The least charitable states (Wallet Hub)
The Charities Aid Foundation's 2015 World Giving Index found the United States ranked second, trailing only Myanmar. The National Philanthropic Trust says Americans donated $338 billion in 2014. In addition, 63 million Americans volunteered some of their time to help a cause. Wallet Hub used 8 key metrics to determine which states were the most and least generous. According to Wallet Hub, the three least generous states in the US are Rhode Island, Louisana and California.
The Fed raised rates for the first time since 2006 (Business Insider)
The Fed has finally delivered its long-awaited interest rate hike. The US central bank lifted its fed funds rate 25 basis points to a target of between 0.25% and 0.50% while suggesting, "The stance of monetary policy remains accommodative after this increase, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation." In addition, the accompanying dot plot projects at least four rate hikes will occur in 2016, lifting the key rate to 1.375% by the end of the year. The decision to raise the fed funds rate was unanimous.
Bill Ackman's 2015 has been forgettable (Business Insider)
Bill Ackman's Pershing Square has had an awful 2015. The hedge fund lost 19.7% through the first 11 months of the year. In a letter to investors, Ackman said, "If the year finishes with our portfolio holdings at or around current values, 2015 will be the worst performance year in Pershing Square's history, even worse than 2008 during the financial crisis." Ackman emphasized that redemptions from the fund remained low at $39 million, or 0.2% of capital.
LPL has agreed to a non-traded REIT settlement (Investment News)
LPL Financial has agreed to pay $750,000 to settle charges related to the sale of a non-traded REIT to an elderly New Hampshire man that resulted in "significant losses." The fine was broken down into three payments of $250,000 with the money going towards administrative fees, New Hampshire's Bureau of Securities Regulation and investor education. According to Investment News, "Nontraded REITs are known to be risky alternative investments, because they are illiquid, have front-end fees that can be as high as 15% of the per share price, have distributions that are not guaranteed, and are based on the discretion of the REITs' board of directors." This was at least the fourth fine LPL has been forced to pay in 2015, Investment News says. LPL neither admitted nor denied the charges.
A Cetera team is going to Ameriprise (Financial Planning)
The father and son duo of J. Leland Davis and Jeremy Davis has decided to move their team to Ameriprise's office in Denver. Financial Planning reports, the pair takes with them $180 million in client assets and more than 50 years of combined experience. "With the technology structure in place and the backbone of financial planning, Ameriprise was the right fit as we take our business to the next level," J. Leland Davis said.