In Memoriam: Colin Govan, CLU

July 1st, 2014, One Comment ».

NAIFA regrets to announce the death of Colin Govan, CLU, formerly with AXA Equitable.

Govan was an active member of NAIFA-Virginia and was inducted into that association’s Hall of Fame in 2012. He was also a member of the Million Dollar Round Table.

“During my tenure here, Colin was instrumental in helping us modernize the NAIFA code of ethics,” noted Randy Scritchfield, CFP, LUTCF, with Montgomery Financial Group, Inc., in Damascus, Md., and Past NAIFA Officer.  “Colin touched a lot of people through the Life Underwriting Training Council, as well as through NAIFA, the MDRT, and the MDRT Foundation. He was a champion for our profession to the end and a mentor to hundreds of professionals he mentored through the LUTC program, and to others he mentored daily.”

See video tribute to Colin upon his induction into the NAIFA-Virginia Hall of Fame.

CFFP publishes new report on middle income retirement

June 2nd, 2014, One Comment ».

A new report published by the College for Financial Planning concludes that consumers whose household incomes fall in the middle market range ($30,000 to $100,000) have “an uphill battle” to overcome when planning for retirement: low income, low retirement fund balances, and few assets. The report cites the two greatest factors for middle-income retirement: the stability of Social Security and the health of the retiree.

According to the National Institute on Retirement Security, 38.3 million working-age households (45%) do not have any retirement account assets. And for those near retirement age, there is an average $12,000 median defined contribution/IRA balance. Financial planners play a critical in helping mid-market consumers plan for their future by exploring options that could stretch clients’ income, such as adhering to a strict budget while still in their 50s and considering working longer to delay the receipt of Social Security benefits.

The white paper was written by Cindy Shnaider, MSF, co-chair of the Graduate Studies Program at the College for Financial Planning,