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Peter Weltman, Ontario’s financial accountability officer, says the province recorded an actual deficit in 2018-19 of $7.4 billion.

Shortly after Premier Doug Ford was elected he claimed the province was strapped with a staggering $15-billion deficit because of the previous Liberal government’s reckless spending.

“It’s important for people to understand the official deficit was never $15 billion,” Weltman told Global News in an interview on Thursday.

The $7.4-billion figure confirmed the number Treasury Board President Peter Bethlenfalvy and Finance Minister Rod Phillips released in September along with the government’s public accounts.

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One of the many lies of the Trump presidency is the idea that the president is so rich, he can’t be tempted by the conflicts of interests and penny-ante corruption other mere mortals couldn’t resist. This has almost certainly turned out to be the opposite of the truth, never mind Mulvaney’s claim that Trump has never profited from the presidency. Trump refused to put his holdings in a blind trust. Trump laughs in the face of lawsuits alleging violations of the Constitution’s emoluments clause and any claims resembling conflict of interest. He’s traveled to and stayed at properties he’s owned well over a hundred times since he moved into the White House, running up monster bills every step of the way. Lobbyists flock to the Trump hotel in Washington, while others ranging from conservative interest groups to payday loan lenders book events at Trump properties around the country. This past summer, Vice President Pence, on an official state visit to Ireland, felt a compelling need to stay at the country’s Trump golf resort even though it was located more than 100 miles away from the site of his meetings. The president, his staff told the press, made the “suggestion” he stay there.

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KANSAS CITY, MO (KCTV) – On Thursday, it was announced that Tammy Queen has been named the director of finance for Kansas City, Missouri.

She replaces Randy Landes, who retired on Sept. 13 after 30 years of public service.

Queen has been with the city for 24 years, serving as city treasurer prior to becoming deputy director. Queen is a Certified Treasury Professional with a bachelor’s degree in finance from the University of Missouri and an MBA from UMKC. She also is professionally certified by the National Automated Clearing House Association.

“I am grateful for the City Manager’s confidence in my ability to serve as Director of Finance and I look forward to serving the City and our residents in my new role,” Queen said.

Queen said that one of her priorities will be to review the city’s financial policies and recommend strategic changes as needed. “Such changes will likely include a policy to fund pensions and the development of a Risk Management Program,” a press release from the city said.

“Generally, I just want to keep steering the ship in the right direction,” Queen said.

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  • Financial-advisers-in-training at Bank of America's wealth-management arm who exit the trainee program without becoming full-fledged advisers are more commonly transitioning to different roles within the firm instead of leaving altogether, according to Andy Sieg, the head of Merrill Lynch. 
  • That shift underscores financial advisers' evolving career paths. Some recruiters and experts describe an increasingly difficult environment for wealth advisers across the industry as the business of wealth management has become more competitive and crowded with countless digital self-directed options.
  • Firms may be more "open to the idea of possibly finding something that would be a better fit" than they were in the past, one wealth-management recruiter told us. 
  • Business Insider first reported that Merrill Lynch hiked trainee financial advisers' starting salaries by $10,000 earlier this year as it looked to attract new talent.
  • Visit BI Prime for more stories.

It isn't easy to become a wealth adviser.

Most aspiring money managers for the wealthy end up failing early on as the pressure to take on new clients and generate sales burns out newcomers. A pattern among newbie advisers that's unfolding in Bank of America's wealth-management unit shows how traditional wealth managers are adapting to that reality.

Financial-advisers-in-training at Merrill Lynch who exit its trainee program — designed to ease hopeful advisers into the mix with performance coaches on watch — without becoming full-fledged advisers are now often transitioning to other roles within the firm instead of leaving altogether, according to Andy Sieg, the president of Merrill Lynch wealth management.

"We are becoming much more effective at ensuring that someone who's come in and gotten to know our company and platforms and the like — if perhaps a Merrill Lynch financial-adviser role isn't the right role for them — we're helping them become reskilled and find another either adviser role or other position within the company," Sieg told Business Insider.

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