Blog entries

Financial sector sheds jobs but unemployment rate improves

RJ & Makay — Fri, 03 Feb 2012 17:53:22 +0100

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While the overall unemployment rate fell to 8.3% in January amid solid job gains in all non-governmental sectors, the financial activities supersector unemployment rate improved from 5.6% in December to 4.9% in January, according to the Bureau of Labor Statistics. However, the sup...

Unemployment rate drops to 3-year low

RJ & Makay — Fri, 03 Feb 2012 17:21:50 +0100

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The nation’s unemployment rate fell to a 3-year low, to 8.3% in January, as non-farm payrolls added 243,000 jobs, the U.S. Labor Department reported today. The monthly job increase was the most since April of last year. The numbers exceeded expectations and were a strong ind...

Hacked companies reluctant to admit it

RJ & Makay — Thu, 02 Feb 2012 22:31:56 +0100

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Cyber criminals have infiltrated the computer networks of at least a half-dozen major U.S. companies, but the firms have not admitted the incidents despite recent Securities and Exchange Commission (SEC) guidance urging such disclosures. Top securities officials believe that hacking...

Smartphone owners press on the toilet

RJ & Makay — Thu, 02 Feb 2012 19:10:31 +0100

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Three-quarters of Americans say they use their smartphones while on the toilet, according to a new 11mark “IT in the Toilet” survey. Of those aged 28 to 35, the percentage rises to 91%. The most common activities included talking, texting, shopping, using apps and surfing the web...

Facebook chooses Morgan Stanley to lead IPO

RJ & Makay — Wed, 01 Feb 2012 23:20:54 +0100

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Facebook Inc. has chosen Morgan Stanley to lead its planned initial public offering (IPO). The social networking giant filed with the Securities and Exchange Commission (SEC) today to raise at least $5 billion through the IPO, and plans to begin to sell stock this spring under the t...

Fidelity: 64% of breakaways better off within 6 months

RJ & Makay — Wed, 01 Feb 2012 22:57:52 +0100

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More than three-quarters (76%) of financial advisors who made the move to an independent business model say they are financially better off, and 64% said they were in a better financial condition within six months of their move, according to the Fidelity Insights on Independence St...

Federal workers earn more than private sector peers

RJ & Makay — Wed, 01 Feb 2012 22:32:50 +0100

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Federal workers on average earn about 2% more than private sector workers in a similar position, according to a new Congressional Budget Office (CBO) study. The CBO study found that federal employees earned 16% more in total compensation (pay and benefits) as compare...

Americans saving more

RJ & Makay — Tue, 31 Jan 2012 22:39:10 +0100

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American’s savings rate rose to 4% in December from 3.5% in November of last year as personal income rose 0.5%, the Commerce Department reported. The half-point increase was the biggest month-to-month gain since April 2010, according to economists at Credit Suisse. The gain...

U.S. banks still tight with loans

RJ & Makay — Tue, 31 Jan 2012 19:25:01 +0100

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U.S. banks maintained tight credit standards in the fourth quarter of 2011 in the face of rising demand for loans, according to the latest quarterly survey by the Federal Reserve. Commercial and industrial loans were little changed from the previous quarter and European economic turmoil caused U.S. banks...

Agency compensation to rise in 2012

RJ & Makay — Mon, 30 Jan 2012 06:00:00 +0100

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A new study by the Ward Group estimates that contingent commission payouts to insurance agencies will be 12% higher in 2012 compared to 2011. Carriers are continuing to increase volume and premium requirements for agencies amid slowing agency appointments and terminations. The stu...

Missing money at MF Global may never be recouped

RJ & Makay — Mon, 30 Jan 2012 06:00:00 +0100

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A “significant amount” of the missing $1.2 billion in MF Global funds may have “vaporized” during the brokerage’s final chaotic days, according to the Wall Street Journal. Regulators, investigators and court-appointed trustees involved in the se...

U.S. economy picks up in Q4 2011

RJ & Makay — Fri, 27 Jan 2012 16:55:15 +0100

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The U.S. economy grew at an annualized rate of 2.8% in the fourth quarter of 2011, short of economists’ forecasts but at a stronger pace than the 1.8% gain in gross domestic product (GDP) in the third quarter of last year, according to the Commerce Department. A Bloomberg survey o...

Hackers steal money from brokerage accounts

RJ & Makay — Fri, 27 Jan 2012 06:00:00 +0100

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The Financial Industry Regulatory authority (FINRA) has issued a warning to investors and investment firms about a recent rise in email hacking. FINRA urges that investors should immediately contact their brokerage firm or financial institution if they think that their email acc...

RIA M&A down in 2011

RJ & Makay — Thu, 26 Jan 2012 22:53:48 +0100

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The quantity of merger and acquisition (M&A) deals and the average size of deals are down, but RIAs are still the “dominant buyer,” according to a report released Wednesday by Schwab Advisor Services. In 2011, RIAs were involved in 57 M&A transactio...

Technology trends for IBDs

RJ & Makay — Thu, 26 Jan 2012 06:00:00 +0100

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The Financial Services Institute’s (FSI) OneVoice conference recently hosted a panel on the top 10 technology trends that currently impact independent broker-dealers, and the trends that will likely affect them in the future. Spenser Segal, CEO of ActiFi, moderated for panelists Suresh K...

Ameriprise survey shows gender differences toward retirement

RJ & Makay — Wed, 25 Jan 2012 17:20:33 +0100

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Men and women exhibit significant differences when it comes to retirement planning, according to an Ameriprise Financial survey conducted by Harris Interactive from August 4-11, 2011 that polled 11,611 adults aged 40-75. The survey found that men continue to outpace women, 77% to 72%...

Affluent investors are cautious heading into 2012

RJ & Makay — Wed, 25 Jan 2012 06:00:00 +0100

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Preliminary results of the most recent Merrill Lynch Affluent Insights Survey indicate that affluent advisors are closely watching market volatility and the job market to determine their level of retirement investments for 2012. 38% of affluent investors said more stable markets would e...

Finance is least trusted industry: Edelman

RJ & Makay — Tue, 24 Jan 2012 22:36:20 +0100

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Financial services firms and banks are the least trusted industries for the second year running, according to an annual survey by research firm StrategyOne for Edelman, a public relations company. The survey found that 47% of the public trusts banks, a drop from 50% the prior year. Trus...

Job discrimination cases reached all-time high last year

RJ & Makay — Tue, 24 Jan 2012 19:23:01 +0100

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Due to an increase in religious and national origin bias cases, federal job discrimination complaints increased to an all-time high in 2011, according to the Equal Employment Opportunity Commission (EEOC). With almost 100,000 discrimination charges last year, the EEOC had the most complaints in its e...

European recession likely

RJ & Makay — Mon, 23 Jan 2012 20:33:14 +0100

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Europe is on its way to a recession, and the resulting slowdown could impact the U.S. economy in the second half of 2012, according to Chris Wolfe, chief investment officer of Merrill Lynch Private Banking and Investment Group. Germany recently reported t...