The Daily Brief

Disgraced Financial Advisor Apologizes

Jeff Rubin


Jeff Rubin, the disgraced financial advisor who lost a number of NFL clients upwards of $43 million, was the subject of a 60 Minutes segment on Sunday. In it, Rubin apologizes apologizes, saying, "If I can go back in time, I wish I’d never set foot in Alabama ... I’m sorry this happened. It’s been a disaster ... that was my life.” Rubin persuaded a number of clients, including former University of Florida great Fred Taylor and former San Francisco 49ers and current Washington Redskins tight end Vernon Davis, to invest in Country Crossing, a gambling development in Alabama that relied heavily on electronic Bingo machines. However, Alabama Gov. Bob Riley deemed the machines illegal shortly after the casino opened. It was raided and closed in 2012. 

Americans Want More Help From Their Banks

The Federal Reserve Building | Copyright Mark Wilson, Getty Images


Americans want more information from their banks, but don't want to ask for it, according to Part II of the Segmint Consumer Bank Marketing Report. Almost three-quarters of Americans with a bank say they trust it to recommend financial products and services, but 34 percent wish banks could anticipate their financial needs and offer timely advice. “Bank customers are the same consumers that demand instantaneous delivery services," said Rob Heiser, CEO of Segmint. "If banks took full advantage of their own data to deliver relevant messages that customers could act upon, they would dramatically increase customer satisfaction while driving significant income.” The survey also found that women are more likely to trust their bank's recommendations over men—75 percent to 69 percent—and people aged 45 and older are twice as likely as millennials to utilize the services of a local bank.

SS&C Acquires Salentica

Deepening integrations. | Copyright Oli Scarff, Getty Images

SS&C Technologies Holdings is acquiring CRM company Salentica to add it to the Black Diamond wealth management platform. In a statement, SS&C said Salentica will deepen integrations and support other SS&C clients like APX, Axys and Global Wealth Platform. "Fundamentally this is an acquisition about adding deep expertise in CRM, a key component of the advisor technology ecosystem, and being able to bring that experience to large, complex advisory firms," said Dave Welling, the managing director and co-general manager of SS&C Advent. Welling will oversee Salentica’s founder, Bill Rourke, who will remain in place. Salentica has more than 5,000 users across RIAs, broker/dealers, family offices, institutional wealth managers and trust companies, and the average firm has $3 billion in assets.

 

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