Mercer Announces Health & Benefits Hires in Midwest
August 11, 2014 (PLANSPONSOR.com) – Mercer announced four hires within its Midwest U.S. Health & Benefits business to meet growing client needs in the region.
Jeff Smith has joined Mercer as a
principal, and senior health and benefits consultant. Tyler Harshey has rejoined Mercer’s consulting team in Chicago as a principal
and lead actuary for the Mercer Marketplace Group Active Exchange. Matthew
Rehmann has been named the
Midwest exchange sales leader, where he will be responsible for implementing
the client development strategy for Mercer Marketplace in the Midwest. Rey Balcazar has assumed the role
of Midwest exchange solution leader, in which he will focus on market
education, sales support and client engagement around Mercer Marketplace.
Smith will consult with large
employers on strategies to manage health care costs, to achieve improved
employee health and productivity, and to capitalize on emerging changes in the
employer-sponsored health care arena. He has more than 25 years of insurance and benefits consulting
experience, most recently as a senior vice president and senior strategy/design
consultant in Aon Hewitt’s health and benefits practice. He graduated from Illinois
State University with a bachelor’s of science degree in finance.
Prior to rejoining Mercer, Harshey spent two
years as an actuarial services director for national accounts at Aetna, where
he also worked on firm relationship management and health care reform. He
graduated with a bachelor’s of science in actuarial sciences from the
University of Illinois at Urbana-Champaign.
During his career, Rehmann has worked with
Automatic Data Processing and most recently with Integrated Health Systems,
where he was vice president of sales and marketing. He received a bachelor’s of
science degree in business administration, with a focus in marketing and international
business, from Marquette University.
Balcazar has more than 20 years of experience in sales,
account management, carrier relations, international benefit programs, and full
suite product and plan design. Previously, he worked with MetLife, Aetna, and
Principal Financial Group. He received a bachelor’s of arts degree in liberal arts
from Wabash College.
Many Hispanic Investors Seeking Investment Education
August 11, 2014 (PLANSPONSOR.com) - Nearly three-quarters (72%) of Hispanic investors polled for a Wells Fargo survey said they wish they could learn more about investing in mutual funds, stocks and bonds.
Almost half of surveyed Hispanics (45%) say that no one ever
taught them about saving and investing, compared with 31% of U.S. investors
overall, according to Wells Fargo. About three out of four (76%) Hispanic investors
wish they had learned more about managing money when they were growing up—about
15% more than the general U.S. investing population (61%).
The findings suggest there’s a big opportunity for financial advisers in finding ways to bolster the long-term investing confidence of the U.S. Hispanic
population, says Steve Novak, a senior investment strategist for Wells Fargo Private
Bank. “These findings highlight some interesting attitudes among Hispanic
investors and shed light on their strong desire for more education on the
fundamentals of investing,” he adds.
Despite a strong interest in personal finance and investing,
one in three Hispanic investors surveyed (34%) does not feel comfortable investing
in mutual funds, stocks, or bonds—versus 27% among U.S. investors overall.
However, when looking at Hispanic investors who already invest for the long term
in stocks and bonds, a strong majority (70%) felt they would earn money on
those investments. Twelve percent of this group expects to lose money, and 18%
feel they will break even.
Novak says these findings suggest that Hispanic investors in
general have a good sense of the opportunities that exist in the investment
markets. For retirement plan sponsors and advisers, there needs to be a focus
on building on this knowledge, so all investors “can act on what they
intuitively know to be true around the importance of investing for their
financial futures.”
Additionally, survey responses indicate many Hispanic
investors are more risk-averse than the general U.S. investing population, with
almost half (47%) preferring to put money for the future into savings with no
risk of losing it, compared with 35% for the population overall. More than half
(56%) of Hispanic investors feel that the best place to keep their savings is
in bank accounts (38%) or real estate (18%). In contrast, fewer than half (45%)
of all U.S. investors feel that the best place to keep their savings is in bank
accounts (32%) or real estate (13%).
Just
one in 10 (10%) Hispanic investors give themselves an “A” when it comes to
their financial and investing literacy, versus 17% among U.S. investors overall.
Half of Hispanic investors (47%) give themselves a grade of “B”, and another
third (34%) give themselves a “C” (similar to U.S. investors overall).
Strong Connection to Family and Community
Wells Fargo says family dynamics play a significant role in
how many Hispanic investors think about their personal finances and financial
future. This is true in terms of lessons learned about money growing up, a
sense of responsibility for taking care of family members financially, and how
they think about their future retirement, the research suggests.
Fifty-five percent of Hispanic investors agree that “raising
and investing in kids is the best retirement plan,” compared to 41% among U.S.
investors overall. About a quarter (24%) expect to rely on family members to
live and make ends meet in retirement, compared to 13% of U.S. investors
overall.
Hispanic investors are also more likely than other investors
to lend and borrow money within their families. Almost 60% provide financial
support to others in their families or communities, compared to 44% of U.S.
investors overall, while half (54%) have lent or given money to an adult family
member in the last year, compared to 39% of U.S. investors overall. Of those
providing financial support to others, 81% provide direct financial support by
giving money or paying bills, Wells Fargo says.
Thirty-one percent of Hispanic investors are supporting
adult children, parents, grandparents, extended family, or others, compared to
26% of U.S. investors overall, and 6% are providing financial support for
people who live outside the U.S. (compared to 1% of U.S. investors overall).
Among
Hispanic investors with kids, 28% say they want their kids out of the house and
on their own the day they turn 18 (same as U.S. investors overall). Fifty-nine
percent say they want to have money to pass on to family or friends (similar to
U.S. investors overall), and 17% say that wanting assets for an inheritance
most motivates them to build up their savings and investments (compared to 8%
of U.S. investors overall).
Conversations with Parents
Wells Fargo says nearly all Hispanic investors polled (92%)
say their parents talked “a lot” or “sometimes” about the value and importance
of hard work when they were growing up (similar to 89% of U.S. investors
overall). But fewer than half said their parents talked as much about financial
issues, including the following:
How
they managed money and spending (45%, similar to 40% of U.S. investors
overall);
What
they were saving for and how much (36%, similar to 31% of U.S. investors
overall);
How
they were planning for retirement (29%, similar to 33% of U.S. investors
overall); and
How
much money they made (27%, higher than 19% of U.S. investors overall).
How the Industry Stacks Up
More than half (57%) of Hispanic investors feel that the
financial issues and needs of Hispanic Americans are different from other
Americans. Currently, Hispanic investors give above-average grades to their
primary banks or financial institutions with which they do the most business.
The average grade for being “Hispanic-friendly” was a “B.”
The primary banks and financial institutions of those Hispanic investors
reached for the poll also received a “B” for “addressing the needs of Hispanic
customers.” At the same time, 76% of Hispanic investors say financial services
providers treat them with respect, yet 46% feel like they don’t have enough
money to get personal attention from banks.
These survey findings are based on an online survey
conducted with Versta Research in June among 528 self-identified Hispanic
investors nationwide. Qualified respondents were non-students, ages 25 to 75,
who are the primary or joint financial decision-maker in the household with
household investable assets of at least $10,000. The survey also included a
national comparison sample of 530 general population investors.
More
information on Well Fargo research and financial education resources is here.