FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Donald Trump has a ‘stingy’ 401(k) plan (Bloomberg)
According to Bloomberg, Donald Trump’s employees have to pay their dues before they can begin reaping the benefits of his 401(k) plan. Employees must log a year of service time before they can begin contributing to the 401(k) plan and do not receive a company match until the end of that calendar year. The plan vests after six years, the slowest permissible by US law. Bloomberg’s 401(k) rating system scores Trump’s plan a 30 out of 100, which is lower than 49 of the top 50 largest companies by market cap.
Trading halted at the NYSE for three hours (Business Insider)
Trading at the New York Stock Exchange was halted at 11:32 a.m. ET due to a technical glitch. The exchange’s Twitter account said, “The issue we are experiencing is an internal technical issue and is not the result of a cyber breach.” Trading resumed at 3:10 p.m. ET.
Gundlach says if Greece leaves the euro others will follow (Business Insider)
Bond guru Jeff Gundlach thinks if Greece leaves the euro other debt-ridden countries could follow. “When one leaves, others join,” Gundlach said. “There’s never one cockroach.” On Wednesday, Greece requested a three-year bailout program and now must present a new list of reforms to its creditors. A decision on whether Greece is staying in the euro or leaving is expected Sunday.
Robo advisor Wealthfront lowers account minimum (Wealth Management)
Wealthfront announced accounts can now be opened with a deposit of $US500, down from $US5,000. The robo advisor made the move to become more competitive among younger investors. According to Wealth Management, accounts holding more than $US10,000 will still be subject to a 25 basis point fee while those with less than that amount will be charged only ETF costs, which average 12 basis points.
Raymond James lands a team from Merrill (Think Advisor)
Raymond James has landed a team of two female investment advisors from Bank of America Merrill Lynch. The team of Kayla Koeber and Lori Baum brings more than 40 years of experience and approximately $US120 million in assets under management to Raymond James. “What tipped the scale was a trip to the home office, where we experienced Raymond James’ culture firsthand,” Koeber said.
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