TRUMP'S TREASURY SECRETARY: No 'absolute tax cut' for the wealthy
President-elect Trump is expected to overturn the Department of Labor's fiduciary rule, but the effects of the rule could linger on as clients "demand fiduciary standard from advisors," according to Forbes.
In the short-term, advisors who won't be able to offer commissioned investments are looking for new clients, according to Financial Advisor.
Steven Mnuchin, Trump's pick for the post of Treasury secretary has claimed there would be no "absolute tax cut" for high income households under the new tax policy.The Investment Company Institute found that the growth of index-fund investing has led to sharp fall in costs. Financial Planning has a guide to decode jargon used by financial industry lobbyists, and a contributor at MarketWatch set out the dangers for retirees from a "balanced" portfolio.
SPONSOR CONTENT BY OPPENHEIMERFUNDS
Find out why OppenheimerFunds believes revenue weighting is a better way to access the market. Read more here.
A small hedge fund manager threw shade at Tesla's Elon Musk at a private conference and said the stock is going to zero. Steve Cohen is paying $135 million to settle an insider trading case from his old hedge fund. Hedge fund manager Whitney Tilson thinks Donald Trump conned his supporters.
And here's a roundup of stories from across Wall Street:
Fixed income, currencies, and commodities traders are back in the ascendancy on Wall Street.The FICC business is expected to post an increase in 2016 revenue, in contrast to the equities business and investment banking. And according to an annual survey by the Wall Street recruiting firm Options Group, total compensation for FICC workers in the US will be up 5% from last year on average.
Elsewhere on Wall Street, Jefferies has "not been operating at normal levels" this year, but is well-positioned for 2017, according to CEO Rich Handler.
US manufacturers crushed expectations in November. The economy continues to grow across much of America, according to the Fed. The central bank also confirmed some of the most troubling trends in Manhattan real estate.
Preet Bharara, the "sheriff of Wall Street," has met with president-elect Donald Trump, and said he'll continue to serve. Bernie Sanders and Elizabeth Warren scorched Donald Trump's Treasury secretary as "hypocrisy at its worst." Trump's pick for the role, Steven Mnuchin, has made a career out of being lucky, according to Jesse Eisinger.
A pattern is emerging with Trump's deals to save US manufacturing jobs, according to Matt DeBord. and the Carrier deal shows what Donald Trump understands about the politics of jobs, according to Josh Barro.
Lastly, here are 12 gifts the modern gentleman actually wants this year.