Millennials, who have taken to robo advisors but still want high-touch service from a human, don't feel their ducks are in a row for the next financial crisis. More than 62 percent of millennials surveyed by Fundrise said they don't feel prepared for the next crisis—perhaps because 47 percent said, "There's nothing that I can do about it." They might have a point—no one knows what will cause the next financial crisis or when it will occur (otherwise it would be prevented). But it's worth noting the study should be taken with a grain of salt—market downturn and recession are not synonymous with a financial crisis. Hopefully the respondents know the difference.
Peapack-Gladstone Acquires Quadrant Capital Management
Fairfield, New Jersey–based boutique wealth management firm Quadrant Capital Management has been acquired by Peapack-Gladstone Financial, the firms announced last week. The deal, in which terms were not disclosed, is expected to close in the fourth quarter of the year. Created by Jeff Fisher and Jim Kearney, both formerly of J.P. Morgan, Quadrant focuses on financial planning, investment, tax, retirement and insurance advice. It currently has over $400 million in assets under management. This is Peapack's second acquisition in the past three months. It acquired Murphy Capital Management on July 31.
A Spanish court has refuted a fortune teller’s claim that she is the daughter of famous surrealist artist Salvador Dali. According to a statement released by the Dali Foundation, a court-ordered DNA test "excludes Salvador Dali as the biological father of Maria Pilar Abel Martinez." Sadly, authorities had to exhume the artist’s body in July to get samples of his DNA (from his hair and teeth) in order to combat her paternity claims. If Martinez had been Dali's daughter, she stood to inherit a quarter of his fortune, which could have been a major issue, as the artist bequeathed his entire estate to the Spanish state and the aforementioned foundation.