Published by James McGovern on 30 Jan 2009
Today’s edition of Ignites (subscription required) features an interesting story about the drastic cuts that mutual fund firms are making to their online marketing efforts. This is hardly surprising in light of the current economic climate, but we think the story goes even deeper than that. Continue Reading »
Published by Michael Ellison on 27 Jan 2009
According to comScore, worldwide internet users reached the 1 billion mark in December:
Surpassing one billion global users is a significant landmark in the history of the Internet,” said Magid Abraham, President and Chief Executive Officer, comScore, Inc. “It is a monument to the increasingly unified global community in which we live and reminds us that the world truly is becoming more flat. The second billion will be online before we know it, and the third billion will arrive even faster than that, until we have a truly global network of interconnected people and ideas that transcend borders and cultural boundaries.”
This is, indeed, a major achievement and one that will have repurcussions we have yet to fathom. Within the world if retail financial services imagine what 1, 2, or 3 billion globally connected people can do for markets. Assuming we emerge from the current woes without losing our ability to innovate and desire to grow our businesses, the market opportunities this represents over the years are huge. I’ll admit I am not a futurist, but I am an optimist and I can’t help but think these numbers will lead to good things. And given the incessant drubbing the media feeds us day-in and day-out, I thought we could use a little optimism right now.
H/T: Mark Perry, Carpe Diem Blog
Published by John Cantwell on 16 Jan 2009
If you’re at all familiar with online calculators/planners, it’s easy see that Banco Itaú’s new I Can Bank It calculator/planner, pictured above, is a departure from the norm. The Brazilian bank’s calculator, which is geared towards teens and twenty-somethings, is hands-down better - better looking, more fun, easier to use, more persuasive - than a lot of the online tools we’ve seen developed for this demographic. Continue Reading »
Published by Michael Ellison on 14 Jan 2009
We have been writing a lot lately about the financial services industry’s use of social media. Our focus has largely been on the firms’ use of these tools as resources for their clients (retail investors or the advisor force - but again as end-users). It’s an important issue and will be an ongoing challenge over the next year or two.
Published by John Cantwell on 07 Jan 2009
Now that Wells Fargo’s purchase of Wachovia has finally been approved, the two firms are wasting no time reaching out to Wachovia customers. On January 2nd, the first business day after the approval, Wells Fargo launched a new blog on its public site that features posts from employees at Wells and Wachovia.
According to Wells Fargo, the blog is supposed to keep Wachovia customers informed of news and updates as the takeover moves along. It’s a great idea - Wachovia customers will have a lot of information thrown at them in the next few months. Having a centralized place to find information and ask questions can help make the whole process a little less daunting. And it makes sense to have voices from both firms, to let Wachovia customers know that many of the same people are still working behind the scenes. Continue Reading »
Published by Ian Lundahl on 07 Jan 2009
Annuity contract holders were offered a welcome dose of fiscal relief last month as President Bush signed into law the Worker Retiree and Employer Recovery Act (WRER). Signed on December 23, 2008, the WRER Act stipulates that investors will not be required to take RMDs in 2009.
Normally, individuals over age 70 ½ holding retirement accounts in IRAs, 401(k), 403(b) and other tax efficient savings vehicles would be required to take a minimum distribution or face a fifty percent excise tax on any remaining mandatory funds not distributed. However, as many contract values have diminished over the course of 2008, individuals may elect to leave funds within the account, avoiding distributions from lower contract values. The Act applies to IRA, 401(a), 401(k), 403(a), 403(b) and 457(b) plans only in the calendar year 2009. RMDs must be taken for 2008 and will resume in 2010.
Published by Michael Ellison on 05 Jan 2009
CNBC had a segment today with Charlie Gasparino that forecasts a fall for JP Morgan’s CEO Jamie Dimon. JP Morgan has largely come out of the recent financial mess smelling like roses and the media has lauded Dimon for his management during the crises. According to Gasparino, “the chickens are coming home to roost.”
Here’s the link to the CNBC segment and here’s the link to the article on The Daily Beast that Gasparino mentions.
