How are former NFL players faring with their finances post-retirement? According to a study that collected court filing data of about 2,000 retired players drafted between 1996 and 2003, a total of one in six players declare bankruptcy within 12 years of retirement. The study also found that few players file bankruptcy during their playing days, but the filings gradually increase two years after retirement. The information revealed in the study is vastly different than the statistics that came out of a 2009 Sports Illustrated investigation. SI revealed much more aggressive numbers, stating that by the time a player has been out of the league for two years, he has a 78 percent chance of either going bankrupt or being under financial stress due to joblessness or divorce.
According to the Harvard Business School, companies that engage in socially responsible investing exhibit better stock market performance and profitability in the future, but only if they invest in the right issues. The research team codified the environmental, social and governance (ESG) issues made by hundreds of U.S. companies over the last 20 years and ranked them by performance. Companies that invested in ESG issues that mattered to their business model consistently outperformed companies that invested in unrelated ESG issues. The research team concluded that if companies analyzed with ESG issues were most strategically important and focused on them, it could lead to better financial performance in the future.
Chicago-based Envestnet, the advisor support and technology firm, is ramping up its practice management services, with plans to build out a team of consultants. The firm hired Matthew McGinness, the former CEO of First Allied’s corporate RIA, to lead the initiative and serve as managing director of strategic consulting for enterprises. Envestnet will meet with RIA firms to identify areas in their practice that need improvement. The firm will then send out so-called “swat teams,” consisting of relevant experts, who will develop customized training programs for advisors and help them grow.
Extension to File, Not an Extension to Pay
Tax season is officially over, right? As of April 3, the IRS says its received almost 100 million returns and issued more than 77 million refunds averaging over $2,800. But about 10 million taxpayers are expected to file for automatic extensions this year. For those delaying, their tax return will be due by Oct. 15, 2015. "But the most important thing to remember is that an extension is only an extension to file, not an extension to pay," Richard Gartland, H&R Block senior tax advisor told ABCNews. The penalties for paying late can add up to 25 percent of the tax bill.
