REUTERS/Marcelo del Pozo
Spanish matador Davila Miura prepares to perform a pass, as the shadow of the bull is cast onto the muleta during a bullfight in The Maestranza bull-ring in Seville.
Financial advisors are bullish on stocks (Aberdeen Asset Management)
A survey conducted by Aberdeen Asset Management found that 58% of financial advisors believe the bull market in stocks has not yet reached its pinnacle. In addition, of the 49% of advisors who think stocks will reverse in the near-term, 41% expect the bull market to persist for at least another three years. As for how to protect yourself in the event of a downturn, 38% of those surveyed said to seek shelter in international and emerging markets while 27% preferred US fixed income or alternative investments.
Bill Gross thinks a Fed rate hike is coming (Reuters)
Janus Capital Group's Bill Gross is sticking to his call the Fed will raise rates in September. The bond guru tweeted, "Rate hike in Sept. Financial conditions not economic conditions a priority. That means they begin to normalize despite data."
JP Morgan is about to start spying on employees (Business Insider)
JP Morgan recently posted a job opening for data scientists who will "be responsible for the overall development of data models using algorithms for pattern detection in electronic communications." In other words, the investment bank wants to monitor employee communication. According to Business Insider's Jon Marino, JP Morgan isn't the only investment bank looking to track its employees. Recently, Goldman Sachs posted a similar listing.
Barclays lost a team to Dynasty Partners (Financial Planning)
Dynasty Partners is the latest firm to land a team defecting Barclays. Daniela Pedley and her partner, Lauren Consulich, are bringing their $500 million AUM to Dynasty's independent advisory firm Summit Trail Advisors, according to Financial Planning. "We believe that we can now serve our clients -- successful entrepreneurs, business owners, and other wealthy families across multiple generations and geographic regions at a higher level," Consulich said.
The Department of Labor's proposed fiduciary rule will be expensive to implement (Wealth Management)
A Financial Services Institute study has found the Department of Labor's proposed fiduciary rule will cost the industry $3.9 billion to implement. Wealth Management reports startup costs per firm will range from $1.1 million for a smaller sized firm to $16.3 million for a larger sized firm. The estimated cost for the biggest firms is approximately 4.3 times the DOL's most expensive scenario.