MoneyAisle.com Shows Competing CD Rates
Financial advisors can view competing CD rate offers from numerous banks in real time through MoneyAisle.com, a Web site where banks compete to offer advisors and their clients the highest rates.
The Web site is a live auction format where member banks can compete against each other to offer rates for CDs of different durations, which enables financial planners and money managers to select the best rates available. It can be used by financial planners, businesses, not-for-profits and credit unions.
Financial advisors are able to watch in real time' as banks make the offers for CD rates with the results shown instantly.
Advisors can perform automated CD laddering, across multiple durations in a single session, displaying the round-by-round bids until the highest rates in each of the durations are offered. Advisors also can view simultaneous auctions of multiple CD amounts and can split deposits across many banks.
Features are being added to the technology to enable bond-like laddering to show dollar-weighted average maturity duration and dollar-weighted average ratings of the banks to reduce volatility and smooth out any major changes due to short-term Federal Reserve policy changes.
More than 100 banks across the country that are FDIC insured are part of MoneyAisle.com.
Bonefish Offers Boutique Management Strategies
Bonefish Advisor Strategies LLC, a Charlotte, N.C.-based firm, is specializing in bringing boutique asset management strategies and unique, noninvestment services to the RIA market. The company's target audience is firms that have an alternative focus, noncorrelated strategy or that offer unique, value-driven products or services.
Bonefish can help boutique firms that want to increase revenue by offering services to financial advisors. Additional information can be obtained by e-mailing Bonefish founder Shawn Paulk at [email protected].
iPhone Offers Mobile Financial Access
eMoney Advisor, a provider of wealth and goal-planning services for financial advisors, is launching eMoney Mobile for iPhone. The new application gives licensed advisors and their clients access to eMoney's software suite through their iPhone or iPod Touch.
eMoney Mobile provides access to updated financial accounts, allows viewing of encrypted documents and enables clients to collaborate with advisors. Advisors can access their client lists and find updated financial information on any client.
Securities America Offers Retirement Workshop
Securities America is launching an interactive workshop to help financial advisors explore retirement issues with clients.
Based in Omaha, Neb., and including 1,600 financial professionals, Securities America is introducing Imagine Workshop to help clients prepare emotionally, physically and spiritually, as well as financially, for retirement. The interactive workshop is designed to help advisors who embrace a holistic, life-planning approach to clients' retirement. Additional information is available at www.securitiesamerica.com.
CDARS Offers Insurance Protection
A new network of banks is offering Certificate of Deposit Account Registry Service (CDARS), a service that enables investors to make deposits up to $50 million that are still insured through the FDIC. The participating bank uses CDARS to place funds into CDs issued by other banks in the network in increments of less than the standard FDIC insurance maximum. Other network members do the same with their clients' funds and the full amount of the deposit is brought back to the original bank, making it available to the investor. Additional information is available at www.cdars.com.
Virtus Becomes Independent Firm
The SEC approved the spin-off of Virtus Investment Partners Inc., formerly a subsidiary of The Phoenix Companies Inc., into an independent, publicly traded asset management firm.
The spin-off was approved by the Phoenix Board of directors in December and went into effect at the end of 2008.
The change will occur through a pro-rata dividend of Virtus common stock to Phoenix's shareholders at a ratio of one share of Virtus stock for every 20 shares of Phoenix stock held.
FTSE Series Adds New Indexes
The FTSE EPRA/NAREIT Global Real Estate Index Series has added 12 new emerging markets indices.
Additional information is available at www.ftse.com/realestate or www.ftse.com/country.