FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Retiree confidence has almost doubled since the financial crisis (Financial Advisor)
A study conducted by the Employee Benefits Research Institute found 37% of retirees believe they will have a comfortable retirement, up from 20% in 2010. The survey also concluded retirees are less burdened by their debt loads. Currently, 31% of retirees still worry about having too much debt, down from 44% last year.
Non-millionaire investors have the most confidence in Warren Buffett (Millionaire Corner)
A Spectrem Group survey of investors who are not millionaires, but worth at least $US100,000, found the group believes Warren Buffett is the most credible financial expert. Buffett’s score of 65.23 handily outpaced the runner-up, get out of debt guru Dave Ramsey, who scored a 52.65. CNBC personality Jim Cramer finished third, tallying a 45.28 while Janus Capital Group portfolio manager Bill Gross (42.24) and real estate mogul Donald Trump (34.47) rounded out the top five.
Americans are feeling more financially secure (Think Advisor)
The April reading for Bankrate.com’s Financial Security Index climbed to its best level in a year. Millennials were most confident in their job security with 32% stating they felt more secure versus a year ago. On the other end of the spectrum, baby boomers were “were five times likelier than millennials to feel less secure about their jobs,” according to Think Advisor. Similarly, 33% of millennials noted year-over-year improvement in their financial situation, compared to just 19% of baby boomers.
5 reasons not to use a Roth IRA (US News and World Reports)
The April 15 tax deadline has passed, but Americans can still contribute to their IRAs up until October 15. While many advisors suggest contributing to a Roth IRA, there are some reasons not to use the retirement plan. US News and World Reports gives these 5 reasons as to why you should skip the Roth IRA: “1) Your time horizon is short, 2) You’re leaving significant assets to charity, 3) The cost of the tax is too high, 4) You may not have the right kind of money to convert, 5) Psychologically, it’s hard to write that large check.”
BlackRock will pay $US12 million to settle conflict of interest charge (Financial Planning)
BlackRock has agreed to pay a $US12 million fine after failing to disclose a conflict of interest for one of its portfolio managers. Daniel J. Rice III, a former money manager for the company, invested client funds in a BlackRock portfolio that put money in a company he founded. According to a statement released by Andrew Ceresney, director of the SEC’s enforcement division, “BlackRock violated its fiduciary obligation to eliminate the conflict of interest created by Rice’s outside business activity,”
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.