A rare consequence of the financial crisis in Greece? The rich in that country are getting shy about flaunting their wealth. According to CNBC, wealthy Greeks are keeping a low profile. ""Instead of strolling around Kyfissia in a Porsche or Ferrari, they will have included in their fleet something more acceptable, like an Audi," high-end real estate agent Theo Bosdas said. The newfound humility has led to other problems -- more Greeks are renting than buying, because "they don't want to expose their wealth to this turmoil." As a result, the real estate industry has "seriously collapsed," Bosdas said. "It's been a nose-dive."
Financial advisors aren't the only ones under attack by algorithms in the financial services industry: New tech startups are creating software that generate automated news articles and stock reports for financial service companies. Narrative Science launched in 2010 with a program to generate sporting event recaps; they added financial services products in 2013. Today, financial services account for 60 percent of the company’s client base. The programs scan company filings, databases and other documents and synthesize it into corporate presentations or product descriptions. Can you tell the difference between a human analyst and a robot? The Wall Street Journal has an interactive quiz to find out.
A non-profit advocacy group is going after the Obama administration and the Department of Labor for its proposed fiduciary rule that could restrict brokers working with clients’ retirement accounts. The group is launching a 30-second, $100,000 television ad campaign to air on Fox News, The Hill reports. The ad shows a guy on the phone frustrated at not being able to get through to human to help him with his retirement account while a television news station blasts "big changes in the stock market" are happening. “Tell Congress, ‘Keep Washington’s hands off your IRA,’” a narrator says.
Bienvenidos a Miami? Not for Millennials
A study looking at the gap between income and housing costs for millennials found that in 23 out of the largest 50 cities in America, more than half of all rentals were out of reach to kids hoping to spend no more than one-third of their income on housing. The widest gap is in Miami, where the kids can only afford eight percent of listings.
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