News Roundup

News Roundup (458)

Advisor, Praised by Controversial Pastor, Charged with Fraud

Financial advisor W. Neil “Doc” Gallagher, who has been praised by controversial Pastor Robert Jeffress, has been thrown in jail on charges that he used a Ponzi scam to steal $19 million from senior citizens. So reports Religion News.

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Stress of Being a Sandwich Parent Flows Through to Children

Children of the “sandwich generation,” which is a group of adults who must also care for their own parents, tend to spend money quickly and are more likely to lack supervision with how they spend their cash. So reports Forbes.

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Ex-Broker Convicted of Strangling Wife

Rodrick Covlin, a 46-year-old former stockbroker, has been found guilty of second-degree murder in the 2009 death of his then 47-year-old estranged wife, Shele Danishefsky. So reports Fox News.

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Citi Launches Digital Financial Planning Tool

Citi has rolled out Citi Wealth Advisor, which is a goals-based digital planning service that creates confidence scores for clients and is being offered to Citigold clients. So reports Verdict.

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Charles Schwab Revamps Advisory Fees

Charles Schwab has revamped its digital advisory service and now charges a one-time initial fee of $300 plus a monthly $30 fee regardless of the amount of account assets. So reports Barron’s.

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Brokers Need to Rethink Their Views on Providing Advice

Last year was the first year in which revenues from fees for the top 50 independent broker-dealers exceeded revenues from commissions, but many firms still view advice as a liability rather than a value-added service. So reports Financial Planning.

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Study Quantifies Costs of Trade Tariffs

Economists from the Federal Reserve Bank of New York, Princeton University and Columbia University have concluded that President Donald Trump's tariffs, imposed last year on products ranging from washing machines and steel imported from China, are costing U.S. companies and consumers $3 billion a month in additional taxes. So reports BNN Bloomberg.

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Stockbrokers’ Pay Outpacing the Rest of American Workers

The median pay for stockbrokers and other individuals who sell financial products was $63,780 in 2017, which outpaced the median pay of $50,620 for all workers. So reports The Street. Read more...

Americans Now Include Pets in Legacy Planning

Including provisions for pets in legacy planning through annuities, life insurances, or trusts has become popular. So reports Forbes.

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Advisors Need Only Work Five Hours a Day

Matt Oechsli, author of “How to Build a 21st Century Financial Practice: Attracting, Servicing and Retaining Affluent Clients,” says advisors can cut their workday down to only five hours. Read more...

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