Only one in 44 cases of elder fraud is actually reported, according to the National Adult Protective Services Association.
Read moreThere’s a tax freight train coming your clients’ way – and their individual retirement accounts and 401(k) accounts are on the tracks, an advisor and author said.
How do we stay motivated to keep our activity up when so many of us are stuck at home, having switched from our well-known office habits to a short commute to another room in our house? Let’s start by reminding ourselves why we are in this business and the value we bring.
New Jersey became the latest state to pass a law to better protect senior citizens from financial exploitation.
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. U.S. Secretary of State Mike Pompeo has said the law means Washington may no longer treat the former British colony, already reeling from…
It seems counter-cyclical to point out, as countries around the world are beginning to emerge from the coma of lockdown, that we are far from the end of the fall-out from the coronavirus pandemic. Still to come in the horror year of 2020 is a list of potentially damaging economic factors such as the destruction of GDP growth for the rest of the current year, a sharp…
A white pet owner apologized for calling the police Monday on a black bird-watcher who asked her to leash her dog in New York City’s Central Park, a dispute that quickly spiraled into a racial flashpoint. In a viral video, Ms. Cooper is shown calling the police on Christian Cooper and claiming he was threatening her.
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.
According to new data from New York Life, Americans are experiencing a wide range of emotions, with many experiencing negative and positive emotions in equal measure– an ambivalence that’ s also reflected in perceptions of their finances. In order to better understand how people in the U.S. are experiencing the emotional and financial impacts of the COVID-19…
Since the onset of the coronavirus pandemic crisis in the United States, money decisions for average investors have certainly gotten more complicated. Vegas Inc spoke with Anthony Valeri of Nevada State Bank and David Garcia of J.P. Morgan Chase& Co. for pointers. “Especially now, where it's likely to be a volatile environment for quite a while, it's important to…
Reverse mortgages allow older homeowners to turn part of their home equity into tax-free cash, using a loan that doesn't have to be paid back until they die, sell or move out. That sounds good to a lot of seniors navigating financial fallout during the coronavirus pandemic. Stay-at-home orders may have taken away jobs needed to make ends meet, while low interest…
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. BlackRock CEO Larry Fink is “doing two things” with his…
Home prices across the United States rose at an annualized rate of 6.1 percent in April 2020 from March 2020, according to Radian Home Price Index data released today by Red Bell Real Estate, LLC, a Radian Group Inc. company. The Radian HPI is the most comprehensive and timely measure of U.S. housing market prices and conditions. Median home price in the U.S. rose to…
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.
Reverse mortgages allow older homeowners to turn part of their home equity into tax-free cash, using a loan that doesn’ t have to be paid back until they die, sell or move out. That sounds good to a lot of seniors navigating financial fallout during the coronavirus pandemic. Stay-at-home orders may have taken away jobs needed to make ends meet, while low interest…
It was spending by consumers that drove the U.S. economy before the pandemic crippled it. The collapse was highlighted again Friday, when federal data showed that retail sales fell by a record 16.4% from March to April.
—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 and the Trump administration’ s decision to step up a technology conflict with Beijing by…
May 15– Tax incentives are increasingly used by cities, and sometimes states, to lure businesses to the area. Most involve some sort of tax break for the incoming business in return for negotiated levels of capital investment, quality jobs or new revenues generated. Tony Mastin, a tax attorney with McAfee& Taft and former executive director of the Oklahoma Tax…
It can be difficult to shift your routines to rely on technology more to maintain your relationships with clients, and spending all day on your computer and mobile devices can cause technology fatigue. However, at their core, technology tools are designed to make our lives easier.
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.
Treasury yields also sank in a sign of pessimism after Federal Reserve Chair Jerome Powell warned about the threat of a prolonged recession. Powell said the U.S. government may need to pump even more aid into the economy, which is bleeding millions of jobs every week. His comments came one day after the top U.S. infectious diseases expert, Dr.
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.
Stocks retreated Wednesday in London, Tokyo and Paris, but reversed early losses in Shanghai. Underscoring concerns about the risks of ending shutdowns before the coronavirus pandemic is brought under control, the top U.S. infectious diseases expert, Dr. Fauci’ s comments pack in more arguments against a rapid reopening of U.S. states which had been supported by…
A Federal Reserve bank president says the economy is on its way back up. In the meantime, an economists’ report showed that the bounce has not yet begun.
If you or your spouse has been financially impacted by COVID-19, the IRS has suspended penalties on early withdrawals from IRA accounts and employer-sponsored retirement plans for distributions up to $100,000. The distribution will still be subject to tax, but the IRS is allowing taxpayers to spread out recognition of the taxes in equal parts over the next…
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.
Over $18 trillion have been wiped out globally by the COVID-19 crisis between February and March 2020, even as capital markets maintained their role of facilitating the transfer of funds in the real economy. According to the WFE, more than $18 trillion globally were wiped out by the COVID-19 pandemic over the course of February and March 2020.
A report out Monday from the National Committee on U.S.-China Relations and the Rhodium Group consultancy found that China’ s direct investment in the U.S. dropped from $5.4 billion in 2018 to $5 billion last year, the lowest level since the recession year of 2009. U.S. investment in China ticked up last year— to $14 billion from $13 billion in 2018.
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.
The S&P 500 rose 1%, and the yield on the 10- year Treasury rose to 0.66%. Investors are also embracing hopeful signals that the U.S. and China won’ t renew their trade war. Asian shares surged Friday on optimism the worst of the economic fallout from the pandemic may be over, as Wall Street logged its biggest rally in a week.
NEW YORK- As the price of attending college continues to rise and create anxiety among families, it's no surprise that the value of going to college is questioned. “Although obtaining a college degree can mean forgone wages during a time when a student is also paying tuition, by age 33 the average bachelor's degree recipient will have recouped those costs,”…
It’ s just a small change so far, but smaller stocks may finally be wresting some of investors’ attention away from the huge companies that have so dominated the market for years. But in the last couple weeks, smaller companies like Winnebago, Big Lots and Supercuts-owner Regis have all shot higher more quickly than their bigger rivals. The recent performance has…
This year the state of Washington, despite being the early epicenter of the pandemic in the U.S., outranked the rest of the country to take the top spot. Washington is perennially a contender for the best state, having led the study in five out of ten years. However, the study did highlight one cautionary note about employment conditions in Washington.
Financial professionals have a sober view of the duration of this crisis. The majority expect it to last for many months and they don’t anticipate a quick recovery. Nearly two-thirds (66%) estimate that the crisis will last for three quarters or more.
PARK RIDGE, Ill. (May 06, 2020) — The COVID-19 pandemic, its associated market volatility and new regulations to combat the fallout…
The latest findings from Northwestern Mutual’s 2020 Planning& Progress Study reveal that among Americans who carry debt, a third of their monthly income goes toward paying it off, exclusive of mortgages. The total average debt among those who have it has been slowly declining – from just over $38,000 in 2018 to $26,621 this year.
The IBD/TIPP Economic Optimism Index, a leading national poll on consumer confidence, rose by 4.0% in May after falling 11.3% in April and 9.9% in March. The IBD/TIPP Economic Optimism Index has established a strong track record of foreshadowing the confidence indicators issued later each month by the University of Michigan and The Conference Board.
There’s a tax freight train coming your clients’ way – and their individual retirement accounts and 401(k) accounts are on the tracks, an advisor and author said.
–Buckingham Wealth Partners today announced that RNP Advisory Services, Inc., founded by Carl Reinhardt, is joining Buckingham’s Strategic Wealth business. RNP is a long-term client of Buckingham’s other business line, Buckingham Strategic Partners, which provides support services to independent registered investment advisors. Wealth advisors Daniel…
According to the data, a commitment by advisors to execute on a few key practices can yield standout results, even during economic cycle lows like those that resulted from the“ Great Recession,” which began in December 2007 3. “By pursuing a disciplined, consistent approach to business management fundamentals, RIAs can do well for themselves in good times or bad,”…
May 4, 2020, Washington, D.C.—Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has postponed the…
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.
—Asian shares advanced on Thursday, riding a wave of optimism about a possible treatment for the coronavirus that set off a rally on Wall Street powerful enough to override data showing the U.S. economy had logged its worst quarterly performance since 2009.. On Wall Street, the upswell of hope about curbing the virus outbreak was so strong that investors…
Like most financial advisors now, Robert DeHollander knows that it is not enough to counsel just waiting out the storm…
–LPL Financial LLC, a leading retail investment advisory firm and independent broker-dealer, today announced that 21 of its affiliated advisors have been included in this year’ s Forbes Top Women Wealth Advisors list.. Sandra Cho, Pointwealth Capital Management, Encino, Calif. Loreen Gilbert, WealthWise Financial Services, Irvine, Calif. Kristina Kuprina,…
–Broadridge Financial Solutions, Inc., a global Fintech leader, today released results from a survey of over 300 financial advisors, revealing that financial advisors are accelerating the transition of their business models to offer more holistic financial wellness services. Fifty-one percent of surveyed advisors stated that there will be an increased…
Whether we like it or not, “working from home,” a phrase heard countless times the past few weeks, is our new normal. It’s time to get on the bandwagon with a work-from-home routine and some new skills as well.
The same problems facing people nationwide can be felt in Owensboro, as well. “Not knowing how soon we can all get back to our typical day-to-day routines is a difficult situation to find ourselves in,” said Independence Bank President Darrell Higginbotham, “and the impact this has had on individuals, businesses, our healthcare system, schools and even some many…
Americans are more nervous about looming recessions and are more closely following the news about the stock market during times of uncertainty than they were in 2019 and 2018, a Million Dollar Round Table survey revealed.
In this horrible time of economic collapse, it is truly touching to see so many corporate chieftains reaching out in solidarity to the hard-hit working class. We know they're doing this, because they keep telling us they are practically every brand-name giant has been spending millions of dollars on PR campaigns in recent weeks asserting that they're…
The 2020 Retirement Confidence Survey, fielded in January, found 77% of retirees are confident in their ability to live comfortably throughout retirement, down slightly from 82% in 2019. Despite the subsequent pandemic, that number barely changed when the survey was re-fielded in late March (76%).
America’ s economy is not a string of holiday lights— Washington can’ t throw a switch to bring back the radiance of the 10-year expansion. Public health requires gradually increasing the lumens but even at full power, some businesses will not shine as brightly and others are permanently broken.
For better or worse, we are passing through one of the great moments in history. A recent report from the International Monetary Fund estimates that the pandemic could cost world economies upwards of $9 trillion in cumulative lost output in 2020 and 2021 or about $13 billion per day between now and the end of next year. Think Churchill during the Battle of Britain…
–Even as the COVID-19 pandemic is upending the global economy, driving unprecedented market volatility and record jobless claims, a clear majority of American adults age 18+, as well as a subset of U.S. investors with investable assets of $100,000 or more, say they fear contracting COVID-19 more than facing a U.S. economic recession. These are among the findings…
U.S. benchmark crude was trading as low as $6.50 a barrel, the Associated Press reported, more than 80% lower than the start of the year. President Trump said Tuesday he had directed his administration to find money to support the U.S. oil industry, but offered no specific actions his administration might take. “We will never let the great U.S. Oil& Gas Industry down,”…
How do we stay motivated to keep our activity up when so many of us are stuck at home, having switched from our well-known office habits to a short commute to another room in our house? Let’s start by reminding ourselves why we are in this business and the value we bring.
The Mortgage Bankers Association issued the following news release:. The Mortgage Bankers Association's latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance jumped from 3.74% of servicers' portfolio volume in the prior week to 5.95% as of April 12, 2020. Mortgages backed by Ginnie Mae showed the largest growth…
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.
Saddam Hussein had weapons of mass destruction— so we were told. If the policymakers in Washington had done nothing and let market forces make the corrections, as they did in the previous recessions, the economic turndown would probably have lasted the normal 18 months or less. As I write this, a series of new studies are showing that the Wuhan virus seems to have…
In order to lead effectively, advisors must answer the question: How do I want to show up for the people I lead? “You must decide in advance who you’re going to be or else your attitude will be blown in the wind,” said Deidre Van Nest, an industry consultant.
While 75% of Americans consider themselves financially savvy, 36% don’t know how, or prefer not, to answer basic financial literacy questions, according to KeyBank’s 2020 Financial Wellness Survey.
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.
Record spikes in jobless claims are creating major roadblocks for consumers who thought that they'd like to save money by snagging a lower mortgage rate. “For people who are unemployed, it's going to be more difficult to qualify for a mortgage at this time,” said Bill Banfield, executive vice president of capital markets for Detroit- based Quicken Loans.
