situations, according to the report. Divorce-related information, offered by 44% of firms, was another popular topic, and 33% of firms discussed death, marriage, birth/adoption and long term care. A few life event topics weren't explored by many firms at all. For example, American Century Investments of Kansas City, Mo., was the only firm surveyed that helps investors manage inheritances, while Fidelity Investments of Boston was the only firm to help clients plan for children with special needs. "I would think firms would want to add this kind of information," Ms. Wistrom said. "It's strange more of them haven't."

Latest News

SEC alts proposals may spark compliance 'culture shock' for managers
SEC alts proposals may spark compliance 'culture shock' for managers

CFP, CFA and CPA holders could gain accredited investor status as regulators weigh wider private market access for advisory clients

Advisor tech platfoms court firms with discounts, notaries, education
Advisor tech platfoms court firms with discounts, notaries, education

DeepVest, Vanilla and Libretto roll out tools to help financial advisors launch firms, close estate plans and sharpen planning skills

When it comes to retirement, Americans struggling with 'permission to spend,' says Prudential
When it comes to retirement, Americans struggling with 'permission to spend,' says Prudential

“People aren't effectively using their wealth in retirement,” said David Blanchett of Prudential.

NFL referee Shawn Hochuli doubles as LPL-affiliated financial advisor
NFL referee Shawn Hochuli doubles as LPL-affiliated financial advisor

Second-generation NFL ref Shawn Hochuli co-founded IWM Partners in Irvine, California, a wealth management practice with more than $500M in client assets

SEC bars NY advisor who allegedly defrauded elderly client of $2.4 million
SEC bars NY advisor who allegedly defrauded elderly client of $2.4 million

U.S. seniors lose $28.3 billion annually as a result of financial exploitation, according to a 2023 AARP study.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains