What’s a Financial Advisor to Do?

What’s a Financial Advisor to DoFinancial fraud solicitations are commonplace. A survey by the FINRA Investor Education Foundation found that eight in 10 respondents were solicited to participate in a potentially fraudulent offer and 11 percent of all respondents lost a significant amount of money after engaging with an offer.

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Weekly Economic Update

Summit Brokerage Weekly Economic UpdateCPI SHOWS ANNUAL DEFLATION

Dipping 0.7% in January, the Labor Department’s Consumer Price Index posted a 0.1% annual retreat – its first yearly decline since 2009. As the core CPI rose 0.2% in January and gas prices are moving north, the headline CPI’s stint in deflation territory may be short-lived. The federal government also announced its second estimate of Q4 GDP last week – a passable 2.2% – and a 2.8% boost in hard goods orders for January.1,2 Continue reading

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Weekly Economic Update

Summit Brokerage Weekly Economic UpdateGREECE DEAL, FED MINUTES REASSURE INVESTORS

On Friday, Greece reached an agreement with eurozone finance ministers to extend its economic bailout through June. The four extra months of financial aid depend on reforms that the country will present to its creditors this week (they must be approved by April). Stateside, minutes from the Federal Reserve’s January policy meeting noted that most Fed officials favored “keeping the federal funds rate at its effective lower bound for a longer time,” which also pleased the markets.1,2 Continue reading

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A Succession Plan Means Growth for Financial Advisors

A Succession Plan Means Growth for Financial AdvisorsFor independent advisors, succession planning is quickly becoming the cornerstone of a growth strategy.  It is designed to perpetuate an advisor’s business and income streams beyond their lifetime, while providing a multi-generational service platform that attracts and benefits younger advisors. This makes succession planning one of the most, if not the most, important practice management tools in this industry. Continue reading

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Summit Brokerage Services Welcomes New Advisor

Summit Brokerage Services Welcomes New AdvisorFinancial advisors William Diener and Andrew Lenner of Diener and Lenner Wealth Management in Boca Raton, FL, have recently joined Summit Brokerage Services, Inc., the #1 Independent Broker-Dealer in the Country*.

 

Previously affiliated with Morgan Stanley, the team manages over $65 million in client assets and has a combined 64 years of experience. Continue reading

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Weekly Economic Update

Summit Brokerage Weekly Economic UpdateRETAIL SALES DECREASE AGAIN

Recently, economists have worried about a decline in household spending. The 0.8% fall for retail sales in January affirmed their anxieties. Consumers have certainly been buying less fuel, but even with gas purchases removed, there was still an 0.2% retreat. Headline retail sales have now sunk for consecutive months; earlier Commerce Department data showed an 0.9% falloff in December.1 Continue reading

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Should Financial Advisors Pay for LinkedIn Premium?

Should Financial Advisors Pay for LinkedIn Premium?LinkedIn is no longer just a tool for recruiters. The site has matured into a powerful marketing platform, and it is changing the way advisors do business in financial services. According to a survey by Putnam Investments, 75 percent of financial advisors, are on social media and of those, nearly 95 percent report LinkedIn as their network of choice. Continue reading

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Weekly Economic Update

Summit Brokerage Weekly Economic UpdateEMPLOYERS ADD 257,000 JOBS IN JANUARY

That beat the 230,000 hires forecast in a MarketWatch consensus of analysts. Yes, the headline jobless rate actually rose 0.1% to 5.7% last month, and the total unemployment rate (U-6) rose for the first time in six months to 11.3% – but average hourly wages were up 0.5%, a striking shift after the 0.3% December decrease.1,2 Continue reading

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Financial Advisors, Why Aren’t You Using an iPad/Tablet?

Financial Advisors, Why Aren’t You Using an iPad/Tablet?A recent study released on gadget use in the financial services industry from ByAllAccounts, found financial advisors are keeping up with the latest tech devices, with 86.8 percent using laptops, 85.5 percent using smartphones and 41.6 percent using tablets. The brand of choice, when it comes to tablets: Apple’s iPad.

According to Financial Planning, financial planners are adopting the iPad as a business tool four times faster than the next fastest industry, business and professional services. Continue reading

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