Monthly Archives: July 2021

Why do young adults already find themselves stressed about reaching financial independence?

When you are in your 20s, retirement is a lifetime away. So why do young adults already find themselves stressed about reaching financial independence?

A poll from Credit Ninja revealed some very interesting insights, including certain states where retirement worry starts as early as 19.

In the poll of 3,000 people, the main result was that the average American began to stress about their retirement at 25. This varies by state, with South Carolinians and South Dakotans starting by 19 and Arkansans staying calm until their early 40s.

The most unfortunate result of the poll was how intensely the pandemic has affected retirement outlooks. One in three polled have had to push back their retirement timeline since the start of the pandemic, and more than half expect a need to work part-time in retirement to get by.

An interesting addition to this poll was the request to late Gen Xers and Baby Boomers to give financial advice to the younger generations.

The advice they gave aligned perfectly with what a financial advisor would encourage young people to do: start a retirement fund in your 20s, build good credit, start an emergency fund, and educate yourself.

Since pensions are mostly a thing of the past and Social Security is in jeopardy, it is more critical than ever for adults early in their careers to get set on a path to success before its too late.

If youre in your 20s or even 30s, the first thing to do is to get started with some basic financial literacy education and to build true financial plans sooner rather than later. If you want to reach financial independence without the need to panic along the way, the time is now. You have started to think about the future early enough that time is on your side. Retirement goals are reachable with proper planning, so dont wait to take inventory and make sure youre on track.

So listen to the advice of the older generations, and take these important steps if you havent yet:

If youre employed at a company that offers a 401(k) program, start contributing now. If your company also offers to match your contribution, make sure youre putting enough away each paycheck to reach that full match. This is free money and will help you reach your goals faster.

For 401(k) programs with matches, make sure you understand your vesting schedule. While some companies offer an immediate vestmeaning as soon as their contribution hits your account, its yoursmany will stagger their vesting schedule over a few years. For example, if you have a five-year vesting scheduling, the employer contributions in your 401(k) wont be truly yours for five years. A percentage of this contribution will be granted to you each year until you reach that five-year mark. Leaving a job before your matched contributions are fully vested can result in a financial loss of potentially thousands of dollars.

If you are not part of a company that offers a 401(k), dont worry. There are options to help you get started on your retirement savings as well. Look into options like Traditional IRAs and Roth IRAs that can be opened independently at many financial institutions.

Understanding credit and how it works is something that should be taught in schools but often isnt. Having a good credit score is vital for financial success, as it grants you lower interest rates on loans, better terms on mortgages and leases and gives you the ability to borrow funds when you need them most.

If you have not yet started building your credit, a good first step is to open a starter credit card and use it like a debit card. Only spend what you have and pay it off in full each month.

For those looking to improve their credit, set all your scheduled paymentsrent, car payments, utilities, etc.to automatic payments so that you eliminate the risk of a missed or late payment.

Weve all been told to expect the unexpected. But as an adult, the unexpected usually comes with a large price tag.

Having an emergency fund, which is generally enough money to cover three to six months of expenses saved in an easily accessible bank account, means you can handle a situation like a period of unemployment or a broken dishwasher without going into credit card debt.

If you dont have one already, open a savings account and try to put away 15% of your income. Youll see your savings start to grow, and as you make more money, you can continue saving at the same rate for increased growth.

Financial literacy education is crucial to financial success. Seek out resources from reputable sources that teach about the subjects you may not understand. For help, Ive published articles on books and podcasts that I recommend everyone look into.

The only way to alleviate the panic surrounding retirement is to prepare for it. Start early and take it seriously. Youll thank yourself in 40 years when youre living your dream retirement.

And remember, its never too late to get help with a financial plan. Find an advisor that can work with you throughout your career and offer personalized advice to help you reach your goals.

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Retirement Panic Is Starting Early: Why Adults In Their 20s Are Already Worried About Retirement - Forbes

More than 1,000 victims of modern slavery and human trafficking have been helped to gain financial independence with access to a bank account, according to HSBC UK.

he banks survivor bank service was launched in June 2019 andprovides access to a basic bank account, without the need for photo ID or proof of address.

Having a bank account makes it easier to claim benefits, receive wages and pay rent. But many survivors lack the documents they need to open an account, such as a passport.

People can open an account when supported by a caseworker from an organisation which can verify their identity, with the Salvation Army and other charities supporting the scheme.

HSBC UK said that among the people it has supported, a woman, originally from Albania, was studying at university before she became a victim of sexual exploitation. She is now receiving specialist support in a safe house.

She said: A bank account feels personal, something that is mine to keep where I can save money and use the card to spend on things I like. It is something I know I will need and will be very helpful in my future so I would like to thank HSBC UK for making this possible.

Maxine Pritchard, head of financial inclusion and vulnerability at HSBC UK said: It is a tragedy that people who have escaped their traffickers can face such a struggle to gain financial independence. Even that first step of walking into a bank can be very challenging not knowing who you can trust, who is genuinely going to help you and that fear of being quizzed over documentation.

We set up survivor bank to help break down those barriers and Im pleased that we can assist charities in providing the support that survivors desperately need.

Minister for Safeguarding Victoria Atkins said: HSBC UKs survivor bank initiative provides victims with a vital tool to regain their financial independence by setting up their own bank accounts.

It is fantastic to hear that over a thousand people have now been helped by this invaluable scheme. This is a great example of how businesses can help protect the most vulnerable as part of their business model.

Ann-Marie Douglas, the Salvation Armys contract director for the modern slavery victim care contract, said: The survivor bank is a financial innovation at the heart of the Salvation Armys mission.

She added: We have been delighted to work with HSBC UK to improve access to banking for people who have been marginalised and denied markers or status that most people would take for granted. It opens up new possibilities and gives people choices on how and where they spend their money.

For a survivor of modern slavery, opening a bank account delivers more than just practical assistance to gain independence and integrate into society, it is also a symbol of recovery and hope for the future.

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More than 1000 modern slavery victims helped to access bank accounts - Independent.ie

Ever since Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, announced via Instagram that they were leaving the royal family and seeking to establish their financial independence, the couple swiftly began building a media empire.

They struck a roughly $100 million production deal with Netflix, with plans to make documentaries, feature films, scripted shows and childrens programming. They signed a podcast deal with Spotify and joined the Harry Walker Agency to handle speaking engagements.

Now, the memoirs are coming. On Monday, Penguin Random House announced that it has acquired a book by Prince Harry, which it described in a news release as an intimate and heartfelt memoir that will offer the definitive account of the experiences, adventures, losses, and life lessons that have helped shape him, including his childhood and coming-of-age as a royal, his military service, his marriage to Meghan and fatherhood.

The book, which is as yet untitled and is scheduled to be released in late 2022, will be published by Random House in the United States, Random House Canada in Canada and Transworld, an imprint of Penguin Random House UK, in the United Kingdom. Penguin Random House did not disclose financial terms but noted that Prince Harry will be donating his profits to charity.

Im writing this not as the prince I was born but as the man I have become, he said in a statement released by the publisher. Ive worn many hats over the years, both literally and figuratively, and my hope is that in telling my story the highs and lows, the mistakes, the lessons learned I can help show that no matter where we come from, we have more in common than we think.

A memoir by Prince Harry seemed all but inevitable after the couple gave an explosive interview in March to Oprah Winfrey, drawing more than 17 million viewers and spawning endless media coverage. (It is unclear when Meghans is coming, but a memoir by the duchess seems likely.)

Theres already a small library of books dedicated to the Duke and Duchess, including Katie Nicholls Harry: Life, Loss, and Love, Leslie Carrolls American Princess and Andrew Mortons Meghan: A Hollywood Princess, as well as multiple books about Meghans rescue dog, a beagle named Guy. In June, Random House Childrens Books released a picture book by Meghan, titled The Bench, about the bond between Prince Harry and their son, Archie.

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Prince Harry to Write a Memoir - The New York Times

New research finds that Millennials and Generation X are more worried about retirement as compared to older generations.

"Generation X and Millennials are the first two generations that largely will enter retirement without a pension, so it's not surprising that their anxiety is higher," said Dan Doonan, NIRS executive director and report co-author.

"Millennials and Gen X have lived through multiple economic downturns and decades of stagnant wages. Couple that with longer life spans and rising health and long-term care costs, and it's easy to understand their pessimism. Going forward, it will be critical for policymakers to find ways to strengthen our retirement infrastructure so these generations can be self-sufficient in their older years," Doonan said.

The research finds strong support for pensions and Social Security, both of which provide stable and predictable income that lasts through retirement. Most Americans across generational lines see the value of increasing contributions to Social Security, and the highest support for expanding Social Security is among Millennials (61 percent).

Similarly, pensions are viewed favorably by all generations, with Millennials expressing the highest favorability (81 percent). There is broad agreement that all U.S. workers should have access to a pension to ensure financial independence in retirement.

This researchalso finds:

Conducted by Greenwald Research, information for this study was collected from interviews conducted between December 410, 2020, of 1,203 individuals aged 25 and older. The final data were weighted by age, gender, and income to reflect the demographics of Americans aged 25 and older. Tabulations in some of the charts may not add up to 100 due to rounding.

For the purposes of this research, Millennials include those ages 25 to 43, Generation X includes those ages 44 to 55, Baby Boomers include those ages 56 to 74, and the Silent generation includes those age 75 or older.

The National Institute on Retirement Securityis a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at http://www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

SOURCE National Institute on Retirement Security

http://www.nirsonline.org

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New Research Finds Millennials and Gen X Increasingly Concerned About Retirement in Wake of Pandemic - PRNewswire

Hollywood loves a hypergamous heroine. Take, for example, Vivian Ward, Carrie Bradshaw, and, most recently, Daphne Bridgerton. But it's not just adult farescores of Disney movies sold the idea to a whole generation of young women that their happy endings were contingent upon wooing and wedding not just any man, but a prince.

But even as society has become more egalitarian, with women rejecting the antiquated ideals of previous generations, outnumbering their male counterparts on college campuses and in convocation halls, and leaning into everything from side hustles to C-suites, many single ladies still desire a hypergamous pairing.

By the strictest definition, hypergamy is the act or practice of courting or marrying a person of a higher socioeconomic or social class than oneself. Translation: Dating or marrying up.

Hypergamy as a means of upward social mobility for women is nothing new. In fact, the practice has been around for as long as women and men have engaged each other in the social intertwinings that have evolved into modern-day dating and marriage. "The phenomenon of women seeking partners of higher financial means and/or status, to achieve primarily economic security but also upward social mobility, has been around for centuries," says Dr. Natasha Sharma, founder of The 8-Hour Therapist program and author of The Kindness Journal. "For the better part of human history, women simply didnt have the option, access, or legal rights in many (if not most) places in the world to have agency over their own welfare and to create financial independence. So, they relied on a 'good marriage' to secure their (and their childrens) overall prosperity and prospects."

Despite the advances women have made over the last 50 to 100 years, Sharma continues, "There is still an element of this phenomenonwhether it is conscious or subconsciousthat exists for some people today."

While the practice is age-old, hypergamy has become something of a buzzy social trend with everyone from self-proclaimed YouTube gurus to Instagram influencers extolling its advantages. In a May 2020 YouTube live stream titled Men Should Pay for Everything, Women Should be Hypergamous racking up almost 400,000 views, self-proclaimed lifestyle coach and dating guru Kevin Samuels candidly asked, "Ladies, do you want to be required to have to work in order to pay significant bills?" A steady stream of "nos" flooded in.

Unabashedly hypergamous women tend to get a bad rap and are often seen as exploitative and unambitious. They are labeled "gold diggers" and perceived as materialistic and shallow. But the truth is that women across all social strata seek out hypergamy to some degree.

In fact, even as women earn more university degrees than men, they are still 93-percent more likely to marry men with higher incomes, according to a 2016 study conducted by the University of British Columbia. And though higher incomes don't necessarily equate to a higher social class, financial security is one of the main drivers of female hypergamy.

This may be an evolutionary call back to the prehistoric womans need for a capable provider. "There are inherited tendencies [for some women] to be attracted to men who have more means, which goes back to our roots as hunters and gatherers. Similarly, there are inherited tendencies for some men to feel attracted to women who appear more fertile (e.g. wide hips, long hair)," notes Sharma. "That said, we are the only species who has the capacity to be consciously aware of those tendencies, and we have moved beyond them as primary drivers for mating in today's more modern world."

Money issues often cause arguments in relationships, but here are tips to avoid them:

For many women, "one of the most important aspects to thrive in society is to feel secure and protected," says Dr. Patrice N. Douglas, licensed therapist and founder of the Pop Culture Therapy Podcast. "While society paints [hypergamy] as being money-driven... being cared for is what allows women to tap the most into their nurturing side." Douglas also notes that the societal pressure to "carry it all," particularly prevalent for Black women, can lead to its own set of problems, such as negative impacts on mental health.

Still, hypergamy isn't without its fair share of critics. Many women may view dating and/or marrying up as a form of self-prioritization, but others see it as one of self-disempowerment. Sharma is of the latter: "For the most part in Canada [and the United States]with the exception of only women who have tried to create independence and failed to the detriment of their own survivalthe deliberate act of 'dating or marrying up' by an otherwise capable and privileged female is disempoweringnot just to her as an individual, but to the whole womens movement toward equality and self-efficacy." Noting that pay inequity, for example, is a "systemic challenge," Sharma thinks hypergamy can also prevent society from making progress on issues affecting all women.

Even so, she acknowledges that a womans strategic pursuit of hypergamy is a very personal choice, and hers to make. But Sharma reiterates that there could be a cultural drawback as the "trickle-down effect of hypergamy on a large scale would send a distorted message to women about their own capacity for self-sufficiency." Sharma adds that a cultural push of hypergamy is particularly worrying "as couples today undertake more things like marriage contracts (prenuptial agreements) than previous generations, leaving the 'non-earning' partner vulnerable."

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But it's important to acknowledge its patriarchal roots, and how they continue to play into modern dating and marrying practices. While hypergamy is no longer a necessity, we still live in a patriarchal society that largely devalues womenquite literally. In the United States, for example, women are typically paid 82 cents for every dollar a man makes for the same job, and the pay gap is even larger for Black women, indigenous women, and other women of color, per the American Association of University Women.

Often, a woman's worth is instead tied to youth and perceived beauty. Why then should a woman not be able to barter that very valid currency on her own terms? After all, social and cultural evolution have not significantly altered the way men select partners. So why should women?

Nor is the practice of hypergamy restricted to heterosexual couples. Douglas says that "men can benefit from [hypergamy] by getting physical and emotional needs met without having to put stress on their partner to carry financial weight." She adds that some men, culturally, value being the breadwinner and provider for their partner.

Ultimately, it comes down to choice. Women have never had the freedom to exercise agency more than they do today. And as society trudges on, that reality is reflected in modern heroines who are not just setting tables, but building them. And while some might see that as a cue for women to move further away from dependence on men, there are still a large number of women choosing to continue to play by the oldest rules of exchange: Use what youve got to get what you want.

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What Is Hypergamy? The Age-Old Relationship Practice, Explained - Women's Health

Securities and Exchange Commission Chairman Gary Gensler recently said that he wants to make sure public company audits are informative, accurate and independent. The audit profession shares this commitment and stands ready to work with the SEC and Public Company Accounting Oversight Board on measures that will continue to promote high standards of audit quality in the United States.

Public company auditors serve as gatekeepers, building investors confidence on both Wall Street and Main Street that financial information disclosed by public companies is reliable. This trust-building function is in the public interest, and it is a big part of the audit professions mission worldwide.

Two decades after Congress passed the landmark Sarbanes-Oxley Act, the corporate disclosure system is dependable and audit quality has never been higher. Among other things, SOX established that the independent audit committee is responsible for the hiring, firing and oversight of the external auditor including the auditors fees and independence. SOX also created an independent regulator for the public company audit profession, the PCAOB.

As just one proxy of the current state of disclosure and audit quality in the United States, financial restatements have trended down significantly. The severity of restatements has also fallen the largest adjustment in 2019, $276 million, is the lowest in 18 years and significantly lower than the top adjustments in 2004 and 2005 of $6.3 billion and $5.2 billion, respectively. Other countries have recognized this and are currently pursuing measures to replicate the strength of the U.S. financial reporting system, including adopting SOX-like components in their own jurisdictions, such as an independent regulator for public company auditors.

But improvements to audit quality over the past 20 years go beyond regulatory changes. Audit firms heavy investments in their people and technology have taken the consistency and depth of audits to the next level. Technologies such as artificial intelligence and data analytics have the potential to transform and in some cases already are transforming the way audits are conducted, further improving audit quality and effectiveness. As just one example, technology enables auditors to move away from sampling of the past to, in many cases, review wider and deeper swaths of information while at the same time permitting auditors to focus on those truly subjective, judgmental areas of the audit that can present the highest risk of material misstatement. Its quantity and quality enabling.

Despite enhancements already made to audit quality, the audit profession will never rest on its laurels. Stating the obvious, trust is incredibly hard to earn and can be eroded in an instant. Auditors face strong market-driven incentives reputational risk, litigation risk and regulatory risk to perform high-quality audits.

Given the importance of auditors public interest role, from time to time there are policy proposals by regulators and other stakeholders designed to reinforce audit profession regulation in the United States. But any such policy proposals should be considered through a costbenefit analysis ensuring that they build on, rather than disrupt, existing strengths.

One area of auditor regulation that is sometimes a topic of discussion is auditor independence. Auditor independence is one of the cornerstones of the profession and undergirds audit quality. Public policy proposals that seek to implement more stringent requirements on auditor independence (e.g., a complete ban on all non-audit services provided by the audit firm, even those permitted under SOX; mandatory firm rotation) need to consider the tradeoff that can occur between auditors expertise and independence, which may reduce audit quality.

The Center for Audit Quality recently published Value of the Audit: A Brief History and the Path Forward, which delves into these issues and considerations in more detail. As noted in the paper, no conclusive evidence attests that a complete ban on non-audit services or a long audit firm tenure, among other proposals, in fact impairs auditor independence and thus audit quality. The paper instead notes that attempts to increase auditor independence often ignore the market-based incentives referenced above and the potential negative impact on necessary audit expertise, thus hindering the strides made in audit quality in the U.S.

Looking forward, SEC Chairman Genslers recent proposed rulemaking agenda highlights evolving stakeholder needs and public company disclosures, including disclosures on climate change and human capital (often considered part of environmental, social, and governance matters). As noted in our recent submission to the SEC in response to its request for input on climate disclosures, the CAQ convened a roundtable with investors, board members, auditors and public companies to discuss ESG reporting. When asked if climate-related and other ESG disclosures should be subject to public company auditor assurance, approximately 90% of the participants said yes although half of those stated, over time. The audit professions remit was expanded in SOX to cover assurance on internal control over financial reporting. The multidisciplinary expertise and understanding of a companys business and controls are just two reasons why the audit profession is thought of to enhance the reliability of ESG information, and the profession stands ready to engage with the SEC in these areas.

The audit profession has long been an independent guardian of the public interest. Reevaluating audit profession regulations to ensure they best serve their intended purpose is both important and necessary, but it is critical to audit quality that such evaluations strike the right balance that enables the audit profession to fulfill its responsibility to protect our capital markets.

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A shared commitment to informative, accurate and independent audits - Accounting Today

SANTA MONICA, Calif., July 20, 2021 /PRNewswire/ --Gideon Strategic Partners, a wealth management and financial planning firm that oversees over $500 million in assets and provides concierge-styleservices to high-net worth individuals and businesses, today announced that its financial advisors have affiliated with The Leaders Group, a leading national, independent broker-dealer located in Littleton, Colo. The transition is effective immediately.

With more than 25 years supporting financial advisors in the wealth management industry, The Leaders Group offers cutting-edge digital platforms and tools for client relationship management, product due diligence and comparison, client account management and financial planning, along with an industry-leading product shelf that features a broad range of investment strategies.

Gideon Strategic Partners CEO and Managing Partner Robert Amoruso said, "The continued growth of our business and demand for expanded technological capabilities by our clients made the transition to The Leaders Group the obvious choice for our firm. Their hand-on services combined with sophisticated solutions and complete independence give us the freedom and flexibility to deliver higher-value wealth management and financial planning services to our growing client base."

Additionally, the firm announced the appointment of Adam Gross as a Managing Director and Head of the Family Office Group. Mr. Gross will build upon the existing practice area, expanding the services the firm provides for high-net worth and ultra-high-net worth families as a member of the firm's senior leadership team. He will report to Mr. Amoruso.

"Adam takes an exceptionally personal yet highly strategic approach to client service," Mr. Amoruso said. "Over the years he has built meaningful relationships with his clients and served more as a family chief financial officer than a traditional wealth manager. We are incredibly pleased to have him on our team, building out our capabilities in this space and delivering best-in-class service to our clients."

With over 25 years of experience in private banking and wealth management, Mr. Gross spent nearly two decades at JP Morgan Private Bank, where he helped build one of its most productive teams, the Global Investment Opportunities Group. Previously he served as a senior management professional of both client coverage and investment products at HSBC and Citigroup. Mr. Gross also has experience within the public and private markets and has served as an advisor to multiple early-stage fintech companies. Mr. Gross earned his Bachelor of Arts in Political Science from the University of Rochester and holds Series 7, 63 and 24 licenses.

Mr. Gross' hiring continues the steady expansion of Gideon's leadership ranks as the firm grows.

Mr. Gross said, "I'm excited to join Gideon, and I look forward to applying my experience and expertise to help Gideon reach its full potential. A strong family-office group will help the firm position itself as the destination of choice for high-net worth and ultra-high-net worth families in Southern California and beyond. I know Robert and the entire Gideon team foster a collaborative culture that will put this growing group on a journey towards achieving our goals while serving our clients objectives."

About Gideon Strategic Partners

Gideon Strategic Partners (GSP) is a wealth management firm based in Santa Monica, Calif. We provide high net worth families and closely held businesses with a holistic, multidisciplinary, and technology-driven approach to financial planning. Our open architecture platform and our unique access to private markets and tax-efficient solutions enables clients to achieve diversification across a wide range of asset classes while mitigating the income tax impacts on returns.

Media Contacts

Joseph Kuo / Andrew Wang Haven Tower Group LLC 424 317 4851 or 424 317 4859 [emailprotected] or [emailprotected]

SOURCE Gideon Strategic Partners

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Gideon Strategic Partners Affiliates With Leading Independent Broker-dealer, Appoints Adam Gross Partner And Head Of Family Office Group In Support Of...