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When Morgan Stanley announced its new generative AI support tools for financial advisors last week, it talked about gaining efficiencies from its notetaking abilities. But those who track the $54 billion financial firm said that its goal is much larger. The announced intent of AI @ Morgan Stanley Debrief, one of a suite of generative AI tools the company is developing for its financial advisors, is to record, transcribe and then summarize key points from the more than 1 million conference calls that Morgan Stanley people hold every year.

My education in the financial world started when I was 18. That was the year I watched my parents’ retirement dreams come crashing down.

Age 65 is a major transition for many individuals as they shift to thinking about retirement and begin to contemplate benefits like Social Security and Medicare. Retirement planning means you’ll have to consider taxes, healthcare, your retirement budget and more. With $1.5 million in an IRA and two Social Security payments to rely on, a married couple should have some flexibility for retirement, but their individual circumstances and how they strategize can make a big difference in their quality of life. Here’s how to think about it.

At a time when social media is being pushed as the premier way to tap into a younger target market, insurance agents are finding that millennials and Gen Z highly value referrals from family members, friends and other consumers.

Outdated, inefficient, and imprecise — these three words aptly describe the traditional approach to client acquisition in retirement planning.

Investing in gold can have a positive impact on your portfolio. After all, gold offers diversification value and protection from market risks, which can help improve your risk-adjusted returns. But, that’s only if you make the right decisions when investing in the commodity.

Navigating the complexities of elder care transitions is a daunting task, but it can also be a significant opportunity for financial advisors to deepen their relationships with clients. For Patti Black, CFP®, a Birmingham, Alabama-based advisor at Savant Wealth Management, this challenge became personal when she had to help her parents find the right senior housing option more than once.

The desire to retire early is not new, but achieving that goal has become more complicated in recent years. Factors ranging from rising costs to longer life spans have bumped the average retirement age to 61, four years later than it was in the 1990s. Essentially, the average worker needs more time to put their retirement reserves in place than they did a few decades ago.

Inflation is cooling, which means that there’s a chance that interest rates could come down soon. After all, the Federal Reserve may cut its target federal funds rate, which is the benchmark rate that consumer interest rates are based on, as price growth slows. And, if that happens, the rates being offered on savings accounts, certificates of deposit (CDs) and other deposit accounts could fall. 

As the 2024 U.S. presidential election between Joe Biden and Donald Trump looms on the horizon, you may be wondering how the outcome could impact your personal finances. It’s impossible to predict exactly what will happen. But elections bring a certain amount of economic uncertainty, and there are a few financial steps you should consider taking before the ballots are cast.