A Broker Has Been Banned From The Industry For Allegedly Stealing $1 Million Worth Of Office Supplies

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

Ex-Schwab Broker Allegedly Stole $US1 Million Worth Of Office Supplies (Investment News)

Former Charles Schwab broker Jeffrey Brain Grove allegedly stole $US1 million worth of office supplies using the firm’s order system to purchase supplies and equipment. He sold the items to “different individuals,” reports Mason Braswell.

“Mr. Grove signed the letter agreeing to Finra’s sanctions without admitting or denying the findings,” according to Braswell.

Grove spent his entire 17-year career at Schwab and “serviced approximately 250 accounts.” A Schwab spokesperson said there was no evidence that clients were affected by his scheme.

More Than Half Of Advisers Say They’re Failing In Business Development (Think Advisor)

Financial advisers are great at planning everyone’s finances, but are struggling to build their businesses for the future. More than half of financial advisers believe that they’re not doing a good enough job, according to a new study by the Financial Planning Association Research and Practice Institute. Thirty-three per cent said that their plans were “neither effective nor ineffective,” 19% said that they “were not very effective,” and 4% said they were “not at all effective.”

Only 9% of respondents said their “business development process is ‘very effective’,” and only “25% of advisers [reported] that they exceeded their business growth goals in the past year,” according to Emily Zulz.

RCAP Executives Are Putting Their Money Where Their Mouth Is (Wealth Management)

RCAP CEO Michael Weil has purchased $US250,000 worth of stock in his company, and CFO Brian Jones and COO Brian Nyagaard purchased a combined $US167,00, according to Ryan W. Neal.

Recently RCAP’s sister company, ARCP (both owned by Schorsch), made accounting errors, which led RCAP’s stock to tumble 38% prior to Tuesday. However, after the company’s executives bought shares of their own stock, shares were up 6.32%.

“Management’s unwavering confidence in the long-term value of RCS Capital’s platform, its people, its customers and the strong growth prospects of the business have never been in question,” said Andrew Backman, the MD of investor relations at RCAP.

Indonesia Is Looking Promising Because Of Demographics And Expected Reforms (Advisor Perspectives)

Investors are seeing opportunity in Indonesia because of the current demographic landscape, and the expected reforms and anticorruption policies. Additionally, the Indonesia stock market has been performing “quite well” in 2014, following a strong performance in 2013.

“Given the performance of the market, it is indeed more expensive today than a year or two ago. However, we do not believe that Indonesia’s market is overvalued yet, provided the macroeconomic environment remains stable,” writes Tek Khoan Ong.

Both the corporate banking and the retail banking industries are potential investment opportunities, according to Ong. Additionally, sectors related to consumer, resource, and infrastructure are also looking strong.

FED: America’s Youth Is Struggling The Most (Financial Advisor Magazine)

“Young adults in the United States have experienced higher rates of unemployment and lower rates of labour force participation than the general population for at least two decades,” according the Federal Reserve.

Although there’s been significant job growth since the financial crisis, people ages 16 to 24 aren’t always seeing it. In fact, the unemployment rate for those ages 16 to 24 is twice the national average, and the group’s labour-force participation dropped to 55%, down from 66% in 2000.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.