The number of millennials who have $100,000 or more in savings has more than double since 2015, according to a new study by Bank of America. The study, 2018 Better Money Habits Millennial Report, found that 16 percent say they have $100,000 or more in savings, up from 8 percent in 2015. And nearly half (47 percent) have $15,000 socked away, up from 33 percent in 2015. Despite the hike in the number of millennials saving, 35 percent list “not saving enough” as their top financial stressor, and about a quarter (26 percent) say they work in the “gig economy,” with no access to an employer-sponsored retirement account like a 401(k). “These gig workers have to be more intentional about their saving,” said Andrew Plepler, global head of environmental, social and governance at Bank of America. “The findings of our survey are encouraging, however. Millennials are taking much more proactive steps around saving. But this is an issue we have to monitor.”
Fidelilty cleaned up in Corporate Insight’s 2017 Monitor Awards, an annual report that recognizes firms for excellence in the digital user experience they offer prospects, clients and advisors. It was the only brokerage that won three gold awards—for Core Product Offerings, Account Information and Performance Reporting and Planning Tools categories. Other winners included Merrill Edge for Equity Research & Quotes, Charles Schwab for Alerts and E*TRADE for Mobile Experience.
Kestra Financial, an independent advisory platform based in Austin, Texas, named Kris Chester its new Chief Operating Officer. Chester, who previously was a vice president at Wells Fargo Bank overseeing more than 750 employees, will now be in charge of Kestra’s advisor technology. She will also oversee a simplification and streamlining of business processing, the company said in a statement.