Last week ended with two significant developments for the markets and the economy, and for the advisor universe: the May jobs report was disappointing, as job growth (ex the Census Bureau) was weaker than expected; while the biggest independent broker/dealer, LPL Financial, filed for its initial public offering–both on Friday, June 4.
This week begins with the expected naming on June 7 by House Financial Services Committee Chairman Barney Frank of the conference committee that will seek to reconcile the House and Senate versions of financial services reform; two eminences grise of Washington and this specific legislation–David Tittsworth of the Investment Adviser Association and Dan Barry of the Financial Planning Association, provided analysis and guarded predictions in an exclusive Webinar on Thursday, June 3–you can read the news story and download an archived version of the Webinar. In other political news, voters cast ballots in 12 states in primary elections on June 8.
The Federal Reserve and its leader is busy this week. On Monday, June 7, the Fed releases its consumer credit numbers for April and its beige book on Wednesday, June 8, while Chairman Bernanke delivers a state of the economy testimony on June 8 before the House Budget Committee.