The chances of entering another recession within the next year has increased, according to J.P. Morgan economists. The chances of the U.S. slipping into a recession within the next 12 months stands at 36 percent, up from 34 percent last week and 30 percent on last month, according to Yahoo Finance. The news comes on the heels of Friday's disappointing jobs report, in which U.S. firms added just 38,000 nonfarm positions during the month of May. While the unemployment rate dipped to 4.7 percent from 5 percent, that was mainly due to 458,000 workers dropping out of the labor force. The J.P. Morgan model takes unemployment rate into consideration, along with consumer sentiment, manufacturing sentiment, building permits and auto sales.
Advisor Group, the independent broker/dealer network that AIG recently sold to Lightyear Capital and PSP Investments, has introduced a practice management platform for retirement plan advisors, using Envestnet Retirement Solutions. The platform includes a customer relationship management tool, management dashboard, investment analytics, fund research and monitoring reports, and a RFP and vendor search tool. Retirement plan advisors will also get access to sales support, education curriculum and dedicated home-office staff. The offering is part of Advisor Group’s Retirement Plan Consulting Services division. Since its launch three years ago, the firm’s retirement planning business has doubled its sales and number of qualified plans each year. Last year, the firm increased its new plan assets by 195 percent over 2014.
The financial services industry may finally be relaxing its dress code. JPMorgan, the largest U.S. bank by assets, sent a memo informing all employees that it is adopting a “business casual dress code,” which began on Friday, and that suits are no longer required. JPMorgan said the decision was made as part of an effort to enhance the workplace, and that the new dress code “reflects how the way we work is changing.” Yoga pants, halter-tops and flip-flops are still banned, but casual pants, capris, polo shirts and dress sandals are allowed, while items like jeans and “athletic shoes” are up to a manager’s discretion. The Wall Street Journal has a full break down of the do’s and don’ts. “More clients are dressing informally, and many parts of our company are already business casual,” the JPMorgan memo added. The Wall Street Journal has a full break down of the new do’s and don’ts.