FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
American newlyweds know surprisingly little about their spouses’ finances (Experian)
The latest survey from Experian found that newlyweds know surprisingly little about their spouses’ finances before getting hitched.
Rod Griffin, Director of Public Education at Experian, notes that 40% of respondents didn’t know their spouse’s credit score before getting married, and one-third of newlyweds reported that their spouse’s spending habits were different than they expected.
Moreover, before getting married, 25% of respondents didn’t know their spouse’s annual income, 31% of respondents didn’t know their spouse’s long-term financial goals, and 31% didn’t know their spouse’s student loan debt.
54% of respondents in the CFA Institute’s latest survey of 3,000 chartered financial analysts said they think asset management is the industry that’s most at risk from the rise of financial technology. It was followed by banking (16%), securities (12%), and insurance (8%).
Notably, 7% of respondents opted to give open-ended responses. And the report notes that many of these folks listed financial advisors and wealth management as being the specific groups that will be most affected.
Bank of America Merrill Lynch’s big-money equity investors are rushing for the exits, reports Akin Oyedele.
“This has been the longest uninterrupted selling streak in our data history (since ’08) — previously the longest streak was 12 weeks (in late ’10). Persistent sales suggest clients have continued to doubt the rally’s sustainability,” wrote BAML equity and quant strategist Jill Carey Hall in a note to clients on Tuesday.
The big winners from the DOL conflict of interest rule (Wealthmanagement.com)
The big winners after the DOL’s rule has gone into effect are “middle-class workers and retirees who’ve managed to set aside modest savings to fund a secure and independent retirement,” writes Barbara Roper, the director of investor protection for the Consumer Federation of America.
“Am I suggesting that all ‘financial advisors’ are preying on defenseless investors? Absolutely not. Time and again we read stories of advisors who want nothing better than to do what is best for their customers, only to be thwarted by a system that prioritises maximizing profits rather than promoting investors’ financial well-being,” she added.
Europe finally seems to be bouncing back (Charles Schwab)
The Eurozone’s GDP is back above its previous peak from eight years ago thanks to strong first quarter growth. Additionally, many European companies posted pretty decent growth in the first quarter.
“Better growth has lowered market expectations for additional rate cuts by the European Central Bank and helped Europe’s stocks lead the developed markets higher in April,” noted Jeffrey Kleintop.
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