This year's holiday season will be different because of the coronavirus pandemic, and sending a typical upbeat holiday greeting card may seem insensitive to clients, writes Amy Florian, CEO of Corgenius. She offers suggestions for how to adjust messages to acknowledge the struggles clients may be facing.
A report from Hearts & Wallets found that less than 20% of survey respondents could accurately define at least five out of seven basic financial terms. Investors who had a financial advisor were more likely to be able to define the terms, the company said.
The rapid shift to offering financial services online brought on by the pandemic has also increased the cybersecurity risk for financial advisers and their firms. To help keep data safer and address compliance issues, FPA has partnered with FCI to roll out "Cybersecurity for Financial Planners: An FPA Certificate Program," which focuses on six key areas that FPA President Martin Seay, Ph.D., CFP®, says will "help financial planners build a sound cybersecurity plan that is needed more than ever considering the fast pace at which business is being done digitally."
Women are more likely than men to be affected financially by the coronavirus pandemic, with studies showing women are more likely to struggle to make ends meet and save money, and they also have lower financial literacy. Financial advisers say women should help each other, save whatever they can and not be scared away by financial jargon.
Financial advisers may be less successful than expected because of personal roadblocks they struggle to overcome, consultant Sandy Schussel writes. He lists nine potential personal roadblocks and why it's important to get help from someone else to overcome them.
Sen. Sherrod Brown, D-Ohio, said at a Senate Finance Committee oversight hearing on the Securities and Exchange Commission that Regulation Best Interest "doesn't put mom and pop customers first" and some financial firms aren't fully disclosing their disciplinary histories to clients. SEC Chairman Jay Clayton said in written testimony that Reg BI and Form CRS "raise the bar, in terms of both legal requirements and mandated disclosures..."
Ten industry leaders have been chosen to join the board of the Institute for Portfolio Alternatives, with Leon Volchyok, managing director at Blackstone, named chair-elect. "The individuals elected to the IPA board of directors are representative of the alternative investments industry at large that continues to experience positive, transformational growth, despite major headwinds from a challenging 2020," IPA President and CEO Anthony Chereso says.
A rebound has continued for nontraded REITs, with fundraising increasing 8.3% in October to $656 million from $606 million in September, according to Robert A. Stanger & Co. Fundraising reached $8.82 billion in the first 10 months of 2020, rising from $8.77 billion in the first 10 months of 2019.
Industrial properties, especially last-mile ones in urban markets, and data centers are likely to be among stronger commercial real estate sectors in 2021, while a challenging environment could persist for hotels, retailers and offices, according to CBRE. A vaccine and additional aid from Congress are crucial for supporting the economy, says Richard Barkham, CBRE's global chief economist.