The Daily Brief

The Charging Bull Has Company

A statue of a young girl joins the Charging Bull on Wall Street, student loan debt is the biggest issue for millennials, and Jimmy Buffett opens a Margaritaville-inspired retirement community.

State Street Global Advisors has installed a statue of a young girl next to Wall Street’s famous Charging Bull. The installation, done in honor of International Women’s Day and the one-year anniversary of its SPDR SSGA Gender Diversity Index ETF (NYSE Arca: SHE), is a call-to-action to the more than 3,500 companies that SSGA invests on behalf of clients to increase the number of women on their corporate boards. In an analysis, SSGA found that nearly a quarter of companies in the Russell 3000 have no female directors, while 35 percent of all U.S. listed companies have no women on their boards. “A key contributor to effective independent board leadership is diversity of thought, which requires directors with different skills, backgrounds and expertise,” said Ron O’Hanley, president and chief executive officer of SSGA.

What's Keeping Your Clients Up At Night?

Student loan debt is the number one financial issue concerning millennials, according to a recent survey from Lincoln Financial, and it's impacting their retirement savings. The survey found that 70 percent of millennials admit they are not managing their debt situation well, while 74 percent say immediate payments are making it difficult to save for retirement. Part of the problem? Only 16 percent of millennials currently work with a financial advisor. The survey also found that Generation X and baby boomers share a top financial worry in health care cost. No wonder considering a forthcoming replacement bill for the Affordable Care Act could impact coverage and plans to retire.

Wasting Retirement Away in Margaritaville

Copyright Rick Diamond, Getty Images

 

Grab a big kosher pickle and a cold draft beer. Jimmy Buffett is launching a Margaritaville-inspired retirement community, called "Latitude Margaritaville," in Daytona Beach, Fla. It's designed for "those looking to live the Margaritaville lifestyle as they grow older, but not up," according to a press release. The complex will feature walkable neighborhoods, a fitness center, arts and learning programs as well as "signature Margaritaville food and beverage concepts" for residents who undoubtedly lost their shakers of salt. Buffett-themed resorts already exist on the east and west coasts as well as the Cayman Islands—part of the Latitude Margaritaville brand. The SunSentinel reports that construction has begun on the complex which will be open some "Come Monday" this fall.

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