The public doesn't trust the financial services industry, according to the CFA Institute's 2015 Global Market Sentiment Survey, and the industry is blaming itself for it. According to the survey, 63 percent of professionals believe the lack of an ethical culture is the culprit for the public's trust issues. Sixteen percent place the blame with government regulations. Just 4 percent of those within the industry believe there is no trust problem.
Save your money, then pay down your debt. That's the advice Sophia Bera is giving Millennials on AdvisorIQ. Bera, the founder of Gen Y Planning, says that once debt is paid, Millennials still need to be smart with their money, spending it on items that match their values and have the most long-term satisfaction. Oh, and don't forget about that nest egg so you can retire in your 60s.
Many of the world's ultra-high net worth clients are reaching retirement, and that means there will soon be a whole new crop of multimillionaires. A new report from Wealth-X and NFP found that an estimated $16 trillion would pass from baby boomers to the next generation, the biggest wealth transfer in history. The largest transfer will happen in the U.S., where the world’s largest population of billionaires will hand over about $6 trillion over the next 30 years.