FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Houston is tops for building wealth (Bankrate)
Bankrate looked at the savable income, labour market, housing market, debt levels and access to financial services of America’s 18 largest metropolitan areas and developed a ranking of the best places to build wealth. Houston took the top spot, coming in the top five in all categories aside from access to financial services. Rounding out the top three were Washington DC and Cleveland. Other notables included New York City (5), Chicago (10) and San Francisco (13). San Diego placed last on the list.
Tesla had strong sales in China (Business Insider)
Tesla sold 1,345 units in China during the three months ended September. Bloomberg reports, the results were the strongest ever for the third quarter. Tesla has seen steady sales growth throughout the year, registering sales of 797 units in the first quarter and 883 units in the second quarter. Recently, Elon Musk suggested sales in China will match the US in the next half-decade, or so.
Savers are nowhere close to their goals (Financial Advisor)
Older Americans saving for retirement are falling well short of their financial goals. A study released by Wells Fargo & Co. found working Americans over the age of 60 have an average of $US50,000 saved for retirement, well short of their $US300,000 goal. Americans in their late 50s aren’t faring much better. Wells Fargo found the average 55 to 59 year old has saved up $US150,000 towards their goal of $US500,000. Additionally, 60% of Americans over 60 plan on working until at least 70 in order to make up for their shortfall, says Financial Advisor. 34% of respondents say the only way they can retire is by winning the lottery.
5 strategies to increase your social media presence (Think Advisor)
Social media use continues to grow among financial advisors as it has become a great way to prospect and maintain relationships with clients. Robert Edgin, who represents American National Insurance Company and its subsidiaries and affiliates, shared five strategies with Think Advisor as to how those who are struggling to build their social media presence can boost their presence. Edgin says advisors should define their goals, share one message across all of the different social media platforms, leverage your centres of influence, ask for help if you need it and make your social media use part of your routine.
Fidelity charged with dishonest and unethical behaviour (Investment News)
The Commonwealth of Massachusetts has charged Fidelity with dishonest and unethical behaviour for allowing unlicensed brokers to place orders on its platform with both Fidelity and the brokers receiving commissions as a result. Investment News says a complaint filed by William Galvin, Secretary of the Commonwealth, said at least 13 unregistered advisors were allowed to use the platform over a 10-year period, and that one advisor generated $US732,000 in fees over that time. “We do not believe that Fidelity has violated any laws or regulations in connection with this matter,” said Adam Banker, a Fidelity spokesman.
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