The latest annual letter from JPMorgan Chase CEO Jamie Dimon was generally positive but included an admission: The bank has “simply not met the standards set for [itself]” in diversifying its workforce. Diversity is an issue that transcends many industries, including banking, and JPMorgan fairs better than other financial firms, but just barely. African-Americans comprise 9.4 percent of JPMorgan's workforce and just 3 percent of executive or senior-level managers. Meanwhile, 20 percent of JPMorgan's U.S. workforce is Asian and 8.7 percent is Hispanic/Latino.
eMoney's New Compliance Product Goes Live
Despite the delay of the Department of Labor’s fiduciary rule, eMoney Advisor is going forward with the new compliance solution it announced in March. The Radnor, Pa.-based fintech firm officially launched Advisor Assurance on Friday, which streamlines documentation and archival of key advisor-client interactions throughout the financial planning process. The product provides real-time monitoring and access to account changes, document storage and financial reports to ensure the entire office — advisors, compliance officers and administrative users — has oversight and is acting in the client’s best interest. Advisor Assurance was designed as a part of eMoney’s Fiduciary Framework, which CEO Ed O’Brien said will help firms provide fiduciary advice at scale, no matter happens with the DOL. “Over the years, eMoney has focused on creating better and more innovative ways to collect and analyze client data as part of a holistic planning approach.”
AIG Selling Cyber Insurance to HNW Clients
AIG is now offering high net worth clients a form of cyber security insurance to victims of cyber bullying or extortion, according to the Insurance Journal. The insurance, called Family CyberEdge, covers expenses related to data restoration and crisis and reputation management. It is adapted from the firm's CyberEdge commercial insurance product. AIG joins firms like Chubb, Hartford Steam Boiler Inspection and Insurance Co. and Privilege Underwriters Reciprocal Exchange in offering cyber-related insurance products.