Data & Research June 10, 2010

Americans Regret Not Saving, Investing More

Fifty percent of those participating in a recent personal finance poll said they have significant regrets about how they’ve handled their financial situation.
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A news release about the latest American Express Spending & Saving Tracker said of the 50%, 32% would save and invest more money if they had it to do over again, while 27% would spend more responsibly, and 17% would discuss financial goals/expectation with their partner earlier.

Fifty-six percent of couples feel they have made a financial mistake in their relationship, ranging from spending too much on their wedding to buying a house at the top of the market.

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Meanwhile, according to the poll results, more young professionals (43%) say they keep some or all of their debt separate from their spouse or significant other, compared with 20% of the general population and 22% of affluents.

Among couples, the majority of the general population (55%) and affluents (63%) claim that both members carry an equal amount of debt. That number drops to 39% among young professionals, with 31% claiming they have more debt than their partner. Notably, 31% of the general population and 20% of affluent couples indicate they do not know how much debt they carry as a couple, compared to 5% of young professionals.

Some 30% say finances cause the most stress in their relationship with their significant other, followed distantly by intimacy (11%), their children (9%), and their in-laws (4%).

Overall, 91% of Americans surveyed find reasons to avoid money talks with their partner, with couples indicating they are more likely to know their partner’s weight than their salary.

Most couples pay their monthly bills jointly and maintain joint ownership of various household accounts. Two-thirds (66%) of those surveyed share all monthly expenses, while the remaining 34% divide their bills each month, with methods ranging from paying certain bills individually to splitting household expenses based on income ratio.

The American Express Spending & Saving Tracker research was completed online among a random sample of consumers aged 18 or older. The research sample of 2,008 adults surveyed the general U.S. population, as well as two sub-groups – the affluent (household income $100,000 or more) and young professionals (under 30, college educated, household income $50,000 or more).

Deals & People June 10, 2010

Janney Adds Five to Fixed Income Group

Janney Montgomery Scott is further beefing up its fixed income team with the addition of five new hires, the company announced.
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The company said the new employees will work in municipal sales, taxable sales, and retail mortgage trading.

They are:

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  • Mike Festa, Director, Institutional Municipal Sales
  • Dan Lang, Institutional Municipal Sales
  • Brian Doherty, Institutional Taxable Sales
  • Wayne Wales, Institutional Taxable Sales
  • Dan Herbst, Retail Mortgage Trader

“These are game-changing hires who bring top expertise and a diverse network of relationships to our firm,” said Steve Genyk, Managing Director and Head of Fixed Income at Janney, in a news release.

Festa will serve as Director of Institutional Municipal Sales in Janney’s Boston office. With nearly 25 years of experience in municipal sales, Festa began his institutional career with Dean Witter, before working for Kemper Securities and Legg Mason. He joins Janney most recently from Keybank Capital Markets. Festa holds a BA in economics from Harvard University.                    

Lang brings nearly a decade of industry experience to Janney. Prior to joining the firm, he worked in institutional sales with Keybanc Capital Markets and Legg Mason Wood Walker. Lang graduated in 1999 from The College of the Holy Cross, in Worcester Massachusetts, with a BA in English and a minor in economics. He will be working in Janney’s Boston office.

Doherty joins Janney with nearly 15 years of industry experience. He previously served as the Vice President of Fixed Income Sales at three firms: Raymond James & Associates, Daiwa Securities America Inc., and Spear, Leeds, & Kellogg (subsidiary of Goldman Sachs). Doherty is a graduate of Cornell University and will be working in Janney’s Boston office.

Wales joins Janney from Stifel Nicolaus & Co. Inc., where he served as First Vice-President of Fixed Income Sales. He comes to Janney with nearly 25 years of experience trading and selling mortgage-backed securities. He holds a Bachelor of Arts degree from Villanova University and works in Janney’s Philadelphia headquarters.

Herbst joins Janney with over 12 years of retail fixed income experience and will serve as a Retail Mortgage Trader in the Firm’s Philadelphia office, where he will join the current retail trading team in the servicing the taxable fixed income needs of Janney’s Private Client Group. Most recently, he served as Senior MBS Trader at LPL Financial where he covered the largest independent adviser force in the country. Previously, he was at Edward Jones & Co. on its government trading desk. A graduate of Miami University of Ohio, Herbst holds his BS in finance.

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