Miami Dolphins Star WR Jarvis Landry Surprises Students With Money Talk

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PLANTATION (CBSMiami) – An ‘off the gridiron’ challenge by a Miami Dolphins player has South Florida high school students working toward a win on the financial field.

Wide receiver Jarvis Landry surprised the Plantation High School football team this week, but he was there to talk finance, not football.

“If some of them do have jobs, it’s taking a little money here and there and putting it away; having a personal piggy bank or whatever it is so they can open an account,” says Landry about his message to students.

His visit to the school is part of ‘4 Downs for Finance’, an initiative between the Miami Dolphins and Bank United to teach students about financial literacy.

A 2015 CBS News report shows 1 in 6 NFL players go bankrupt.

Now, Landry and Bank United representatives are encouraging young student-athletes to start thinking about shaping their financial success early.

.Students heard from Landry, BankUnited Senior Executive Vice President Gerry Litrento and BankUnited Vice President of Community Development Outreach Katrina Wright.

“She taught us a little bit more how to save, how to keep a savings account, the difference between credit card, debit card and basic knowledge on how to save our money,” said student-athlete Yavin Thomas.

Another student-athelete, Adam Odens, added, “you know it’s very important to manage your money. You’ve got your needs and your wants and you need to make that tough decision.”

This is Landry’s third season participating in the program that started seven years ago.

The special visit also kicks-off a financial literacy essay contest with a $1,000 grand prize and other weekly prizes.

Students can find more information on the contest and financial tips here: http://4downsforfinance.com/

It’s time to think about active money management again – Business …


trader happy celebrateAP
Images / Richard Drew

American equity markets are flying,
spiraling near all-time highs
. That’s been great for
investors. Yet many assets have fallen to historic levels of
underperformance, led by non-U.S. stocks, real assets, value
equities, emerging market small companies, cyclical firms and
banking shares.

As global central bankers

end their experiments with quantitative easing and negative
interest rates
, companies’ cost of capital and yield curves
are normalizing. The world is moving into a period of stronger
and more balanced growth. The global economy is expanding largely
in sync, with the majority of countries and regions growing more
rapidly than the United States.  

Wages should rise as cyclical
trends and policies begin to support the job market more than the
bond market. Increasing costs should pressure the historically
high margins of profitability leaders, since earnings growth has
been unusually concentrated.

These shifts in the long-term
investment landscape could meaningfully (and adversely) affect
the performance of many passive equity solutions. Price- and
momentum-driven passive strategies are especially poorly
positioned for reversing trends and possible rotations in market
leadership.

One of the most powerful lessons
we learned in more than 30 years of managing international value
portfolios is that current market leadership will not thrive
forever. No one can. Active managers can better discern changes
in market and economic leadership than the benchmark-hugging
passive products investors have come to favor. With greater
agility to make portfolio alterations ahead of long-term trend
reversals, the timing and pace of fundamental improvements in
international equity markets should give active managers ample
opportunities to add value.

Over the past 20 years, monetary
and fiscal policy created distorted markets: the real economy,
and the “financial economy” created by that policy,
diverged. Asset managers were rewarded for buying whatever
was going up. This was accelerated by the massive shift into
passive investment products. Faced with economic stagnation
and high asset prices that did not reflect fundamentals, active
asset managers were challenged. Many did not meet the benchmarks
passive products rode up.

Much of the credit for these
unusual market conditions goes to the U.S. Federal Reserve,
European Central Bank and Bank of Japan. Their actions in the
wake of the Financial Crisis eliminated the “systematic risk
premium,” creating historic lows in market volatility,
complacency and overall market risk. This stabilized
worldwide financial markets and let the bulls run,

but also produced a period of
economic stagnation

.

Major transitions in markets and
economies are not frequent occurrences. As active value managers,
we closely monitor many signals – from equity prices, bond yields
and company managements, among others – to stay ahead of
inflection points that could impact the stocks in our portfolios.
Experience across full market cycles is vital to correctly
interpreting these signals.

As policy shifts and the central
banks withdraw their broad accommodation, the real economy
promises to outperform the financial economy. This should
benefit Main Street over Wall Street, but it is also good news
for those who care about fundamentals: growth will improve and
reflation should happen. There will be a more balanced
global economy based on fundamentals.

The only thing left to be
rewarded is “idiosyncratic risk” – buying companies based on
valuations and economic trends. This is particularly true of
international markets, especially small cap value, which have not
been market darlings in recent years. They should benefit from a
refocus on fundamentals, which will let their virtues shine
again. When market trends change, the best places to be are where
it is uncrowded; investors want to be on the other side of the
ship.

These are times when active
managers can prove their mettle, generally performing better in
the face of change and reversal. When markets are roiled and
become volatile, active managers can manage risk in investor
portfolios by focusing on stronger companies and position sizes.
This is a distinct advantage for investors who want to control
their risks and limit potential losses.

In falling markets, investors in
passive products potentially have little to protect them from
losses – there is nothing to stop them from riding benchmarks to
the next market bottom.


Paul Ehrlichman is Head of
Global Value and a Portfolio Manager at ClearBridge Investments,
a Legg Mason affiliate. His opinions are not meant to be viewed
as investment advice or a solicitation for
investment.

Read the original article on Legg Mason. Legg Mason is a global asset management firm providing active asset management in many major investment centers throughout the world. Visit www.leggmason.com to learn more. Copyright 2017. Follow Legg Mason on Twitter.

Morgan Stanley lending business spurs wealth management …

James GormanRich people need loans too.Yuri Gripas/Reuters

  • Morgan Stanley’s wealth-management business produced record revenue in the third quarter.
  • Most of its clients are very wealthy — its CEO says 98% of assets come from people with more than $100,000 at the bank.
  • A growing opportunity is to lend these rich people, who often have illiquid assets like real estate or business equity, more money.

Morgan Stanley reported third-quarter earnings this week and landed a solid beat with earnings of $0.93 a share, higher than expectations of $0.81.

The company’s thriving wealth-management business helped drive the strong quarter, reporting $4.2 billion in revenue — a record — up 9% from $3.9 billion a year ago. Revenue per wealth manager hit $1.1 million, up 10% from a year ago.

Key to keeping this business segment humming along is ensuring that its wealthy clients remain happy.

And its clients, who have entrusted the firm with $2.3 trillion, are very wealthy. CEO James Gorman said on the company’s earnings call that only 2% of the business’ assets were from clients with less than $100,000.

A major component to serving these clients is fairly mundane and straightforward, albeit profitable and thriving: manage their money and invest it, earning a fee in the process. Morgan Stanley now has a record $1 trillion worth of assets generating management fees, contributing $2.4 billion in revenue in the quarter.

The other $1.3 trillion in assets are in brokerage accounts, meaning people are largely managing the money themselves, and Morgan Stanley earns commissions and fees when it executes trades for these clients. This business is heading in the opposite direction, with third-quarter revenue declining 7% to $739 million in the past year.

Part of the firm’s strategy is to shift more people from brokerage to the fee-based advisory accounts, which accounted for the majority of wealth-management revenue this quarter.

But another thing these millionaires and billionaires covet, beyond a competent, trustworthy, and prestigious place to park and invest their cash, is easy access to more cash.

Their assets are often tied up in illiquid holdings, such as real estate, art, yachts, or equity in the companies they’ve founded. They don’t want to sell these assets, but they also want liquid cash to play around with, invest with, dote upon their family with, or fund their next business venture with.

Gorman explained during Tuesday’s earnings call:

“These markets go in cycles, as we all know, and people want access to credit. They have large, illiquid positions. So concentrated stock and businesses they founded. And they don’t necessarily want to liquidate that, and we’re in a position where we’re dealing with a lot of very, very wealthy people. I think 2% of our assets are with clients with less than $100,000 with us. So the vast majority have significant wealth, and it’s a real competitive advantage now to be able to compete with the banks and offer these lending products.”

Given their wealth and the high-quality assets they can put up as collateral, these are relatively safe people to lend to.

And lending to these clients is a big and growing business for the company, with loan volume increasing by 11% in the past year to $78 billion.

That helped boost quarterly net interest income in wealth management to $1 billion, up 16% from $885 million last year.

And, according to CFO Jonathan Pruzan, this is still a relatively untapped business for the firm.

“We still feel good about the lending opportunity within our wealth client segment,” Pruzan said during the earnings call. “Penetration rates are still reasonably limited, and we’ve seen opportunities to continue to increase penetration there.”

It’s time to think about active money management again


trader happy celebrateAP
Images / Richard Drew

American equity markets are flying,
spiraling near all-time highs
. That’s been great for
investors. Yet many assets have fallen to historic levels of
underperformance, led by non-U.S. stocks, real assets, value
equities, emerging market small companies, cyclical firms and
banking shares.

As global central bankers

end their experiments with quantitative easing and negative
interest rates
, companies’ cost of capital and yield curves
are normalizing. The world is moving into a period of stronger
and more balanced growth. The global economy is expanding largely
in sync, with the majority of countries and regions growing more
rapidly than the United States.  

Wages should rise as cyclical
trends and policies begin to support the job market more than the
bond market. Increasing costs should pressure the historically
high margins of profitability leaders, since earnings growth has
been unusually concentrated.

These shifts in the long-term
investment landscape could meaningfully (and adversely) affect
the performance of many passive equity solutions. Price- and
momentum-driven passive strategies are especially poorly
positioned for reversing trends and possible rotations in market
leadership.

One of the most powerful lessons
we learned in more than 30 years of managing international value
portfolios is that current market leadership will not thrive
forever. No one can. Active managers can better discern changes
in market and economic leadership than the benchmark-hugging
passive products investors have come to favor. With greater
agility to make portfolio alterations ahead of long-term trend
reversals, the timing and pace of fundamental improvements in
international equity markets should give active managers ample
opportunities to add value.

Over the past 20 years, monetary
and fiscal policy created distorted markets: the real economy,
and the “financial economy” created by that policy,
diverged. Asset managers were rewarded for buying whatever
was going up. This was accelerated by the massive shift into
passive investment products. Faced with economic stagnation
and high asset prices that did not reflect fundamentals, active
asset managers were challenged. Many did not meet the benchmarks
passive products rode up.

Much of the credit for these
unusual market conditions goes to the U.S. Federal Reserve,
European Central Bank and Bank of Japan. Their actions in the
wake of the Financial Crisis eliminated the “systematic risk
premium,” creating historic lows in market volatility,
complacency and overall market risk. This stabilized
worldwide financial markets and let the bulls run,

but also produced a period of
economic stagnation

.

Major transitions in markets and
economies are not frequent occurrences. As active value managers,
we closely monitor many signals – from equity prices, bond yields
and company managements, among others – to stay ahead of
inflection points that could impact the stocks in our portfolios.
Experience across full market cycles is vital to correctly
interpreting these signals.

As policy shifts and the central
banks withdraw their broad accommodation, the real economy
promises to outperform the financial economy. This should
benefit Main Street over Wall Street, but it is also good news
for those who care about fundamentals: growth will improve and
reflation should happen. There will be a more balanced
global economy based on fundamentals.

The only thing left to be
rewarded is “idiosyncratic risk” – buying companies based on
valuations and economic trends. This is particularly true of
international markets, especially small cap value, which have not
been market darlings in recent years. They should benefit from a
refocus on fundamentals, which will let their virtues shine
again. When market trends change, the best places to be are where
it is uncrowded; investors want to be on the other side of the
ship.

These are times when active
managers can prove their mettle, generally performing better in
the face of change and reversal. When markets are roiled and
become volatile, active managers can manage risk in investor
portfolios by focusing on stronger companies and position sizes.
This is a distinct advantage for investors who want to control
their risks and limit potential losses.

In falling markets, investors in
passive products potentially have little to protect them from
losses – there is nothing to stop them from riding benchmarks to
the next market bottom.


Paul Ehrlichman is Head of
Global Value and a Portfolio Manager at ClearBridge Investments,
a Legg Mason affiliate. His opinions are not meant to be viewed
as investment advice or a solicitation for
investment.

Read the original article on Legg Mason. Legg Mason is a global asset management firm providing active asset management in many major investment centers throughout the world. Visit www.leggmason.com to learn more. Copyright 2017. Follow Legg Mason on Twitter.

Morgan Stanley is making a boatload of cash lending money to rich people — and it’s just getting started

James GormanRich people need loans too.Yuri Gripas/Reuters

  • Morgan Stanley’s wealth-management business produced record revenue in the third quarter.
  • Most of its clients are very wealthy — its CEO says 98% of assets come from people with more than $100,000 at the bank.
  • A growing opportunity is to lend these rich people, who often have illiquid assets like real estate or business equity, more money.

Morgan Stanley reported third-quarter earnings this week and landed a solid beat with earnings of $0.93 a share, higher than expectations of $0.81.

The company’s thriving wealth-management business helped drive the strong quarter, reporting $4.2 billion in revenue — a record — up 9% from $3.9 billion a year ago. Revenue per wealth manager hit $1.1 million, up 10% from a year ago.

Key to keeping this business segment humming along is ensuring that its wealthy clients remain happy.

And its clients, who have entrusted the firm with $2.3 trillion, are very wealthy. CEO James Gorman said on the company’s earnings call that only 2% of the business’ assets were from clients with less than $100,000.

A major component to serving these clients is fairly mundane and straightforward, albeit profitable and thriving: manage their money and invest it, earning a fee in the process. Morgan Stanley now has a record $1 trillion worth of assets generating management fees, contributing $2.4 billion in revenue in the quarter.

The other $1.3 trillion in assets are in brokerage accounts, meaning people are largely managing the money themselves, and Morgan Stanley earns commissions and fees when it executes trades for these clients. This business is heading in the opposite direction, with third-quarter revenue declining 7% to $739 million in the past year.

Part of the firm’s strategy is to shift more people from brokerage to the fee-based advisory accounts, which accounted for the majority of wealth-management revenue this quarter.

But another thing these millionaires and billionaires covet, beyond a competent, trustworthy, and prestigious place to park and invest their cash, is easy access to more cash.

Their assets are often tied up in illiquid holdings, such as real estate, art, yachts, or equity in the companies they’ve founded. They don’t want to sell these assets, but they also want liquid cash to play around with, invest with, dote upon their family with, or fund their next business venture with.

Gorman explained during Tuesday’s earnings call:

“These markets go in cycles, as we all know, and people want access to credit. They have large, illiquid positions. So concentrated stock and businesses they founded. And they don’t necessarily want to liquidate that, and we’re in a position where we’re dealing with a lot of very, very wealthy people. I think 2% of our assets are with clients with less than $100,000 with us. So the vast majority have significant wealth, and it’s a real competitive advantage now to be able to compete with the banks and offer these lending products.”

Given their wealth and the high-quality assets they can put up as collateral, these are relatively safe people to lend to.

And lending to these clients is a big and growing business for the company, with loan volume increasing by 11% in the past year to $78 billion.

That helped boost quarterly net interest income in wealth management to $1 billion, up 16% from $885 million last year.

And, according to CFO Jonathan Pruzan, this is still a relatively untapped business for the firm.

“We still feel good about the lending opportunity within our wealth client segment,” Pruzan said during the earnings call. “Penetration rates are still reasonably limited, and we’ve seen opportunities to continue to increase penetration there.”

This Nasty Bank Fee Makes It Much Harder to Climb Out of Poverty

Determined to avoid this happening again, she arranged for her salary to be direct-deposited into her account. But within weeks, she got another overdraft fee — when her daughter’s preschool cashed a check later than expected. She’d sent it in a couple of weeks earlier and had forgotten that it was pending, so didn’t have enough in her account to cover it. It was downhill from there. She struggled to spend less in order to climb out of the hole she was now in, but she couldn’t manage. After triggering still more fees, the account drew close to $800 overdrawn, and she finally gave up. Downer asked her employer to start paying her salary by check again and stopped using her account.

Unfortunately, the immense problem of bank overdraft fees, which cost consumers over $15 billion annually, has gone largely unnoticed. Instead, politicians have focused on more well-known abuses by the financial service industry, like payday loans. But as welcome as this is, it will do nothing to protect people from overdraft fees, a punishing practice that affects far more Americans: Around 18% of account holders pay three or more overdraft fees a year, half of that group pays 10 or more fees a year .

Additionally, bank overdraft fees disproportionately burden low-income customers and are one of the main reasons why people decide to live without an account. People like Downer, living on tight budgets and without access to credit, have little room for error. When there’s no extra to use as a financial cushion, the chance that a math error or late-cashed check will send your balance below zero — if only briefly — increases. The result is often spiraling fees.

Downer isn’t alone in shunning banks: 9.6 million U.S. households manage their finances without a bank account. That’s seven percent of all Americans, but it represents 18.7% of families earning under $30,000, compared to only 1.1% of families earning over $50,000. Eighteen percent of African-Americans are unbanked, compared to only 3% of whites.

Like others without a bank account, Downer now uses non-bank products to manage her money. She cashes her paycheck, pays her utility bills and purchases a money order for her rent at the check casher, then loads the remaining cash onto her prepaid debit card. Most of these transactions involve a fee of between $1 and $5. Small amounts, but they add up. Every so often, if she runs short towards the end of the month, the check casher, Alex, will give her an advance from his own pocket, which he’ll take from the check that Stacey cashes at the beginning of the next month. Sometimes she’ll borrow from her brother, but he is often short at the end of the month too. Neither Alex nor her brother charge her for the loans, but Downer hates asking them for money. She’ll occasionally pawn her laptop for a week or two, and sometimes borrow from a local man she describes with a wink as the ’neighborhood lawyer’, but tries to avoid this, as she has to repay him double the amount she borrows. None of this comes cheap, but it’s more manageable than the bank overdraft fees that took her $800 into the red in less than six months.

The response of the government and non-profits seeking to help people like Downer has long been to sign them up for financial literacy classes that teach budgeting skills and how to open a bank account, understand credit scores, and make a savings plan. The trouble is, this approach has little impact. One-on-one financial counseling, like Downer had, is more effective, but is fundamentally limited by the fact that it only targets individual behavior.

But it’s not simply a matter of decision making. Struggling Americans like Downer really don’t have many good options. She already holds down two jobs. With low wages, childcare costs, and student loan repayments, she simply can’t make ends meet, whatever decisions she makes. She recently started evening classes to improve her qualifications, but it cuts into her work hours and adds to her childcare costs. Her family can’t help. Like many minority families, they are asset poor; recent research finds that even middle-income minority households own 8-10 times less wealth as similar white households, with the gap growing over time.

It doesn’t have to be like this. It’s true that banks are for-profit enterprises, and fees may be the only way they can make money from people with low balances who sometimes spend more than they have. Even customer owned credit unions charge high overdraft fees. Until the economy recovers, wages rise and people earn more, what can banks and credit unions do about it?

The fact is, they can do something. In the U.K., for example, after a 2014 agreement with the government, most major banks agreed to offer basic, no-fee accounts. Here in the United States, the BankOn Movement is working with banks around the country to encourage them to offer similar accounts, based on a set of standard account features, one of which is that the accounts cannot incur an overdraft fee. These accounts may not be as profitable as accounts that incur fees, but they will prevent losses from the many customers who, like Downer, are not able to repay what they owe in fees and simply leave the banking sector.

What’s more banks profits have been climbing steadily since the 2008 crisis. Let’s face it, they can afford to do this. Five of the largest US banks have already signed on, including Wells Fargo, Bank of America, and JPMorgan Chase, and smaller banks and credit unions are beginning to follow suit. These accounts won’t solve the problem of low wages, or access to affordable, short term credit, but it’s a start.

There is also a legislative effort to change the way that banks charge overdraft fees, which would help consumers avoid excessive and repeated charges. With the current make-up in Congress, however, other than signing up for a BankOn certified account, the best way to avoid going overdrawn is to make sure that you do not ‘opt-in’ for overdraft protection. Until 2010 banks could allow any payment larger than available funds to go through and charge an overdraft fee. Since then, regulatory reform requires banks to only do this for customers who opt-in to overdraft protection. Customers who have not opted-in will have such payments refused, and no fee charged. However, online payments, and payments by paper check can still lead to an overdraft, as Downer discovered.

The history of bank practices, from redlining in the post-war years to reordering transactions to maximize overdraft fees, which continues today, should give us pause. It’s all very well to make a profit, but surely it’s possible to offer a fair banking service to all Americans. Doing so would help us all to make ends meet.

Annie Harper is a cultural anthropologist in the Yale School of Medicine and a Public Voices fellow with the OpEd Project.

Las Vegas shooting victims will need to apply to receive donation money – Las Vegas Review

People visit a memorial at the Welcome to Fabulous Las Vegas sign in Las Vegas, Monday, Oct. 16, 2017, honoring the victims of the Route 91 Harvest Festival mass shooting. Joel Angel Juarez Las Ve ...Ella Fares of Las Vegas, 10, visits a memorial at the Welcome to Fabulous Las Vegas sign in Las Vegas, Monday, Oct. 16, 2017, honoring the victims of the Route 91 Harvest Festival mass shooting. J ...A memorial at the Las Vegas Community Healing Garden in Las Vegas, Monday, Oct. 16, 2017, honoring the victims of the Route 91 Harvest Festival mass shooting. Joel Angel Juarez Las Vegas Review-Jo ...People gather across Mandalay Bay during the Vegas Strong Las Vegas Strip Walk honoring the victims of the Route 91 Harvest Festival shooting in Las Vegas, Sunday, Oct. 15, 2017. Joel Angel Juarez ...

Victims of the Las Vegas shooting will have to apply to receive money raised on their behalf and might have to wait six months for payment, a victim-compensation expert told the Las Vegas Review-Journal.

Kenneth Feinberg said victims and families can expect to receive money within three to six months, but only if a local committee is formed soon to manage the process of distributing millions of dollars in donations and pledges.

Feinberg helped distribute donations to the injured and the families of the fallen after the 2016 shooting at the Pulse nightclub in Orlando, Florida, which left 49 people dead and 68 injured. Feinberg helped distribute $29.5 million to 229 people. Feinberg also helped distribute more than $60 million on behalf of the four people killed and 200 injured in the Boston Marathon bombing in 2013.

He is volunteering his expertise in Las Vegas following the Oct. 1 shooting at the Route 91 Harvest festival.

The Clark County government is working to form a local committee to define a victim and manage the process of distributing donations. Feinberg will draft the protocol for the local committee, which he said will decide several key questions:

— Are nonphysical injuries, such as psychological trauma, eligible?

— How will the distribution process be made equitable?

— How will money be distributed if relatives of the deceased disagree on who should be paid?

— When will people receive money?

The committee

Clark County spokesman Erik Pappa on Tuesday was not able to provide details such as who will be appointed to the committee, how many people will serve on it and who will appoint members.

Feinberg said the process of distributing money will have “full transparency,” and everybody will know how much money everybody else is getting.

As soon as a committee is formed, a public comment period will help members establish protocols and answer key questions. After protocols are finalized, applications will be made available for people to apply for benefits.

The process

In Orlando last year, applications became available 14 weeks after the shooting, and victims and family members were given six weeks to apply. The committee will approve payments based on the aggregate amount of money available, Feinberg said.

Donors from all over the world have contributed more than $15 million so far for victims of the Las Vegas shooting. But the sum is spread over several accounts yet to be consolidated. It is not yet clear how much money will be paid directly to shooting victims and how much might support community needs.

Jeff Dion, deputy executive director of the National Center for Victims of Crime, is working with Feinberg to distribute money to Las Vegas shooting victims. Dion and Feinberg worked together last year in Orlando.

“What we’ve done in the past and our general approach has been that people in similar circumstances get the same level of benefits,” Dion said.

“The families of those who were killed all got the same level of benefits. People who suffered psychological trauma all get the same level of benefits. With injury cases, there’s a little bit of variation based on severity, and we’ve used in the past a guide of number of nights hospitalized to categorize those.”

Dion said he and a team of staffers from the National Center for Victims of Crime will work with the FBI to validate claims.

Family disputes

Dion and Feinberg said family disputes can slow payments.

Dion said families of the deceased should begin identifying a family representative for their loved one’s estate, if they haven’t already done so. A family representative must be authorized to apply for compensation.

“If everybody agrees on what the distribution within that family is, then we’ll honor that. If people can’t agree on how that should be distributed, then we’re going to go ahead and send it to the probate court.”

Contact Nicole Raz at nraz@reviewjournal.com or 702-380-4512. Follow @JournalistNikki on Twitter.

How to stay informed

Jeff Dion, deputy executive director of the National Center for Victims of Crime, said victims of the shooting and their families should go to nationalcompassionfund.org and fill out the Victim and Survivor Contact Form.

“Everybody who is on that list is going to get the draft protocols. They’re going to get notices of the town hall meetings explaining the protocols. They’re going to be sent applications. They’re going to be sent information on getting individualized help with their application. So if people want information, we don’t have the answers yet, but we know where they need to sign up so that, when those answers are available, they will be pushed out to them immediately,” Dion said.

The probate court process

Las Vegas-based probate lawyer Jonathan Reed, with the Reed Mansfield law firm, said the first step in representing an estate is to ask the probate court to name you as executor or personal representative or administrator — whichever term is used in your state.

You’ll likely need to file an application, a death certificate and the original will (if there is one) with the local probate court in the county where the deceased person was living at the time of death.

If the deceased person owned real estate in more than one county in the same state, one probate will suffice.

If the personal representative is not living in the state where the probate is taking place, the out-of-state resident may need to appoint a resident of the probate state to serve with them as a co-administrator.

Legal Aid Center of Southern Nevada and the State Bar of Nevada said last week they will provide pro bono legal services to victims of the Oct. 1 shooting on the Strip.

Virgin Money calms concerns over UK lending

International Edition

Parents shouldn’t pay their kids for chores

Once you start an allowance, how often do you dole it out? The majority of parents give their children this money on a weekly basis, and the experts say that’s fine for little kids. However, for teenagers, some suggest a larger, monthly allowance to give them practice making their funds stretch over time.

It’s time to think about active money management again


trader happy celebrateAP
Images / Richard Drew

American equity markets are flying,
spiraling near all-time highs
. That’s been great for
investors. Yet many assets have fallen to historic levels of
underperformance, led by non-U.S. stocks, real assets, value
equities, emerging market small companies, cyclical firms and
banking shares.

As global central bankers

end their experiments with quantitative easing and negative
interest rates
, companies’ cost of capital and yield curves
are normalizing. The world is moving into a period of stronger
and more balanced growth. The global economy is expanding largely
in sync, with the majority of countries and regions growing more
rapidly than the United States.  

Wages should rise as cyclical
trends and policies begin to support the job market more than the
bond market. Increasing costs should pressure the historically
high margins of profitability leaders, since earnings growth has
been unusually concentrated.

These shifts in the long-term
investment landscape could meaningfully (and adversely) affect
the performance of many passive equity solutions. Price- and
momentum-driven passive strategies are especially poorly
positioned for reversing trends and possible rotations in market
leadership.

One of the most powerful lessons
we learned in more than 30 years of managing international value
portfolios is that current market leadership will not thrive
forever. No one can. Active managers can better discern changes
in market and economic leadership than the benchmark-hugging
passive products investors have come to favor. With greater
agility to make portfolio alterations ahead of long-term trend
reversals, the timing and pace of fundamental improvements in
international equity markets should give active managers ample
opportunities to add value.

Over the past 20 years, monetary
and fiscal policy created distorted markets: the real economy,
and the “financial economy” created by that policy,
diverged. Asset managers were rewarded for buying whatever
was going up. This was accelerated by the massive shift into
passive investment products. Faced with economic stagnation
and high asset prices that did not reflect fundamentals, active
asset managers were challenged. Many did not meet the benchmarks
passive products rode up.

Much of the credit for these
unusual market conditions goes to the U.S. Federal Reserve,
European Central Bank and Bank of Japan. Their actions in the
wake of the Financial Crisis eliminated the “systematic risk
premium,” creating historic lows in market volatility,
complacency and overall market risk. This stabilized
worldwide financial markets and let the bulls run,

but also produced a period of
economic stagnation

.

Major transitions in markets and
economies are not frequent occurrences. As active value managers,
we closely monitor many signals – from equity prices, bond yields
and company managements, among others – to stay ahead of
inflection points that could impact the stocks in our portfolios.
Experience across full market cycles is vital to correctly
interpreting these signals.

As policy shifts and the central
banks withdraw their broad accommodation, the real economy
promises to outperform the financial economy. This should
benefit Main Street over Wall Street, but it is also good news
for those who care about fundamentals: growth will improve and
reflation should happen. There will be a more balanced
global economy based on fundamentals.

The only thing left to be
rewarded is “idiosyncratic risk” – buying companies based on
valuations and economic trends. This is particularly true of
international markets, especially small cap value, which have not
been market darlings in recent years. They should benefit from a
refocus on fundamentals, which will let their virtues shine
again. When market trends change, the best places to be are where
it is uncrowded; investors want to be on the other side of the
ship.

These are times when active
managers can prove their mettle, generally performing better in
the face of change and reversal. When markets are roiled and
become volatile, active managers can manage risk in investor
portfolios by focusing on stronger companies and position sizes.
This is a distinct advantage for investors who want to control
their risks and limit potential losses.

In falling markets, investors in
passive products potentially have little to protect them from
losses – there is nothing to stop them from riding benchmarks to
the next market bottom.


Paul Ehrlichman is Head of
Global Value and a Portfolio Manager at ClearBridge Investments,
a Legg Mason affiliate. His opinions are not meant to be viewed
as investment advice or a solicitation for
investment.

Read the original article on Legg Mason. Legg Mason is a global asset management firm providing active asset management in many major investment centers throughout the world. Visit www.leggmason.com to learn more. Copyright 2017. Follow Legg Mason on Twitter.