FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Make yourself stand out during the holidays (Financial Planning)
The holidays are typically a time when advisors send cards to their clients wishing them happiness. However, dealing with a client who recently lost a loved one is a touchy subject. Amy Florian, chief executive of Corgenius Inc., a firm that teaches professionals how to deal with grieving clients, told Financial Planning not to say “Happy Holidays.” Instead, it’s important to customise holiday cards for grieving clients and to “offer authenticity and genuine comfort” in an effort to stand out from their peers. Additionally, advisors should consider attaching a gift card and let their clients know they are thinking of them during this difficult time in their lives.
Dow Chemical and DuPont are merging (Business Insider)
The two chemical giants have agreed to an all-stock deal that will value the combined company at about $130 billion. The new company, DowDuPont, will divide itself into three separate businesses: material sciences, specialty products, and agrochemicals. Both Dow and DuPont shareholders will own about half of the new company, according to Reuters.
Third Avenue is halting redemptions (Bloomberg)
Martin Whitman’s Third Avenue Management is reeling from the rout in the high yield market. According to a statement on the company’s website, it has placed a portion of its assets in a liquidating trust that will spread out sales over time. Bloomberg reports, the fund has already witnessed almost $1 billion in redemptions, and has lost 27% of its value this year.
A group of Senators want to prevent the government from garnishing Social Security benefits to pay for federal debts, including student loans. Think Advisor reports Ron Wyden, D-Ore., Sen. Sherrod Brown, D-Ohio and five other Democratic Senators introduced the Protection of Social Security Benefits Restoration Act on Thursday. “Americans are getting hit by a wrecking ball of increasing college costs, and the last thing they can afford is to have their Social Security benefits reduced to pay off student loans,” Wyden said.
LPL Financial is cutting expenses (Investment News)
LPL Financial is laying off workers and freezing salaries, according to Investment News. LPL spokesman Brett Weinberg said the company will layoff up to 2% of its staff, or 70 employees, and keep salaries at their current levels for at least the next six months as it follows through on its plan to cut expenses. Most of the downsizing is expected to impact managers in Boston, San Diego and Charlotte, Investment News reports.
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