Here are the 15 most overlooked tax deductions
Here are the 15 most overlooked tax deductions (ThinkAdvisor)
ThinkAdvisor's Marlene Y. Satter spoke to the team at Kiplinger about strategies that advisors can use to lower their clients' tax bills.
The Kiplinger team shared the fifteen most overlooked tax deductions including state sales taxes, reinvested dividends, out-of-pocket charitable deductions, and student loan interest paid by parents.
The new DOL fiduciary standards could really change things up in the financial sector (Morgan Stanley)
A Morgan Stanley team led by Nigel Dally wrote a recent note to clients about possible changes in the financial sector due to a proposed Department of Labor (DOL) rule that would require financial advisers to act in the best interests of their clients in 401(k) and individual retirement accounts:
"While it is hard to say for sure, we can look at other countries that have implemented similar changes. Both Australia and the UK moved to fee-only retirement savings systems. Following the changes, they have seen (1) an exodus of a segment of advisers that relied most heavily on commission-based income; (2) increased consolidation as smaller broker-dealers merged with larger institutions; (3) a shift in focus to larger, fee-based accounts; (4) an increase of new entrants into the platform market, along with growing pressure on fee and management margins; (5) vertical integration as a strategy to gain economies of scale and insulate margins; and (6) emergence of more low-cost, flat-fee options for self directed investors online as well as through D2C propositions with platforms."
12 cities where affluent millennials live (Zillow)
As millennials move up in their careers and begin planning for the future, they will start looking for financial advisers. The economists at Zillow put together a list of the 12 cities where advisors are most likely to find affluent young bankers, software developers, and lawyers.
Arlington, Virginia was number one, with 8.7% of millennials in the DC suburb making over $350,000 - a share larger than the percentage of people 55 and up earning that much.
eMoney named a Fidelity veteran as its new CEO (InvestmentNews)
eMoney, a financial planning software company acquired by Fidelity early last year, named Fidelity financial technology veteran Ed O'Brien as its new chief executive, replacing interim CEO Mike Durbin. The company's founding CEO Edmond Walters stepped down last fall.
"This choice is sure to raise a few eyebrows, simply because even a cursory inspection of Ed's resume indicates that he is a 30-year Fidelity executive," Durbin wrote in his open letter about the new hire. "Yet the fact of the matter is that Ed was selected from a pool of extremely qualified candidates - and we were unwilling to exclude a leader of his caliber simply because he has worn Fidelity green for a long time."
iCapital bought a $1.8 billion hedge fund feeder portfolio system from Credit Suisse (FA Magazine)
New York-based financial technology provider iCapital Network purchased the HedgeFocus platform from Credit Suisse.
The "platform will expand iCapital's offerings to investment advisors serving high-net-worth clients to include a dozen additional hedge fund access vehicles across strategies representing approximately $1.8 billion in assets," reports Christopher Robbins.