The financial services and retirement advisory industry
has collectively invested tens, if not hundreds of millions of dollars in the
last decade to boost the use of big data technology; one researcher asks how
it’s all paid off.
Forty-one percent of Millennials are avoiding the stock
market and using savings accounts to save for retirement, which LendEDU
estimates will cause Millennials to miss out on more than $3.46 million by
The firm hopes its relaunched gender and cultural
diversity programs aimed at attracting and retaining people from more walks of
life to the advisory industry can help to address a major national challenge.
Among the 200 HR professionals the firm polled, 14% said
they do not have a program, and half of that group have never considered it.
Only 16% felt they could justify adding a financial wellness program without
knowing the anticipated ROI. Among those who already offer some type of
benefit, 34% felt they could offer the benefit without knowing the ROI.