FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
The US just hit the largest number of older workers ever (Bloomberg)
The latest data from the US Bureau of Labour Statistics shows that nearly 20% of Americans aged 65 and up are working right now, reports Ben Steverman. And because of the huge size of the baby boomer generation, this means the US now has the largest number of older workers ever.
Folks have cited various reasons for delaying retirement. Some said they needed to keep earning money and/or benefits, while others said they enjoyed their jobs and “wanted to stay involved,” reports Steverman.
A new survey from Lake Forest, Ill.-based Spectrem Group found that high-net-worth men were slightly more risk tolerant than women. 44% of men surveyed were willing to take risk on a portion of their investments in the hopes of better returns, while only 30% of women said the same, reports Christopher Robbins.
Moreover, 44% of HNW men said they would invest in individual stocks, while only 37% of women said the same.
This chart sums up the biggest trend in retail right now (Business Insider)
A Commerce Department report Friday showed total US retail sales jumped 1.3% month-on-month in April. Notably, the report also revealed that non-store retail sales — aka at places like Amazon and eBay — rose 2.1% last month, while department-store sales (excluding leased departments) rose 0.3%.
“But the year-over-year trend showed an even bigger outperformance gap. Online retail sales were up 10.2%, the most among major categories in the retail sales report,” reported Business Insider’s Akin Oyedele.
The chart below shows the three-month moving average of department store and non-store sales growth or decline. Oyedele notes that since January 2009, department-store sales have fallen 61% of the time month-on-month, versus 28% of the time for online shops.
Argentina’s undergoing a huge transformation (Advisor Perspectives)
“Soon after [Argentina’s] new government took office, rating agencies upgraded their outlook for the country from negative to stable as a result of the swift changes from the previous government’s economic policies, including the elimination of currency controls and the reduction of exporting tariffs,” wrote Franklin Templeton Investment’s Mark Mobius.
“These actions indicated the new government was rejecting the public-sector interventionism that hurt exports and reduced foreign-exchange earnings. Even more important than this vote of confidence was the ability of the new government to reach agreement on defaulted foreign debt the prior administration had refused to pay and had locked the country out of the international debt markets.”
Raymond James scooped up a former RIA executive (Financial Planning)
Raymond James recruited David Richman, a former RIA market director, as a branch manager, reports Nicholas Yeap.
He started his career at Morgan Stanley in 1996, where he ended up holding several positions. Ultimately, he became a complex manager in charge of 150 advisors and support staff, who oversaw about $8 billion in client assets, Yeap added.
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