We are calculating the cost of retirement all wrong

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Old men chilling on a bench.

Cost of living figures for retirement are wrong (Financial Advisor)

David M. Blanchett, head of retirement research for the Morningstar Investment Management Group, concluded spending habits of retired Americans often do not increase at the same rate as inflation, especially during the early and middle years of retirement. Blanchett's research, which were published in the Journal of Financial Planning, mean advisors are often overestimating the amount of money retirees need for retirement. His findings are important, because they suggest, "Retirees may be able to spend more, especially early in retirement when they are healthy enough to enjoy it." As for later in retirement, costs are likely to go up as health care expenses rise.

Compliance issues are arising as advisors use more social media (Think Advisor)

The number of compliance officers who think text messages to clients need to be supervised is up sharply from last year. In its 5th annual Electronic Communications Compliance Survey, Smarsh found 72% of compliance officers think text messages should be closely monitored, up from just 13% a year ago. "The oversight of electronic communications has evolved to become far more than the cursory, check-the-box review of email that existed years ago," noted Smarsh CEO and founder Stephen Marsh. The survey found 80% of firms that have a social media presence allow employees to have a LinkedIn profile and 64% allow the use of Twitter.

Why advisors struggle to gain wealthy clients (Financial Planning)

Matt Oechsli, president and founder of the Oechsli Institute, says advisors have been approaching potential high-net worth clients all wrong. Oeschsli says, "Basically, the whole art of attracting high-net-worth clients is counterintuitive." He continued, "So the less you talk and the more you listen, the better you connect with a wealthy prospect." As for what not to do, Oeschsli says not to even try and arrange a meeting, doing that is the kiss of death.

Where advisors earn the most (Wealth Management)

Wealth Management surveyed advisors around the country about their 2015 compensation. Advisors in the Middle Atlantic region (New York, New Jersey, Pennsylvania) are the top breadwinners, taking home an average of $302,803. The New England region (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont) had the second highest average income as advisors there earned $290,921, on average. The East North Central region (Illinois, Indiana, Michigan, Ohio and Wisconsin) brought up the rear, with advisors there taking home an average of $231,714.

Barclays is looking to sell its US wealth unit (Reuters)

Stifel Financial Corp. is the front-runner to buy Barclays' US wealth unit. Reuters reports negotiations are ongoing "although a deal is not certain and Barclays could go back to other bidders that have made offers." The price tag of the potential deal has not been announced.