JPMorgan Chase, Citigroup and Wells Fargo will report Q4 earnings Friday, amid rising interest rates. Bank stocks were mixed Thursday.
In terms of assets, the biggest advice gaps are estate planning, managing finances of aging loved ones, and deciding whether to do Roth conversions, when households with $5 million and more are included, according to a new report.
As we get started in 2022, now is the time to ensure that your financial planning practice is ship shape and ready for the year ahead. This week we’re sharing five action items to get you off to a quick start in both your financial planning practice and for your clients.
With the pandemic still making it difficult for many advisors to meet frequently with prospects face-to-face, many of them are looking for methods they can use to acquire and engage clients in this COVID-19 environment.
Over the years, our professional and personal goals change according to the life situations we are going through at the time. The concerns of a 20- year-old are not the same as those of a parent or a retiree and, therefore, their needs are also different.
Amid rising case numbers from the Omicron variant, 67% of Americans say they are worried that new COVID variants will cause another recession. And as inflation hits 40-year highs, 74% say they are concerned about their purchasing power over the next six months.
Friday’s jobs report came out, and we have all seen the data. Job growth is down, but the unemployment rate is also down. Hiring is weak, but more people have jobs. This makes perfect sense, not. What’s going on here?
Emerging economies should prepare for U.S. interest rate hikes, the International Monetary Fund said, warning that faster-than-expected cycles from the Federal Reserve could shake financial markets and trigger capital outflows and a depreciation of their currencies.
The safety net has gaping holes through insufficient benefits, underfunding, benefits that need to be rethought and lack of periodic updating to reflect the reality of living in today’s world. That is why households must put their own personal financial safety net in place.
Many advisors got their footing in financial services when marketing via traditional media – like print, TV and radio – was the only way to advertise. Now, the wave of digital marketing is transforming the profession to become more current and welcoming to younger generations.
As businesses struggle to attract young workers to entry-level positions, the COVID-19 pandemic is driving a wave of early retirements.
In many ways, 2021 was a typical year for markets, but it also reinforced some basic market lessons that are hard to learn, even if they are not new.
There’s never a lack of stories about advisors and the advice they offer. As in other years, 2021 was replete with predictions and proclamations about financial direction.
Missed out on some of the best S&P 500 stocks the past 12 months? Don't worry. Analysts say you still have plenty of time.
Just a few drops of blood are enough to ensure over two hundred blood tests – this was the “pitch” of the startup Theranos, founded in 2003 by charismatic American Elizabeth Holmes.
The central banks of Mexico, Chile, Colombia, Peru, Brazil, Russia, Hungary, etc. have already been raising interest rates for months. In the bloc of the most developed countries, the UK and Norway have also begun to raise the cost of money.
Bridgewater Associates, the world’s largest hedge fund, announced that Mark Bertolini, former chief executive officer of Aetna before it was purchased in 2018 by CVS Health Corp., is the new co-CEO.
Volatility and uncertainty are just some of the concepts that defined the markets during 2021. Now, with the beginning of a new year, expectations are varied regarding how the main global stock markets could behave.
Inflation has grown into something of a devil in 2021 after laying stubbornly dormant for years. Now, its ominous specter is casting a shadow into 2022 and whether or not it will linger remains an open question. For policymakers in the White House and the Federal Reserve, inflation has become the dominant concern alongside the continuing battle against COVID-19. Core inflation…
According to the SEC’s complaint, Medallion’s core business was making loans backed by taxicab medallions to taxicab owners and operators. However, the popularity of ride-sharing companies like Uber and Lyft led to a decline in the value of taxicab medallions and of Medallion’s stock price.
The Federal Reserve Board told us almost all year that inflation was transitory even though rising wages, escalating real estate and other components of the economy told us otherwise.
The past year was phenomenal for stock market investors. The S&P 500 index rallied nearly 30 percent, while technology stocks soared even higher. If you participated in the rally, you have reason to celebrate.
With what seems like an onslaught of endless crises, clients have begun asking about what they can do to help bring about more positive change. Beyond donating to charities or allocating time to volunteer, are there other actions they can take to make a difference?
Setting New Year’s resolutions allows us to exercise the virtue of aspiring to a goal and following through on it, having a sense of control over the events in our life.
This year has taught financial advisors many valuable lessons—lessons that should hopefully prepare them to handle the numerous opportunities and challenges that await them in 2022.
Tackling financial planning at different stages of life brings with it different approaches: the financial goals of a young person just entering the job market differ from the objectives of a middle-aged mother or an early retiree with an eye on a pension.
Americans say they worried the most about the COVID-19 pandemic in 2021, but rising inflation is now seen as the biggest risk to their retirement plans.
It's easy to inject money. Surely the economists manning the central banks were trained under Milton Friedman's adage: that inflation was, everywhere and at all times, a monetary phenomenon.
There is no argument the Federal Reserve saved the American economy from a deep and devastating depression. It rewrote its playbook in real time during the spring of 2020, as emergency public health restrictions were put in place and consumers simply stopped spending.
David Solomon, current CEO of Goldman Sachs, one of the world's largest and most important investment banks, says investors should not expect the uptrend in stocks and other assets to remain as strong as it is today for years to come.
December is widely known as one of the best months of the year for stocks, but most don’t realize that the majority of the gains happen in the second half of the month.
The Securities and Exchange Commission announced that Nikola Corporation, a publicly traded company created through a special purpose acquisition company transaction, has agreed to pay $125 million to settle charges that it defrauded investors.
When you set bigger goals, you’re automatically filled with greater energy and excitement. This greater energy and excitement will help you make the effort required of those bigger goals.
The worsening of inflation is global and has already mobilized a review of the conduct of several central banks. In reaction to the escalation of consumer prices, which threatens to contaminate long term expectations, the US Federal Reserve indicated that it will be less patient.
This year, more than 6 in 10 (62%) Americans feel optimistic about the future, despite the unknown and 72% are confident they’ll be in a better financial position in 2022.
When the Fed initially starts hiking rates, it is usually during a strongly trending bull market. Much like a car rolling downhill in neutral, tapping the brakes initially doesn’t do much to curb the momentum.
More than one-third (39%) of Americans under the age of 65 are receiving their financial advice online or from social media, according to a survey by the National Association of Personal Financial Advisors.
It’s human nature to want to make things easier for our loved ones – and to have great concern about adding any stress to their lives.
China’s central bank on Monday cut a key interest rate for the first time in nearly two years in a bid to boost growth in the world’s second-largest economy, hit by a property crisis and outbreaks of the coronavirus.
The Federal Reserve has recognized an important reality: Sometime soon, it might actually have to raise interest rates significantly to curb inflation. Officials are right to put themselves in a position to act if necessary, even if markets might not like it.
We believe pent-up demand, gradual improvement in supply chain challenges, solid labor force growth, and productivity gains will all contribute to another year of above-trend economic growth in 2022.
Banking professionals who work at Goldman Sachs and who have not yet made your Christmas party can no longer do so. The investment bank has ordered the cancellation of all festive gatherings due to COVID-19 cases increasing.
The new Omicron medical threat, along with rising inflation and continued supply chain problems, challenged the economic recovery, leaving investors wondering if markets could keep reaching new highs.
The identification of the omicron variant of the coronavirus last month has increased uncertainty for U.S. central bank officials who, having consistently discounted the pandemic’s impact on economic developments, must now analyze how the rapid spread of the new strain may influence consumers, businesses and the economy.
The last few months of the year can be the busiest for many people, leaving financial advisors and clients alike feeling overworked and less motivated to increase their efficiency for the new year. That’s why it is pertinent that we take a step back to reflect on our growth, both as business owners and advisors.
Federal Reserve officials this week will accelerate the withdrawal of the bond-buying program and signal an interest-rate increase in 2022, economists surveyed by Bloomberg said, heralding a historic policy shift to counter the fastest inflation since the 1980 s. "The process of tapering the stimulus program has become a straitjacket, preventing the Fed…
The Federal Reserve meeting may speed up the bond taper but also surprise the stock market with a faster rate-hike outlook.
Although Americans say they worried most about the COVID-19 pandemic in 2021, rising inflation is now seen as the biggest risk to their retirement plans,
WASHINGTON— The U.S. went on a borrowing binge last year, and the hangover could make it harder for the Federal Reserve to fight inflation without crashing the economy. And a tough task: Not since Alan Greenspan's time has the U.S. central bank tried to navigate the economy back to price stability from too-high inflation. The Fed's Financial Stability Report on Nov….
Consumers are in a positive mood about investing and receiving professional advice, a survey shows.
Start with those who would have the Federal Reserve immediately slam down on the economic brakes by raising interest rates. Similarly, those who blame inflation on the economic rescue package President Joe Biden and the Democrats pushed through in March choose to ignore how much that package did to improve the standard of living of so many Americans,…
Connecting with family around the holidays can be valuable for more practical reasons, especially when it comes to checking in on the health – both physical and financial – of elderly loved ones.
There are always moves you can make to reduce your client’s taxable income. Some of these tax-saving moves, however, must be completed by Dec. 31.
The Federal Reserve is in a fix— inflation is hardly temporary, transitory or going away anytime soon. Either Chairman Jerome Powell’ s economists have been consistently wrong about inflation, or Mr. Powell and Janet Yellen have consistently made bad calls on their own for nearly eight years.
Programs to help fill the widening retirement savings gap – particularly among small-business employees, minorities and women – seem to be slowly catching on. But it’s still early to tell whether they will gain significant monetary and acceptance traction across the country, an industry panel said.
Your credit score is one of the most important measures of financial health. It tells lenders how responsible someone is with their finances. Good credit is the key to better deals on everything from insurance to mortgages. A FICO credit score is a number between 300 and 850 that rates a person’s creditworthiness.
When financial professionals were asked to build their ultimate $1 million retirement income portfolio for an average client, they would allocate just 20% of the assets to bonds, while putting 18% into annuities.
The report estimated that a 3.3% withdrawal rate was a more appropriate baseline for projections – an amount that could substantially lower a retiree’s proceeds.
The CFPB reported that overdraft and NSF fee revenue reached an estimated $15.47 billion in 2019, and that three of the top-ten banks (JPMorgan Chase, Wells Fargo, and Bank of America) brought in 44% of the total.
While your clients are working, they may be contributing to an individual retirement account (IRA), which can provide a tax-advantaged way to save for their future. So, is it ever a good idea to tap into your IRA before you retire?
According to a recent survey of advisors and financial professionals conducted for Nationwide by ETF Trends, nearly 9 in 10 (86%) advisors are at least somewhat concerned about achieving their clients’ income needs over the next three years.
With all things new and unfamiliar, it’s hard to know what to say or do in support of those who need our understanding, support and encouragement.
In this article, I’ll teach you about the cornerstone strategy that will uphold every other human relations skill that you possess: empathy. Don’t believe me? A quick Google search will prove that troves of business outlets are talking about this topic.
The financial markets estimated that the interest rate will have to be raised in order to tame inflation, which soared in October to 6.2%, the highest rate in three decades for the United States.
This has been a roller-coaster year for many advisors as they deal with the challenges of moving their practices to a higher level of success. The following suggestions from the two top producers featured below are some of the steps they can take to make 2022 a winning year.
Despite the stock market’s substantial rise Monday, there’s an important message — and an important warning — that the less obvious Black Friday, which I’ll call BF II, delivered to those of us who have a significant portion of our net worth invested in stocks.
Hospitalized for weeks in October, Steven Boyer, the principal and owner of Fiscal Fit Financial Services, a wealth management company in nearby Reedsville, Pa., walked out of the hospital still suffering some of the after-effects of COVID-19. But he also walked out with a list of new potential customers and referrals.
That’s according to a new paper from investment adviser Morningstar, which shows that the decades-old guidance on how to spend down savings after retirement — commonly known as the 4 percent rule — may no longer provide sufficient lifetime security.
Over one third (39%) of participants admitted to hiding a purchase, bank account, statement, bill or cash from their partner/spouse, and about one in five admitted to lying about finances, amount of debt owed or amount of money earned to a partner/spouse.
The Covid-19 pandemic has changed the way and strategies in which investors invest their resources, said Mark Mccombe, senior executive director at BlackRock, the largest fund manager worldwide.
in many ways it could go down as one of the best years ever. This week, in honor of Thanksgiving, we wanted to take a closer look at three reasons to be thankful. From the stock market to the economy, there are indeed many reasons to be thankful this year.
Of the 10 largest firms in the sector, eight are American. They include BlackRock, Vanguard, Fidelity, some of the big names in the industry. Only two European names sneak into this select club, the German insurer Allianz and the Swiss bank UBS.
Most advisors (and clients) are looking for steps to make sure they finish the year strong. Here are a few tips on how to use the final weeks of the year to make 2021 a strong campaign.
Inflation and what it means for investing is one of the biggest issues I have been hearing about recently. The topic can generate quite a bit of anxiety.
Experts say consumers could consider assets that are directly linked to inflation.
While the overall goal of qualifying for MDRT may be an intimidating one, breaking it down into manageable pieces is a sure way to methodically march towards your prize. Use the following guidelines to take this tactical approach to membership qualification.
Even in a bull market, veteran investors may find that they have added a few losers to their portfolios. Tax-loss harvesting may be able to lessen the pain of those stinkers by giving you the ability to use those losses to lower your tax liability.
As you’ re probably aware, it’ s been a good year for the stock market. All major stock indexes have been hovering near record highs. According to an analysis of data from January 3, 1950 to April 22, 2015, the S&P 500 set a new record high on 6.96% of days.
The Federal Reserve should not be quick to raise short-term interest rates to cool inflation because there are costs to workers and the economy, said San Francisco Fed President Mary Daly on Tuesday. Like all insurance, there are costs,” Daly said during a speech at the Commonwealth Club in San Francisco. Louis Fed President James Bullard urged his colleagues to“…
Revelations about alleged misleading actions by Facebook led to billions in losses to investors, according to a federal lawsuit filed against the social media giant by Ohio’s largest public pension fund.
There is a specter haunting the U.S. economy: the Great Inflation of the 1970s. During this decade, a simultaneous increase in prices and unemployment paralyzed the U.S. economy and its policymakers.
On the contrary, Ray Dalio, Warren Buffett and, now, Bank Of America itself know its power. That it has estimated a market of US$ 284 billion in 2028 for this sector is no coincidence. I find it quite curious that companies are more interested in learning about cognitive biases to improve their products, marketing and sales processes, but they are not yet able to…
The Federal Reserve may end asset purchases faster amid surging inflation, some on Wall Street predict. The Nasdaq fell as the 10-year yield rose.
The financial services industry is overlooking or underserving a potentially huge and growing market according to a new study from the Center for Economic Empowerment and Equality, part of The American College of Financial Services.
The current term of Jerome Powell, who came to the post appointed by then-President Donald Trump in 2017, concludes in February and although most experts foresee his continuity in a second term, the possibility that President Joe Biden will opt for another candidate has also emerged.
The great irony of inflation is what is bad for families is not necessarily bad for stocks.
According to the Federal Home Loan Mortgage Corporation, also known as Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage in mid-September 2021 was 2.86.
It’s rare to have a pension plan these days and those without pensions may not have access to a retirement plan through their work either. Not only does this present an issue for middle and upper-income individuals, but it’s also a real problem for lower income individuals especially those in underserved communities.
The builder of SUVs, pickups and electric trucks Rivian debuted on Wednesday on Wall Street where it reached a capitalization of almost $100 billion. That value is higher than that of legendary carmakers like Ford or General Motors even though it has just launched its first vehicles.
It’s been difficult to find a macroeconomic story that supports reducing exposure to U.S. equities in favor of their developed international counterparts. But frankly, if one is going to develop, it may need to happen soon.
One of the long-term planning solutions plan sponsors could consider to help employees retire on time is offering guaranteed lifetime income investment options for participants. In fact, about half (46%) of plan participants are interested in these options.
The SEC charged United States Oil Fund LP, an exchange-traded product (ETP), and its general partner United States Commodity Funds LLC for misleading statements about limitations imposed by its sole futures commission merchant and broker.
Companies in the infrastructure and construction sector gained $6.733 billion in market value on Wall Street on Monday after the U.S. House of Representatives approved the infrastructure plan proposed by President Joe Biden.
Longevity risk also continues to be a top concern for retirement plan participants, according to the survey. When it comes to taking withdrawals, 76 percent of survey respondents would be more likely to leave their money in their 401(k) plan if given an in-plan withdrawal solution.
Gregory Lemelson and Massachusetts-based Lemelson Capital Management LLC were charged with fraud in September 2018 for reaping more than $1.3 million in illegal profits by making false statements to drive down the price of San Diego-based Ligand Pharmaceuticals Inc.
President Biden has more than economics on his mind as he weighs his choice to lead the Federal Reserve: His pick will impact inflation, face the cruel judgment of financial markets and somehow need to find 50 votes in deeply divided Washington.
Several articles published lately suggest that stocks perform well in higher inflation environments. That may be the case when inflation rises due to more robust rates of sustainable economic growth. However, history suggests sharply rising inflation not only negatively impacts economic growth but triggers adverse market environments.
The SEC has charged a New Jersey “claims aggregator” – a firm that submits claims on behalf of its clients to administrators tasked with returning settlement funds to harmed investors – and its three principals with defrauding distribution funds established to return money to securities fraud victims in a multi-year scheme.
The Federal Reserve's commitment to diversity and inclusion is clear— on paper. In a letter to Biden on Monday, more than a dozen groups urged the president to "make history" by appointing the first Black Fed chairperson and the first Black woman to its Board of Governors.
They say nothing is certain in life but death and taxes. It feels like one other certainty is that taxes are going to increase. Business owners should feel like there is an “X” on their back. Let’s highlight some of the problems to bring us one step closer to a solution.