Executive Summary

Over the past few decades, the financial services industry seems to have moved away from its mission of serving clients and supporting the economy in favor of enriching itself. How can this be fixed? Regulation is a critical piece of the puzzle. But, even within the constraints of existing structures, research indicates that well-intentioned finance professionals can buck the stereotypes and succeed without extracting value from the rest of society.  Virtuous role models serve their customers’ interests faithfully, but not in ways that cause harm to other stakeholders. They treat their colleagues with dignity and promote diversity within their organizations and across the industry. And they use their skill sets and networks to contribute to the world beyond their job.

Illustration by Erre Gálvez

Finance can be a force for good in society but, over the past few decades, structural and behavioral changes have pushed the industry away from its mission of serving clients and supporting the economy in favor of enriching itself. At worst, financial services firms are mired in conflicts of interests, cloaked in opacity and complexity, and skewed by information asymmetry. Many of my students are keen to work in finance but concerned about being corrupted as soon as they walk into their first jobs. What can be done to restore confidence in the industry?

Regulation is a critical piece of the puzzle. But even within the constraints of existing structures, my research indicates that well-intentioned finance professionals can buck the stereotypes and succeed without extracting value from the rest of society. And we can all look to them as role models. In studying dozens of such individuals and firms, I found a few patterns. In simple terms, they serve their customers’ interests faithfully, but not in ways that cause harm to other stakeholders. They

The finance industry is highly competitive and fast-changing. Finance professionals are expected to quickly adapt to new trends and developments in the field, and the pressure can be overwhelming. Thankfully, there are many ways to stay informed as a professional in this industry.

We asked 15 members of Forbes Finance Council about their favorite resources to stay in the loop in their industry. Read on for their curated list of books, podcasts, blogs and more to help fellow finance professionals stay on top of industry developments.

1. The Tim Ferriss Show

One of my favorite podcasts to listen to is The Tim Ferriss Show. This podcast includes interviews with world-class performers from a variety of areas in business, the arts, sports, entertainment, etc. I glean many great ideas from the esteemed guests on the show. Countless times I will stop the recording to take notes that I use for later business development opportunities. It is a great resource. – Sarah Hanna, ECS North

2. Marginal Revolution

There are lots of sources to binge on news and startup updates. I find that the most valuable thing most people can do is take a step back and try to understand the deeper forces that are shaping the industry as a whole. For that, Tyler Cowen’s blog Marginal Revolution is one of my favorites. – Sandeep Sood, Kunai

Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?

3. Financial Executives International

I would recommend joining a financial networking organization to stay informed on the latest industry developments. I belong to many, but

EL DORADO HILLS, Calif., Oct. 13, 2020 /PRNewswire/ — Patra, a leading provider of technology-enabled solutions for the insurance industry, along with AmWINS Group, CRC Group, Heffernan Insurance Brokers, are among the leading companies that have formed InsurConneXtions Alliance, a strategic alliance that will prioritize, develop, and integrate specific technology solutions into critical insurance processes – for the purposes of driving processing efficiencies and industry standards.

The Insurance industry will need to rapidly adopt technology to drive efficiencies and economic value for our customers

The formation of InsurConneXtions represents leaders across insurance technology, brokerage, wholesale, and specialty insurance, and represent over $50 Billion in Insurance premiums. 

With a multitude of decisions and rapid changes facing the insurance industry, collaboration and cooperation is required to accelerate the integration of technology into critical and high-volume processes. The charter members of the Alliance are well positioned to leverage their expertise, experience, and market position to accelerate the deployment of technology into a variety of insurance processes. 

The alliance has unanimously selected to begin its collaboration by focusing on technology and efficiency improvements to policy checking. Policy checking is a high volume and comprehensive process that performs a critical validation for accuracy and integrity of policy issuance across carriers, wholesalers, and brokers. Beginning this month, alliance members will work together to drive the evolution of Patra’s industry leading policy checking solution.

“The need for insurance leaders to collaborate on technology has never been more important and this InsurConneXtions will be an important and strategic contributor,” said John Simpson, CEO and Founder of Patra. “With industry leading firms along with Patra’s technology and full-service delivery capabilities, a collaborative approach will help ensure a more rapid delivery of tech-enabled solutions to help solve our common challenges.”

“Speaking on behalf of the membership, we are excited

The third-quarter reporting cycle is finally here. PACCAR Inc. PCAR is set to kick off the earnings season for the Auto-Tires-Trucks sector next week.

Per the Oct 9 Earnings Preview, the auto sector’s earnings tanked 123.5% on a 49.7% revenue slump during the second quarter. However, things seem to be gradually looking up for the sector. While earnings and revenues are expected to have declined in the September-end quarter as well, these declines are likely to be less severe. In the third quarter, overall earnings and revenues for the sector are projected to fall 35.1% and 4.8%, year over year.

Dismal Q2 Performance

The coronavirus outbreak hit the auto industry hard in the latter half of the first quarter and the second quarter. The pandemic hurt the industry significantly amid factory closures, low footfall at dealerships and supply-chain distortions. Depressed demand of vehicles amid waning consumer confidence has dented the margins of most automakers across the globe. Amid the coronavirus crisis-induced lockdown, with thousands of people working from homes, consumers had put off big-ticket purchases like cars, causing the global auto sales to plummet during the April-June period.

Per the S&P Global Market Intelligence analysis, U.S. auto sales plunged 33.3% year over year in the second quarter, with the overall non-seasonally adjusted U.S. vehicle sales for the period summing up to 2.95 million units, down from the 2019 figure of 4.42 million units. Notably, vehicle sales from each of the Detroit 3 carmakers — Ford, General Motors and Fiat Chrysler — dropped year over year during the June-end quarter.

U.S. Auto Industry Gathered Momentum in Q3

The pandemic has significantly transformed the auto industry. With social distancing becoming the new normal, people are avoiding public transportation, which makes private transportation the need of the hour. Remarkably, U.S. auto sales are

NASHVILLE, Tennessee — As a trauma nurse in an emergency room, Kirstin Broc-Reyes had seen her share of chaotic scenes in hospitals, but nothing prepared her for being on the set of a music video for the first time.

As CEO of Live Better Solutions, which provides on-site private Covid-19 testing, Broc-Reyes administers Covid-19 tests to production employees, crews and talent. She also serves as a Covid-19 compliance officer, which involves maintaining safety protocols, like mask wearing and social distancing, on set.

It’s a collision of two different worlds: While she might be an ace in the ER, Broc-Reyes doesn’t have to worry about stepping into camera lines there.

“The crew was constantly telling me to move,” she said. “Now I’ve learned to ask where the ‘no-go’ zones are.”

Thanks to agreements signed among unions and the industry within the last few months and strict new Covid-19 compliant guidelines, cameras on movie and television productions are starting to roll again. That has meant a growing need for immediate, on-site Covid-19 testing all over the country. Small private companies like Broc-Reyes’ are stepping in, creating a new and growing cottage industry.

In Tennessee, Bob Raines, executive director of the Tennessee Entertainment Commission, estimates they’ve seen a 40 percent increase in film permits and projects since May.

Colleen Bell, executive director of the California Film Commission, said a comprehensive mandatory testing regime is the cornerstone of a safe set in a pre-vaccine environment. “Without testing, the entire cast and crew would be working in environments with unknown risk,“ she said.

This summer’s Video Music Awards was one of the first live shows under the new Covid-19 testing protocols, and for Jackie Barba, Viacom/CBS senior vice president of production, it was daunting to oversee it all.

“We had no footprint, we had no