FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Financial lessons you can learn from Star Wars (Wealth Management)
With “Star Wars: The Force Awakens” opening in theatres across the country this week, Wealth Management shared some financial lessons you can learn from the historic saga. Just like Obi Wan Kenobi tells Luke the Force will guide him, advisors tell clients to develop a plan to lead them to a better future. Sticking to that plan is important for clients, just like when Obi Wan Kenobi reminds Luke to keep believing in the Force, Wealth Management says. Everyone likes to make a fast profit, but reaching for that hot tip is likely to end in financial ruin. This compares to Yoda telling Luke instant gratification can lead to the dark side. For all 12 lessons, click the link above.
A former New York Jet is joining Stifel (Business Insider)
Former New York Jets wide receiver Wayne Chrebet is headed to Stifel Financial. Chrebet, and the five others on his team, will join Stifel after its acquisition of Barclays Wealth and Investment Management closed on December 4. Chrebet spent his entire 11-year career with the New York Jets, amassing 7,365 yards on 580 receptions while scoring 41 touchdowns.
Millennials don’t care as much about benefits (Financial Advisor)
The Employee Benefit Research Institute’s “Voluntary Workplace Benefits Survey” found millennials are less likely than other generations to take employer benefits into consideration when deciding on a job. According to the survey, obtained by Financial Advisor, only one-third of millennials said benefits were “extremely important” when considering an offer, compared with 41% of baby boomers and 39% of Gen Xers. Additionally, only 60% of millennials say healthcare is the most important benefit, compared with 67% of baby boomers. 12% of millennials said paid time off was the most important benefit, compared to just 6% of baby boomers.
There might be a lot of changes to FINRA’s arbitration process (Think Advisor)
The Financial Industry Regulatory Authority Dispute Resolution Task Force has concluded its information gathering period after more than a year, and has made 51 recommendations as to how the regulatory agency can change its arbitration and mediation procedures. One suggestion is to raise arbitrator pay from $300 per session to $500, and from $600 to $1000 for a day. Additionally, the task force suggested making explained decisions, or “fact-based awards stating the general reasons for the arbitrators’ decision” the default as opposed to lengthy written decisions. Think Advisor says the recommendations will be reviewed by FINRA’s Standing Board Advisory Committee, which will decide whether or not to implement them.
FedEx topped earnings estimates (Business Insider)
The world’s second-largest shipping company earned $2.58 per share, easily beating the $2.50 Bloomberg consensus. Revenue climbed 5% to $12.43 billion, edging out the $12.42 billion that was expected. FedEx expects to earn $10.40 to $10.90 for fiscal-year 2016 as long as there is “moderate economic growth.” CFO Alan Graf Jr. said in the earnings release, “We expect our solid earnings growth to continue in the second half of our fiscal year despite weakness in industrial production.”
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