Women and those with multicultural backgrounds are underrepresented in the advising business, which is a threat to the profession and an opportunity, writes Marguerita Cheng, CEO of Blue Ocean Global Wealth. She champions the idea of conscious inclusion and explains how it can help firms find talent and improve "productivity, profitability, quality, employee commitment and retention."
The Securities and Exchange Commission has launched HoweyCoins.com, a bogus website that highlights the risks of being swayed by promises of guaranteed returns via cryptocurrency investments. When users click to "buy coins now," they are taken to an official SEC site that points out they could have been duped and lists warning signs that indicate an offer is probably fake.
Sens. Todd Young, R-Ind., and Cory Booker, D-N.J., have introduced legislation to create a federal commission to look for ways to improve retirement security for private-sector workers. The commission would consider proposals to help the mobile workforce, and gig and part-time workers, and review policies from other countries, including the mandatory retirement savings systems in some Scandinavian nations, Young said.
The yield on the 10-year US Treasury bond rose above 3.1% last week, the highest yield in almost seven years. The benchmark bond is paying the highest yield among those of the 10 biggest developed economies.
US Treasury Secretary Steven Mnuchin says the US and China are "putting the trade war on hold." The countries have agreed to withdraw tariffs proposed for each other while they develop a comprehensive trade agreement, he says.
Research by SmartAsset revealed four simple steps advisors can take to turn prospects into clients. Tactics shared by top closers include taking action within a week of receiving leads and reaching out to prospects outside of normal business hours.
Targeting a niche group of prospects could prove more fruitful for an advisor than marketing themselves or their firms as generalists, writes Michael Kitces of Pinnacle Advisory Group. He offers tips on niche marketing, including creating a content hub to invite prospects to engage and forming relationships with key influencers in the niche group.
There are some instances in which it makes business sense to fire a client, writes Mark Palmerino of CCR Wealth Management. These include poor economics, bad chemistry or behavior that presents a risk to the firm's reputation.
Americans are saving the highest amount of funds for college since 2013, but less than one-third are relying on 529 savings plans, according to a report by Sallie Mae. The most common tool parents are using to save for college is a general savings account.
Financial Services Institute members achieved a significant victory as the 5th Circuit Court of Appeals ruled in favor of vacating the Labor Department's fiduciary rule and paving the way for a Securities and Exchange Commission-created best interest standard for all investment advice. However, there's still work to be done, and advocacy victories such as this aren't possible without your active engagement. Join us for Capitol Hill Day June 5-6 for your opportunity to meet with your elected officials and help move the needle on issues impacting our industry. Register now.
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