FINANCIAL ADVISOR INSIGHTS: America is experiencing a boom in millionaires

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The number of US millionaires is on the rise (Financial Planning)

The number of millionaires in the United States increased by 5% to 10.1 million in 2014. According to Financial Planning, "The wealthiest households, those with over $25 million, saw a 7% increase in the last year to 142,000 households countrywide." Aiding the increase in wealth was the record-setting stock market, and the continued recovery in real estate prices.

PIMCO's Total Return Fund alters course following the departure of Bill Gross (Investment News)

Scott Mather has the tough task of replacing "The Bond King" Bill Gross as the overseer of PIMCO's Total Return Fund. The fund has seen more than $100 billion in outflows as investors have pulled their money following the news of the legendary investor's exit. To the surprise of many, the fund is up 0.9% so far this year, outperforming 92% of its peers. How is the new management team accomplishing its success? The fund has seen a big boost from the decision to up its mortgage allocation to 30% from 20% upon Mr. Gross' departure.

Obama introduces Student Aid Bill of Rights (Think Advisor)

President Obama signed the Student Aid Bill of Rights, designed to ease the debt burden on those with student loans while also increasing federal research on the subject. Think Advisor notes, the memorandum allows federal agencies "to do more to help borrowers "afford their monthly loan payments" via three measures: a state-of-the-art complaint system to ensure quality service and accountability for the Department of Education, its contractors, and colleges; a series of steps to help students responsibly repay their loans, including help setting affordable monthly payments; and new steps to analyze student debt trends and recommend legislative and regulatory changes." Judah Bellin, associate editor at the Manhattan Institute, argues the bill will "help students manage existing debt," but "won't prevent students from over-borrowing, because it doesn't address the cause of rising debt: the unimpeded growth of tuition."

Man pleads guilty in ponzi scheme after losing $3.1 million of investor capital (Birmingham Business Journal)

Brian W. Anderson, a Hoover financial broker, has pleaded guilty to wire fraud, money laundering, and securities fraud for his masterminding of a $3.1 million ponzi scheme. Over a five year period, Mr. Anderson raised $8.4 million, promising a 100% risk free investment. Aside from having to repay the $3.1 million in losses he accrued, Mr. Anderson was also required to forfeit $3.4 million to the federal government. Prosecutors have agreed to work out a prison sentence at the low-end of the spectrum, because of his cooperation.

United Capital is rebranding away from 'wealth management' (Wealth Management)

United Capital CEO Joe Duran believes the term 'wealth management' is grossly overused. So much so that he is changing the company's full name to "United Capital Financial Life Management" from "United Capital Private Wealth Counseling." Research conducted by the company and Riedel Strategy concluded the term "wealth management" does not go far enough in describing how clients think about their financial futures. Duran suggested, "We think that this will be a category that 10 years from now will be as important and separate as 'wealth management' was 10 years ago."