DESPITE EARNINGS DROP, ADVISORS STILL SATISFIED
Greenwood Village, Colo. - Despite an earnings slide of roughly 13 percent from 2009, some 94 percent of financial advisors remain satisfied with their career choice, according to a recent poll.
According to the 2011 Survey of Trends in Financial Planning, conducted by the College for Financial Planning, average annual earnings fell to $190,922 during the survey period, from $215,345 in 2009. At the same time, financial advisor compensation is trending heavily toward a mix of fees and commissions. Since 2008, the percentage of financial advisors reporting fees and commissions as their primary method of income has risen by almost half, from 43 percent to 60 percent.
The poll also found that advisors identified health care costs as their clients' most significant concern in 2011. Health care costs and retirement savings continue to figure most prominently among client concerns, edging out worries over tax burden and investment growth.
Also, nearly 90 percent of clients anticipate that their standard of living will remain the same or improve after they retire, an expectation that, for many, contrasts with reality. Advisors predict that only 75 percent of clients will maintain or improve their standard of living.
PERSONAL BUDGETING APP DEBUTS FOR IPAD
Bellingham, Wash. - A new personal budgeting app for the Apple iPad aims to help consumers manage their debts.
The new app, known as CashMap, shows consumers how managing their average daily balance enables them to pay off debt, lower their borrowing costs, and visualize their financial picture over the coming years. Those who want to make better use of their positive cash flow, accelerate a loan payoff, refinance their mortgage, or maximize their savings can benefit from the CashMap app.
Consumers can download the program for free from Apple's App Store to learn how it works. They can then invest less than $20 to own the program and create a variety of personal scenarios.
