Critics take aim at charitable money sitting in donor funds
Criticism has helped drive a Senate bill that would tighten the rules for donor-advised funds and aim to speed donations to charities.
Wealth Management
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Pete the Planner launches ‘affordable’ financial advice service
Peter Dunn has launched Hey Money, a financial help subscription service that targets “consumers who don’t yet have the wherewithal to hire a fee-based money adviser.”
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IBJ Podcast: Pete The Planner on how to prepare for the next recession
Pete the Planner talks to host Mason King about how to look at your budget and evaluate your readiness for a recession, and he offers advice about the kinds of changes that can help. Plus, he explains why you’re making a mistake if you try to time the market’s ups and downs.
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Articles
Senators push measure to accelerate donor-advised funds, foundation giving
Two key U.S. senators introduced legislation Wednesday designed to spur faster payouts from donor-advised funds and foundations, giving new momentum to an effort that has deeply divided philanthropy.
Indianapolis-based Castle Wealth Advisors acquired by Kansas firm
Castle President and CEO Gary Pittsford, who founded his business in 1973, said the deal will allow the firm to continue to grow, and give it access to a much larger pool of experts and services.
First Merchants to acquire Indianapolis-based Hoosier Trust Co.
Muncie-based First Merchants plans to acquire Hoosier Trust for $3.2 million in a deal that is expected to close early next year.
Arbitrators deny J.P. Morgan’s request for damages against three former advisers
J.P. Morgan had claimed that the three former employees improperly solicited clients to follow them to their new firm.
Ousted CEO of Noyes sues investment firm
Mark Damer of Carmel, 62, filed suit against Noyes last month in Hamilton Superior Court. Damer’s complaint says his termination was in violation of the employment agreement he had signed months earlier, and that, after his termination, Noyes denied him access to records related to the Bayley Investment Group.
Hoosiers in best position to pay off credit card debt, study says
Analysts from the personal finance web site WalletHub used data from the U.S. Census Bureau, the Federal Reserve and TransUnion to see how each state is faring when it comes to credit card debt.
Richer U.S. households fueling hot job sector: ‘wealth work’
In an era that has witnessed a steady loss of manufacturing jobs, wealth positions hold one major distinct advantage: Because these jobs require personal interaction, they are immune to the threat of automation and outsourcing.
IBJ Podcast: Pete the Planner on the vulnerable, upper middle class
Peter Dunn—who is bringing his Pete the Planner column to IBJ, starting March 15—talks with podcast host Mason King about his own business and brand, the cost of travel sports and how not to pay for college.
Former powerhouse investment broker Buck sentenced to more than 3 years in prison
The case against the former star Merrill Lynch broker centered on his practice of keeping clients in commission-based accounts even as the securities industry moved toward fee-based accounts, which in many cases were cheaper for clients.
Investment experts: Don’t panic; look for opportunities
It’s not clear whether the bull or the bear will prevail in 2019, so financial planners are counseling clients to expect volatility and take advantage of it, if that meets their long-term strategies.
J.P. Morgan takes three former advisers who joined competitor to court
J.P. Morgan has won a preliminary injunction against three former employees in its Carmel office, who are accused of taking at least 20 clients with millions of dollars in assets to a competing firm.
U.S. credit scores hit new high while household debt skyrockets
The new record comes on the heels of other signs that consumers are finally shrugging off a recession hangover, despite stubbornly stagnant wages that haven’t matched mushrooming corporate revenue.
New studies show women less confident, less knowledgeable about money matters
Just more than half of married women leave long-term financial decisions, including those about investing, to their spouses, even though the wives often are handling the daily household budget.
Survey: U.S. retirement savings in best shape in years
The surging stock market, which has more than quadrupled since early 2009, has helped increase the value of 401(k) and Individual Retirement Accounts.
Indianapolis-area counties see big surge in early property tax payments
Thousands of residents in central Indiana pre-paid their property tax bills before Jan. 1, resulting in more than $31 million in early payments, according to research by IBJ. The early payments marked a significant increase for most areas.
World’s wealthiest gain $1 trillion in 2017 on market exuberance
The richest people on earth became $1 trillion richer in 2017, more than four times last year’s gain, as stock markets shrugged off economic, social and political divisions to reach record highs.
Wealthy Americans flood advisers to take advantage of tax law
The new tax law will be anything but simple for many affluent Americans, who are now inundating their accountants for advice.
Former heavy-hitter stockbroker Buck charged with fraud
Thomas. J. Buck, a former top investment broker who was fired by the local office of Merrill Lynch in 2015 after nearly 34 years with the firm, is now facing serious prison time, according to federal officials.
Bloomington financial adviser sentenced to 33 months in prison
Authorities say the man defrauded a longtime client out of nearly $1.2 million and spent that money on vacations, golf club memberships, meals and retail purchases.