Deals & People September 27, 2010

Transamerica Names New Western Regional Vice President

Transamerica Retirement Services has announced the promotion of Tim Allen to regional vice president in its Western Region.
Reported by

Allen will be responsible for all sales activities and distribution in the coastal region north of San Francisco, the Bay Area Peninsula and the Salinas Valley. He will be based in San Mateo, California and will report to Michael Wannell, Transamerica’s divisional vice president for the Western Region. 

According to the announcement, Allen has served the past three years as a market development specialist for Transamerica in Colorado, where he developed education and training opportunities for financial advisers. He previously served as a vice president of advisory services for Mutual Asset Management.  

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Allen received his Bachelor of Science in managerial economics from University of California, Davis.
Data & Research September 27, 2010

Key to Retirement Confidence is Working with a Pro

In a study released by Ameriprise Financial, “New Retirement Mindscape II,” researchers found that pre-retirees working with a financial adviser are taking many more steps to prepare for retirement than those who are flying solo.
Reported by

Being confident with financial security in retirement is a highly sought after feeling, which unfortunately, not many Americans have. In its survey, Ameriprise found that 68% of pre-retirees working with a financial adviser are confident in reaching their retirement goals, and 39% of pre-retirees who are not working with an FA are confident about their plan.   

For those who are already working with an adviser, the study found that pre-retirees were more likely to be setting aside money in an employer-sponsored plan (84% versus 66%) or in their own savings and investments (91% versus 60%). Pre-retirees working with a financial adviser are also more likely to have made the crucial step to figure out the amount of money they need to save for retirement (68% versus 44%).

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Ameriprise also found that those with a written financial plan have even greater level of confidence that they are “on track” with their retirement plan–75% versus 40%. Compared to those without a plan, more pre-retirees are also more likely to say they are actively saving than their peers, including setting aside money for retirement in an employer-sponsored plan (85% versus 66%) and in their own savings and investments (93% versus 61%). 

Retirees who worked with a financial adviser are more likely to feel they are “living their dream” in retirement (53% versus 36%) and that their retirement “worked out the way they planned” (68% versus 49%) than those who did not.

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