• AAII’s new data provider and updated industry classification system for better investing analysis
• Expert voices in the AAII Journal share retirement, planning and behavioral finance insights
• Education initiatives, new sentiment project and a summer retirement investing seminar series

The annual AAII Member News gives us a chance to report on the latest enhancements and additions to member benefits and update members on our initiatives and plans. If you have any questions, need further assistance or are considering an upgrade to your membership, please do not hesitate to reach out to members@aaii.com. Your engagement and feedback are crucial, as they help us tailor our services to better meet your needs.

AAII Successfully Completes Data Transition to S&P Global and GICS

Last October, AAII switched from using LSEG Data & Analytics to S&P Global Market Intelligence for fundamental company data and earnings estimates. Our goal for this change was to bring about better consistency and reliability. S&P Global data adjusts for different accounting methods, providing standardization that makes it easier to compare companies and industries on AAII.com in areas such as the Stock Evaluator, My Screens and My Portfolio.

At the same time, we started using the Global Industry Classification Standard (GICS) instead of the broader The Refinitiv Business Classification (TRBC) system. This cut down the number of industry groups from 154 to 74, making sector and industry averages clearer and more useful by using a widely accepted standard.

We also improved the list of stocks tracked by AAII’s model portfolios, stock screens and tools. Now, stocks must meet stricter rules—like a minimum $1.00 share price for over-the-counter (OTC) stocks—to provide more reliable data.

So far, members have shared positive feedback. This updated data system helps us deliver more accurate analysis, supporting better investment decisions. 

The Diverse Perspectives That Shape the AAII Journal

Each month, the AAII Journal supplies readers with more than just investing education: We offer perspectives from some of the most respected voices in personal finance, investing and behavioral economics.

Through guest writers and interviews, we aim to broaden members’ understanding of key financial topics and spark new ways of thinking about retirement, risk, wealth-building and beyond.

Over the past year, we’ve featured well-known experts like Christine Benz on retirement plans and Meir Statman on how money relates to well-being. Other industry leaders like Mario Gabelli, Nancy Tengler and William Reichenstein have offered clear insights on value investing, financial planning and Social Security, respectively. Hildy and Stan Richelson shared their astute bond strategies.

We also have four contributing editors who are seen regularly in the AAII Journal. Recently, Brian Haughey enlightened us on index fund concentration, Craig Israelsen tackled the effect of fees on retirement income, Paul Merriman revealed hidden investment lessons and Chris Pedersen showed us how to set realistic investing expectations.

These collaborations are part of our ongoing effort to bring diverse expertise and high-quality education to AAII members. We’re proud to continue that tradition with every AAII Journal article and issue.

Working Together to Empower the Next Generation of Investors

At AAII, we’ve spent over 45 years helping individual investors with trusted, research-based guidance. Our content is free from hype, advertising and outside influence, which matters more than ever in today’s noisy, unpredictable market.

Young investors face a flood of flashy social media “advice” that can quickly derail goals. Your donation helps AAII provide clear, fact-based education that rises above the confusion. Not only does this help investors build long-term wealth, but it also protects the next generation from making costly mistakes.

As of mid-June 2025, we’re only $9,000 away from reaching our $50,000 fundraising goal. Every dollar supports the tools, research and resources that keep AAII’s guidance affordable and accessible, especially for investors who are just starting out.

Thanks to members’ generosity, we’re about to expand digital access, update educational content and reach more future investors with what really matters: how to invest smartly, stick to a plan and build a portfolio that can handle any market.

We’re truly grateful to everyone who has contributed. Your support is what makes this work possible and lasting. 

Making Sense of Market Sentiment: AAII’s Latest Project

Over the past few months, Wayne Thorp and the AAII research team have been quietly building what we believe will be an essential new tool for individual investors: a sentiment-focused newsletter and dashboard. It features the top indicators you should know about, anchored by our decades of investor sentiment data collected through the AAII Investor Sentiment Survey.

This new service is a thoughtful, research-driven response to a real need we’ve heard from our members: the desire to better understand the emotional forces that move markets and how to stay grounded when the noise gets loud.

We’ve found that sentiment data is too often oversimplified or poorly explained. So, we decided to create something different: a transparent, educational product that connects the dots between investor mood and market behavior. Our goal is to give individual investors a clearer view of how emotion drives short-term movements, so they can make decisions rooted in data, not fear.

This project is about helping investors build confidence in volatile markets, spot opportunities others miss and understand when investor emotion becomes a signal in itself.

Starting in July: A Guided Series on Retirement Investing

This summer, AAII is offering a seven-part online seminar led by Cynthia McLaughlin, lead editor of AAII Retirement Investing, and Craig Israelsen, Ph.D., known for his work on the 7Twelve Portfolio. We’ve designed this series to walk you through key retirement investing topics in a clear, approachable way, ultimately complementing our AAII Retirement Investing newsletter.

Each session will focus on a different aspect of retirement planning, from evaluating your current portfolio and understanding diversification, to managing income sources and addressing tax strategies and inflation risk. Later sessions will explore the shift from pre-retirement to post-retirement investing, portfolio rebalancing, and planning for longevity and succession.

This series builds on the foundational concepts introduced in the Retirement Investing newsletter, offering deeper discussion and visual walk-throughs to help participants think critically about their own retirement strategies.

We are excited to launch the seminar this summer and are grateful to be guided by two individuals who are genuinely passionate about helping others invest successfully for retirement.

AAII Financial Summary

Annually, AAII publishes its year-end balance sheet for members and life members interested in the finances of the association. Prior years’ balance sheets can be found online in the Member News sections of past AAII Journals.

Note: Deferred membership revenue is recognized periodically as income over the membership period. Deferred life membership is recognized periodically as income over a 25-year period. This accrual method of accounting reflects the Association’s long-term obligation to its members.

Academic Awards: Fostering Investment Education and Research

Two papers won awards for investment research from AAII in the past year.

The awards are made in conjunction with the meetings of major finance associations around the country. The best academic papers presented at these meetings are selected by a committee of investment research experts.

AAII awards the writers of winning papers. Papers are selected based on the quality and thoroughness of research and on the contribution to shaping effective investment decisions.

Since the program began in 1983, more than 200 awards have been presented. Recent award-winning papers and recipients include:

• “MiFID II Research Unbundling: Cross-border Impact on Asset Managers” by Richard Evans of University of Virginia, Juan-Pedro Gómez of IE University and Rafael Zambrana of University of Notre Dame, awarded by the Southern Finance Association.
• “Volatility Disagreement and Asset Prices” by Adem Atmaz of Purdue University and Andrea Buffa of University of Colorado Boulder, awarded by the Financial Management Association.

These papers are technical; however, the AAII Journal does publish the findings of papers that are of particular interest to individual investors. 

Changes to AAII’s Terms of Service in 2025

This year, we introduced two key improvements to our Terms of Service (TOS) agreement to make things simpler and more consistent: one related to renewals and the other related to refunds.

If your AAII membership renewal date was April 15, 2025, or later, please note that we’ve simplified all two- and three-year plans into a single annual renewal model.

Here’s what that means for our members:

• If you previously had a multiyear plan, you were automatically renewed into a one-year plan at a discounted rate for the first year, as communicated prior to your renewal.
• Going forward, all memberships (except lifetime users) will renew annually at the standard rate in effect at the time of each renewal.

This change helps us reduce complexity and administrative costs so we can focus more on improving your member experience and delivering even greater value.

We’ve also simplified our refund policy. Instead of offering different trial period lengths based on membership type, we now provide a 30-day trial with a money-back guarantee for everyone. This unified approach makes the refund policy easier to understand and gives all new users the same opportunity to explore our services with confidence for an entire month before committing.

For our full Terms of Service, go to www.aaii.com/privacy/tos. If you have any questions, please email us at members@aaii.com.