REUTERS/Las Vegas Sun/Steve Marcus
Stacks of cash and the World Series of Poker championship bracelet are placed on a table after Germany's Pius Heinz and the Czech Republic's Martin Staszko emerged as finalists during the WSOP main event at the Rio All-Suite Hotel and Casino in Las Vegas November 8, 2011.
What to do with a financial windfall (Charles Schwab)
Some lottery winners blow their winnings in a few years. But instead of compromising their wealth with impulsive purchases and regrettable gifts, winners should instead take some practical steps and make responsible financial decisions. Charles Schwab analysts write that first and foremost, winners should figure out the tax implications (which vary state to state). And then people who come into money suddenly should re-think their asset allocation, update their giving strategy, re-assess insurance needs, and smartly pay off debts.
JPMorgan beat on earnings (Business Insider)
The firm announced earnings of $1.32 a share, topping the $1.28 that was expected by the Bloomberg consensus. Revenue edged up 0.6% to $23.7 billion, which was slightly better than the $23.24 billion that was anticipated. "The businesses generated strong loan growth and credit quality, except for some stress in energy," CEO Jamie Dimon said in the earnings release. "The consumer business continues to gather deposits, outpacing the industry. Markets were somewhat quieter, and we saw the impact reflected in the results of our trading and Asset Management businesses."
It's not all ugly in Japan (Advisor Perspectives)
Japan's demographic outlook scares analysts. The old-age dependency ratio could rise 70% by 2050 and the government forecasts that the population could halve within 70 years. However, there are great things about Japan too, argues Julian Wellesley of Loomis Sayles. He highlights five things: corporate governance continues to improve, many top execs at Japan's largest banks are "upbeat," the mood among Tokyo real estate execs is "currently positive," Chinese spending power is boosting Japanese tourism, and Prime Minister Abe has no illusions about the challenge.
LPL lands 25-branch bank for its institutional platform (Think Advisor)
LPL Financial has landed Scranton, Pennsylvania-based Peoples Security Bank & Trust for its institutional platform. The 25-branch bank has about $750 million in wealth assets. According to Think Advisor, Peoples chose LPL because of its "desire to grow its wealth-management business and to consolidate its investment services onto a single broker-dealer platform."
The best and worst states for money management (CreditCards.com)
CreditCards.com analyzed all 50 states, comparing consumers' average credit scores, from the credit bureau Experian, to their median household income, per the US Census. CreditCards.com then used the difference between the two to develop their rankings. According to the results, Montana, South Dakota, and North Dakota are the states best for money management while Maryland, Washington DC, and Alaska are the worst.