Although
the total percentage of adults surveyed by the Robert Morris University Polling
Institute who say they are “very” or “somewhat” concerned about their financial
security upon retirement has decreased since February, the percentage saying
they are “very” concerned increased from 37.6% to 42.3%.
Joseph
Angelelli, a gerontologist and RMU assistant professor of health services
administration, said any shift in opinions bears continued scrutiny as a larger
segment of the Baby Boomer generation enters retirement. According to
Angelelli, more than 10,000 Americans retire every day. The average reported
age of retirement by survey participants was 62.27.
More
than half of all respondents (51.9%) indicate they have family or friends to
rely on in retirement—down from 55.5% in February. Approximately 40% say they have
begun saving for retirement but not yet finished, while 15.5% say they have
finished saving for retirement, down from 19.8% in February. More than one-third
(36.9%) say they have not started saving for retirement.
Among
those surveyed that have retired, just 20.2% suggested they had saved enough.
Of this group, 15.3% noted they worked longer than they wanted to before
retiring.
“The
retirement landscape has changed dramatically for this generation. Think of the
uncertainties one must consider: Improvements in health care might dramatically
extend one’s life, the rules of the road for Social Security and for Medicare
are anything but fixed and can be changed at the whim of Congress,” says Bob
Beaves, professor of finance at RMU. “Health care costs increase significantly
year over year and interest rates for the ‘safe’ investment retirees often rely
upon are unpredictable and could remain near all-time lows.”
The poll was
conducted October 10 through 15 and sampled opinions of 1,000 adults. The average
age of respondents was 41.
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July Business
Services,
a national retirement plan provider, hired Scott
Smith as the company’s Midwest regional sales consultant.
Smith
joins a growing team of regional business development leaders that provide support
to financial advisers and third-party administrator (TPA) partners on all
facets of the sales process, including retirement plan design, proposals, and
sales support. Smith
will be responsible for working with advisers and other JULY relationship
partners in the Midwest Region and will be based in Cleveland, Ohio.
Smith
draws on more than 16 years of experience working with advisers, TPAs and plan
sponsors while with MassMutual Financial Group and Fidelity Investments.
“Scott’s
passion for helping advisers and TPAs build their businesses while ensuring
plan sponsors receive the highest level of service and a plan that best meets
their unique needs makes him a great fit for our team. Scott’s preference and
knowledge of open architecture recordkeeping positions him as a great asset to
advisers, TPAs and plan sponsors alike,” says Blake
Willis, JULY’s CCO and head of sales.
JULY’s regional sales consultants provide expert field support for retirement
plan-focused financial advisers and TPAs. They organize and host educational
events, coordinate plan design illustrations, prepare and present proposals,
and are speakers on topics relevant to industry professionals.
NEXT: LGIMA hires head of index investment strategy
Legal & General
Investment Management America, Inc. (LGIMA), a Chicago-based investment
adviser specializing in fixed income, liability driven investment (LDI) and
index strategies for the U.S. institutional market, hired Greg Behar as head of index investment strategy.
In
this newly created position, Behar will report directly to Shaun Murphy, head of U.S. index funds. This addition follows a
series of key hires and promotions within LGIMA’s index business, which
currently manages more than $59 billion in index strategies.
Behar will be based in Chicago and
responsible for overseeing and delivering thought leadership tailored
to the institutional marketplace. His research will play
an important role in LGIMA’s index management offering and his consultative
approach will have a direct impact on how clients gain efficient and thoughtful
exposure to multiple asset classes.
Behar
brings 17 years of experience in developing investment solutions, thought
leadership, and serving institutional investors globally. Prior to joining
LGIMA, Behar served as senior vice president, Global Equity at Northern Trust
Global Investments, where he was responsible for driving business growth of a
$450 billion equity platform. Earlier in his career, he held similar roles at
Deutsche Asset Management, collaborating with institutional investors to
develop strategies targeted to their unique investment objectives.
“We
look forward to leveraging Greg’s experience across the investment spectrum,
from market cap weighted index investments to more custom and complex factor
based strategies,” says Murphy. “His expertise will be crucial as we continue
to gain momentum and uphold our dedication to delivering a truly differentiated
index offering.”
NEXT: Morgan Stanley adds CreditSights to
research content
Morgan Stanley Wealth
Management
has added CreditSights, an industry leading independent provider of global
fixed income research, to its online portal of research and strategy content
for its financial advisers.
Financial
advisers will now have access to and can provide to clients, upon request,
fundamental corporate bond research on more than 900 investment grade and high
yield companies across the globe, as well as corporate credit-focused market
strategy and sector analysis. With more than 70 analysts in the U.S., Europe
and Asia, CreditSights integrates fundamental and quantitative disciplines to
provide credit research to more than 1,000 institutions and corporations.
“The
addition of CreditSights will help our financial advisers and their clients to
make more informed decisions about corporate credit investments suited to
pursuing their investment objectives within their risk profile,” says Kevin Lynyak, head of Trading, Morgan
Stanley Wealth Management CapitalMarkets.
NEXT: Ramirez Asset Management names SVP of
marketing
Jon P. DeBow was named senior vice
president of marketing for the institutional fixed income business of Ramirez
Asset Management (RAM).
DeBow
will be responsible for developing and managing relationships with
institutional investors and consultants for RAM’s Defined Contribution and
Stable Value strategies. He will report to Samuel
A. Ramirez, Jr., president and CEO of RAM.
Prior
to joining RAM, DeBow was an executive director in the global fixed income
division of J. P. Morgan Asset Management, where he focused on institutional
retirement, defined contribution and stable value clients.
RAM,
established in 2002, is an affiliate of the oldest Hispanic-owned investment
firm in the United States, Samuel A. Ramirez & Company, Inc., and a
certified minority owned business that provides total return institutional
fixed income services to institutional customers.
NEXT: Mercer creates DC and Financial Wellness
business unit
Mercer, a wholly owned
subsidiary of Marsh & McLennan Companies announced a number of leadership
changes as well as the creation of a U.S.
Defined Contribution (DC) & Financial Wellness business unit, which will be
led by senior partner Tom Murphy.
This
unit brings together specialist DC and financial wellness talent from across
Mercer’s U.S. business to provide stronger support to Mercer’s client
base.
Rich Joseph, currently the chief
operating officer of Mercer Delegated Solutions (DS) in North America succeeds Murphy
as head of the U.S. DS business. Murphy
and Joseph both remain in Mercer’s Boston location and their respective new
positions are effective immediately. Mercer intends to further expand this team
with the addition of complementary, external talent to drive intellectual
capital and proposition development in support of existing and future clients.
Also
effective immediately, Liana Magner,
also based in Boston, is appointed to the role of National DC Investment Segment Leader, and Neil Lloyd, based in Vancouver, is appointed to the role of U.S. DC Research Leader. Both will work
within the new DC and Financial Wellness business unit.
“Bringing together
our existing DC and financial wellness teams while adding complementary
external talent and capabilities will enhance our ability to serve our
clients,” says Simon O’Regan, president,
North America Region, Mercer. “Our objective is to drive better financial
outcomes for our clients and greater individual financial success for their
employees. We will achieve this by broadening our suite of services and
solutions, leveraging disruptive technology and combining our retirement and
other financial management offerings into a single, engaging experience.”