Five financial things every breast cancer patient needs to know and probably doesn’t

McKire says people don’t realize that the cost of cancer treatment can linger even after that treatment has ended. Source: Stephanie McKireAnother thing that’s not commonly known: Treatment for breast cancer is lifelong, McKire says. MacDonald is executive director and founder of The Pink Fund, which provides financial assistance to breast cancer patients in active treatment. Breast cancer patients may find themselves unable to work, and not everyone is able to access paid time off. Every cancer


McKire says people don’t realize that the cost of cancer treatment can linger even after that treatment has ended.
Source: Stephanie McKireAnother thing that’s not commonly known: Treatment for breast cancer is lifelong, McKire says.
MacDonald is executive director and founder of The Pink Fund, which provides financial assistance to breast cancer patients in active treatment.
Breast cancer patients may find themselves unable to work, and not everyone is able to access paid time off.
Every cancer
Five financial things every breast cancer patient needs to know and probably doesn’t Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: jill cornfield
Keywords: news, cnbc, companies, breast, health, patient, know, treatment, treatments, things, macdonald, sherman, patients, financial, doesnt, cancer, needs, premium, probably


Five financial things every breast cancer patient needs to know and probably doesn't

Stephanie McKire, 60, knows how expensive cancer can be. When she was diagnosed with breast cancer in February 2012, McKire, now retired and living in Detroit, was a quality engineer and had employer-sponsored health insurance. She soon found that, even with insurance, the copays and costs of medication and therapies added up to thousands of dollars. McKire says people don’t realize that the cost of cancer treatment can linger even after that treatment has ended. She is still paying off the treatment from her original diagnosis as well as a recurrence earlier this year. It will take another three years to close out her debt.

Stephanie McKire says most people don’t know that medications for breast cancer—and the cost—can be prescribed for the rest of someone’s life. Source: Stephanie McKire

Another thing that’s not commonly known: Treatment for breast cancer is lifelong, McKire says. After chemotherapy and possibly radiation, many patients are put on a medication regimen to prevent a recurrence. “Some of the prescriptions are for their entire lives, and there is a cost associated with this,” she said. Molly MacDonald compares paying for cancer treatment to a game of Jenga, where players stack wooden blocks and then pull them out until the tower falls. MacDonald is executive director and founder of The Pink Fund, which provides financial assistance to breast cancer patients in active treatment. She herself underwent treatment and experienced debilitating financial side effects. A cancer diagnosis like pulling out a block from the tower, she says. “When one domino falls, they all fall,” MacDonald said. More from Invest in You:

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What almost no one knows about emergency savings Someone may have built a solid life for herself, one in which she makes careful decisions. But the diagnosis is soon followed by the removal of other supports: a higher deductible, being too sick to work, bills you can’t pay, MacDonald says. “It all starts to wobble,” MacDonald said. “At what point does the tower collapse? “That is my best analogy.”

Getting to appointments

One challenge that goes under the radar is transportation — often the second-largest spending category for the typical U.S. family, regardless of health issues, according to 2016 data from the Bureau of Labor Statistics. While in active treatment and even beyond, breast cancer patients are likely to face transportation problems, according to an October survey by The Pink Fund. It polled just under 800 breast cancer patients, most in active treatment. Nearly half said transportation costs are a barrier to receiving treatment. More than half blamed transportation issues for missing an appointment or being late.

Simon Jarratt/Corbis/VCG | Corbis | Getty Images

McKire leaned heavily on her family and friends to drive her to appointments when she was recovering from surgeries and was exhausted from side effects. “Without the help of these people, I would not have been able to make my appointments and treatments,” she said. “Some providers realize they are losing revenue, and patients aren’t adhering to treatment,” said MacDonald, and are scouting different strategies, such as a car service. Uber’s health division may be helping to meet this need, but patients will generally still be on the hook for the fare.

You may be under-insured

Being under-insured is a main issue, according to Dan Sherman, a financial navigator at Mercy Health St. Mary’s in Grand Rapids, Michigan, and it’s extremely common. Out-of-pocket maximums increase like clockwork. For example, the maximum out-of-pocket for individual Affordable Care Act plans will rise to $8,150 in 2020 from their current $7,900. That number for high-deductible plans paired with a health savings account will be $6,900 next year, up from $6,750 in 2019. Individuals who are fortunate enough to have employer coverage may fare better. When you choose a plan, you don’t always think about how these will play out in an actual illness, MacDonald says.

“The top thing most people consider is, ‘Can I afford the premium?'” MacDonald said. “I’ve done it myself. I can’t afford the higher premium — I just hope I’m not going to get sick.” Meeting a high deductible can be especially difficult, when you consider that many Americans cannot put their hands on $400 cash for an emergency. The fallout of this financial toxicity may have a serious impact on the patient’s treatment and health, Sherman says. It affects a patient’s sense of well-being and may actually result in people not getting all the treatment they need, according to his research.

Lost income

It’s commonly thought that financial toxicity stems from the burden of challenging medical costs, yet it’s actually lost income. Breast cancer patients may find themselves unable to work, and not everyone is able to access paid time off. “It varies widely from patient to patient,” MacDonald said. “Some people have chemo and can take a few days off, and others are knocked off their feet for weeks.”

The top thing most people consider is, ‘Can I afford the premium?’ I’ve done it myself: ‘I can’t afford the higher premium — I just hope I’m not going to get sick.’ Molly MacDonald executive director of The Pink Fund

When decreased income collides with the relentless drip of associated medical bills, that is the steep cliff, MacDonald says. “In my case, I couldn’t make my car payment, and my creditor was calling,” MacDonald said. The thought her car might be repossessed was frightening. “I could probably get a ride to treatment, but if they took my car I wouldn’t be able to get to work.”

Treatment is complex

Most types of cancer carry a lot of intertwined treatments and therapies. Some treatments may cause side effects that then make further treatments necessary. Every cancer is challenging, MacDonald says, but breast cancer has even more complexity because many women choose to go through reconstruction. “That doesn’t happen with other types of cancer,” she said. But reconstruction comes with its own challenges: more surgeries, more cost and more risk. “It can fail, there can be infection,” MacDonald said.

How to tweak your insurance

Our health insurance system is very complex, says Sherman. Many patients may find it hard to manage paying high deductibles and a lot of copays. With coinsurance, you continue paying a percentage for all treatments, even after meeting the deductible, until you meet the out-of-pocket maximum. A financial navigator can help you get some financial relief if you are on Medicare — patients are sometimes eligible for government assistance programs — or if you get insurance through the Affordable Care Act exchange. “ACA [plans] are based solely on income,” Sherman said. “There’s out-of-pocket subsidies available if you’re at a certain percentage of the federal poverty level. A navigator can contact the ACA and help access these.”

Frederic Cirou | Photoalto | Getty Images

Commercial insurance through your employer generally cannot be changed. A navigator can probably help you get some relief via premium or copay assistance, Sherman says. Hospitals that have a patient navigator generally offer the service for free.

Insurance doesn’t cover everything


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: jill cornfield
Keywords: news, cnbc, companies, breast, health, patient, know, treatment, treatments, things, macdonald, sherman, patients, financial, doesnt, cancer, needs, premium, probably


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Economists say this is the minimum amount of money you need in an emergency fund

Money experts generally encourage you to set aside three to six months’ worth of living expenses in an emergency fund. If you have that much saved, your probability of falling into financial hardship (not being able to pay rent, bills or medical care) is low. They found that if you have very little saved — say $200 to $500 — each additional dollar you set aside dramatically reduces your likelihood of falling into financial hardship. $2,467 is a good ‘minimum savings rule’Most money experts agree


Money experts generally encourage you to set aside three to six months’ worth of living expenses in an emergency fund.
If you have that much saved, your probability of falling into financial hardship (not being able to pay rent, bills or medical care) is low.
They found that if you have very little saved — say $200 to $500 — each additional dollar you set aside dramatically reduces your likelihood of falling into financial hardship.
$2,467 is a good ‘minimum savings rule’Most money experts agree
Economists say this is the minimum amount of money you need in an emergency fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: kathleen elkins
Keywords: news, cnbc, companies, fund, money, savings, gallagher, hardship, households, worth, say, really, save, minimum, months, need, emergency, economists, income, financial


Economists say this is the minimum amount of money you need in an emergency fund

Money experts generally encourage you to set aside three to six months’ worth of living expenses in an emergency fund. Some even want you to stash away a year’s worth. After all, life doesn’t usually go as planned: There could be another recession, you could lose your job, have a medical emergency or have to deal with a car breaking down. That’s why, when it comes to emergency savings, “more is always better,” personal finance author David Bach says. But economists Emily Gallagher and Jorge Sabat challenge the oft-cited savings rules in their 2019 report, “Rules of Thumb in Household Savings Decisions.” “People are usually given really high savings thresholds, like you should be saving six months’ worth of income or you should have $15,000 squirreled away,” Gallagher tells CNBC Make It. But those numbers aren’t “based on much,” she adds. After crunching the numbers, Gallagher and Sabat found a more realistic amount for low-income households, specifically, to aim for: $2,467. If you have that much saved, your probability of falling into financial hardship (not being able to pay rent, bills or medical care) is low.

To get to that number, Gallagher and Sabat, who are also assistant professors of finance, used data from the Survey of Income and Program Participation (SIPP) to graph the relationship between falling into hardship in the next six months and how much you have saved as a buffer. They looked at financial information on more than 70,000 lower-income households, which the report defines as those earning under 200% of the poverty line. To put that into context, that’s up to about $30,000 a year for a family of four, says Gallagher. This group represents “about 30% of the U.S. working-age population,” she adds. They found that if you have very little saved — say $200 to $500 — each additional dollar you set aside dramatically reduces your likelihood of falling into financial hardship. But once you have at least $2,467, “all of a sudden, saving an additional dollar didn’t seem to be that helpful anymore,” says Gallagher. “It still reduced your probability of falling into hardship a little bit, but it wasn’t nearly as effective as when you were at low levels of savings.”

$2,467 is a good ‘minimum savings rule’

Most money experts agree that the more you can save, the better off you’ll be. “We’re not saying that $2,467 is the optimal savings level,” Gallagher emphasizes. “Our results don’t speak at all to achieving longer term financial goals, like paying for college or affording a house.” Especially if you’re planning ahead for bigger expenses in the future, you’ll want to aim to save much more. For people who struggle to set aside a portion of their income, though, $2,467 represents a good “minimum savings rule that you should be working toward,” says Gallagher. “Our data doesn’t speak to middle- or higher-income people, but if this rule works for lower-income people, it should also work for middle- and higher-income people,” she adds. It’s more important, though, for low-income households to build a buffer. “If middle- and higher-income people get hit with a major expense shock, like a car repair that costs $2,000, they might have enough discretionary income coming in that they could use to absorb the shock,” Gallagher says. “The problem for lower income people is that the majority of their income needs to cover everyday expenses. They don’t have much discretionary income to work with and that’s why having a savings buffer becomes particularly important.”

Why the data matters

“The basic genesis of this research came from looking around at the types of financial advice that people are given about how much to save,” says Gallagher. “Households are given really lofty savings goals. If you’re only making $25,000, someone telling you that you have to save six months’ worth of income is really hard.” Even if you’re making more than $25,000, building a substantial rainy day fund is difficult. In fact, nearly half of U.S. households can’t cover a $400 unexpected expense. “Our concern was that giving people really lofty savings goals might actually be discouraging them from saving,” Gallagher adds.

There’s something about getting close to achieving a goal that often makes people work harder. Emily Gallagher Economist and assistant professor of finance at University of Colorado at Boulder


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: kathleen elkins
Keywords: news, cnbc, companies, fund, money, savings, gallagher, hardship, households, worth, say, really, save, minimum, months, need, emergency, economists, income, financial


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Supreme Court will hear challenge to Consumer Financial Protection Bureau

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019. The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis. Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers. If Trump loses his


Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019.
The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis.
Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers.
If Trump loses his
Supreme Court will hear challenge to Consumer Financial Protection Bureau Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: tucker higgins
Keywords: news, cnbc, companies, director, agency, court, consumer, president, challenge, supreme, law, financial, protection, case, hear, bureau, cfpb


Supreme Court will hear challenge to Consumer Financial Protection Bureau

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019.

The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis.

The case was brought by Seila Law, a California-based law firm, which alleges that the structure of the agency grants too much power to its director, in violation of the Constitution’s separation of powers.

Unlike the heads of many other federal agencies, the director of the CFPB may only be removed by the president “for inefficiency, neglect of duty, or malfeasance in office.” Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers.

In an order posted Friday, the justices asked both sides to address whether the bureau can remain even if its structure is found to be unconstitutional.

A decision in the case is likely by the end of June, meaning that the fate of the regulator will be announced in the middle of the 2020 presidential campaign. That could be particularly significant for Sen. Elizabeth Warren, a consumer advocate whose role in creating the agency has formed a central pillar of her presidential bid.

It is possible that a ruling against the CFPB would maintain the agency but only on the condition that its director, who serves a five-year term, can be removed at the pleasure of the president. If Trump loses his reelection bid in 2020, that would mean that a Democrat will be able to replace Trump’s current appointee, CFPB director Kathy Kraninger, when they take office.

Read more: The head of the CFPB now believes that the financial regulator is unconstitutionally structured

To date, the CFPB has survived multiple court challenges.

The federal appeals court in Washington upheld the agency last year on the basis that the Supreme Court, more than 80 years ago, signed off on the Federal Trade Commission, a similarly structured regulator, in the 1935 case Humphrey’s Executor. In May, the CFPB defeated Seila Law before a panel of the 9th U.S. Circuit Court of Appeals.

“Seila Law contends that an agency with the CFPB’s broad law-enforcement powers may not be headed by a single Director removable by the President only for cause. That argument is not without force,” Circuit Judge Paul Watford wrote for the court.

But, he said, given Humphrey’s Executor and a later case which reaffirmed the ruling, the CFPB is constitutional.

“The Supreme Court is of course free to revisit those precedents, but we are not,” he wrote.

Under President Donald Trump, the CFPB has already dramatically pared back its role as a financial watchdog. A report published by the Consumer Federation of America earlier this year found that the agency had dropped enforcement activity 80% compared with its peak in 2015. Average monetary relief, the report found, was down 96%.

Given the makeup of the Supreme Court, it’s likely that the agency’s structure could be struck down.

Justice Brett Kavanaugh, whose confirmation last year delivered conservatives a reliable majority, made clear in a dissent from the Washington appeals court decision upholding the bureau that he believes the structure of the CFPB is impermissible.

“Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire U.S. Government, at least when measured in terms of unilateral power,” Kavanaugh wrote at the time. “That is not an overstatement.”

Notably, Kavanaugh did write in that dissent that he believed the director’s independence could be limited while leaving the rest of the bureau intact, “so that the Director of the CFPB is supervised, directed, and removable at will by the President.”

The case is Seila Law v. Consumer Financial Protection Bureau, No. 19-7.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: tucker higgins
Keywords: news, cnbc, companies, director, agency, court, consumer, president, challenge, supreme, law, financial, protection, case, hear, bureau, cfpb


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How to recession-proof your life in 3 stages

About a quarter of economists predict the U.S. economy will be in a recession by the end of 2020. Among respondents who are taking steps, 44% are actively spending less money, 33% are saving more for emergencies, and 31% are paying down credit card debt. “Putting your head in the sand is not going to make the problem go away,” says Greg McBride, chief financial analyst at Bankrate. Read more: 4 ways to recession-proof your financesAny unanticipated income, whether it’s something big, like a bonu


About a quarter of economists predict the U.S. economy will be in a recession by the end of 2020.
Among respondents who are taking steps, 44% are actively spending less money, 33% are saving more for emergencies, and 31% are paying down credit card debt.
“Putting your head in the sand is not going to make the problem go away,” says Greg McBride, chief financial analyst at Bankrate.
Read more: 4 ways to recession-proof your financesAny unanticipated income, whether it’s something big, like a bonu
How to recession-proof your life in 3 stages Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: alizah salario, sofia pitt, sam becker, lisa ferber
Keywords: news, cnbc, companies, debt, money, life, stages, recession, mcbride, financial, recessionproof, ways, credit, unemployment, savings, control


How to recession-proof your life in 3 stages

About a quarter of economists predict the U.S. economy will be in a recession by the end of 2020. But 40% of Americans aren’t financially ready for a downturn if one were to occur in the next six to 12 months, according to a new Bankrate survey of 2,605 adults. Three in 10 respondents (31%) said they have done nothing to prepare for a recession. Among respondents who are taking steps, 44% are actively spending less money, 33% are saving more for emergencies, and 31% are paying down credit card debt. “Putting your head in the sand is not going to make the problem go away,” says Greg McBride, chief financial analyst at Bankrate. “We can’t control the economic environment, but we can take control of our finances.” Here’s how.

1. Add to your savings

Getting your finances recession-ready is an exercise in “getting back to the basics,” certified financial planner Shannah Compton Game, host of the Millennial Money podcast, told Grow earlier this year. Some of the key steps include building your cash reserves, getting your spending under control, and reviewing your investments. If your budget is really tight, you can still find creative ways to boost your savings, says McBride: “Any unanticipated income, whether it’s something big, like a bonus check, or something small, like a rebate, is money you can put into savings.” Read more: 4 ways to recession-proof your finances

Any unanticipated income, whether it’s something big, like a bonus check, or something small, like a rebate, is money you can put into savings. Greg McBride Chief financial analyst, Bankrate.com

2. Manage your debt

Navigating a recession is tougher if you have debt payments to keep up with, like student loans, a mortgage, or credit card balances. Ahead of a downturn, it can help to focus on paying off high-interest debts and look into refinancing. You may also want to meet with a debt counselor if you’re struggling to come up with a repayment plan. Accelerating debt payments while the economy is still strong can also free up your borrowing capacity in case you’re really in a pinch if times get tough, says McBride. “If the savings are running low, and you still need money to get groceries or put gas in the car to go to a job interview, you’ll have the capacity [to use credit] for something that’s truly necessary.” Read more: 3 ways to manage your debt ahead of a possible recession

Comparing past recessions While the most recent recession was the longest since the Great Depression, a shorter one in the early ’80s saw higher unemployment rates. Recession length and peak unemployment rate since 1948 Social chart title Note: In some cases, the unemployment rate climbed higher after the recession officially ended. kiersten schmidt/grow National Bureau of Economic Research (recession duration); FactSet (unemployment rate)

3. Invest in your career


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: alizah salario, sofia pitt, sam becker, lisa ferber
Keywords: news, cnbc, companies, debt, money, life, stages, recession, mcbride, financial, recessionproof, ways, credit, unemployment, savings, control


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These are the changes and challenges keeping top advisors up at night

Financial advisors do their best to counsel clients on sound approaches to financial decision making, yet no good wealth manager would claim to have a crystal ball. We asked advisors from firms that made the FA 100 list what challenges or changes they foresee. California Financial Advisors, San Ramon, California• Mark Pitre, principal: “The biggest challenge going forward is trying to educate younger generations that there is no short cut to financial independence. I think for asset managers you


Financial advisors do their best to counsel clients on sound approaches to financial decision making, yet no good wealth manager would claim to have a crystal ball.
We asked advisors from firms that made the FA 100 list what challenges or changes they foresee.
California Financial Advisors, San Ramon, California• Mark Pitre, principal: “The biggest challenge going forward is trying to educate younger generations that there is no short cut to financial independence.
I think for asset managers you
These are the changes and challenges keeping top advisors up at night Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: kenneth kiesnoski
Keywords: news, cnbc, companies, financial, changes, advisory, managers, list, biggest, keeping, going, challenges, younger, night, advisors, investment, firms


These are the changes and challenges keeping top advisors up at night

Financial advisors do their best to counsel clients on sound approaches to financial decision making, yet no good wealth manager would claim to have a crystal ball. The only certainty is that no one can predict the future or time the market.

Any advisor worth his or her salt — including the leading wealth managers that made the CNBC FA 100 list for 2019 — can make an educated guess or two about where the financial advice industry might be headed.

We asked advisors from firms that made the FA 100 list what challenges or changes they foresee. Their replies follow.

California Financial Advisors, San Ramon, California

• Mark Pitre, principal: “The biggest challenge going forward is trying to educate younger generations that there is no short cut to financial independence. Many 35-year-old, and younger, individuals have never seen a down market … and they have grown up embracing debt. As such, they are ill prepared to endure any challenging economic [or] financial time.

“They need to follow three guiding principles: One, work hard. Two, save money. And three, spend on needs, not wants. The ability to educate younger individuals about these principles is an ongoing struggle.”

More from Financial Advisor 100:

CNBC FA 100 2019 list of top-rated financial advisory firms

Top-ranked advisory firms help meet their client’s financial goals

‘Personal touch’ will still dominate financial advice space

Dana Investment Advisors, Waukesha, Wisconsin

• Mark Mirsberger, CEO: “The biggest challenge is probably dealing with significant fee compression in the face of rapidly rising research, regulatory and technology costs. You saw it [recently] with the brokers eliminating trade commission so … they’re going to have to find different revenue streams. I think for asset managers you’ve seen it within mutual funds and ETFs and now even with advisory firms, fees are going down … and pretty quickly. People are even discounting, at some level, how they even value advice. ‘I’ll just buy this basket of ETFs; what could be wrong with that?’

“The biggest change and opportunity is investors looking to invest according to their values, and managers’ ability to integrate ESG analysis to improve investment research and improve risk adjusted returns. The next generation, and even the older generations, are understanding that, whether you completely buy into global warming or not, there are trends. People want to make a difference and leave the world better. They want to be consistent with their values. I think that’s consistent with social networking and people wanting to be with people like them and live and breathe their beliefs.”

Gofen & Glossberg, Chicago

• Charles S. Gofen, principal: “One of the biggest challenges facing investment advisory firms today is disintermediation. People can invest by themselves rather than hiring an investment professional to manage their money. They can use exchange-traded funds to achieve diversification at a low cost, and as of – I don’t know, last week? — they don’t even have to pay trading commissions anymore.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: kenneth kiesnoski
Keywords: news, cnbc, companies, financial, changes, advisory, managers, list, biggest, keeping, going, challenges, younger, night, advisors, investment, firms


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Financial advisors need to change to succeed in the next decade

Financial advisors are experts at helping clients plan for their futures. That’s according to a study from the Financial Planning Association, a professional membership organization, and SEI, a provider of wealth management services. “For financial planners to maintain our competitive edge, we have to do for ourselves what we do for our clients,” said Evelyn Zohlen, CFP and president of the association. More from Financial Advisor 100:FA 100: CNBC ranks the top-rated financial advisory firms of


Financial advisors are experts at helping clients plan for their futures.
That’s according to a study from the Financial Planning Association, a professional membership organization, and SEI, a provider of wealth management services.
“For financial planners to maintain our competitive edge, we have to do for ourselves what we do for our clients,” said Evelyn Zohlen, CFP and president of the association.
More from Financial Advisor 100:FA 100: CNBC ranks the top-rated financial advisory firms of
Financial advisors need to change to succeed in the next decade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: lorie konish
Keywords: news, cnbc, companies, succeed, financial, association, planners, management, industry, advisor, clients, need, decade, advisors, according, change, sei


Financial advisors need to change to succeed in the next decade

Financial advisors are experts at helping clients plan for their futures. It turns out that many of these professionals often fall short when it comes to their own businesses.

That’s according to a study from the Financial Planning Association, a professional membership organization, and SEI, a provider of wealth management services.

“For financial planners to maintain our competitive edge, we have to do for ourselves what we do for our clients,” said Evelyn Zohlen, CFP and president of the association. “We must plan.”

More from Financial Advisor 100:

FA 100: CNBC ranks the top-rated financial advisory firms of 2019

Changes and challenges keeping top advisors up at night

Technology is redefining that client-financial advisor relationship

There’s one big way that financial advisors can prepare their practices for success in the next five to 10 years, according to the research.

To do that, they need to take a cue from sectors like the e-retail industry, which allows consumers to pick the shape, color, size and manufacturer they want with just the click of a button.

“The consumer is being trained to look for choice, to get personalization,” John Anderson, managing director of practice management solutions at SEI. “I haven’t seen our industry start to evolve in that direction yet.”

Based on the results from an online survey that the groups conducted in August, which included 436 financial planners, they identified several ideas that advisors can use to bring their businesses up to date.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: lorie konish
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‘We are not heading into a crisis like 10 years ago,’ head of Europe’s rescue fund says

Klaus Regling, the head of the European Stability Mechanism, told CNBC’s Geoff Cutmore at the IMF and World Bank annual meetings in Washington, D.C., that the euro region has “growth and potential.” “We are not heading into a crisis like 10 years ago. Sometimes reading the media it sounds like we are heading back to what happened 10 years ago — it’s not the case. The European Stability Mechanism, or ESM, is a crisis resolution mechanism set up for euro area countries. Following the euro zone sov


Klaus Regling, the head of the European Stability Mechanism, told CNBC’s Geoff Cutmore at the IMF and World Bank annual meetings in Washington, D.C., that the euro region has “growth and potential.”
“We are not heading into a crisis like 10 years ago.
Sometimes reading the media it sounds like we are heading back to what happened 10 years ago — it’s not the case.
The European Stability Mechanism, or ESM, is a crisis resolution mechanism set up for euro area countries.
Following the euro zone sov
‘We are not heading into a crisis like 10 years ago,’ head of Europe’s rescue fund says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: matt clinch
Keywords: news, cnbc, companies, fund, heading, zone, financial, esm, europes, euro, mechanism, ago, stability, crisis, european, rescue, head, told


'We are not heading into a crisis like 10 years ago,' head of Europe's rescue fund says

The managing director of Europe’s bailout fund told CNBC Thursday that the euro zone has worked hard to ensure it’s able to deal with future financial shocks, downplaying talk that another recession is just around the corner.

Klaus Regling, the head of the European Stability Mechanism, told CNBC’s Geoff Cutmore at the IMF and World Bank annual meetings in Washington, D.C., that the euro region has “growth and potential.”

“We are not heading into a crisis like 10 years ago. Nobody is arguing that. Sometimes reading the media it sounds like we are heading back to what happened 10 years ago — it’s not the case. We don’t even have stagnation,” he said.

“But there are risks, so we have to be careful and we know in our economic system there will be a crisis from time to time. We must do everything to try to prevent it, but it happens. And it always comes from a different corner.”

The European Stability Mechanism, or ESM, is a crisis resolution mechanism set up for euro area countries. It generates money by selling bonds in the global financial markets. Following the euro zone sovereign debt crisis of 2011, the ESM became integral to lawmakers and bankers as bailouts were dealt out to ailing economies.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: matt clinch
Keywords: news, cnbc, companies, fund, heading, zone, financial, esm, europes, euro, mechanism, ago, stability, crisis, european, rescue, head, told


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Watch Mark Zuckerberg deliver a speech on free expression at Georgetown University

Facebook CEO Mark Zuckerberg is back in Washington, D.C., today for a speech at Georgetown University on free expression. A Q&A will follow the speech. This is his second trip to D.C. in a month and comes one week before he is expected to testify before the House Financial Services Committee on October 23 regarding Facebook’s impact on the financial services and housing sectors. Zuckerberg is also slated to appear on Fox News on Friday, where he’s expected to address mounting criticism of Facebo


Facebook CEO Mark Zuckerberg is back in Washington, D.C., today for a speech at Georgetown University on free expression.
A Q&A will follow the speech.
This is his second trip to D.C. in a month and comes one week before he is expected to testify before the House Financial Services Committee on October 23 regarding Facebook’s impact on the financial services and housing sectors.
Zuckerberg is also slated to appear on Fox News on Friday, where he’s expected to address mounting criticism of Facebo
Watch Mark Zuckerberg deliver a speech on free expression at Georgetown University Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: william feuer
Keywords: news, cnbc, companies, facebooks, mark, expression, financial, georgetown, week, washington, speech, university, free, zuckerberg, trip, expected, deliver, services, watch


Watch Mark Zuckerberg deliver a speech on free expression at Georgetown University

Facebook CEO Mark Zuckerberg is back in Washington, D.C., today for a speech at Georgetown University on free expression. A Q&A will follow the speech.

This is his second trip to D.C. in a month and comes one week before he is expected to testify before the House Financial Services Committee on October 23 regarding Facebook’s impact on the financial services and housing sectors.

Zuckerberg is also slated to appear on Fox News on Friday, where he’s expected to address mounting criticism of Facebook’s policy to allow misleading political ads.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: william feuer
Keywords: news, cnbc, companies, facebooks, mark, expression, financial, georgetown, week, washington, speech, university, free, zuckerberg, trip, expected, deliver, services, watch


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Libra co-creator David Marcus: ‘There is no shortage of desire and shared mission to join this effort’

The co-creator of Facebook-backed cryptocurrency libra said there is still solid demand from organizations to join the project, despite several high-profile dropouts in recent weeks. “We have at the Libra Association about, I think, 1,600 organizations around the world that have expressed an interest in becoming members. He later added that “there is no shortage of desire and shared mission to join this effort.” Facebook has helped form a Switzerland-based consortium of companies known as the Li


The co-creator of Facebook-backed cryptocurrency libra said there is still solid demand from organizations to join the project, despite several high-profile dropouts in recent weeks.
“We have at the Libra Association about, I think, 1,600 organizations around the world that have expressed an interest in becoming members.
He later added that “there is no shortage of desire and shared mission to join this effort.”
Facebook has helped form a Switzerland-based consortium of companies known as the Li
Libra co-creator David Marcus: ‘There is no shortage of desire and shared mission to join this effort’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: matt clinch ryan browne, matt clinch, ryan browne
Keywords: news, cnbc, companies, facebooks, cocreator, join, financial, libra, cryptocurrency, association, desire, mission, members, shared, david, shortage, marcus, think, project, effort


Libra co-creator David Marcus: 'There is no shortage of desire and shared mission to join this effort'

David Marcus, CEO of Facebook’s Calibra, testifies to the House Financial Services Committee hearing on “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System” on Capitol Hill in Washington, July 17, 2019.

The co-creator of Facebook-backed cryptocurrency libra said there is still solid demand from organizations to join the project, despite several high-profile dropouts in recent weeks.

“We have at the Libra Association about, I think, 1,600 organizations around the world that have expressed an interest in becoming members. Out of these I think about 180 meet the high bar, the criteria, that was set by the association to become a member,” David Marcus, who heads up Facebook’s Calibra digital wallet subsidiary, told CNBC’s Elizabeth Schulze Wednesday.

He later added that “there is no shortage of desire and shared mission to join this effort.”

Speaking at an International Monetary Fund panel, he said the project needed to clear various regulatory hurdles before established financial firms would also look to join.

“We absolutely need banks. And I believe that banks will ultimately join,” he said.

“I think it’s harder for very large regulated entities to take an active part in this fight right now, given the climate and the pressure,” Marcus added. “It will take time for us to address all the regulatory concerns that were raised and it’s our duty and our responsibility to come with answers to all of these questions.”

Facebook has helped form a Switzerland-based consortium of companies known as the Libra Association, which will oversee the cryptocurrency project. The group, which began with 28 partners including Facebook, has lost seven founding members since the start of the month, with key payment backers Mastercard, Visa, PayPal and Stripe all jumping ship.

The organization is still plowing ahead with its plans though. The remaining members recently signed up to a founding charter and appointed a board of directors. Bertrand Perez, Libra’s chief operating officer and interim managing director, has said he sees the group hitting its target of 100 members by the time the libra coin launches. IBM has said it is open to working with Facebook on its digital currency efforts.

The proposal to create a cryptocurrency underpinned by a basket of global currencies has been hit with a wave of opposition from regulators around the world. The fear for many authorities is that libra could heavily disrupt the financial system and potentially enable illicit activities like money laundering or terrorist financing.

Facebook’s various data privacy blunders haven’t helped either, with global policymakers and data protection watchdogs worried about the implications of libra for consumers’ personal information.


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: matt clinch ryan browne, matt clinch, ryan browne
Keywords: news, cnbc, companies, facebooks, cocreator, join, financial, libra, cryptocurrency, association, desire, mission, members, shared, david, shortage, marcus, think, project, effort


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Bank of England Governor Mark Carney says central banks won’t be left behind by fintech

As big tech firms muscle into the financial world, the governor of the Bank of England says he sees little risk that central banks will be left behind by new technology. The fact is that the financial system …. is the most heavily regulated part of the economy. “Quite often a good idea leads to other issues, which is why central banks and regulators have to be on top of them,” said Carney. He said one main role of central banks in the development of fintech would be to remove impediments to di


As big tech firms muscle into the financial world, the governor of the Bank of England says he sees little risk that central banks will be left behind by new technology.
The fact is that the financial system …. is the most heavily regulated part of the economy.
“Quite often a good idea leads to other issues, which is why central banks and regulators have to be on top of them,” said Carney.
He said one main role of central banks in the development of fintech would be to remove impediments to di
Bank of England Governor Mark Carney says central banks won’t be left behind by fintech Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: david reid ryan browne, david reid, ryan browne
Keywords: news, cnbc, companies, carney, system, banks, left, england, fintech, central, open, financial, world, good, mark, reserve, governor, wont, currency, bank


Bank of England Governor Mark Carney says central banks won't be left behind by fintech

As big tech firms muscle into the financial world, the governor of the Bank of England says he sees little risk that central banks will be left behind by new technology.

While admitting that central banks would not be “at the cutting edge of innovation,” Carney argued that institutions such as the Federal Reserve and BOE would be needed at the heart of efforts to ensure stability.

“That’s not hubris. The fact is that the financial system …. is the most heavily regulated part of the economy. That’s for a reason, there are lots of ways it can go wrong,” Carney said.

The central banker cited the example of the “huge advances” of financial technology in China, which has helped to create “one of the larger shadow banking bubbles in the world today.”

“Quite often a good idea leads to other issues, which is why central banks and regulators have to be on top of them,” said Carney. “And its why we have to look at them as a whole.”

The U.K. central bank chief was speaking on an IMF panel moderated by CNBC’s Elizabeth Schulze in Washington on Wednesday.

He said one main role of central banks in the development of fintech would be to remove impediments to different parties, ensuring a “level playing field” so good ideas aren’t excluded.

Carney has appeared more open to libra, the cryptocurrency being introduced by Facebook, than other officials. He said on Tuesday that the digital token could help offer an alternative U.K.’s payments system, which he described as “slow and expensive.” As far back as June, Carney had said he was keeping an “open mind but not an open door” on libra.

The central banker has also proposed a virtual currency alternative to the dollar as the world’s reserve currency. Carney argued such a digital currency “could dampen the domineering influence of the U.S. dollar on global trade.”


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: david reid ryan browne, david reid, ryan browne
Keywords: news, cnbc, companies, carney, system, banks, left, england, fintech, central, open, financial, world, good, mark, reserve, governor, wont, currency, bank


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