Which financial services companies have the best gender equality policies? The Bloomberg Financial Services Gender-Equality Index (BFGEI), launched Tuesday, has identified 26 financial services firms that have strong commitments to gender equality, including social disclosure policies and practices. "Evidence demonstrates that gender equality policies and practices can affect a company's financial performance, productivity and ability to retain top talent," said Angela Sun, Head of Strategy and Corporate Development at Bloomberg. Some of the firms that made the cut include J.P. Morgan Chase, Bank of America, BNY Mellon, Franklin Templeton, MetLife, ING and UBS. The 26 firms in the index scored at or above 60 points on a social survey about firms’ gender equality statistics and policies.
A Tennessee financial advisor has been accused of preying on senior citizens, fleecing them out of thousands of dollars in an attempt to "increase commissions," NewsChannel 5 is reporting. John Wilson, who ran Preserve Financial Group, had his insurance license suspended by the state after an investigation found he fraudulently sold multiple insurance policies to seniors to boost his commissions. According to one client's daughter, Wilson convinced her to purchase an expensive insurance policy, a reverse mortgage and invest in his own company's stock, which didn't exist. He also gained access to her bank account and credit cards. He allegedly used the money on family vacations to Hilton Head, a private fishing charter, airline tickets, concerts and football tickets. If convicted, Wilson faces 40 years in prison and $500,000 in fines.
Orion Advisor Services is adding a new app to its client portal to help advisors text their clients. Advisors can use the aptly named Notifications app to send personalized messages, balance alerts, meeting schedules, portfolio performance updates (including disclosure information to remain compliant) and required minimum distributions. Notifications uses a code system to let clients request information on demand. For example, texting BAL lets the advisor know they would like to know their portfolio balance, and texting MEET lets the advisor know they would like to schedule a meeting. Orion CEO Eric Clarke said advisors have to get more mobile and accessible to better serve their clients. "Ask almost anyone, and it's clear that texting has become the main method of communication, so creating a texting platform for our advisors to communicate efficiently and on a more personal level with their clients was a clear next step for Orion Connect," Clarke said.