FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
The 6 states with the highest tax rates (WalletHub)
Overall, Illinois has the highest tax rates, followed by Nebraska, Wisconsin, Connecticut, Rhode Island, and New York, according to an analysis by WalletHub. Notably, tax rates are about 10.56% higher in blue states than in red states.
New York has the highest cigarette excise tax at $4.35 per pack, while Missouri has the lowest at $0.17. Pennsylvania has the highest gas tax at $0.5040 per gallon, while Alaska has the lowest at $0.1225.
A new study from NerdWallet suggests that American savers today might be missing out on about $7.7 billion in annual interest compared to 2006 as a result of nearly a decade of zero interest rate policy by the Fed.
The survey also found that consumers are generally putting more of their paychecks in savings than they did in 2006. Back then, the average American only saved 3.3% of their disposable income, while today the savings rage is about 5.2%.
7 reasons why it might make sense to fire a billion-dollar client (Financial Planning)
Getting a billionaire client can be great, and they can help make an advisor’s career by making their practice look large and established.
However, Ann Marsh notes seven examples of situations when it may be smart to fire such a client. Chief among them: pricing problems, lack of respect, too many intermediaries, buck passing, refusing discretionary advice, Teflon syndrome, and persistent risk-taking.
Capital One Investing’s 2016 Financial Freedom Study found that just 16% of Americans named increasing their retirement savings as a top priority for this year. By comparison, 27% named travelling to a new destination and 23% named weight loss as top goals for 2016, reports Christopher Robbins.
Even baby boomers, who are at or nearing retirement age, said that weight loss was a greater concern than retirement.
The former CEO of GL Capital Partners, Daniel Thibeault, has pleaded guilty to criminal charges that he defrauded fund investors of $15 million.
“Mr. Thibeault, 41, used money in the GL Beyond Income Fund to make fictitious consumer loans,” reported Christine Idzelis. “He also pleaded guilty to obstruction of justice for making numerous false statements to the agency’s staff during their investigation of the scheme he began in 2013 or earlier.”
NOW WATCH: This glass slide will wrap around the top of a skyscraper 1,000 feet above downtown Los Angeles
Business Insider Emails & Alerts
Site highlights each day to your inbox.