The Big Picture
MARCH 22, 2023
Bank failures since 2001, scaled by amount of assets in 2023 dollars. The graphic above, via Flowing Data , puts recent events into perspective: At $209 billion in assets, the Silicon Valley Bank failure since Washington Mutual crashed in 2008 (JPM Chase took them over from the FDIC). The post U.S. Bank Failures, 2001 – Present appeared first on The Big Picture.
Nerd's Eye View
MARCH 22, 2023
Traditionally, when a person applied for individual life insurance, they would need to go through an extensive underwriting process that lasted several weeks (or months) and may have included personal and family health questionnaires, interviews, and/or physical examinations. Though this process was time-consuming and intrusive from the perspective of the person applying for insurance, it was considered a necessary evil in order for the insurance company to feel comfortable issuing the policy on
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The Big Picture
MARCH 22, 2023
Note: We are off to California and Arizona for a few events; no Morning Reads for the next few days… My mid-week morning train plane reads: • How the Swiss ‘trinity’ forced UBS to save Credit Suisse : The takeover of its local rival could end up being a generational boon for UBS. But the government-orchestrated deal has angered many investors. ( Financial Times Alphaville ) • Why Job Reshoring Is Merely a Trickle : U.S. manufacturing can’t compete on cost, but it has a leg up in some areas
Abnormal Returns
MARCH 22, 2023
Markets Bond market volatility is at GFC-type levels. (axios.com) Chasing 'smooth returns' is a fool's errand. (capitalallocators.com) Crypto Does your portfolio have more crypto exposure than you think? (morningstar.com) Crypto hype has died down, but the environmental effect hasn't. (theatlantic.com) AI Google ($GOOGL) is opening up access to its ChatGPT competitor, Bard.
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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.
Calculated Risk
MARCH 22, 2023
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: Architecture Billings Index (ABI) Slowdown Continues into February More architecture firms reported a decline in billings in February, indicating an extension of a recent downturn in design activity according to a new report released today from The American Institute of Architects (AIA).
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Calculated Risk
MARCH 22, 2023
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey — Mortgage applications increased 3.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 17, 2023. The Market Composite Index, a measure of mortgage loan application volume, increased 3.0 percent on a seasonally adjusted basis from one week earlier.
Advisor Perspectives
MARCH 22, 2023
Do advisors need to accept that technology will forever be a drag, or can the right approach lead to personal happiness and a more productive practice?
Wealth Management
MARCH 22, 2023
The SEC charged Tron founder Justin Sun with selling unregistered crypto assets, and settled charges with Lindsay Lohan, Jake Paul, Soulja Boy and others for touting them.
NAIFA Advisor Today
MARCH 22, 2023
Uncertain market conditions make cash-value life insurance a valuable tool in the toolbox of investors and their planners, Jeff Snyder , a loyal NAIFA member since 2012 and Executive Vice President of Business Development and Insurance at Gateway Financial Advisors , writes in InsuranceNewsNet. Life insurance products are often overlooked in investment strategies, even though they offer tax advantages and competitive returns and can provide accelerated benefits for things like critical illnesses
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
Nationwide Financial
MARCH 22, 2023
The failures of Silicon Valley Bank and Signature Bank and concerns about the solvency of other U.S. regional banks dominated the attention of investors, business leaders, and consumers last week. The stresses in the banking system and ripple effects in the financial markets even overshadowed the incoming inflation data. However, inflation is not slowing as quickly as the Fed would like, leaving policymakers with a complicated decision this week on whether to hold rates steady given the emergent
MarketWatch
MARCH 22, 2023
PacWest Bancorp PACW stock fell 13% in premarket trade Wednesday after it said it continues to have “solid liquidity” after borrowing from the federal government and getting a $1.4 billion injection from Atlas SP through a new senior asset-backed financing facility. The bank also canceled plans for a capital raise due to “current volatility in the market and depressed market prices for regional bank stocks, as well as the availability of other options to enhance capital.
Wealth Management
MARCH 22, 2023
Worries mount about commercial real estate debt in the face of the challenges amid the banking sector. The AIA billings index slowed in February, indicating a downturn in design activity. These are among today’s must reads from around the commercial real estate industry.
MarketWatch
MARCH 22, 2023
Cardlytics Inc. CDLX said late Wednesday that its chief financial officer is resigning over the summer. Andy Christiansen told the company on Friday that his last day is July 21, but will remain for a transition period, the company said. The ad platform said it hired a firm to find a new CFO. Shares of Cardlytics were down 1% after hours, following a 15.2% drop in the regular session to close at $2.96.
Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor
During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.
Wealth Management
MARCH 22, 2023
Bank-affiliated brokers and advisors can expect more scrutiny to ensure bank capital and managed assets are separated, according to bank watchers. But in the eyes of clients, that may make little difference.
Good Financial Cents
MARCH 22, 2023
O ne of the issues that many people have been concerned with during this recession is what happens when a bank is seized by the FDIC. This is a matter of concern because the recession saw quite a few bank closings, and there are still hundreds of banks still on the FDIC watch list for potential failures. As of the March of this year according to the FDIC, there have been 565 bank closings since Oct 1st, 2000.
Wealth Management
MARCH 22, 2023
With the new tool, powered by Supernova, the firm's advisors can now source loans for clients without losing touch with the assets.
MainStreet Financial Planning
MARCH 22, 2023
Are you one of the few out there that might have saved too much for your child’s college into a tax-advantaged 529 savings plan? Not sure what to do with it now? I am sure you don’t want to take out the money for non -education expenses because then you will have to pay taxes and penalties. Um, no thank you. Education 529 plans allow you to change beneficiaries, so if you have any other family members needing college funds, that should be your first option.
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Digital platforms can provide you with plenty of solutions, yet many are still intimidated by them. It's time to end that worry and embrace what could make a major difference for your bank. Understanding how they work and how to best utilize them for your banks is key toward success. In this article, Biz2X breaks down all things digital platforms, including the many advantages of embracing them.
Wealth Management
MARCH 22, 2023
Last year marked a record for global sales of real estate secondary transactions. Asset managers expect 2023 to beat that figure.
eMoney Advisor
MARCH 22, 2023
Despite the global and market upheaval over the past few years, millions of Americans have started investing. And 60 percent of young investors (ages 18–34) began investing after 2020. 1 Generations Y (Millennials) and Z are seeking financial advice today and they are likely to pursue providers who meet their needs now. Although it may be difficult for some advisors to consider serving this not-yet-affluent group, advisory businesses that don’t take steps to target young investors could be
Wealth Management
MARCH 22, 2023
Many regional banks also have trust departments and/or associated trust companies.
MarketWatch
MARCH 22, 2023
SoFi Technologies Inc. SOFI said Wednesday that those with its checking or savings accounts will be able to access up to $2 million of Federal Deposit Insurance Corporation (FDIC) insurance, versus the standard $250,000 amount. “SoFi Checking and Savings is able to offer additional FDIC insurance through the SoFi FDIC Insurance Network, a newly created partnership with multiple banks designed to provide the best benefits to SoFi members,” the company said in a release.
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Did you know automating your month-end close can save up to 40% of the time typically spent on manual reconciliations? CFOs and controllers are leveraging SkyStem's workflow management and reconciliation tool to eliminate costly mistakes, ditch manual reconciliations and close faster. Want to know how they do it? Download our Quick Start Guide to a Crystal Clear Close!
Wealth Management
MARCH 22, 2023
The sudden departure of president Marc Butler comes close on the heels of the exit of two other top executives.
MarketWatch
MARCH 22, 2023
Treasury Secretary Janet Yellen on Wednesday said her agency hasn’t looked at expanding FDIC deposit insurance. Yellen is testifying in the Senate, where she was asked about reports that officials are studying ways to expand FDIC coverage to all deposits. “This not something we have looked at, it’s not something that we’re considering,” she said. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
Wealth Management
MARCH 22, 2023
Entrustody's Tony Stich discusses his belief that advisors and their clients deserve better.
MarketWatch
MARCH 22, 2023
The nation’s top security regulator announced charges against Justin Sun, founder of the crypto platform Tron, alleging that he sold unregistered crypto securities and fraudulently manipulated the secondary market for Tronix, the platform’s native token. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Creating a winning digital lending experience requires plenty of focus on the needs of customers and more. Biz2X Chief Product Officer Aaron Traub covers everything from how to create such an experience, areas to hone in on, pitfalls to avoid, and plenty more in this insightful article. Discover how to utilize new technology without alienating existing customers, what to emphasize when working on your platform, and how to utilize the data at your disposal while not becoming overly reliant on it.
Wealth Management
MARCH 22, 2023
Bids for SVB's private bank subsidiary, with $17 billion in assets, are due to the FDIC on Wednesday night.
MarketWatch
MARCH 22, 2023
Shares of Ollie’s Bargain Outlet Holdings Inc. OLLI powered up 8.9% toward a 3 1/2-month high in premarket trading Wednesday after the retailer of closeout merchandise and excess inventory reported better-than-expected fiscal fourth-quarter results and provided an upbeat outlook, as margins improved despite a “highly promotional” environment. Net income for the quarter to Jan. 28 rose to $53.1 million, or 85 cents a share, from $44.7 million, or 71 cents a share, in the year-ago period.
Advisor Perspectives
MARCH 22, 2023
The latest price of home heating oil nationwide dropped to its lowest price of the year at $4.13. The current price is down 5 cents from last week and down 76 cents compared to one year ago.
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