At the end of last year CFSI hosted an in-the-field activity designed to put participants in the shoes of underserved consumers as they attempt to complete several financial transactions. This particular FinX event shared the focus area of the Financial Solutions Lab first innovation challenge which will be launching next month, household cash flow management.…
For low-income employees who lack access to bank accounts, payday often comes in the form of cash or a paper check. But cash can easily be lost or stolen and checks often require a costly or time-consuming visit to a check casher. Payroll cards can be a good alternative. A payroll card is a reloadable…
Crowdsourcing is reshaping the way we think about the marketplace. Why? Because it simulates an open market environment very well. It allows providers to swarm into a market space and sell products and services to consumers, tailoring what they offer to consumer preferences. The swarm of consumers and providers grows, and affordability and quality improve…
Tax time can be stressful for many people, for two reasons – the filing process itself and the knowledge that if you’d made different decisions the year before, you might be facing a smaller tax hit this year. Let’s explore ways to lower the stress level – and the tax burden – at this time…
Cash is not returning much more than 1% these days and financial markets are volatile and overvalued, portending lower future returns. Many homeowners wonder if they should use their surplus cash to more aggressive pay down their home mortgage. There are qualitative and quantitative factors to consider and the answer really depends on each person’s…
The new year brings with it lots of well-intended resolutions, many of them financial. But it can be easy to procrastinate on money matters when you’re unaware of the consequences of inaction or unsure whether you’re making the right decisions. Even for a financial planner, the process of setting and achieving financial goals can be overwhelming. This…
The Centers for Medicare & Medicaid Services (CMS) announced the 2016 premiums and deductibles for the Medicare hospital (Part A) and physician and outpatient hospital services (Part B) programs. Since there was no cost of living increase to Social Security due to a hold harmless clause in the legislation, most current Medicare recipients will not…
The SEC Commission has approved rules that require institutional money market funds to implement floating share values and other restrictions, such as restricting withdrawals and imposing redemption fees of up to 2% if fund assets drop below prescribed levels. The shares would float based on changes to NAV (changes to the underlying market value of…
I loved this article by Robert Laura as it reflects what I continue to see in my financial planning practice. The idea of retirement can seem very enticing. We long for an unstructured day with plenty of time for hobbies, relaxation, and travel. But many of us take for granted the social and intellectual…
If you are over 70 1/2 and have retirement accounts or you have an inherited IRA, you will likely need to take RMDs, or Required Minimum Distributions, by the end of the year. Failure to do so would result in a penalty of 50% of the amount not taken. Post 70 ½ RMDs Once you…
Currently, individuals who are married can file for Social Security and then voluntarily suspend their application in order for their spouse (and dependents if they qualify) to file for benefits. The purpose of this strategy is to: Allow their spouse to collect benefits under their record. In doing so, their spouse would then allow their…
Many people view retirement as a 30-year vacation, full of leisure and travel. But new retirees often find that retirement isn’t the carefree life they expected. They miss having social interactions, a sense of achievement and daily structure — and as a result, some experience weight gain, marital discord, depression or substance abuse. And many retirees, especially those who retire early, end up returning…
Customer service has been a large part of a bank’s strategy to build trust among consumers. Despite the bad press banks have been receiving, their ability to provide high level customer service at branches has been an integral part of their relationship building strategy. As a customer, I’m always suspiciously pleased by the exceptional friendliness…
There is growing evidence that consumers who have a need for credit are turning to overdraft because they lack better options. A recent Wall Street Journal investigation of fee income at banks inside retail stores, for example, quoted a customer saying she overdraws “all the time” because the overdraft fee is cheaper than a payday…
AirPods are arguably the first Apple product to see large discounts before Black Friday, but they’re certainly not the only ones. Head here to find some other great deals ahead of time. Every year, Black Friday gets more and more crowded with people looking for discounts on technology, rather than just food and clothes. This…