September 30, 2014 (PLANSPONSOR.com) – LPL Financial LLC is expanding its Worksite Financial Solutions platform to include workshops and webcasts developed and delivered by Financial Finesse’s team of financial planners.
The
new Financial Finesse workshops and webcasts are highly interactive and focus
on engaging participants through case studies, competitions and real-time
calculations that show how financial decisions made today may impact an
employee’s financial health over time. Topics are delivered in the program’s Money
Madness format, in which groups of workshop and webcast participants compete by
correctly answering important financial questions in an effort to achieve the
winning score.
LPL
Retirement Partners’ Worksite Financial Solutions platform is designed to provide employers with a guidance-based, beginning-to-end
retirement solution intended to help employees create confidence in their financial
future. The program offers a full suite of services, including Financial
Finesse’s online financial wellness assessments; assistance with enrollment and deferrals; help with
career transitions; and in-plan participant advice. The program is designed to improve an employee’s financial outlook by helping them to save, consolidate
retirement plan assets and appropriately invest their savings.
“Every
employer has distinct needs when it comes to financial education and financial
planning,” says Dave Reich, executive vice president and head of Retirement Partners at LPL
Financial. “There is no one-size-fits-all approach, and the more options we can
bring to the table, the more we can customize programs that directly address
their needs. We believe Financial Finesse’s workshops and webcasts can be an
important resource for advisers and plan sponsors.”
September 30, 2014 (PLANSPONSOR.com) – Workers in Generation Y want advice on budgeting, saving and how to manage student loan debt, says TIAA-CREF, but they aren’t necessarily eager for professional advice.
A new TIAA-CREF survey finds Gen Y relies predominately
on personal networks for financial advice, with adults ages 18 to 34 being more
likely than the general population to involve their parents (47% vs. 19%),
extended family (22% vs. 14%) and other trusted adults (31% vs. 21%) in their
search for advice. Thirty-seven percent also involve a spouse or partner to
help with their finances.
TIAA-CREF’s annual Gen Y Advice
Matters Survey shows Gen Yers are actively planning for their financial future. Of those who
sought out advice, many expressed an interest in creating and managing a formal budget (72%),
saving for education (65%), or managing their outstanding student loans (53%).
When it comes to financial advice, TIAA-CREF says it’s not
just the topics but also the delivery method that matters to Gen Y. The
majority (55%) of Gen Y said their first choice for receiving financial
advice is face-to-face, though that number dropped from 65% in 2012 as more Gen
Yers selected online advice as their first choice. Seventy-nine percent of
those surveyed say it would be helpful to have advice that’s customized for
their age group, and they are more likely to say they value online tools and
calculators than the general population (74% vs. 57%). Gen Yers are also more likely
to value seminars (68% vs. 53%) and webinars (67% vs. 54%) as channels for professional
financial advice.
“Gen
Y gives new meaning to the term connected,” explains Kathie Andrade, executive
vice president and head of individual advisory services at TIAA-CREF. “It’s
important for them to access financial advice via multiple platforms. While
this may present a challenge for financial advisers, plan sponsors and
employers, it also offers multiple opportunities for them to engage with Gen Y
and speak their language when it comes to financial topics.”
According to Andrade, the survey also found individuals who seek
advice are invested in their financial well-being and tend to make positive
changes after getting professional guidance. Gen Yers, for example, are 12
percentage points more likely to monitor their spending frequently compared to
the general population (75% vs. 63%). They are also 14 percentage points more
likely to change their spending habits (76% vs. 62%) and increase their monthly
savings (70% vs. 56%) after getting professional advice.
As Gen Yers look to their parents for help, they may be
learning from their parents’ experiences and trying to find financial stability
earlier in life. Only 57% of those ages 55 to 64 said they feel
optimistic about their finances, and many said they are encouraging their children to take
more aggressive action on saving and investing than they did.
“Gen Yers understand how to leverage financial advice to
their advantage,” Andrade adds. “They make concrete changes to their financial
well-being early on that can help them prepare for the future and think ahead
to retirement.”
TIAA-CREF says Gen Yers who have received professional
financial advice continue to rely on their personal network on an ongoing
basis, which demonstrates that they value personal relationships in dealing
with financial issues. The findings revealed that 70% consistently turn to their family and
friends, 45% look to their employer, and 17% turn to social media on a regular basis. More than
half (51%) of the survey respondents also take advantage of financial service
provider websites or other online tools.
TIAA-CREF
has developed a website geared toward the needs of young professionals,
called Starting Your Financial Life. The Advice Matter survey was conducted by an independent research firm and polled
a random sample of 1,000 adults nationwide to assess their attitudes,
preferences and behaviors about receiving financial advice. An executive summary of the survey is available here.