A recent survey by TruStage, an insurance, investment, and technology provider, reveals that middle-market Americans generally feel optimistic about their finances, though they still share some economic concerns.
The research, which sampled 1,500 adults with household incomes between $50,000 and $150,000, highlights that 92 percent of respondents are able to cover their monthly expenses, and 55 percent are saving at least some portion of their income.
Overall, 71 percent of those surveyed rated their financial situation as good, with 37 percent indicating their circumstances are improving. Younger generations, particularly Gen Z (61 percent) and millennials (49 percent), expressed the most confidence in their financial outlook, compared to just 26 percent of boomers.
The TruStage 2024 Middle Market Survey also brings attention to issues related to retirement preparedness and economic worries. Although 85 percent of respondents have at least $10,000 in retirement savings, and 50 percent have over $100,000, 43 percent of non-retirees still feel unprepared for retirement. This sentiment is more pronounced among women, half of whom expressed doubts about their retirement readiness.
Economic uncertainty is also a significant concern, with 61 percent of respondents feeling the US economy is heading in the wrong direction. Inflation (87 percent), higher taxes (84 percent), and the upcoming presidential election (81 percent) were the primary worries.
These concerns have impacted savings behavior, with 59 percent of respondents saving less due to inflation and 51 percent citing higher taxes.
The survey also highlights a perceived lack of accessibility to financial advisory services. Less than half of respondents (46 percent) say they have consulted a financial advisor, with cost being a commonly cited barrier.
“The fact that more than half of the middle market still have not seen a financial advisor points to a broader challenge that our industry must rise to,” Terrance Williams, CEO of TruStage, said in a statement.
While 72 percent of respondents believe financial advisors are accessible, the survey suggests the middle market remains underserved. Just 44 percent of African Americans said they’ve met with a financial advisor, with the number decreasing further to 43 percent for women and 41 percent for millennials.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
