The National Federation of Independent Business Small Business Optimism Index rose to 99.8 in April, an increase of 1.6 points from March. The Optimism Index has increased 4.8 points over the past three months since January but a record 44% of owners reported job openings they could not be filled.
Long before they receive a dementia diagnosis, many people start losing their ability to manage their finances and make sound decisions as their memory, organizational skills and self-control falter, studies show.
Daniel Kamensky, the founder of New York-based hedge fund Marble Ridge Capital, was sentenced Friday in Manhattan federal court to six months in prison for engaging in fraud and extortion to pressure a rival bidder to abandon its higher bid for assets in connection with Neiman Marcus’s bankruptcy proceedings.
Every bear market has the same thing in common; they happened precisely after they hit an Elliot Wave 5 target. When it comes to stock market forecasting, a picture is worth much more than a thousand words if you pay attention to it.
The multiple fallouts from COVID-19 will be revealed for years. But one reality is clear now: Working mothers were particularly punished by the coronavirus pandemic. Many women lost service sector and personal care jobs, which were the first to disappear.
If you are age 70½ or older, IRS rules require you to take required minimum distributions each year from your tax-deferred retirement accounts. As long as the charity is a 501 c3 organization in good standing with the IRS, you can directly send them a portion of your RMD and never claim that amount as taxable income.
What had lately emerged as a growing concern for U.S. and world markets materialized this weekend, when Janet Yellen and Warren Buffett exchanged views on possible rises in inflation. Berkshire President and CEO Hathaway warned that there are already signs of a peak in that line, something the Treasury secretary rejected.
Merrill Lynch has quietly rolled out yet another major chunk of technology that will, at least initially, most benefit the 15,000 advisors in its Thundering Herd, along with their clients and the firm’s client associates. And this means being able to open and manage accounts across the various wealth management groups within Merrill Lynch.
As a planner, have you taken a moment to ponder the question, “Who do you serve?” If not, please do. A few probing questions that helped guide me were: What lights my fire? Working with which type of clients would excite me? Is there a type of client that does not bring me joy?
With the change in presidential administrations, some are demanding that President Joe Biden fire the current commissioner, Andrew Saul, of the Social Security Administration, appointed by President Donald Trump. Under current law, Saul may stay in office through the end of his term.
Sell in May and go away refers to the seasonal stock market pattern in which the six months from May through October are historically weak for stocks, with many investors believing that it’s better to avoid the market altogether by selling in May.
Due to the pandemic, undergraduate enrollment was down 2.5% in fall 2020 and down 4.5% for spring 2021, compared with the previous fall and spring, respectively, according to the National Student Clearinghouse Research Center.
Vijay Valecha, chief investment officer, Century Financial, said the rise in US Treasury yields is unlikely to be sustained as Jerome Powell, the chairperson of the US Federal Reserve, is not even discussing the tapering of bond purchases.
Polls found that Americans are more confident about covering their daily expenses and their ability to handle an emergency, but they also mortgaged some of their future to pay for that security today.
You may have noticed that the topic of inflation is getting more attention. Those who were around in the 1970s likely still remember when rapid rises in the cost-of-living were of great concern.
Comprehensive financial planning involves working with, and potentially overhauling, every aspect of a client’s financial life. In Part 2, we will explore the remaining two parts of the “4+1” model, retirement and legacy/philanthropy, along with how to make changes to comprehensive financial plans already in place.
Principal Financial Group reported today that optimism among small and medium-sized businesses is the highest it’s been since the COVID-19 pandemic began, with 57 percent of businesses optimistic about the overall economic outlook for the next 12 months, higher than before the pandemic began.
Many wealthy families would be spared in leaving the estate tax exemption as is, but get slammed by the elimination of the step up in basis.
President Biden’s 100th day in office is tomorrow, on April 29. Hard to believe it has been 100 days already, but overall the economy continues to improve and stocks have done very well under our new President.
In 2020, with the shift to more work from home, we saw an evolution in where people get work done. While 72% of business leaders expect to go back to a hybrid work model with employees working from both the office and home, certain business activities are just done better in person.
Even with the strong equities market and low bond rates, stock funds are losing net flows to bond and money funds, while ETFs take their own bite.
Based on the most commonly used valuation metrics such as the price-to-earnings ratio (P/E), stock market valuations are elevated. But how elevated?
The Securities and Exchange Commission charged Andrew T. Franzone, former owner of a race car team, and investment adviser FF Fund Management, LLC (FFM) with fraudulently raising and misappropriating tens of millions of dollars from the sale of limited partnership interests
But it is White Americans who disproportionately benefit from the tax breaks for those things, Emory University tax law professor Dorothy Brown told lawmakers on the Senate Finance Committee last week. That’s why she believes the US tax code helps to perpetuate the racial wealth gap.
Despite a global pandemic that created uncertainty in the employment and financial markets, the 2021 Retirement Confidence Survey found 80% of retirees are confident in their ability to live comfortably throughout retirement.
Recent merger and acquisition momentum is likely to continue, putting this year on pace to be the ninth consecutive record-breaking M&A year, according to a report from Echelon Partners.
Remote working has become popular in recent years, but the “working-from-home” economy bloomed exponentially as the world was forced to confront the COVID-19 pandemic. According to Stanford economist Nicholas Bloom, as of summer 2020, 42 percent of the United States labor force was working from home full-time.
Summer is often a missed opportunity for many students. While many peers will use the summer break as an opportunity to take a road trip or visit family, the summer is an important period for serious students to get ahead on their studies and qualifications for financial planning work.
The Wells Fargo/Gallup Investor and Retirement Optimism Index fell to +26, down 16 points from +42 in the fourth quarter of 2020. This reversed much of the improvement seen in the fourth quarter as the markets surged following positive news about COVID-19 vaccine trials.
The wealthy are leaping far ahead of lower-income groups’ long-term goals. The survey found that the majority of affluent Americans are prioritizing many traditional milestones in life, such as buying a house.
The 10-year Treasury yield in recent weeks moved above 1.75%, and the 30- year Treasury topped 2.5% for the first time since August 2019. The Fed also restated its commitment to no short-term interest rate hikes through 2023. The Fed is keeping short-term rates steady while long-term rates are trending higher due to market forces.
The Securities and Exchange Commission charged Israeli-based Spot Tech House Ltd., formerly known as Spot Option Ltd., and two of its former top executives, Malhaz Pinhas Patarkazishvili (also known as Pini Peter) and Ran Amiran, with deceiving U.S. investors out of more than $100 million.
Knowing enough about money to cover your bills is a start, but it’s not enough financial literacy to provide long-term security. Most of us eventually wonder what else we should be doing – and whether what we don’t know could hurt us.
Saving money as a college student is challenging because, let’s face it, the typical student budget is pretty tight. Between classes and homework, students have little time to earn a significant income.
Comprehensive financial planning can seem like a massive undertaking, as it addresses every aspect of our client’s lives. But, where to start? Over the years, I have learned that by breaking the process down into five key components – the “4+1” –unlocks and discovers what is in a client’s heart and head.
The Securities and Exchange Commission today charged seven individuals, including criminal recidivist Richard Dale Sterritt, Jr., with defrauding investors through a multimillion dollar oil-and-gas offering fraud and related market manipulation scheme.
CFP Board will offer any candidate the option to take the CFP® exam either in person at a traditional brick-and-mortar Prometric test center or through a remote proctoring option for both its July 2021 and its November 2021 exam testing windows.
—The Senate has approved President Joe Biden’ s choice of Gary Gensler to head the Securities and Exchange Commission, signaling an emphasis on investor protection for the Wall Street watchdog agency after a deregulatory stretch during the Trump administration.
According to the 2021 Q1 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America, nearly three-quarters (74%) of Americans believe markets will continue to be very volatile in 2021, up slightly from 72% in Q4 2020.
Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.
While most Americans have weathered the pandemic financially, about 38 million say they are worse off now than before the outbreak began in the U.S.. Overall, 55% of Americans say their financial circumstances are about the same now as a year ago, and 30% say their finances have improved, according to a new poll.
With New York legalizing recreational marijuana, is it time for investors to jump in? There are still federal-level barriers that limit cannabis companies’ growth potential.
—The U.S. economy is poised for an extended period of strong growth and hiring, the chair of the Federal Reserve said in an interview broadcast Sunday, though the coronavirus still poses some risk. Chair Jerome Powell, speaking to “60 Minutes,” also said that he doesn’t expect to raise the Fed’s benchmark interest rate.
The outstanding fourth-quarter earnings season we had in 2020 is a tough act to follow, but 2021’s first quarter has the makings of another potentially great earnings season.
Talk of pending tax increases has some advisors busy with clients who are anxious to plan now.
Money can still be made off Bitcoin purchased today, but scale works against performance matching the massive gains that have created a gold rush mindset for some.
The first quarter looks to be the turning point, both for the pandemic here in the U.S. and for the economic damage it has caused. While risks still remain, especially in the short term, the significant progress we made in the first two months of the year started coming to fruition in March, signaling that we are through the worst of it.
CFOs expressed growing optimism for their own firms, with average optimism at 73.2 on a scale of 0 to 100 — above the fourth-quarter 2020 reading of 71. When asked to rate their optimism about the overall U.S. economy, the average rating was 67.7, which was a marked increase from the 61.6 reading in the fourth quarter.
The S&P 500 scraped its way to a record close on Wednesday in a mixed day of trading as the Federal Reserve indicated it would remain committed to policies supporting economic recovery. Eric Schiffer, CEO of the Patriarch Organization told MarketWatch he believes the market still likely “has room to run.”
Your preferred financial news source is always talking about the next wave sweeping over the financial advisory profession. That’s with good reason, technology has made access to different ways of doing business much more possible in the 2010s and 2020s than they ever were before.
The SEC alleges that actor Zachary Horwitz misappropriated investor funds for his personal use, including the purchase of his multi-million dollar home, trips to Las Vegas, and to pay a celebrity interior designer. Horwitz’s credits as an actor include low-budget features such as “Trespassers.”
The U.S. economy’s recovery from the pandemic continues to surpass our expectations, aided by the accelerating vaccine distribution, massive stimulus, and America’s desire to resume some semblance of normal daily life.
Rapid vaccine rollout in the United States and passage of its $1.9 trillion fiscal stimulus package have boosted its expected economic recovery. In anticipation, longer-term US interest rates have risen rapidly, with the rate on 10-year Treasury securities going from under 1 percent at the start of the year to over 1.75 percent.
Testing and vaccination for the coronavirus is free thanks to laws passed last year. Treatment isn’t, however, and may be about to get more expensive. The national public health emergency period ends April 21, though it may be extended by 90 days given we’re not out of the woods yet.
If you are fan of Warren Buffett, you may have seen his most recent opinion about investing in bonds. In his annual shareholder letter, he basically said if you own them, you face a bleak financial future. But bonds are a part of almost all prudent asset allocation strategies.
The coronavirus pandemic was unprecedented in how deeply it damaged the U.S. economy, as well as in how significantly the federal government responded. The $5 trillion in COVID-19 relief spending lawmakers passed in the last year has far eclipsed how much they doled out during the Great Recession and other downturns.
But by rising to the challenge of the worst global pandemic in 100 years, advisors who went above and beyond served as successful examples of how to navigate emergency situations while bolstering client loyalty.
What more can we say other than few months have been kinder to stocks lately than the month of April. In fact, it was last year that saw the S&P 500 Index gain an incredible 12.7%, for one of the greatest one-month gains in history.
Although the main principles of economics were established decades ago, the discipline is constantly evolving. One of the most recent contributions has been a new field called “behavioral economics.” Here, scholars have developed ideas explaining why- in some cases- individuals appear to go against their own self-interest.
Generally speaking, when inflation fears increase, bond prices decrease and rates rise, which is what we’ve seen in the bond markets recently. In fact, the primary reason we’ve seen falling bond prices/higher interest rates since bottoming in March 2020 and again in August of last year, has been growing fear of inflation.
What are the risks of listening to TikTok personal financial advice? TikTok just presents a new medium for people to spread it. But there is a whole other side of TikTok that spreads rumors, lies, and scams.
The original will might be “safe” in a safe deposit box, but it would be inaccessible without a probate judge’s order — and what does a judge need to make that order?
Furman Alexander Ford, 51, worked as an adviser for New York Life between 2012 and 2015. His major client, identified as “E.J.,” had inherited property worth $1.3 million, which Ford helped to sell and use the money to set up a charitable annuity.
The New York comptroller estimates the bonus pool for workers in the securities industry — which includes stocks, bonds and derivatives — also grew to $31.7 billion from December to March of this year, increasing from $29.7 billion from December 2019 to March 2020.
A year after the pandemic plunged the U.S. economy into it worst crisis since the Great Depression, Federal Reserve Chairman Jerome Powell is largely satisfied with the central bank’s rapid-fire response. Powell credited Congress for supplying trillions of dollars in support to struggling families and businesses.
The financial industry is fixated on boomers and their kids, the millennials, but the generation in between has the numbers and the dollars to warrant rapt attention, says Chip Roame of Tiburon Strategic Advisors.
Enforcement action increased on retail investment products such as variable annuities last year, according to the latest Eversheds Sutherland report. Expect more of the same in 2021.
Without the grace period, annuity agents and advisors in Virginia must be in compliance on May 1, which does not give enough time to get ready, IRI says.
The realization that most Americans aren’t ready for retirement has caused many states across our country to take initiative to help increase retirement plan access and savings by implementing state-run programs.
Picking up the phone is often a last resort for wealthtech clients because of their past negative experiences with customer service, so it is essential to create a platform that is user-friendly and has an interface that facilitates learning.
Exactly one year ago today, the Federal Reserve announced it would step in to start buying corporate bonds. The market had frozen up during the pandemic and the Fed’s move helped companies borrow money at low interest rates.
This decision to postpone retirement is driven primarily by financial reasons, MetLife said, with respondents citing the top reasons for the delay as a continued need for a monthly income (31%) and that the pandemic has impacted their ability to save (23%).
With millions of Americans getting vaccinated and a $1.9 trillion stimulus package signed into law, hopes are rising that the end of the pandemic is finally in sight — and with it, the comeback of the U.S. economy.
Jamie Hopkins, Director of Carson Coaching, returns with more video tips on what is happening with Social Security funding issues. The pandemic exacerbated Social Security funding issues and retirement plans might need to be looked at as a result.
It’s no secret that many American parents want to support their kids by paying for their college education. According to recent Ameriprise research, 87 percent of parents today already have paid for or plan to assist with these costs. Furthermore, 33 percent of respondents have delayed their own retirement, or plan to.
Though each generation experiences economy-related obstacles that impact their personal finances, the challenges U.S. millennials face are especially unique. A Federal Reserve report studied the financial health of this generation, defined as those born between 1981 and 1996, doubled their assets to achieve over $10 trillion.
As the stock market makes new highs and headlines, the pundits continue to debate which stocks will outperform. And how high could the stock market go?
By adopting best practices now and having an open mind to the future, advisors can ensure that their post-COVID work policies contribute to a productive, fair and growth-oriented office culture.
President Joe Biden signed the sweeping $1.9 trillion coronavirus relief package last week, and $1,400 checks are already arriving in individual bank accounts. Although the checks are getting the most attention, several items in the bill will help small-employer agencies and advisor businesses, trade association executives say.
A new LendingTree survey finds that many Americans may let luck or superstition influence their homebuying behaviors. More than a third of Americans have decided against buying a home because of a superstition. Men are more likely than women— 51% versus 27%, respectively— to skip out on a home purchase for superstitious reasons.
We’ re three months into 2021. Maybe you planned to build a $1,000 emergency fund, but the balance is still zero. “There’ s nothing magical about New Year’ s, and you don’ t have to wait until 2022 to try again,” says Amy Hubble, a certified financial planner and founder of Radix Financial LLC in Oklahoma City.
A recent $1.9 trillion coronavirus relief bill did not include any provision to cancel student debt, even though Biden and members of Congress had discussed forgiving anywhere from $10,000 to $50,000 in student debt.
The Oregon Division of Financial Regulation issued $220,000 in civil penalties, and Raymond James Financial Services, Inc. agreed to pay $123,279 in restitution to the victims of the excessive trading practices of Gary Dodds.
The Securities and Exchange Commission today announced fraud charges and an asset freeze and other emergency relief against an Irvine, Calif.-based trader who used social media to spread false information about a defunct company, while secretly profiting by selling his own holdings of the company’s stock.
The study reveals that U.S. millionaire investors – households with $1 million to $5 million in net worth, not including the value of their primary residence (NIPR) – increased by 600,000 to 11.6 million in 2020, a 5.5 percent increase over the previous year.
The fall in Treasuries yields, U.S. government bonds, supported gains in the stock market, which operated volatile for most of the day. Actions sensitive to the U.S. economic scenario have benefited from the implementation of the country’s $1.9 trillion tax package, as well as discussions on more investments in the infrastructure sector, which can be funded by…
With the NCAA college basketball tournament getting underway this week, LPL Research is getting in the spirit with its own version of March Madness. Here we share our “Final Four Factors” for the stock market in 2021: Vaccines, Policy, Profits, and Rates.
To build sufficient retirement income, you need to invest in the financial markets through your 401(k), IRA and other accounts. But how should you respond when these markets go through periods of volatility? Your best defense is to remain invested.
Q: I have a 401 account and multiple IRA accounts. It should arrive in a white envelope bearing the Department of Treasury seal. The card should have a Visa logo on the front and on the back the name Metabank, the bank that issued the card.
Even as credit spreads have narrowed considerably off their widest levels, further value remains as the global search for yield motivates investors to allocate to selected investment grade and high-yield corporate bonds, and structured credit.
Investment analyst Michael Batnick, blogging at the Irrelevant Investor this week, posted what he called the most important chart of the decade. It showed the personal savings rate going back to 1960, and what leaps off the page is how Americans stashed so much money away in the terrible pandemic year of 2020.
Having good rapport with prospective clients is often deemed more important than educating them. A lot of bright and talented young people I meet and speak with today are passionate about serving clients. Many of them also worry that being introverted or quiet will disqualify them from fulfilling that mission.
A year ago, stock markets went into free-fall as the scale of the coronavirus crisis became apparent and countries desperately locked down to try to halt the pandemic. A year on, they have more than recouped the lost ground, some of them even driven to record highs by a tidal wave of cheap stimulus money.
The Securities and Exchange Commission charged George Heckler, of Charleston, S.C., for operating a decade-long investment adviser fraud through two private hedge funds, Cassatt Short Term Trading Fund LP (Cassatt) and CV Special Opportunity Fund LP (CV Special), that Heckler formed to conceal massive losses.
Advisors’ practices are not immune to the business impact of COVID-19. Just as expectations for profitability have declined dramatically for the most successful advisors and financial professionals in 2020, only 52% of all other advisors and financial professionals expected the profitability of their practice to increase in the next 12 months.
The COVID-19 pandemic has made Americans even more aware of the importance of planning for the unexpected. While no one knows exactly what’s in store for the future, one thing your clients can do for loved ones is create an estate plan that expresses their wishes in the event of incapacity or death.
Help is on the way through the new stimulus bill President Joe Biden is expected to sign this week. The new stimulus bill includes $20 billion in renters assistance, that’s in addition to the $25 billion passed in December, which is meant to help renters and landlords.
Jamie Hopkins, Director of Carson Coaching, returns with more video tips on how to handle the 10-year stretch period for an inherited retirement account.
The Securities and Exchange Commission has charged AT&T, Inc. with repeatedly violating Regulation FD, and three of its Investor Relations executives with aiding and abetting AT&T’s violations, by selectively disclosing material nonpublic information to research analysts.
Planning for emergencies by building — or rebuilding if the COVID-19 pandemic required making a withdrawal — a savings account to withstand the unforeseen can increase confidence in your overall financial health and reduce worry that a significant life event will negatively impact your finances.