Products September 27, 2016

CFP, FPA and Others Announce Volunteer Advice Events

Throughout October, the groups will host 22 one-day events in cities across the U.S., staffed by CFP professionals offering no-cost discussions and consultations with the public. 
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The Certified Financial Planner Board of Standards, Inc. (CFP Board), Financial Planning Association (FPA), Foundation for Financial Planning and the U.S. Conference of Mayors announced a joint program known as Financial Planning Days, aimed at delivering free financial advice and boosting community engagement.

Throughout October, the groups will host 22 one-day events in cities across the U.S. On those days, hundreds of CFP professionals will partner with local city governments and gather in designated schools, municipal buildings, and libraries to offer free financial counsel to area residents.

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“The mission of the initiative is to bring free, ethical financial planning advice to the public through one-on-one advising sessions and group workshops,” the groups explain. “Highly qualified CFP professionals will volunteer their time and offer no-strings-attached advice. These professionals will not distribute business cards, take names, or sell financial products or services.” 

In one-on-one consultations, financial planners are seated at tables and meet privately with individuals and couples to answer questions on budgeting, managing credit, getting out of debt, income taxes, home ownership, planning and paying for college, estate planning, insurance and many other topics. Free classroom-style workshop presentations covering key areas of personal finance are also available.

Free registration is available at www.FinancialPlanningDays.org or by calling toll-free at 1-877-861-7826. Walk-ins are also welcome. Events are planned in the following metro areas:

Akron, Ohio: October 1

Arlington, Virginia: October 22

Atlanta, Georgia: October 8

Baltimore, Maryland: October 29

Chicago, Illinois: October 8

Cincinnati, Ohio: October 8

Lakewood, Colorado: October 22

Milwaukee, Wisconsin: October 22

San Francisco, California: October 22

West Sacramento, California: October 22

Columbus, Ohio: October 5

Los Angeles, California: October 29

Oakland, California: October 15

San Rafael, California: October 29

Huntington Beach, California: October 15

Lubbock, Texas: October 8

Rosemead, California: October 23

St. Paul, Minnesota: October 29

Data & Research September 27, 2016

LIMRA Releases Adviser Insights on Guaranteed Income Products

A survey of more than 1,000 financial professionals elicited mixed opinions on the effectiveness and reliability of guaranteed income products such as annuities.
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In times of economic uncertainty and market volatility, guaranteed income products such as annuities can provide investors with peace of mind. However, financial professionals including advisers have varying views on who should invest in these products and with how much of their assets.

According to a recent study by the LIMRA Secure Retirement Institute, more than 70% of advisers say affluent investors with $100,000 to $499,000 in assets; and mass-affluent clients with assets worth between $500,000 and $999,000 are the most suitable client base for guaranteed income products. The study also found that three in 10 advisers with clients having an average of $1 million in assets believe these investors could also benefit from guaranteed income products.

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As for how much should be invested in these products, the answer varied greatly depending on the type of adviser and the segment of the market being surveyed. On average, LIMRA found that advisers recommended just under one third of clients’ assets should be used to buy a guaranteed income product. While nine in 10 advisers agree guaranteed income products provide their clients with peace of mind, 40 percent of advisers say these products compromise their ability to properly manage their clients’ portfolio. Thirty-percent believe the products are too complicated.

These findings are from What Do Advisors Think About Retirement Income Planning, which is available to LIMRA members.

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