Wealth Management News & Insights
Investment Insights – Keith R. Schicker, CFA, Portfolio Manager
- What Can SVB Teach Us About Building Wealth: The bank’s failure offers four key learnings for the practice of protecting and building wealth. [READ MORE]
Primary Sources
- Coordinated Central Bank Action to Enhance the Provision of U.S. Dollar Liquidity: The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. [FRB]
- Subsidiary of New York Community Bancorp, Inc., to Assume Deposits of Signature Bridge Bank, N.A., From the FDIC: The 40 former branches of Signature Bank will operate under New York Community Bancorp’s Flagstar Bank, N.A., on Monday, March 20, 2023. The branches will open during their normal business hours. [FDIC]
Financial Markets
- Fed Walks Tightrope Between Inflation and Bank Turmoil—but for How Long: Central bank nods to bank troubles but presses ahead with slightly slower rate increases. [WSJ]
- Fed Raises Rates but Nods to Greater Uncertainty After Banking Stress: Officials voted unanimously to increase their benchmark short-term rate by a quarter percentage point. [WSJ]
- Signature Bank’s Quirky Mix of Customers Fueled Its Rise and Hastened Its Fall: Foray into crypto set the stage for a deposit run that overwhelmed the New York lender in a matter of hours. [WSJ]
- SVB Exposes ‘Lazy’ ESG Funds as Hundreds Bet on Doomed Bank: After being caught on the wrong side of Vladimir Putin’s war in Ukraine and the Adani scandal, hundreds of ESG fund managers are now dealing with the sting of having misjudged Silicon Valley Bank. [Bloomberg]
- How the Last-Ditch Effort to Save Silicon Valley Bank Failed: SVB couldn’t get loans, and withdrawals accelerated before seizure. [WSJ]
- Charles Schwab Announces Strong Core Net New Assets for Period Ending 3/16/23: The Charles Schwab Corporation today announced it has seen strong inflows from clients over the last week. Over the past five trading days (3/10/23-3/16/23), clients have continued to bring assets to Schwab, with approximately $16.5 billion in core net new assets for the week, demonstrating the trust clients place in Schwab. [Schwab]
Financial Planning
- How to Insure Your Money When You’re Banking Over $250K: The FDIC insures $250,000 per depositor, per institution and per ownership category. Learn how to protect your money if you have more than that. [Nerd Wallet]
- SIPC Insurance: Understand Your Coverage and Protections: SIPC insurance for brokerage firms is similar to FDIC protection for bank failures. Here’s what is and isn’t covered. [Nerd Wallet]
Business Strategy
- EY Split Paused Amid Partner Infighting Over Fate of Tax Experts: EY has “paused” its plan to split in two amid a fierce dispute over how much of its tax business should stay with the audit side of the firm. [Financial Times]
- The Perk-Cession Is Under Way at Some Companies: Big companies from Silicon Valley to Wall Street are scaling back the office extras many employees have come to expect. [WSJ]
Life & Work
- Are Famous Movie Homes Worth More Than Their Neighbors? ‘It Depends on the House’: How properties from films like ‘Scarface’ and ‘Home Alone’ stack up against houses in their ZIP Codes. [WSJ]
- Yes, They Are Tall. No, They Do Not Play Basketball: For the vertically gifted, every day of the year means standing out. But March can be particularly maddening. [NYT]
- Why Apple and the Carriers Want Your Old iPhone: When you trade in a smartphone, here’s how it gets refurbished and makes companies money. [WSJ]
- Disney+ Users Paid Up When the Price Rose: 94% of subscribers absorbed the $3 a month rise, new data show, suggesting room for further increases. [WSJ]
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