FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Elizabeth Warren wants Social Security recipients to receive a special one-time payment (Investment News)
Sen. Elizabeth Warren, D-Mass. introduced a bill that would pay Social Security recipients a one-time stipend designed to offset the absence of a cost of living adjustment in 2016. Investment News reports, Warren’s plan calls for the elimination of a tax break that allows companies to write off CEO bonuses, freeing up the money to pay those on Social Security. The payment, which would equate to $US581 per Social Security recipient, is the equivalent of the average 3.9% raise received by the top 350 CEOs, the press release states. Democratic presidential candidate Sen. Bernie Sanders, I-Vermont is among the 16 senators (15 Democrats and 1 independent) co-sponsoring the bill, Investment News says.
More woman are going to business school (Forte Foundation)
A study composed by the Forte Foundation discovered women now make up about 36% of all business school students, up from 32% four years ago. In addition, 12 of the foundation’s 36 member schools, including Dartmouth’s Tuck School of Business, Harvard Business School, University of Pennsylvania’s The Wharton School and Yale School of Management, all have 40% or greater women’s enrollment. “Every percentage point gain is not only hard earned, but something to celebrate, and should go a long way in building the senior leadership pipeline at companies and on boards,” noted Elissa Sangster, Executive Director of the Forté Foundation.
There’s a new king of independent robo advisors (Wealth Management)
Betterment is now the largest independent robo advisor, housing more than $US3 billion in assets under management. According to Wealth Management, Wealthfront CEO Jon Stein attributes the AUM growth to a 140% jump in new users over the past year (120,000) and recently released features such as RetireGuide and SmartDeposit, which entice clients to contribute more money to their accounts. Interestingly, the average client’s age has climbed to 36 years old and about 30% of all client assets are now come from those 50 or older. Despite becoming the largest independent robo advisor, Betterment still trails robo assets from traditional wirehouses like Charles Schwab ($US4.1 billion) and Vanguard ($US17 billion), Wealth Management says.
China’s trade surplus hit a record (Business Insider)
China’s trade surplus widened to a record $US61.64 billion in October, but that was shy of the $US64.75 billion surplus that was expected. Exports slumped 6.9% versus last year, and imports tumbled 18.8%. Both numbers missed estimates. China’s yuan ended weaker by 0.1% at 6.3625 per dollar.
Saudi Arabia won’t cut production (Business Insider)
Khalid A. Al-Falih the chairman of Saudi Arabia’s state-run oil company, Saudi Aramco, told the Financial Times the company had no plans to cut production. “The only thing to do now is to let the market do its job,” he said. West Texas Intermediate crude oil is down 1% near $US43.85 per barrel.
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