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☆ Investors can get a 5% yield in these assets and skip the bond market volatility
▼ + stars: | 2023-10-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Investing in money market funds The interest in money market funds began to heat up when the Federal Reserve started raising interest rates last year, Antoniewicz said. Some $64.13 billion flowed into money market funds the week ended Wednesday, bringing total net assets to a record $5.71 trillion, per the Investment Company Institute . Net assets also hit a record within retail money market funds, reaching $2.16 billion, the ICI said. The annualized 7-day yield yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.18%. "So if you have stability in a money market fund and an equal or higher yield, why would anyone consider leaving a money market fund to go longer term and have the volatility?"

Persons: Peter Crane, Jean Boivin, Shelly Antoniewicz, Antoniewicz, Barry Glassman, Glassman, I'm Organizations: Crane, Treasury, Federal Reserve, BlackRock Investment Institute, Investment Company Institute, ICI, Data, Wealth Services

☆ More mortgage applications are being rejected for 'insufficient income.' Here's why
▼ + stars: | 2023-10-04 | by ( Jared Mitovich | ) www.cnbc.com time to read: +2 min

Prospective buyers attend an open house at a home for sale in Larchmont, New York, on Jan. 22, 2023. As high home prices and interest rates push up monthly mortgage payments, it's harder for many consumers to even get a mortgage in the first place. Last year, lenders denied loan applications due to "insufficient income" more often than any other point since records began in 2018, according to a new report from the Consumer Financial Protection Bureau. Refinance applications were more frequently rejected, at a rate of 24.7% in 2022 — up sharply from 14.2% in 2021. "In most cases, income did not increase at the pace of average mortgage payments," said Glassman, who is a member of CNBC's FA Council.

Persons: Barry Glassman, Glassman Organizations: Consumer Financial, Finance, Wealth, CNBC's FA Locations: Larchmont , New York, McLean , Virginia, CNBC's

The average interest rate for all credit card accounts hit 20.68% in May, the highest on record, according to most recent Federal Reserve data. "But credit cards do charge the highest interest rates of any mainstream consumer debt [by far]," he wrote in an e-mail. This is why it's so important to prioritize credit card debt payoff." Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. "Whenever the Fed has raised interest rates as they have, something usually tips or fails," he said.

Persons: Barry Glassman, Ted Rossman, Cardholders, Glassman, CreditCards.com, Rossman, Bankrate Organizations: CreditCards.com, Federal Reserve, Wealth, Westend61, Getty, Federal Reserve Bank of New, Silicon Valley Bank, Signature Bank Locations: Vienna , Virginia, North Bethesda , Maryland, Federal Reserve Bank of New York, Silicon, U.S

☆ Why the Fed's interest rate move may hinge on inflation expectations
▼ + stars: | 2023-09-19 | by ( Andrea Miller | In Dreajmiller | ) www.cnbc.com time to read: +3 min

The U.S. seemed to be winning its battle against inflation, but the latest consumer price index data showed inflation rose more than expected. The University of Michigan's consumer sentiment August survey indicated consumers' one-year inflation expectations were at 3.3%, marking three consecutive months of stability. Inflation expectations, or the rate at which consumers expect prices to rise or fall in the future, can influence higher prices in the economy. Inflation expectations play a crucial role in the decisions made by the Federal Reserve. But consumer expectations of inflation are still above the Fed's 2% inflation rate target.

Persons: Joanne Hsu, It's, Hsu, Claudia Sahm, Jerome Powell's, Powell, Barry Glassman Organizations: University of Michigan, The University of, Consumers, CNBC, Federal Reserve, Sahm Consulting, Federal, Kansas City, Wealth Services Locations: U.S, Jackson Hole , Wyoming

☆ Employee benefits season is coming. Prepare these tax-advantaged accounts for growth
▼ + stars: | 2023-09-13 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

An opportunity to maximize tax-favored growth in your investment account is around the corner: employee benefits season. But it's also prime time to check in on contributions to and the underlying investments in 401(k) plans, individual retirement accounts and health savings accounts, which can offer a bevy of tax benefits. Enter asset location, which involves positioning the assets with the highest growth prospects and yield for growth and tax efficiency. "And too many people in my opinion are unlikely to touch their retirement accounts for more than a decade, and yet a lot of it is in cash or cash-like investments." In contrast, tax-deferred retirement accounts could be split 80/20 for workers who are early to mid-career, McLoughlin said.

Persons: it's, Barry Glassman, Glassman, Sam, Roth, Roth IRAs, Brenna McLoughlin, McLoughlin Organizations: Wealth Services, CNBC's, Wealthstream Advisors

Sisters Shelia Miller, Debbie Taylor and Daphne Taylor of the Washington, D.C., area care for their mother, Ernestine Taylor. Managing health-related and long-term care expenses is also a challenge. Still experts say taking these five steps can help prevent burnout and financial stress for many family caregivers. You may also qualify for a dependent care tax credit for a percentage of up to $3,000 in qualified care expenses for one person or $6,000 for two people. Find support from a group or care specialistEmotional stress and burnout can add to the financial strain of caregiving.

Persons: Daphne Taylor, Debbie Taylor, Shelia Miller, Miller, Daphne, Ernestine Taylor, Debbie, There's, Barry Glassman, Glassman, there's, —, Anne Sansevero, they've, Sansevero Organizations: AARP, D.C, Finance, CNBC FA, Wealth, Medicaid, American Council, U.S . Department of Veteran Affairs, Resource Center, Caregiving, Life Care, Istock, Getty Locations: Alexandria , Virginia, Washington ,, Washington, Vienna , Virginia, North Bethesda , Maryland, U.S, medicaidplanningassistance.org

Today's "niche" companies and those seen as AI leaders are unlikely to be the biggest winners for long-term investors, said Barry Glassman, a certified financial planner and member of CNBC's Advisor Council. "I've been through this enough to see that the niche players early on may not, in fact, be the long-term plays," Glassman said. Dan Romanoff, senior equity analyst with Morningstar Research Services, echoed that sentiment, saying investors would be hard-pressed to find a good "pure play" AI company in which to invest today. I would ask the question: What company isn't an AI company nowadays? However, it's unclear if such companies will remain among the AI leaders as the technology develops, experts said.

Persons: Jaap Arriens, Barry Glassman, I've, " Glassman, OpenAI, chatbot, Glassman, DocuSign, Dan Romanoff, Romanoff Organizations: Getty, San, Wealth, AOL, Cisco, Morningstar Research Services, Microsoft, Nvidia Locations: San Francisco, Vienna , Virginia, North Bethesda , Maryland

☆ Don’t be ‘complacent’ about volatility, warns advisor, even if there's a soft landing for the economy
▼ + stars: | 2023-08-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

watch nowAfter more than a year of recession predictions, some experts have backed off past forecasts and now embrace what's known as a "soft landing" for the economy. Even so, one financial advisor is stressing the importance of preparing for future stock market volatility. While a soft landing may be good news for investors, there's a risk of becoming "a bit complacent" about market volatility, said Glassman, who is also a member of CNBC's Financial Advisor Council. Glassman said a lot of people are wondering how to shift their investments given the "rosy scenario" of a soft landing. 'Investors are finally getting paid to wait'While future volatility is possible, the current economic environment offers a silver lining for investors.

Persons: Barry Glassman, Glassman, it's, We're Organizations: Wealth, CNBC's, Federal Reserve Locations: McLean , Virginia

☆ Here are ways to adjust your portfolio as some experts predict a soft landing for the economy
▼ + stars: | 2023-08-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Morsa Images | E+ | Getty ImagesSome experts have reversed recession predictions and embraced a soft landing for the economy as the Federal Reserve continues to fight inflation. Increase bond allocations before interest rate cutsAs the Federal Reserve weighs an end to its rate-hiking cycle, some advisors are adjusting their clients' bond allocations. With expectations of future interest rate cuts, Atlanta-based CFP Ted Jenkin, founder of oXYGen Financial, has started shifting more money into bonds. watch nowTypically, market interest rates and bond values move in opposite directions. Consider extending bond durationWhen building a bond portfolio, advisors also consider so-called duration, which measures a bond's sensitivity to interest rate changes.

Persons: Barry Glassman, Glassman, Ted Jenkin, Jenkin, Douglas Boneparth Organizations: Federal Reserve, Wealth, CNBC's, CNBC's FA, Bone Locations: McLean , Virginia, Atlanta, CNBC's, New York

☆ Bank of America's Merrill names new leaders to head divisions
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - Bank of America Corp's (BAC.N) investment and wealth management arm Merrill named insider Greg McGauley as the head of private wealth management, international and institutional, Merrill said on Friday. Merrill offers investment management services to its clients including, wealth planning, insurance, retirement and savings planning. McGauley joined Merrill in 1994 and has held several senior roles at the company, including leading private wealth services. Lydia DiClemente was also named as the head of Merrill Banking Enablement and Merrill Financial Solution Advisors. DiClemente, who has more than 20 years of experience in the wealth management industry, will also work in partnership with April Schneider, the head of wealth management banking and lending.

☆ How the president of Abbot Downing tried to save the Wells Fargo unit for the ultra-rich from being folded
▼ + stars: | 2023-05-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wells Fargo folded Abbot Downing, which served the bank's wealthiest clients, in late 2020. In late 2020, Wells Fargo disbanded Abbot Downing, the unit that catered to the bank's wealthiest clients. Abbot Downing was folded into Wells Fargo's private bank, which also serves rich clients, but it wasn't a safe haven. Business Wire via APGinter left Wells Fargo in September 2021 to launch a new registered investment advisor the following March. Some ex-Abbot Downing employees refer to Callan the "new Abbot Downing" for its focus on the ultra-rich set.

☆ Abbot Downing's president pitched a buyout to save the Wells Fargo unit from being folded. The bank said no, and employees have fled.
▼ + stars: | 2023-05-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

☆ Meet the new co-heads of Merrill Lynch as Andy Sieg exits to jump-start Citi's wealth business
▼ + stars: | 2023-03-30 | by ( Hayley Cuccinello | Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Merrill Lynch head Andy Sieg is leaving to lead rival Citi's wealth management business. Sieg is leaving for rival bank Citi, where he faces a big challenge when he starts in September: improving Citi's wealth business, which has lagged behind competitors like Merrill and Morgan Stanley Wealth Management. New battles await both Sieg at Citi, where he will be head of Citi Global Wealth, and his successors at Merrill. The move was made after the wealth business had missed revenue targets, the Wall Street Journal reported. Citi CEO Jane Fraser described the wealth management unit's performance as "disappointing" on a call to discuss earnings in January.

☆ 41% of adults are preparing for a recession. It's time to stress-test your income, advisors say
▼ + stars: | 2023-03-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Yet many Americans — 41% — have taken steps to prepare for a possible economic downturn, according to a survey by Morning Consult. Still, there are a few steps advisors say you should take now to make sure you are prepared to weather a downturn. Barry Glassman president of Glassman Wealth Services"Stress-test your income against your ongoing obligations," Glassman said. The upside for conservative investors is they are now able to get higher interest rates on their cash. Reduce your debtsHigher interest rates mean consumer debts are climbing higher.

☆ HSBC extends Chinese private banking network to lure new digital millionaires
▼ + stars: | 2022-10-11 | by ( Selena | ) www.reuters.com time to read: +2 min

FILE PHOTO: Pedestrians wearing face masks following the coronavirus disease (COVID-19) outbreak, walk past a HSBC bank branch in Hong Kong, China February 22, 2022. HSBC sees robust demand for wealth management in Chengdu, capital of the western province of Sichuan with more than 21 million people. The bank has already launched private bank services in Beijing, Shanghai, Guangzhou and Shenzhen. “As a new class of HNW and ultra HNW individuals emerges from the vigorous development of Hangzhou’s digital economy, demand for international wealth management has also grown significantly,” Jackie Mau, head of global private banking at HSBC China, said in a statement. Beijing launched in late 2020 a crackdown that effectively halted Ant’s initial public offering that could have created more millionaires keen for wealth services.

Get the latest tips you need to manage your money — delivered to you biweekly. Based on these stats, even those who fall into the 1% aren't necessarily wealthy enough to eschew budgeting and ignore the pitfalls of modern consumerism. Here are some budgeting tips for the highest earners (and everyone else, too) from the experts who help them manage their money:1. Fee-only financial adviser Ryan Inman of Physician Wealth Services and FinancialResidency.com says this is why the first step of budgeting is understanding your financial goals. That way, you can have a plan for the money you're bringing in without turning your budget into a part-time job.

AdvertisementThe online investment platform has created a tool that will be available to registered investment advisers, allying itself with Fidelity Institutional Wealth Services to promote and distribute the feature. The new product, called Betterment Institutional, allows a financial adviser to provide clients with a Betterment portfolio branded to their own practice, and then help manage that client's investments through the platform. He points out that Betterment Institutional should help advisers focus on their areas of expertise, while leaving the little stuff to Betterment. BettermentDavid Canter, executive vice president of practice management and consulting at Fidelity Institutional Wealth Services, has worked with Betterment on the launch. This article has been updated to clarify that Betterment Institutional will be available to financial advisers independent of Fidelity.

Persons: we've, Jon Stein, Stein, David Canter, they've, Canter, It's Organizations: Fidelity Institutional Wealth Services, Fidelity

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