A lot of investors preparing for retirement might have their heads in the sand
Millionaires are planning their retirement without advisors (Think Advisor)
Data released by Deloitte Center for Financial Services suggests approximately one-third of millionaires do not use professionals to manage their money. Why are the wealthy avoiding advisers? Many believe they can do a better job on their own. Sean Cunniff, investment management research leader for Deloitte, believes some investors may have their head in the sand when it comes to preparing for retirement, but there is a "portion of the population that was extremely well off - high income, high asset. Those people don't have to have a plan if they've got a lot of wealth; they're probably going to be OK."
Department of Labor to reveal overtime pay rules (Reuters)
The US Department of Labor has finished drafting changes to overtime pay rules, and will soon seek public opinion on the matter. Currently, anyone making more than $455 per week is ineligible to earn overtime pay, but that may change if President Obama gets his way. Labor Secretary Tom Perez noted, "The rules governing who is eligible for overtime have eroded over the years." He continued, "In the near future, the public will have an opportunity to weigh in and help us craft a final rule."
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Robo advisers move into the college savings space (Investment News)
FutureAdvisor announced it will offer free 529 college plans in an effort to lure new clients. The announcement makes FutureAdvisor the first robo-adviser to enter the college planning space, and is part of the company's strategy to entice younger clients. According to Investment News, "Investors looking to begin college savings accounts will answer a set of questions from the robo-adviser, including how old the child is and what kind of education the parent would like to save for," and also prepares parents in the event their child does not go to school.
Pro athlete and celeb investing mistakes to avoid (Forbes)
Just because athletes and celebrities earn more money than the average person doesn't mean they are investing it properly. Often times famous people go broke or end up a victim of a scam. So how can they protect their wealth? According to Forbes, celebrities and athletes should "Know who you can trust (and who you can't)," "make it last" and remember "it's only what's left after taxes that counts."
How to lure high-net-worth clients (Financial Planning)
Many advisers have trouble attracting high-net-worth clients. What can you do to increase your chances of catching a whale? Gail Graham, the chief marketing officer at United Capital, says, "You have to show that you are the quarterback," and have the ability to provide a wide variety of services. When a clients signs up, you should never ask for all of their assets at once. Instead, gain your new clients trust and slowly move their assets over time.