1 00:00:03,960 --> 00:00:08,280 Speaker 1: Broadcasting Live to New York, Bloomberg eleven, Bryo to Washington, 2 00:00:08,360 --> 00:00:13,400 Speaker 1: d C, Bloomber to Boston, Bloomberg Well Undis to San Francisco, 3 00:00:13,520 --> 00:00:17,520 Speaker 1: Bloomberg nine to the Country series Exam Channel one nine 4 00:00:17,880 --> 00:00:20,880 Speaker 1: and around the globe. The Bloomberg Radio, plucks app and 5 00:00:20,920 --> 00:00:26,440 Speaker 1: Bloomberg dot Com is taking stock women in the financial 6 00:00:26,520 --> 00:00:30,520 Speaker 1: services industry, particularly as financial advisors, are going to be 7 00:00:30,600 --> 00:00:34,480 Speaker 1: taking a look at the special challenges and opportunities women 8 00:00:34,560 --> 00:00:36,800 Speaker 1: have faced over the years. With one of the top 9 00:00:36,920 --> 00:00:39,920 Speaker 1: one hundred great financial planners in the United States, Pim 10 00:00:40,200 --> 00:00:44,000 Speaker 1: Margaret Starter. She's with the Starter group of Raymond James. Yes, indeed, 11 00:00:44,080 --> 00:00:45,760 Speaker 1: and right now let's go to Charlie Pellett. He is 12 00:00:45,760 --> 00:00:47,800 Speaker 1: in the Bloomberg news room and he has a Bloomberg 13 00:00:47,840 --> 00:00:50,120 Speaker 1: business flat and I think very much Pim Fox. We 14 00:00:50,200 --> 00:00:54,360 Speaker 1: begin with the developing story the Snapchat parent Snap said 15 00:00:54,400 --> 00:00:56,480 Speaker 1: to be working on an I P O for as 16 00:00:56,560 --> 00:01:00,120 Speaker 1: early as next March. This according to c M, d 17 00:01:00,240 --> 00:01:03,480 Speaker 1: C and down Jones people with knowledge of the matter. 18 00:01:03,560 --> 00:01:06,360 Speaker 1: Stay Qualcom is the only company in talks to acquire 19 00:01:06,600 --> 00:01:10,600 Speaker 1: n XP Semiconductors and is making progress towards an agreement 20 00:01:10,959 --> 00:01:14,160 Speaker 1: with the Dutch chip maker on a fair price. Right now, 21 00:01:14,280 --> 00:01:16,640 Speaker 1: we have got shares of n XP. They're up two 22 00:01:16,720 --> 00:01:19,960 Speaker 1: point two percent. Qualcom is advancing by one and a 23 00:01:20,000 --> 00:01:22,560 Speaker 1: half percent. Well, some of the other stories that we 24 00:01:22,640 --> 00:01:25,440 Speaker 1: are following for you today. We have got equities trading 25 00:01:25,560 --> 00:01:28,560 Speaker 1: mixed right now. With the SMP five hundred index, it 26 00:01:28,720 --> 00:01:32,280 Speaker 1: is up two points now to sixty two. That is 27 00:01:32,319 --> 00:01:34,880 Speaker 1: a gain of one tenth of one percent. Down industrials 28 00:01:34,959 --> 00:01:37,240 Speaker 1: down eight, a drop of less than one tenth of 29 00:01:37,280 --> 00:01:40,520 Speaker 1: one percent, and NASDAK it is down four points, a 30 00:01:40,600 --> 00:01:44,640 Speaker 1: drop there of one tenth of one percent. International Monitary 31 00:01:44,680 --> 00:01:48,320 Speaker 1: Fund Managing director Christine Lagarde says, the sooner Deutsche Bank 32 00:01:48,400 --> 00:01:50,880 Speaker 1: reaches a settlement with the U s Department of Justice, 33 00:01:50,960 --> 00:01:54,560 Speaker 1: the better calling it accord preferable to going to court. 34 00:01:54,640 --> 00:01:57,040 Speaker 1: And here's what she told Bloomberg Radio and Television. We 35 00:01:57,120 --> 00:02:03,320 Speaker 1: believe that Deutsche Banks many other banks, has to look 36 00:02:03,400 --> 00:02:06,040 Speaker 1: at its business model, which I'm sure it does because 37 00:02:06,080 --> 00:02:08,280 Speaker 1: it is in the process of selling assets here and there. 38 00:02:09,080 --> 00:02:13,000 Speaker 1: Has to look at its long term profitability given the 39 00:02:13,600 --> 00:02:16,040 Speaker 1: um you know, lower bound interest rates that we have 40 00:02:16,120 --> 00:02:18,839 Speaker 1: around the world, and probably for longer than than many 41 00:02:18,960 --> 00:02:22,639 Speaker 1: expect and decide. You know what size it wants to 42 00:02:22,760 --> 00:02:26,639 Speaker 1: have and how it wants to strengthen. It's it's it's 43 00:02:26,800 --> 00:02:30,360 Speaker 1: a whole balance sheet of the tenure down nine thirty seconds, 44 00:02:30,480 --> 00:02:35,200 Speaker 1: yield one point seven three, gold down fifteen fifty to 45 00:02:35,280 --> 00:02:38,919 Speaker 1: twelve fifty three, and drop of one crude oil w 46 00:02:39,160 --> 00:02:43,560 Speaker 1: t I up one fifty barrel. Now the other stories 47 00:02:43,639 --> 00:02:46,840 Speaker 1: making news. Thank you Charlie from the Bloomberg Newsroom. I'm 48 00:02:46,880 --> 00:02:51,000 Speaker 1: Ramie in essentio. Hurricane Matthew is now a powerful Category 49 00:02:51,160 --> 00:02:54,720 Speaker 1: four storm and it's barreling towards Florida. The National Hurricane 50 00:02:54,760 --> 00:02:58,360 Speaker 1: Center says Matthews packing maximum sustained wins of one forty 51 00:02:58,480 --> 00:03:01,480 Speaker 1: miles per hour. Say to Director Rick Knap says, if 52 00:03:01,560 --> 00:03:04,320 Speaker 1: you've been told to evacuate, you need to go now. 53 00:03:04,600 --> 00:03:07,079 Speaker 1: The extreme winds of a major hurricane can do a 54 00:03:07,240 --> 00:03:09,960 Speaker 1: lot of damage, and not just at the coast. Those 55 00:03:10,000 --> 00:03:12,799 Speaker 1: winds can penetrate inland. That will be more so the 56 00:03:12,880 --> 00:03:14,920 Speaker 1: case the closer this gets to the coast, or if 57 00:03:15,000 --> 00:03:17,480 Speaker 1: it actually comes to store and it's that's those chances 58 00:03:17,520 --> 00:03:20,720 Speaker 1: are increasing. What is the longest humans can live? A 59 00:03:20,800 --> 00:03:22,840 Speaker 1: new study in the journal Nature took a look at 60 00:03:22,840 --> 00:03:25,480 Speaker 1: that question. Bloomberg's Michael bar is more a new study 61 00:03:25,600 --> 00:03:28,680 Speaker 1: shows humans today will never get older than one hundred 62 00:03:28,760 --> 00:03:33,240 Speaker 1: fifteen years. That's according to US researchers. We have improved 63 00:03:33,360 --> 00:03:36,720 Speaker 1: with more people having better diets, medicine and not spoken. 64 00:03:37,240 --> 00:03:39,680 Speaker 1: A child born back in nineteen hundred and an average 65 00:03:39,760 --> 00:03:43,360 Speaker 1: life expectancy of just short of fifty years. An American 66 00:03:43,480 --> 00:03:46,360 Speaker 1: child born today as a life expectancy of seventy nine. 67 00:03:46,680 --> 00:03:50,440 Speaker 1: In Japan it's eighty three. Researchers say the outlying area 68 00:03:50,600 --> 00:03:54,360 Speaker 1: is gene Kalmant, who set the record for a human lifespan. 69 00:03:54,760 --> 00:03:57,880 Speaker 1: She passed away in a nursing home in in France 70 00:03:57,880 --> 00:04:01,000 Speaker 1: at the age of one hundred twenty two. Michael Barr 71 00:04:01,080 --> 00:04:04,440 Speaker 1: Bloomberg Radio and New Jersey Transit is changing a rule 72 00:04:04,600 --> 00:04:07,080 Speaker 1: one week after its commuter train crashed into a station, 73 00:04:07,360 --> 00:04:11,080 Speaker 1: killing one person and injuring more than one others. Transit 74 00:04:11,120 --> 00:04:14,120 Speaker 1: official sy the conductor must now joined the engineer whenever 75 00:04:14,240 --> 00:04:18,000 Speaker 1: train pulls into Hoboken Terminal or Atlantic City. That means 76 00:04:18,040 --> 00:04:19,600 Speaker 1: a second set of ice will be watching as a 77 00:04:19,680 --> 00:04:22,360 Speaker 1: train enters the final phase of its trip. Global News 78 00:04:22,400 --> 00:04:25,080 Speaker 1: twenty four hours a day, powered by more than journalists 79 00:04:25,080 --> 00:04:28,760 Speaker 1: and analysts in more than one countries. I'm Rainy in Essencio. 80 00:04:28,960 --> 00:04:31,720 Speaker 1: This is Bloomberg, Charlie, and we thank you and again 81 00:04:31,800 --> 00:04:34,800 Speaker 1: recapping the downlore by eight points, down less than one 82 00:04:34,839 --> 00:04:37,600 Speaker 1: tenth of one percent, SMP off two points, a gain 83 00:04:37,720 --> 00:04:40,760 Speaker 1: of one tenth of one percent. I'm Charlie Pellett. That's 84 00:04:40,800 --> 00:04:46,560 Speaker 1: a bloom Bread business flash. You're listening to taking stock 85 00:04:46,760 --> 00:04:52,000 Speaker 1: with pim Box and Kathleen Hayes on Bloomberg Radio. Women 86 00:04:52,240 --> 00:04:55,920 Speaker 1: financial advisors. There are more than there used to be, 87 00:04:56,160 --> 00:05:00,440 Speaker 1: but is still an industry dominated by men. Happy to 88 00:05:00,480 --> 00:05:04,520 Speaker 1: introduce to the show someone who is considered has been well. 89 00:05:04,560 --> 00:05:06,600 Speaker 1: She's gotten so many accolades, but one of them is 90 00:05:07,440 --> 00:05:10,160 Speaker 1: she's one of the one hundred great financial planners in 91 00:05:10,279 --> 00:05:15,200 Speaker 1: the United States. She joins us today from Coral Gables, Florida. 92 00:05:15,279 --> 00:05:18,640 Speaker 1: Margaret Starner, Senior vice president Financial Planning. She has the 93 00:05:18,720 --> 00:05:22,880 Speaker 1: starter group of Raymond James. So Mark start by asking you, 94 00:05:22,920 --> 00:05:28,240 Speaker 1: how's the weather? So so rain? But you're ready as 95 00:05:28,400 --> 00:05:30,160 Speaker 1: as as as authoritian, you know how to deal with this. 96 00:05:30,440 --> 00:05:34,880 Speaker 1: I absolutely do. Already got my fried chicken. That sounds great. 97 00:05:34,880 --> 00:05:36,520 Speaker 1: I'll come join you. So I don't know if I 98 00:05:36,520 --> 00:05:38,360 Speaker 1: can go to flight out. So what tell us a 99 00:05:38,400 --> 00:05:43,039 Speaker 1: little bit more about you? How you got into this industry. Well, 100 00:05:43,440 --> 00:05:45,720 Speaker 1: you know, it's sort of funny. My husband says, I'm 101 00:05:45,880 --> 00:05:48,200 Speaker 1: very perfect for this industry. When I was telling him, 102 00:05:48,279 --> 00:05:52,240 Speaker 1: I'd read an article about financial planning, because back in 103 00:05:52,320 --> 00:05:55,960 Speaker 1: those days, people really just looked for the best investment 104 00:05:56,120 --> 00:05:58,640 Speaker 1: and they didn't even know what that meant except by 105 00:05:58,680 --> 00:06:02,720 Speaker 1: beginning a CD or treasury or or stock like an 106 00:06:02,760 --> 00:06:06,280 Speaker 1: A T and T. But in truth, um, they were 107 00:06:06,320 --> 00:06:10,159 Speaker 1: paying most of their rewards or whatever they gained into taxes. 108 00:06:10,240 --> 00:06:14,640 Speaker 1: The tax rates, the highest tax rates was. So I 109 00:06:14,760 --> 00:06:17,400 Speaker 1: got the idea, because I was working in corporate America, 110 00:06:17,800 --> 00:06:22,640 Speaker 1: that we should be applying some corporate techniques to individuals, 111 00:06:22,680 --> 00:06:24,760 Speaker 1: which is really what are your goals? What are your 112 00:06:24,839 --> 00:06:29,680 Speaker 1: dreams and wishes? And um, that whole concept has transformed 113 00:06:29,720 --> 00:06:33,560 Speaker 1: the industry from just a transaction and buying stuff that 114 00:06:33,720 --> 00:06:38,480 Speaker 1: you think is good. Two advice on how to think financially, 115 00:06:39,440 --> 00:06:41,919 Speaker 1: give us an example of something like that, and perhaps 116 00:06:42,080 --> 00:06:47,000 Speaker 1: contrasted with what you thought or what you feel was 117 00:06:47,680 --> 00:06:52,760 Speaker 1: the prevailing kind of issue of the prevailing policies at 118 00:06:52,800 --> 00:06:55,080 Speaker 1: the time. Well, I think one of the you know, 119 00:06:55,320 --> 00:06:58,400 Speaker 1: there are several, I mean many, but one would be, uh, 120 00:06:58,520 --> 00:07:02,320 Speaker 1: never have debt and so oh uh it's very difficult 121 00:07:02,800 --> 00:07:08,000 Speaker 1: to really not use debt wisely. Uh. Most people it 122 00:07:08,160 --> 00:07:10,720 Speaker 1: was determined, you know back then it was even today. 123 00:07:10,760 --> 00:07:13,040 Speaker 1: You don't you want to have everything paid off by 124 00:07:13,080 --> 00:07:17,200 Speaker 1: the time, you know, you retire, and so they don't. 125 00:07:17,360 --> 00:07:19,840 Speaker 1: Not you don't compare the cost of the money to 126 00:07:20,000 --> 00:07:23,360 Speaker 1: the opportunity cost of investing it in something, whether it's 127 00:07:23,360 --> 00:07:26,160 Speaker 1: a business or whether it's a uh, like no one 128 00:07:26,240 --> 00:07:28,360 Speaker 1: would ever think about trying to pay cash for a house, 129 00:07:29,320 --> 00:07:32,720 Speaker 1: but people don't often think about how to use that wisely. 130 00:07:32,840 --> 00:07:35,400 Speaker 1: Now unfortunately got into a period where people have too 131 00:07:35,480 --> 00:07:38,000 Speaker 1: much debt. So you do have to know how to 132 00:07:38,080 --> 00:07:41,880 Speaker 1: think about, uh, you know, what's what's the safe thing 133 00:07:41,960 --> 00:07:44,320 Speaker 1: to do? And I would say risk is another thing. 134 00:07:44,480 --> 00:07:47,720 Speaker 1: Like if you think about what does uh in my day, 135 00:07:47,760 --> 00:07:50,880 Speaker 1: what did people buy for a newborn baby. They always 136 00:07:50,920 --> 00:07:54,200 Speaker 1: bought them a savings fund. Well, you have eighteen twenty 137 00:07:54,320 --> 00:07:56,760 Speaker 1: years before that child needs the money. And so for 138 00:07:56,840 --> 00:07:59,840 Speaker 1: a long time investor, you're far better off to investing growth, 139 00:08:00,480 --> 00:08:03,280 Speaker 1: not in something that gives you, you know, a fixed income, 140 00:08:04,280 --> 00:08:05,640 Speaker 1: so I don't know if that sort of helps you 141 00:08:05,760 --> 00:08:11,040 Speaker 1: or not. So, Margaret, you came into this industry as 142 00:08:11,160 --> 00:08:14,200 Speaker 1: a woman years ago and there are even if here women, 143 00:08:14,280 --> 00:08:18,760 Speaker 1: then what have you found over the years? Are women 144 00:08:18,880 --> 00:08:22,120 Speaker 1: still too shy to take a step up to this 145 00:08:22,320 --> 00:08:26,200 Speaker 1: kind of role? Are there barriers or are are the 146 00:08:26,240 --> 00:08:29,960 Speaker 1: opportunities bigger than ever because there's such a call for 147 00:08:30,120 --> 00:08:35,000 Speaker 1: diversity in this country and economy now, I really think 148 00:08:35,080 --> 00:08:37,480 Speaker 1: it's it's uh, you know, you sort of need to 149 00:08:37,559 --> 00:08:41,000 Speaker 1: change the conversation. Unfortunately, a lot of women don't really 150 00:08:41,080 --> 00:08:43,839 Speaker 1: know about this industry. It's it's probably one of the 151 00:08:44,480 --> 00:08:47,400 Speaker 1: best careers I could think that for a woman because 152 00:08:47,440 --> 00:08:51,880 Speaker 1: you can have flexibility, You're you're providing an incredible service 153 00:08:52,000 --> 00:08:55,079 Speaker 1: to families if you like working with people, if you 154 00:08:55,160 --> 00:08:58,959 Speaker 1: like working with people and numbers is even better. So 155 00:08:59,360 --> 00:09:02,960 Speaker 1: I'm very bob in trying to change that conversation. I mean, 156 00:09:03,280 --> 00:09:06,319 Speaker 1: my granddaughter probably did not wake up thinking, oh, I 157 00:09:06,440 --> 00:09:08,679 Speaker 1: really want to be a financial planner when I grow up. 158 00:09:09,080 --> 00:09:11,800 Speaker 1: That's what we want, you know, the future leader of 159 00:09:11,840 --> 00:09:14,160 Speaker 1: women leaders of the country to really be thinking about. 160 00:09:14,240 --> 00:09:17,959 Speaker 1: Because there it is a great profession and I think 161 00:09:18,040 --> 00:09:21,920 Speaker 1: it's just not understood. Can you share with us perhaps 162 00:09:22,000 --> 00:09:26,160 Speaker 1: a story or an anecdote in which a client learned 163 00:09:26,320 --> 00:09:28,960 Speaker 1: something that you believe would not have been learned had 164 00:09:29,000 --> 00:09:31,599 Speaker 1: you not gone through the process and the challenges of 165 00:09:32,040 --> 00:09:36,240 Speaker 1: being a financial planner and such a successful one. I 166 00:09:36,320 --> 00:09:38,559 Speaker 1: think one of the I'll take one that has to 167 00:09:38,640 --> 00:09:41,800 Speaker 1: do with a younger person because I think that, um, 168 00:09:42,520 --> 00:09:45,800 Speaker 1: it's not an unusual story. So um, there was a 169 00:09:45,880 --> 00:09:49,839 Speaker 1: young couple who had a very um yeah, he was 170 00:09:49,880 --> 00:09:52,199 Speaker 1: an engineer and she had a job. They had a 171 00:09:52,280 --> 00:09:55,319 Speaker 1: house and so forth, and he came to me with 172 00:09:55,400 --> 00:09:58,439 Speaker 1: the idea that he wanted to start. Uh, there's a 173 00:09:58,520 --> 00:10:01,280 Speaker 1: whole new franchise that he wanted get into and it's 174 00:10:01,280 --> 00:10:04,040 Speaker 1: probably something that you have heard of, car crost It 175 00:10:04,920 --> 00:10:08,920 Speaker 1: and so he as he explained it to me, I 176 00:10:09,240 --> 00:10:11,880 Speaker 1: really could see that he could do a great job. 177 00:10:11,960 --> 00:10:15,400 Speaker 1: In his engineering background made him a little bit unique 178 00:10:16,240 --> 00:10:20,000 Speaker 1: in the industry. I saw that he could actually, you know, 179 00:10:20,480 --> 00:10:22,680 Speaker 1: probably take it further than it was going. I'm gonna 180 00:10:22,800 --> 00:10:24,920 Speaker 1: I'm gonna make you take it further, but faster. It's 181 00:10:24,920 --> 00:10:27,640 Speaker 1: the only gonna give you about ten more seconds. I'm sorry. Anyway, 182 00:10:27,720 --> 00:10:29,920 Speaker 1: the longest short she did not. She said, I'm not 183 00:10:29,920 --> 00:10:32,120 Speaker 1: gonna pay my mortgage. How am I gonna do? You 184 00:10:32,160 --> 00:10:33,520 Speaker 1: know We're not gonna be able to do this. He's 185 00:10:33,520 --> 00:10:36,320 Speaker 1: gonna put his job as an engineer. And I said, well, 186 00:10:36,400 --> 00:10:37,719 Speaker 1: you have to decide do you want to do? You 187 00:10:37,760 --> 00:10:39,079 Speaker 1: want to invest in the house, so you want to 188 00:10:39,120 --> 00:10:42,679 Speaker 1: invest in your future? Well said, thank you very much. 189 00:10:42,840 --> 00:10:47,800 Speaker 1: Margaret Starner, Senior vice president Financial Planning the Starner Group 190 00:10:48,200 --> 00:10:52,320 Speaker 1: of Raymond James. You're listening to taking Stockheim pim Fox 191 00:10:52,440 --> 00:11:02,080 Speaker 1: My co host Kathleen Hayes, this is Bloomberg. Hurricane Matthew 192 00:11:02,240 --> 00:11:06,720 Speaker 1: promises to be the worst hurricane hitting the United States 193 00:11:07,480 --> 00:11:10,560 Speaker 1: since two thousand five, and it's also going to hit 194 00:11:10,600 --> 00:11:12,839 Speaker 1: a lot of retailers. Find out what that's going to 195 00:11:12,960 --> 00:11:13,720 Speaker 1: mean coming up.