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Massachusetts Senator Elizabeth Warren
FA Insights is a regular newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Democratic Sen. Elizabeth Warren is backing the CEO of a hot new finance startup.
The Massachusetts senator wrote on her Facebook page on Tuesday that she agrees with Betterment CEO Jon Stein, who wrote an open letter to President-elect Donald Trump about keeping the new fiduciary rule. Her post linked to Business Insider's Monday story about Betterment's letter to Trump.
Moody's slashed its outlook for the global asset management industry. And another hedge fund backed by investing legend Julian Robertson is shutting.
Wells Fargo Advisors has agreed to a $1 million settlement with Finra for alleged failure to supervise its advisors' use of consolidated statements, according to Financial Advisor. And Fidelity Labs is experimenting with virtual reality to help employers create retirement plan.
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Advisor Perspectives set out the perils of using the traditional price-to-book ratio to find value stocks, and reports that US stocks now account for more than 50% of market capitalization in developed markets.
Finally, at ThinkAdvisor, popular social psychologist Robert Cialdini explains how financial advisors can gain the trust of their clients using 'pre-suasion' tactics.
And here's a roundup of stories from across Wall Street:
President-elect Donald Trump continues to dominate the headlines. Here are the top stories from the past 24 hours:
- TRUMP: "We have to look" at trade "almost as a war"
- CEO of Japanese telecom SoftBank says company will bring $50 billion and 50,000 jobs to US after meeting with Trump
- Here's what we know about Trump's $50 billion deal
- Trump says he dumped all of his stocks in June
- TRUMP: "I'm going to bring down drug prices"
- Trump explains why he went after Boeing over Air Force One
- TRUMP: "Sometimes you have to prime the pump"
- SCHWARZMAN: Donald Trump is going to change the "architecture of the world"
- Goldman Sachs is responsible for a massive chunk of the "Trump rally"
- A condo for sale in Trump Tower is touting the Secret Service as a new amenity
In Wall Street news, a Deutsche Bank rates trader has been suspended after asking a trading counterparty to join a WhatsApp group. Citigroup is reportedly being investigated for its role in the pound's "flash crash." And one brutal table from McKinsey shows how miserable banking is right now.
A small and highly-profitable dealmaking firm just claimed bragging rights in the most Wall Street way possible.
And a financier left Wall Street to start a marijuana chocolate company.
Business Insider is currently hosting its annual IGNITION event in New York. You can watch the event live here. Here are a couple headlines from the event so far:
- Here's where Amazon's next multi-billion dollar business will come from
- How Cisco's CEO plans to convince Trump to import more immigrants for US tech jobs
- GENE MUNSTER: What to expect from Apple "the fortress" in 2017
- HENRY BLODGET: This is the future of digital
- You can catch up with all of our coverage from the event
Lastly, here's a guide to dress for your office holiday party without embarrassing yourself.