Skip navigation
The Daily Brief
tax refund check cabania/iStock/Thinkstock

This Year’s Tax Refunds Aren’t Going Toward Investments

Clients are using tax refunds to pay down debt, not invest; Ameriprise gains team from Wells Fargo and MainSource Banks acquires Indiana investment firm.

Advisors shouldn’t count on clients putting their tax refunds into their investment accounts — at least not this year. A recent Edward Jones survey of 1,004 people found that just six percent of Americans plan to invest their 2016 tax refunds. 53 percent plan to use it on necessary expenses, such as student loans and credit card payments. Nearly a third of respondents (31 percent) expect to save their refund, while nine percent will spend it on something fun, such as a vacation or entertainment. "U.S. stocks are up this year, helped by modest economic growth and stronger company profits. We think those will continue to support rising stock prices over time," said Kate Warne, principal and investment strategist at Edward Jones. "By investing now, Americans can put money to work in support of both their short- and long-term goals."

Ameriprise Nets $239M Team From Wells Fargo

A two-advisor Wells Fargo team has left the bank's traditional brokerage for the employee channel of Ameriprise Financial. Thomas Hughes of Southlake, Texas, and Bill Steele of Dallas were managing a combined $239 million in client assets at Wells Fargo. On the decision to join Ameriprise, the team said in an emailed statement that it wanted to be part of a "growing firm whose core focus is investment planning and management."

MainSource Bank Acquires Capstone Investment Management

Capstone Investment Management, an independent firm offering securities through Raymond James Financial Services, has been acquired by MainSource Bank, the bank announced. The Greenwood, Ind., investment firm will continue to offer securities through Raymond James and clients should not see changes in their accounts or services. The Capstone team will also remain in their office space in Greenwood. The Capstone team, including owner Adam Allen, has more than 30 years of combined experience in financial services in the area. MainSource operates 94-full service offices throughout Indiana, Illinois, Kentucky and Ohio and has combined assets of $4.6 billion.

Want The Daily Brief delivered directly to your inbox? Sign up for's Morning Memo newsletter.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.