Further, millennials indicate theyll need, on average, more than $400,000 in savings to live their ideal retirement lifestyle. This is $60,000 more than boomers feel they need. The study reveals the retirement savings targets, as well as the RRSP savings to date for both age groups:
Millennials say they need an average of $441,610 saved for retirement and currently have an average of $15,194 saved in their RRSPs.
Boomers indicate theyll need an average of $385,184 saved for retirement and currently have an average of $65,394 saved in their RRSPs.
Chris Buttigieg, a BMO Financial senior manager of wealth planning strategy, observes that boomers are less optimistic than millennials about their retirement preparedness because theyre closer to retirement.
He notes, however, that boomers are more excited at the prospect of being retired than millennials. According to the study, one-third (32 percent) express feelings of anticipation and excitement, compared to only 22 percent of millennials.
The study also identifies the biggest concerns of these two groups about retirement. The top worry for both millennials and boomers is not having enough saved to do all the things they want to do in retirement (40 percent and 44 percent respectively).
Other worries identified include:
Declining physical abilities and mobility (38 percent millennials; 43 percent boomers).
Poor health and/or the prospect of dying (38 percent, millennials; 24 percent boomers).
Spending more money than they had planned (27 percent millennials; 22 percent boomers).
Being bored (29 percent millennials; 19 percent boomers).
The survey was conducted by Pollara with an online sample of 1,303 Canadians, including 803 non-retirees aged 18-64 and 500 retirees of any age. The survey was conducted from November 12 to November 17, 2014.
The well-heeled in Singapore are increasingly looking at insurance not merely as a way to protect against the uncertainties of life but as a means to increase the wealth they leave behind.
Policies known as universal life insurance essentially work like regular life insurance except that they offer jumbo-sized payouts upon the death of the insured.
The allows them to leave behind a big pot of inheritance for their families.
Bank of Singapore (BoS) head of wealth planning Lee Woon Shiu noted that about 30 per cent to 40 per cent of the private banks client relationships now have universal life insurance policies, compared with a significantly lower proportion just five years ago.
People know that they can use this tool to create a large amount of wealth that can also serve as a liquidity solution. It can serve as a key- man planning solution, it can serve as a legacy planning solution, so its very diverse in its potential uses.
SAN LUIS OBISPO, Calif., Jan. 26, 2015 /PRNewswire/ -- Taylor Frigon Capital Management, a wealth management firm based in San Luis Obispo, CA, has hired Jonathan Wornick to lead its San Francisco office.
Mr. Wornick will be responsible for introducing ultra high net worth families in Northern California to Taylor Frigons comprehensive investment and wealth management capabilities.
Previously, Jonathan was a managing partner in a family real estate business. Jonathan is a major leader and contributor to the Bay Area Jewish community and currently serves as the American Israel Public Affairs Committees (AIPAC) Northern California Campaign Chair. He also leads bi-partisan pro-Israel political fundraising for members of congress. In 2005 he was awarded the Moses and Celia Lesser Young Leadership Award for his contributions to the Jewish Community.
According to Gerry Frigon, Taylor Frigons President and CIO, Our firm will certainly benefit from Jonathans years of business and community involvement in the San Francisco region.
Jonathan studied Political Science at Boston University and is a graduate of the Wexner Heritage Program.
He and his wife Cristina reside in Lafayette, California with their two sons. He is passionate about family, Israel, politics, history, art, architecture, and mega-yachts.
About Taylor Frigon Capital Management
With its roots dating back to 1988, Taylor Frigon is a respected leader in wealth planning and investment management based on the Central Coast. The firms strategy is long-term focused investments in undervalued companies, including several Israel-based businesses. In addition to investment strategies, the firm offers comprehensive wealth planning and concierge services.
SOURCE Taylor Frigon Capital Management
[Reuters] Morgan Stanleys board of directors awarded Chairman and Chief Executive James Gorman $4.4 million in restricted stock as part of his 2014 bonus, the Wall Street bank said in a regulatory filing on Friday. Morgan Stanley did not disclose other parts of Gormans compensation package, which in the prior year also included cash and deferred cash, in addition to his base salary. The disclosure, made in a Form 4 filing with the US Securities and Exchange Commission, comes after news that rivals JPMorgan Chase amp; Co and Goldman Sachs Group Inc each awarded their CEOs bigger cash bonuses than they had in the prior year. JPMorgan CEO Jamie Dimon received a $7.4 million cash bonus, his first cash bonus since 2011, and Goldman CEO Lloyd Blankfein received a $7.3 million cash bonus, which was higher in dollar terms and as a portion of his overall bonus than in the prior year.
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Morgan Stanley (MS), with a current value of $68.58B, started trading this morning at $35.39.
A quick look at the market, the companys stock traded between $35.13 and $35.84 and has traded between $28.31 and $39.19 over the past year.
Priced at 12.38x this years forecasted earnings, MS shares are relatively inexpensive compared to the industrys 20.99x forward p/e ratio.
And for income investors, the company pays shareholders $0.40 per share annually in dividends, yielding 1.20%.
According to a consensus of 20 analysts, the earnings estimate of $0.77 per share would be $0.09 better than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $2.87 which would be a $0.55 better than last years full-year earnings.
The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $9.24 Billion. If realized, that would be a 5.00% increase over the year-ago quarter.
Recently, MKM Partners Initiated MS at Buy (Oct 2, 2014). Previously, Deutsche Bank downgraded MS from Buy to Hold.
The average price target for MS shares by the analysts covering the stock is $38.52, which is 8.84% above where the stock opened this morning.
Summary (NYSE:MS): Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. The companys Institutional Securities segment offers financial advisory services on mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers, leveraged buyouts, takeover defenses, and shareholder relations, as well as provides capital raising and corporate lending services. This segment is also engaged in sales, trading, financing, and market-making activities, including institutional equity, fixed income and commodities, research, and investment activities, as well as offers financing services, such as prime brokerage, consolidated clearance, settlement, custody, financing, and portfolio reporting services. Its Wealth Management segment provides brokerage and investment advisory services covering various types of investments comprising equities, options, futures, foreign currencies, precious metals, fixed income securities, mutual funds, structured products, alternative investments, unit investment trusts, managed futures, separately managed accounts, and mutual fund asset allocation programs. This segment also offers education savings programs, financial and wealth planning services, annuity and other insurance products, cash management services, trust and fiduciary services, retirement solutions, and credit and other lending products, as well as fixed income principal trading services. The companys Investment Management segment provides alternative investment products, such as hedge funds, private equity and real estate funds, and portable alpha strategies to institutional and intermediary channels, and high net worth clients, as well as is involved in real estate investing and merchant banking businesses. Morgan Stanley was founded in 1935 and is headquartered in New York, New York.