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Business Wire
19-05-2025
- Business
- Business Wire
New MissionSquare Research Institute study shows public sector workers feel the strain of student loan debt more than private employees
WASHINGTON--(BUSINESS WIRE)--A new study from MissionSquare Research Institute (the Institute) highlights the significant differences in how student loan debt impacts the financial well-being of public and private sector workers. Based on a national survey of more than 2,000 public and private sector employees, the research report ' How Employer-Provided Resources Can Elevate the Impact of Student Debt Across Sectors ' reveals sharp disparities in financial security, retirement readiness, and career decisions between the two groups, underscoring the need for employer-driven support initiatives. 'Student loan debt continues to be a significant challenge for both public and private sector employees, but the differences in how it impacts their overall financial well-being are notable,' said Dr. Zhikun Liu, vice president and head of the Institute for MissionSquare. 'Our study shows that employer-provided resources and policy improvements can help to address these long-term financial impacts of student loans, helping employees build a secure financial future.' The study, co-authored by Zhikun Liu, Ph.D., CFP®, Eric T. Ludwig, Ph.D., CFP®, Chet R. Bennetts, Ph.D., CFP®, CLU®, ChFC®, CLF®, RICP®, and Ashlyn Rollins-Koons, Ph.D., CFP®, examines the opportunities to assist student loan borrowers' challenges, including further insight into the unique resources available to public sector employees. Specifically, the study found that public sector employees (43%) are more likely to have student loan debt than their private sector employee counterparts (36%). The study's results uncovered that student loan debt negatively affects financial well-being across both public and private sectors, particularly for those who still carry balances. However, private sector employees continue to experience financial strain even after paying off their loans, reflecting a unique phenomenon called a 'debt-overhang' effect. 'Balancing competing financial priorities while managing student debt can significantly hinder wealth accumulation,' added Dr. Liu. 'Employees may be forced to delay contributing to retirement accounts, investing for future goals, or saving for major purchases — creating lasting gaps in financial well-being, even after their loan obligations are fulfilled.' Public sector employees often have more access to student loan forgiveness programs, such as the Public Service Loan Forgiveness (PSLF) program, which forgives federal student loans after 120 consecutive qualifying monthly payments for employees of qualified government agencies or nonprofit organizations. However, less than one-third (29%) of public sector employees surveyed received information about PSLF from their employer. Moreover, nearly half (48%) of all employees reported their employers did not provide debt management resources, with slightly higher rates in the private sector (49%) compared to the public sector (42%). Given these findings, the Institute's study emphasizes the need for private sector employers to offer more resources on student loan debt management and relief programs. In addition, public sector employers should enhance PSLF communication and support strategies to help employees navigate the application process and utilize the available programs effectively. 'Comprehensive debt management support, financial literacy education, and personalized counseling services are all opportunities where employers can offer support for their workforce, particularly those in the public sector,' added Liu. 'To help improve financial outcomes for all workers, employers and policymakers need to not only offer these resources, but ensure they guide their workforce in understanding them as well.' This research report leverages primary data from 2,036 public and private sector employees collected by MissionSquare Research Institute in collaboration with Greenwald Research from April to May 2024. The survey was designed to collect information on how student loans impact financial well-being, retirement readiness, and career decisions. The respondents were almost evenly split between public sector employees (1,001 respondents) and private sector employees (1,035 respondents). Other key variables included education, occupation, job tenure, level of student debt, and the impact of that debt on their personal finances and career paths. About MissionSquare Research Institute MissionSquare Research Institute promotes excellence in state and local government and other public service organizations to attract and retain talented employees. The organization identifies leading practices and conducts research on retirement plans, health and wellness benefits, workforce demographics and skill set needs, labor force development, and topics facing the nonprofit industry and education sector. MissionSquare Research Institute brings together leaders and respected researchers. More information and access to research and publications are available here. About MissionSquare Retirement Since its founding in 1972, MissionSquare Retirement has been dedicated to simplifying the path to retirement security for public service employees. As a mission-based financial services company, we manage and administer over $72.0 billion in assets.* Our commitment to delivering results-oriented retirement plans, education, investments, and personalized advice sets us apart. Explore how we enable public service workers to build a secure financial future. For more information, visit *As of Dec. 31, 2024. Includes 457(b) plans, 401(a) plans, 403(b) plans, Retirement Health Savings plans, Employer Investment Program plans, affiliated IRAs, and investment-only assets.
Business Wire
13-05-2025
- Business
- Business Wire
Ryan Grossman Joins Osaic-Affiliated StoneBridge Advisors
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Osaic, Inc. ('Osaic'), one of the nation's largest providers of wealth management solutions, announced today that its affiliate, StoneBridge Advisors, Inc., has recruited Ryan Grossman, ChFC®, as a financial planner. Grossman joins from VALIC Financial Advisors, Inc., and will serve clients alongside his longtime practice manager, Susan Gallant, and client service coordinator, Michelle Kellner. 'We're proud to support Ryan's transition and long-term success through our advisor-centric platform,' said Kristen Kimmell, executive vice president of business development of Osaic. Grossman brings $210 million in assets under advisement to StoneBridge, along with a strong track record of delivering personalized financial and portfolio planning to individuals and households. StoneBridge, a Maryland-based firm founded by Michael W. Ward, CLU, ChFC, CFP®, in 2005, helps clients navigate complex financial decisions through customized retirement, estate and investment strategies. Led by managing partner Sarah L. Cicero, CFP®, Grossman's addition enhances StoneBridge's high-touch service model and positions the firm for continued growth across the Mid-Atlantic region. 'Ryan's depth of experience and client-first mindset make him an ideal fit for our team,' said Steve Koziol, chief operations officer at StoneBridge. 'We're excited to welcome him and Susan to our team and look forward to their impact they will have on our firm as we grow.' Grossman chose to affiliate with StoneBridge and Osaic because of their advisor-first culture and robust support ecosystem, including advanced technology tools, business development resources and a broad suite of investment solutions. Osaic's platform was developed to streamline operations, reduce complexity and help advisors focus on deepening client relationships—reflecting the firm's mission to make wealth management more transformational rather than transactional. 'StoneBridge offers an attractive culture while providing the resources we need to serve clients with greater impact,' said Grossman. 'It was important for us to join a firm that truly invests in its advisors, from business development and education to marketing and succession planning. With Osaic, we're also gaining access to leading investment platforms, alternative investments and market research that will give us the flexibility we need to grow and thrive.' Grossman's move follows a series of recent growth milestones at Osaic, which continues to attract top talent and advisory practices. In recent months, the firm welcomed wealth management firms NoxNumis, and Ever Wealth to its growing network of financial professionals, as well as appointed Saumya Bhavsar as chief legal officer and general counsel. 'We're proud to support Ryan's transition and long-term success through our advisor-centric platform,' said Kristen Kimmell, executive vice president of business development of Osaic. 'Ryan's decision to join StoneBridge and our network reflects the strength of our offering and the caliber of professionals we continue to attract.' Learn more at About Osaic: Osaic, Inc. ('Osaic'), a portfolio company of Reverence Capital Partners, is one of the nation's largest providers of wealth management solutions, supporting approximately 11,000 financial professionals. Osaic's mission is to empower entrepreneurial advisors to build thriving businesses and fulfill their clients' dreams. Visit to learn more. Securities and investment advisory services are offered through the firms: Osaic Wealth, Inc. and Osaic Institutions, Inc., broker-dealers, registered investment advisers, and members of FINRA and SIPC. Securities are offered through Osaic Services, Inc. and Ladenburg Thalmann & Co., broker-dealers and members of FINRA and SIPC. Advisory services are offered through Ladenburg Thalmann Asset Management, Inc., and Osaic Advisory Services, LLC., registered investment advisers. Advisory programs offered by Osaic Wealth, Inc. are sponsored by VISION2020 Wealth Management Corp., an affiliated registered investment adviser.
Forbes
25-04-2025
- Business
- Forbes
Investing In The Age Of AI: Lessons From The Dot-Com Era
Thomas H. Ruggie, ChFC®, CFP®, Founder & CEO, Destiny Family Office. getty Remember the '90s, when every incoming email triggered its own cheery alert and mailboxes overflowed with free CD-ROMs from AOL? In those innocent days, we were only starting to understand how transformative the internet would be. Then, almost overnight, the conversation changed. People who barely knew what a website was were suddenly investing in any company with 'dot-com' in its name. Tech stocks soared—and soon enough, the bubble burst. Today, the rise of AI is giving me a feeling of deja vu all over again. We're still early in the cycle, but AI is quickly moving from relative obscurity toward total ubiquity. And just like in the era of grunge music and dial-up connections, investors are being flooded with bold claims and skyrocketing valuations—as well as very familiar financial risks. In the mid-to-late 1990s, internet stocks exploded. At the peak, you had dot-com startups spending nearly $44 million on Super Bowl ads in 2000. Popular mutual funds focused exclusively on internet companies returned triple-digit profits. Even as a younger financial advisor at the time, I still had enough intuition to sense that we were in a bubble. Luckily, we started proactively pulling clients out of those positions before the crash. As they say, history doesn't repeat, but it often rhymes. And right now, the rhyme is loud and clear. We're right on the brink of mass AI adoption. Two years ago, hardly anyone could tell you what an LLM even was. By the end of this year, I predict most people will be using one on a regular basis, whether they know it or not. Like the internet in its early days, I still don't think we fully grasp just how deeply AI will impact our work, our lives and the global economy. But we're already seeing profound shifts in key industries, and this will only increase. Traditional transportation service models are facing disruption from automated car services. Manufacturing competitiveness hinges more and more on the adoption of robotics and intelligent systems. Marketing has already started shifting from SEO-based strategies to AI-optimized content discovery, and customer service is becoming more automated by the day. Over the next 24 to 30 months, I expect a boom cycle that will ultimately lead to a bubble. Greed will creep in. Investors will chase the AI hype. And inevitably, the bubble will pop. That's not based on pessimism, but experience. For investors, this moment presents both a rare opportunity and a significant risk. Early adopters and infrastructure providers—semiconductors, cloud infrastructure, power grids—are the ones most likely to benefit. This is the modern equivalent of selling picks and shovels during a gold rush. If you're not in a position to invest in private AI companies, many of which are still inaccessible to everyday investors, there are still opportunities. The 'Magnificent Seven'—Apple, Amazon, Google, Microsoft, NVIDIA, Meta and Tesla—are already deeply entrenched in the AI space. Diversification is also essential. My strategy involves building a basket of five to 10 public AI-focused companies to spread exposure. At the same time, I can't emphasize enough the importance of taking profits. You don't want to be the last one out of the room when the music stops. I always tell clients to take some chips off the table before it's too late. Nobody wants to miss out, but being early is always better than being late, even if it means missing the peak. We've been here before. And we know how this story goes. That's what makes the AI era so exciting—and dangerous—for investors. Those who diversify smartly, focus on infrastructure, avoid the hype and take profits along the way will come out ahead. The key is knowing when to lean in and when to take a step back. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Business Insider
22-04-2025
- Business
- Business Insider
During National Financial Capability Month in April, A.D. Banker Reminds Financial Professionals of Their Resources to Help Educate and Pass Along Knowledge to End Users
Finance Professionals Can Help Educate the General Population on All the Ways to Feel Empowered and It Starts With Understanding the Current Threats and Opportunities OVERLAND PARK, KANSAS / ACCESS Newswire / April 22, 2025 / A.D. Banker promotes financial education and awareness all year long, but April, which is recognized as National Financial Capability Month, is the perfect time for finance professionals to freshen up on educational resources, facts, and tips for use with their clientele. It is up to financial professionals to relay information about financial products to their clients, such as how to manage savings, access and use credit, and safely complete transactions, as suggested in various ways on Here are some other facts and figures: Financial professionals can increase awareness of vulnerable investors to prevent financial exploitation, such as from cryptocurrency scams, which have been on the rise year over year. This also highlights the need of educating clientele on how to identify, prevent, and report fraudulent activities and scams. Revenue from pig butchering scams, where perpetrators cultivate relationships with individuals and convince them to participate in fraudulent schemes, increased nearly 40% in 2024 from the previous year, according to blockchain analytics firm Chainalysis. Banks and their staff can promote financial capability through high-quality financial literacy education or simple reminders through ongoing email programs that aim to build foundational knowledge in a metered way, without being overwhelmed. They can also offer financial services for all types of consumers, especially those who are underserved, those in life transition like those who have children leaving for college, experience divorce or death, or minority groups with possible language barriers. "Here at A.D. Banker, it's always Financial Capability Month as we educate the professionals helping our communities feel secure and supported," says Kimberly Flewelling, ChFC®, CLU®, CASL®, National Securities Expert at A.D. Banker. Education isn't a one-and-done type of mentality. Especially with financial and securities education, market conditions and regulations provide an opportunity to not just check the box with education, but to be able to learn something that is valuable to your entire clientele portfolio. The more our communities are educated, the more they're empowered and the more we can eradicate fraudulent behaviors, the more we stabilize our financial futures." About A.D. Banker For more than 44 years, insurance and securities pre-licensing candidates have trusted A.D. Banker to provide them with the information needed to pass insurance and FINRA licensing exams. Courses are cross-referenced with the exam content outline to assure candidates receive what they need to know to produce outstanding results for Life & Health, Property & Casualty, Adjuster, and Securities exams. Content is presented through multiple, specialized modes of learning, online multimedia courses, and live webinars. As students progress through the material, the customer care team provides friendly, responsive support to make the road to licensing easier. Once licensed, producers can meet their continuing education requirements while satisfying state-specific requirements via classes, webinars or online self-study courses. Learn more at A.D. Banker is part of the Career Certified family of educators. Learn more at Contact Information Liz Meitus SVP Corporate Marketing 720-822-5314 Buse Kayar busek@ View the original press release on ACCESS Newswire
Yahoo
18-04-2025
- Business
- Yahoo
Financial consultants: What they do and how to find one near you
Financial consulting involves developing an overall financial plan including retirement planning, estate planning, tax strategies, debt management and more. Financial consultants are very similar to financial advisors and the two terms are often used interchangeably. Here's what you should know about financial consultants including when it's best to hire one and how to find a financial consultant in your area. A financial consultant will first get an overall picture of a client's financial situation. They'll work to understand your assets and liabilities, your short- and long-term financial goals, as well as your risk tolerance. From there, financial consultants can help you come up with a plan that addresses your needs and goals. They may help you set up retirement accounts, determine how much you need to save in order to meet your goals, or identify suitable investments for your portfolio. You'll likely experience a variety of financial needs during your life and a financial consultant can assist with many of them. Everything from saving for retirement to estate planning to dealing with unexpected job loss may be areas that financial consultants can assist with. Financial consultants can help clients develop an overall financial strategy and address specific needs such as retirement planning, tax strategy and more. A financial consultant may also hold the chartered financial consultant (ChFC) designation, but the designation isn't required to call yourself a financial consultant. Be sure to understand the education and professional certifications of a financial professional before hiring them. These are the common types of financial consultants and how they can help. Title Common services Chartered financial consultant (ChFC) Tax planning, financial planning, estate planning, retirement planning, investments, wealth management Certified public accountant (CPA) Tax prep, tax planning, financial planning, auditing, accounting, setting up a business Personal finance specialist (PFS)* Tax planning, estate planning, investments, retirement planning, wealth management, budgeting Chartered life underwriter (CLU) Life insurance, business planning, estate planning, financial planning, wealth transfer Financial consulting may also refer to management consulting, where consultants are hired by a company or organization to work on specific projects or develop solutions to financial challenges. Financial professionals use different terms to refer to themselves and hold many of the same certifications, so there is often little difference between a financial advisor and a financial consultant. However, just like in other professions, just saying you're a financial consultant or advisor doesn't make you a good one. Compare: Best financial advisors: Top firms for 2025 Pay attention to which professional certifications a consultant or advisor holds, their education and area of expertise and if their credentials match your needs. You're looking for expert help. Certifications help show that expertise. Financial consultants may hold the ChFC, chartered financial analyst (CFA) or certified financial planner (CFP) designations. They may have additional licenses that allow them to sell investments. Financial advisors may also be CFAs, CFPs or personal finance specialists. One of the best questions to ask a financial consultant or advisor is whether they're a fiduciary, which means they're legally required to put a client's interest before their own or their firm's. Since consultants and advisors can be so similar, look past the title and focus on picking the financial professional with the right expertise for your needs. Hiring a financial consultant comes down to your individual circumstances and needs. In general, the smaller your investment portfolio is and the simpler your financial life operates, the less likely it is that you'll need a financial consultant. You may benefit from using a robo-advisor, which automates the investing process based on your goals and risk tolerance for a lower cost than traditional advisors. However, if you have a more complicated financial situation or need help with specific areas such as tax strategy or estate planning, a financial consultant could be particularly helpful to you. Times you might need a financial consultant include: Your finances are complicated. If you have multiple income sources, numerous investments or you own a business, a financial consultant can help you develop a plan. You need to consolidate or eliminate debt. Having a large amount of debt in various places can make it difficult to eliminate it. A finance pro can help you weigh your options and come up with a plan. Tax season is approaching. A financial consultant can help with tax planning questions, such as how to maximize deductions or credits. You recently had a major life event. Major life events, such as college graduation, getting married or having a child can introduce new complexity to your finances. You're planning your estate. Estate planning can be challenging, but financial consultants are well-equipped to help you plan accordingly. Some consultants may require a certain amount of assets before agreeing to take you on as a client, so you may need to wait until your portfolio has reached a certain level to start working with a specific consultant. You also may be able to schedule one or two sessions at an hourly rate if you have a handful of questions about the financial impact of specific life events such as marriage, having children or receiving an inheritance. Need an advisor? It's easy to find a qualified financial advisor to guide you through life's most important financial decisions. Try Bankrate's free AdvisorMatch service to quickly get connected to a CFP® professional who can help you achieve your financial goals. The average cost of financial advisors depends on the fee structure they use. Some advisors charge a set retainer fee or by the hour. The cost of a fixed fee can range from $2,000 to $7,500 per year, or higher, depending on the complexity of your financial situation and the services the advisor will provide. Hourly fees can range from $200 to $500 and up. With a percentage-based fee, you'll pay a percentage of your account balance, usually between 0.25% and 1% per year. The majority of firms charge a percentage of assets under management (AUM) for ongoing advisory services. Over time, these fees can make a significant difference. For example, suppose you start with $1,000 and invest $500 per month for 30 years. If you have a 7% annualized rate of return on average, a 0.25% fee results in a balance of $568,612 after 30 years. If you increase the fee to 1%, all else being equal, your balance after 30 years would be $495,372. This means that an extra 0.75% management fees costs you more than $70,000 over 30 years. Finding a good financial consultant in your area can be challenging, you can make your life much easier with the right approach. Start with the following five steps: Determine your financial needs. Determine why you need a financial consultant, such as for tax, investment or retirement planning. Find the right kind of professional. As mentioned, there are many kinds of financial credentials, such as CPA, CFP and ChFC. Each may offer different services. Match their services and expertise to the help you need. Check registration. It's generally a good idea to verify your financial consultant credentials by using databases such as BrokerCheck and Remember to also ask if they're a fiduciary. Look for reviews and testimonials. No matter how good a salesperson your financial consultant is, results are what matters most. Look for reviews online to get a sense of the experience past clients had working with them. Check their fees. Financial consultants may have different fee structures, such as a flat rate or an AUM fee. Seemingly small differences in AUM fees can make a big difference over time. Find a financial advisor: How to get matched to an advisor near you or online Who are the Big 4 financial consultants? The big four financial consultants are Deloitte, PwC (PriceWaterhouseCoopers), EY (Ernst & Young) and KPMG. These companies work with other businesses rather than individuals. How do you become a financial consultant? There are several possible paths to become a financial consultant. However, it generally starts by getting an education in finance, economics or business. Later, you will likely pursue a financial certification, such as ChFC or CFP. Can anyone call themselves a financial consultant? Financial consultant is not a formal designation, as there are no laws that say one must meet certain criteria before using it. This is why it is important to properly vet your financial consultant before you start formally working with them. Financial consultants are professionals who can help you develop a financial plan in areas such as tax, estate and retirement planning. They can also help you set up an investment portfolio to meet your needs. Financial consultants may hold various credentials, such as ChFC, CFP or PFS. There is little difference between a financial consultant or financial advisor, but neither is a formal distinction. That's why it's important to vet them in advance, as well as ask if they are a fiduciary. Don't forget to check their fees, too, as this can have a significant impact on the cost of their services.
