FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
The latest census data is out (Financial Advisor)
The Census Bureau says the US population increased 0.79% from July 2014 to July 2015. North Dakota was the biggest gainer for a fourth straight year on a percentage basis as its population rose 2.3%. Florida saw the biggest change in population, adding 365,703 people. Meanwhile, West Virginia’s population fell 0.25% to pace the decliners.
Goldman Sachs agreed to a huge RMBS settlement (Business Insider)
The investment bank will pay $5 billion to settle claims related to the sale of residential mortgage-backed securities from 2005 to 2007. The $5 billion payment will be broken up into three parts: a $2.385 billion civil monetary penalty, $875 million in cash payments, and $1.8 billion in consumer relief. Goldman says the settlement will reduce its fourth-quarter earnings by $1.5 billion when it reports Wednesday.
3 tax deductions that will save you lots of money (The Motley Fool)
With 2015 in the books, it’s time to start thinking about paying your taxes. Of course, the goal is to pay as little as possible. Motley Fool suggests opening a Health Savings Account, maxing out your 401(k) and making charitable donations to minimise your tax bill.
These robo advisors have gained the most assets in 2016 (Investment News)
The robo advisor industry has seen tremendous growth over the past year. Heavyweight Betterment saw January assets under management surge 192% $3.23 billion. Rival Wealthfront didn’t have the same growth, but still posted a 53% rise in AUM to $2.61 billion. Both Vanguard and Schwab have more AUM at $31 billion and $4.1 billion, respectively, but don’t yet have YoY comparables as they entered the space in the first half of 2015.
RBC’s head of wealth management is retiring (Wealth Management)
John Taft, RBC’s wealth management head is retiring after more than 10 years in the role. Over his tenure at the firm, Taft oversaw the division’s growth to 1,900 advisors and more than $273 billion in assets under management, Wealth Management reports. He served as Securities Industry and Financial Markets Association’s chairman in 2011.
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