FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Advice for millennial advisors (Financial Planning)
Financial Planning has these five pieces of advice for millennial advisors… 1) Use social media in a positive way. 2) Be open to networking during off-peak hours. 3) Make sure you are in charge of your own relationships. 4) Make good use of your time. 5) Be able to explain to a perspective client how you can help them reach their financial goals.
Diminishing breadth is trouble for stocks (The Reformed Broker)
Bank of America Merrill Lynch technician Stephen Suttmeier notes market breadth is diminishing. In his newest monthly chartbook, Suttmeier says 42 stocks in the S&P 500 are trading at 52-week lows, suggesting the stock market may be running out of steam. Stock market bears point to the weakness in energy, material and industrials, but the bulls still have the relative strength of financials on their side. According to Suttmeier, the 2040 level represents key support for the S&P 500.
A Senate committee wants the SEC to cut back on hiring (Financial Advisor)
The Senate Appropriations Committee has asked the Securities and Exchange Commission to reduce its hiring. The request comes after the SEC was granted a budget of $US1.5 billion for fiscal year 2016. That amount is $US150 million more than the previous year, which saw $US74 million of budgeted money go unspent. The White House had asked for the SEC’s budget to be raised to $US1.722 billion.
LPL Financial is going robo (Think Advisor)
LPL Financial announced it’s rolling out a robo advisor pilot program that will be used as a “compliment” to its existing advisors. The program will begin in the next 60 days with 20 advisors taking part in the exploratory process. The new service will “lower the cost of accessing quality financial advice for investors and enable financial advisors to provide their services more cost-effectively,” says LPL President Dan Arnold.
UBS has no plans to sell its US brokerage business (Investment News)
UBS CEO Sergio Ermotti says the firm’s Wealth Management Americas group is not for sale. “It’s not hard to see why this strong business with its strategic and financial importance looks attractive to our competitors,” Ermotti said. “But it’s worth even more to UBS and its shareholders and that’s why it’s not for sale.” Chatter of a possible sale comes after the group posted a 14% drop in second quarter profits versus last year as the worker headcount fell 2% to 6,948.
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