A recent survey by asset manager Natixis showed 68 percent of investors feel financially secure, but perhaps that's because they are delusional about the expected returns of their portfolios. In the same survey of 750 individual investors across the U.S., the average investor said they needed annualized returns of 8.9 percent above inflation to meet their financial goals. That return is more than 50 percent higher than the 5.9 percent financial professionals think is achievable, according to Natixis. On a positive note, 61 percent of investors surveyed said they would prefer to have an expert choose investments for them–at least they don't expect to get the outlandish return on their own.
Husson University Gets Nod From CFP Board
The CFP Board has approved a new financial planning degree program at Husson University, a private university in Bangor, Maine. Students who earn the Bachelor of Science in business administration with a concentration in financial planning can now sit for the CFP certification exam. “More and more students are interested in financial planning as a career,” said Blaine Aikin, chair of CFP Board’s Board of Directors. “We anticipate that Husson University’s program will contribute significantly to the number of qualified candidates seeking to attain CFP certification.” The program will consist of 13 courses and covers all 72 topics required by the CFP Board.
New Jersey Financial Advisor Admits to Stealing $890K
A financial advisor from Hainesport, N.J. admitted, in state Superior Court, to stealing nearly a million dollars from a client. Brian Murphy, 46, pled guilty last week to misapplication of entrusted property and failure to pay state income taxes. He is required to make full restitution to his victim, forever give up his financial licenses and faces possibly seven years in prison, NJ.com reports. According to the prosecutor's office, the victim began giving Murphy money in 2011 to invest in mutual funds. In total, Murphy received $890,000, which he used on cars, private school and at a country club.