Benchmarks declined in Hong Kong, Tokyo and Sydney but rose in Shanghai. U.S. and Chinese officials have been trading harsh rhetoric recently on everything from Hong Kong to the response to the coronavirus outbreak.
First-quarter earnings season offered something for everyone. On the positive side, corporate America produced solid results outside of the COVID-19 pandemic trouble spots, which included retailers, travel-related businesses, and banks.
The chair of the Federal Reserve said the U.S. economy is in a “downturn without modern precedent.” In “The Atlantic,” economics writer Derek Thompson argues it may take $10 trillion or more to save the economy in the end. Can the United States afford to dump such unfathomable amounts of money into the economy?
A Los Angeles-based private equity firm and registered investment adviser, has agreed to pay $1 million dollars to settle charges that it failed to implement and enforce policies and procedures reasonably designed to prevent the misuse of material nonpublic information.
Stocks closed higher on Wall Street Tuesday, driving the S&P 500 and Dow Jones Industrial Average to their highest levels in nearly three months as optimism over the reopening of the economy overshadowed lingering worries about the coronavirus pandemic.
During uncertain economic times, the unpredictable act of investing can be made even more unpredictable, local experts say. Since the onset of the coronavirus pandemic crisis in the United States, money decisions for average investors have certainly gotten more complicated.
The interest rate aspect doesn’t yet receive the attention it deserves, likely because no one has any real-life experience with 0% rates in the U.S. The implications are not all positive. From a macro standpoint, 0% rates deprive the Federal Reserve of one of its most used economic tools.
Join Jamie Hopkins, Director of Carson Coaching, as he returns with new installments of his exclusive, video series, Rewirement Tips. In this week’s tip, Hopkins notes that qualified charitable contributions can be a “powerful planning tool.”
The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze against a California-registered investment adviser and his entities to halt an ongoing Ponzi scheme targeting senior citizens in Southern California.
According to the latest figures from the Federal Reserve, nearly 45 million Americans have outstanding student loans with an average loan balance of $37,333. Total student loan borrowings now top $1.68 trillion, up nearly 30 percent from five years ago and more than 100 percent higher than ten years ago.
Anybody who has recently picked up a newspaper now knows that the U.S. economy ended a 10- year period when, through that period of time, it continually grew. It is good to know that the Federal Reserve is actively pursuing steps that can be used to bolster the economy. It is a bitter irony that in order to deal effectively with the coronavirus, U.S. policymakers have…
Technology use during meetings went from being (arguably) optional to necessary in a matter of weeks for many communities, including financial advisors. As if learning new technology wasn’t tricky enough, may advisors have found themselves managing virtual client relationships with regularity for the first time.
Entering its annual shareholder meeting Thursday, it is caught between activists demanding that the firm walk the talk and conservatives condemning the emphasis on politics over profits— as well as crying hypocrisy over BlackRock’s enormous holdings in China, the world's biggest greenhouse gas emitter.
A Massachusetts advisor herded dozens of unsuspecting investors into a risky, “one-size-fit-all” investment strategy, state securities’ regulators allege. The strategy concentrated a high amount of client funds on risky energy sector partnerships, regulators say.
Financially stressed workers may be tempted to withdraw funds from the 401(k) accounts. But employees should explore all alternatives prior to withdrawing from their 401(k) whether it’s during this pandemic or anytime.
Stocks took a sharp market downturn last week, leaving investors to wonder why. Stocks may have been due for a pullback after gains in late March through April and could potentially have further to fall.
Facing the gravest U.S. economic crisis in decades, Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell offered Congress contrasting views Tuesday of what the government’s most urgent priority should be.
The SEC settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams and for subsequent wrongdoing during an investigation of exam sharing misconduct at the firm.
It’ s our new normal: Tens of millions of Americans are unemployed or on a reduced income. We’ re social distancing and spending more time at home. But one thing hasn’ t changed— debts still have due dates.
The stock market bounced back from its worst week in nearly two months Monday as optimism about a potential vaccine for the coronavirus and hopes for a U.S. economic recovery in the second half of the year put investors in a buying mood.
Market cycles, crises, and investor behavior are all echoes of things we’ve seen in the past and will likely experience again in the future. No doubt the COVID-19 crisis impacts us all, and while it may feel like something completely new, it really isn’t.
The S&P 500 gained 12.82 percent during April, marking the best single month for the index since 1987. While this swift rebound was quite welcome for investors, very real risks to markets still remain—and there are several key factors that matter when determining the overall risk level.
Asian stock markets rose Monday after the chief U.S. central banker expressed optimism the the American economy might start to recover this year from the coronavirus pandemic. That came despite Japan’s announcement that its economy contracted in the first quarter.
When discussing the complexities of current markets with your clients, make sure you don’t .fall victim to the “curse of explaining.” Clients should always leave a meeting more informed than when they arrived, but this doesn’t mean you need to expound upon every background detail
What will be the shape of the future: V, W, U, L, or a swoosh? This is shorthand for the direction of the economic recovery. According to The Wall Street Journal, “Named after the Nike logo, it predicts a large drop followed by a painfully slow recovery, with many Western economies, including the U.S. and Europe, not back to 2019 levels of output until late next year.”
Wall Street rallied back from a sharp morning drop on Thursday, led by a resurgence for some of the year’s most beaten-down stocks. It’s the latest wobble for Wall Street, which has been wavering for weeks as it digests gargantuan moves the market made earlier this year.
–LPL Financial LLC, a leading retail investment advisory firm, RIA custodian and independent broker-dealer, today announced that the firm’ s Advisor Sleeve assets have surpassed $2 billion, less than a year after the investment solution was broadly launched to LPL advisors. Built on LPL’ s centrally managed Model Wealth Portfolios platform, the solution is…
Stocks are continuing to fall on Wall Street Thursday, part of another worldwide downdraft, as investors rethink earlier hopes for a relatively quick economic recovery from the coronavirus pandemic. The S&P 500 was down 1.1% after the first hour of trading, following similar losses in Asia and even sharper drops in Europe.
A pair of companies allegedly tried to scam the public by claiming to offer products to combat the COVID-19 virus, the Securities and Exchange Commission said today. The companies are based in New York and Florida, two states hard hit by the virus.
The Securities and Exchange Commission has been appointed as receiver over Florida-based investment adviser TCA Fund Management Group and its affiliates as the companies address allegations of fraud.
Federal Reserve Chair Jerome Powell warned Wednesday of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage. The Fed and Congress have taken far-reaching steps to try to counter what is likely to be a severe downturn.
The S&P 500 dropped more than 2 percent after spending much of the day drifting between small gains and losses, as investors debate whether the lifting of lockdowns across U.S. states and the world will drive an economic rebound or just more coronavirus infections.
The economic paralysis caused by the coronavirus led in April to the steepest month-to-month fall in U.S. consumer prices since the 2008 financial crisis— a 0.8% drop that was driven by a plunge in gasoline prices. The business shutdowns, reduced travel and shrunken consumer spending are all attributable to the coronavirus.
Morgan Stanley Smith Barney has agreed to settle charges — and pay a $5 million fine — that it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs.
In April, the S&P 500 Index had a historic rally off the March 23 lows, gaining more than 31% through April 29. The strength of the move, as well as internal data, suggests that a full retest of the March 23 lows may not be in the cards.
Wall Street was split on Monday, as continued gains for technology and health care stocks helped cover up for more prevalent losses elsewhere. The S&P 500 ended the day at a virtual standstill, up just 0.39 points at 2,930.19, despite a lot of movement going on underneath. It rallied back from an earlier loss of 0.9% in the morning.
Join Jamie Hopkins, Director of Carson Coaching, as he returns with new installments of his exclusive, video series, Rewirement Tips. In this week’s tip, Hopkins focuses on the SECURE Act and how it will change IRA rules under certain situations.
Publicly traded companies operating in the cannabis or cannabidiol sector are being targeted by disgruntled investors with increasing litigation. Goodwin Proctor, a Boston-based law firm, recently analyzed the marijuana industry and found securities class action litigation cases more than doubled in 2019.
Parents commonly want to leave more to children who run the family business or who help care for the parents in their later years, says Marianela Collado, a certified financial planner with Tobias Financial Advisors in Plantation, Florida. Each approach has its merits — and problems.
Investor optimism is gaining as China and some other countries begin to revive their economies. But with infection numbers still rising in the United States, Brazil and some other countries, analysts warn a global recovery might be some way off.
The US Bureau of Labor Statistics released its monthly employment report this morning, revealing that the domestic economy lost 20.5 million jobs in April. This is by far the largest contraction in the history of the data series, which goes back to 1939.
It’s clear that we need to scrape for the money that we deserve. I know for a fact that the initial $349 billion has not yet been fully distributed. Just this week, it was announced that $150 billion was returned by large corporations. Their deadline to return the money is Thursday, May 14.
A recent Harris Poll study conducted on behalf of MDRT among over 2,000 U.S. adults found that 85% of Americans would be more likely to trust recommendations from human financial advisors if they demonstrate emotional intelligence.
The Federal Reserve’s recent interest rate cuts, taking short-term rates back near 0%, will support the economic rebound as the impact of the virus containment efforts eventually fade.
April was the month that stock markets rallied after an unprecedented drawdown. U.S. markets were up by double digits, international markets gained, and fixed income markets came back as well. What does May hold in store?
Comments by President Donald Trump on trade with China and casting blame on Beijing for the coronavirus pandemic have further dampened sentiment. Japan’s benchmark Nikkei 225 gained 0.2% in morning trading to 19,659.20, reopening after Golden Week holidays, and South Korea’s Kospi added 0.1% to 1,930.90.
All around the country, firms and employees are taking things to the next level to provide value that doesn’t have anything to do with financial recommendations. Here is a list of the top five activities that firms are participating in to support their clients and their communities.
Stimulus checks have started arriving and that means it’s time to make decisions about how to best use them. For many people– especially the more than 26 million people who have filed for unemployment benefits over the last five weeks– there’s little to no choice. Much of that money likely will be spent on necessities.
Shanghai, Hong Kong and Southeast Asian markets followed Wall Street higher while Sydney declined. Investors are increasingly optimistic as European countries and some U.S. states allow businesses to reopen despite warnings coronavirus infections still are rising in areas such as Brazil.
The S&P 500 rose 1.8% in early afternoon trading following similar gains in Paris, London and Hong Kong. In California, some retail businesses could begin serving customers again as early as Friday, under some restrictions.
Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has postponed the July 2020 CFP® Certification Exam administration to September 22-29, 2020. The COVID-19 pandemic necessitated the change, officials said.
While it’ s most definitely wild, Wall Street is also a collection of investors who are continually looking ahead, setting prices for stocks at the moment based on where they expect corporate profits and the economy will be a quarter or two into the future.
As reports of the virus were making the rounds, the International Monetary Fund forecast global GDP to be at 3.3% and at 2% in the U.S. Compare those seemingly rosy numbers with today’s reality: Recently, the IMF predicted that the pandemic-induced global recession would be the worst downturn since the Great Depression.
Billionaire investor Warren Buffett doesn’t know how or when the economy will recover from the coronavirus outbreak shutdown, but he remains optimistic in the long-term future of the United States. Buffett said Saturday at Berkshire Hathaway’s online annual meeting that there’s no way to predict the economic future right now.
This week, the news has generally been good. The virus continues to come under control, with the growth rate slowing (although the case count has not declined as much). Some states are reopening their economies, which will give us valuable data and should help with employment.
The S&P 500 fell 0.9% after reports showed millions more U.S. workers filed for unemployment benefits last week and the European economy crumpled to its worst performance on record last quarter, among other lowlights. It was the biggest loss for the U.S. stock market in more than a week.
Many clients may be feeling uncertain or panicked about their financial future. Communicating with them through social media and other online tools can provide reassurance and a source of stability.
It started out so quietly those first few days of January with reports of a virus in China that, within weeks, led to a national quarantine here after the president declared a rare public health emergency.
One of the best known investment axioms is to “sell in May and go away.” This is largely because these six months have historically been some of the worst six months of the year. What will May 2020 bring?
Devastated by the coronavirus, the U.S. economy is sinking. The U.S. economy shrank at a 4.8% annual rate in the January-March quarter, the government estimated Wednesday, as the coronavirus pandemic shut down much of the country.
The U.S. economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record. The Commerce Department says the gross domestic product posted a quarterly drop for the first time in six years.
With the U.S. economy gripped by its worst crisis since the 1930 s, Federal Reserve policymakers are expected to offer sweeping assurances Wednesday that they will act as needed to help prevent the damage from growing even worse.
Negative oil prices have dominated headlines recently. A combination of oversupply, lack of demand, and a lack of storage capacity resulted in temporarily negative oil prices, where holders of a futures contract were paying others to take delivery of oil for them.
More than half of U.S. employees are most concerned with their financial health in the wake of the novel coronavirus pandemic, MetLife’ s 18 th annual U.S. Employee Benefit Trends Study found.
Japan’s benchmark Nikkei 225 lost earlier gains, inching down less than 0.1% to finish at 19,771.19. Worries remain about fresh surges of coronavirus cases in places like China and South Korea, where they had declined as a result of social distancing, testing and arduous efforts by medical workers.
Kimberly Nguygen of Garland, Texas, is claiming Florida-based Raymond James moved her from a commission-based to a fee-based account even though she is a “buy and hold” investor who would require few, if any, trades.
Financial advisors are accelerating the transition of their business models to offer more holistic financial wellness services, a new survey finds. Fifty-one percent of surveyed advisors stated that there will be an increased focus on holistic financial planning within their practices moving forward.
As the financial crisis deepens, advisors are finding that “stay the course” is not going to cut it with clients, even though it might be good advice. This is the time to help people understand the structure of their plans and discover their real concerns.
The 4% rule doesn’t apply in today’s low-interest world, said a retirement researcher who also is the author of several books on retirement planning and spending.
As the COVID-19 pandemic has strained the U.S. economy and put millions out of work, Americans have experienced the biggest drop in their personal financial satisfaction in more than a decade. The AICPA’ s Q1 2020 Personal Financial Satisfaction index measures 32.9, a 20% decrease from the previous quarter.
A new survey finds that more than half of small business owners expect market volatility to last more than six months, and more than a third anticipate conditions will continue for at least a year.
For the first time, young advisors are facing the reality that they do not have the benefit of having guided clients through the Great Recession, the dot-com bubble, or any other notable contraction.
Individuals making less than $75,000 will receive the maximum $1,200 payment. But the first rule of thumb is to spend the money once you receive it, said Marianne Wanamaker, who is an associate professor of economics at the University of Tennessee. “The only exception to that rule is households with high-interest debt,” said Wanamaker.
Steven L. Brickner, 48, of Lithia, Fla., allegedly defrauded more than 60 retail investors out of approximately $5.5 million in marijuana company investments, the Securities and Exchange Commission said in court documents.
Headlines had oil selling at -$37.63 per barrel at close on Monday. The negative sign in front? Sellers had to pay buyers $37.63 to take the oil off their hands. Except this wasn’t the price of oil.
Congress is sprinting to approve the next coronavirus aid package, a $483 billion deal backed by the White House to replenish a small-business payroll fund and pump more money into hospitals and testing programs.
New research released today by Certified Financial Planner Board of Standards, Inc. found that during the COVID-19 pandemic, more than one in three CFP professionals surveyed say their primary recommendation to clients is to sit tight and wait to make any major financial decisions until volatility decreases.
A Gain Capital shareholder filed a proposed class-action lawsuit in a Delaware federal court last week, seeking to stop Gain’s acquisition by INTL FCStone Inc. The lawsuit claims Gain is keeping crucial information from shareholders.
This earnings season will be unlike any other, as travel restrictions and lockdowns related to COVID-19 have impacted results dramatically. The biggest economic hits came in mid-March, however, and won’t be fully captured in first quarter results.
One thing we are learning from the coronavirus outbreak is that, even when things are going well, it is important to prepare for the unthinkable. A few weeks ago, most of us were feeling pretty good about the economy, our job security, and our health. COVID-19 has brought some new perspective.
The Securities and Exchange Commission settled charges Friday against Merrill Lynch and two other firms who self-reported violations under the commission’s Share Class Selection Disclosure Initiative.
As an investor, you constantly want to see your portfolio move just one way up. But that is not possible, because the financial markets will always fluctuate. So, if you are going to invest for many decades, you need to be prepared for many ups and downs.
Stock market crashes don’ t just test investors’ mettle. Abrupt downturns also can reveal what kind of financial adviser you have. Some people will discover, to their horror, that they’ve been dealing with outright crooks. What kind of advisor are you?
U.S. stocks joined a worldwide rally Friday and closed out their first back-to-back weekly gain since the market began selling off two months ago. The S&P 500 jumped 2.7% for the day, following up on even bigger gains in Europe and Asia.
A Dallas, Texas, man and three companies he controlled allegedly defrauded investors of approximately $10 million by selling fraudulent oil-and-gas investments. According to court documents, revenue projections were inflated from 22% to 489%.
As the U.S. and the world continue to grapple with the COVID-19 pandemic and the economic fallout, advisors must prepare to handle more unique situations and a reduction in scalability across their practices.
The Federal Reserve released details on its Main Street Lending Program, which is designed to get liquidity into the hands of small to middle-market businesses. Some of the other stimulus loan programs are only open to businesses with fewer than 500 employees, but the Main Street loans are open to all small businesses.
Hundreds of thousands of families across the country are feeling the negative impact of the novel coronavirus outbreak, which is why financial advisors and officials are lending help and advice.
Already, economies around the world are shutting down. The Federal Reserve has pumped trillions into the United States economy in just a matter of days. Global supply chains have collapsed as entire Chinese industries went dark. And this is just the first stage.
Global stocks were mixed Thursday after unexpectedly weak U.S. retail and other data added to gloom about the impact of the coronavirus pandemic. The future for Wall Street’s S&P 500 index edged up a day after the benchmark fell 2.2% on news U.S. retail sales and factory output plunged in March.
A White Plains, N.Y. man and two companies will pay a $3.5 million fine to the Securities and Exchange Commission to settle allegations of fraud and market manipulation that included buying and selling a stock to make it appear to be a hot property.
What makes this recession unique is the government intentionally brought it on, with the chances for an economic bounce back later this year high if the virus is contained. If this recession becomes one of the shortest on record, as we expect, stocks may enjoy better times ahead.
Technology, investor awareness and passive options are just some reasons why active management will continue to suffer a loss of relevancy and business, said Chip Roame, managing partner of Tiburon Strategic Advisors.
Despite the current grim economic news, most forecasters predict the U.S. economy will rebound quickly once the immediate public health crisis caused by the novel coronavirus is brought under control. A leading historian of the Great Depression agrees.
Japan’s benchmark Nikkei 225 added 3.1% to finish at 19,638.81. Exports to the United States fell 20.8% from last year to $25.2 billion while imports of American goods declined 12.6% to $9.9 billion. China’ s politically sensitive trade surplus with the United States was $15.3 billion.
A Florida man was served with an emergency cease-and-desist order by Texas officials who claim he was touting a “recession-proof” investment to weather COVID-19. In reality, officials say he was selling unregistered securities.
Money management, especially once you retire, is very important. However; we have seen poor decisions wreck good plans enough times to know that human beings are inclined to make bad choices about money.
Perceptions about when retirement will start and what it will look like are much different from the experiences of people already in retirement, according to the new 2020 Retirement Risk Readiness Study from Allianz Life Insurance Company of North America.
In response to the outbreak of the coronavirus grinding the nation’s economy to a near standstill, Congress passed a $2 trillion stimulus package, called the Coronavirus Aid, Relief, and Economic Security Act. That bill included the Paycheck Protection Program, which provides forgivable loans to businesses.
Like everyone, you are concerned about keeping your family safe and healthy, and you’ re doing your part to help protect your community from the effects of the coronavirus. And if you’ re an investor, you must also address your financial situation. U.S. unemployment entered this situation near a 50- year low, with solid wage growth.
