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ATM: What Never Changes with Money

The Big Picture

 ATM: Title At the Money: What Never Changes with Money (November 6, 2024) As much as our era seems to be unprecedented, Human nature is same as it ever was. Our behavior around risk and reward has been very consistent over the millennia. Full transcript coming soon. ~~~ About this week’s guest: Morgan Housel is a partner at the Collaborative Fund and author of “ The Psychology of Money: Timeless lessons on wealth, greed, and happiness.

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Wednesday links: little acts of humanity

Abnormal Returns

Prediction markets Prediction markets got things right this go round. (coindesk.com) When election prediction markets pay out. (axios.com) One thing prediction markets got wrong. (axios.com) Finance Now is a good time to be selling a private credit manager. (ft.com) More ETFs, means a need for more tickers. It's getting cutthroat out there. (finance.yahoo.com) Apple Apple ($AAPL) is investing in Globalstar to support satellite capabilities.

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Personal finance links: the lure of small rewards

Abnormal Returns

Podcasts Peter Lazaroff talks with Sara Gelsheimer, Senior Wealth Manager at Plancorp, about the importance of both spouses being involved in their household’s financial decisions (peterlazaroff.com) Carl Richards talks with Jerry Colonna about the 'emotional landscape of money.' (50fires.com) Khe Hy talks 'career earthquakes' with Paul Millerd. (youtube.com) Christine Benz and Amy Arnott talk with Phil Moeller author of "Get What’s Yours for Medicare.

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Why Advertising “Conflict-Free” Advice Could Violate The SEC’s Marketing Rule

Nerd's Eye View

As fiduciaries, financial advisors are required to disclose any conflicts of interest that exist between themselves and their current and potential clients. The conflicts themselves can range from compensation models that impact how much money an advisor might earn as the result of a recommendation (such as specific product recommendations for advisors compensated on commission and 401(k) plan rollover recommendations for AUM-based advisors) to less direct conflicts such as 'soft dollar' benefit

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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

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SEC: Firm Used Athlete Endorsements Without Disclosing Payment

Wealth Management

The commission settled charges that Wahed Invest violated the ad rule when including a pro soccer player and MMA athletes in marketing without clarifying that they weren’t clients and were compensated.

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Longform links: zero political impact

Abnormal Returns

Books An excerpt from "The Price Of Power: How Mitch McConnell Mastered The Senate, Changed America, And Lost His Party" by Michael Tackett. (theatlantic.com) A Q&A with Amanda Ripley author of "High Conflict: Why We Get Trapped and How We Get Out." (davidepstein.substack.com) A Q&A with Eliza Griswold author of "Circle of Hope: A Reckoning with Love, Power, and Justice in an American Church.

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Kitces & Carl Ep 150: When The Early Years’ Scarcity As A Financial Advisor Prevents You From Growing To The Next Level

Nerd's Eye View

For many years, the traditional career track for financial advisors has been an 'eat what you kill' model – where advisors must independently find, convert, and manage their own clients. As such, it isn't uncommon for an advisor's first few years to be characterized by long hours, high rejection rates, and low pay. For many, this can be a stressfully prolonged period that typically eases only as advisors build their client base and establish themselves in the industry.

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MiB: Annie Lamont, Managing Partner of Oak HC/FT

The Big Picture

This week, we speak with Annie Lamont, Co-Founder and Managing Partner of Oak HC/FT. Prior to founding Oak HC/FT in 2014, Annie spent 28 years at Oak Investment Partners, where she served as a Managing Partner and led the healthcare and fintech practices. Annie has been named to Forbes’ Midas List as well as Fortune’s Top 20 Private Equity Power Players and Modern Healthcare’s 100 Most Influential People.

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Using Trading Volume to Optimize Portfolio Construction and Implementation

Alpha Architect

The authors of the research discussed developed a machine learning model that can accurately predict trading volume for individual stocks. They then demonstrated how this model can be used to construct a portfolio that outperforms a traditional market-cap weighted portfolio. Using Trading Volume to Optimize Portfolio Construction and Implementation was originally published at Alpha Architect.

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Pricing for Profit: How to Set, Negotiate, and Succeed

Speaker: Igli Laci, Strategic Finance Leader

In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a

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Don’t Take Financial Advice From Hedge Fund Managers

A Wealth of Common Sense

Paul Tudor Jones made some waves last week on a CNBC interview: He’s worried government spending and deficit levels are going to lead to a crisis: “The question is after this election will we have a Minsky moment here in the United States and U.S. debt markets?” Jones said, referring to shorthand for a dramatic decline in asset prices. “Will we have a Minsky moment where all of a sudden there&#821.

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Wednesday links: plenty of perspective

Abnormal Returns

Rates Why rates are bucking the Fed. (sherwood.news) What's behind weakness in the long end of the curve? (apolloacademy.com) Finance Charles Schwab ($SCHW) is expanding 24-hour trading. (barrons.com) The crypto industry is licking its chops for the prospects over the next four years. (theatlantic.com) Companies Does Arm Holdings ($ARMH) have an AI future?

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Values, Purpose, Action: A 3-Part Approach To Establish A “Statement Of Financial Purpose” And Unlock Deeper, More Meaningful Planning Conversations With Clients

Nerd's Eye View

In the early days of financial planning, serving clients often meant developing transactional relationships focused on facilitating trades and selling insurance. Over time, advisors shifted toward more analytical approaches, such as investment management and retirement planning. Today, the industry has evolved further, with a growing emphasis on aligning financial decisions with clients' personal priorities and life goals.

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10 Monday AM Reads

The Big Picture

My back-to-work morning train WFH reads: • Meet the ‘super users’ who tap AI to get ahead at work : Workers say using AI tools like ChatGPT every day supercharges their efforts and saves them time on the job. ( Washington Post ) • Defining Bull and Bear Markets : There are some loosely accepted definitions but you have secular bull and bear markets as well as cyclical bull and bear markets.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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11 Investment Must Reads for this Week (Nov. 5, 2024)

Wealth Management

BlackRock became the latest and largest asset manager to seek approval for an ETF share class on existing mutual funds. Morgan Stanley launched an investing index tied to prominent sports leagues globally. These are among the investment must reads we found this week for wealth advisors.

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MBA: Mortgage Applications Decreased in Weekly Survey

Calculated Risk

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 10.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending November 1, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 10.8 percent on a seasonally adjusted basis from one week earlier.

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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week Why rates are bucking the Fed. (sherwood.news) How major asset classes performed, or didn't, in October 2024. (capitalspectator.com) What's behind weakness in the long end of the curve? (apolloacademy.com) Why mortgage rates are rising. (axios.com) This device is the equivalent of an 'EV gas can.' (newatlas.com) Institutional investor ownership of single-family homes is concentrated in certain geographies.

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Holistiplan Launches Estate Plan Document Extraction Tool (And More Of The Latest In Financial #AdvisorTech – November 2024)

Nerd's Eye View

Welcome to the November 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors! This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technol

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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor

During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.

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Some Things I Don’t Believe About Investing

A Wealth of Common Sense

As Charlie Munger liked to say, “Invert, always invert.” Here are some things about investing that I don’t believe: I don’t believe there is a sole way to invest. Everyone has a different emotional make-up and lesser version of themself. Plus, experiences and circumstances can shape your attitudes towards risk and return. There are a lot of strategies that can work.

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Apollo Assets Reach $733 Billion, Boosted by Wealth Clients

Wealth Management

Apollo, like its peers, continues to target high earners for higher-fee-paying assets and has set a goal of raising at least $150 billion for its global wealth business by 2029.

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Housing Nov 4th Weekly Update: Inventory Unchanged Week-over-week, Up 29.8% Year-over-year

Calculated Risk

Altos reports that active single-family inventory was unchanged week-over-week. The first graph shows the seasonal pattern for active single-family inventory since 2015. Click on graph for larger image. The red line is for 2024. The black line is for 2019. Inventory was up 29.8% compared to the same week in 2023 (last week it was up 30.8%), and down 19.4% compared to the same week in 2019 (last week it was down 20.7%).

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Research links: a whole lot of factors

Abnormal Returns

ETFs Passive investing continues to take share. Where is the evidence that it is fundamentally changing the stock market? (on.ft.com) 'Peak ETF' is nowhere on the horizon, especially overseas. (klementoninvesting.substack.com) Portfolio construction How portfolio diversification works. (caia.org) How to use trading volume to optimize portfolio construction.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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#FASuccess Ep 410: Delivering Financial Planning Profitably To Every Client With A Focus On Accountability Over ‘Just’ Meetings, With Emily Biehler

Nerd's Eye View

Welcome everyone! Welcome to the 410th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Emily Biehler. Emily is the co-founder of TrailWise Financial Partners, an RIA based in Golden, Colorado, that oversees approximately $80 million in assets under management for 200 client households. What's unique about Emily, though, is how her firm ensures every client can be served profitably through a combination of a complexity-based minimum fee arrangement, coupled with

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Why did RBI bring back 102 tons of gold to India and Is this a precautionary measure?

Trade Brains

Gold is the ultimate security measure for central banks, which can be thought of as national treasure troves. Central banks hold gold bars in reserve to withstand economic downturns, much like we save money for unexpected expenses. This shiny gold serves as a financial anchor, keeping things stable when markets tremble or currencies falter. It’s similar to having shining insurance coverage that never ends!

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New RIA Acquirer Comes to Market With First Deal

Wealth Management

Aspen Standard Wealth has taken a majority stake in Summitry, a $2.8 billion RIA, as it aims to hold wealth management firms permanently and solve some of their pain points.

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October Employment Report: 12 thousand Jobs, 4.1% Unemployment Rate

Calculated Risk

From the BLS: Employment Situation Total nonfarm payroll employment was essentially unchanged in October (+12,000), and the unemployment rate was unchanged at 4.1 percent , the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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Stocks, Rates & Gold: What’s Going on Here?

A Wealth of Common Sense

We also discussed questions about Roth vs. traditional retirement accounts, the pros and cons of targetdate funds, retiring in your mid-30s and what to do about big gains in Mag 7 stocks. Further Reading: What’s the Investment Case For Gold? 1I had our chart guy Matt cut off the tops of the gold chart here because some of the returns in the 1970s were so high.

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Adani stock going for massive expansion plan; Will it overtake Gail India?

Trade Brains

A leading player in India’s energy sector focuses on distributing natural gas to industrial, commercial, and residential customers. Operating a robust network of city gas distribution systems, it supplies piped natural gas (PNG) and compressed natural gas (CNG). As a joint venture with a global energy leader, the company is dedicated to enhancing India’s energy infrastructure and promoting sustainable energy solutions.

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Unlocking the Power of Complex Assets and Legacy Gifts in Philanthropy

Wealth Management

As $80 trillion transitions over the next two decades through the Great Wealth Transfer, the value of complex assets and bequests will only grow for charities aiming to maximize their impact.

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