According to the SEC’s complaint, from 2018 to 2020, Andrew J. Chapin, the founder and CEO of Benja Inc., told investors that Benja was a successful online advertising platform that generated millions of dollars in revenue from popular consumer clothing brands and retailers.
Biden chose Janet Yellen to become Treasury secretary, tapping her to guide his efforts to steer the pandemic-hit economy out of crisis. If confirmed, Yellen would be the country’s first woman Treasury secretary.
Nowadays, no single source of income may be enough to ensure a comfortable retirement. People also need to save on their own. Public-sector and nonprofit organizations don’t offer 401(k) plans that employees can contribute to. However, they can and do offer other employer-sponsored plans: the 403(b) and the 457.
Jamie Hopkins, Director of Carson Coaching, returns with more video tips on financial planning topics. In this video, Hopkins talks about helping clients plan qualified charitable distributions from their IRAs.
Many Black entrepreneurs strive for self-sufficiency, inspiring others to build wealth through business ownership. They are the unsung neighborhood heroes who sell real estate or insurance, own beauty salons or barber shops, and run funeral homes, corner convenience stores, medical practices, banks, bookstores and restaurants.
The Sandwich Generation has become increasingly younger, more female, and more diverse as a result of the pandemic.
U.S. 30- year treasury bond interest rates are at all-time lows. If you paid $1,000 for that bond today and hold it until maturity, that $1,000 they give back to you is not going to buy as much then as it does today something to do with inflation.
“Side gig” has become synonymous with a handful of jobs: dog walking, delivering groceries and driving for Uber or Lyft. But these aren’t the only opportunities occupying the space. You can teach a virtual yoga class, for example, sell clothing online or work as a freelance designer.
2020 is a unique year in a variety of ways — while many of the normal rules regarding managing income and timing deductions still apply, new provisions for 2020 have been implemented by The Coronavirus Aid, Relief and Economic Security (CARES) Act that may impact your year-end tax planning.
An afternoon slump left stock indexes broadly lower on Wall Street, erasing early gains, as traders worried anew about the rapid spread of the coronavirus in the U.S. The S&P 500 lost 1.2%. It was up 0.3% in morning trading and small-company stocks were headed for another record high after Pfizer and BioNTech reported updated data.
One misconception people have is that financial managers are only for the super wealthy, a necessity or luxury exclusive to those with a lot of money to manage. But financial advisor Chris Everett said that’s absolutely not the case. Everett has published a new book on retirement planning.
While the dynamic nature between the cross-sections of policy politics, the public health crisis, and the economy will persist well into 2021, we find comfort in the fact that the economy won’t have to absorb extensive policy changes on top of the ongoing battle with the public health crisis.
—Global stock markets were mixed Wednesday after Wall Street declined as hopes for a possible coronavirus vaccine were tempered by worries about the pandemic’s continuing impact. London, Tokyo and Frankfurt retreated, while Shanghai, Hong Kong and Sydney advanced.
Americans don’t save nearly enough for emergencies or retirement, but we’re more likely to save if the money is automatically deducted from our paychecks. People are much more likely to contribute to a retirement plan, for example, if they’re offered payroll deductions, according to AARP’s Public Policy Institute.
Most Americans fail a financial fluency quiz of key investment selection terms, and confusion over a term like “passive investing” can translate into saving less and lower use of investment products, according to a new report
In the third quarter, analysts had more information and the environment included fewer twists and turns, which should have made predicting results much easier. Still, analysts were overly pessimistic by nearly the same margin, as earnings results far surpassed expectations.
Lamar Alexander of Tennessee on Monday became the third Republican senator to announce he opposes economist Judy Shelton’s nomination by President Donald Trump to be a governor of the Federal Reserve Board, saying he has reservations about her willingness to maintain the board’s independence.
Investors this year say their number-one financial concern over the next 12 months is losses to their portfolio due to the impact of the COVID-19 pandemic (32%), followed closely by protecting assets (31%), while managing volatility (22%) is a distant third.
Jay Clayton confirmed in a lengthy news release this morning that he will be stepping down as chairman of the Securities and Exchange Commission at the end of this year. The move had long been rumored and will leave President-elect Joe Biden to nominate a new commission head.
Many large retailers, including Walmart and Kohls, have already announced they will be closed on Thanksgiving and opening early on Black Friday. Some retailers like Walmart and Amazon have already started rolling out deals throughout November. Holiday shopping will increase even more this year, experts say.
Wells Fargo’s former chief executive and former head of Wells Fargo’s Community Bank defrauded investors by using a metric that was inflated by accounts that were opened for consumers who did not ask for or want them, according to new charges filed by the Securities and Exchange Commission.
Last spring, advisors and clients alike had to learn to use tools like Go To Meeting or Zoom. If – like I was – you or your clients had previously been resistant to new technologies, COVID might actually have been the kick in the pants you needed to catch up to current times.
While not admitting liability, JP Morgan Chase will, as part of the overall agreement, pay at least $9.8 million – which includes $800,000 in back pay and interest to 67 eligible litigation class members, and a minimum of $9 million in pay equity adjustments for female and minority employees across the JP Morgan Chase U.S. workforce over the next five years.
The program guides financial planners through a step-by-step process to establish a customized, long-term cybersecurity plan that ensures they are adopting reliable security measures that safeguard client data and provide a record of the firm’s cybersecurity practices if audited by regulators.
When training to become a financial professional, much of our course work centers on the six critical areas of creating a financial strategy. Some recognize October as Financial Planning or Year-end Tax Planning Month, so it’s an excellent opportunity to review those six personal finance areas.
In stressful times it is important we as advisors are prepared to properly show up for our clients. Three ways we can prepare are as follows: arming ourselves with information, understanding the history of our business and its intricacies, and taking care of our own needs.
Heading into the election, polling data and market signals disagreed on how close the presidential election would be, with market signals calling the race much closer—which turned out to be accurate. Now that we have more clarity on the results of the election, we can review what we believe will be some of the key market implications going forward.
As the country continues to grapple with the economic impact of the COVID-19 pandemic, business owners in particular are unsure how long they can sustain their business under current conditions. But of business owners surveyed, only 35 percent report having a fully integrated estate plan.
With the Federal Reserve placing rates near zero in order to spare the U.S. from a complete economic fallout, mortgage rates are more competitive than they were pre-pandemic. In fact, these are the lowest mortgage rates seen since 1971. If your clients are looking for the lowest price or best deal, now is the time.
More people are familiar with digital currencies than ever before, says Jamie Hopkins, director of Carson Coaching, and advisors need to know the basics in order to serve clients interested in this investment.
“We are committed to using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible,” chairman Jerome Powell told reporters after the Fed’ s decision. A divided Congress through at least the end of this year means Powell will keep calling on lawmakers to reach a stimulus deal.
The key theme is how to address the nation’s coronavirus crisis and negotiations for a new economic stimulus package to help respond to the impacts caused by the pandemic.
Industries from fossil fuels to pharmaceuticals could feel the impact of a Biden-Harris administration.
KANSAS CITY, Mo.- With the pandemic pushing many people to working from home full time, it begs the question: Will traditional office life ever come back? Rick O'Neill is the owner of RedesignKC, a full service Kansas City remodeling contractor in the metro. BOMA stands for the Building Owners and Managers Association of Metropolitan Kansas City.
Joe Biden has been here before. “There are two key takeaways from the financial crisis,” said Thomas Kochan, a professor at MIT’ s Sloan School of Management.“ The need for swift and large-scale stimulus through government spending, and not using tax cuts as stimulus. Many liberal Democrats complained that the legislation, called the American Recovery and…
“The priority has to be some sort of economic stimulus that is bipartisan and unifying,” said Jim Rooney, chief executive of the Greater Boston Chamber of Commerce. Assuming Congress passes another economic recovery bill, Rooney wants to see the completion of a long-awaited infrastructure bill in 2021 to pump hundreds of billions into transportation and…
With the industry’s own retirement crisis mounting, the COVID-19 pandemic is pushing advisors to think more urgently about the value of their practices in preparation for an accelerated exit.
There is a clear distinction in the upcoming election between how the two candidates view the economy and the functional role of government, as well as the old school, meat and potatoes issues of taxes, trade and regulation. To help guide me through the issues, I spoke to Nathan Sheets, the chief economist and head of global macroeconomic research at PGIM Fixed Income.
The COVID-19 pandemic and economy lockdown measures have changed many aspects of daily life, possibly permanently. No surprise there.
A chaotic U.S. election season could end with President Trump casting doubt on the legitimacy of the result, like-minded observers around the world fear. “Democratic processes should be respected,” Australian lawmaker Anthony Albanese said Tuesday.“ Our partnership between the United States is an alliance between our peoples based upon our common democratic…
But the legal fights could take on new urgency, not to mention added vitriol, if a narrow margin in a battleground state is the difference between another four years for President Donald Trump or a Joe Biden administration. A Pennsylvania case at the Supreme Court pits Donald Verrilli, who was President Barack Obama's top Supreme Court lawyer, against John Gore, a…
Low rates are punishing savers, but the Federal Reserve policy has given retirees little choice but to reconsider what used to be the safety of bonds. After all, interest rates are bound to go up, and when they do, “you’ll be stuck in those bonds, and the prices will go down, especially long-term bond funds.”
Let me tell you about where I live. On my early-morning walks with my Yorkie mix Simba, we often encounter small families of deer, which see so many human walkers and runners in my neighborhood that they glance up but don’t dash away. The value of my home in Prince George’s County, Md., would be significantly higher if my husband and I weren’t Black.
Today, government intervention is so large that it is overwhelming private investors and has now become the dominant force in financial markets. That means the decisions made by a few people in Washington will impact our retirement portfolios. As an investor, you have to recognize the impact of the intervention.
As we continue to manage life under the shadow of the COVID-19 pandemic, your clients might find that they need to re-think some of their holiday plans. Family gatherings, office parties, gift giving, and other aspects of the season may require a different approach to effectively manage the continuing health risks.
As shown in the LPL Chart of the Day, since 1952, with surprising regularity, US voters have given each party a second term in the White House to complete its legislative agenda. With equal regularity, they have flipped the party in the White House after eight years, resetting the balance of power in our two-party system.
At some point in their career, a financial advisor is likely going to feel professionally lost. They’ll feel stuck, and most critically, they won’t know how to move forward. These situations can be frustrating and frightening, but with the right balance of acceptance and action, advisors in these situations can get back on track.
During the three years covered, real gross domestic product grew at an annual rate of 2.5%, the unemployment rate fell from 5.0 to 3.8 percent. These changes in aggregate economic performance were unevenly reflected in the income of families with different characteristics.
The wildfires that spread through large areas of Monterey and Santa Cruz counties this past summer were stark reminders of how fragile our lives really are. Disasters can strike quickly and without warning. But careful preparation can help you stay clear-headed when the unthinkable happens.
We have heard increasing talk of a possible “blue wave,” in which the Democrats win control of the White House, the Senate, and the House of Representatives next week. In response to the pandemic, the Federal Reserve slashed the rate on 90- day Treasury securities from 1.5 percent to around 0.10 percent in March, where the rate remains today.
The number of individuals reporting high levels of financial stress more than doubled from 11% pre-COVID to 27% since the crisis struck. Further, while only 44% of participants reported experiencing financial stress prior to the pandemic, the number grew to 67% following the outbreak.
Deaths per day from the coronavirus in the U.S. are on the rise again, just as health experts had feared, and cases are climbing in practically every state, despite assurances from President Donald Trump over the weekend that “we’re rounding the turn, we’re doing great.”
We often say creating a document is not the same as making a plan. A power of attorney is a good example of this concept. The execution of the document is really only the first step. The plan itself does not begin to work until the fiduciary begins to act.
COVID-19 still is, and likely will continue to be, with us for quite some time. The financial and economic impact will linger in the minds of consumers and investors. You don’t go through experiences like this and lackadaisically waive them off as an anomaly.
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 discusses how Joe Biden’s tax plan will affect your client’s 401(k) plans.
The pandemic seems to be driving a surge of early retirements as businesses close or downsize and older people weigh the health risks of continuing to work. “It seems to be a persistent and quite widespread phenomenon,” says study coauthor Michael Weber, an economics professor at the University of Chicago.
Various polls show former Vice President Joe Biden comfortably in the lead in the 2020 presidential race, although in some battleground states the race appears to be quickly tightening. Influential states like Ohio and Pennsylvania may even be a coin toss at this point.
How can you find the right firm for that first job and entry to the advisory world? It can start with reading and understanding a firm’s ADV, delineating between what is on the firm’s website and what they reported to the SEC, and coming up with the most pertinent questions.
As a woman, I sometimes find myself not wanting to bother with financial planning, insurance and tax returns, just to name a few financial issues. I am married to a financial professional so this makes it easy for me to not get in the weeds on these matters. However, I know I need to be as intelligent as I can be for many reasons.
The Fed is setting the stage for huge problems down the road for pension funds and potential pension recipients. There are also going to be problems for insurance companies and other firms onto which many corporate employers have offloaded their pension obligations in order to clean up their balance sheets and minimize their future financial risks.
Cheri Bustos, D- Ill., said Tuesday, hours before Pelosi's midnight deadline. Bustos hopes Republicans will agree to Democrats' $2.2 trillion proposal. While President Donald Trump has urged his party to “go big” on a package, many Republicans are still balking at Democrats' huge price tag.
The U.S. will transition to a clean-energy mix regardless of who wins the White House. But the pace of that change, and with it, the toll on the environment in the meantime, could look dramatically different depending on the election outcome. Sasha Mackler, energy project director for the Bipartisan Policy Center says “the trends in the power sector really demonstrate that…
The Securities and Exchange Commission today announced charges against The Goldman Sachs Group Inc. for violations of the Foreign Corrupt Practices Act (FCPA) in connection with the 1Malaysia Development Berhad (1MDB) bribe scheme.
The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York on June 4, 2019, alleged that Kik sold digital asset securities to U.S. investors without registering their offer and sale as required by the U.S. securities laws.
As how we shop changes (think mobile shopping and buying online, picking up in store), we have to adapt as shoppers, too. The best prices and first available inventory go to consumers who are more than just shoppers. They’re also deal-hunting detectives and strategists. Here’s how to shop smart in the midst of the pandemic.
Although Americans typically assume they will retire when they want, and on their own terms, many are in for a surprise. Half of the retired respondents to an Allianz Life Insurance survey said they left work earlier than expected.
There’s the segment of the economy where retirement accounts are flush. Stock markets recently hit record highs, after all, thanks to loose monetary policy, optimism about a future COVID-19 vaccine and assorted animal spirits. Then there’s the large segment of the economy that owns no stocks, has little to nothing saved for retirement and isn’t sharing in this wealth creation.
The emotional roller coaster that the upcoming presidential and congressional elections can bring can fuel emotions when it comes to managing money and investments. But there’s an old adage that financial advisers still stand by: Don’t play politics with your portfolio.
Given the impressive economic recovery to date and improving underlying technical and fundamental conditions, we think small cap stocks in particular may have attractive growth potential. Despite election and COVID-19-related risks, we see further gains ahead.
Credit card balances fell by $76 billion April through June, the steepest decline on record, according to an analysis by the Federal Reserve Bank of New York. Research by NerdWallet backed that up, finding that credit card balances carried from one month to the next dropped 9.15%, or more than $600 per household with this type of debt.
Retirement savers may never have had it more difficult. For decades, financial advisors routinely recommended an investment portfolio of 60% stocks and 40% bonds. It was seen as a goldilocks formula, combining potential for growth with protection if stock prices fell.
America’s largest banks are steeled for a wave of loan defaults and missed payments that still haven’t arrived. Thanks to an initially immense amount of support from Washington, that pain appears to have been pushed out to next year.
A leading seller of fixed index annuities, American Equity announced the Brookfield deal with a Sunday news release. Brookfield will acquire a 19.9% ownership interest in the common shares of AEL in two stages, starting with an initial purchase of a 9.9% interest at $37 per share promptly following required regulatory approval.
Imagine this: you’re great at your job. You make sales, you manage your clients’ assets well and you’re an attentive advisor who makes sure to follow up. But you can’t get a call back from referrals and your prospects aren’t scheduling appointments. You can’t figure out why.
In March, the Federal Reserve slashed interest rates to near zero in response to the coronavirus pandemic and ensuing economic downturn. In September, the agency’s chair, Jerome Powell, announced that it would keep rates at that level through 2023 or potentially longer.
With mortgage rates near historic lows, now might seem like a good time for your clients to consider a mortgage refinance. Beginning December 1, Fannie Mae and Freddie Mac will begin charging a 0.5% adverse market fee to refinance your mortgage. What is the purpose of Freddie Mac and Fannie Mae’s new fee?
The S&P 500 closed at 3,534 Monday, less than 2 percent below the all-time high of September 2, just before markets tumbled. The Dow and Nasdaq results were similar. Clearly, the markets think everything is awesome. But are they really?
New research from Northwestern Mutual’s 2020 Planning & Progress Study reveals that the savings rate among American adults aged 18+ is up, and it’s likely the result of their concerns about what could come next financially and economically at this extraordinary moment in history.
The Securities and Exchange Commission has charged Houston-based seismic data company, SAExploration Holdings Inc. (SAE), and four former executives for a multi-year accounting fraud that falsely inflated the company’s revenue by approximately $100 million and concealed the theft of millions of dollars by the executives.
For many business owners, the decision surrounding how and when to exit the business can be complicated and emotional. It is one of the most important life events for any business owner, yet many push planning to the back burner, believing it can be tackled later when they are ready. In fact, many things in life happen before we are ready.
This earnings season, corporate America will get closer to the return of earnings growth—which is likely in the first quarter of 2021. We probably will have another decline in profits for third quarter 2020, though potentially only about half as big as last quarter’s.
Millions of Americans face unprecedented personal finance concerns as the coronavirus pandemic continues to affect unemployment rates months after the first case of COVID-19 was reported in the United States. The Federal Reserve took steps in March to encourage consumer spending by lowering interest rates to near 0%.
While a healthy culture can make or break your organization’s success, like any good thing in life, it takes hard work and perseverance. Research shows organizations that intentionally invest their efforts to improve workplace culture and align it with company values are not only more profitable, but also more recognized.
The federal government, to save the U.S. economy began offering financial relief to some of its major industries including oil and gas. Since such relief began in March, oil and gas companies issued almost $100 billion in new bonds backed by the Federal Reserve and U.S. Treasury Department, per a report conducted by several consumer groups.
September, as expected, was a difficult month, with markets in the U.S. and abroad down pretty much across the board. Despite this correction, which came after two very strong months, markets were left with strong gains for the quarter, both here and abroad.
Morgan Stanley has actively gone after potential targets this year. The prosed acquisition Thursday comes just days after it closed on one of the biggest deals on Wall Street since the 2008 financial crisis, the $13 billion takeover of E-Trade Financial.
Eli Lilly and Company says it has asked the U.S. government to allow emergency use of an experimental antibody therapy. The drug is similar to one President Donald Trump received on Friday from a different company.
Interest rates recently hit all-time lows as the Federal Reserve made cuts to mitigate the financial impacts of COVID-19. If any of your clients are homeowners with a monthly mortgage payment, they might be wondering if now is a good time to refinance.
Strong financial support from the government and the Federal Reserve have spurred a solid recovery from the pandemic recession, but the rebound may falter without further aid, Fed Chair Jerome Powell warned Tuesday. Powell said that government support including expanded unemployment insurance payments, is desperately needed.
—Stocks dropped suddenly on Wall Street Tuesday afternoon after President Donald Trump ordered a stop to negotiations with Democrats over another round of stimulus for the economy, which has been punched into a recession by shutdowns related to the coronavirus pandemic.
Speculation has been increasing that the November election results may be delayed or disputed, or both. A contested election might affect financial markets in several ways. Also, the news that President Donald Trump has tested positive for COVID-19 may potentially impact markets as well.
The rapid evolution of communications technology that has helped businesses stay connected during the COVID-19 pandemic is also speeding up big changes in organizational structure that will outlive the virus, according to Shayan Hussain, managing director for investment firm BlackRock.
It is impossible to predict how much money your client will need in retirement since the all the variables of the equation are subject to change.
It is well known that fraud follows the money, so it may seem like it was only a matter of time before fraudsters expanded into what are many consumers’ largest individual accounts: their 401(k) plans.
Potential is about what’s inside us. So how do you stay on top and highly motivated doing the same thing for five decades? The answer is simple: potential is power. And power works as long as you do. It won’t run out as long as you don’t give up.
Clients who said they are satisfied with their advisor relationships said they still want to discuss their financial plans for retirement and how they manage their money. But they also want to discuss topics such as their careers, their future goals and aspirations, their potential long-term care expenses, and even their family members’ finances.
The SEC said Morgan Stanley hedged synthetic exposure to swaps by purchasing or selling the securities referenced in the swaps, and it separated its hedges into two aggregation units – one holding only long positions, and the other holding only short positions.
A virtual presence went from being optional 10 years ago to a necessity in essentially every industry and profession. But having a social media account or a website is only the standard in our digital age, so planners are becoming innovative with their approach in the new wave of online engagement.
Even as the economy recovers, the sticking point is unemployment. Following the peak of 14.7% in April, unemployment declined to 13.3% in May, 11.1% in June, 10.2% in July and 8.4% in August. The latest forecast is that the U.S. will end the year with 7.8% unemployment, and that the rate will continue to decline to 6.3% at the end of 2021.
The Securities and Exchange Commission today announced charges against J.P. Morgan Securities for fraudulently engaging in manipulative trading of U.S. Treasury securities. J.P. Morgan Securities admitted the findings in the SEC’s order, and agreed to pay disgorgement of $10 million and a civil penalty of $25 million to settle the action.