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The Daily Brief

The Ultra Rich Are Advising Donald Trump

Two thumbs up to his economic team. | Copyright Joe Raedle, Getty Images.

Donald Trump's campaign announced its 13-member team of economic advisors, and the list includes a number of uber-wealthy personal friends and business associates of the Republican Party's presidential nominee. Among those on the list, according to the Washington Post, are hedge fund billionaire John Paulson; bankers Stephen M. Calk and Andy Beal; financier Seven Feinberg; oil billionaire Harold Hamm, who was a top energy advisor to Mitt Romney's 2012 campaign; and Dune Capital Management CEO Steven Mnuchin, who is Trump's national finance director. The list of advisors mirrors Trump's pitch that business leaders know what it takes to save the middle class, Jim Tankersley writes. However, while Trump has repeatedly criticized Democratic Party nominee Hillary Clinton as being in the pocket of Wall Street, his team is heavy with hedge fund managers, bankers and real estate speculators, with Paulson the most prominent among them.

The Value of the Dollar

A little bit goes a long way. | benkrut/iStock/ Thinkstock

The costs of living vary depending on where you live. But where can you—and, more importantly, your clients—get the biggest bang for your buck? The Tax Foundation just recently updated its numbers showing the real value of $100 in each state. The cheapest state is Mississippi, where $100 buys you stuff that would cost $115.34 in a state at the national average price level. Other states where $100 goes further include Arkansas ($114.29), Alabama ($113.90), South Dakota ($113.64) and West Virginia ($112.49). The most expensive areas include the District of Columbia, where $100 is worth only $84.67, Hawaii ($85.62), New York ($86.43), New Jersey ($87.34) and California ($88.97). Is it time to move your practice to the Bible Belt?

Advisors Unconcerned About Brexit

A Jefferson National survey found that despite the initial market shock caused by the U.K.’s decision to leave the European Union, most financial advisors agree that it wont impact their clients’ portfolios. Eighty-five percent of advisors have not revised their strategy in response to Brexit, and 87 percent don’t plan to even if parliament ultimately decides to stay in the EU. What’s more, most advisors agree with the Brexit decision, and 62 percent believe other countries will follow Britain’s lead. Jefferson National president Laurence Greenberg said the volatility driven by Brexit actually reinforces the value of advisors to individual investors. “Faced with increasing uncertainty at home and abroad, investors’ outlook for the year is somewhat tentative—but according to our 2016 Advisor Authority study, investors who work with advisors are far more optimistic than those who do not.”

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