Industry News

03/09/2018 - Metals Stocks: Gold ends higher as data show strong rise in U.S. jobs, but weak wage growth
Gold prices ended higher Friday, erasing a loss for the week, as monthly data revealed a strong rise in U.S. jobs, but disappointing growth in wages.
03/09/2018 - New work perk: Getting paid faster
For some workers, waiting around for payday is inconvenient. For others, it's a real struggle to make ends meet. To help bridge the gap, more employers are offering workers faster access to their pay.
03/09/2018 - Whoa! 313,000 jobs added last month. Here's where they came from
The jobs recovery is broadening out and benefiting all Americans.
03/09/2018 - The New York Post: Martin Shkreli sentenced to seven years in jail for securities fraud
Pharma felon Martin Shkreli got a dose of reality Friday when a Brooklyn judge slapped him with seven years behind bars for securities fraud.
03/09/2018 - Stock market returns in the years ahead look ugly, says CMG’s Blumenthal
He’s advising investors to be more defensive and prepare for buying opportunities when a correction arrives.
03/09/2018 - Market Extra: Here’s why muni-bond demand could get a lift from bank legislation
Congress is set to treat municipal bonds as a high quality liquid asset, a long-awaited move that will be welcomed by the $3.8 trillion market
03/09/2018 - Facebook to exclusively stream 25 MLB games
Major League Baseball is taking a major swing on the future of streaming with Facebook.
03/09/2018 - State Authorities Launch Investigation of Wells Fargo Advisors
News emerged this week that Wells Fargo Advisors is now the subject of federal and state inquiries assessing whether its advisers acted inappropriately in the treatment of wealth and investment management clients, including 401(k) plan participants.In an explanatory exhibit attached to the firm’s mandatory 2017 year-end Securities and Exchange Commission (SEC) performance filings, the following is spelled out under the heading “Review of Certain Activities Within Wealth and Investment Management”: “A review of certain activities within Wealth and Investment Management (WIM) [is] being conducted by the Board, in response to inquiries from federal government agencies, assessing whether there have been inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants, certain alternative investments, or referrals of brokerage customers to the Company’s investment and fiduciary services business.”According to the document, the review “is in its preliminary stages.” The firm declined to offer any additional information at this juncture about what the timeframe for an internal investigation may be—or from which federal agencies it has received inquiries. As of Friday afternoon, the Department of Labor (DOL) had declined to comment on whether it was investing Wells Fargo Advisors in this manner. Asked whether it was involved, the Office of the Comptroller of the Currency, which has previously won consent orders against other divisions of Wells Fargo, pointed out that Wells Fargo Advisors is technically part of the bank’s holding company, not actually a part of the bank. The Federal Reserve primarily regulates bank holding companies, but that entity did not immediately confirm or deny involvement.In any case, it is already clear that at least one state, Massachusetts, is taking its own look into the matter. In a press release shared by Secretary of the Commonwealth William Galvin, it is confirmed that the state has opened an investigation into Wells Fargo Advisors. The investigation “is seeking information related to inappropriate referrals of brokerage customers to managed and advisory accounts, unsuitable recommendations of alternative investments, as well as unsuitable referrals and recommendations in connection with 401(k) rollovers.”The Massachusetts press release points to the SEC regulatory filing as evidence that wrongdoing may have occurred within its jurisdiction. As part of the investigation, Galvin’s office will be seeking additional information to determine the scope of Wells Fargo’s internal investigation, as well as “reasonable assurances that any Massachusetts investors affected by unsuitable recommendations will be made whole.”Galvin’s statement continues: “Given the recent retirement savings crisis in America, referrals and recommendations involving 401(k) accounts should be closely scrutinized, and in light of the Department of Labor’s fiduciary rule. Wells Fargo’s recent banking scandal, which involved opening bogus accounts for their customers, leads me to believe that where there is smoke, there’s fire.”The post State Authorities Launch Investigation of Wells Fargo Advisors appeared first on PLANSPONSOR.
03/09/2018 - Jim Cramer: We should be suspicious of CEOs who don’t go on TV
‘When you don’t want to put the CEO on TV, I start wondering, ‘What’s wrong here?’
03/09/2018 - Deep Dive: In the bull market’s ninth year, ‘winning’ stocks hide lingering pain
Shares of many bailed-out companies are still underwater.
03/09/2018 - Retirees Still Facing Age Discrimination in Employment EEOC Action Shows
An information technology (IT) staffing firm, Diverse Lynx, has paid a $50,000 fine to settle a lawsuit that the Equal Employment Opportunity Commission (EEOC) brought against it for discriminating against a job applicant due to his age. The EEOC said Diverse Lynx sent an email to the applicant telling him he would no longer be considered for the position because he was “born in 1945,” and “age will matter.” Under a consent decree entered by the court, Diverse Lynx can no longer consider a job applicant’s age and may not ask them for their year of birth before referring them to a prospective employer. Additionally, Diverse Lynx has agreed to give all of its employees training on complying with federal anti-discrimination laws and has asserted that it will not retaliate against those who complain of discrimination. “A basic principle of anti-discrimination law requires that job applicants be judged on their individual qualification,” says EEOC senior trial attorney Rosemary DiSavino. “Employers and employment agencies that consider an applicant’s protected trait, such as age, violate federal law and will be prosecuted.” As people are living longer and wanting to work longer, witnesses at an EEOC hearing last June about the Age Discrimination in Employment Act (ADEA) made suggestions about how regulators and employers can reduce age discrimination and help people work longer.The post Retirees Still Facing Age Discrimination in Employment EEOC Action Shows appeared first on PLANSPONSOR.
03/09/2018 - What could Europe offer Trump to escape tariffs?
What will it cost for Europe to avoid new US tariffs on imports of steel and aluminum?
03/09/2018 - Aston Martin to create all-electric car brand
One of the most striking concept cars at the Geneva International Motor Show was, not surprisingly, created by the designers at Aston Martin. It was the Lagonda Vision X concept, and it provided a preview of a future Lagonda line of fully electric cars.
03/09/2018 - Retirement Industry People Moves
MetLife, Inc. has named executive vice president Marlene Debel as head of the Retirement and Income Solutions (RIS) business, effective immediately. In this role, Debel is responsible for driving smart growth and sound management of MetLife’s broad range of structured risk and funding solutions for institutional retirement plans, including pension risk transfer, institutional income annuities and stable value funds.Debel currently serves as U.S. CFO for MetLife, a role she will continue on an interim basis until a successor is named. Previously she spent five years as MetLife’s Treasurer, where she was responsible for capital management, liquidity risk, cash management and MetLife’s relationships with banks and ratings agencies. Debel joined MetLife from Bank of America where she was head of Global Liquidity Risk Management. Prior to that, Debel was assistant treasurer of Merrill Lynch and Co. She spent 20 years in a number of leadership positions across global treasury at Merrill Lynch.“Marlene brings extensive leadership experience, a focus on sound financial management and a strong customer orientation to this role,” says Michel Khalaf, president, U.S. Business and EMEA, to whom Debel will report. “Her appointment signals our commitment to this business and desire to build on our leadership position.”“RIS is an important business for MetLife,” saus Debel. “I look forward to working with the team to drive value for our stakeholders and deliver financial security to our customers.” Debel joined MetLife in 2011. She received an MBA in finance from Fordham University and a bachelor of science in finance from the State University of New York at Albany.She is on the board of the Women’s Forum of New York and is a strategic adviser to the Financial Women’s Association.Transamerica Names Promotions and Hires in U.S. OfficesTransamerica announced a number of promotions and hirings across their U.S. offices. Tom Briggs, former regional vice president, has been promoted to divisional sales manager for the Western U.S. Mid-Market Division. Additionally, Michael Staples will be taking over as regional vice president for the Colorado and Wyoming territories in Briggs’s place. Staples had formerly worked at Oppenheimer Funds.Sebastian Aza was promoted from internal wholesaler to regional vice president in Los Angeles. He will be taking over for Chris Miller, who has decided to pursue a career as an adviser. Aza will be covering the Northern Los Angeles area. Chris Giovinazzo will be taking over the Sierra Nevada territory, in addition to his current coverage of San Diego.FinMason Creates Analytics Consulting Team FinMason announced the launch of the FinMason Investment Analytics Consulting (FinIAC) group, a full-time team of subject-matter experts working with current and prospective clients to explain, optimize and deploy effective analytics. The group will also act as a conduit to the FinMason team of data scientists, communicating industry trends and contributing to the development of new analytics, thus ensuring the continued alignment between business needs and product development. “We don’t want to be anyone’s vendor. We want to be their trusted partner,” says Kendrick Wakeman, founder and CEO of FinMason. “We are doubling-down on our commitment to a consultative process and that means we will be delivering much more than just analytics. Implementation that is meaningful to the companies that we work with is just as important as the quality of the data and analytics that we provide.”In 2017, FinMason announced their intentions to grow their investment analytics offering from roughly 700 different analytics to more than 1,400 and include sophisticated analysis on private securities and global, multi-asset portfolios.FinMason has hired industry veteran Maral Boyadjian to lead the group. Prior to joining FinMason, Boyadjian was a consultant and investment subject matter expert at Gerson Lehrman Group. Prior to GLG, she served as vice president of the U.S. Product Management division at Natixis, vice president of Global Product Management at State Street, vice president of Strategic Advisers at Fidelity, product manager for Performance Attribution and Risk at Charles River Development, and vice president quantitative portfolio manager at John Hancock’s Independence Investments. She earned her B.A. in finance at Simmons College and her M.B.A. in finance at Suffolk University.Wakeman continued, “Maral not only has a world-class knowledge base and a rigorous thought process, she can communicate that knowledge clearly and effectively to anyone, regardless of their level of sophistication.”Client Solutions Director Joins Aviva Aviva Investors, the global asset management business of Aviva plc, has announced the appointment of Colby McVey as client solutions director, effective March 12. Based in Chicago, he will report to Tom Meyers, executive director, head of Americas Client Solutions.In this role, McVey will support the institutional client solutions business and oversee the sales support team in the Midwest, using his extensive industry experience and relationships to help the firm meet increasing demand for outcome-oriented strategies from major consultants and large pension plans.Prior to joining Aviva Investors, McVey was director of Consultant Relations at Northern Trust Asset Management since March 2014, working closely with institutional investment consultants to communicate Northern Trust’s strategies and client solutions. His career also includes positions at Breakwater Capital LLC and Bear Stearns & Co. McVey is a chartered financial analyst and holds a bachelor’s degree from Hobart College.OneAmerica Announces Additions to Institutional Retirement Plan TeamOneAmerica has promoted industry veteran Randy Reed and hired Crandall Hall as client relationship executives.Reed will join relationship executive Neil Garrett, working with OneAmerica institutional clients on the West Coast, while Crandall will be working with institutional clients in the Midwest and on the East Coast. Institutional means clients with $25 million in assets.Reed is based in San Diego, California, while Hall is based in Minneapolis, Minnesota. They both report to Alan Blaskowski, senior vice president, field services.intellicents Announces Addition to Financial Planning DepartmentThe Kansas City office of intellicents continues to expand its fee-based wealth management and financial planning services with the addition of Nick Madl.Grant Arends, president of Retirement Services at intellicents, says, “intellicents has now been working in the Kansas City area for 20 years, providing 401(k) fiduciary investment advisory services to some of the communities leading employers and their participants. Our mission is to help the American worker make their financial dreams real. Our primary focus has always been getting participants to retirement.  Nick will help lead our team in delivering a more holistic financial planning approach to helping them both get to and through retirement.”Prior to joining intellicents, Madl spent two years with Charles Schwab helping individual investors and high net worth families reach their financial planning goals, followed by five years at American Century Investments where he earned his certified financial planner (CFP) designation.The post Retirement Industry People Moves appeared first on PLANSPONSOR.
03/09/2018 - Top Ten: Weekend roundup: Nine years of a bull market | Bias in the news | Trump’s tariffs
Look earlier then the start of the bull market for more understanding; reactions to the president’s trade tirade.
03/09/2018 - PACIFIC for March 9: Obama's streaming deal?, SXSW agenda, Twitter's health
Good morning. Here's what I know about the Obama-Netflix talks, based on my conversations with sources close to both sides:
03/09/2018 - Tax deductions vs. Tax credits: A guide for simplifying your tax filing experience
Read full story for latest details.
03/09/2018 - Your Amazon Echo could be making you spend more money
Voice shopping is expected to grow exponentially over the next four years.
03/09/2018 - Tax Guy: Use your car for your small business? The new tax law is good news for you
How your business can cash in.
03/09/2018 - A flood of job hunters are back in the labor market
Job seekers flooded into the labor market in February, as a large number of job openings brought back people who had previously given up looking.