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Should Millennials Double Retirement Savings Rates?

Some say millennials need to be saving more for retirement, Focus Financial adds Crestwood Advisors and Citizens Bank hires Patrick Jancsy to lead its private wealth group.

Despite ideations of the Trump administration being good for the economy, equity forecasts for 2017 are the most bearish markets have seen in over a decade. And that has serious implications for millennials attempting to save for retirement, writes Jonnelle Marte for The Washington Post. Coupled with the fact that stock market returns were so significant over the last 30 or so years–and will be difficult to match going forward–it may very well be that traditional retirement savings strategies won't work for younger generations. Some advisors are now saying that millennials should save close to 25 percent of their income, as opposed to 10 to 15 percent, to afford retirement.

Focus Adds $1.3 billion RIA

 

Focus Financial Partners has added Crestwood Advisors, a Boston-based registered investment advisory with $1.3 billion in client assets, to its partnership. The Crestwood team saw the impact Focus was having on other RIAs in the industry, including The Colony Group and Douglas C. Lane & Associates. They’re hoping Focus can have a similar impact on their own firm’s growth trajectory. Crestwood is led by co-founders Michael Eckton and John Morris, who created the firm in 2003. They plan on tapping Focus’ resources and capital to improve their client service offering and expand in the Northeast.

Fidelity Veteran to Head Citizens Bank's Private Wealth Group

Patrick Jancsy, a 25-year veteran of Fidelity Investments, has been named the director of the private wealth advisor group for Citizens Bank, Banker & Tradesman is reporting. Jancsy will be based in Boston and report to Citizens Private Wealth Management President John Tyers. He served in a variety of leadership roles at Fidelity, including regional vice president of sales and relationship management with Fidelity's Institutional Wealth Services. “Pat has deep experience in wealth management, advisor practice management consulting, product management, and driving results through disciplined processes – all of which will be beneficial to expanding our business and helping our advisors serve our clients," Tyers said in a statement. Citizens Private Wealth Management operates throughout New England, the Mid-Atlantic and Midwest.

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