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Advisors Have Income On The Mind

Advisors are focused on generating income for their clients, Wealthsimple raises more money from Power Financial and First Hawaiian Bank teams up with Raymond James

Anticipating more rate increases by the Fed, advisors are increasingly focused on generating income for their clients, according to Eaton Vance’s latest Advisor Top-of-Mind Index. John Moninger, the managing director of retail sales at Eaton Vance, also attributed the focus on income to a longer-term bearishness on the bond market, and the impact of policy changes on the markets. Most advisors surveyed believe Trump will have a positive impact on U.S. stocks, the dollar and their businesses. Yet, half also believe the president will be the primary driver of market volatility. "Advisors are looking to policy-makers to guide investment allocation with a keen eye on potential Fed action and tax reform,” Moninger said.

Wealthsimple Raises Another $37 Million

Wealthsimple, the Toronto-based robo advisor, announced that it recently raised another $37 million in funding from Power Financial. With 30,000 clients and $750 million in assets, Wealthsimple is focusing on the mainstream market of investors to grow its userbase, Tech Crunch reports. While other robo-advisors court high-end investors with account minimums and higher fees, Wealthsimple requires no minimum to open an account and charges a 0.5 percent fee for all assets under management. It also doesn't charge any trading, account transferring or rebalancing fees. The robo also provides financial education to its users via a branded online magazine and access to its own financial advisors. The money from Power Financial will go to increasing its expansion in the U.S. This new round of funding doubles Power Financial's investment in Wealthsimple to $74 million.

First Hawaiian Bank Partners With Raymond James

First Hawaiian Bank has partnered with the Financial Institutions Division of Raymond James. The bank's advisors will now offer investment and wealth management services through the broker/dealer. The bank's investment program, led by Michael Tottori, includes 25 advisors and has clients in Hawaii, Guam and the Commonwealth of the Northern Mariana (Saipan).

 

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