Only a few months into fiscal year 2009, 44 states reported this month that they face a combined total of $62.4 billion in budget gaps, according to a report from the National Conference of State Legislatures.
Even when crafting permanent gifts, advisers can include clauses that allow clients to get out of the deal if the charity strays from its initial cause.
American International Group Inc. of New York has appointed Matthew E. Winter vice chairman, transition planning and administration, replacing Richard H. Booth, who retired.
The number of new-home sales in March was nearly unchanged from February at a seasonally adjusted annual rate of 356,000, according to estimates released today by the Census Bureau and the Department of Housing and Urban Development.
Advisers need to work harder to include their clients’ heirs in estate plans because 92% of heirs change advisers once they receive an inheritance, according to one industry leader.
The effort is an attempt by the financial planning industry both to legitimize itself as a regulated profession and reverse the growing impetus of the Financial Industry Regulatory Authority Inc., which oversees securities brokers, to expand its domain to planners and advisers.
Despite a year-over-year profit decline, the latest quarter marked a turnaround from the fourth quarter, when the company posted a loss of $69.4 million, or $1.02 per share.
Federated Investors Inc. today reported net income of $35.1 million, or $0.34 per share, for the first quarter, compared with a net income of $55.8 million, or $0.54, for the comparable quarter last year, representing a 35% decline.
The Securities and Exchange Commission plans to eliminate an New York Stock Exchange rule that allows brokerage firms to vote the proxies of their investor clients, The Wall Street Journal reported today.
The Labor Department said Thursday that initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week. That was slightly above analysts' expectations of 635,000.
The Hartford (Conn.) Financial Services Group Inc. has approached its rivals in recent weeks searching for a buyer for its property/casualty unit, Bloomberg reported.
Morningstar Inc. today released its annual list of best and worst Section 529 college savings plans.
Janus Capital Group Inc. today reported a first-quarter net income of $2.7 million, or $0.02 per share, representing a 65% decline from $7.8 million in income for the fourth quarter of 2008.
Swiss banking giant Credit Suisse on Thursday reported a first-quarter net profit of 2 billion Swiss francs ($1.72 billion), following a turnaround in its investment bank, which had previously been hit hard by the credit crunch.
The International Monetary Fund projected the 1.3 percent drop in a dour forecast released Wednesday. That could leave at least 10 million more people around the world jobless, some private economists said.
Morgan Stanley says it lost $578 million, after paying preferred dividends, in the first quarter, hurt by the deteriorating commercial real estate market.
Wells Fargo & Co.'s first-quarter report on Wednesday had few big surprises, as results fell in line with the bank's forecast and easily beat Wall Street's estimates. But like most of its peers, the bank continues to post higher credit costs.
T. Rowe Price Group Inc. said Wednesday that reeling markets sent its first-quarter profit tumbling by more than two-thirds, and the investment manager announced plans to cut 288 jobs, or 5.5% of its work force.
