Delaware Department Of Insurance Announces Public Hearing On Proposed Transaction With China Oceanwide Holdings Group Co., Ltd U.S. Mortgage Insurance Adjusted Operating Income Of $118 Million, Increased 62 Percent Compared To Third Quarter Of 2017 U.S. MI’s PMIERs 1 Sufficiency Ratio At 130 Percent, In Excess Of $750 Million Above Current Requirements…
Third Way said in its report three of four key battleground states President Donald Trump won in 2016– Michigan, Pennsylvania and Florida– struggled to provide enough middle- and upper-class opportunity. Minnesota and Iowa also ranked in the top 20.. Rochester is close to the Mayo Clinic, and Cleveland is near the Cleveland Clinic.
U.S. consumer confidence rose again this month, hitting a new 18-year high. The Conference Board says its consumer confidence index climbed to 137.9 in October from 135.3 in September. Both readings are the highest since September 2000. The index measures consumers’ assessment of current economic conditions and their outlook for the next six months.
The U.S. economy grew at a 3.5 percent annual growth rate in the third quarter, considered strong but lower than the 4.2 percent rate at which it grew in the second quarter, according to a U.S. Bureau of Economic Analysis report.
—LPL Financial Holdings Inc. on Thursday reported third-quarter net income of $106.9 million. Three analysts surveyed by Zacks expected $1.3 billion. LPL Financial shares have fallen 5 percent since the beginning of the year.
The U.S. Attorney for the Middle District of Louisiana, Brandon J. Fremin, issued the following news release:. United States Attorney Brandon J. Fremin announced that on October 24, 2018, U.S. District Judge John W. deGravelles sentenced VICTORY HO, age 39, of Morgan City, Louisiana, to 32 months in federal prison following his convictions for securities fraud and…
However, Senior CFP Board Ambassador Jill Schlesinger, CFP ® says it’s important to strike a balance between the two by being realistic about what you can afford and creating a plan. As your children get older, the case for putting their education needs first is compelling– especially considering those with a bachelor’s degree have the potential to earn over…
–Broadridge Financial Solutions, Inc., a global Fintech leader, and UBS, the world’s largest wealth manager, today announced an innovative strategic partnership where UBS Wealth Management USA will be the anchor client on Broadridge’s new wealth management industry platform. Adopting an industry-standard, open solution will enable UBS to provide unique…
Ameritas has launched a new retirement plan participant digital platform offering users a simplified, engaging and more intuitive experience. Working with vWise, Inc., an industry leader in understanding participant behavior and needs, Ameritas redesigned the participant experience to create more meaningful interactions focused on guiding…
A turbulent day on Wall Street ended Tuesday with stocks climbing nearly all the way out of a steep, broad sell-off that at one point erased more than 500 points from the Dow Jones Industrial Average. The latest selling came as investors grew unsettled over slowing economic growth in China and increased signs of trade trouble.
A large majority of Americans agree they need to save more and invest better to prepare for retirement, but how to motivate the action is the missing piece. A new survey might have an answer: when people envision how they want to live in their retirement years, they are motivated to save more.
–LPL Financial LLC, a leading retail investment advisory firm and independent broker-dealer, today announced that Brennan Asset Management Group has joined LPL’ s broker-dealer and corporate registered investment advisor platforms. Brennan Asset Management Group reported that its advisors served approximately $300 million of client brokerage,…
Kestra Financial, Inc. announced the expansion of its network of companies and services through an agreement to acquire Reliance Trust Company of Delaware from FIS. “Baby boomers have become the wealthiest generation in history, ushering in a phenomenon known as’ the great wealth transfer;’ with a record-breaking $30 trillion to be passed from baby boomers to…
–SS&C Technologies Holdings, Inc., a global provider of financial services software and software-enabled services, today announced a collaborative agreement with Envestnet Retirement Solutions to integrate its Managed Account solution with SS&C’s retirement record keeping platform, TRAC ®. “One of the keys to our TRAC retirement account servicing…
–A large majority of Americans agree they need to save more and invest better to prepare for retirement, but new research reveals an action that may make all the difference: When people envision how they want to live in their retirement years, they are motivated to save more. The research, based on a survey of 1,202 American adults conducted by Capital Group, home of…
“When people prey on the elderly, they are preying on our most vulnerable, when they should be enjoying that time in their life,” Attorney General Jeff Landry said during a meeting Thursday in Baton Rouge, which hosted the acting leader of the nation’s consumer watchdog agency, Mick Mulvaney. The Louisiana Legislature this year enhanced its laws regarding…
TD Ameritrade Holding Corporation has released results for its 2018 fiscal year. “Fiscal 2018 was a landmark year for TD Ameritrade as our powerful momentum and financial strength grew across all core metrics. We also gathered a record $92 billion in net new client assets in the midst of a major client integration, driven by record asset gathering from our…
Women on average have saved 43 percent less for retirement than men, finds new data from Prudential Financial, Inc.. Kent Sluyter, President, Prudential Annuities. “More needs to be done to help women develop a retirement income strategy to not only put them on a parity with men, but to ensure they are financially secure,” said Kent Sluyter, president of Prudential…
When it comes to financial stress, the number one culprit is saving for retirement, according to a new study from Lincoln Financial Group. “Saving for retirement doesn’ t have to be stressful, and it doesn’ t have to be difficult,” said Jamie Ohl, EVP, president, Retirement Plan Services, Head of Life and Annuity Operations, Lincoln Financial Group.“ It’ s all about taking…
From San Diego to New York, people are dreaming of how they would spend the money should they beat the astronomical odds of winning.
–According to a new survey from Ally Invest, the online trading and automated investing arm of Ally Financial Inc., nearly two-thirds of survey respondents say they find investing in the stock market to be scary and/or intimidating, up from 61% in a similar survey during the same period last year. In addition to these concerns around investing, most survey…
The CFP Board Center for Financial Planning is pleased to announce that Charles Schwab Foundation is supporting efforts to increase ethnic and racial diversity within the financial planning profession. Charles Schwab Foundation funded comprehensive research, released earlier this year, which identifies the barriers to racial and ethnic diversity in…
Wells Fargo& Co.’ s chief executive, Timothy Sloan, is facing renewed pressure to resign from U.S. Sen. The Democratic senator, who may run for the party’s presidential nomination for 2020, sent a letter to Jerome Powell, chairman of the Federal Reserve. The Federal Reserve issued an order Feb. 3 that does not allow Wells Fargo to grow total assets beyond the $1.93…
The Department of Labor is likely to harmonize its Conflict of Interest Rule language with the Securities and Exchange Commission’s best interest standard, according to a prominent industry lobbyist. The DOL fiduciary rule was tossed out by a federal appeals court earlier this year.
Oct. 18– Massachusetts Mutual Life Insurance Company announced Thursday that Invesco will acquire OppenheimerFunds, an asset management affiliate of MassMutual. Invesco will pay about $5.7 billion as part of the agreement, including $4 billion of preferred shares and 81.9 million of common stock. The deal will bring Invesco’s total assets under management…
Paul Volcker became Fed chairman in 1979, promptly running into an economy burning down because of runaway inflation and then threw gas on it. He eventually raised the prime rate to 1981, extinguishing inflation, but also President Jimmy Carter’s chances of a second term.
San Francisco, CA, (GLOBE NEWSWIRE) — Hearsay Systems, provider of the Hearsay Advisor Cloud for the financial services industry, today…
Amid increasing trade barbs, geopolitical unrest, and a late-stage economy, results show investors are hopeful that the midterm elections will have a positive impact on their investments.
The vast majority of consumers who find a financial task difficult don’t seek help. This opens an opportunity for financial professionals to help ease their pain, a study says.
Securities America, a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc., announced today that JSD Associates has joined the company’ s platform. They will affiliate with Securities America through Evolution Financial Advisors, a Super-OSJ based in Victor, New York with total assets of more than $2 billion. We are also very pleased to play a…
When it comes to figuring out retirement income and how to manage finances in the post-employment years, there is a big difference between pre-retirees and retirees. More than half – 56 percent – of pre-retirees said they frequently worried about their finances while only 36 percent of retirees said they did.
–CAPTRUST Financial Advisors, one of the nation’s leading independent Registered Investment Advisors, today announced that the $1.4 billion wealth advisory firm, FCE Group, has joined its team. FCE Group was founded in 1981 and is led by Chairman David H. Schwartz, and CEO Fred Sloan. The firm has a 37- year history of providing clients with independent, holistic…
If your client did most of his or her retirement saving in 401(k)s and IRAs, unless you have a plan, they may end up paying a lot more in taxes than they bargained for. Some efficient strategizing and common-sense moves can avoid these problems.
Fidelity ® today announced the launch of Wealthscape SM Integration Xchange, its open architecture digital store. “Our clients are already successfully leveraging the integrations we provide, and Integration Xchange will further help them bring their client experience vision to life,” said Tricia Haskins, vice president, digital strategy& platform…
–AmeriServ Financial, Inc. reported third quarter 2018 net income of $2,329,000, or $0.13 per diluted common share. For the nine-month period ended September 30, 2018, the Company reported net income of $5,840,000, or $0.32 per diluted common share. AmeriServ Financial Inc. was able to return almost 70% of our increased third quarter earnings to our…
Morgan Stanley says third-quarter profit rose to $2.11 billion from $1.78 billion a year ago. The company says it had earnings of $1.17 per share compared with 93 cents a year earlier. The results topped Wall Street expectations.
Oct. 16– Brad Hewitt will retire as chief executive of Thrivent Financial Inc. and will be succeeded by Terry Rasmussen, who becomes the first woman to lead the Minneapolis- based investment services firm. “Brad has provided visionary leadership in moving Thrivent forward in its mission of serving the broader Christian community and ensuring the organization…
Bank of America says third-quarter profits rose by 32 percent from a year ago, as the bank was able to charge more for loans and also benefited from a much lower tax rate, thanks to last year’s tax law.
JPMorgan Chase says its third-quarter profits rose by 24 percent from a year ago, helped by a lower tax bill and higher interest rates. The bank earned a profit of $2.34 a share, while analysts had expected $2.26 a share.
PORTLAND, Ore. — Oct. 11, 2018 — Regardless of their income level, 70 percent of employees indicated that saving money…
–Cetera Financial Group ®, a leading network of independent firms supporting the delivery of objective retail financial advice, today announced the formation of its new Board of Directors, following the firm’s selection in July of Genstar Capital as its strategic partner to accelerate Cetera’s growth and success. Three of the new Board members– Ben Brigeman,…
Affluent millennials, part of the nation’s largest generation that grew up in the shadow of the Great Recession, see another market meltdown in their future. Nearly eight out of 10 of millennials who have either $50,000 in assets to invest or $100,000 in individual or joint family income say “it is just a matter of time” until next crisis.
The dramatic increase of new RIAs is a sign that the independent channel remains an attractive place for large advisors to grow, one analyst said. Since 2013, new annual RIA filings have grown by 60 percent, from 150 RIAs in 2013 to 238 last year.
Broker-dealers across the country and reeling and unsure how to respond to Ohio National terminating trail commissions on some of its variable annuities. At least one leading annuity analyst does not expect the ON decision to be repeated by other insurers.
By a News Reporter-Staff News Editor at Investment Weekly News– J.P. Morgan Asset Management released findings from its fifth survey of U.S. retirement plan participants. The 2018 Defined Contribution Plan Participant Survey revealed that while their retirement outlook has improved, nearly half of plan participants still don’t feel they’ll be able to…
–LPL Financial LLC, a leading retail investment advisory firm and independent broker-dealer, today announced that BMG Advisors has joined LPL’ s broker-dealer and corporate registered investment advisor platforms. BMG Advisors reported that its advisors served approximately $220 million of client brokerage and advisory assets as of Aug. 21, 2018*..
The 6,000 fee-based advisors Nationwide serves now have an alternative to a commission-based SPIA at a time when advisors are busy experimenting with the types of fees they charge. Alternative models include hourly rates, tiered fee schedules, subscription services and retainers for high-net-worth clients.
How agents talk to clients goes a long way toward whether they earn a sale or not. But these days, it’s more about using words that clients can understand — “cost” instead of “premium,” for example. The benefits of better communication could be significant.
The Securities and Exchange Commission today charged Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., with securities fraud for a series of false and misleading tweets about a potential transaction to take Tesla private. According to the SEC’s complaint, Musk’s tweets caused Tesla’s stock price to jump by over six percent on August 7, and led to…
WASHINGTON- The U.S. economy grew at a robust annual rate of 4.2 percent in the second quarter, the best performance in nearly four years, though economists believe growth has slowed in the current quarter partly because of a drag from trade. However, a big part of that growth reflected a temporary rush to ship soybeans and other U.S. exports out before penalty…
PARK RIDGE, Ill. (Sept. 27, 2018) — A recent study conducted by MDRT reveals that although the majority (85 percent)…
European and Asian markets fell after the U.S. Federal Reserve tightened its monetary policy and raised interest rates for the third time this year.
The Federal Reserve has modestly raised a key interest rate for the third time this year in response to a strong U.S. economy and signaled that it foresees another rate hike before the year ends.
An escalating trade war between the United States and China and other countries could end up hurting the U.S. economy the most, new research from the European Central Bank said.
Insurance companies see adding annuities to platforms such as Envestnet as vital as advisors grow more fiduciary-focused.
According to the 14-count indictment, the defendants perpetrated a Ponzi scheme to defraud investors of more than $364 million. The indictment alleges the defendants used false claims to invite investors to join them in purchasing consumer debt portfolios.
Filings for unemployment benefits unexpectedly fell for a third straight week to a new 48- year low, as businesses hold on to existing staff amid a shortage of skilled workers, according to Labor Department figures. That’s a good sign for the September payrolls report.
A booming economy combined with generous tax cuts has the affluent class increasing in numbers. Affluent households, or those with more than $100,000 income, grew by 30 percent between 2012 and 2016.
Ten years ago, after making piles of money gambling with other people’ s money, Wall Street nearly imploded, and the outgoing George W. Bush and incoming Obama administrations bailed out the bankers.
