Latest news with #FinancialServices
Bloomberg
a day ago
- Business
- Bloomberg
Capital One Earnings Top Estimates After Finishing Discover Deal
Capital One Financial Corp. said second-quarter profit beat estimates as the bank completed its long-awaited acquisition of Discover Financial Services. Adjusted net income for the period was $5.48 a share, Capital One said in a statement Tuesday, beating the Wall Street consensus estimate of $3.88. Net interest income, what the bank earns after expenses from interest-bearing assets, jumped by 32% to $10 billion for the three months ended June 30. That topped estimates of $9.6 billion.
Bloomberg
2 days ago
- Business
- Bloomberg
Clear Street Cuts Jobs in UK Unit Less Than a Year After Launch
Financial services firm Clear Street is cutting a small number of its London-based staff, less than a year after starting the UK business. The New York-based company announced the launch of Clear Street UK in December following approval from the Financial Conduct Authority, saying it was joining the London Metal Exchange.
Economic Times
2 days ago
- Business
- Economic Times
FIIs pull out $9.2 billion from Indian equities in 2025, but bet big on telecom and financials
Foreign investors have withdrawn approximately Rs 79,344 crore (~USD 9.2 billion) from Indian equities in 2025. However, a closer look reveals a more strategic approach: while they are pulling back from certain areas, they are simultaneously boosting investments in select sectors. This pattern suggests that FIIs are favouring growth-oriented industries—such as finance, telecom, and services—that are closely tied to India's economic expansion, rather than defensive sectors, according to NSDL FPI sectoral data. ADVERTISEMENT The top favourite is Telecom. FIIs have consistently bought into the sector every month, with a whopping Rs 26,968 crore invested so far this year—more than any other sector. FIIs have been net buyers in Financial Services for the last five straight months—even the first 15 days of July saw an inflow of Rs 820 crore. So far in 2025, the sector has pulled in Rs 14,537 crore, with the biggest push coming in April alone at Rs 18,409 crore. That's a strong vote of confidence in India's banking and finance story. They are also showing rising interest in the Services sector, with Rs 10,027 crore in net inflows. This likely reflects faith in the country's growing domestic demand and exports in business services. The broader picture remains cautious. FIIs were net sellers to the tune of Rs 79,344 crore till mid-July, with major outflows concentrated in: ADVERTISEMENT IT stocks have seen the biggest exits, with Rs 36,079 crore pulled out so once a defensive favourite, saw Rs 19,606 crore in net sales. ADVERTISEMENT Power wasn't spared either, with outflows of Rs 15,219 crore, despite a small positive in June. Also read: Tata Sons may sell 23 crore shares of Tata Capital in IPO, shows updated DRHP ADVERTISEMENT Consumer Durables have been out of favour all year—FIIs have been sellers every month, adding up to Rs 13,188 crore in exits. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
What Is a Retirement Advisor?
What is a retirement advisor? As with many other terms in the financial professional industry, there is no regulation around the term retirement advisor. 'All these terms can be confusing for consumers to understand,' says Roger Whitney, CFP, CIMA, CPWA, RMA and founder of the planning firm Agile Retirement Management. 'There's no regulatory structure around these terms, so often an advisor chooses a title designed to attract their preferred clients.' Whitney says he considers himself a retirement planner because he focuses on helping people figure out how to manage their money to support their lives in retirement. What matters more than the title a professional uses, according to Eric Ludwig, Ph.D., CFP, RICP and assistant professor of retirement income at the American College of Financial Services, is whether they have specialized education aimed at the issues surrounding retirement planning. 'We're seeing trends in the financial industry similar to what we see in healthcare,' Ludwig points out. 'There are generalists and specialists. As you plan your retirement, you might want a specialist who has extra education in issues specifically related to retirement.' Retirement advisor vs. financial planner: What's the difference? Both Whitney and Ludwig have CFP designations, which stands for certified financial planner. The CFP certification is a credential from the CFP Board and is recognized for its rigorous standards and education requirements. Whitney points out that a financial planner can help with retirement planning, and a CFP, in particular, can provide additional help with retirement-related topics. 'A financial planner with a CFP credential can probably give you an overview of what you need to do to prepare for retirement,' Whitney says. 'They have access to the right software and an understanding of core concepts. But if you're looking for someone with deeper knowledge, a retirement advisor with extra education and experience can take you to the next level.' Ludwig helped create the retirement income certified professional (RICP) designation, issued by the American College of Financial Services. He says one reason he created education and coursework around that credential is to address the specific challenges associated with retirement planning. 'A retirement advisor with the RICP designation has specialized education and expertise in helping you figure out the best way to begin drawing down your account so your money lasts while you live comfortably,' Ludwig says. 'I have a bias because I'm in the business of training advisors, but when you start shifting your financial strategy to living in retirement, choosing a retirement advisor can help you navigate the unique tax, longevity and spending challenges.' What services do retirement advisors offer? Whitney says that retirement advisors offer specialized services that go beyond traditional financial planning. 'When you're living in retirement—and you don't have a traditional paycheck anymore—you need to use your accumulated accounts to create that income,' Whitney says. 'A retirement advisor will help you with cash flow planning, create a drawdown plan based on the types of accounts you have and help you manage tax planning.' Some common retirement advisor services include: Reviewing your retirement accounts: It's common for retirees to have multiple retirement accounts. You might even have a mix of Roth and traditional accounts. Retirement planning includes creating a roadmap that determines which accounts to focus on drawing down first. For example, Roth accounts don't have required minimum distributions, so that can factor in whether you start taking money from a traditional account, leaving the Roth account to grow. It's common for retirees to have multiple retirement accounts. You might even have a mix of Roth and traditional accounts. Retirement planning includes creating a roadmap that determines which accounts to focus on drawing down first. For example, Roth accounts don't have required minimum distributions, so that can factor in whether you start taking money from a traditional account, leaving the Roth account to grow. Deciding when to begin collecting Social Security benefits: A retirement advisor can look at your situation, goals, current assets and account types to help you determine whether it might make sense to take Social Security earlier or whether you should concentrate on drawing down your accounts while putting off claiming benefits so you have a bigger monthly Social Security check. A retirement advisor can look at your situation, goals, current assets and account types to help you determine whether it might make sense to take Social Security earlier or whether you should concentrate on drawing down your accounts while putting off claiming benefits so you have a bigger monthly Social Security check. Manage sequence-of-returns risk: At some point during retirement, the market is likely to crash—and it might happen more than once. If the market crashes early in your retirement, sequence-of-returns risk can deplete your accounts faster as you're forced to sell assets while their values are down. A good retirement planning professional can help you implement strategies to reduce your risk. At some point during retirement, the market is likely to crash—and it might happen more than once. If the market crashes early in your retirement, sequence-of-returns risk can deplete your accounts faster as you're forced to sell assets while their values are down. A good retirement planning professional can help you implement strategies to reduce your risk. Create an income plan: Your retirement advisor can assist you as you decide how to allocate your portfolio to create the income you need, in conjunction with other sources of income you might have, such as business or Social Security income. Your retirement advisor can assist you as you decide how to allocate your portfolio to create the income you need, in conjunction with other sources of income you might have, such as business or Social Security income. Protect against longevity risk: With life expectancy higher than in past decades, there's a risk that you could outlive your money. Your retirement advisor can help you determine which financial products, services or portfolio strategy might help you outlast your money. With life expectancy higher than in past decades, there's a risk that you could outlive your money. Your retirement advisor can help you determine which financial products, services or portfolio strategy might help you outlast your money. Basic legacy planning: If you're interested in donating to charity and providing an inheritance to heirs, a retirement advisor can help you figure out how to use your money for the benefit of others while still maintaining your lifestyle. If you're interested in donating to charity and providing an inheritance to heirs, a retirement advisor can help you figure out how to use your money for the benefit of others while still maintaining your lifestyle. Tax planning: Investments and accounts come with different tax consequences. An advisor with retirement expertise can help you create a plan that reduces your tax burden, whether that involves qualified charitable distributions from a traditional retirement account or a plan that balances when you withdraw from a Roth. Retirement advisor fees and compensation Whenever you hire a financial professional, it's important to understand how they're paid. Ludwig points out that, like other types of financial advisors, a retirement advisor is likely to charge based on one of three main compensation models: Commission-based: You don't often pay a fee directly when an advisor is paid by commission because they are compensated based on the products and services they sell. You don't often pay a fee directly when an advisor is paid by commission because they are compensated based on the products and services they sell. Fee-only: You pay the advisor directly. There are various fee-only structures, such as fees based on the assets they manage for you, a flat rate for specific services, an hourly rate, a membership fee or a retainer. You pay the advisor directly. There are various fee-only structures, such as fees based on the assets they manage for you, a flat rate for specific services, an hourly rate, a membership fee or a retainer. Fee-based: This is a somewhat hybrid structure. You might pay the advisor for specific retirement planning services, but the advisor might still make money on commissions if they sell you a financial product. 'As a consumer, you need to know who the advice is benefiting,' Ludwig says. 'Are you paying the advisor to create a plan that's best for you, or are they getting compensated from the products they sell?' Ludwig points out that someone getting paid a commission or based on the transactions they complete inside your portfolio isn't automatically a bad thing. The advice can still be good, he says, but you need to be aware of the potential for conflicts of interest later. How to choose a retirement advisor When choosing the best retirement advisor for your needs, Whitney suggests starting with just that—your needs. 'Figure out what you want from the advisor in the first place,' Whitney says. 'What kind of lifestyle do you want to live? What types of activities do you plan for retirement? Are you worried about tax planning? Do you want someone who will manage your money as well as help you make a retirement financial plan?' Once you know what you're looking for, it's time to interview multiple advisors to find a good fit. To narrow down your search for retirement advisors, you can take the following steps: Search for potential candidates: Rather than asking for referrals, Whitney suggests doing a quick search online. There are also advisor networks that can help you narrow your search. Whitney says referrals can be problematic because your neighbor or brother-in-law might not have an accurate frame of reference for who is competent. Rather than asking for referrals, Whitney suggests doing a quick search online. There are also advisor networks that can help you narrow your search. Whitney says referrals can be problematic because your neighbor or brother-in-law might not have an accurate frame of reference for who is competent. Vet your candidates: Whether you're searching for a financial advisor near you or someone to work with at a distance, Whitney says you should do some preliminary research before setting up an interview. He suggests checking their social media posts or articles they've written to get a feel for their philosophy. Don't forget to check and to see if they have complaints or actions against them. Whether you're searching for a financial advisor near you or someone to work with at a distance, Whitney says you should do some preliminary research before setting up an interview. He suggests checking their social media posts or articles they've written to get a feel for their philosophy. Don't forget to check and to see if they have complaints or actions against them. Set up exploratory calls: Once you have a few candidates, set up appointments with three to five retirement advisors for initial calls. Many financial advisors are willing to have a free 20- to 30-minute meeting or call. Once you have a few candidates, set up appointments with three to five retirement advisors for initial calls. Many financial advisors are willing to have a free 20- to 30-minute meeting or call. Ask questions: Whitney suggests asking the retirement advisor about their specialty, their ideal client, what qualifications and education they have, how the advisor gets paid and what conflicts of interest they might have. Consider asking other questions that might help you understand their investment philosophy and background. Whitney suggests asking the retirement advisor about their specialty, their ideal client, what qualifications and education they have, how the advisor gets paid and what conflicts of interest they might have. Consider asking other questions that might help you understand their investment philosophy and background. Verify that they will act as a fiduciary: A fiduciary puts your financial interest first, even if it doesn't benefit the advisor. Consider asking if they're willing to sign an attestation that they will act as a fiduciary. A fiduciary puts your financial interest first, even if it doesn't benefit the advisor. Consider asking if they're willing to sign an attestation that they will act as a fiduciary. Verify their credentials: Make sure the advisor you interview has the education and designations you prefer. You can usually check with the governing board to verify that they are up to date on continuing education requirements to maintain their credentials. After you have interviewed a few retirement advisors, you should have an idea of what to expect and who you might work well with. Choose someone you're comfortable with and who aligns with your values. FAQ When should I hire a retirement advisor? If you don't have the time, desire or expertise to navigate the issues surrounding retirement income planning, taxes and longevity risk, consider hiring a professional to help you create a plan for retirement. What certifications should a retirement advisor have? While there are no specific certifications that a retirement advisor is required to have in a regulatory framework, it might make sense to consider looking for someone who has completed a course of study and received a designation that indicates expertise in retirement planning. Two credentials are the RICP and the retirement management advisor (RMA). Can a retirement advisor help with Social Security planning? Yes, a retirement advisor can usually help you with Social Security planning, including how to decide when to start taking benefits. How often will I meet with my retirement advisor? How often you meet with your retirement advisor depends on the schedule you set up and your individual needs. It's relatively common, however, to meet with a financial advisor at least once or twice a year to review your concerns, goals and make tweaks to your plan. Can a retirement advisor help with estate planning? Some retirement advisors can help with basic estate planning tasks. However, depending on how complicated your situation is, you might want to consider adding an estate planning attorney or other professional with specialized knowledge to your financial team.
Yahoo
4 days ago
- Business
- Yahoo
State of Crypto: The Industry's No Good, Very Bad Wait Actually Excellent Week
The "Guiding and Establishing National Innovation for U.S. Stablecoins Act," otherwise known as the GENIUS Act, is now the law of the land, after President Donald Trump signed the first major U.S. legislation following a week-long process to pass it and two other bills in the House of Representatives. You're reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. On Friday, U.S. President Donald Trump signed a crypto bill into law. This is the first time a major cryptocurrency bill has become law, and it likely is not the last. For the first time, a major cryptocurrency bill has become law in the U.S. The GENIUS Act, which sets out to create a regulatory framework governing stablecoins, or cryptocurrencies pegged to another asset like the U.S. dollar, kickstarts a process that will see the Federal Reserve, Office of the Comptroller of the Currency and other regulators become far more involved in the crypto sector. There was a bit of a false start. The House Rules Committee met Monday evening to debate the bills with key members of the Financial Services and Agriculture Committees ahead of a procedural vote, which the House held Tuesday. That procedural vote was expected to sail through, albeit on party-line votes. It did not. Members of the House Freedom Caucus voted against the procedural motion to open debate and threw a wrench into the House's "Crypto Week." Later that evening, U.S. President Donald Trump posted on his social media platform Truth Social that 11 of the holdouts had agreed to vote for the motion and the House reconvened on Wednesday to first vote to hold a redo on the other vote (this one passed mostly along party lines) and then to actually redo the other vote. Many of the 11 holdouts continued to hold out. Trump, in remarks made before signing the GENIUS Act on Friday, joked about this: "I am so tired of making phone calls at 2, 3, 4 o'clock in the morning." Still, after a record-breaking 9+ hour vote, the lawmakers did finally vote in favor of the move to debate, clearing the way to a final vote for the three bills on Thursday. Despite these hiccups, Congressman Bryan Steil noted that Crypto Week largely played out as planned, with three bills getting passed and one heading to the president's desk. "In the House, it feels like in the home stretch with the narrow majority, there's final negotiations, final discussions," he said on CoinDesk TV Thursday ahead of the vote. "But the good news is the play call that was made at the start of the week is the play call we're executing today, which is passing GENIUS, putting that on the president's desk for his signature into law." Moreover, while industry participants anticipated that maybe 30 or so Democrats would vote for the bills, the actual numbers dramatically surpassed this — 78 Democrats joined 216 Republicans in voting for Clarity and 102 Democrats/206 Republicans voted for GENIUS. For context, last year's Financial Innovation and Technology for the 21st Century Act (FIT21), Clarity's predecessor, saw 78 Democrats and 208 Republicans vote in favor. House Financial Services Committee Chairman French Hill, speaking at a press conference after Thursday's votes, was positively giddy at successfully shepherding the bills through in just a matter of months: "I knew that my target was to beat FIT21 and I made a bet with myself — and I won." Neither Clarity nor GENIUS are done yet. The next steps for GENIUS belong to the federal regulators tasked with implementing its provisions. The Federal Reserve, Office of the Comptroller of the Currency and others will now have to launch the rulemaking process to develop the actual regulations asked for in the law. Clarity's next steps are murkier. The Senate is clearly working on its own bill, at least at the moment — senators have introduced principles and are holding hearings. These actions suggest the Senate Banking and Agriculture Committees may do their own thing, rather than adopt Clarity as it is. Hill, in Thursday's press conference, made it clear he hoped the Senate would take Clarity up. And House Agriculture Committee Chair Glenn GT Thompson said on CoinDesk TV on Thursday morning that he had been working with his Senate counterparts as it launched its process. Banking Committee Chair Tim Scott previously set a Sept. 30 deadline for moving the Senate's market structure bill, which will govern a far broader swath of the industry. Read CoinDesk's coverage from Crypto Week: House Gears Up for Crypto Market Structure Vote on Wednesday, Stablecoins Thursday House's Crypto Markets Bill on Track, But Some in Industry Hope For Senate Overhaul 'Crypto Week' Back on Track? Trump Says Defecting Lawmakers Ready to Vote for Bills Senate Agriculture's Top Dem: Crypto Market Structure Effort Needs 'Serious Changes' 'Crypto Week' Is Stuck Again as House Procedural Vote Drags On 'Crypto Week' Back on Track After Lengthy House Do-Over Vote U.S. House's 'Crypto Week' Shifts Toward Getting All Legislation Out Thursday U.S. House Passes CLARITY Act, Moves on to Stablecoin Vote GENIUS Act for Stablecoins Passes House on Way to Being First Major U.S. Crypto Law 'Crypto Week' Reaction: What GENIUS and CLARITY Bills Mean for the Industry Trump to Sign the Historic GENIUS Act Into Law. What Does It Mean for Crypto? Trump Signs GENIUS Act Into Law, Elevating First Major Crypto Effort to Become Policy Tether CEO Says He'll Comply With GENIUS to Come to U.S., Circle Says It's Set Now Trump Signs GENIUS Act Into Law: The Full Transcript : The federal banking regulators published a statement addressing crypto custody. : The U.S. Department of Justice and Commodity Futures Trading Commission are dropping their investigations into whether Polymarket allowed U.S. traders access to its platform despite a consent decree Polymarket agreed to saying it wouldn't. : Brian Moynihan said the Bank of America does have plans to get into stablecoins and has already begun working on something. : Roger Ver is fighting his extradition to the U.S. to face tax evasion charges. Tornado Cash developer Roman Storm's criminal trial kicked off this week, with jury selection taking a day and a half and the overall trial now expected to run approximately three weeks. Storm was arrested in 2023 and charged with conspiracy to commit money laundering, conspiracy to violate sanctions and conspiracy to operate an unlicensed money transmitting business. So far prosecutors have only just begun making their case, beginning with a set of witnesses who say they were victims of Tornado Cash. Prosecutors will be making their case to a largely non-technical jury. Just one member works as an IT manager, while another works at Palantir. The rest have a range of jobs and educational backgrounds. There's also ongoing motions efforts separate from the trial itself, with defense attorneys moving to try and kick out some of the evidence prosecutors have suggested they'll introduce. Right to Code? Tornado Cash Dev Roman Storm's Money Laundering Trial Kicks Off Monday Jury Seated for Tornado Cash Dev Roman Storm's Trial Legitimate Privacy Tool or Dirty Money 'Laundromat'? Lawyers Debate Role of Tornado Cash on Day 1 of Roman Storm Trial Hack 'Victims' Say Tornado Cash Offered No Help in the Wake of Exploits: Day 2 of Roman Storm Trial Monday 20:00 UTC (4:00 p.m. ET) The House Rules Committee met to discuss the Clarity Act, GENIUS Act and Anti-CBDC Act and debate on whether there would be an amendment process prior to votes for these bills. Tuesday 19:00 UTC (3:00 p.m. ET) The Senate Agriculture Committee held its first hearing on digital commodities ahead of anticipated market structure legislation. Wednesday 13:00 UTC (9:00 a.m. ET) The House Ways and Means Committee met to discuss crypto tax issues. 14:15 UTC (10:15 a.m. ET) House Democrats led by Financial Services Ranking Member Maxine Waters held a press conference to reiterate their concerns with the various pieces of legislation. Thursday 19:45 UTC (3:45 p.m. ET) The House scheduled a vote for the crypto bills, though this time was moved up to 2:40 p.m. ET right before that revised time. Friday 18:30 UTC (2:30 p.m. ET) The White House held a signing ceremony for the GENIUS Act. () Tokens purporting to represent stocks may not actually track the prices of those underlying stocks that closely, the Journal reports. () Immigration and Customs Enforcement is using a powerful new facial recognition tool. () This is just a charming story about a massive marmot. Enjoy. If you've got thoughts or questions on what I should discuss next week or any other feedback you'd like to share, feel free to email me at nik@ or find me on Bluesky @ You can also join the group conversation on Telegram. See ya'll next week!Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
