FINANCIAL ADVISOR INSIGHTS: Only 37% of retirees feel good about their finances, but that's way up from five years ago
Retiree confidence has almost doubled since the financial crisis (Financial Advisor)A study conducted by the Employee Benefits Research Institute found 37% of retirees believe they will have a comfortable retirement, up from 20% in 2010. The survey also concluded retirees are less burdened by their debt loads. Currently, 31% of retirees still worry about having too much debt, down from 44% last year.
A Spectrem Group survey of investors who are not millionaires, but worth at least $100,000, found the group believes Warren Buffett is the most credible financial expert. Buffett's score of 65.23 handily outpaced the runner-up, get out of debt guru Dave Ramsey, who scored a 52.65. CNBC personality Jim Cramer finished third, tallying a 45.28 while Janus Capital Group portfolio manager Bill Gross (42.24) and real estate mogul Donald Trump (34.47) rounded out the top five.Americans are feeling more financially secure (Think Advisor)
The April reading for Bankrate.com's Financial Security Index climbed to its best level in a year. Millennials were most confident in their job security with 32% stating they felt more secure versus a year ago. On the other end of the spectrum, baby boomers were "were five times likelier than millennials to feel less secure about their jobs," according to Think Advisor. Similarly, 33% of millennials noted year-over-year improvement in their financial situation, compared to just 19% of baby boomers.
BlackRock will pay $12 million to settle conflict of interest charge (Financial Planning)
BlackRock has agreed to pay a $12 million fine after failing to disclose a conflict of interest for one of its portfolio managers. Daniel J. Rice III, a former money manager for the company, invested client funds in a BlackRock portfolio that put money in a company he founded. According to a statement released by Andrew Ceresney, director of the SEC's enforcement division, "BlackRock violated its fiduciary obligation to eliminate the conflict of interest created by Rice's outside business activity,"
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