FINANCIAL ADVISER INSIGHTS: March 2nd

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FA Insights is a daily newsletter from Business Insider that delivers key news and commentary for financial advisors.

SEC charges man in the Ponzi scheme who offered shares in Twitter and Uber (financial advisor)

Gregory W. Gray Jr. and his firms Archipel Capital LLC and BIM Management LP have allegedly stolen millions of dollars from would-be investors. Mr Gray reportedly took $ 5.3 million from would-be investors who thought they had received shares in social media giant Twitter prior to the IPO. Gray then used $ 5 million earmarked for Uber stock to repay the Twitter investors who wanted their money back.

Rates are likely to rise in June or September (Bloomberg)

Fed Vice President Stanley Fischer considers a rate hike in June or September more and more likely. Addressing a monetary policy forum in New York, Fischer suggested, “It seems that those two months have the bulk of the probability.” He made sure that “things might happen” that would change the date for the launch.

Why do politicians want a weaker currency? (Charles Schwab)

Central banks around the world have lowered interest rates to stimulate their economies and prevent deflation from breaking out. The low interest rate policy of these central banks has triggered a so-called “currency war” and a race to devalue the currencies. Charles Schwab suggests three implications of a weaker currency: “export growth, rising inflation and debt relief”.

Waiting times for tax assistance from the IRS are increasing (Reuters)

A smaller Internal Revenue Service budget has resulted in the layoff of around 12,000 employees since 2010. New tax laws always lead to a deluge of last-minute preparatory questions. “The National Taxpayer Advocate predicted earlier this year that around half of all hotline calls would go unanswered and that the average waiting time would exceed 30 minutes. Compare that to fiscal 2004, when the IRS answered 87 percent of calls with an average wait of less than three minutes. “

Confidence of consultants increases (financial planning)

According to Financial Planning, the confidence of the consultants is increasing. The company’s pension advisor confidence index rose to 53.3 in February (up from 52.2). However, the survey showed that investors still remained suspicious of the global economy and are advisors “try to keep fees as low as possible in order to drive customer returns – especially in these volatile markets. “

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