FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Millennials are most likely to support Obamacare (InsuranceQuotes.com)
An InsuranceQuotes.com report has found millennials are the most likely group to support the Affordable Care Act. According to the report, 54% of 18 to 29-year olds are in favour of keeping Obamacare in place and 61% say they aren’t worried about having access to affordable healthcare in the future. A. Mark Fendrick, director of the Center for Value-Based Insurance Design at the University of Michigan, says this makes sense. He told InsuranceQuotes.com, “First of all, young people think they are going to be healthy forever, so they feel their need for health insurance is less, which also means they don’t worry about it as much.” He continued, “And secondly, this is also the result of one of the most popular aspects of the ACA, which is that children can stay insured through their parents until age 26. So there’s really no reason most 19-year-olds have to worry about being uninsured.”
Bill Gross is suing Pimco (Business Insider)
Bill Gross is suing Pimco, the company he co-founded, for “hundreds of millions of dollars.” In a complaint, Gross alleges he was forced out of the firm as a result of “a lust for power, greed, and a desire to improve their own financial position.” With Gross out, younger executives were able to split up his 20% profit share, according to the complaint. Gross was named Morningstar Fund Manager of the Decade 2000-2009.
Deutsche Bank announced a huge write-down (Business Insider)
Deutsche Bank announced a €5.8 billion ($US6.5 billion) write-down of goodwill and a €600 million write-down on its 20% stake of Hua Xia Bank in China. The write-down has the bank projecting a €6.2 billion loss in the third quarter. Deutsche Bank’s board of directors says it will recommend a cut to, and possible elimination of, its dividend.
On August 24, the S&P 500 plunged more than 5% before paring its losses. In a whitepaper examining the plunge, BlackRock concludes markets should automatically stop trading if too many individual names are halted. The firm also believes regulators should examine revising limit up/down moves, circuit breaker rules and better define what constitutes an erroneous trade.
Advisors continue to move around (Think Advisor)
Raymond James reeled in two advisor teams, totaling $US450 million AUM. According to Think Advisor, the team of Margaret Boyd and James “Beau” Boyd brings $US300 million worth of assets from Wells Fargo Advisors into the fold while Bijan Mohseni and David Townsend contribute $US150 million of client assets from AXA Advisors. In other news, Sandra Smith joined Ameriprise’s office in Midtown Manhattan, bringing with her $US230 million AUM from MJ Whitman, Think Advisor reports.
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