Millennials are in better shape financially than their older Generation X counterparts, according to a new study by Allianz Life. The study found that 77 percent of millennials feel financially confident, compared to 64 percent of Gen Xers. Part of that is probably due to the fact that 48 percent of those with a 401(k) contribute 10 percent or more on a monthly basis, a higher percentage than Gen X (36 percent) or baby boomers (44 percent). The survey also found that millennials—digital natives that they are—use “tricks” to make saving easier, namely several different accounts to automatically save their money for different purposes (everyday expenses, loans, trips, etc.). They also reported median retirement savings income to be $35,000, equal to Gen Xers. While they are saving, millennials say that social media is keeping them from putting aside more money. More than half (57 percent) reported that the fear of missing out led them to spend money they hadn't planned to because of something they saw on social media feeds. In addition, 88 percent believe social media creates more of a tendency to compare one’s wealth, and 61 percent feel inadequate about their life and what they have because of social media.
Alternative investments management firm Altegris will merge with Artivest, an alternatives tech platform, creating a 100-person company servicing over $3 billion in assets. Altegris will come under the Artivest name, although its family of mutual funds will retain the name. “Altegris really brings to the table strengths in investment research, diligence, manager selection,” said James Waldinger, CEO and founder of Artivest. “They also do product structuring, which has become increasingly important as more and more clients are looking for ways to access private equity, hedge fund and other types of strategies.” Altegris also brings nationwide distribution, something Artivest was lacking. Meanwhile, Artivest brings digitization of the sales and marketing process as well as a dashboard for monitoring, reporting and general portfolio management, added Waldinger, who will continue to serve as CEO. Altegris CEO and executive chairman Martin Beaulieu will serve as executive chairman of the firm. Peter Thiel, an early investor in Artivest and founder of PayPal and Palantir, will take a seat on the company’s board.
President Trump ended several weeks of speculation Thursday when he, as expected, officially nominated tax attorney Charles Rettig as IRS commissioner. Rettig, a partner at Hochman, Salkin, Rettig, Toscher & Perez PC, will be tasked with implementing the recently passed sweeping Republican tax reforms (not to mention handling those pesky audits that supposedly keep the president from releasing his tax returns). He will replace Treasury Assistant Secretary David Knautter, who is the current acting commissioner. If confirmed, Rettig would be the first tax lawyer in 20 years to serve as IRS commissioner.