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Personal Capital’s Harris: Bitcoin a “Colossal Pump-and-Dump Scheme”

Bill Harris advocates for bitcoin regulation, three-fourths of advisors lack a succession plan and Laserfiche is hiring an artist for its corporate headquarters.

“It’s a colossal pump-and-dump scheme,” declares Personal Capital’s founder, advocating for regulatory intervention to protect investors from bitcoin and some 1,500 other cryptos. The former CEO of PayPal and Intuit, William “Bill” H. Harris Jr., said the anonymity of cryptocurrencies makes them the currency of choice for criminals. He adds that transactions using bitcoin, for example, can be slow and more expensive than using an electronic check. “In what rational universe could someone simply issue electronic scrip—or just announce that they intend to—and create, out of the blue, billions of dollars of value?” he asked. “It makes no sense.”

Financial Advisors Still Lack Succession Plans

Nearly three-fourths of advisors (73 percent) don’t have a written succession plan in place, according to a new study by the Financial Planning Association and Janus Henderson Investors. The study also found that of those within five years of retirement, 60 percent don’t have a succession plan. The survey results are consistent with a similar study conducted in 2015. The Succession Challenge 2018: Why Financial Advisers Are Failing to Plan for the Inevitable report surveyed 309 financial advisors and team members in February 2018. It found that 60 percent of firms with excess of $500 million in assets under management had a succession plan, while just 13 percent of firms with less than $50 million had a plan. FPA President Frank Pare said in the study that while it’s clear advisors know they need to take the steps necessary to develop a plan, “some of us struggle with how to approach it or have significant personal obstacles that might impact our ability to get the planning done.”

Laserfiche Hiring for A Nontraditional Role

Laserfiche, a software company that provides document and content management to professionals, including wealth managers, is looking to fill a nontraditional role at the company: mural artist. The company tweeted Wednesday that it’s in search of local Long Beach, Calif., artists to work on a series of murals inspired by the theme “Humanity in the Age of Technology.” They are accepting applications through July 18.

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