US companies raised a quarterly record of almost $190 billion from the end of March to the end of June, according to Dealogic, as they rushed to insulate balance sheets from the coronavirus pandemic through initial public offerings and stock issuance. The activity prompted a surge in bank fees.
Many people report their spending has dropped during the coronavirus pandemic, and that could let them boost retirement savings. An ING survey shows 32% of women and 38% of men save more than they did before.
The coronavirus pandemic has shown the need for financial advisors to adapt to teleadvising. Firms should focus their virtual efforts on serving existing clients, engaging new clients and business operations.
The best marketing advice is to be focused on others, consultant Shauna Mace writes. Among her recommendations are to know your audience and find and address their needs.
Now that some of the pandemic-induced market volatility has subsided, it's a good time to do a midyear portfolio review, writes Christine Benz, Morningstar's director of personal finance. She recommends following seven steps to see if adjustments are in order.
The coronavirus pandemic has been a disruptive force, but there are ways for advisors to help clients stay on track with their retirement goals, says Cathy Clauson of AssetMark. She recommends keeping the lines of communication open, considering hardship withdrawals and urging clients to save more.
FPA has joined the Consumer Federation of America, AFL-CIO and other advocacy groups to call for extending the comment period on the Department of Labor's recently proposed fiduciary rule, which was unveiled after the SEC's Regulation Best Interest rule went into effect last week. In a joint letter to the Labor Department, FPA and the other groups called for a 90-day public comment period, arguing that the current 30-day window is "unreasonably short," even under normal circumstances.
The Labor Department's decision to allow only 30 days to comment on a proposed exemption for investment-advice fiduciaries, instead of the customary 60 days, has drawn criticism from lawmakers and public interest groups. Rep. Bobby Scott, D-Va., chairman of the House Education and Labor Committee, and Sen. Patty Murray, D-Wash., ranking member of the Senate Health, Education, Labor and Pensions Committee, have written Labor Secretary Eugene Scalia asking for a longer comment period.
Strategic Storage Trust IV, in partnership with SmartCentres REIT, has opened a SmartStop Self Storage location in East York, Ontario. The three-story facility is the first SST IV property in the Toronto metropolitan area and has 997 units across more than 100,000 square feet of leasable space.
Capital Square has advanced a plan to build a mixed-use multifamily property in an Opportunity Zone in Richmond, Va., after obtaining a loan and raising equity through CSRA Opportunity Zone Fund I. The company has also filed paperwork with Raleigh, N.C., to rezone two properties so mixed-use buildings as tall as 20 stories are allowed.