What Robin’s Reading: May 2016

Robin Weingast Reading RecsWelcome to another installment of What Robin’s Reading — our regular feature that gives you an inside look at what the Robin S. Weingast & Associates team is focusing on to stay up-to-date with benefits and retirement planning news.

This month, we continue to monitor the impact of the Department of Labor’s Fiduciary Rule, but with graduation season upon us, we’re also reading up on the investment and benefit trends among the new crop of job seekers. A recent video by Tony Robbins caught our eye — it contains his opinion on a “must invest” for young professionals. Click here to hear what he has to say.

We also read “Millennials & Financial Literacy—The Struggle with Personal Finance,” a fascinating report on the personal finances of millennials. Based on research conducted by The Global Financial Literacy Excellence Center (GFLEC) at the George Washington University, the report uncovered eight key trends. When it comes to personal finance, millennials:

1. Have inadequate financial knowledge
When tested on financial concepts, only 24% demonstrated basic financial knowledge.

2. Aren’t happy with their current financial situation
When ranking satisfaction on a scale of 1-10, 34% were very unsatisfied.

3. Worry about student loans
When asked about their ability to repay their student loan debt, more than 54% of Millennials expressed concern.

4. Have debt across economic and educational lines
Among college-educated Millennials, a staggering 81% have at least one longterm debt.

5. Are financially fragile
Nearly 30% of Millennials are overdrawing on their checking accounts.

6. Are heavy users of Alternative Financial Services (AFS)
In the past five years, 42% of Millennials used an AFS product, such as payday loans, pawnshops, auto title loans, tax refund advances, and rent-to-own products.

7. Sacrifice retirement accounts
More than 20% of Millennials with retirement accounts took loans or hardship withdrawals in the past year.

8. Don’t seek professional financial help
Even with inadequate knowledge, only 27% of Millennials are seeking professional financial advice on saving and investment.

But the picture isn’t totally bleak for millennials. Another piece from CNBC outlines distinct advantages that the generation has when saving for retirement.

Whether you know a young professional who would benefit from advisement, or you want to make sure your own personal finances are in order, the Robin S. Weingast team is here for you. Contact us today for an appointment. Our team of experts is ready to make sure you and your loved ones are on track to meet your financial goals.

What Robin’s Reading: March 2015

Robin Weingast Reading RecsWelcome to the next installment of “What Robin’s Reading,” our bimonthly feature that highlights what the Robin Weingast team is reading to stay current and up-to-date on the issues that will most impact our clients and their benefit planning. This month we’re reading “Determining the Future of Long-Term Care.”

Why are we reading this?

The industry estimate is that over 70% of people will need long-term care at some point in their future. It’s an unavoidable and expensive need, with costs soaring over the past five years (link to RSW post on costs). Last year, long-term care was in the spotlight and we know that it will be a pivotal issue in the years ahead. There will also undoubtedly be legislative focus on long-term care expense taxation issues that may change long-term care planning strategies.

The article recognizes that strong long-term care “requires a well functioning interdisciplinary care team, innovative delivery systems, and carefully coordinated care. This cannot be done alone, but will sometimes require a strong strategic partner.”

The Robin S. Weingast & Associates team prides itself on being your go-to strategic partner. We make it our business to have the expertise needed to address our clients’ most pressing and important concerns and we also offer innovative, tax-favorable solutions to long-term care planning. Contact us and let us put our knowledge to work for you.

What Robin’s Reading: January 2015

Robin Weingast Reading RecsHappy new Year from Robin Weingast & Associates! As regular readers of our blog know, the Robin Weingast & Associates team is committed to providing our clients with the knowledge and insights they need to successfully achieve their business goals. What you may not know is that we also like to make sure we’re prepared with insights and knowledge that will help us provide the best service to every one of our clients.

That’s why we’re happy to introduce a new feature on our blog: “What Robin’s Reading.” Every other month, we’ll give you an inside look at what the Robin Weingast & Associates team is reading and explain why it’s so interesting to us.

This month, we’re reading “17 Charitable Tips for the Wealthiest Clients,” a piece that outlines ways that we can help our wealthiest clients participate in philanthropy that matters to them. The article outlines some key points to consider as we work with clients to achieve their giving goals.

Why are we reading this? At the heart of these 17 tips is the message that the right strategy comes down to making sure you have a relationship with your client and that the solution you offer is customized to their needs. This is at the heart of the Robin S. Weingast & Associates approach to business.

Got something you think Robin should read? Contact us and make a recommendation!