The Daily Brief

Meet the 'Broker of Bling'

A pawn shop for the ultra-rich, debating the pros and cons of a universal basic income, and Wells Fargo team leaves for RBC.

Do you have clients looking to buy, sell or borrow luxury goods? They may want to call Mark Schechter, a Tustin, California–based luxury-goods concierge and recent subject of a profile in the Orange County Register. Think of his company, Ideal Luxury, as a pawn shop for the ultra-rich. His inventory includes rare watches from the likes of Rolex and Patek Philippe, large and rare diamonds, and pre-owned jewelry from such designers as Tiffany, Cartier and Chopard, among others. His services are only available via private appointment, and he’ll meet his clients just about anytime and anywhere. For the wealthy in Orange County, Schechter can also provide some fast cash. “Often what happens is that Orange County clients see a financial opportunity they can’t pass up—a hot beachfront property, say—and are in need of immediate capital. Ideal Luxury is quick, confidential and unconcerned with risk,” the OCR writes.

What Effect Would Universal Basic Income Have?

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A study from the Roosevelt Institute published August 29 suggests a universal basic income—a sum of $12,000 provided to all citizens annually—would grow the U.S. economy by 12.5 to 13 percent over eight years. The report also says offering some money to individuals would create more jobs. But the MIT Technology Review, as well as other publications, have said the report is controversial. The report assumes that the wealthiest individuals (who have become increasingly wealthy) are to blame because they aren't spending their wealth. It also assumes individuals receiving the stipend would not be any less inclined to work.

Veteran Wells Fargo Team Joins RBC

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A pair of veteran Northern California financial advisors recently left Wells Fargo Advisors to join RBC Wealth Management. James Carbonell and Matthew Forrey—both brokers with 20 years of experience—were previously managing about $365 million in client assets, according to a statement from RBC Wealth Management. Amy Caffese, a senior investment associate who has been in the industry for 15 years, will also be joining them in Walnut Creek, California. They are the latest group to join the Canadian bank's wealth unit in the U.S., which has been making a push to capture market share in 2017.

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