A majority of Americans (61 percent) have no clue how much money they’ll need to save for retirement, and nearly 20 million say they’ll never plan to retire, according to a new study by Bankrate.com. The study found that millennials (69 percent) are most unsure about how much they’ll need in retirement, followed by those aged 73 and up (59 percent), baby boomers (58 percent) and Generation X (56 percent). While the median amount that respondents estimated they’d need was $650,000, Gen X was twice as likely as any other age group to say they need more than $1 million. Those currently employed are three times more likely to say they need that much compared to those unemployed, and those on the East and West coasts are twice as likely to say they need that amount than those in the Midwest and South, the study found. More than half of Americans say they’ve sought some sort of advice on retirement planning, with 26 percent consulting a financial advisor.
Kestra Private Wealth Services, a subsidiary of Kestra Financial which supports independent investment advisors, said Thursday a former advisory team at UBS has joined its network. The Rhode Island-based Northeast Investment Group was previously managing $340 million in client assets and collectively has more than 75 years of experience. It consists of Jeffrey Boudjouk and Anthony Landi, both managing partners of the new firm, Deborah Shuster, a partner and Kelly Almonte, a client relationship manager. The Northeast Investment Group is the fifth wirehouse brokerage team to join Kestra in 2018.
Data aggregator Yodlee is making its predictive cash flow application and API, called OK to Spend, available to customers and is adding enhancements to its artificial intelligence-powered Financial Wellness Solution, it announced. AI FinCheck app is designed to go beyond what a traditional personal financial management tool might provide, said Katy Gibson, vice president of product application’s at Envestnet I Yodlee. It’s designed to provide guidance and a spectrum of solutions that can be used at both a consumer and an advisor level. For example, Gibson said the tool can also help advisors bring in clients who may be on the cusp of a financially complex situation and are looking for professional guidance. “By expanding our Financial Wellness Solution to include the new AI FinCheck application, financial service providers can provide their consumers with a personalized virtual financial wellness assistant which delivers actionable insights to help improve their financial health.” Studies have found high demand, especially among consumers in their 30s and 40s, for virtual financial wellness products.