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    (BPRW) FONZWORTH BENTLEY AND TAI BEAUCHAMP INSPIRED CHARLOTTE STUDENTS DURING UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO

    - Day-long event motivated youth to excel in academic, financial and personal responsibility -


    (BLACK PR WIRE) – Charlotte, March 12, 2014 – The UNCF Empower Me Tour Presented by Wells Fargo- a free, traveling college-and-career readiness roadshow sponsored by UNCF (United Negro College Fund) featured entertainer and host of BET’s “Lift Every Voice” program Fonzworth Bentley and local media personality Tonya Rivens as co-hosts for the Charlotte tour stop this past weekend. Other participants included Tish Norman (Founder/CEO, Transforming Leaders Now, Inc.) as moderator, along with Tai Beauchamp (TV Personality/Entrepreneur), Janine Davis (Executive Director, Girl Talk Inc.), Dr. Alex O. Ellis (Motivational Speaker), Michael E. Parker (Founder, You Are A CEO) and Amir Windom (Music Executive) as speakers and workshop leaders.

    The UNCF Empower Me Tour was created in partnership with Wells Fargo to prepare students to go to and through college and inspire them to take control of their future by using education as the foundation for achieving their goals and dreams.

    “Wells Fargo is always excited to team up with UNCF for the Empower Me Tour,” says Gigi Dixon, Director of Strategic Partnerships for Wells Fargo. “Education is a great equalizer in our country, and it is one of our passions at Wells Fargo. We aim to ensure that students have access to higher education. This tour makes the possibility of college real to young people across the nation.”

    The Charlotte tour stop featured entertainers, educators and entrepreneurs who shared their personal academic and business journeys with participating high school and college students. During the day, attendees participated in the Empower Me Tour Zone, an interactive experience for students, parents and educators. The Zone provided an opportunity to engage with college recruiters regarding scholarship and internship opportunities. The Empower Me Tour also provided students and their parents with a full day of exhibits, college and career workshops, and engaging panel discussions with special guests and celebrities.

    The 6th annual UNCF Empower Me Tour has visited St. Louis, New Orleans, Dallas, The San Francisco Bay Area, Washington D.C., Los Angeles, Detroit, Memphis and Atlanta in 2013. The tour concludes in Chicago on March 21, 2014.

    For more information on the UNCF Empower Me Tour go to www.EmpowerMeTour.org

    Photo Credit: © Lawrence Cook Photography

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    Wells Fargo Senior Vice President, Director of Strategic Partnerships, Georgette Dixon facilitated a panel discussion with (L to R) Fonzworth Bentley, Tai Beauchamp, Amir Windom and Tonya Rivens during the UNCF Empower Me Tour during the Charlotte tour stop.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    Fonzworth Bentley teaches students the proper way to tie a Windsor knot at the “Tied to Greatness” workshop during the UNCF Empower Me Tour presented by Wells Fargo in Charlotte, NC.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    High school and college aged males showed up strong at the UNCF Empower Me Tour presented by Wells Fargo in Charlotte, NC.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    From L to R: Tai Beauchamp, Tish Norman, Janine Davis and Tonya Rivens engaged attendees with a candid conversation: Girl Talk: Image a Future during the UNCF Empower Me Tour presented by Wells Fargo in Charlotte, NC.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    Charlotte students, parents and educators listened attentively during workshops and panel discussions and were inspired by exhibits during the UNCF Empower Me Tour presented by Wells Fargo.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    UNCF Empower Me Tour guest hosts and panelists posed for a photograph with Wells Fargo and UNCF leaders following the successful day-long event in Charlotte, NC.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    Wells Fargo leaders Dewey Norwood and Georgette “Gigi” Dixon photographed with two Charlotte students who received Mack, Wells Fargo’s commemorative 16oth anniversary pony during the UNCF Empower Me Tour.



    About Wells Fargo
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,000 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 264,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.


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    (BPRW) Wells Fargo Direct Deposit Advance Service to Be Discontinued

    - Changes begin February 1, 2014 -


    (BLACK PR WIRE) – SAN FRANCISCO, January 17, 2014 – Wells Fargo & Company (NYSE: WFC) announced today that the Wells Fargo Direct Deposit Advance® service will be discontinued.

    New consumer checking accounts opened February 1, 2014 or later will not be eligible to access the Direct Deposit Advance service. There are no immediate changes for existing Direct Deposit Advance customers, who will be able to access the service until mid-year. Wells Fargo is finalizing a transition plan and will communicate the details to existing customers well in advance of the discontinuation.

    Wells Fargo is dedicated to helping our customers succeed financially and will work with customers to help them understand the changes and their options. Wells Fargo offers a spectrum of credit products that are designed to meet customer needs, including unsecured credit (cards, lines and loans) and a secured credit card, which can help customers build or re-build their credit. As always, Well Fargo encourages customers to talk to a banker about their unique credit or account management needs. Discontinuation of this service is not expected to have a material financial impact on the Company.

    About Wells Fargo
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.

    Cautionary Statement about Forward-Looking Information
    This news release contains forward-looking statements about our future financial performance and business. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC and available on the SEC’s website at www.sec.gov.


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    (BPRW) New Study Finds Typical U.S. Households of Color Have No Retirement Savings

    - U.S. Retirement Crisis Most Severe for Black, Latino Households • Webinar on Tuesday, December 10, 2013, at 12 PM ET to Review Findings -


    (BLACK PR WIRE) — WASHINGTON--(BUSINESS WIRE)-- A new report calculates the severity of the U.S. retirement security racial divide. The analysis finds that every racial group faces significant risks, but people of color face particularly severe challenges in preparing for retirement. Americans of color are significantly less likely than whites to have an employer-sponsored retirement plan or an individual retirement account (IRA), which substantially drives down the level of retirement savings.

    Race and Retirement Insecurity in the United States examines racial disparities in retirement readiness among workers and households age 25-64. It analyzes workplace retirement access, retirement account ownership, and retirement account balances. A webinar is scheduled for Tuesday, December 10, 2013, at 12:00 PM ET to review the findings. Register here or at https://www2.gotomeeting.com/register/698435274.

    “I’m alarmed by the severity of the retirement racial divide,” said Nari Rhee, PhD, report author and NIRS manager of research. “It’s well documented that regardless of race, the typical working-age American household is far off-track toward accumulating sufficient savings to meet their basic needs in retirement. As we dig deeper into the data, we find an even worse situation for blacks, Latinos and Asians. For example, only four out of ten Latinos and about five out of ten Asians and blacks work for employers that sponsor retirement plans, compared to six out of ten white employees. With low access to retirement plans and low wages, what we’re ultimately seeing is little if any retirement savings among people of color.”

    “To further illustrate the extent of the racial divide, a typical white household near retirement has nearly $30,000 saved in retirement accounts, clearly an insufficient amount. A typical black or Latino household near retirement fares even worse, with zero dedicated retirement savings in a 401(k) or IRA. For working-age households, the average retirement savings is only about $20,000 among blacks and $18,000 for Latinos – a small fraction of the $112,000 average among white households,” Rhee said.

    She added, “With little else to depend on besides Social Security when they retire, people of color are especially vulnerable to reliance on public assistance and economic hardship in old age. Our research makes it clear that placing a special focus on improving the retirement readiness for Americans of color is absolutely essential to solve the national retirement crisis.”

    The key findings are as follows:
    1. Workers of color, in particular Latinos, are significantly less likely than White workers to be covered by an employer-sponsored retirement plan—whether a 401(k) or defined benefit (DB) pension.

    • Only 54 percent of black and Asian employees and 38 percent of Latino employees age 25-64 work for an employer that sponsors a retirement plan, compared to 62 percent of White employees.

    • These racial disparities are much more pronounced in the private sector than in the public sector. Blacks, Asians, and Latinos are respectively 15, 13, and 42 percent less likely than whites to have access to a job based retirement plan in the private sector, compared to 10, 9, and 12 percent less likely in the public sector.

    • Households of color lag behind White households in coverage by pensions that guarantee lifetime retirement income. While 24 percent of white households have a pension through a current job, only 16 percent of households of color do. This disparity is primarily due to the fact that just 12 percent of Latino households are covered by a pension plan—half the rate of white and black households.

    2. Households of color are far less likely to have dedicated retirement savings than White households of the same age. At the same time, retirement coverage appears to be positively associated with the existence of dedicated household retirement savings in both groups.

    • A large majority of black and Latino working age households—62 percent and 69 percent, respectively—do not own assets in a retirement account, compared 37 percent of White households.

    • The racial gap in retirement account ownership persists across age groups.

    • Households with pensions through a current job are more likely to have dedicated retirement savings in a 401(k) or IRA type account than households without pensions: 74 percent versus 66 percent, respectively, among White households, and 52 percent versus 40 percent among households of color.

    3. Households of color have substantially lower retirement savings than white households, even after controlling for age and income.

    • Three out of four black households and four out of five Latino households age 25-64 have less than $10,000 in retirement savings, compared to one out of two white households.

    • Among near-retirees, the per-household average retirement savings balance among households of color ($30,000) is one-fourth that of white households ($120,000).

    • Across age groups, households of color with at least one earner are half as likely as white households to have retirement savings equal to or greater than their annual income. For instance, only 19 percent of households of color near retirement have this much retirement savings, compared to 41 percent of white households of the same age.

    Race and Retirement Insecurity in the United States serves as a companion to NIRS’ July 2013 study, The Retirement Savings Crisis: Is It Worse Than We Think?, which documented a significant retirement savings gap among working-age households in the U.S. This research is based on an analysis of data from the Bureau of Labor Statistics and the Federal Reserve and analyzes data for whites, people of color and—where data permits—blacks, Latinos, and Asians.

    The full report is available at http://www.nirsonline.org.

    The National Institute on Retirement Security is a non-profit organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy through national research and education programs. Located in Washington, D.C., NIRS has a diverse membership of organizations that are interested in retirement, including financial services firms, employee benefit plans, trade associations, and other retirement service providers. Find more information at www.nirsonline.org and follow NIRS at @nirsonline.

    Source: The National Institute on Retirement Security


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    Ex-Banker Details Insider Secrets to Drastically Increasing Entrepreneurs’ Abysmal Loan Approvals


    (Tampa, FL) October 3, 2013 – Tampa, Florida based Edward E. Felder, Jr. MBA, a widely acclaimed financing specialist and the CEO of Supplier Funding.com, has announced the release of his first book "It's Money In The Bank: 7 Insider Tips To Financing Any Small Biz!".

    Witty and inspirational, It’s Money In The Bank, is expected to be a surefire hit with aspiring entrepreneurs who have historically approached their funding, like a deer in headlights; blindly darting from lender to lender clinging to their dreams, fighting for their businesses future.

    Affectionately known as “The Funding Guy”, Felder shares insider tips that will teach aspiring entrepreneurs how to win friends and greatly influence their bankers. Given banks paltry record of lending to small businesses with revenue under $1,000,000, this book will certainly be an eye opener and game changer for entrepreneurs.

    Asked why he wrote It’s Money In The Bank, Felder states, “after years of fielding heartbreaking calls from mom and pop retailers, restaurateurs and gov’t subcontractors on the verge of losing lucrative opportunities due to their inability to win working capital; I felt compelled to share the secrets used by my firm to win nearly $350 million in funding for clients who were originally denied financing by local banks. He continued by saying “it was a blast writing such a fun book that’s going to inspire and level the playing field for scores of business owners who formerly used the shotgun approach to winning funding.”

    If the rave reviews and testimonials from small business titans like Kelly Cole, Author of Conversation With Sharks: Success Secrets Share by ABC Shark Tank, who proclaimed, “It’s Money in The Bank, is the Answer To Every Small Business Owners Prayers” or John William Templeton, Chief Economist of IBIS Partners, LLC and Co-Founder of National Black Business Month who says, “Felder's fun, easy-to-digest approach makes this book a must read at any stage of operations.” is any indication, It's Money In The Bank, will be an amazing blueprint for entrepreneurs seeking funding to kick start their start-ups.

    If you were moved by Think and Grow Rich and inspired by Rich Dad Poor Dad; “I can’t wait for you to get your hands on It’s Money In The Bank”, says the 20 year lending executive. “After reading this 130 page book, you’ll walk away more financially astute, a smile on your face and a proven system for thoroughly impressing your banker.”

    For more information, please visit: www.TheFundingGuy.com

    Edward Felder is represented by Eclectic Media Productions National PR firm.

    Website: http://mediaproductions.tv


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    Growing Income Gap Between Blacks and Whites Impacts Banking Access


    - A new GoBankingRates.com investigation of online banking use found a $27,000 income gap between black and white U.S. households which may impact who banks online. -

    LOS ANGELES, CA, Sept. 25, 2013 – A new GoBankingRates study examined current and historical data on online banking habits across several demographic groups. The findings revealed that blacks are statistically slower to adopt online banking than whites – data that some experts suggest might be tied to a widening median household income gap between blacks and whites.

    To read the full report, please visit GoBankingRates.com at http://bit.ly/15PkqQl

    “The media often talks about economic disparities in America; when we looked at digital trends in banking, we saw a clear racial divide when it came to access to modern banking technology," said GoBankingRates.com editor Jennifer Calonia.

    When presented the findings, Dedrick Muhammad, senior director of the NAACP's economic department, told GoBankingRates.com “I assume [there are] differences in income and wealth, differences in accessibility to brick-and-mortar banks and ATMs, and, of course, differences in ownership of computers and high speed internet.”

    The investigation discovered the following data regarding the relationship between ethnicity, income and online banking use:

    Online Banking
    61 percent of U.S. internet users bank online, but black, non-Hispanic individuals show a statistically significant drop in online banking usage at 48 percent.

    Household Income
    While black median household income has increased from approximately $24,000 in 1967 to $40,000 in 2011, black households are still only making 59 percent of what white households make, widening the black-white income gap to more than $27,000 today.

    “I am not as concerned as to whether various ethnic groups use banking services online or in-person, but rather … [that] we close the economic divide that leaves groups disproportionately with such low wealth that they fall out of the banking system,” Muhammad said.

    GoBankingRates.com evaluated data from two PEW Research Center’s reports: “51% of U.S. Adults Bank Online,” and “King’s Dream Remains an Elusive Goal” and its proprietary database.

    About GoBankingRates
    GoBankingRates.com (http://www.gobankingrates.com/) is a personal finance website that connects consumers with the best interest rates nationwide. It aggregate interest rates from more than 4,000 national financial institutions. GoBankingRates.com's editors have been featured on top media outlets, including U.S. News, Yahoo! Finance, Forbes, Huffington Post and more.


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    (BPRW) New Prudential study shows African Americans’ wealth building weakened by competing financial priorities, lagging investment product ownership


    - Study provides a comprehensive look at family finances, money and debt, and financial knowledge -

    (BLACK PR WIRE) – NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Financial, Inc. (NYSE:PRU) today revealed the results of its 2013-2014 “African American Financial Experience” study, which found that competing priorities and fewer investment products constrict African Americans’ ability to build a legacy of wealth. The biennial study also found that the African American community remains optimistic and continues to demonstrate financial progress, confidence and growing affluence, despite mounting debt and little contact with the financial services industry.

    “The study shows increasing economic power and an emerging middle class within the community,” said Charles Lowrey, Prudential’s chief operating officer, U.S. Businesses. “Approximately 4 in 10 households surveyed have annual incomes of at least $75,000, and nearly a quarter earn $100,000 or more. Half of African Americans surveyed said they feel better off financially than a year ago, while only 19 percent say they feel worse.”

    The study also brings to light distinctive characteristics of the African American community that influence financial priorities and corresponding behaviors. According to the findings, the African American financial experience is largely defined by family-oriented priorities and goals, including greater ownership of protection-oriented financial products, greater reliance on faith-based organizations as a source of financial education, financial decisions driven by women and earlier retirement.

    The 2013-14 “African American Financial Experience” is Prudential’s second study measuring the financial trends and attitudes in the African American community, and is part of a series of signature research by the company examining financial trends in America’s multicultural communities.

    As in the inaugural survey, only about a quarter of African Americans feel any financial services company has effectively shown support to the community. Across all levels of affluence, African Americans are 13 percent less likely than the general population to have been contacted by a financial advisor. While half of African Americans surveyed say they believe working with an advisor would help them make better financial decisions, only 19 percent say they have a financial advisor.

    The study also finds African Americans remain significantly more confident and optimistic about their financial future than the general population. While the general population’s financial confidence is driven largely by level of asset accumulation and macroeconomic factors, African Americans’ financial confidence is shaped by a broader and balanced array of factors, including life insurance protection, level of debt and expenses, and health care costs.

    “Family remains a key factor in the African American financial experience. African Americans also report managing more financial priorities than the general population, despite doing so with lower incomes. African Americans have a greater number of family-oriented financial priorities, like adequately protecting loved ones, leaving an inheritance and funding education,” said Sharon Taylor, senior vice president and head of human resources at Prudential.

    The study also points out that African Americans are more likely to live in multi-generational and female-headed households, and to be financially responsible for supporting other family members. Of those surveyed, 57 percent provide financial support to another family member. Reflecting the impact of today’s economic condition on African Americans, the survey further revealed that many African Americans are providing financial support to unemployed friends and family – nearly double the rate among the general population.

    Student loan debt also was reported as a significant obstacle to wealth building for African Americans. College-educated African Americans are twice as likely to have student loan debt, proof of economic progress while at the same time hampering the ability to save or invest.

    In addition, the study finds African Americans own insurance products, such as life and disability, at equal or greater rates compared to the general population, but are about half as likely as the general population to own investment products, such as IRAs, mutual funds, stocks and bonds.

    Nearly half of African Americans say they have a 401(k) or other workplace retirement plan, and 8 in 10 of those currently eligible are contributing. However, African Americans’ balances within employer plans are less than half those of the general population’s, in part due to the impact of loans and withdrawals. And 3 in 10 have taken loans from their plan, citing the need to repay other debt.

    The study is based on a March 2013 poll of 1,153 Americans who identify as African American or Black and 471 general population Americans on a broad range of financial topics. Respondents are age 25-70, with a household income of $25,000 or more and some involvement in household financial decisions. Among those meeting the survey criterion of $25,000 or more in household income, the median household income was $61,000. The overall margin of sampling error is +/- 5% for African Americans and +/- 6% for the general population.

    The Prudential Insurance Company of America, Newark, NJ.
    Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $1.06 trillion of assets under management as of March 31, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/

    0244757-00001-00

    Source: Prudential Financial, Inc.

    Contact Information
    Prudential Financial, Inc.
    Alicia Alston
    (973) 802-4446
    alicia.rodgersalston@prudential.com
    or
    Dawn Kelly
    (973) 802-7134
    dawn.kelly@prudential.com

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    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

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    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    (BPRW) African American Investors Optimistic About Financial Future and the Economy, but Concerned About Retirement, According to Recent Wells Fargo Survey


    - Saving for Retirement Moves to Back-Burner as Investors Focus on Day-to-Day Financial Challenges -

    (BLACK PR WIRE) – SAN FRANCISCO, April 10, 2013 – African American investors report high levels of confidence in their financial future, along with optimism about the political and economic future of the country, according to a recent Wells Fargo nationwide survey. Despite proactive planning and intentional cuts in spending, African American investors remain focused on day-to-day living expenses, with a large majority concerned about having enough money to retire.

    Three in five (60%) African American investors express confidence in their own financial future, slightly higher than the national response (52%), while half (52%) report they are better off now than they were three years ago, same as the general population.

    “The optimism and confidence articulated by African American investors is encouraging, particularly as those surveyed are feeling financially better off than they were three years ago,” said Jeff Cosby, Financial Advisor and Vice-President, Investment Officer in the Bloomington, Minnesota office of Wells Fargo Advisors, Wells Fargo. “Where we see the biggest opportunity is helping people really consider how they are approaching saving and planning for retirement. It is important for financial advisors to help investors think through long-term strategies for investment planning, while also providing guidance on common concerns like how to balance paying off debt while continuing to save for retirement.”

    While African American investors have made progress in retirement planning and preparation, most are concerned about having enough money to retire. African American investors are taking necessary steps toward preparing for retirement, as 45% of those surveyed have cut back on their spending to put away money for retirement (compared to 36% of the national population), and two in five (40%) non-retired African-American investors have a retirement savings plan in place (similar to the national population, 42%). Among non-retired African-Americans, having a plan is most prevalent among those earning over $100,000 annually (68% earning more than $100,000 have a plan vs. 35% of those earning less than $100,000.).

    Compared to the US overall, African American investors are less likely to consider themselves financially comfortable (38% vs. 51% overall). More than a third (36%) of non-retired African American investors surveyed report that their biggest financial concern is paying their monthly bills; saving for retirement ranks second at 22%, followed by healthcare costs at 15%. Three in five African American investors are more focused on debt reduction (59%) than saving for retirement. And just over half (52%) of those surveyed are concerned they won’t have enough saved for retirement (similar to all adults). African-American investors less than 50 years old are particularly concerned (64%, vs. 39% of those ages 50 and over).

    Just over a third (36%) of African American investors are confident in knowing where to invest in today’s market (similar to the national population, 31%).

    “All investors – regardless of age or level of savings – should be focused on planning for retirement, and turning plans into actual saving and investing,” said Cosby. “Many African American investors, much like the general population of overall investors, find investing in today’s economy daunting. It’s important to seek advice from a trusted professional to help navigate the ups and downs of the market, with an eye on long-term financial goals. It can be scary, but with all the resources and tools available, it can be done.”

    Living in multi-generational households also has a significant impact on African American investors' savings, as a number of respondents are caring for their own children, as well as aging parents or grandparents. One in five (20%) African American investors surveyed report living in three-generational households. Three in four (77%) African American adults surveyed who live in three-generational households are concerned they will not save enough to support themselves in retirement, compared to just 46% of those outside of multi-generational households.

    Almost three quarters of African American investors (73%) are optimistic about the political direction of the country, significantly higher than the general population (43%), while four in five (83%) feel the U.S. economy will improve in the next two years (compared to 47% of the general population). Seventy-two percent of those surveyed expect their local economy to improve in the next two years (compared to 45% of the overall adult population), and nearly three in four see improvements in their local housing market (71%, vs. 54% nationally).

    As part of Wells Fargo’s proactive outreach to the segment, the company is focused on providing financial education for African American consumers to empower them to achieve financial success. Wells Fargo has developed a comprehensive financial education platform that offers guidance on financial topics that resonate with the segment. Through relationships with national and community organizations and media outlets nationwide, Wells Fargo uses print, digital and workshop formats to deliver financial solutions to a broad range of audiences. An additional Wells Fargo resource is My Financial Guide, an online resource consisting of articles, videos and tools aimed at helping consumers become more confident and knowledgeable in money management.

    About the Study
    These survey findings are based on an online survey conducted November 9 – December 3, 2012 among adults nationwide (N=1,105) and African American adults (N=500). Qualified respondents were non-students, ages 25-75, who are the primary or joint financial decision-maker in the household with household investable assets of at least $10,000. Survey results are weighted to reflect Census data for gender, age, race/ethnicity, region and household income to ensure representativeness. Assuming no sample bias, the maximum margin of error for the National sample is ± 2.9% and ± 4.4% for African American adults.

    Note: Complete survey results are available upon request.

    About Market Probe
    Market Probe is a full-service market research firm, headquartered in Milwaukee, WI, with offices in Evanston, IL, specializing in behavioral and opinion research among hard-to-reach populations and professional communities. For more information, visit marketprobe.com.

    About Wells Fargo Wealth, Brokerage and Retirement
    Wells Fargo Wealth, Brokerage and Retirement (WBR) is one of the largest wealth managers in the U.S. WBR includes Wells Fargo Advisors, the third-largest brokerage in the U.S.; Wells Fargo Private Bank, serving high-net-worth individuals and families; Abbot Downing, serving ultra-high-net-worth families; and Wells Fargo Retirement, which manages $266 billion in institutional retirement plan and pension assets for 3.7 million Americans. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC (members SIPC).

    About Wells Fargo Advisors
    With $1.2 trillion in client assets as of December 31, 2012, Wells Fargo provides investment advice and guidance to clients through 15,414 full-service financial advisors and 3,248 licensed bankers. This vast network of advisors, one of the nation’s largest, serves investors through locations in all 50 states and the District of Columbia. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC (members SIPC). Statistics include other broker-dealers of Wells Fargo & Company. www.wellsfargoadvisors.com Investment products and services are offered through Wells Fargo Advisors, LLC.

    About Wells Fargo (Twitter @WellsFargo)
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

    Contact Information
    Media:
    Matt Hurwitz
    415-396-6964
    Matthew.s.hurwitz@wellsfargo.com

    Sarah Tonigan
    505-818-7480
    Sarah.h.tonigan@wellsfargoadvisors.com

    ooOoo


    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    (BPRW) Prudential Financial and The Root launch weekly personal finance video series


    - Personal finance and careers experts to deliver practical tips and advice through February -

    (BLACK PR WIRE)--NEWARK, N.J.--(BUSINESS WIRE)-- In line with its increased focus on multicultural markets, Prudential Financial, Inc. (NYSE: PRU) is partnering with TheRoot.com to create The Root Live, a 10-week live-video series featuring thought leaders discussing careers, personal finance and long-term financial planning.

    “Our collaboration with The Root allows us to tap into an extensive network of experts to bring insight about today’s financial and career challenges to a diverse audience,” said Alexandra Galindez, vice president, at Prudential. “We believe this partnership provides a timely and unique forum to have a two-way dialogue with consumers about many of the concerns that Americans are facing today.”

    Prudential Financial t
    The series, which began in early December and will continue through February, airs every Monday at noon EST and can be accessed at www.theroot.com. It is hosted by The Root's contributing editor Harriette Cole and produced by Elon James White, also a contributing editor, the series, and features well-known experts who will answer questions and guide viewers on entrepreneurship, college savings, career changes, investments and a variety of other financial topics.

    Experts from Prudential include Donald Smith, manager of financial services, and Michele Meyer-Shipp, vice president and chief diversity officer. The live web series has featured high profile guests including Michelle Singletary, nationally syndicated columnist for The Washington Post, and Dr. Michael Lomax, president and CEO of the United Negro College Fund. Viewers can also interact with one another and participate with The Root Live guests through the site’s live chat and on Twitter by following the conversation at #therootlive. A listing of upcoming programs is available on Prudential’s newsroom.

    "Partnering with Prudential to present The Root Live has afforded us the opportunity to enlighten and engage our readers in an interactive forum with real-time financial solutions from the best and brightest industry professionals" said Donna Byrd, Publisher of The Root. "The response has been overwhelming with nearly 5,000 viewers tuning in each week to get information on a variety of financial topics, including entrepreneurship, college savings, career changes, investments and more."

    The Root is the leading online source of news and commentary from an African-American perspective. Founded in 2008 under the leadership of Prof. Henry Louis Gates Jr. of Harvard University, The Root offers a unique take on breaking news, provides solid analysis and presents dynamic multimedia content. The Root raises the profile of black voices in mainstream media and engages anyone interested in black culture around the world. The Root is owned by the Washington Post Company.

    Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

    Source: Prudential Financial, Inc.

    Contact Information
    Prudential Financial, Inc.
    Alicia Alston
    973-802-4446
    alicia.rodgersalston@prudential.com

    ooOoo


    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

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    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    NACBA: COSTLY DEBT SETTLEMENT SCHEMES PREY ON THE MOST DEBT-BURDENED CONSUMERS STRUGGLING TO RECOVER FROM ECONOMIC DOWNTURN


    - What a Half Million Unwary Consumers Don’t Know: Schemes Only Work for 1 in 10 Who Pay for Them; Consumer Alert: Debt Settlement Programs Seen as “#1 Threat to America’s Most Indebted Consumers.” -

    WASHINGTON, D.C. – October 17, 2012 – As few as one in 10 unwary consumers who are lured into so-called “debt settlement” schemes actually end up debt free in the promised period of time, making the risky schemes the No. 1 threat facing America’s most deeply indebted Americans, according to a major new consumer alert issued today by the nonprofit National Association of Consumer Bankruptcy Attorneys (NACBA).

    Available online at http://www.nacba.org, the NACBA consumer alert notes: “Already struggling with home foreclosures, harsh bank and credit card fees, and other major financial challenges, America’s most deeply indebted consumers are now falling victim to a major new threat: so-called ‘debt settlement’ schemes that promise to make clients ’debt free’ in a relatively short period of time. Unfortunately, most consumers who pursue debt settlement services find themselves facing not relief but even steeper financial losses. Even the industry acknowledges – though not in its ever-present radio and online advertising – that debt settlement schemes fail to work for about two thirds of clients. Federal and state officials put the debt-settlement success rate even lower – at about one in 10 cases – meaning that the vast majority of unwary and uninformed consumers end up with more red ink, not the promised debt-free outcome.”

    debt
    The private debt-settlement industry remains robust. More than 500,000 Americans with approximately $15 billion of debt are currently enrolled in debt settlement programs, according to industry estimates. And there is room for further growth: One in 8 U.S. households has more than $10,000 in credit card debt.

    Durham, NC bankruptcy attorney Ed Boltz, NACBA Board member and incoming NACBA president, said: “Based on what bankruptcy attorneys are seeing across the nation, we believe that debt settlement schemes are the number one problem facing America’s most deeply indebted consumers today. Bombarded with slick radio and Web advertising falsely promising a smooth road to being debt free in a short period of time, these companies prey on the most desperate victims of the economic downturn. These particularly vulnerable consumers usually end up getting sued, stuck with outrageous fees, more deeply in debt, and far worse off in terms of their credit score.”

    Earlier this year, NACBA focused national attention on the “student debt bomb,” which then was identified as the fastest growing consumer debt problem being handled by consumer bankruptcy attorneys.

    Richard Thompson, a Rialto, California, retiree and victim of a debt settlement scheme, said: “I was told they could settle my $89,000 in debts for a total of $39,000 if I made payments of $1,800 for 22 months. I was contacted about a chance to settle $15,000 debt for $6,000 but my debt-settlement company ignored the offer. In fact, I paid them a total of $25,200 as they kept on ignoring settlement offers from creditors. I thought they were taking care of me by bringing my debt down, but all they were doing was taking my money. I ended up with $25,000 more in debt than I started out with. Before I retired I worked 25 years as a manager, now I have had to go back to work as a part-time security guard to help make ends meet.”

    Bankruptcy attorney Trisha Connors, a NACBA member from Glen Rock, New Jersey who has testified before the New Jersey Law Revision Commission on debt settlement abuses, said: “Over the last three years, I have worked with 12 different for-profit debt settlement companies and over 25 clients who came to me after their debt settlement program failed to serve them. The results with each client were the same: exorbitant fees being paid, settlement (at best) of one small credit card debt, and mounting late fees and penalty interest charges on the unsettled debts. When clients informed the debt settlement companies of their desire to exit the program, the firms kept all or most of the accumulated savings for debt reduction as ‘fees.’ Every person I dealt with who had been current on their debts prior to contacting a debt settlement program told me that the sales representative told him the only way to be successful in the program is to stop paying credit card bills.”

    Ellen Harnick, senior policy counsel, Center for Responsible Lending, said: “Debt settlement companies require clients to default on their debts before they will negotiate. This adds late fees and penalty interest to their debt and frequently results in the client being sued by creditors. Since only a tiny proportion of debts are actually settled by these companies, clients are typically left worse off than they were when they started.”

    In addition to highlighting the stories of three victims of debt settlement schemes, the NACBA consumer alert notes the following:

    * There is now across-the-board agreement on the danger that debt settlement schemes pose to consumers. The Better Business Bureau has designated debt settlement as an “inherently problematic business.” Similarly, the New York City Department of Consumer Affairs called debt settlement “the single greatest consumer fraud of the year.” Across the country, the U.S. Government Accountability Office (GAO), the Federal Trade Commission, 41 state attorneys general, consumer and legal services entities, and consumer bankruptcy attorneys have all uncovered substantial evidence of abuses by a wide range of debt settlement companies.

    * Debt settlement schemes encourage consumers to default on their debts. Because creditors frequently will not negotiate reduced balances with consumers who are still current on their bills, debt settlement companies often instruct their clients to stop making monthly payments, explaining that they will negotiate a settlement with funds the client has paid in lieu of their monthly debt repayments. Once the client defaults, he or she faces fines, penalties, higher interest rates, and are subjected to increasingly aggressive debt-collection efforts including litigation and wage garnishment. Consequently, consumers often find themselves worse off than when the process of debt settlement began: They are deeper in debt, with their credit scores severely harmed.

    * “Self help” may be the best answer for smaller debt burdens. If you have just a single debt that you are having trouble paying (such as a single credit card debt) and you have cash on hand that can be used to settle the debt, you may be able to negotiate favorable settlement terms with the creditor yourself. Creditors typically require anywhere from 25 to 70 percent on the dollar to settle a debt so you will need that much cash for a successful offer. Be sure to get an explicit written document from the creditor spelling out the terms of the debt settlement and relieving you of any future liability. Also be prepared to pay income taxes on any of the forgiven debt.

    * Nonprofit credit counseling agencies can help, but must be vetted carefully. If, like most people, you owe multiple creditors and do not have the cash on hand to settle those debts, you may want to consult a non-profit credit counseling agency to see if there is a way for you to get out of debt. But make sure to check it out first: Just because an organization says it’s a “nonprofit” there is no guarantee that its services are free, affordable or even legitimate. Some credit counseling organizations charge high fees (which may not be obvious initially) or urge consumers to make “voluntary” contributions that may lead to more debt. The federal government maintains a list of government-approved credit counseling organizations, by state, at www.usdoj.gov/ust. If a credit counseling organization says it is “government approved,” check them out first.

    * Bankruptcy will be an option for some consumers. Bankruptcy is a legal proceeding that offers a fresh start for people who face financial difficulty and can’t repay their debts. If you are facing foreclosure, repossession of your car, wage garnishment, utility shut-off or other debt collection activity, bankruptcy may be the only option available for stopping those actions. There are two primary types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 13 allows people with a stable income to keep property, such as a house or car, which they may otherwise lose through foreclosure or repossession. In a Chapter 13 proceeding, the bankruptcy court approves a repayment plan that allows you to pay your debts during a three to five year period. After you have made all the payments under the plan, you receive a discharge of all or most remaining debts. For tax purposes, a person filing for bankruptcy is considered insolvent and the forgiven debt is not considered income.

    Chapter 7 also eliminates most debts without tax consequences, and without any loss of property in over 90 percent of cases. To learn more about bankruptcy and whether it makes sense for you, go to http://www.nacba.org/Home/AttorneyFinderV2.aspx.

    NACBA urges consumers to steer clear of any companies that:
    * Make promises that unsecured debts can be paid off for pennies on the dollar. There is no guarantee that any creditor will accept partial payment of a legitimate debt. Your best bet is to contact the creditor directly as soon as you have problems making payments.

    * Require substantial monthly service fees and demand payment of a percentage of what they’ve supposedly saved you. Most debt settlement companies charge hefty fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee-- a percentage of the money you’ve allegedly saved.

    * Tell you to stop making payments or to stop communicating with your creditors. If you stop making payments on a credit card or other debts, expect late fees and interest to be added to the amount you owe each month. If you exceed your credit limit, expect additional fees and charges to be added. Your credit score will also suffer as a result of not making payments.

    * Suggest that there is only a small likelihood that you will be sued by creditors. In fact, this is a likely outcome. Signing up with a debt settlement company makes it more likely that creditors will accelerate collection efforts against you. Creditors have the right to sue you to recover the money you owe. And sometimes when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home.

    * State that they can remove accurate negative information from your credit report. No company or person can remove negative information from your credit report that is accurate and timely.

    Boltz emphasized: “Many different kinds of services claim to help people with debt problems. The truth is that no single solution works in all cases. Bankruptcy is an option that makes sense for some consumers, but it’s not for everyone. For example, the National Association of Consumer Bankruptcy Attorneys and its individual consumer bankruptcy attorney members do not encourage every person who looks at bankruptcy to enter into it. What makes sense for each consumer will depend on their individual circumstances. We encourage everyone to get the facts and do what makes the most sense in their situation.”

    ABOUT NACBA
    The National Association of Consumer Bankruptcy Attorneys (http://www.nacba.org) is the only national organization dedicated to serving the needs of consumer bankruptcy attorneys and protecting the rights of consumer debtors in bankruptcy. Formed in 1992, NACBA now has more than 4,000 members located in all 50 states and Puerto Rico.

    ooOoo


    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    (BPRW) Wells Fargo and One Solution presents, “Aspirations: Helping You Empower Your Financial Future”


    - Financial experts participate in a candid conversation about Money Management, Credit and Wealth Building -

    (BLACK PR WIRE) – (CHARLOTTE- July 20, 2012) – On Saturday, July 21 at 9:00 a.m. EST (and 9:00 a.m. CST), One Solution (Radio One, TV One, Interactive One) will air a Wells Fargo sponsored hour-long roundtable discussion titled “Aspirations: Helping You Empower Your Financial Future”, featuring acclaimed financial experts Michelle Singletary (author, TV personality and Washington Post columnist), Gail Perry Mason (financial coach and author), and Michelle Thornhill, Senior Vice President and African American segment manager and Jeff Cosby, Senior Vice President and Wells Fargo Advisor.

    One Solution and Wells Fargo teams
    One Solution and Wells Fargo teams join with panelists (L-R) Michelle Singletary (author, TV personality and Washington Post columnist), Michelle Thornhill, Senior Vice President and African American segment manager, Jeff Cosby, Senior Vice President and Wells Fargo Advisor and Gail Perry Mason (financial coach and author).

    The discussion allows for candid dialogue around credit, money management and building wealth. Featured panelists will address pre-submitted audience questions, providing professional guidance as well as personal insights based on experience.

    “The subject of money has traditionally been a very private matter within the African American community, most likely because of our strong sense of self-reliance and pride,” says Michelle Thornhill, “Whatever the reason, it’s time to get comfortable with talking about money matters so we can learn and grow .”

    The program will air across multiple One Solution platforms:

    • Radio One: Listeners can tune in on the following stations: Atlanta (WAMJ-FM), Baltimore (WWIN-FM), Charlotte (WQNC-FM), Cleveland (WZAK), Columbus (WXMG-FM), Dallas (KSOC-FM), Detroit (WDMK-FM), Houston (KMJQ-FM), Indianapolis (WTLC-FM), Philadelphia(WRNB-FM), Raleigh (WFXK-FM), Richmond (WKJM-FM, WKJS-FM), St. Louis (WFUN-FM) and Washington D.C. (WMMJ-FM).

    • NewsOne: Viewers can watch a live stream of the panel at Newsone.com.

    • TvOne: Video vignettes featuring Wells Fargo panelists proving important financial tips will air on TVOne throughout July and August

    Wells Fargo is committed to delivering financial education to the African American community to help them reach their financial goals. For more financial tips, audiences are encouraged to visit My Financial Guide at https://www.wellsfargo.com/my-financial-guide for a wide range of helpful resources, interactive tools and more.

    About Wells Fargo
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

    About Radio One
    Radio One, Inc. (http://www.radio-one.com) is a diversified media company that primarily targets African-American and urban consumers. The Company is one of the nation's largest radio broadcasting companies, currently owning or operating 51 broadcast stations located in 15 urban markets in the United States. As a part of its core broadcasting business, Radio One operates syndicated programming including the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, the Reverend Al Sharpton Show, and the Warren Ballentine Show. The Company also owns a controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com), (http://www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Beyond its core radio broadcasting business, Radio One owns Interactive One (http://www.interactiveone.com), an online platform serving the African-American community through social content, news, information, and entertainment, which operates a number of branded sites, including BlackPlanet, News One, UrbanDaily, HelloBeautiful. In addition, the Company owns a controlling interest in TV One, LLC (http://www.tvoneonline.com), a cable/satellite network programming primarily to African-Americans.

    About One Solution
    One Solution (OS) is the strategic and integrated marketing division of Radio One, TV One and Interactive One. The combined media assets reach 82% of the African American audience. OS develops best-in-class integrated marketing programs that enable leading brands and marketers to achieve and exceed their business objectives through strategic integration, and deeper insights and connections with consumers.

    Contact Information
    Media
    Valerie Miller Williams
    704-383-8025

    Media
    C. Nicole Pierce
    312-228-8820

    ooOoo


    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.





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