Giving your teenager a credit card may seem like a scary proposition, but it could be the safest way to teach them about credit. Credit expert John Ulzheimer says it's just like teaching your teenager how to operate a car, but in a controlled environment. “Nobody would just let a teen hop in a car and drive,” says Ulzheimer, who formerly worked with Equifax and FICO. “And nobody should just let their kid get a card on their own someday without some teaching by the parents.”
The digitization of financial services is upon us and with it comes an opportunity to grow—not just in our use of technology, but also in the way we serve clients. In this age of hybrid financial advice, where clients wish to experience the same autonomy they have on Amazon with the customized advice they get from their therapist, we have a lot of growing to do in the industry to meet these demands. Innovation is the key and technology is just a piece of the puzzle.
...Over the past century, life expectancy in the United States has dramatically increased, a fact that has profoundly impacted the financial security experienced during our golden years.
After World War II, the first generation of retirees were generally expected to live less than a decade after leaving the workforce. Now, the average American is living to be about 78.8 years old, and as a result retirement can last anywhere from 20 to 30 years, with some people spending more time retired than they did working.
That sort of longevity is wreaking havoc on the best of financial plans, particularly when combined with the rising costs of some of life’s most significant expenses.
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