The bad apples in this industry—those working in the dark corners—may continue to operate in the dark, if a new survey is any indication. Overall, one in five U.S. adults have been victims of investment fraud, according to a survey conducted in March by Harris Poll on behalf of the American Institute of CPAs. Yet nearly 60 percent of fraud victims did not report it to the authorities. Of those U.S. adults who did not report it, 41 percent said they blamed themselves for the fraud, while one in four did not report it because they knew the fraudster. Another quarter of victims said they didn’t know who to contact about the fraud, while 18 percent indicated that they were embarrassed by it. “By reporting the crimes, they are increasing the chance that the scammers will be brought to justice and reducing the risk that they will target others in the future,” said Gregory Anton, chair of the AICPA’s National CPA Financial Literacy Commission.
What keeps your clients up at night? It’s most likely their finances. According to a new report from CreditCards.com, at least one financial issue is keeping nearly 60 percent of Americans awake at night. Women tend to be more concerned than men, 68 percent versus 56 percent, mainly having to do with saving enough money for retirement. Anxiety over money matters peaks for both sexes between the ages of 50 and 64, then drops sharply after they turn 65. The worry starts early—retirement is the top concern for adults over 30, especially college graduates with an annual household income over $75,000. Millennials are more concerned with paying off college debt, according to the report.
Jefferson National wants to help advisors meet the challenges presented by market volatility and the DOL fiduciary rule with a new online directory that provides access to a range of strategies from third-party investment advisors (TPIAs). The directory includes 21 managers offering 112 proprietary strategies consisting of strategic dynamic and tactical management styles, from allocation to sector rotation, fixed income to alternatives. The TPIAs including manage a collective $10.3 billion. Laurence Greenberg, the president of Jefferson National, said advisors can use the TPIA directory to build their own virtual portfolio management department without needing to pay for extra staff or infrastructure. The directory is only available to users of Jefferson National’s password-protected Advisor Site.