Deals & People August 2, 2010

Black Diamond Hires Director of Client Service

Black Diamond Performance Reporting announced that RIA industry veteran, Nancy Ma-Apfel, has joined the firm as Director of Client Service.
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Ma-Apfel, recently a Senior Manager for Schwab Advisor Services, will oversee the Client Service for Black Diamond including leading the Client Advocate team, a group of service professionals who provide a point of contact for Black Diamond clients and have personal accountability for the overall client experience.   

According to the announcement, while at Schwab, Ma-Apfel held senior roles managing client service teams and supporting large advisory firms on service and operational initiatives.  

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On June 21, Black Diamond announced its BlueSky initiative, which combines new technology and expanded services to provide growth-oriented investment advisory firms with the ability to tailor their technology platform and service experience to their needs. The expanded services include adding new teams of consultants in the areas of transition support, performance history. and client reporting.  

Consultants will provide support to clients during the conversion process and to existing clients as their needs change and their businesses grow.  

More information is at http://www.blackdiamondreporting/bluesky.
Data & Research August 2, 2010

Americans Tapped into Savings to Get By during Downturn

A new Hartford Financial Services Group survey found that 27% of Americans have had to take withdrawals from savings, investment, or retirement accounts to get by.

 

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A Hartford news release said another 7% took out a loan from a retirement or bank account, 11% borrowed money from friends or family, and 3% sold their home.

One in four consumers said they have just enough money to meet basic living expenses, according to The Hartford’s survey. More than half of respondents (61%) said they would have to make significant changes to their lifestyle if they were to lose income for three to six months.

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Hartford also reported that the poor economy has translated into extra work and stress for Americans. Twenty-four percent of those surveyed said they have additional work or an increased workload, and 17% said they feel as though they need to put in more hours at work. Almost three-quarters of Americans (72%) feel moderately stressed, with one third feeling “very” or “extremely stressed.”

When asked how stress is impacting their work environment, respondents’ top answer was having less patience with co-workers (38%), followed by taking longer to complete work (19%), and taking work home to finish (19%).

Meanwhile, the poll showed that benefits participation rose in 2010 over the previous year, including an increase of more than 10% in disability insurance. The number of employees with short-term disability insurance rose from 41% in 2009 to 55% in 2010, and the percentage of workers with long-term disability insurance increased from 36% last year to 47% this year.

The Hartford surveyed 1,000 full-time workers in April about the economy’s impact on work and home life.

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