July 28, 2020
GOP Rolls Out $1T Covid-19 Stimulus Package
Contention within its own ranks as well as with the Democrats, who proposed a $3.5 trillion bill earlier, will likely delay the relief package.
Wirehouses Win Loans, Despite Pandemic Pullback
Mortgage borrowing helped drive loan growth at Merrill Lynch, Morgan Stanley, and UBS during the second quarter of 2020, while Wells Fargo’s wealth management unit’s loans stayed flat. Industry executives stressed the high quality of the pandemic-era borrowing.
Wealthy Investors Expect Biden to Eke Out Election Win
American investors are less optimistic about an economic rebound than those in other regions, but they are also less likely to be planning for post-election portfolio switches.
Initial Form CRS Submissions OK (But Could Be Better): SEC
The regulator says that it plans to engage with firms about best practices and hold a roundtable on the topic some time in the fall.
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Improving Diversity Must Start at the Top: Advisors
The financial services industry will need to work harder to appeal to a younger generation of candidates, advisors say.
Schwab CIO: 'Forget About’ Uncertainty
Advisors should focus on what they can control, rather than every market movement, speakers said during webinar hosted by Schwab and the African American Financial Advisors Association.
Regulator Allows Banks to Hire People Convicted of Minor Offenses
The Federal Deposit Insurance Corp. has lifted a waiver requirement for applicants with minor criminal convictions, such as shoplifting.