The Securities and Exchange Commission charged a Mountain View, Calif.-based technology start-up and its chief executive officer with defrauding investors by making false and misleading statements about the company’s finances and sources of revenue.
The Senate Banking Committee on Tuesday approved President Donald Trump’s choice of Judy Shelton for the Federal Reserve board on a party-line vote, overcoming widespread questions about her qualifications for the Fed.
The SEC’s complaint alleges that Michael Barry Carter, a financial advisor in the McLean, Va. office of a large financial institution, falsified internal documents in order to effect dozens of unauthorized wire transfers totaling millions of dollars.
In a shift, the Senate Banking Committee is likely to back President Donald Trump’s unconventional nomination of Judy Shelton for the Federal Reserve’s Board of Governors in a party-line vote Tuesday. The committee’s support would move Shelton’s nomination to the full Senate, which would have until the end of the year to confirm or reject it.
Big technology companies powered stocks higher on Wall Street Monday, adding to the market’s gains after a three-week winning streak. Amazon led the way higher in the S&P 500 with a 7.9% gain. Technology and communications stocks and big e-commerce retailers like Amazon have benefited this year from the pandemic.
We will see one of the biggest year-over-year quarterly declines in S&P 500 Index profits ever, and we will hear a lot about uncertainty facing corporate America as COVID-19 continues to impact many companies in the United States and globally. But it may not all be negative.
The Securities and Exchange Commission charged David Hu, the co-founder and chief investment officer of International Investment Group, a former registered investment adviser, with fraud for his role in a $60 million Ponzi-like scheme.
Jedidiah Collins led a bit of a secret life during his time as an NFL player. So, even while appearing in 47 games in three seasons with the New Orleans Saints, he largely kept to himself that he was studying to become a certified financial planner.
More than one-third of financial advisors say they plan to retire within the next decade. That means 120,000 to 150,000 advisors leaving the business. It also means there will be a lot of succession planning issues throughout the industry, said Chip Roame, managing partner of Tiburon Strategic Advisors.
Advisors must continue adapting to generating referrals, prospects and sales from online efforts. Proper preparation and shifts in business practices can even help generate more potential business than existed before the pandemic started.
Behold the power of the lowest home loan rates ever, a milestone hit this week in a descent that hasn’t let up since the coronavirus outbreak hit the U.S.. The average 30-year, fixed-rate mortgage dipped to 2.98%, with settlement costs– fees and points– of 0.7, Freddie Mac reported Thursday.
In response to the COVID-19 pandemic, CFP Board announced today it will add a remote proctoring option for the upcoming CFP exam to take place September 22-29, 2020. Eligible candidates will include those who need to travel more than 50 miles to a Prometric testing center. Candidates who have a health concern will also be eligible.
Orion Advisor Solutions made headlines last month with the blockbuster acquisition of Brinker Capital, a turnkey asset management platform (TAMP). The deal brings Orion’s combined TAMP assets under management to $40 billion. That deal is a sign of things to come, one analyst said.
Markets continued to rise in June, as efforts to reopen state economies across the country continued throughout the month. Investors reacted to the continued reopening with optimism, driving the S&P 500 up 1.99 percent in June following a 4.76 percent increase in May.
One of the most challenging aspects of financial planning is helping people prepare for medical expenses. Every year the Federal Reserve conducts a study of the economic well-being of American households. As part of the study, they ask how respondents would cope with an unexpected $400 expense.
Investors see a vaccine as the best way for the economy and human life to get back to normal, and researchers said late Tuesday that one developed by the National Institutes of Health and Moderna revved up people’s immune systems in early testing, as hoped.
According to a study published by UCLA’s Anderson School of Management, the COVID-19 pandemic has put the U.S. economy into a “depression” and projects that the country’s GDP won’t return to pre-pandemic levels until early 2023.
Wall Street rebounded on Tuesday, and the S&P 500 more than made up all its losses from the day before, after stocks pinballed through another day of erratic trading. After the market closed, shares of Moderna jumped in after-hours trading after its COVID-19 vaccine showed early success.
In court documents, regulators say Mark Baxter, also known as Mark Morrow, began running Craigslist notices early in 2018 promising to train respondents and/or invest in winning stocks for them. The all-caps posts were made in at least 49 states, two countries, the District of Columbia, and Puerto Rico, regulators said.
The trajectory of the economic recovery remains uncertain, but based on the depth of the contraction and a multi-staged recovery, LPL Financial Research strategists’ 2020 base-case forecast calls for a 3 to 5 percent contraction in gross domestic product.
Sometimes at odds, America’s two largest generations now have something to agree on: The coronavirus pandemic has smacked many of them at a pivotal time in their lives. For different reasons, both millennials and boomers have much to worry about with the present economy.
The Securities and Exchange Commission today charged California-based Abra and a related firm in the Philippines for offering and selling security-based swaps to retail investors without registration and for failing to transact those swaps on a registered national exchange.
Low interest rates for the past 12 years sent the Commercial Real Estate industry on a whirlwind decade of double-digit growth. In March, the U.S. went into an economic tailspin due to the coronavirus pandemic that swept the entire world into bear markets. The Federal Reserve Bank made two emergency rate cuts in response.
Some countries like Denmark, Japan and Sweden have already seen negative interest rates and some believe that it is only a matter of time before the U.S. sees this trend as well. You might also think that negative interest rates don’t really affect banks but they can.
It followed up on a mixed performance for stocks in Europe and Asia. Treasury yields were dipping a bit, while the price of gold peeked higher in another sign of caution continuing to hang over markets. Markets have been swinging this week as worsening coronavirus infection counts across the U.S. Sun Belt and other global hotspots.
When it comes to saving for the future, Health Savings Accounts are one of the best things going right now. Not only do they deliver an unparalleled tax benefit for participants, but changes brought by the CARES Act have made them a lot more flexible. However, like most government programs, there are plenty of rules to keep straight.
U.S. consumers reduced their borrowing for a third straight month in May as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt. The Federal Reserve reported Wednesday that consumer borrowing declined by $18.3 billion in May, a drop of 5.3%.
This merger positions the firm as a leading provider of advisory services to its targeted niche of retirement advisors. The combined company will retain the Brookstone name, executives said, and will reflect the best that each firm has to offer, including exclusive and expansive state-of-the-art technologies.
Surprisingly, both the economic recovery and financial markets did very well in June. As we enter July, the question of many minds is whether the medical situation will improve—and whether the good economic and market news will continue.
A recent Census Bureau survey found that a quarter of families in rental housing were worried they might not be able to pay the next month’s rent. By contrast, the Beige Book just talked about landlords worried their tenants would miss a rent payment.
Although all election years feel different, 2020 no doubt may be one of the most unique election years ever. We have a pandemic, a deep recession, extremely heightened partisanship, a mail-in ballot controversy, an unpredictable president, and the oldest presidential candidate ever.
Whatever you call it, it’ s been a few months since the COVID-19 pandemic taught us what staying home for an extended period of time actually looks and feels like. “Like everything in life, every challenge and every hardship is a lesson to be learned,” says Eric Simonson, certified financial planner and owner of Abundo Wealth.
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 multiple-employer plans could grow in the years ahead.
Given the headlines, the key to figuring out what is likely to happen over the rest of the year is to focus on the most important trends, which for us means the coronavirus pandemic, the economic response to it, and the financial markets.
When our fathers and grandfathers retired, many were promised a defined pension by their employers. Depending on factors such as number of years worked and average three-year-high pay, they would receive a monthly pension check for their entire retired life. Often, they could leave half to their spouses upon death.
Though businesses have been hard hit by COVID-19 and the ensuing global recession, business owners still need financial services and advice just as much as – if not more than – they did before the crisis. This diverse group can bring a variety of engaging work for financial advisors, but also requires specialized financial skills.
Fed officials say more than 200 banks have signed up to participate since the Main Street Lending program began two weeks ago, but that’s a small slice of the nation’s roughly 5,000 lenders. None have made any loans yet.
This year has seen tectonic shifts in the world of retirement accounts. Some changes- like the new limitations on inherited IRAs- have received a lot of coverage. On June 23, the IRS announced that anyone who took a required minimum distribution in 2020 can roll those distributions back into their IRA provided the rollover occurs before Aug. 31.
So you want to be a financial advisor? There are positions available in an industry that needs young people to reach the next generation. Regardless of how you approach your search, be patient with yourself and the process; unfortunately, there is no secret sauce to finding your next opportunity.
Since 1928, the stock market has accurately predicted the winner of the election 87% of the time and every single year since 1984. It is quite simple. When the S&P 500 Index has been higher the three months before the election, the incumbent party usually won, while when stocks were lower, the incumbent party usually lost.
Wall Street capped its best quarter since 1998 Tuesday with more gains, a fitting end to a stunning three months for investors as the market screamed back toward its record heights after a torrid plunge. The quarter’s gains were ignited by promises of massive amounts of aid from the Federal Reserve and Capitol Hill.
The 2nd U.S. Circuit Court of Appeals ruled that the Securities and Exchange Commission acted properly in developing Regulation Best Interest and that the rule was not arbitrary and capricious. The court’s decision on Friday means that Reg BI, which establishes a new advice standard for brokers, can take effect as planned on Tuesday.
Over three-quarters of the 33 million households in the U.S. with between $100,000 and $1 million in investable assets say they use a human advisor to manage their money (this included financial advisors—as well as representatives from 401-K providers and banks). This is a key finding of a research study released by Cerulli Associates.
The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period, which will show what happened when the pandemic began spread across the U.S.
The Federal Reserve said Thursday that banks are “sufficiently capitalized” and have passed their stress tests. The Fed also said it is putting a stop to share buybacks by banks, but it will allow banks to continue paying limited dividends. The Fed wants to know how banks would handle a jump in unemployment or a drop in economic output.
Frederick Stow, a Franklin resident and former investments vice president at Raymond James& Associates, has been charged with securities fraud, wire fraud and aggravated identity theft by the U.S. Department of Justice after it alleged that Stow stole $933,500 from two elderly clients. The charges were announced in a June news release by U.S. Attorney for the…
The Volcker Rule was part of the overhaul of banking regulation approved in the Dodd-Frank Act passed by Congress in 2010 in an effort to curtail excesses that had led to the 2008 financial crisis. However, President Donald Trump had campaigned in 2016 on rolling back what he saw as over-regulation of the banks.
SG Americas agreed to pay a $1.55 million civil penalty to resolve the SEC’s charges and separately agreed to pay $1.55 million to the Financial Industry Regulatory Authority (FINRA) to resolve parallel charges.
The International Monetary Fund expects the global economy to shrink 5%, much worse than the less than 1% contraction in the Great Recession of 2008 and 2009. Ken Rogoff, professor of economics at Harvard and former chief economist at the IMF, said a 5% global contraction is “like a meteor hitting the earth.”