Advisor-only Webcast | Year-end planning strategies | November 5, 2019

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Equity Outlook  |  Q4 2019

A market of mixed messages

A market of mixed messages

We enter the final quarter of the year with a somewhat puzzling backdrop for equity investors.

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Capital Markets Outlook  |  Fixed Income Outlook

Headlines you need to know this week   —   November 5, 2019

Wealth transfer could be a game-changer for advisors
The transfer of wealth from baby boomers to heirs is expected to have a significant impact on the advice industry. Cerulli estimated that $68 trillion could be transferred between generations over the next 25 years. Additional research noted that 80% of heirs are likely to look for a new advisor after inheriting family wealth. Advisors may want to position their services and relationships to remain competitive.
Financial literacy is a growing issue
In a recent Standard & Poor’s survey, the United States ranked 14th globally in terms of financial literacy. About 57% of adults were deemed financially literate. Other research points to Americans’ struggle with financial knowledge. FINRA’s Investor Education Foundation found that financial literacy has declined over the past decade. The number of adults able to answer four or more questions on a five-question survey dropped to 34% in 2018 from 42% in 2009. At the same time, 71% of respondents reported a high self-assessment of their knowledge. In a separate survey, 89.7% of advisors noted that they have found financial literacy issues among their clients.
Growing Millennial population presents opportunity
While a growing population of Millennials may present an opportunity for financial advice, many advisors are not pursuing these investors. In a recent survey of 400 advisors, only 11% said they were actively marketing to Millennials. The report noted several ways that advisors are reaching out to Millennial clients including experience-based prospecting events, virtual webinars and programs, and content marketing focused on specific topics of interest.

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