MILLENNIALS NEGLECT RETIREMENT PLANNING
New York -- Nearly 70 percent of people in the Millennial generation have no retirement plan, according to a new survey by MainStreet.com and GfK Roper, which found that more than half of Millennials plan to use Social Security income to fund their retirement years, despite concerns about Social Security's long-term viability. The study found that Americans are also taking Social Security payments earlier than they should.
The survey found that two out of three Millennials expect to retire by the age of 65, although nearly 70 percent have not started planning or saving for retirement.
Employee-sponsored retirement savings plans are instrumental in both Millennials' and Baby Boomers' retirement planning strategies, with more than 60 percent of both groups contributing to them to use as a future source of income.
STUDY ARGUES IN FAVOR OF UNIFORM FIDUCIARY STANDARD
Washington, D.C. -- The Financial Planning Coalition submitted a letter to the Securities and Exchange Commission saying it would "vigorously oppose" attempts to weaken the fiduciary standard for broker-dealers and submitted research showing a client-first standard does not limit advice to "mass-market" clients. The letter and research study suggested that broker-dealers working under a client-first standard experience greater success compared to those operating under a suitability standard and without a significant increase in their costs.
The study - conducted by the Aite Group -- was part of the Financial Planning Coalition's response to an SEC request for information. In its letter, the coalition -- which comprises the Certified Financial Planner Board of Standards, the Financial Planning Association and the National Association of Personal Financial Advisors - stated that a "fiduciary standard will benefit retail customers or their financial advisors, and will not impose significant costs."
Respondents to the survey reported that broker-dealers who are already operating under the fiduciary standard "experience stronger asset growth, stronger revenue growth, and obtain a greater share of client assets than those that provide services primarily under a non-fiduciary model."
