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The potential for artificial intelligence to transform underwriting workflows has caught up to the surety bonding industry. But it has also led to concerns about job security as a new survey by Lance Surety Bonds found 41% of surety professionals are worried about roles being replaced.

“It’s really a combination of concerns. There’s the obvious one of AI replacing jobs, but there’s also uncertainty around what happens when technology becomes the main decision maker,” Eric Weisbrot, digital marketing manager, Lance Surety Bonds, said.

He noted that alongside concern about job loss, many insurance professionals are “concerned about “overreliance on the technology and the lack of clear accountability if something goes wrong.”

In his view, the underlying issue is more about humans being removed from the loop and AI overshadowing human judgement.

“Once underwriting decisions start relying heavily on algorithms, questions about transparency and bias quickly follow. The real fear is not just job loss, but losing human judgment in the decision-making process. When real financial consequences are involved, that concern is understandable,” Weisbrot said.

However, the survey emphasized that AI itself is not the enemy. In fact, three out of five bonding professionals said they have already implemented automation in their bonding process and most said it can positively impact their roles.

As such, Weisbrot said balance between workflow modernization and workforce upskilling is key to navigating this new normal.

The case for modernization

Lance Surety Bonds’ survey confirmed what many industry leaders have already warned —- companies no longer have the luxury of avoiding AI in an era with increasing demand for technology-driven solutions.

“What’s important to keep in mind is that client demands are evolving faster than ever,” Weisbrot said. “Fifty-six percent of surety bond pros are saying it’s becoming more common for their clients to expect a digital-first experience. While that’s certainly an emerging trend in surety bonds, it’s really a trend happening across all types of insurance products.”

Surety bonding and risk management professionals surveyed also expressed confidence in AI’s capabilities, with 43% trusting it to be more accurate than traditional models, 58% saying they believe it can enhance underwriting roles and 66% saying going digital is key to staying competitive.

However, at the same time, one in five surety bonding professionals said their work is still manual — and most believe it’s causing their company to lose business. Fifty-nine percent of respondents said their firms are “losing money and speed because these more ‘old-school’ methods, like paper or fax, can be costly and time-consuming.”

Meanwhile, 70% of small owners surveyed said they would defect from their current surety bond provider “immediately” if they could get bonded in less than 10 minutes using AI instead.

“In an era where speed is crucial and businesses are having to do less with more, every second seems to count,” Weisbrot said.

Outpacing human skill

Concern about job loss is one of the potential downsides of AI being perceived as so effective, as indicated by the results of the study.

“If AI is already earning that trust and getting buy-in to outperform human judgment on assessing risk, one of the core skills of underwriters and advisors, then these roles built around human evaluation and processing are certainly feeling the pressure,” Weisbrot explained.

However, he believes the risk isn’t a simple matter of mass redundancy but a more nuanced concern about role transformation. While the term “skills gap” never appears in the research, he believes the results imply this could be a potential factor at play.

“The concerns around overreliance on algorithms and a lack of transparency in AI decisions signal that while some are adopting these tools, they still don’t fully understand them, which is a skills gap in itself,” Weisbrot said.

“Half of those we surveyed admitted they feel pressured to modernize, whether it’s due to competition from insurtech firms or internal bottlenecks. The pressure without capability is the perfect environment for a skills gap to take hold.”

Technological balance

The solution lies in integrating new technology while advancing AI literacy, according to Weisbrot, who emphasized that outdated workflows are costing companies who choose to do nothing.

“While leaders should invest in AI tools, you must invest in actual training as well; you can’t just integrate these new tools and expect your team to ‘figure it out.’ Build your staff and their confidence up by allowing them to upskill or train on these new technologies, and you should see an increased confidence in interpreting, auditing, and overriding AI decisions,” he said.

But individual professionals also have a role to play, he added, in learning to work with technology rather than fear it or see it as competition.

“Our research suggests pros best positioned for success are ones who can work alongside AI rather than go head-to-head with it. Combine speed and efficiency from these tools with your relationship management, ethical judgement and contextual knowledge that algorithms can’t replicate,” Weisbrot said.

Lance Surety Bonds is a U.S.-based surety bond provider founded in 2010 and based out of Doylestown, PA. Its study, “The Future of Surety Bonds: Will AI and Automation Change the Industry?” was conducted in June 2025, surveying 544 Americans working in roles related to surety bonding and risk management.

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Earlier this year, a new law went into effect in Texas, requiring insurers to provide a reason for declining or canceling an auto or homeowners policy.

HB 2067 applies to decisions made by insurance companies after January 1, 2026, and affects all property and casualty insurers, including farm mutual insurance companies.

According to Carol Sherron, senior vice president and southwest zone client advisory leader at Marsh, a global professional services firm, this law marks a significant step toward greater transparency in the insurance marketplace.

“Making it standard practice for insurers to share this information benefits consumers by giving them clear insight into the factors influencing coverage decisions,” Sherron explained.

What HB 2067 means for consumers

The transparency of HB 2067 allows consumers to take targeted actions that address their unique concerns and improve their risk profiles. This can, in turn, expand their options for insurance coverage.

“Most A-rated carriers that we work with at Marsh are already sharing rationale for their decisions,” Sherron said. “However, this new ruling requiring all carriers to do so is a step in the right direction for standardized consumer transparency.”

Of course, there is a downside in the form of an administrative burden placed on carriers that are required to meet these reporting requirements, as well as on the Texas Department of Insurance, which must collect, review, and publish the information.

Ways to communicate this law to clients

For insurance agents, HB 2067 underscores the importance of proactive communication with clients regarding underwriting concerns and risk management.

“Normalizing these discussions and providing education focused on improving insurability empowers clients to make educated decisions and take meaningful steps to enhance their risk profiles,” Sherron explained.

She encourages agents to engage in open and honest dialogue with clients affected by cancellation, non-renewal, or declination of coverage.

“Make it clear that carriers are legally required to provide reasons for adverse actions, and how this helps both parties work together to address concerns and identify the best strategy and solution moving forward,” Sherron said.

How to interpret carrier responses

When reviewing carrier responses from insurance companies, both agents and clients should carefully examine the reasons provided and ask clarifying questions if there is any confusion or uncertainty.

“Agents should be prepared to discuss carrier expectations and underwriting guidelines to provide context and help clients better understand their own risk profiles. It’s also their responsibility to guide clients on steps they can take to improve their eligibility for coverage,” Sherron explained.

At the end of the day, maintaining proactive and ongoing dialogue between agents and clients about issues that could lead to declination, cancellation, or non-renewal of coverage is critical to avoiding surprises, experts say.

Factors such as outstanding carrier requirements for a home, increased auto activity, or a pattern of frequent claims can trigger adverse carrier actions if left unaddressed.

“An annual review of the insurance program is an excellent opportunity to assess potential issues and discuss changes that may reduce the likelihood of future carrier actions,” Sherron added.

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Much attention has focused on the more than 4 million baby boomers turning 65 each year, often referred to as “Peak 65.” Today, as many Americans are turning 35 as are turning 65, marking “Peak 35.”

Millennials are emerging as the next financial phenomenon — already shaping the economy through entrepreneurship, professional success, strategic real estate acquisitions, and willingness to consider alternative investments. Many have built wealth at a younger age than previous generations, while others face financial pressures like student debt and wage stagnation.

These millennials are a driving force in the American economy as the largest generation in the workforce. As they transition from early career earnings to wealth building, many are also poised to inherit assets from their baby boomer parents.

A new study by Equitable, “PEAK 35TM: Guiding a New Generation of Wealth,  explores how millennials are both building and inheriting wealth.

The study reveals that nearly seven in 10 millennials expect or are fairly confident they will inherit assets from their families. They anticipate receiving a range of wealth, including cash (71%), personal valuables such as jewelry (51%), real estate assets (46%), and transfer of financial assets like stocks, bonds and retirement accounts (41%).

Nearly eight in 10 millennials feel confident making smart financial decisions today; that confidence drops sharply to just 27% when their financial situation becomes more complex. As millennials prepare to inherit cash, real estate, investments and businesses from their aging parents, this shift in assets presents an opportunity for advisors to offer expert guidance and holistic financial planning.

“I was surprised at how confident millennials are with their finances,” said Michelle Felendes, a financial advisor with Equitable Advisors. “Of course, that confidence drops when things get tricky. For example, when their parents pass away and there is a transfer of wealth.”

Navigating personal financial planning landscapes, including tax laws, while raising children and dealing with your parents can be complicated, Felendes noted. “It’s not just the numbers; it’s the human side of life.”

Female millennials are a growing financial influence

Millennial women are another critical demographic in today’s financial landscape, with growing influence over personal and family wealth. Their financial circumstances are increasingly complex as they balance career advancement, caregiving responsibilities and potential wealth transfer considerations.

More millennial women are advancing in their careers, with higher education and larger incomes positioning them to take control of their financial futures. Fifty-one percent of millennial women report that they are the primary breadwinners in their families — surpassing both Gen X (39%) and baby boomer women (37%) in this role.

Single women are outpacing men in home ownership, highlighting their financial independence and need for long-term planning.

Despite millennial women’s growing economic power, there is a gender divide in confidence managing their finances today, the study found.

Eighty-five percent of men feel confident in their ability to make smart financial decisions today versus just 71% of women. The study reveals that having a financial advisor, however, increases confidence levels among millennial women to 84%.

When it comes to finances and investments, Felendes said many women historically relegate that to their male counterparts, but she is seeing many millennial women taking more of an active role.

Digital natives are looking for human advice

As the first digital-native generation, millennials embrace technology, social media and mobile finance. While digital finance tools provide convenience, millennials seek personalized financial guidance as they build and inherit wealth.

Importantly, nearly seven in 10 millennials (68%) would prioritize working with a financial advisor over a solely digital experience. The study shows that 27% of millennials prefer working just with a financial advisor, while 41% favor a hybrid approach that balances technology and tailored advice.

“Having an advisor can help people reach their goals. I always tell my clients, ‘My goal is to help make your life easier.’ There is a lot of information out there but how do you take that information and execute on it,” Felendes said.

The study reveals that 68% of millennials have already discussed future inheritance planning with their parents, and two-thirds of those families work with a financial advisor — underscoring that financial planning often begins at home.

That influence runs deep: 87% of millennials say their family’s relationship with a financial advisor is a key factor in deciding whether to continue working with that advisor themselves. Four in 10 millennials, however, would switch financial advisors if they do not feel seen or supported, or if the advisor lacks experience with clients in a similar situation.

Felendes recommends that millennials meet with a financial professional with their parents. This can give clarity on their own planning because she says, “You don’t know what you don’t know.”

The current shift in wealth is more than a financial decision for most millennials — it’s emotional and cultural. The study revealed that an overwhelming 93% of millennials believe it’s important for their financial advisor to align with their personal values and goals. Moreover, nearly three-quarters of those already working with a financial advisor plan to seek one who specializes in inheritance and wealth transfer.

Equitable’s “PEAK 35TM: Guiding a New Generation of Wealth” study was conducted by an independent, global survey panel provider. The survey included 500 U.S. adults born between 1981 and 1996 and was fielded online between June 26 and July 7, 2025.

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The legacy technology systems that many insurers rely on are holding them back. Still, it’s unsustainable for insurers to keep kicking the can down the road long-term, according to a new study published by Baringa.

“There’s a massive constraint in terms of their ability to get their current legacy environment to respond in terms of pace, in terms of value for money, but also in terms of how they think about being able to capitalize on a more modern architecture stack and what does that look like,” Roy Jubraj, partner of financial services, Baringa said.

Outdated legacy tech is one of the main barriers preventing insurers from capitalizing on AI and other technology advancements and from being able to deliver the level of service customers increasingly demand.

But Jubraj, one of the study’s authors, said it is not all “doom and gloom” for insurers, as there are many options for them to transition to more modern frameworks. The main point he emphasized was that insurers can’t afford to hold onto legacy tech “too long.”

“With the progression of technology and, importantly, the progression of data, I think insurers and organizations across the globe need to take the leap of faith and start thinking about how they update their capabilities and legacy environments in a way that is a lot more progressive,” Jubraj said.

“It can become very, very constraining in terms of those legacy environments not necessarily supporting the business and the business ambition in today’s environment. So, I don’t think you can hold on for too long.”

Insurance execs realize the problem

According to Baringa’s study, insurance executives recognize that keeping legacy tech is a problem, yet they know they are heavily dependent on it.

Just under 50% of the execs surveyed said they see existing IT as a barrier to supporting customer needs. Yet an equal percentage also said they believe legacy system failure would be fatal to their operations.

“We’ve got lots of insurers in the survey that are likely sitting on a core insurance platform capability that’s 20, 30 years old. So, your ability to then change and be able to do change, either from a customer proposition perspective or digital channels or being able to test and learn and be able to tweak the propositions in a very flexible and sort of fast-paced environment, becomes very limiting,” Jubraj said.

However, 39% of insurance leaders surveyed said legacy systems and the ability to capitalize on new technology are their company’s biggest strategic challenge.

“There’s not only a missed opportunity as it relates to the agility and speed that you need to service the customer’s needs in the here and the now, there’s a missed opportunity in terms of how organizations want to innovate, in terms of how they get value out of the new practices and methods and tools that are in the marketplace,” Jubraj said.

Baringa’s report homed in on how legacy tech is driving a wedge between client expectations and the digital services offered by their providers. It found that while 76% of customers today want to have an entirely digital interaction with their insurers, less than 40% said they are actually satisfied with the digital experiences offered by their provider.

“There’s a clear gap between customers’ expectations, from a digital perspective, and what we believe insurers can do to meet them,” Jubraj added.

Fixing the foundation

Jubraj acknowledged that modernizing core ecosystems is easier said than done for many insurers, who would have to invest considerable time, expertise and funds to make it happen. As such, he said there is a marked “hesitancy of organizations to be able to make that leap of faith in terms of how they embark on that modernization program and what does that look like.”

He nonetheless remained optimistic that there are feasible options for insurers to consider, such as those put forth in the Baringa report.

“One of the fears that insurers have is those investments don’t necessarily yield business value quickly enough. So, the approach that we’ve laid out in the report is that there is an iterative process that you can engage in, where you fix the foundations and the core, and then you build an operating model alongside fixing the foundations. You can then start to iteratively evolve and use the technology to deliver business value,” he explained.

The report also suggested legal reviews on how organizations may choose to approach their technology transformation agenda that could help address foundational capabilities and avoid “waiting for years and years to fix the problems that you have.”

“There are definitely solutions, there are definitely options. It’s not all doom and gloom, but insurers do need to take the conviction to actually go on this journey and address that and embark on those modernization programs,” Jubraj said.

Baringa is a global management and consulting firm founded in 200 and based out of the United Kingdom. Its insurance tech study, “Win loyalty, where others fail,” was based on the results of studies conducted in the United States and UK between March and April 2025. The study surveyed 4,000 customers and 4,000 senior insurance executives.

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In 1967, while finishing his senior year at Ohio State University, Marv Feldman signed his first insurance contract with New York Life. At the time, he was just another face in an industry where 90% of new agents flame out within 12 months.

Feldman didn’t just beat those odds; he spent the next six decades redefining them.

The industry veteran, who began his career knocking on doors and cold-calling prospects for more than two years before entering New York Life’s management training program, eventually returned to personal production in 1974. At age 28, he became a partner at the Feldman Agency in East Liverpool and president of Fremar Financial Group.

As the son of the legendary Ben Feldman, often referred to as the best insurance agent ever, he walked in big shadows. But Marv Feldman carved out his own path defined by high-level leadership and advocacy.

Feldman served as a past president of the Million Dollar Round Table and was honored in 2011 with the the industry’s highest accolade, the John Newton Russell Memorial Award from the National Association of Insurance and Financial Advisors.

Feldman concluded his nearly 60-year career as the CEO of Life Happens, leaving behind a legacy of service that earned him widespread respect across the financial services landscape.

“He was a great leader, husband and father and will sorely be missed,” said John W. Wheeler, Jr., NAIFA president elect. “He had countless contributions to the industry with unquestionable dignity and wisdom.”

Feldman died Wednesday at age 80, surrounded by his family.

“I always said I wanted to be remembered first as a great husband and father… and oh, by the way, a guy who happened to be successful in the insurance industry,” Feldman said in a final message shared by his family on social media.

Generous with his time

In an industry that can all too often seem transactional, Feldman was known for giving his time. When NAIFA Los Angeles worked through then-Mayor Eric Garcetti’s office to establish Life Insurance Awareness Month, Gilbert Z. Mares, NAIFA LA president at the time, recalls Feldman flying 3,000 miles to show in-person support.

Not just the initial year [2014] either, said Mares, head of Gilbert Z. Mares & Associates Insurance agency in San Marino, Calif., but for several years afterward.

“He loved attending,” Mares said.

By then, Feldman’s passion was Life Happens, an industry-supported marketing group based in Washington, D.C. He worked with a small staff to educate consumers on the importance of life insurance in protecting families’ financial futures.

Richard M. Weber remembers working with Feldman when Weber served on the executive committee of the Society of Financial Service Professionals about 15 years ago. FSP, which merged into NAIFA in 2024, was one of several trade groups that would meet once a year to “find common ground and collaborate,” Weber explained.

“I especially remember his mediation skills at ‘herding cats,’” Weber recalled. “Taking leadership in getting all these organizations to work together.”

In 2016, Feldman published his memoir titled Man On A Mission: How to Succeed, Serve, and Make a Difference in Your Financial Services Career. The book sports 4.8 stars (out of 5) on 80 Amazon reviews.

“Marvin Feldman is one of the professionals that I dare you to ignore at the cost of your long-term career development,” wrote David H. Kinder, longtime agent and financial consultant. “For the new agent, I believe it’s a wonderful primer to this career.”

Dedication is ‘beyond reproach’

Marv Feldman’s career accomplishments are almost too numerous to mention.

He was the 2002 president of the Million Dollar Round Table and a member of the elite Top of the Table for 41 years. He was honored as the Circle of Life recipient in 2004 by the Million Dollar Round Table Foundation in recognition of his community and industry leadership.

Feldman gave speeches in 40 countries. He served as the Secretary of New York Life’s Agent’s Advisory Council, and was named to Insurance Newscast’s list of the 100 most powerful people in the insurance industry in North America

The late Terry K. Headley, NAIFA’s 2011 president, had this to say about Feldman upon his selection for the John Newton Russell Award: “Marv’s dedication to the institution of life insurance and the industry is beyond reproach. I can’t think of a better ambassador for our business, our industry, and our profession. As a highly successful agent for many years, Marv clearly understands and appreciates the essential role of agents, who perform the vital job of protecting the financial security of American families.”

Later in life, he led Feldman Financial Group in Clearwater and Palm Harbor, Fla., building a practice “known for professionalism, mentorship, and service to clients,” NAIFA said.

Like many, Michael Weintraub, former principal and co-founder of Next Step Retirement & Insurance Services, will most remember Feldman never missing a chance to enjoy the simple joys of life and trying to make people laugh.

Many years ago, Mike and Paula Weintraub and Marv and Vicki Feldman went to see a Broadway musical in Toronto.

“During intermission, Marv looked at me and said something like, ‘Let’s go find some real food,’” Mike Weintraub recalled. “The two of us quietly slipped out of the theater and ran down the street to a food truck for hot dogs and those amazing Toronto french fries.”

The wives eventually tracked them down and the foursome hurried back to their seats just as the curtain was rising, he added, “both of us with mustard on our chins.”

Feldman “was respected and loved by so many of us,” Weintraub said. “I feel fortunate to have called him a friend for so many years.”

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With many Americans’ retirement savings falling far short of what they really need for long-term financial security, technology could be leveraged to help close the gap, said Bobby Powell, iPipeline vice president of distribution sales.

“When it comes to education, financial literacy and connecting people to solutions that will help them out, there’s absolutely a gap there today — getting people access to the right financial products and helping them understand what those products can do for them and if they can get to their desired outcome,” Powell told InsuranceNewsNet.

A 2026 study from the National Institute on Retirement Security found retirement preparedness of working-age Americans aged 21-64, is woefully lacking. The median amount saved for retirement is only $955, as many Americans have not even begun saving yet.

To put that number in perspective, experts generally recommend having six to 11 times one’s salary in retirement savings to live comfortably.

Powell said the retirement savings gap could be partly because many people don’t begin planning for retirement until later in life.

“Retirement is a very distant thing until it’s knocking on your door. Thinking about retirement is something that people probably don’t spend a lot of time on in their 20s, and then maybe start to think minimally of it in their 30s, and then as they get beyond that, they definitely start to think about it kind of more and more,” he said.

But he believes that equipping technology in a variety of ways can help more Americans begin to prepare earlier for better financial outcomes in retirement.

“I’ve been in wealthtech and insurtech for 24 years now, and I will say that technology is rarely a hindrance. So when we’re talking about how technology can bridge the gap, technology has been able to do this for quite some time — whether it is processing business faster or easier or solving problems,” he said.

Help navigating complexity

Powell pointed out that Americans have many complexities to think about when it comes to retirement planning. For example, they must weigh what age they want to retire, how much income they need to retire comfortably, what they expect their expenses to look like and how that differs from today, whether they will need Medicare, tax planning and a host of other considerations.

“There’s a whole lot of complexities, which I think really invites the need for a good financial advisor, a good financial planner, in the process,” he said.

However, there is an equally complex challenge in getting this information to Americans.

Not only are many young Americans not even beginning to think about retirement yet, but studies also indicate millennials and Generation Z prefer to go online for financial advice rather than engage with a professional consultant.

A possible solution is for advisors to leverage technology in tandem with their industry experience to reach more people.

“Technology can get the information out there faster; it can make the experience better. I think, generationally, technology will absolutely help folks or help make financial advice easier, help make the consumption of information much easier, much more available to the masses,” Powell said.

But tech can’t stand on its own

Although Powell believes technology can help fill a gap in retirement planning, he also emphasized that it cannot stand on its own.

“For the foreseeable future, you’ll need a human being in there as well to give you a lot of that guidance,” Powell said. “I think you’ll end up with a blend of both technology and people, but the technology absolutely helps get the information and the products to the consumers much faster.”

He said consumers can also leverage technology on their own to research retirement planning and gain a general understanding before they speak with a professional — and, in fact, many have begun doing just that.

“I think at least taking that approach first with financial advice is a really good thing because you are walking in as an educated consumer, and just being an educated consumer is a really important thing just in general,” Powell said.

However, he also said advisors can play a crucial role in helping clients cut through the overwhelming amount of information online while they’re making the transition from online research to real-life action.

“The challenge now is not so much the availability of information; it’s more like combing through all the information. It’s almost like information overload — I have all these choices in front of me all day long and they’re instantly available or near-instantly available now, so how do I make the right choice? That’s where your financial advisor comes into play,” Powell said.

He urged advisors to meet clients where they are when leveraging technology and using methods most comfortable to them.

“Anytime you are appealing to a specific group, you have to know your customer,” he said. “So, when I’m speaking to a baby boomer versus a Gen X or a millennial or Gen Y, et cetera, you have to understand how your own customer base consumes information and what’s most comfortable to them.”

iPipeline is a Pennsylvania-based global provider of digital solutions for the L&A industry, founded in 1995.

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Americans of all ages are hopeful about improving their financial situations this year. But the financial goals for each generation vary – from Generation Z’s savings push to baby boomers’ focus on debt reduction.

Those were among the findings of a survey conducted by The Harris Poll on behalf of the American Institute of CPAs.

“Our survey findings highlight just how differently each generation is experiencing today’s economy,” said Pamela Ladd, AICPA’s senior manager of personal financial planning. “While Gen Z’s goals for 2026 are focused on major life milestones like buying a car or home, millennials are striving for balance, and older generations are prioritizing retirement readiness and debt reduction. Despite these differences, nearly all Americans share one common thread – having financial goals for 2026.”

As the survey pointed out, despite having different levels of optimism, goal‑setting was nearly universal across generations. A whopping 92% of Americans said they have financial goals for 2026.

When asked if this year will be better financially for them than 2025 was, optimism was higher for Gen Z, millennials and Gen X than it was for baby boomers. For example:

• 50% of Gen Z believe that 2026 will be better financially for them than 2025.
• 52% of millennials believe that 2026 will be better financially for them than 2025.
• 42% of Gen X believe that 2026 will be better financially for them than 2025.
• 29% of baby boomers believe that 2026 will be better financially for them than 2025.

Top 2026 financial goals for each generation

The survey also shared the financial goals of each generation. For example:

—Gen Z is focused on major life milestones:

1. Saving for a car (41%)
2. Investing (39%)
3. Saving for a home (36%)

—Millennials are split between lifestyle and stability:

1. Saving for a vacation (36%)
2. Paying down debt (35%)
3. Investing (35%)
4. Saving for a car (33%)

—Gen X shows strong retirement and debt focus:

1. Saving for retirement (46%)
2. Paying down debt (37%)
3. Investing (31%)

—Baby boomers also aim for controlling debt and retirement savings, with a bit of fun:

1. Paying down debt (33%)
2. Investing (33%)
3. Saving for retirement (32%)
4. Saving for a vacation (27%)

When asked what may prevent those with financial goals for 2026 from reaching them, the top answer for each generation was the same – the rising cost of living (e.g., housing, groceries, utilities):

• 59% of baby boomers
• 53% of Gen X
• 44% of millennials
• 40% of Gen Z

Tips from CPAs

The survey also shared several tips that CPAs offered for each generation:

Gen Z: Build an emergency fund first (six to eight months of expenses), keep debt manageable and invest consistently, even in small amounts. Although this group is focused on big life milestones – buying a car, investing early and saving for a first home– it’s important to balance ambition with stability and long-term planning.

Millennials: Creating a plan for success can help millennials enjoy today without sacrificing long‑term progress. Automate savings, using budgeting tools and prioritize paying down high‑interest debt. Millennials show they are interested in saving for a vacation while also tackling debt and investing.

Gen X: Gen X is entering peak financial pressure years, and their financial goals reflect that. They may also fear that it’s too late to catch up on retirement – but it’s not. Maximize employer retirement contributions, pay down lingering debt and define what retirement will cost. Small adjustments, such as increasing 401(k) and Roth IRA contributions annually, can make a difference.

Baby boomers: Reducing financial obligations and reviewing investment risk levels can help ensure that savings last throughout retirement. Many boomers also want to enjoy life now – by doing things such as taking a vacation – but should do so by using a clear spending plan.

Helping different generations achieve their goals

How can financial professionals and wealth managers use the information from this survey to help different generations obtain their financial goals for 2026—and beyond? “Using real‑world data can enrich client conversations and reinforce the relevance of a personalized financial plan,” said Ladd. “Regular check‑ins help adjust strategies as clients face ongoing cost‑of‑living pressures.”

The survey was conducted online in the United States by The Harris Poll on behalf of AICPA from December 18-22, 2025, among 2,079 adults ages 18 and older.

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The world’s most critical energy artery has ground to a functional halt this week as the global maritime insurance market effectively severed ties with the Strait of Hormuz amid the Iran hostilities.

Following a series of retaliatory strikes between the U.S., Israel, and Iran, leading insurers have triggered emergency cancellation clauses, leaving hundreds of vessels stranded and global energy markets in a tailspin. Consumers are feeling the pain at the pump, where gas prices are up an average of 27 cents this week, AAA reported.

In the hopes of reversing that trend, President Donald Trump announced that the U.S. International Development Finance Corp. will begin offering “political risk insurance” at “reasonable prices” to commercial tankers.

In a research note released Thursday morning, Morningstar stated that the move is unlikely to lower gas prices in the short term.

“We believe that government-provided primary insurance may have limited success in clearing the current shipping backlog,” wrote Marcos Alvarez and Elisabeth Rudman, managing directors for Morningstar Global Financial Institution Ratings. “The principal constraint facing shipowners is not only insurance availability but also the heightened navigation risks in the region.”

As of Thursday, major maritime insurers — including Gard, Skuld, NorthStandard, the London P&I Club, and the American Club — have officially terminated war risk coverage for ships transiting the Gulf and Iranian waters.

Insurers cite an inability to calculate risk after the Iranian Revolutionary Guard Corps threatened to “set ablaze” any vessel attempting to pass. Approximately 150 to 200 vessels, including massive oil and liquified natural gas tankers, have dropped anchor outside the strait, unwilling to sail without the financial protection required by international law.

“Missile attacks, drone strikes and vessel damage have materially increased the probability of loss,” the Morningstar note reads. “Insurance alone does not materially reduce the operational risk faced by crews and vessels.”

Costly voyage

For the few operators still willing to navigate the 21-mile-wide chokepoint, the price of entry has become prohibitive. War risk premiums have jumped from roughly 0.2% of a ship’s value to over 1% in just 48 hours.

For a $100 million supertanker, the cost for a single week-long voyage has surged from $200,000 to $1 million. Shipping rates for crude oil to Asia hit an all-time high of over $423,000 per day on Monday, a nearly 94% increase from the previous week.

“War risk premiums can increase sharply during periods of conflict, which may discourage shipowners from transiting high-risk regions even when coverage remains available,” Alvarez said in a news release. “Targeted support mechanisms could help [in] maintaining shipping flows without displacing private insurers from the market.”

The “insurance-driven” blockade has already triggered a “force majeure” declaration from QatarEnergy, halting 20% of the world’s LNG supply. With 10% of the global container fleet also “caught up” in the closure, analysts are speculating on secondary inflation shocks as supply chains for electronics and drugs are disrupted.

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AI adoption is accelerating among independent insurance agencies.

According to the 2026 Big ‘I’ Agents Council for Technology Tech Trends Report, two-thirds of independent agencies plan to increase their AI usage in the next 12 months.

Current adoption levels, however, vary widely—33% are just experimenting, 22% are using AI in limited areas, 8% are embedding it in daily workflows, and 31% are not using it at all.

Agencies that are looking to ramp up their AI efforts are primarily motivated by operational efficiency and staff productivity. At the same time, data privacy, compliance risks, and inaccurate outputs remain leading concerns.

If you’re an agent considering AI—or looking to expand its role— educate yourself on how others are currently using this technology and how you can implement it in a responsible, strategic manner, the report recommends.

How AI is reshaping agency workflows

As of late, independent agents are moving from experimentation to targeted workflow use.

“Adoption is still uneven as we have a wide array of agency sizes, from both a staff and revenue perspective. Most independent agencies are still in the early to middle stages of their AI journey, and they’re starting where it makes the most operational sense,” said Kasey Connors, executive director of the Big “I” Agents Council for Technology (ACT).

AI is primarily being used to support high-volume, repeatable tasks like drafting client emails, summarizing calls, generating marketing content, and assisting with certain back-office review processes.

Some agencies are even using it to look up values of vehicles from an underwriting perspective. In most cases, they begin in lower-risk areas where time savings are immediate but human oversight is still essential.

“We’re also seeing growing interest in AI voice assistants, smarter policy review, and workflow automation embedded directly into core systems. Broadly speaking, agencies are taking a pragmatic approach: start small, learn fast, and expand where it drives real efficiency,” Connors explained.

What tools are being used?

Most agents are using a combination of general LLM tools, such as ChatGPT and Microsoft CoPilot, AI embedded in agency platforms, and emerging insurtech solutions.

“We’re seeing significant momentum from AI being embedded directly into agency management systems and core workflows. ACT is neutral to partners but has a broad partner ecosystem in this space, including platforms like Applied Systems, Vertafore, Zywave, Amplo, and HawkSoft that are increasingly incorporating AI into everyday agency operations,” Connors said.

Beyond core systems, agencies are turning to specialized solutions across the customer lifecycle — from data intake tools like Canopy Connect and service providers such as Patra, to digital distribution platforms like Bolt and emerging AI workflow players including CARA, Fulcrum, Gail, ReFocus AI and Xanatek’s Dyad.

On the marketing and customer engagement side, they’re leveraging platforms like Experience.com and Total Expert for smarter search, reputation, and lifecycle engagement, along with infrastructure players like AgentSync that help ensure cleaner, more reliable data flows, as well as Agency Revolution for marketing specifically.

The effects of AI usage

“When done well, the impact of AI is largely positive. It helps agencies become faster, more proactive, and more responsive,” Connors explained.

According to Connors, most independent agents are being very intentional about using AI to enhance—not replace—the trusted advisor relationship that defines their value.

As long as it’s implemented thoughtfully, this technology can remove friction behind the scenes, giving agents additional time to focus on advice, coverage guidance and relationship building.

From the client perspective, it offers personalized outreach and expanded availability through after-hours support, chat, or voice tools.

Tips for agents

If you want to use AI to support your clients, Connors recommends you think about workflow pains rather than the tools themselves.

“Look for tasks that are repetitive, manual and time-consuming. Email drafting, call summaries, marketing content and document review are often strong early wins. Pilot one use case, measure the impact and then expand thoughtfully,” Connors said.

It’s also critical to invest early in data quality, governance, and team training.

AI will only perform as well as the data behind it, and agencies that set clear usage guidelines and keep a human in the loop, especially for coverage decisions, are seeing the strongest results.

“Most importantly, treat this as an operational evolution, not just a technology experiment,” Connors added.

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A California investment advisor was convicted of defrauding three former NBA players out of more than $5 million, federal prosecutors said.

U.S. Attorney Jay Clayton said a jury found Darryl Cohen guilty following a five-week trial before U.S. District Judge Vernon S. Broderick.

Prosecutors said Cohen, 52, of Chatsworth, orchestrated a scheme between 2017 and 2020 to exploit his advisory relationships with former professional basketball players Chandler Parsons, Courtney Lee and Jrue Holiday.

“Cohen built trust with successful pro athletes — then betrayed it, stealing their money to fund personal luxuries, including a state-of-the-art gym in his own backyard,” Clayton said. “New Yorkers deserve honest financial advice — not advisors who scheme to steal clients’ funds, rather than protect their financial interests — and this office is committed to removing bad actors from our markets.”

The prosecution was part of a wide-ranging crackdown on fraud against professional athletes led by the Southern District of New York. A Georgia businessman was convicted in October 2024.

Resale profits up to 310%

According to evidence presented at trial, Cohen and accountant Brian Gilder steered the NBA athletes into purchasing viatical life insurance policies at steep markups without disclosing that a law firm controlled by Gilder had first acquired the policies and then resold them at markups ranging from 222% to 310%. The firm generated about $4.5 million in profits from the transactions, prosecutors said.

Authorities said Cohen used portions of the proceeds for personal expenses, including home renovations, pool work, credit card payments and transfers to a romantic partner.

In a separate scheme, Cohen directed $500,000 from the accounts of Parsons and Lee to what he described as charitable donations to a nonprofit called Beast Basketball. Prosecutors said the players did not authorize the transfers and that roughly $238,000 of the money was used to build a gym at Cohen’s home. When questioned, Cohen told one player the funds had helped “future prospects” and “underprivileged kids,” according to court evidence.

Prosecutors also said Cohen diverted $328,125 from Parsons’ account to repay a former client, ex–Major League Baseball player Nyjer Morgan, who had demanded repayment over prior investments and loans. Parsons did not authorize the payment, authorities said.

A jury convicted Cohen of one count of wire fraud, which carries a maximum sentence of 20 years in prison, and one count of investment adviser fraud, which carries a maximum sentence of five years. Sentencing is scheduled for a later date.

Clayton credited the FBI for its work on the case and thanked several U.S. attorneys’ offices and the U.S. Securities and Exchange Commission, which filed a parallel civil action, for their assistance.

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