Love Is in the Air but Money is Still Important!

February 10th, 2016, Comments Off on Love Is in the Air but Money is Still Important!.

Untitled-1Love may be in the air this month, but according to the latest COUNTRY Financial Security Index, 54 percent of Americans say finances have been a source of tension in their romantic relationships. But that doesn’t scare couples away from talking about money. Ninety-one percent believe discussing finances together is important, and 73 percent think these conversations should happen within the first few months of their meeting or sooner.

For someone who is single and dating, 78 percent of Americans feel they should be concerned about a partner’s debt level. Additionally, 58 percent think a lover’s low credit score is concerning.

Americans also consider some financial habits to be relationship “deal breakers”:

  • 56 percent feel a lack of interest in managing finances is a red flag.
  • 39 percent say poor spending habits are a relationship deal breaker.
  • 35 percent consider a large amount of debt to be a concern.
  • 11 percent say a lack of savings matters.

In general, Millennials are more accepting of a significant other’s debt level than people in other demographic groups.  Interestingly, 64 percent would rather date a college graduate with significant student loan debt than someone who doesn’t have a college degree.

Sixty-seven percent of Millennials also think singles should be concerned about the amount of debt their love interest has accumulated, compared to 78 percent of the general population and 88 percent of Americans over the age of 65.

Ayo Mseka

For Young Advisors, Support Contributes to Long-Term Success

February 8th, 2016, Comments Off on For Young Advisors, Support Contributes to Long-Term Success.

A new LIMRA study reveals that the support young advisors receive from their firms at the beginning of their careers in financial-services sales greatly contributes to their long-term success.

Today’s advisors face many of the same challenges as their predecessors.  Finding leads, asking for referrals and developing skills to run a business are just as difficult today as they’ve always been and no less important. The difference today is that new technology allows the young advisors to tackle these problems in completely new ways.

As companies invest in technology, they’ve begun to use modern approaches that build on the strengths of today’s advisors to address some of the on-going challenges they face. While this is happening for some, many advisors are still on their own in key areas.

Currently, 7 in 10 young advisors use social media for their business and to potentially generate connections; yet, more than one third of their companies restrict or prohibit the use of social media.  Seventy-eight percent of young advisors rated technology tools as important support; yet more than half of these advisors said they are not receiving enough support in this area

In addition to technology, the study revealed several areas in which young advisors want more support, such as improving their selling skills and practice management.

LIMRA has found that 75 percent of successful young advisors have benefitted from a mentor relationship.  While some companies have formal mentoring programs, most mentoring relationships (57 percent) developed naturally.

Early career support can provide a return on investment for companies in the form of retention.  Ninety-one percent of young advisors who have been in the career for at least two years are satisfied in their career, with three quarters saying they will definitely stay for the next three years.