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FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.

Nearly half of Americans think they have no access to financial advice (FA Magazine)

A new report from Fiserv, a Brookfield, Wisc.-based financial services provider, found that nearly half of US households said they don’t have anyone to rely on for financial advice.

Moreover, about one-third of respondents said they receive conflicting advice on how to manage their money, reports Christopher Robbins.

Shopping at a mall is closer to investing than you think (Financial Planning)

It’s easy to let your emotions get the best of you when the market swings wildly. Very easy. As such, Jonathan Clements and Frances McMorris detailed several strategies investors can use to help their clients think rationally about the market.

One particularly notable strategy they describe is telling the clients to think like shoppers at a mall, who usually buy things when there are crazy sales. 

Although the analogy isn’t perfect, they note that when stocks fall, people generally pull out of the market. “Your clients, by contrast, probably plan to hold their stocks for at least a decade and often far longer,” the duo writes. “Today’s worries will be long forgotten by the time they need to sell, and any short-term market decline should be viewed not as a cause for worry, but rather as a chance to buy at cheaper prices.”

The median 401(k) balance is kind of misleading (Deutsche Bank)

In a recent note to clients, Deutsche Bank’s chief international economist, Torsten Sløk, pointed out that the median balance in 401(k) accounts, $18,000, is significantly lower than actual retirement savings for US households. To illustrate that, he shared a chart showing the median 401(k) balance for people in their 50s, broken down by salary, as of 2014.

Those older workers, who are closer to actually retiring, are in somewhat better shape than the younger workers dragging down the overall median balance. Sløk also noted that workers hold an average of 12 jobs from ages 18 to 48, with half of these jobs before their 25th birthday, according to BLS data. This suggests, writes Sløk, that people may have as many as six 401(k) accounts.

“That being said,” he added, “retirement savings are too low in almost all OECD countries, including the US.”Screen Shot 2016 05 02 at 1.18.17 PM

Make the financial advisory industry great again (InvestmentNews)

People are disillusioned [with the financial advisory industry], and they think we win even if our clients lose. The sad irony is that people don’t trust us, yet we live in a world where they need our help more than ever,” writes Joe Duran, CEO and founding partner of United Capital, in an op-ed for InvestmentNews.

As such, Duran proposes a few things that will “get us all on the right track,” including getting comfortable with telling people the uncomfortable truths, helping clients with what really matters, and simplifying.

RBC picks up Jefferies Group’s Armstrong to head its US wealth management team (Bloomberg)

Royal Bank of Canada announced that Jefferies Group’s Michael Armstrong will lead its US wealth-management business, reports Doug Alexander. Armstrong, who has been the global head of wealth management at Jefferies since 2014, will start later this year.

RBC is Canada’s largest lender by assets.

SEE ALSO: Here’s what happens with your stuff after you die

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