Top news articles for financial advisors and personal finance
Week of 7/25
This week's recap focuses on continued market volatility, tips for organic growth of advisory firms, competition in the mass affluent financial planning space, the gap in retirement savings between men and women, and ways to cope with financial stress.
Mortgage Rates Fall to 5.3%, Continuing Volatile Stretch (Orla McCaffrey, The Wall Street Journal)
Mortgage rates continue to be volatile, falling again this week, despite rising last week. The Federal Reserve also announced this week that they would raise the benchmark rate by 0.75 percentage points. Read more about the trends we saw this week in the overall economy and housing market
The coveted 'O' word for advisors (no Wall Street boosts needed) (Lynnley Browning, Financial Planning)
In the year, organic growth of advisory practices has seen rates like never before. The median increase in AUM was 19.5% regardless of practice size. Read more for tips on how many firms achieved unprecedented organic growth of clients and talent.
How Goldman Sachs Plans to Conquer the Mass Affluent Space (Victoria Zhuang, Financial Planning)
Over the past couple years, we’ve seen Goldman Sachs along with other retail banks entering the financial planning space. Recently, many of these banks have begun targeting the mass affluent market. Read more about the approach Goldman Sachs is using to reach these customers and attract top financial planning talent.
TIAA Warns That Women are Unprepared for Retirement (Alyssa Place, Financial Planning)
Research has found that women are behind men when it comes to retirement savings. A likely cause is the gap in wages, resulting in nearly half a million dollars in lost wages over a woman’s career compared to men. This unpreparedness for retirement is further exacerbated by the fact that women need more money in retirement as they live longer. Read more about how to help alleviate this issue.
‘I’m Always Worrying’: The Emotional Toll of Financial Stress (Christina Caron, The New York Times)
With rising costs of living, many Americans are suffering from financial stress. Financial experts recommend different solutions such as seeking professional help from a financial counselor or financial planner. Read more about other tips that can help ease financial stress.