This weekend millions of Americans will pause to thank their mothers for all they do for them. And for about a third of Millennials, that includes thanking Mom for being the biggest financial influence in their lives. According to a new survey by CreditCards.com, people ages 18-29 say their mother influenced their finances more than any other family member. But as adults get older, Mom loses influence over their finances. Mom ranked fourth among people who are 50 and older. Overall, the most popular familial financial influence among all Americans was one’s self.
Where the Wealth Gap Is Growing
When your clients come to you asking whether to rent or buy a home, be armed with this bit of knowledge: homeownership is dropping, income is flat, but home values are rising, widening the wealth gap. And not just in the major metropolitan areas. In Kansas City, home ownership dropped by more than 3 percent between 2010 and 2013, while homeowners' wealth grew by nearly $20,000. Renters saw no share of that, according to CNBC.
John Rooney, managing principal of Commonwealth Financial Network, joined the Financial Services Institute’s board of directors as its newest member on Thursday. Rooney will serve on the board, which now has 16 members from independent broker/dealers, for a minimum of three years.
RCS Capital reported a net loss of $13.5 million, or 14 cents a share, in the first quarter, on revenue of nearly $626 million, down 8 percent from a year ago. The firm’s adjusted earnings per share of 19 cents missed analysts’ expectations by 4 cents, according to Seeking Alpha. In the firm’s retail advice segment, revenue was $503.6 million, up 8.5 percent from a year ago, driven by a normalizing rate of commission income, including trails, advisory fees, and direct participation programs, said Brian Jones, chief financial officer. The firm also closed on its acquisitions of VSR and Girard during the quarter, adding $21 billion in assets under administration and 500 advisors.
