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Weekend Reading For Financial Planners (February 1–2)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that following the change of administration (and a new incoming chair of the SEC), the Investment Adviser Association is seeking to find ways to help RIAs (particularly smaller firms) manage the compliance responsibilities they face.

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Risks & Opportunities of the New Administration

The Big Picture

My weekend routine wraps up with checking in on the Futures markets (free via Bloomberg here ) after 6 p.m. to see how the equities are doing. Futures trading shows how markets are reacting to whatever news broke over the weekend. It can provide a snapshot of what Monday morning might look like, or even the rest of the week. ~~~ We are but two weeks into the administration of Trump 2.0.

Economy 130
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Personal finance links: household economics

Abnormal Returns

Podcasts Christine Benz and Dan Lefkovitz talk with John Rekenthaler about his long career writing about investing. (morningstar.com) Peter Lazaroff on how much money you need to retire. (peterlazaroff.com) Family Every decision we make has trade-offs: the case for staying home to care for small children. (readthejointaccount.com) When are you children mature enough to discuss estate issues?

Economics 173
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Market Timing vs. Time in the Market

Zoe Financial

Market Timing vs. Time in the Market Updated January 28th, 2025 Reading Time: 4 minutes Written by: The Zoe Team Though these terms may sound similar, market timing is not the same as time in the market. What do these mean, and which is a sounder investment strategy? Lets take a poll. Raise your hand if youve ever heard someone brag about how they bought Amazon stock right before its share price doubled.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Inflation Adjusted House Prices 1.1% Below 2022 Peak; Price-to-rent index is 7.8% below 2022 peak

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 1.1% Below 2022 Peak Excerpt: It has been over 18 years since the housing bubble peak. In the November Case-Shiller house price index released yesterday, the seasonally adjusted National Index (SA), was reported as being 77% above the bubble peak in 2006. However, in real terms, the National index (SA) is about 12% above the bubble peak (and historically there has been an upward slope to real house prices).

Numbers 98
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How RIAs Can Craft An Effective Operating Agreement That Aligns Owners’ Interests And Mitigates Risks

Nerd's Eye View

As a foundational document, the operating agreement is essential for RIA firms. When thoughtfully drafted, it aligns the interests of the firm's owners, sets clear expectations for operations, and establishes how profits will be distributed. While some RIA owners might be tempted to prioritize moving quickly to the more enjoyable work of providing financial advice, neglecting to thoughtfully draft and update an operating agreement can lead to mismatched expectations, legal risks, and costly disp

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The Value of Client Communication

Wealth Management

Clearly explaining the technical aspects of the planners proposals aids in the successful implementation of estate plans.

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The Daily Show: Wage Against the Machine

The Big Picture

LOL Me in a suit and tie! About a decade ago, one of my Bloomberg columns helped kick off a debate about minimum wages and large, for-profit companies using the taxpayer to subsidize their payrolls. This led to much debate, including some embarrassing revelations for Wal-Mart and especially McDonald’s. Ultimately, it led to an appearance on The Daily Show, where I got to spend the better part of the day shooting a remote segment with the delightful Samantha Bee.

Media 113
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Case-Shiller: National House Price Index Up 3.8% year-over-year in November

Calculated Risk

S&P/Case-Shiller released the monthly Home Price Indices for November ("November" is a 3-month average of September, October and November closing prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P S&P CoreLogic Case-Shiller Index Records 3.8% Annual Gain in November 2024 The S&P CoreLogic Case-Shiller U.S.

Banking 94
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How RIAs Can Craft An Effective Operating Agreement That Aligns Owners’ Interests And Mitigate Risks

Nerd's Eye View

As a foundational document, the operating agreement is essential for RIA firms. When thoughtfully drafted, it aligns the interests of the firm's owners, sets clear expectations for operations, and establishes how profits will be distributed. While some RIA owners might be tempted to prioritize moving quickly to the more enjoyable work of providing financial advice, neglecting to thoughtfully draft and update an operating agreement can lead to mismatched expectations, legal risks, and costly disp

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Research links: optimizing for costs

Abnormal Returns

Lottery-like behavior Does legal sports betting shift manager risk profiles? (papers.ssrn.com) Does high inflation increase gambling like behavior? (papers.ssrn.com) Earnings How highly covered stocks react post-earnings announcement. (klementoninvesting.substack.com) Sell-side analysts do help in assessing earnings reports. (papers.ssrn.com) Why investors shouldn't take growth guidance at face value.

Valuation 147
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The Implications of an Aged Housing Stock

Fortune Financial

U.S. housing is in an interesting spot. The housing stock is increasingly aged, housing starts are only just beginning to catch up with the long-term average, and mortgage rates are much higher than they have been for years, making homeowners (some 40% of whom now own their homes outright*) reluctant to sell. These factors combine to make for an interesting setup for all sorts of housing-related construction and services as the housing market works to find an equilibrium.

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Study: Bitcoin Allocations Above 2% Add Risk to Portfolios

Wealth Management

A study by Wilshire Indexes found that while higher allocations brought greater risk-adjusted returns, they also significantly increased risk concentration.

Portfolio 105
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Nine Lessons the Market Taught in 2024

Alpha Architect

In 2024 investors were provided with nine lessons. Many of them are repeats from prior years. Unfortunately, too many investors fail to learn themthey keep making the same errors. Nine Lessons the Market Taught in 2024 was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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#FASuccess Ep 422: Developing Your Leadership Skillset On The Path From Intern To President Of A $13B AUM Enterprise, With Kay Lynn Mayhue

Nerd's Eye View

Welcome everyone! Welcome to the 422nd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Kay Lynn Mayhue. Kay Lynn is the President of Merit Financial Advisors, a hybrid advisory firm based in Alpharetta, Georgia, that oversees approximately $13 billion in assets under management for 26,000 client households. What's unique about Kay Lynn, though, is how she developed her advisory, management, and leadership skills to work her way up from starting as an intern to e

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Top clicks this week on Abnormal Returns

Abnormal Returns

Also on the site Why 'critical ignoring' is a crucial skill these days. (abnormalreturns.com) You can now follow us on Bluesky. (bsky.app) Have you signed up for daily e-mail newsletter? Well, you should. (abnormalreturns.com) Top clicks this week A DeepSeek FAQ. (stratechery.com) Timing the market requires getting two decisions right. (awealthofcommonsense.com) The Endowment Effect is sneaky.

Marketing 173
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An Inside Look at the Q4 2024 GDP Advance Estimate

Advisor Perspectives

Real gross domestic product (GDP) is comprised of four major subcomponents. In the Q4 GDP advance estimate, three of the four components made positive contributions.

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Investors File Claim Against Fidelity Over Lax Supervision of RIA

Wealth Management

Advisor Thomas Chadwick allegedly lost clients $11.1 million, and several of them blame Fidelity's lack of supervision, according to a statement filed with FINRA.

Clients 104
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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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NAIFA Partners With American Senior Benefits, a Leading Distributor of Senior Market Insurance Products, to Bolster ASB’s Leadership Team

NAIFA Advisor Today

NAIFA and the Dallas-based American Senior Benefits (ASB) have entered a partnership under which NAIFA recognizes ASB as a NAIFA Financial Security Champion and at least 75 ASB regional sales managers will become new NAIFA members.

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Holistiplan’s Fee Increase Sparks Competition From FP Alpha And RightCapital (And More Of The Latest In Financial #AdvisorTech – February 2025)

Nerd's Eye View

Welcome to the February 2025 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 FP Alpha has released its tax return extraction and analysis module as a standalone product, while RightCapital has separately launched its own tax return extraction tool bundled within its platform

Insurance 130
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Friday links: systems vs. tactics

Abnormal Returns

Strategy Timing the market requires getting two decision right. (awealthofcommonsense.com) On the benefits of embracing failure. (theatlantic.com) Trading Questions remain about how all-day stock trading would work. (on.ft.com) Kalshi is moving to make its contracts available more widely. (nytimes.com) Apple Services revenue keeps growing at Apple ($AAPL).

Economy 147
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The End of the Neoliberal Era

Advisor Perspectives

I recently read three very different books which were published in the last three years, all of them speaking to the problems created by the neoliberal order that has been in the ascendancy since the late ’70s but has faltered of late. The solutions that these books offer are, respectively: tweaking; evolution; and revolution.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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Morgan Stanley Snags $700M Merrill Advisor Group

Wealth Management

The Zelin Group and its five advisors made the move after the lead partner, Jonathan Zelin, had been with Merrill for more than seven years.

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Member Spotlight: Jesus Lopez Soto - Empowering Families, Building Futures

NAIFA Advisor Today

Jesus U. Lopez Sotos journey into the financial services industry began with a simple goal: to find a work-from-home opportunity for his pregnant wife. Initially, he saw it as a way for her to earn extra income. However, after being introduced to the industry by a coworker and friend, Jesus realized that this was not just a job for his wifeit was an opportunity for him to build a meaningful career as well.

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Freddie Mac House Price Index Increased in December; Up 4.0% Year-over-year

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index Increased in December; Up 4.0% Year-over-year A brief excerpt: Freddie Mac reported that its National Home Price Index (FMHPI) increased 0.54% month-over-month on a seasonally adjusted (SA) basis in December. On a year-over-year basis, the National FMHPI was up 4.0% in December, up from up 3.9% YoY in November.

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Some Things I’m Never Going To Do

A Wealth of Common Sense

A list of things I never plan on doing: I will never go all in or all out with my portfolio.I’m never going to take my entire portfolio to cash because I’m worried about a crash or some terrible economic outcome. Sure, I hold the majority of my investment portfolio in stocks but it’s diversified across geography, market cap and strategy.

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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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Unemployment Claims Down 16K, Better Than Expected

Advisor Perspectives

In the week ending January 25th, initial jobless claims were at a seasonally adjusted level of 207,000. This represents a decrease of 16,000 from the previous week's figure. The latest reading was better than the 224,000 forecast.

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Edelman Lawsuit Claims Mariner CEO Bicknell Personally Called Potential Recruit

Wealth Management

Mariners recruitment scheme was calculated to ensure Mariner received Edelmans trade secrets, according to amendments made to a lawsuit Edelman first filed in 2023.

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Active vs. Passive Investing: Which Strategy is Right for You?

Your Richest Life

Your investing strategy is a personal approach based on your goals, life stage and risk tolerance. Whats right for your friend, coworker or neighbor might not be the best strategy for you. There are so many different ways to invest, but two of the most common methods youll find are active and passive investing. There are upsides and drawbacks to both, so its important that you understand the full picture of each before you adopt one as an investing strategy.

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Personal Income increased 0.4% in December; Spending increased 0.7%

Calculated Risk

The BEA released the Personal Income and Outlays report for December: Personal income increased $92.0 billion (0.4 percent at a monthly rate) in December , according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)personal income less personal current taxesincreased $79.7 billion (0.4 percent) and personal consumption expenditures (PCE) increased $133.6 billion (0.7 percent).

Food 64
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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.