FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
An important change is coming to financial aid (Wealth Management)
One problem students applying to college face is that tax season doesn’t properly align with the application process, and sometimes a student doesn’t know if they can afford a school they have been accepted to until very late in the process. In September, President Obama signed an executive order making two changes to the process. According to Wealth Management, families should now use tax returns that are two years old when completing the Free Application for Federal Student Aid application. This will prevent them from rushing to get their current taxes done for the process. In addition, families can file October 1, three months earlier than the previous date of January 1. This should give families an idea of their aid packages sooner, Wealth Mangement noted.
Valeant is getting destroyed after being compared to Enron (Business Insider)
Shares of Valeant Pharmaceuticals International are under significant pressure after Citron Research asked, “Could this be the pharmaceutical Enron?” Specifically, the report highlighted a mysterious relationship between Valeant and Philidor, a pharmacy it has the option to purchase that distributes drugs for specialty pharmacies. The stock was down as much as much as 40% in Wednesday action before paring its losses.
It’s National Save for Retirement Week (Voya Financial)
This week is National Save for Retirement Week, and Voya Financial is celebrating by giving a $US500 mutual fund investment to any baby born on October 19, the first day of the celebration. This marks the second year in a row Voya is celebrating the week by gifting money to babies born on the first day. Last year, the firm gave $US500 to more than 1,000 babies.
Obama nominates SEC commissioners (Think Advisor)
The White House has nominated Lisa Fairfax and Hester Peirce as the new SEC commissioners. Think Advisor says Fairfax, a Georgetown Washington University law professor, and Peirce,who currently serves as a senior research fellow at George Mason University’s Mercatus Center, are both likely to oppose a fiduciary rule that “imposes the Investment Adviser Act fiduciary duty on brokers.” Fairfax is set to replace democrat Luis Aguilar while Peirce is poised to replace the void created by the departure of republican Daniel Gallagher.
UBS adds four (Investment News)
A team of three advisors has left Morgan Stanley for UBS. According to Investment News, Drew Barlow, Brian McKeon and Kirk Hasen are bringing their $US270 million in client assets and $US3.2 million in annual fees and revenues to the investment bank. In addition, UBS also poached Emilio Valdes, who is leaving Merrill Lynch with his $US155 million AUM and $US1.3 million in fees and commissions. Combined, the two wins bring $US425 million AUM and $US4.5 million in revenue into the fold.
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