Traditionally, parents would teach their children about saving, investing and the tools they can use to reach their financial goals. Not anymore, says Robinhood, a no-fee stock-trading app. According to analysis of its users, Robinhood found that its younger users are more likely to introduce the tool to older generations than the other way around. The company said 16 percent of its referrals stem from one family member sharing to another, and 26 percent of these were made from a child sharing a link with a parent. Only 3 percent of family referrals were from parents to their kids. The company said organic growth, like family referrals, have helped it grow to more than one million users and save $100 million in commissions on $6 billion of transactions.
Panoramix, a portfolio performance reporting and management services for RIAs firm, has announced a new integration and marketing relationship with Redtail. The integration will allow for a single sign-on between the two systems, as well as linking clients, allowing advisors to move directly to a Panoramix client from Redtail's CRM or pull Panoramix reports from a Redtail contact. "The ability to pull a client's performance and other reports from Panoramix directly from the Redtail contact screen is a huge time saver for our clients who use Redtail." Panoramix co-founder Chris Hastings said. VP of Sales James Formanek added, "The ability to access reporting and client billing from the Redtail CRM application will serve a huge benefit for both providers' users, which will bring a tremendous value to their firm's overall operation."
The rapper Nelly is in some serious trouble with the IRS, according to a SPIN Magazine story that reports he owes more than $2.4 million in federal taxes and nearly $150,000 in state taxes. Because he's a celebrity and because it's the Internet, Nelly fans have figured out that the rapper's 2002 hit "Hot in Herre" would need to be streamed more than 287 million times on Spotify in order to pay down the IRS tax bill. Of course, this news caught the attention of the late-night talk shows, with Stephen Colbert providing the rapper some financial tips to #TeachNelly, not just #SaveNelly, including using offshore bank accounts and writing off his clothes as a work expense.