Data & Research November 2, 2011

Americans Overwhelmed By Retirement Planning

A national survey found that regardless of age or gender, a significant percentage of Americans are confused as to what is the best way to plan and manage a financial strategy. 
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The survey, conducted by The Guardian Life Insurance Company of America, revealed pervasive uncertainty about the economy, with the popular belief being that it is headed in the wrong direction, as a leading source of trepidation about the ability to save for a comfortable retirement.

A sense of being overwhelmed about retirement planning further heightens the distress many Americans feel about long term financial security. While nearly all respondents (92%) surveyed say they are confident in their personal financial decision making, almost four in 10 of the general population (39%), more than half (52%) of Gen Y, and a third of Gen X say they don’t know where to begin when it comes to planning for retirement.

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Among factors the survey looked at were people’s perceptions of the direction the economy is heading. From a generational standpoint, Gen X (82%) believes the economy is headed in the wrong direction and feels the least financially secure (47%) of any group. In comparison, three-fourths of the general population also shares a pessimistic view of the economy’s direction, while more than one-third (37%) do not have a sense of financial security. Gen X members (59%) are also the most concerned that they will not have enough money saved for retirement.

As for how their perceptions of the economy have impacted their overall financial decision making, the survey revealed that two-thirds of respondents from the general population (65%) are more likely to keep their money in a savings account rather than invest it, despite the fact that 62% of them feel that a down market is an opportunity. However, most respondents (60%) still believe it is important to keep investing in their retirement fund because the economy is less stable, with skittish Gen X being the exception: 47% of respondents from this cohort believe investing in their retirement fund is actually less important during this time of economic instability.

The Guardian national survey was conducted among U.S. respondents by Penn, Schoen & Berland Associates using 1,202 telephone interviews from September 27-October 9, 2011.

Products November 2, 2011

Raymond James Selects Actiance for Social Media Support

Raymond James has formed a partnership with Actiance to provide its financial advisers access to social media tools including LinkedIn, Facebook, and Twitter. 
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Raymond James is also offering advisers optional marketing support with a library of pre-approved content and tools to measure user engagement.

“We made a public commitment earlier this year to provide additional marketing and communications support for our advisers who wish to connect with existing clients and prospects via social networking sites. Our partnership with Actiance has enabled us to keep that promise while ensuring regulatory compliance,” said Mike White, Raymond James Marketing Director. “In addition to incorporating the technology and archiving platform with Actiance, we have developed guidelines, training sessions and marketing and communications support to help advisers leverage social media in their client engagement and new prospecting activities.”

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Advisers will control both the content and the distribution channels but can automate the process, creating their own or leveraging a pre-approved library of social media-friendly content.

Actiance, an Internet-based security firm, began serving the needs of financial advisers earlier this year (see “Actiance Introduces Compliance Tool for Financial Professionals”).   

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