A new study by the Spectrem Group’s Millionaire Corner found that half of 401(k) plan participants between 50 and 64 aren’t using a financial advisor as they prepare for retirement. Among those who do, just 40% say they rely on their advisor’s guidance for the majority of their financial needs.
The report, “Advisor Usage Among DC Plan Participants,” found a third of respondents were referred to their advisor by a friend or family member. Referrals from people they knew were far and away the most popular way investors learned about an advisor.
Just 9% of respondents said they found their advisor on a website, and 7% said they were introduced at a seminar or special event. Only 6% said they were contacted by an advisor first.
While both men and women were more likely to rely on a referral, men were more likely than women to say they found their advisor online. Thirteen percent of men went online to find an advisor, compared with 5% of women. Nearly half of women said they chose their advisor based on a referral, compared with 27% of men.
Top Stocks To Watch Right Now: Array BioPharma Inc.(ARRY)
Array BioPharma Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases in North America, Europe, and the Asia Pacific. Its programs under development include ARRY-520, a kinesin spindle protein inhibitor in Phase 2 clinical trial for patients with multiple myeloma; ARRY-614, a p38/Tie-2 dual inhibitor in Phase 1 clinical trial for patients with myelodysplastic syndrome; ARRY-380, a HER2 inhibitor in Phase 1 clinical trial for breast cancer; ARRY-797, a p38 inhibitor in Phase 2 clinical trial for pain; and ARRY-502, a CRTh2 antagonist in Phase 1 clinical trial for allergic inflammation. The company?s partnered drugs in clinical development comprise Selumetinib and AZD8330 MEK inhibitors for cancer in Phase 2 trial; MEK162 and MEK300 MEK inhibitors for cancer in Phase 2 trial; Danoprevir, a Hepatitis C virus protease inhibitor in Phase 2 trial; ARRY-543, a HER2/EGFR inhibitor in Phase 2 trial for solid tumors; and LY2603618, a ChK-1 inhibitor in Phase 2 trial for cancer. Its partnered drugs in clinical development also include AMG 151, a glucokinase activator in Phase 1b trial for Type 2 diabetes; GDC-0068, a AKT inhibitor in Phase 1b trial for cancer; VTX-2337, a toll-like receptor in Phase 1b trial for cancer; VTX-1463, a toll-like receptor in Phase 1b trial for allergy; ARRY-382, a cFMS inhibitor in Phase 1 trial for cancer; and ARRY-575 and GDC-0425, which are ChK-1 inhibitors in Phase 1 trial for cancer. The company has collaborations with Amgen, Inc.; ASLAN Pharmaceuticals Pte Ltd.; AstraZeneca, PLC; Celgene Corporation; Genentech, Inc.; Novartis International Pharmaceutical Ltd.; InterMune, Inc.; Eli Lilly and Company; and VentiRx Pharmaceuticals, Inc for the development and commercialization of the partnered drugs. Array BioPharma Inc. was founded in 1998 and is headquartered in Boulder, Colorado.
- [By John Udovich]Biotech and the cancer treatment segment of the biotech market has been a hot area for some time with important cancer stocks like large cap Celgene Corporation (NASDAQ: CELG) and small capsÂ Array BioPharma (NASDAQ: ARRY), Cancer Genetics Inc (NASDAQ: CGIX), EXACT Sciences Corporation (NASDAQ: EXAS) andÂ MetaStat Inc (OTCMKTS: MTST) all producing a steady flow of important newsÂ for investors this week or in recent weeks. Consider the following:
- [By Sean Williams]Array BioPharma (NASDAQ: ARRY ) presented some particularly intriguing findings with its MEK inhibitor, selumetinib, which it has licensed out to AstraZenecaÂ to treat uveal melanoma (cancer of the eye). Historically this is a very difficult to treat disease, but initial studies of selumetinib more than doubled the time it took for the disease to progress compared to the current standard of treatment, temozolomide. In trials, selumetinib delivered 15.9 weeks without disease progression, an overall response rate of 50%, and major tumor shrinkage exhibited in 15% of patients. For temozolomide, steady disease was only established for a median of seven weeks with no tumor shrinkage present.Â
Top Stocks To Watch Right Now: Kaman Corporation (KAMN)
Kaman Corporation operates in the aerospace and industrial distribution markets. The company?s Industrial Distribution segment distributes products, including bearings, mechanical and electrical power transmission, fluid power, motion control, and materials handling components. The segment offers its products through approximately 200 branches, distribution centers, and call centers in the United States, including Puerto Rico, as well as in Canada and Mexico. Its Aerospace segment produces and/or markets proprietary aircraft bearings and components; and complex metallic and composite aerostructures for commercial, military, and general aviation fixed and rotary wing aircraft. This segment also provides safing and arming solutions for missile and bomb systems for the U.S. and allied militaries; support for its maritime helicopters and medium-to-heavy lift helicopters; and offers engineering design, analysis, and certification services, as well as subcontracts helicopter wor k. Kaman Corporation also operates in the United Kingdom, Germany, Australia, and New Zealand. The company was founded in 1945 and is headquartered in Bloomfield, Connecticut.
- [By James E. Brumley]What do small cap stocks MKS Instruments, Inc. (NASDAQ:MKSI), Tanger Factory Outlet Centers Inc. (NYSE:SKT), and Kaman Corporation (NYSE:KAMN) have in common? Absolutely nothing, on the surface, and no, it’s not a setup for painfully bad punchline. There is a common thread among KAMN, SKT, and MKSI right now, however… they’re all three going into my mental (though publicly-tracked) portfolio this afternoon.
- [By Rich Smith]Bloomfield, Conn.-based Kaman Corporation (NYSE: KAMN ) will have a new Chief Financial Officer soon.
On Thursday, the aircraft parts-maker announced that when current CFO William C. Denninger retires on June 30, he will quickly be succeeded (the very next day, in fact) by newly promoted Senior Vice President and CFO Robert D. Starr.
- [By Rich Smith]Bloomfield, Conn.-based Kaman Corporation (NYSE: KAMN ) looks likely to land a sizable contract with the New Zealand Ministry of Defense, the company announced late Thursday.
Top Stocks To Watch Right Now: Visteon Corporation(VC)
Visteon Corporation supplies automotive systems, modules, and components to automotive original equipment manufacturers worldwide. The company offers a range of electronics products, including audio/infotainment systems and components, such as base radio/CD head units, infotainment head units, audiophile systems and amplifiers, rear seat family entertainment systems, digital and satellite radios, HD and DAB broadcast tuners, MACH voice link technology, and connectivity solutions for portable devices; driver information systems comprising instrument clusters and displays to assist driving; and powertrain and feature control modules, including controllers for fuel pumps, transfer cases, tuning valves, and security and voltage regulation systems. It also provides electronic climate controls, such as single zone manual electronic and automatic multiple zone modules, as well as integrated audio and climate control assemblies; and lighting products consisting of headlamps, stop lamps, and fog lamps. In addition, the company offers integrated heating, ventilation, and air conditioning systems, which include evaporators, condensers, heater cores, climate controls, compressors, air handling cases, and fl