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Joseph Stiglitz
STIGLITZ: "The American economy is a failed economy" (Bloomberg)
"The American economy is a failed economy," Nobel Prize-winning economist Joseph Stiglitz said in London on Wednesday. "We have to once again rewrite the rules of the economy for the 21st century."
Although the US economy overall is better off today than in 2008, many pockets of the country haven't felt the recovery. Stiglitz argued that this inequality is now shaping US electoral politics, and fueling support for the populist candidates.
"Americans have seen lots of injustices - people were thrown out of their houses that didn't owe money, and none of the bankers were held accountable," he said. "I think that really has motivated the anger across the spectrum."
Many advisors still have no idea what to think about Trump's policies (InvestmentNews)
Donald Trump is getting closer and closer to the Republican presidential nomination. However, some investment advisers still have no idea what to think about his policies.
"We have no idea what his platform is," said David Haraway, owner and president of advisory firm Substantial Financial told InvestmentNews. "There is no demonstrated record. We don't know any core beliefs we can be certain of."
"There's no way I have enough data to know whether he would be great or terrible for my clients," Neil Waxman, managing director of Capital Advisors Ltd., said.
Mexico's efforts to stabilize the peso are a good sign (Advisor Perspectives)
The Banco de Mexico (referred to as Banxico) took the markets by surprise after it announced a series of efforts in February aimed at stabilizing the recent slide in the peso, including hiking the policy rate by 50 basis points to 3.75%.
"On the margin, we view the move by Banxico and the finance ministry as positive. ... The measures taken by both Banxico and the finance ministry show a willingness to stick to sound macroeconomic management, even if that means tighter financial conditions in the domestic economy," writes Pablo Echavarria of Thornburg Investment Management. "Over the long-run, this ensures Mexico's economic fundamentals remain sound, with issues like debt sustainability and inflation management remaining under control."
Raymond James just scooped up a $1.3 billion team (FA Magazine)
Raymond James announced that a $1.3 billion financial services team in Jenkintown, Pa. that previously worked with Merrill Lynch is joining them.
Tom Galvin, the North Atlantic regional director for Raymond James & Associates, the firm's employee broker-dealer, told FA Magazine that the move is part of Raymond James' continuing recruitment of teams from wirehouses.
LPL expects to launch its own robo-advisor in 2016 (ThinkAdvisor)
LPL expects to launch its own robo-advisor this year, the firm's head of business development told ThinkAdvisor. He added that the robo-advisor product will be "especially appropriate for millennials who tend to like a 'front-end dashboard' that gives them access to their financial information," reports Bernice Napach.