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Asia Stocks Advance, Tech Giants Rally After Fed Report

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—Asian stocks rose Thursday after the Federal Reserve kept its accommodative monetary policies and signaled that the U.S. economic recovery was on track. Tokyo's Nikkei 225 gained 0.7% to 27,782.42, while the Kospi in South Korea advanced 0.2% to 3,242.65. The Hang Seng in Hong Kong jumped 2.9% to 26,222.72.

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Many Americans dream of retiring early. How can advisors help make it happen?

Biases are well-known for pushing investors to make short-term decisions that endanger a secure retirement. But biases can be called on to help get people into plans and keep them there.

—Asian stock markets declined Wednesday after Wall Street pulled back from a record as investors awaited a Federal Reserve report for signs of when U.S. stimulus might be withdrawn. Shanghai, Tokyo and Sydney retreated while Hong Kong advanced. Investors were digesting U.S. earnings reports while worries increased after the Centers for Disease Control and…

Earlier today, the United States sold the sole copy of the Wu-Tang Clan album “Once Upon a Time in Shaolin,” which had previously been ordered to be forfeited as a substitute asset in connection with the approximately $7.4 million forfeiture money judgment entered against Martin Shkreli at his March 2018 sentencing.
Prosecutors suggest that Pope Francis and his top lieutenants were aware of some of the key transactions in the case.

Vatican prosecutors have alleged a jaw-dropping series of scandals in the biggest criminal trial in the Vatican’s modern history, which opens Tuesday in a modified courtroom in the Vatican Museums.

Cryptocurrencies have been around for more than a decade. Bitcoin, the first cryptocurrency, launched in January of 2009 and its success has spawned more than a hundred competing digital currencies. The appeal of cryptocurrencies is unrelated to the fact that they can be used to pay for goods and services.

This summer, I have taken up competitive swimming. As a rookie, I never realized how many components are involved in a gold-medal performance. For example, Olympic swimmers have excellent stroke technique, strength, endurance; as well as, great starts, turns, and finishes.
Empower is taking over Prudential's retirement business.

Empower, a Great-West Life company, plans to consolidate the two companies’ retirement business on a platform the Empower built with the help of last year’s $1 billion acquisition of Personal Capital.

Stocks closed higher on Wall Street for a second straight day Wednesday following a sharp drop at the beginning of the week. Energy stocks also rose as the price of U.S. crude oil marched 4.3% higher. The stock market has begun looking past the pandemic and toward what the recovery looks like, said Bill Northey, senior investment director at U.S. Bank Wealth…

Remember the Everlasting Gobstopper from Willie Wonka’ s chocolate factory? Designed for children“ with very little pocket money,” it lasted forever, never got smaller, and was perpetually flavorful. We call it the Everlasting Tax Shelter, but it’ s more commonly known as a sports team.

When you’ re frequently bombarded with ads for credit cards at big banks, it’ s easy to overlook credit cards at a local credit union. In fact, the average late fee is about $10 cheaper at a credit union than at a bank, according to a Membership Benefits report by the Credit Union National Association. Navy Federal Credit Union in Virginia, for instance, has a military…

Japan's benchmark Nikkei 225 slipped 0.9% to 27,417.75. Hong Kong's Hang Seng lost 1.1% to 27,189.43, while the Shanghai Composite fell 0.2% to 3,531.54. Worries about the pandemic continue in Japan, with three days to go before the Tokyo Olympics open.
The average in the first half of 2020, the latest available, was 77.8 years, which was a year younger than 2019, according to the Centers for Disease Control.

A Capital Group blog post cites Society of Actuaries data to show that Americans are routinely underestimating their lifespan, and may be overestimating their resources.

Raising the minimum wage to $15 an hour is a popular solution, but it's a short-sighted one given the reality that inflation— the silent assassin of Americans' livelihoods, particularly for the poor— is now running the hottest it has in decades. The Consumer Price Index has increased 5.4% since last year, as announced on July 13 by the U.S. Bureau of Labor Statistics.

—With the U.S. economy humming, corporate profits flowing and stock prices peaking, investors on Wall Street are beginning to pose an anxious question: Is it all downhill from here? Many of the U.S. government’ s pandemic relief efforts are fading. The U.S. recovery from the recession is proceeding so quickly that many forecasters estimate that the economy will…
Wealthy Americans did very well during the pandemic.

Households with $5 million-plus in investable assets grabbed over 80% of the COVID market runup, while mass affluent households with $100,000 to under $500,000 declined in number.
Many Americans dream of retiring early. How can advisors help make it happen?

An estimated 3 million people nationwide have left their jobs earlier than expected since the pandemic began in March 2020, according to the U.S. Bureau of Labor Statistics.
Retirees might get a Social Security boost thanks to higher prices.

For those who rely heavily on Social Security benefits to pay their bills, the recent uptick in prices in what seems just about everything are cause for concern.

U.S. Rep. John Garamendi, R-Calif., recently introduced the Fair COLA for Seniors Act of 2021 to require Social Security to use the Consumer Price Index for the Elderly to calculate a “fairer cost of living adjustment” (COLA) for seniors.

U.S. Treasury Secretary Janet Yellen says she will lead an effort by top U.S. regulators to assess the potential risk that climate change poses to America’s financial system, part of a wide-ranging initiative launched by the Biden administration.

—Global stock markets and Wall Street futures fell Thursday after the Federal Reserve talked about possibly reducing U.S. economic stimulus. London and Frankfurt opened more than 1% lower while Shanghai, Tokyo and Hong Kong also retreated. In early trading, the FTSE 100 in London lost 1.4% to 7,047.80 while the DAX in Frankfurt shed 1.4% to 15,477.08.

“Risk comes from not knowing what you're doing.” Warren Buffett, investor, philanthropist, sage. The past decade has been a boon for investors, as markets and asset classes have been on an upward path, save for a few minor corrections along the way.

—Asian stock markets followed Wall Street lower Wednesday after U.S. services activity weakened. Market benchmarks in Tokyo, Hong Kong and Seoul declined. The Nikkei 225 in Tokyo sank 1% to 28,363.82 and the Hang Seng in Hong Kong lost 0.7% to 27,881.92.

U.S. Attorney David Weiss said in statement issued Tuesday that his office has opted not to retry the former Wilmington Trust executives on fraud and conspiracy charges. The January ruling was a blow to the government's case against former Wilmington Trust President Robert Harra Jr., former Chief Financial Officer David Gibson, former Chief Credit Officer…

Few economists predict we’ ll return to the double-digit price increases of the late 1970 s and early 1980 s. But knowing some of the ways consumers coped back then— and how things are different now— can help you formulate a plan to deal with rising prices. “People forget about the potential impact of inflation, since we really haven’ t seen very much,” says Penelope Wang,…

Billionaire Warren Buffett says the one constant throughout the coronavirus pandemic has been that it has been difficult to predict how it would affect the economy, but clearly it has devastated many small businesses and individuals.

–Specialist insurer Beazley has launched the first in a series of reports that will provide a benchmark for business resilience to and appetite for risk post pandemic. The report also assesses the extent to which insurance is providing the safety net and support organisations need. Beazley’ s Risk& Resilience series is based on a survey of 1,000 senior…

The trove of IRS records recently uncovered by ProPublica has confirmed what many have always suspected: Billionaires often enjoy a substantially lower tax rate than the average American. The most recent example from ProPublica’ s reporting: PayPal co-founder Peter Thiel, who in 1999 had the privilege of purchasing company stock for one-tenth of a penny per…

NEW YORK and SAN FRANCISCO, June 29, 2021/ PRNewswire/– J.P. Morgan today announced that it has entered into an agreement to acquire OpenInvest, a leading financial technology company that helps financial professionals customize and report on values-based investments. The company will retain its own brand and be integrated into J.P. Morgan’s Private Bank and…
Dean Vagnozzi has long pitched clients on creative investments.

In happier times, Vagnozzi, a King of Prussia financial salesman well-known through his once-ubiquitous radio ads, raised more than $200 million from investors seeking alternatives to the stock market.

Blacks and Hispanics have plenty of retirement money concerns.

Black and Hispanic Americans were already at a disadvantage with retirement savings. Now the pandemic disrupted their employment more than it did for whites, according to a new survey.

—Asian stock markets followed Wall Street higher on Wednesday after the Federal Reserve chairman said a U.S. inflation spike probably is temporary, helping to calm fears central bankers might feel pressure to roll back economic stimulus. Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul advanced. The Hang Seng in Hong Kong advanced 1.5% to 28,731.21.
Bitcoin might have hit a snag, but big advisors are not worried.

Bitcoin and other digital asset prices are crashing now, but Bitcoin is doing what Bitcoin does.

–eMoney Advisor, a leading provider of financial planning software and solutions, today launched the third season of its original podcast “That Makes Cents.” Building on the success of the two previous seasons, which covered personal finance, financial planning, the role technology plays in financial advice, and marketing for financial advisors, season three of “…

—Asian markets skidded on Monday, with Japan's Nikkei 225 index down 3.4%, after a sell-off Friday on Wall Street gave the S&P 500 its worst weekly loss since February. “The shift to an earlier timeline for a rate hike, accompanied with an upward revision in core inflation forecast to 3%, seems to suggest that the Fed may still be concerned about inflationary…

–While employers often provide matching contributions to their traditional 401 plan, they typically delay fully vesting their employees in those matching funds, according to XpertHR’s 2021 Employee Benefits Survey of 452 US employers. The survey covered over 10 retirement plans and found that traditional 401 plans are the most popular, with 60% of…
What's good for advisors is not so good for brokers, a new survey finds.

Investors seem inclined to build wealth until 45, and then turn to retirement-saving mode, according to a Money Morning survey.
The Department of Labor is delayed compliance with its investment advice rule until Dec. 20.

Firms that comply with the Securities and Exchange Commission’s Regulation Best Interest standard have a head start on the Department of Labor’s investment advice requirement – but still have a way to go.
An impactful leader must be intentional around “eight pearls of leadership,” according to Carla Harris.

Courage is the strand that ties great leadership together, according to a speaker at Tuesday’s Million Dollar Round Table virtual annual meeting.

Officials of the $64 billion PSERS plan have confirmed that eight staffers have hired lawyers since the investigation began under a policy that will pay up to $40 million in total legal bills in any one year for agency staff caught up in one investigation. “The PSERS board is diverting millions in retirement funds, set aside and intended to pay retirement…

The Wall Street Journal reported that the acquiring firms of the leveraged buyout— Blackstone Group, Carlyle Group and Hellman& Friedman LLC— had beat out a rival bid from Brookfield Asset Management, a Canadian investing firm. Northfield, Illinois- based Medline is a major producer and distributor of everything from anesthesia to wheelchairs, beds and lab…
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