- Reuters/Edgar Su
FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Why you should consider allowing pets in the office (Think Advisor)
By now, everyone knows that pets help reduce stress at home. But, interestingly, pets can benefit employees at the office as well, according to a report by Think Advisor. Some employees may not naturally be social people, or may have a difficult time working with others. If that’s the case, employers should consider having a day when they allow employees to bring a pet to work. Pets can help create welcoming environments, and can be used as an ice breaker to help employees bond.
Steve Ballmer is a Twitter investor (Business Insider)
Los Angeles Clippers owner Steve Ballmer owns about 4% of Twitter, according to a tweet he fired out Friday morning. The tweet was met with some skepticism at first, because it wasn’t from a verified account, but Ballmer confirmed the news with an email to Bloomberg. Ballmer’s stake in the company is worth about $800 million.
Wall Street bonuses are falling (Reuters)
According to Reuters, Goldman Sachs has set aside compensation of $287,778 per employee over the first nine months of the year, down about 10% from 2014. That’s in-line with the 10% drop in Wall Street compensation that Alan Johnson, managing director of pay consulting firm Johnson Associates, told Reuters that he is expecting. Banks “are starting to restructure their pay strategy because five or six years after the crisis they have extra costs,” Johnson said. It should be noted that never every bank is seeing a 10% drop in compensation. JPMorgan says its pay pool is 4% lower versus a year ago.
DOL fiduciary rule likely to remain unchanged in 2016 (Wealth Management)
The Department of Labor’s fiduciary rule is likely to remain unchanged in 2016, says fi360 CEO Blaine Aikin. According to Aikin, the DOL is expected to keep the rule’s framework in place, including all exemptions. If a draft is produced by the end of the first quarter, a final rule could be implemented by the end of the year, Wealth Management noted.
SEC says internal hearings are fair (Financial Advisor)
Andrew Ceresney, head of the SEC Enforcement Division says investors haven’t complained about the commission’s decision to use internal administrative judges. Ceresney told the SEC Investor Advisor Committee, the use of these judges is a “fair forum.” Additionally, Ceresney said the SEC’s “broken windows” policy is misunderstood, and not every violation will result in action. Financial Advisor says the policy is when the SEC is “going after repeat violations using a minimum of the Enforcement Division’s resources.”