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☆ How one nonprofit is turning to AI to help boost women's financial literacy
▼ + stars: | 2024-04-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

One women-focused nonprofit has launched a new way to help them get faster answers to their queries through the use of an online AI chatbot. The organization, Savvy Ladies, was founded more than 20 years ago by Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York City. After seeing her grandmother stay in an abusive situation because she lacked financial resources, Francis created the nonprofit with the goal of helping other women avoid similar situations. watch nowThe new chatbot — provided through Microsoft Copilot — allows visitors to the Savvy Ladies website to type in their financial questions and receive immediate answers curated from the website's content written by CFPs and other financial professionals. Investors are more likely to trust advice from generative AI tools than from social media, according to a survey released last year from the CFP Board, a professional organization representing professional financial planners.

Persons: Stacy Francis, Francis, CFPs, Judy Herbst, Michael Roberts, William H, Lawrence, Roberts Organizations: Francis Financial, Microsoft, CNBC's FA, Wharton School, University of Pennsylvania, CFP Locations: New York City, CNBC's

☆ If you want to age in place in retirement, experts say these are the things you should consider
▼ + stars: | 2024-02-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Westend61 | Westend61 | Getty ImagesThere's no place like home — especially as you age. "People might say, 'I want to age in place as the default plan, because that's what I'm already doing,'" said Carol Chiang, CEO of Evolving Homes, a company providing personalized consulting for individuals and families who want to age in place. The costs of the upgrades necessary to age in place can vary, experts say. Chiang said she has seen the prices of bathroom upgrades vary within Florida, where her practice is based. To make sure your home upgrades are successful, experts say it's wise to keep several things in mind.

Persons: I'm, Carol Chiang, Chiang, Carolyn McClanahan, Curt Kiriu, Kiriu, there's, Thomas West Organizations: Westend61, Getty, AARP, Finance, Social Security, CNBC's FA, CK, Builders, National Association of Home Builders, Signature Estate, Investment Advisors Locations: CNBC's, Florida, Mililani, Hawaii, Oahu, Tysons Corner , Virginia

☆ A 401(k) rollover is 'the single largest transaction' many investors make, expert says. What to know before doing it
▼ + stars: | 2023-12-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

That's largely because IRA investors are "retail" investors while 401(k) savers often get access to more favorable "institutional" pricing. "Are you able to pay less by staying in your 401(k) plan?" The bottom line: Compare annual 401(k) fees — like investment "expense ratios" and administrative costs — to those of an IRA. And your current employer may not accept rollovers into your 401(k) from a previous employer's plan. Many 401(k) plans may not allow retirees as much flexibility.

Persons: Ellen Lander, Lander, Carolyn McClanahan, Ted Jenkin, Jenkin, you'd Organizations: Investment, IRA, Renaissance, Planning Partners, CNBC's FA, of America, Company, Workers Locations: IRAs, Jacksonville , Florida, CNBC's, Atlanta

☆ 'Women's No. 1 source of stress is money,' expert says. Fixing that requires a step-by-step approach
▼ + stars: | 2023-11-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

While men are most commonly say they are "hopeful" when it comes to money, women's number one word for their financial feelings was "stress," according to a 2023 Fidelity Investments survey. 1 source of stress is money," Sallie Krawcheck, CEO of Ellevest, an online investing platform for women, told CNBC in a recent interview. watch nowThere are a reasons why women's financial concerns are more acute. Consequently, women's top goal is to shore up the wealth they're lacking, while their second priority is taking care of their families, she said. A step-by-step approach works bests, according to Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York.

Persons: Sallie Krawcheck, Krawcheck, Cary Carbonaro, Carbonaro, Stacy Francis, Francis Organizations: Fidelity Investments, CNBC, ACM Wealth, Francis Financial, CNBC's FA Locations: New York, CNBC's

ETFs are a wrapper for individual assets such as stocks and bonds, similar to mutual funds. However, many ETFs have better tax efficiency and lower expense ratios than mutual funds, driving many investors to make the switch. "ETFs have come a long way over the past 15 to 20 years," said certified financial planner Barry Glassman, founder and president of Glassman Wealth Services in McLean, Virginia. In 2022, investors sold more than $900 billion from mutual funds and poured roughly $600 billion into ETFs, according to Morningstar data. The most attractive feature of an ETF is that most don't distribute capital gains at the end of the year.

Persons: Barry Glassman, " Glassman, Cathy Curtis, Marguerita Cheng, Kamila Elliott, Cheng Organizations: Wealth, CNBC's, Morningstar, CNBC's FA Council, Curtis Financial, Blue, Global Wealth, Wealth Partners Locations: McLean , Virginia, Oakland , California, California, Gaithersburg , Maryland, Atlanta

☆ Exchange-traded funds are among the top 3 investment products that got more popular from 2020, survey finds
▼ + stars: | 2023-11-13 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Getty ImagesExchange-traded funds came in third among the top 10 investment products to grow in popularity with U.S. households from 2020 to 2022, according to a new survey. Additionally, consumers are more aware of what investment products they own compared to a decade ago. Separately managed accounts grew the mostMeanwhile separately managed accounts and high-yield savings accounts beat out ETFs for spots No. 2 in the Hearts & Wallets survey of investment products that grew the most from 2020 to 2022. Meanwhile, high-yields savings accounts speak to the story around inflation and the Federal Reserve increasing rates, which "have been the main headline the last year or so," he said.

Persons: Gen Z, Laura Varas, Douglas, Boneparth, Douglas Boneparth, Blair duQuesnay, duQuesnay Organizations: Getty, Exchange, Finance, Bone, Federal Reserve, FDIC, CNBC's FA, Ritholtz Wealth Management, CNBC FA Locations: U.S, New York, CNBC's

☆ Picking health insurance can be tricky: 6 key terms to know as open enrollment starts
▼ + stars: | 2023-10-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

PremiumsFrederic Cirou | Photoalto | Getty ImagesThe premium is the sum you pay an insurer each month to participate in a health plan. It's perhaps the most transparent and easy-to-understand cost component of a health plan — the equivalent of a sticker price. The average co-insurance rate for consumers is 19% for primary care and 20% for specialty care, according to KFF data. For example, would you struggle to pay a $1,000 medical bill if you require health care? If so, a health plan with a larger monthly premium and a smaller deductible may be your best bet, Sun said.

Persons: Frederic Cirou, Karen Pollitz, Luis Alvarez, you've, KFF, Pollitz, McClanahan, there's, Winnie Sun, She's, Sun, Carolyn McClanahan Organizations: Sdi, Photoalto, Kaiser Family Foundation, CNBC, Digitalvision, Getty, Kaiser Family Foundation Health, Network Health, Sun Group Wealth Partners, CNBC's FA Locations: Aetna, Irvine , California, CNBC's

☆ Holiday shoppers are bracing for more financial strain this year. Here are 3 ways to prepare
▼ + stars: | 2023-10-04 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

To that point, many are already getting ahead of holiday expenses. Half of holiday shoppers plan to begin, or have already begun, making purchases before Halloween, according to Bankrate. "The fact that deals start early allows you to research the best options and spread out your cashflow," said Rossman. Overall, think through what your gift-giving budget should be ahead of time so it doesn't create a financial strain. 3 ways to get ahead of holiday spendingwatch now

Persons: David Paul Morris, Hopper, Hayley Berg, Carolyn McClanahan, who's Organizations: Bloomberg, Getty, CNBC, Amazon, Walmart, Planning Partners, CNBC's FA Locations: Jacksonville , Florida, CNBC's

☆ More mortgage applications are being rejected for 'insufficient income.' Here's why
▼ + stars: | 2023-10-04 | by ( Jared Mitovich | ) www.cnbc.com time to read: +2 min

Prospective buyers attend an open house at a home for sale in Larchmont, New York, on Jan. 22, 2023. As high home prices and interest rates push up monthly mortgage payments, it's harder for many consumers to even get a mortgage in the first place. Last year, lenders denied loan applications due to "insufficient income" more often than any other point since records began in 2018, according to a new report from the Consumer Financial Protection Bureau. Refinance applications were more frequently rejected, at a rate of 24.7% in 2022 — up sharply from 14.2% in 2021. "In most cases, income did not increase at the pace of average mortgage payments," said Glassman, who is a member of CNBC's FA Council.

Persons: Barry Glassman, Glassman Organizations: Consumer Financial, Finance, Wealth, CNBC's FA Locations: Larchmont , New York, McLean , Virginia, CNBC's

☆ Here are ways to adjust your portfolio as some experts predict a soft landing for the economy
▼ + stars: | 2023-08-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Morsa Images | E+ | Getty ImagesSome experts have reversed recession predictions and embraced a soft landing for the economy as the Federal Reserve continues to fight inflation. Increase bond allocations before interest rate cutsAs the Federal Reserve weighs an end to its rate-hiking cycle, some advisors are adjusting their clients' bond allocations. With expectations of future interest rate cuts, Atlanta-based CFP Ted Jenkin, founder of oXYGen Financial, has started shifting more money into bonds. watch nowTypically, market interest rates and bond values move in opposite directions. Consider extending bond durationWhen building a bond portfolio, advisors also consider so-called duration, which measures a bond's sensitivity to interest rate changes.

Persons: Barry Glassman, Glassman, Ted Jenkin, Jenkin, Douglas Boneparth Organizations: Federal Reserve, Wealth, CNBC's, CNBC's FA, Bone Locations: McLean , Virginia, Atlanta, CNBC's, New York

☆ Soft landing vs. mild recession: What advisors are telling their clients about the economy
▼ + stars: | 2023-08-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

These shifts have sparked conversations among financial advisors and their clients, who may have varying levels of optimism about the country's economic outlook. Of course, with recessions notoriously difficult to predict, even for economists, advisors have warned clients about making fear-based investing decisions. Recession 'highly unlikely' in the next 12 monthsOne definition of a U.S. recession is two consecutive quarters of negative gross domestic product, or GDP, which happened during the first two quarters of 2022. 'We constantly educate our clients'Whether the economy is heading for a mild recession or soft landing, experts emphasize the need for ongoing client education. "We constantly educate our clients and make them prepared for whatever the world's going to throw their way," she added.

Persons: buzzword, Douglas Boneparth, Boneparth, Ted Jenkin, Jenkin, Carolyn McClanahan Organizations: Federal Reserve, Bone, CNBC's, U.S . Bureau of Labor Statistics, U.S . Labor Department, National Bureau of Economic Research, CNBC's FA, Planning Partners Locations: U.S, New York, Atlanta, CNBC's, Jacksonville , Florida

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