FAI: Elizabeth Warren is backing the CEO of a hot new finance startup

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elizabeth warren Justin Sullivan/Getty Images Massachusetts Senator Elizabeth Warren

FA Insights is a regular newsletter from Business Insider that delivers the top news and commentary for financial advisors.

Democratic Sen. Elizabeth Warren  is backing the CEO of a hot new finance startup .

The Massachusetts senator wrote on her Facebook page on Tuesday that she agrees with Betterment CEO Jon Stein, who wrote an open letter to President-elect Donald Trump about keeping the new fiduciary rule. Her post linked to Business Insider's Monday story about Betterment's  letter to Trump .

Moody's slashed its  outlook for the global asset management industry . And another hedge fund backed by  investing legend Julian Robertson is shutting .

Wells Fargo Advisors has agreed to a $1 million settlement with Finra  for alleged failure to supervise its advisors' use of consolidated statements, according to Financial Advisor. And Fidelity Labs is experimenting with  virtual reality to help employers create retirement plan .


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Advisor Perspectives set out  t he perils of using the traditional price-to-book ratio  to find value stocks, and reports that  US stocks now account for more than 50% of market capitalization in developed markets

Finally, at ThinkAdvisor, popular social psychologist  Robert Cialdini explains how financial advisors can gain the trust of their clients  using 'pre-suasion' tactics.

And here's a roundup of stories from across Wall Street :

President-elect Donald Trump continues to dominate the headlines. Here are the top stories from the past 24 hours:

In Wall Street news, a Deutsche Bank rates trader has been  suspended after asking a trading counterparty to join a WhatsApp group . Citigroup is reportedly being  investigated for its role in the pound's "flash crash."  And one brutal table from  McKinsey shows how miserable banking is right now .

A small and highly-profitable dealmaking firm  just claimed bragging rights in the most Wall Street way possible .

And a financier left Wall Street  to start a marijuana chocolate company .

Business Insider is currently hosting its annual IGNITION event in New York. You can watch the  event live here.  Here are a couple headlines from the event so far:

Lastly, here's a guide to  dress for your office holiday party without embarrassing yourself .

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