FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
The NFL’s “finance boot camp” helps players get their futures in order (Miami Herald)
NFL players are learning how to plan financially for their futures at the league’s “finance boot camp,” or the Personal Finance Academy, a four-day seminar in Fort Lauderdale in partnership with TD Ameritrade and the University of Miami’s School of Business.
“The objective really is for these guys to come in here and understand what the future holds from them from an expense standpoint,” retired Falcons and Seahawks defensive end Patrick Kerney, who helped organise the event, told the Miami Herald.
“Just about everyone in that room either has or wants to have a family someday.”
This statistic shows the true strength of the US economy (The BlackRock Blog)
Many economists and analysts are pessimistic about the US economy’s weak wage growth and manufacturing sector. However, BlackRock’s Rick Rieder recently pointed that one key statistic “shows the economy’s true strength.”
Specifically, that the hiring of 8.1 million people of the past three years is equal to all the net US job creation in the 14 years prior to that. “In recent years, the US economy has operated at much better levels than many market watchers gave it credit for,” Rieder argued.
The number one takeaway from the new DOL rule (Unified Trust Company)
“I think that the number one takeaway from the new rule is that potentially harmful compensation arrangements of financial advisors will no longer be tolerated,” Jason Grantz, QPA, AIFA, Institutional Retirement Consultant at Unified Trust Company in Lexington, KY wrote in an emailed statement to Business Insider.
“The rule has closed many previous loopholes, which allowed financial consultants of all types to provide advice without accountability, regardless of the presence of conflicts of interest,” he continued. “The new rule is flexible enough to allow for various compensation models, but now with advisor accountability.”
An advisor with $400 million in assets left Merrill Lynch (ThinkAdvisor)
Miguel Sosa, who had been with Merrill Lynch since 1982, left to start a new independent advisory firm, Premia Global Advisors, in partnership with Dynasty Financial in Coral Gables, Florida. Juan Landivar, manager of financial planning, and Eddy Park, client relationship manager, who also departed from Merrill, will be joining them, reports Marlene Y. Satter.
“The DOL’s final rule appears to have addressed many industry and investor concerns by significantly revising some of its most contentious provisions while retaining its fundamental commitment to ensuring the integrity of the advice to retirement investors,” the CFA Institute wrote in an emailed statement to Business Insider following the rule’s announcement.
“In the end, we believe this is a balanced ‘win’ for investors and for advice providers, and one that will ultimately raise the level of market integrity.”
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.