Press & Awards

2010

• Retirement: The Pension Letdown
  Countless state and local governments are considering slimming their pensions in the face of unprecedented budget crises. And even if nothing changes, financial advisers say, some pension owners will continue to suffer from a more troubling problem: inexperience with handling their investments, something their 401(k) counterparts have learned to deal with, for better or for worse. Advisers also say that some of them have no sense of how much money they’ll need to retire. “How can they even plan,” asks Linda Robertson, an adviser who counsels workers for the firm Financial Finesse, “without understanding the basics?”
  SmartMoney, August 13, 2010
• Retirement Benefits Are Due for an Overhaul
  Health care benefits have been a big deal lately. I hear the concerns of our corporate clients about how their plans and the industry as a whole will be changing. But there’s another benefit that’s on its way to getting a complete overhaul that is equally impactful on employees’ lives and isn’t getting as much attention—retirement benefits
  Benefits Selling, August 4, 2010
• Diversified Portfolios Can Provide Umbrella During Economic Storms
  For the American investor, the last couple of years have been unnerving. I’m continually asking myself how the individual investor can keep the faith and stay afloat in this clearly unstable and unpredictable worldwide economy.

  The American Psychological Association reports that nearly a third of 45- to 65-year-olds are extremely stressed. The Principal Financial Well-Being Index Summary First Quarter 2010 reports that ‘two-thirds of employees are very concerned about their long-term financial future, slightly less than fourth quarter of 2009 (71%).

  Nearly the same percentage of retirees (64%) is very concerned about their long-term financial future, up significantly from fourth quarter 2009 (56%).’ Not surprisingly, Financial Finesse, a trends research company based in California, reports that proactive interest in money management and debt management also increased from the fourth quarter to the first quarter of 2010….
  Employee Benefits News, August 1, 2010

• Consumers Take More Proactive Approach to Long-Term Planning
  In response to the recession, consumers have regrouped and are doing the best they can to rebuild their financial foundations.

  That’s one of the findings from “Trends in Consumer Financial Issues Q1 2010″ from research firm Financial Finesse Inc. Consumers are showing signs of improved cash management and financial responsibility. Reactive, event-driven calls, such as “how do I make ends meet,” are being replaced with proactive, goal-driven calls, such as “how do I create a spending plan.”

  Financial Finesse’s research is compiled by tracking calls through its financial service helpline, which is available to more than 500,000 employees from more than 300 organizations.
  Credit Union Times, July 21, 2010

• Don’t Listen to These Market Doomsayers
  According to a Harris Interactive survey, 70% of Americans don’t expect the economy to improve in the coming year. Before you panic, remember that a whole pile of surveys just like this one have consistently revealed one striking truth: Most people don’t know enough about finance or economics to have an informed opinion on either subject. That bodes poorly for their market predictions, but it can spell even worse news for their own investments.These recent surveys only confirm that too many people have too little knowledge about money:
  The Motley Fool, July 14, 2010
• Money Lessons
  With only 16 percent of workers confident about having enough stashed away for retirement, according to the latest annual report by the Employee Benefit Research Institute, what are the money lessons we should be imparting to our youth? How do we instill sound financial responsibility?

  Answers may vary, but talking about money is something that should start early (think before school) and be emphasized throughout their lives.
  thesouthern.com, July 8, 2010

• Change is ahead for wellness packages
  Last month I brought up the idea that we’re going to see a lot of change in the industry over the next 10 years–change that is in the best interest of both plan sponsors and their employees. This change will include adding a new benefit that offers lasting behavioral change and lower health care costs: financial education.For brokers, this will mean changing the individual benefits you include in the comprehensive benefits package you offer your clients. These changes will develop subtly over time, tied to many of the changes already being seen in sponsored programs today. Here are three major ones to watch for in the next 10 years:
  Benefits Selling, June 30, 2010
• EmployersWeb.com Q&A: Trends in Retirement Education
  Question: What are the key trends in workplace retirement education and financial education? We want to make sure we are ahead of the curve with our programs rather than responding too late to major industry changes.
  employersweb.com, June 30, 2010
• Look for a new benefit in 10 years – Financial education
  Ten years from now, brokers will be working with sponsors in a whole new paradigm of benefits. They will be selling benefits that give employees knowledge in order to set them up for success; benefits that teach them how to make decisions rather than making the decision for them. The famous saying by Lao Tzu from the 4th century B.C. is true in the 21st century, “give a man a fish and you feed him for a day. Teach him to fish and you feed him for a lifetime.”
  Benefits Selling, June 2, 2010
• Burned Boomers Ready for Retirement Planning
  If the recession has any pluses at all, it’s that people now seem to be more mindful of how uncertain the market—and their future—really is.

  While the impact of that mindfulness isn’t huge, financial planners are now reporting that 19% of calls they received in the first quarter were about retirement planning, up from 13% in the fourth quarter.

  This is according to a report by Financial Finesse, a trends researcher in Manhattan Beach, Calif., that analyzed 1,340 phone and email queries sent to its 10 financial consultants.

  To be fair, most consumers last year were still too shell-shocked to be so forward thinking. People are starting, however, to shift from reactive, “How am I going to make ends meet?” questions to the more proactive, goal-driven planning. Proactive interest in money management and debt management also increased from the fourth quarter to the first quarter.
  Employee Benefits News, May 27, 2010

• New Research Released by Financial Finesse Shows Employees’ Gaining New Consciousness about Their Finances
  Financial Finesse, the leading provider of workplace financial education programs, released today its Q1 2010 report on employee financial trends. The report is showing increasing evidence that the recession may have an enduring impact on employees’ outlook toward how they handle their finances, as they continue to take a more proactive role in bettering their financial situations.
  Financial Finesse, Inc., May 25, 2010
• Report says consumers are culling down debt
  The average American consumer began focusing more on personal debt reduction and retirement planning during the first quarter of this year, according to a new study released by Financial Finesse, a consumer data firm out of Manhattan Beach, Calif.The debt levels of American consumers are an ongoing concern for the nation, according to the study.
  Dallas Business Journal, May 21, 2010
• Teaching Workers How to Budget
  More workers at the financial services firm were turning to an employee assistance program. But in addition to seeking help with the typical legal- or family-related concerns, the staffers were asking questions about a spouse who had lost a job, about a depleted retirement account or about paying for a child’s education.
  SmartMoney, May 6, 2010
• Employees Take Control Of Finances
  Nearly 30 percent of all calls in 2009 to Financial Finesse, a provider of financial-education programs to corporations, municipalities and credit unions, sought information on long-term planning, such as budgeting and saving.
  Human Resource Executive Online, May 1, 2010
• Recession Reveals Gaps in Financial Planning
  As providers of financial education, Financial Finesse experts are in tune with real world economics. The recession of the last 2 years has, of course, impacted large, faceless corporations. But we have all felt a decided ‘trickle down’ impact. Even those who are still employed are not immune from the stress and worry that comes from uncertainty about finances and the future.
  Compensation.BLR.com, April 30, 2010
• How The Money Gurus Take Their Own Advice
  April is an exhausting month.On top of pulling practical jokes (April Fool’s), honoring Gaia (Earth Day), settling debts with Uncle Sam (Tax Day) and dragging your kids to the cubicle (Take Our Daughters and Sons to Work Day), April is also a time to reevaluate your personal finances (Financial Literacy Month).Financial Literacy Month conveniently coincides with Tax Day, which makes it easy for people to revisit their finances…
  The Wall Street Journal Online, April 28, 2010
• Top money lessons for the early stages of life on Teach Children to Save Day
  There’s a school of thought, made popular by Whitney Houston, that children are our future, that if you teach them well they’ll lead the way – fiscally that is.So with just 16 percent of workers confident about having enough stashed away for retirement, according to the March annual report by the Employee Benefit Research Institute, what are the money lessons we should be imparting to our youth? How do we instill sound financial responsibility?
  The Sacramento Bee, April 27, 2010
• How to avoid giving Uncle Sam a free loan
  With April 15 behind you, it’s time to breathe a sigh of relief. But if you got a tax refund this year, consider making changes now to avoid giving the government an interest-free loan until next April.Organizing your finances so that you get no refund and owe nothing when you file your return is the ideal touted by some financial planners. But managing your taxes as precisely as that is not easy.
  Fox Business, April 16, 2010
• Financial literacy and the black wealth gap
  Camille Flowers used to live paycheck to paycheck, but not anymore.”Before, it was day to day – pay bills, spend the rest,” she said. “Now, I organize and budget. I look at what’s coming in each month versus what’s going out. I also have to admit I am more organized with prioritizing my bills and mapping when they get paid.”
  Triangle Tribune, April 14, 2010
• Ten smart ways to spend your tax refund
  If you’ve already filed your taxes you don’t need to worry about the looming April 15 deadline, but now is a good time to plan how to spend your refund wisely.
  Market Watch, April 9, 2010
• Financial Planning for the Pros
  When it comes to professional athletes’ salaries, the sky seems to be the limit. In 1991, the NBA Player’s Association reported that its average player salary was $1 million. By 2009, that number had soared to $5.3 million. And, those with exceptional talent can earn considerably more – not to mention many added millions in endorsement deals.Yet tales of athletes’ financial woes are hardly rare.
  Registered Rep, April 1, 2010
• Clean Financial Clutter
  Doing some spring cleaning? It should include the clutter in your financial life.”Once a year, you should go through your files and organize them,” says Carlo Panaccione, founder and president of Navigation Group, a Redwood Shores, Calif.-based wealth-management and planning firm. This involves shredding what’s unnecessary, creating files for hard copies you plan on saving and scanning documents to be stored electronically.
  The Wall Street Journal, March 28, 2010
• Can You Afford to Retire?
  The expensive approach to retirement is to pile up so much money that you’ll be safe no matter how long you live or what goes wrong with your health or the markets. But for many families, the amount required seems ridiculously out of reach, especially after the twin crashes of Wall Street and Main Street. “There’s a big sense of futility and hopelessness,” says Liz Davidson, founder and chief executive of Financial Finesse, a Manhattan Beach (Calif.) educational firm.
  Yahoo! News, March 17, 2010
• 2009: The year of failure and redemption for plan participants
  The economic crisis gave consumers a wakeup call and they began to dramatically shift their perspective.When I started writing this blog last summer, I shared that our research had identified overwhelming levels of financial stress among employees. We had found in that quarter, that in light of the financial meltdown, employees had resorted to short-term money management and were ignoring their retirement savings – and of course, we were worried. What future crises did employees face if they didn’t start paying more attention to their retirement?
  Benefits Selling, March 15, 2010
• Taking Over Dad’s Checking Account
  Negotiating the management of your parents’ bank account might be even tougher than taking away their car keys.But ignoring the problem-even if you’re respecting your parents’ wishes-can mean that bills don’t get paid, or they get paid twice and the checks bounce. Even worse, your parents could get scammed by fake charities.
  Wall Street Journal Online, March 6, 2010
• Long-term Savings Takes a Back Seat during 2009
  An analysis of direct calls to the company’s helpline and online data from employees of over 300 employers across the country shows that retirement-planning calls remained unchanged from Q4 2008 to Q4 2009 at 8% of total calls, and there was a decline in most other proactive financial planning calls as consumers focused instead on managing their day-to-day finances in response to the crisis. Only 4% of calls in Q4 2009 concerned investing and 3% education planning, while 35% of calls were about debt issues and 34% regarded budgeting and saving.
  PLANSPONSOR, March 4, 2010
• Applying Murphy’s Law to Retirement
  If you can envision all that might go wrong with retirement planning, you can take steps to reduce your risk.As a CEO I constantly consider risk in every area of the business–especially in areas where I am not an expert, such as technology. When we develop a new product or service, or make substantial improvements to an existing one, we put it through a thorough testing process where the main goal is to try to “break it.” In business, this way of thinking is essential to success, and it occurred to me that it also may be essential in retirement planning.
  Yahoo! Finance, March 2, 2010
• Study Finds Consumers Experiencing Slow Recovery
  The financial recovery from the 2008-2009 recession is tepid from a consumer standpoint, with Americans only marginally better off in 2009 than they were one year earlier, according to a study by a financial education firm.
  Baby Boomers – Life and Health Insurance News, March 2, 2010
• Workers’ Response to the Market Crash: Save More, Work More?
  The stock market crash of 2008 significantly dimmed the retirement prospects of workers approaching retirement. These workers are heavily dependent on 401(k) plans, as opposed to traditional defined benefit pensions, as a source of retirement income. During the economic downturn, these plans lost about one-third of their value. Even before the crash, many older workers lacked the assets needed to enjoy a comfortable retirement.
  Center for Retirement Research at Boston College, February 2010, Number 10-3
• Consumers Asking for More Budgeting Help
  Financial Finesse, a company that provides financial education services to businesses and their employees, has noticed an uptick in calls about budgeting and debt management.
  WebCPA.com, February 23, 2010
• Financial Finesse Releases Latest Study on Consumer Financial Trends
  2009 Lauded as the year of “failure and redemption”Manhattan Beach, Calif. Feb. 22, 2010. Financial Finesse, the leading provider of unbiased financial education, just released its 2009 findings on consumer financial trends. The report analyzes direct calls to the company’s helpline and online data from employees of over 300 employers across the country.
  Financial Finesse, Inc., February 22, 2010
• Rollovers go both ways: Five reasons to roll IRAs into employer plans
  We always talk about rolling an employer-sponsored retirement plan into an IRA, but we rarely talk about the reverse scenario. Although an IRA rollover has many benefits, it’s not always the best savings plan for your client’s employees. Consider some reasons rolling IRA funds into their employer plan might make more sense for them.Reason #1: You can’t borrow from an IRA. Though we hope participants won’t need this option, it’s sometimes comforting to know it’s there. With an IRA, participants can only take withdrawals and, depending on when they take them, they could be hit with a penalty…
  Benefits Selling, February 10, 2010
• Kat’s Money Corner: Being money savvy doesn’t require an Olympian effort
  This being an Olympic year, and with the start of the winter games only days away, I find myself thinking in Olympic terms. For example, to talk about financial planning for the long haul, I’m reminded of the old saying that life is a marathon, not a sprint.To keep that metaphor’s torch lit, think of your retirement as the finish line of your financial marathon. It’s the goal you’re working toward all the way through that long journey.
  Dollars & Sense, KansasCity.com/The Star, February 2, 2010
• Liz Davidson, CEO of Financial Finesse on Marriage and Money
  Liz Davidson has a heart-to-heart with CJOB radio’s Nighthawk show host Geoff Currier on the true costs of marriage and how you can avoid them.
  CJOB 68: Manitoba, January 15, 2010
• Saving, budgets gain appeal: More people become frugal in turbulent economic times
  As Americans climb out of the recession, a growing number of them are leaving behind their free-spending ways.The savings rate has risen from near 1 percent at the end of 2008 to about 5 percent near the end of 2009, according to the federal Bureau of Economic Analysis, with this new frugality brought on in large part by losing the wealth many Americans thought was in their homes.
  Florida Today, January 10, 2010
• Optimizing retirement saving
  Last month our latest research showed that American employees are in a new position to regain control of their finances. They’ve indicated they’re ready to make significant changes to how they manage their finances and we saw opportunity for plan providers to get them more involved in their retirement plans.There are a lot of ways to motivate employees, but it can be challenging in today’s rough economic times. As we promised, here are some tips plan providers can use to capitalize on employees’ newfound financial responsibility in a time when securing their retirement is far from mind, but more important than ever.
  Benefits Selling, January 6, 2010
• Digging out of debt: Education is key to financial success, experts say
  Is Americans’ lack of financial savvy contributing to the country’s economic problems? A recent 10-year research study says, yes.Financial Finesse has information from a 10-year study on consumer financial issues, behavior, and knowledge, which draws upon data from more than 300 companies, who offer Financial Finesse’s services to their employees as a free benefit. The company first began to study financial literacy in 1999, by reviewing employees’ most pressing financial questions at its workshops. Since then, the study has grown into a national research project, drawing upon data from more than 300 companies who offer Financial Finesse’s financial education services to their employees as a free employee benefit.
  Tri-County Times, January 4, 2010