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In the News

Corporate Insight is frequently in the news, whether to announce and discuss our published research or to offer our views on topics within our areas of expertise. Scroll down this page to read the latest articles in which we’ve appeared, and use our News Archive to find previous items.
The Fed: The kids are all right PDF Print E-mail
Monday, 12 May 2014 15:36
By Victoria Stilwell

Still, young adults haven't escaped unscathed from the recession. They're less willing than their older counterparts to bear risk in financial investments since 2001, the paper found.

There's also a greater chance they carry student loan and housing debt, a sign that such borrowing may be substitutes for the credit card and auto debt that young adults from the generation prior were more likely to have, according to the paper.

Separately, a private financial-services industry study last week said millennials are "struggling with serious financial problems like college debt and underemployment."

The study, by Corporate Insight, said banks and other financial institutions have work cut out for them in doing business with millennials, who "have limited investable assets and low tolerance for market risk."

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Provider Websites Face Off in Corporate Insight Report PDF Print E-mail
Monday, 12 May 2014 15:34
By John Manganaro

Whether their plan is soliciting requests for proposals (RFPs) or not, plan officials have the fiduciary duty to understand how their service providers’ Web offerings match the competitions’.

A new report from financial intelligence and consulting firm Corporate Insight suggests the plan sponsor’s duty to analyze its participants’ online experience is critically important in the modern defined contribution (DC) retirement planning context. The research argues that shortcomings in participant websites should be a compelling case for switching service providers or demanding more from existing provider relationships, especially as younger generations of participants expect more of the 401(k) account management experience to be delivered online.

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Technology Key to Tapping Millennials’ Propensity to Buy Life Insurance, Retirement Products PDF Print E-mail
Friday, 09 May 2014 11:31

By Anthony O'Donnell

In The Millennial Shift: Financial Services and the Digital Generation, Corporate Insight describes Generation Y as risk-averse and financially conservative. While those characteristics should give insurers a competitive advantage over other financial service sectors, the New York-based researcher reports that Millennials significantly overestimate the cost of life insurance, while ignoring the benefits of other insurance products such as renter’s insurance.

LIMRA and Life Happens’ 2014 Insurance Barometer Study, published in April presented findings that were in some ways remarkably similar to those of Corporate Insight. The LIMRA/Life Happens study found that younger Americans, including Millennials age 25 to 34 showed the highest level of concern of any generation with regard to financial planning issues, including saving for retirement, paying for a child’s education or burdening others with final expenses.

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DC Providers, Step Up Your Game for Millennials PDF Print E-mail
Friday, 09 May 2014 11:29
By: Lande Asiru

A research and consulting shop is urging retirement plan providers to step up their game for Generation Y participants.

In a study released today, New York City-based Corporate Insight says providers need to utilize education, online planning tools and mobile-friendly devices to engage Millennials, whose savings are being constrained by their current financial realities.

“Millennials are struggling to reach financial maturity, but that doesn’t mean financial institutions can afford to ignore them,” states James McGovern, Corporate Insight's VP of consulting services.

The study, titled The Milennial Shift: Financial Services and the Digital Generation, scrutinizes four financial services groups — retirement services, banking/credit cards, brokerage/investing and insurance — and explores the behaviors of Gen Y consumers, examining the most effective ways of marketing to this particular demographic.

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Why Starbucks Could Become Your New Favorite Bank PDF Print E-mail
Friday, 09 May 2014 11:15
By Dan Kadlec

But the game is far from over. In The Millennial Shift: Financial Services and the Digital Generation, market research firm Corporate Insight notes that one way banks can capture this generation’s attention is by shifting the bank branch focus from transactions to education and guidance. According to the report:
“Traditionally, financial services firms have offered a library of static articles on their websites and called this financial education. That approach won’t work with this audience. Interactive features like video-based lessons and quizzes are a must have. Gamification and community can also help spur engagement.”
Millennials are saving more now than boomers did at their age. They know they must manage their own financial future and want someone to guide them in a way that makes sense to them. Online and mobile tools and social media appeal to them. But so would a bank branch that had more of a Starbucks feel and where the staff was as ethnically and gender diverse as this most diverse of generations. It’s not enough for a bank to just offer guidance; it must be sincere, inexpensive, accessible, and above all trustworthy.
 Why Starbucks Could Become Your New Favorite Bank

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Out-of-the-Blue Competition PDF Print E-mail
Friday, 09 May 2014 10:57
By James Green

Danielle Andrus, IA's executive managing editor, reported in mid-April that Corporate Insight “analyzed 11 online investment advice providers and found that combined they have more than $11.5 billion under management or advisement.” Most of those providers only started operations within the last two years, by the way.

My point is not to frighten you, but to encourage you to think about what you offer your clients that's special. Think about how you could serve younger clients, especially the children or relatives of your current affluent or HNW clients. Can you use some of these technology tools that the robo-advisors have rolled out to serve those lower-net-worth clients profitably, while building up a roster of clients for the future, and perhaps using younger advisors to do so? Will your technology partners or broker-dealers or custodians help provide you with that technology (it would be to their benefit as well, of course)?

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