FAI: A financial advisor stole $3 million from clients

FA Insights is a regular newsletter from Business Insider that delivers the top news and commentary for financial advisors.

Mary Jo White, the chair of the SEC, will step down at the end of the Obama administration, but that doesn’t mean she is planning on rushing through rulemaking

That includes the DOL’s fidicuiary rule for broker deals and advisors. There is a big question mark hanging over the future of the rule, with Andrew Welsch writing in Financial Planning that the rule could 

die one of two deaths.

Money has been heading to passive funds at a fair clip over the past few years, but stock-picking pros do beat the indexers, according to Noah Smith at Bloomberg View


Find out why OppenheimerFunds believes revenue weighting is a better way to access the market.  Read more here.


In other news, customised exchange-traded products tailored for wealth managers and other financial firms carry big risks for individual investors, according to The Wall Street Journal

Citigroup has unveiled new digital tools for the wealthy, and a former financial advisor stole $3 million from clients.

And here’s a roundup of stories from across Wall Street:

Many Americans are hurting. They feel left behind by globalization and automation. They feel “scared” and “insecure.”

These have all been recurring themes over the past few weeks, in the run up to and in the aftermath of the shock election of Donald Trump as president. With that in mind, we set out to examine the state of the US consumer  —  here’s what we found

In deal news, we talked to five
 top Silicon Valley dealmakers about the biggest trends in the internet business. Snapchat has filed for an IPO that could value the company at $25 billion. And here’s why AT&T is buying Time Warner, and why it thinks the government can’t stop the sale.

In related news, mobile phone addiction, particularly among millennials, may be hurting the labour force and the economy at large, according to a $3.7 billion New York hedge fund

Jim Chanos and David Einhorn are betting against the same sector. And a massive hedge fund that shut itself to outsiders is crushing it.

Donald Trump’s presidency will be “damaging” to the US economy, and America has taken a “wrong turn,” according to Bill Gross. Trump is bad news for the world economy, according to Goldman Sachs. Six charts explain why Trump won, according to DoubleLine Funds founder Jeff Gundlach.

Bill Winters, CEO of Standard Chartered, picked out one chart to explain the rise of Trump and Brexit, meanwhile. 

Republicans and Democrats have dramatically shifted their views of the US economy since the election. And a new study shows that areas in the US hit hardest by trade have become more politically polarised.

The US Geological Survey said Tuesday that it found what could be the largest deposit of untapped oil ever discovered in America .

Business Insider is continuing its international expansion in Italy, Japan, and Africa.

Lastly, Mercedes’ just unveiled its $320,000 Maybach S650 Cabriolet — and it’s stunning.

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