Wealth Management
According to a Ficomm Partners survey, today's retirees are the last generation to rely heavily on referrals for choosing financial advisors. Over the next five to ten years, digital marketing will become increasingly crucial for attracting clients.
While 60% of those over 60 prefer referrals, only 17% of those under 44 feel the same. Instead, 57% of younger investors hired advisors based on digital marketing, compared to 20% of older respondents.
This shift indicates that advisors must adopt a multi-tactic digital marketing strategy to stay competitive, as younger clients prefer researching and making purchases digitally. Additionally, the survey found that no single digital channel was superior; a mix of channels was necessary for effective marketing.
Finsum: Social media literacy is a must to staying in touch with this new generation of investors.
Goldman Sachs exceeded profit and revenue estimates with $8.62 earnings per share and $12.73 billion in revenue, driven by strong fixed income results and reduced loan loss provisions. The bank’s Q2 profit surged 150% to $3.04 billion compared to the previous year.
Fixed income revenue rose 17% to $3.18 billion, while provisions for credit losses fell significantly. The asset and wealth management division saw a 27% revenue increase, and platform solutions revenue rose 2%.
However, investment banking fees were slightly below expectations, unlike rivals JPMorgan and Citigroup. Shares of Goldman Sachs increased by more than 1% in midday trading.
Finsum: This is evidence of the good climate for fixed income markets during extreme economic stress.
Advisors often hesitate to switch firms due to fears of client attrition and contractual issues, even when better opportunities exist. Clients, however, are generally supportive of changes when benefits are clearly communicated.
The transition process is still cumbersome, involving new paperwork and logins, despite technological advances. Effective communication about the long-term advantages of the move can mitigate client concerns.
Partnering with a firm experienced in advisor transitions can help streamline the process. Understanding and managing perceptions can lead to a smoother transition and higher client retention.
Finsum: The right affiliate can make this transition much smoother so consider this when making the jump.
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Home cooks always have new ingredients and methods to explore but balancing curiosity with reliable recipes and limited time is challenging. Recent surveys reveal a trend towards quick, budget-friendly meals, with 54% of home cooks focusing on time-saving and low-effort recipes.
"Quick and easy" dishes are those taking 30 minutes or less, and simplicity in ingredients is increasingly preferred. Creative recipe mash-ups and pantry-friendly cooking are on the rise. Additionally, international ingredients are becoming more accessible, encouraging home cooks to experiment with global flavors.
Many professional cooks are seeing the benefits of incorporating a many different international options for a new twist and elevating the culinary experience.
Finsum: These diverse options could help round out the kitchen for your next meals.
Private equity markets, lacking transparent pricing, may be nearing a downturn despite their lack of observable bubbles. The influx of capital over recent decades has led to inflated valuations, with private equity assets soaring to $3.5 trillion by 2023.
Rising interest rates threaten the industry, which thrived in low-rate environments, potentially leading to poor returns and capital shortages. Pension funds, heavily invested in private equity, face significant risks, impacting both retirees and taxpayers.
The sector's rapid expansion could have long-term negative economic effects as it adjusts to new financial conditions. The deflation of the private equity market, although gradual, could still result in significant economic challenges.
Finsum: With a possible cut on the horizon there is still a possibility of sustainability.
Planning a vacation around attending MLB games can be a thrilling way to experience America's pastime while exploring different cities.
Start your journey at Wrigley Field in Chicago, home to the Chicago Cubs, where the historic charm and ivy-covered walls offer a nostalgic baseball experience. Next, head to Fenway Park in Boston, the oldest ballpark in Major League Baseball, where the iconic Green Monster and passionate Red Sox fans create an electric atmosphere.
If soaking in the history isn’t as much of a concern, travel to Oracle Park in San Francisco, where you can enjoy breathtaking views of the Bay while watching the Giants play.
Beyond the games, these cities offer rich cultural experiences, from Chicago's deep-dish pizza to Boston's historic Freedom Trail and San Francisco's Golden Gate Bridge. Planning your trip around these iconic ballparks ensures not only memorable games but also unforgettable adventures in some of America's most vibrant cities.
Finsum: Baseball’s new rules vastly improve the going experience as compared to the last couple of years.