The anticipated doubling of US household assets by 2030 promises to dramatically increase fee income for wealth managers. But to benefit from this trend, advisers must “respect the meaningful financial, behavioral and life-stage differences among the various generations of their client bases,” writes David Lenok. WealthManagement.com (U.S.) (11/10)
Life insurance companies’ investable assets hit $3.4 trillion in 2014, up 4%, Conning says. Growth took place in most asset classes but dropped in real estate, the study says. LifeHealthPro (11/10)
New business premium reported for critical-illness insurance reached nearly $381 million last year, while in-force premium hit $1 billion, a Gen Re survey says. The survey showed that about 60% of respondents plan to expand their involvement in the market, with none expecting a reduction. BenefitsPro.com (11/10)
Leaders of states that expanded Medicaid eligibility under the Affordable Care Act have shown little willingness to roll back the expansion, even where political opposition to the law is strong. The Washington Post (tiered subscription model) (11/6)
The Securities and Exchange Commission has issued a risk alert that says financial advisers will be held accountable for deficient outsourced compliance functions. The SEC said it had found in about 20 examinations of advisory firms that the third-party compliance firm didn’t communicate regularly with advisers’ principals, didn’t have access…
Some financial advisers say they’re eschewing the traditional allocation of 60% stocks and 40% bonds. “Those were not terribly bad rules a generation ago, but they’re now not just outdated but downright dangerous,” said Scott Puritz of Rebalance IRA. USA Today (11/9)
The proportion of US adults who say they are “very” concerned about their financial security in retirement is 42.3%, a Robert Morris University poll indicates. About 20% of those already retired said they had saved sufficiently. PlanAdviser.com (11/9)
Balances in 401(k) accounts have taken a hit due to tough market conditions, Fidelity says. The average balance was $84,400 at the close of the third quarter, compared with $89,100 at the same time in 2014. ThinkAdvisor (11/6)
Investors ages 35 to 50 need help from financial advisers to manage their money and prepare for retirement, according to a survey by Northwestern Mutual Life. Although many in the age group are earning substantial incomes, they are more likely than other groups to have more debt than savings. InvestmentNews…
About 10% of people 18 to 34 describe themselves are highly likely to buy life insurance, a LIMRA survey says. Experts say millennials should have some life insurance, particularly if they have debt or small children, and that term policies can be a good choice. CNBC (11/6)
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