Here's why you probably won't be a millionaire

Reuters/Arnd Wiegmann

FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.

Most professionals won't be a millionaire (Forbes)

Russ Alan Prince, president of R.A. Prince & Associates, consults the ultra-wealthy, entrepreneurs, and select professionals on how to expand their networks and get the most out of their professional relationships. Prince wrote in Forbes that most professionals won't be millionaires, because they lack self-efficacy, or the belief they can succeed in specific situations. Prince says that lots of professionals are hard-working, but most get stuck in the trap of finding reasons why something won't work instead of finding ways to make it work.

Japan introduced negative interest rates (Business Insider)

The Bank of Japan stunned markets by introducing negative interest rates at Friday's policy meeting. In a 5 to 4 vote, the central bank said it would charge banks an interest rate of -0.10% on their excess reserves. "Although a negative interest rate is not applied to the total outstanding balances of current accounts, costs incurred with an increase in the current account balance brought by a new transaction will be -0.1% if it is applied to a marginal increase in the current account balance," the BOJ said in its statement. Japan's stock market, the Nikkei, finished the day higher by 2.8% following the announcement.

The worst ETFs of the past 3 years (Financial Planning)

Financial Planning used Morningstar data to determine the 20 worst performing funds over the last three years. Sectors hit especially hard over that time were natural resources, metals and emerging markets. First Trust ISE's Revere Natural Gas ETF (FCG) has posted a three-year return of -37.7%, making it the worst performing fund. Market Vectors' Junior Gold Miners ETF (GDXJ) and Global X's Silver Miners ETF (SIL) rounded out the bottom three with respective three-year losses of 36.7% and 34.9%.

Vanguard has a fund with a 0.01% expense ratio (Investment News)

Vanguard has launched its Total Stock Market Index and Total Bond Market Index funds with expense ratios of just 0.01%, Investment News reports. However, there's a catch. The fund is aimed at institutional money, so minimum investments are $5 billion and $3 billion, respectively. Vanguard also lowered its target-date fund's expenses by 2 basis points and its Target Retirement 2035 Fund by 3 basis points, Investment News says.

A hedge fund will repay investors almost $3 million (Think Advisor)

QED Benchmark Management and founder/fund manager Peter Kuperman will reimburse investors $2.877 million after misleading them about the fund's strategy and historical performance, Think Advisor says. The firm dumped a large portion of its assets into a single penny stock, disregarding the strategy it told investors. In addition to repaying investors, Kuperman must pay a $75,000 fine on top of his ban from the industry. Both Kuperman and QED neither admitted nor denied any wrongdoing to the Securities and Exchange Commission.

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