Data & Research September 4, 2007

Newlyweds Have Six Figure Assets but No Financial Protection

The average value of newlyweds’ combined assets is approximately $107,000, but few are protecting their financial future through life insurance, according to a recent survey by Allstate Insurance Company.
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The majority of survey respondents (61%) did not purchase a life insurance policy before marriage, and 64% of those still had not purchased life insurance within the first three years of marriage, according to a press release. Only 23% of spouses surveyed said they had bought life insurance during their first year of marriage, with an additional 2% buying a policy in year two and 7% in year three. More men (42%) than women (35%) respondents had life insurance beyond their employers’ coverage prior to marriage.

“While many individuals may have life insurance coverage through their employer, most of these policies only cover up to two times a person’s current salary and are not portable from one job to another. In general, individuals should purchase policies that are at least five times their current salary,’ said Jim Hohmann, president and CEO of Allstate Financial, a business unit of the Allstate Corporation, in the release.

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The survey additionally found that 42% of respondents think life insurance would be a thoughtful and meaningful gift for their spouse. More than half (53%) said purchasing life insurance policies showed a commitment to their future together as spouses.

The survey of 1070 men and women who have been married between one and three years was conducted by Impulse Research in August 2007 on behalf of Allstate.

Deals & People September 4, 2007

Mercer IC Adds New National Leader for Financial Intermediaries

Mercer Investment Consulting (Mercer IC) announced that David Eisenberg has joined the firm in a new role as national segment leader - financial intermediaries.
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In this new role, Eisenberg will focus on high-net-worth and retail-wrap programs, broker/dealers, and other third-party providers, the announcement said. He comes to Mercer from Fidelity Investments, and prior to that served as a senior portfolio manager at another Mercer unit, Mercer Global Investments.

Eisenberg also previously was chief equity officer at John Hancock Advisers, Inc.; a portfolio manager at Trinity Investment Management; and a consultant at both NEPC and Cambridge Associates.

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Other staff expansions announced by Mercer IC include:

  • Guy Cooper joined Mercer IC as a senior investment consultant. He will focus on clinets in the Midwest and Texas marketplaces. Previously, Cooper was a principal/partner at Ennis Knupp & Associates.
  • Eric Friedman joined Mercer IC’s Financial Strategy Group (FSG) in Chicago as an FSG specialist. He will focus on helping clients develop integrated retirement financial management strategies for the design, funding and investment of their defined benefit plans. Friedman was previously a consulting actuary at Watson Wyatt.
  • Mark Phelps joined Mercer IC as a generalist research associate within Mercer’s manager research group in Chicago. Most recently, he was an investment analyst with Jeffrey Slocum & Associates in Minneapolis.

Mercer Investment Consulting works with more than 300 clients on retainer in the U.S. representing in excess of $600 billion in assets. The company’s 46-member manager research team is responsible for researching more than 2,650 investment managers and their strategies.

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