Charleston, S.C.-based Don Alderman, an advisor with Wells Fargo Advisors, plans to compete in the Molokai 2 Oahu Paddleboard World Championships in Hawaii on July 26. And he'll do it on his knees. While stand-up paddleboarding has become very popular, Alderman will compete in a prone paddleboarding competition, which is done in a kneeling position without paddles, reports The Post and Courier. The sport can be traced back to 1929. Alderman is trying to keep it going a few years longer, by promoting it to kids in Charleston.
While the Greek drama continues to dominate headlines and discussions with clients, the plunge in the Chinese markets could have a greater ripple effect on the global economy. From the New York Times: “About $2.7 trillion in value has evaporated since the Chinese stock market peaked on June 12. That is six times Greece’s entire foreign debt, or 11 years of Greece’s economic output.” The steep decline in Chinese stock prices is concentrated among small and middle-sized companies, and is hurting retail Chinese investors, many of whom have taken out expensive loans to participate in the markets.
Lynn Tilton isn’t finished fighting the legality of the SEC’s administrative proceedings against her firm Patriarch Partners. A New York federal judge last week ruled he didn’t have the power to halt the SEC proceedings at this point, denying Tilton’s bid for a preliminary injunction. So now Tilton is taking her case to the Second Circuit, arguing the regulator’s in-house administrative proceedings are unconstitutional because the presiding judges are can't be removed. As Mark Nelson, analyst for the Securities group at Wolters Kluwer Law & Business notes, there are now several lawsuits arguing to upend the SEC’s administrative regime at the appeals court level, which could signal a Supreme Court review down the line.
When it comes to recruiting the next generation of advisors, a summer internship program may be the best way to go. An experiment published in the Harvard Business Journal found a link between summer interns and business productivity. An unspecified tech company noticed its employees were average of 47 years old (four years younger than the average age of advisors) and was worried about pending retirement and lower productivity. By bringing in undergraduate or graduate interns, engagement increased an average of eight points. Half of the teams hired their interns as full-time employees upon graduation, which also helped mitigate the coming the retirement problem.