Skip navigation
The Daily Brief

Financial Advice Is Not Just Math

When advisors should take the human element into account, baby boomers struggle with student loan debt and Deutsche Asset Management names a new chief investment strategist.

Some financial advisors may be tempted to just plug their clients into a model portfolio based on their risk tolerance or hand them a generic financial plan. But advice should also take into account an investor’s preferences, behaviors and emotions, writes Lindsay Garland, vice president and client advisor at Glassman Wealth Services, on Forbes. Garland outlines four instances when clients should ignore their financial advisor—when their specific set of circumstances trumps the math. They include determining when to pay down a mortgage, how much portfolio risk to take, how much tax to withhold, and when to use credit cards. For example, if a person is likely to make more purchases with a credit card that they wouldn’t make with cash, they may be better off avoiding credit cards. “Keep in mind the right answer for someone else may not be the right answer for you, and don’t let your advisor forget the human element,” Garland writes.

Student Loan Debt Hurting Baby Boomers
More and more data is showing just how badly student loan debt is crippling the financial health of baby boomers, reports MarketWatch. The number of student loan borrowers over the age of 60 grew from 700,000 in 2005 to almost 3 billion in 2015. Not only that, close to 40 percent of federal student loan borrowers aged 65 or older are defaulting on payments. And, from 2002 to 2015, the number of people losing portions of their Social Security checks to paying back federal student loans increased a whooping 540 percent, which can't be good for affording retirement.

Deutsche Asset Management Names New Chief Investment Strategist

Deutsche Asset Management named David Bianco its new Chief Investment Strategist for the Americas and head of equities in the U.S. Bianco will assist with portfolio construction across Deutsche’s investment vehicles and asset classes, and lead the investment team responsible for managing active equity assets. He joined Deutsche Bank in 2012 as the U.S. equity strategist, and previously held roles at Bank of America Merrill Lynch and UBS. Bianco established his reputation on Wall Street for bullish calls on the S&P 500 following the financial crisis when few others were willing to. He remains bullish on 2017.

Want The Daily Brief delivered directly to your inbox? Sign up for's Morning Memo newsletter.


Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.