A sign displays the Twitter logo on the front of the New York Stock Exchange ahead of the company's IPO in New York.
Quality is more important than quantity on finance Twitter (Investment News)
It used to be that you wanted as many Twitter followers as possible. However, social media experts are telling financial advisors now it's more important to have followers who will help you expand your reach rather than having lots of followers. Social media experts told Investment News, advisors should look for people who have more followers than they're following, and those who have fewer tweets than the number of people they are following.
A huge Ponzi scheme was reported in China (Business Insider)
Chinese authorities have arrested 21 people in connection to a suspected $7.6 billion peer-to-peer lending Ponzi scheme by the lending service Ezubao. According to the state-run Xinhua, Ezubao conned about 900,000 investors out of 50 billion yuan ($7.6 billion). Ding Ning, the chairman of the holding firm Yucheng Group, which operates Ezubao, is accused of using investor money to fund his own real-estate projects and to pay off early investors.
Aetna's CEO has concerns about Obamacare (Bloomberg)
Healthcare benefit provider Aetna earned $1.37 per share, easily outpacing the $1.21 that the Bloomberg consensus was anticipating. Revenue edged up 1.9% to $15.09 billion to beat the $14.94 billion that Wall Street was looking for. On Monday's conference call, Aetna CEO Mark Bertolini said "We continue to have serious concerns about the sustainability of the public exchanges." He continued, "We remain concerned about the overall stability of the risk pool."
RCS Capital filed for bankruptcy (Wealth Management)
On Sunday, RCS Capital filed for prearranged Chapter 11 bankruptcy in Delaware. According to Wealth Management, the company has agreed to terms with most of its creditors while listing liabilities of between $100 and $500 million and assets of $1 billion to $10 billion.Wilmington Savings Fund Society has the largest unsecured claim at $120 million. RCAP is expected to emerge from bankruptcy in the second quarter, at which time it will focus solely on retail brokerage services.
The Certified Financial Planner Board of Standards named a new chairman (Financial Advisor)
The CFP Board has named Mike Greene, senior vice president of financial planning and advisor business development at Ameriprise Financial, as its chairman of the board. Greene has been a member of the CFP Board's board of directors since 2012, according to Financial Advisor. "Mike's experience in developing the next generation of financial planners will be invaluable as CFP Board continues to increase the ranks of CFP professionals to serve the American public," CFP Board CEO Kevin Keller said.