Fri.Sep 29, 2023

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More Firms to Pay $79M To Settle SEC Off-Channel Communication Charges

Wealth Management

The firms, ranging from broker/dealers and dual registrants to affiliated investment advisors, include Interactive Brokers, Nuveen Securities and Baird, among others, and are similar to 2022 charges against Wall Street firms resulting in $1.1 billion in collective penalties.

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Personal Income increased 0.4% in August; Spending increased 0.4%

Calculated Risk

The BEA released the Personal Income and Outlays report for August: Personal income increased $87.6 billion (0.4 percent at a monthly rate) in August , according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI), personal income less personal current taxes, increased $46.6 billion (0.2 percent) and personal consumption expenditures (PCE) increased $83.6 billion (0.4 percent).

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Layoffs Expected At Envestnet

Wealth Management

Certain positions are too be eliminated across the company, while certain units were asked to name 25% of their staffs for possible layoffs.

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Fannie and Freddie: Single-Family Mortgage Delinquency Rate Declined, Multi-Family Increased in August

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Fannie and Freddie: Single-Family Mortgage Delinquency Rate Declined, Multi-Family Increased in August Brief excerpt: I’ve argued that there would not be a huge wave of single-family foreclosures this cycle since lending standards have been solid and most homeowners have substantial equity. That means we will not see cascading price declines like following the housing bubble.

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Data Talks, CFOs Listen: Why Analytics Is The Key To Better Spend Management

Speaker: Claire Grosjean

Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.

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WealthStack Roundup: Farther Raises $31M

Wealth Management

Also, Vise introduces AI-powered workflow; SEI updates portal, tools; a new report finds that API security incidents are rising in financial services and more.

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Q3 GDP Tracking: Around 3%

Calculated Risk

From BofA: Overall, the data flow since our last weekly lowered our 3Q US GDP tracking estimate by a tenth to 2.8%. [Sept 29th estimate] emphasis added From Goldman: The foreign trade details of this morning’s report were stronger than our previous assumptions, and we boosted our Q3 GDP tracking estimate by 0.3pp to +3.5% (qoq ar). We left our domestic final sales growth forecast unchanged on a rounded basis at +2.6%.

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More Trending

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Can Economists Predict Recessions?

The Big Picture

Before your week ends and you head out for door, I had to share a new paper from St. Louis Fed. The title: Can Economists Predict Recessions? Short answer: Maybe a quarter ahead (but not always). Beyond that short time frame, it’s simply too variable: “These questions have taken on particular importance recently. In the past four quarters, economic forecasters have, on average, predicted a 42% probability of a contraction in the U.S. economy in the next quarter, according to the Survey of

Banking 299
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How Top RIAs Go About Organizational Design

Wealth Management

As the RIA space has become more professionalized, so has the organizational design of top firms.

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Podcast links: making meetings better

Abnormal Returns

The biz Google ($GOOGL) is sunsetting Google Podcasts in favor of YouTube Music. (techcrunch.com) Apple ($AAPL) Podcasts now pulls in more content from associated apps. (theverge.com) Spotify ($SPOT) wants to translate podcasts into different languages using the host's voice. (theverge.com) A profile of the guys behind the popular ‘Tooth and Claw’ podcast.

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RIA Roundup: Congress Wealth Management Acquires $1.1B MainLine Private Wealth

Wealth Management

Congress completes its first acquisition since CI Financial sold a minority stake to Audax, two Indiana firms merge to create $750 million AUM Wellington Wealth and a 10-person team leaves Ameriprise for OneSeven.

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What Your Financial Statements Are Telling You—And How to Listen!

Speaker: David Worrell, CFO, Author & Speaker

Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.

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Friday links: spending time together

Abnormal Returns

Rates (Rising) interest rates are driving everything these days. (allstarcharts.com) Despite recent losses, investors are pouring money into bond funds. (theirrelevantinvestor.com) Strategy Everything lined up against the stock market in September. (carsongroup.com) Cash is an actual hedge against stock market declines. (priceactionlab.com) Companies Brian Barrett, "Amazon is now less of a store than a mall, or maybe a sprawling bazaar.

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SEC Charges SW Financial Reps With Violating Reg BI

Wealth Management

The accusations against five of the firm’s broker/dealers arrives several months after FINRA barred the firm from the industry for numerous alleged violations, including against the SEC's Regulation Best Interest rule.

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Weekend Reading For Financial Planners (September 30-October 1)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that RIA custodial platform Altruist announced that it is offering its portfolio accounting software for free to advisors who custody with the firm, offering the opportunity to advisory firms to reduce the costs of their tech stacks and perhaps presaging competition among custodians to offer more software capabilities for their advisory firm clients!

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RPA Conversations: Jeff Rosenberger

Wealth Management

Guideline's Jeff Rosenberger advocates for plan sponsors to adopt auto features.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R

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PCE Measure of Shelter Slows to 7.4% YoY in August

Calculated Risk

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through July 2023. CPI Shelter was up 7.2% year-over-year in August, down from 7.7% in July, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 7.4% YoY in August , down from 7.7% in July, and down from the cycle peak of 8.3% in April 2023.

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Informa Connect Announces the Departure of Mark Bruno

Wealth Management

Bruno, the managing director of WealthManagement.com, is moving on to a new role with Emigrant Partners.

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Sept 29th COVID Update: Deaths and Hospitalizations Increased

Calculated Risk

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Due to changes at the CDC, weekly cases are no longer updated. For deaths, I'm currently using 3 weeks ago for "now", since the most recent two weeks will be revised significantly. Recently hospitalizations have tripled from a low of 5,150 in June 2023. Hospitalizations are increasing, but far below the peak of 150,000 in January 2022.

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Risks in the Market May Point the Way to Opportunities

Wealth Management

Wealth Managers look for opportunities in an evolving risk environment.

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Book of Secrets on the Month-End Close

Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.

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Hotels: Occupancy Rate Decreased 1.6% Year-over-year

Calculated Risk

From STR: U.S. hotel results for week ending 23 September U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 23 September. 17-23 September 2023 (percentage change from comparable week in 2022): • Occupancy: 68.5% (-1.6%) • Average daily rate (ADR): US$164.97 (+2.9%) • Revenue per available room (RevPAR): US$112.96 (+1.2%) emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.

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Is Amazon a Monopoly?

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Perth Tolle, Gunjan Banerji, and Downtown Josh Brown discuss Amazon’s antitrust issues, a coming secular rotation in equities, investing in emerging markets and China, meme stocks are back, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!

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Three Things Investment People Hate to Admit

A Wealth of Common Sense

There are three things people in the finance world hate to admit: I don’t know. I was wrong. I didn’t expect that to happen. A master-of-the-universe mentality is pervasive in finance because it’s a group of highly educated, competitive people. They see it as a sign of weakness if you admit you don’t know what’s going to happen next.

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ESG Preferences Negatively Affecting Market Efficiency

Alpha Architect

While ESG investors can express their values through their investments, they should expect lower returns from their portfolios—though they also will be taking less investment risk. ESG Preferences Negatively Affecting Market Efficiency was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.

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Stop Falling Short When It Matters Most—The Elite Advisor’s Playbook to Success

Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?

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Fundamental Analysis of Exide Industries – Future Plans & More

Trade Brains

Fundamental Analysis of Exide Industries : Batteries are not just the silent powerhouses of our devices; they are the enablers of a cleaner future. These boxes of densely packed metals transform our world every day. They bring energy in the form of light to every dark house. They provide better mobility and make sure we are connected to the rest of the world.

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Chicago PMI Contracts for 13th Straight Month

Advisor Perspectives

The latest Chicago Purchasing Manager's Index (Chicago Business Barometer) fell to 44.1 in September from 48.7 in August. The latest reading is worse than the 47.6 forecast and marks the 13th straight month in contraction territory.

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How did Afghanistan’s Currency become the World’s Best Under Taliban Rule?

Trade Brains

It’s quite surprising that the Afghani, Afghanistan’s currency, became the world’s best and came to the top of global rankings in the September quarter. This is happening in a country with 79% of the population living in poverty, widespread unemployment, two-thirds of households struggling to afford basic items, 44% of people not having enough food to eat, inflation has turned into deflation, and one of the world’s worst human rights records.

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S&P 500 Snapshot: Index Posts Worst Monthly Loss of the Year

Advisor Perspectives

The S&P 500 fell for a fourth consecutive week, leading to the worst monthly loss of the year. The index is currently up 12.13% year to date and is 10.60% below its record close from January 3, 2022.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.

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Fed up

Dear Mr. Market

Dear Mr. Market: The past two months in the stock market have been treacherous and truly tested the average investor’s nerves. Most of us are close to being “fed up” with the headlines, inflation, political division and ensuing market volatility. Before we get into the headline of the day, let’s quickly touch on the operative word, “Fed” and how completely wrong the Federal Reserve has been at just about every turn.

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Real Disposable Income Per Capita Down 0.2% in August

Advisor Perspectives

With the release of August's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.18% month-over-month change in disposable income comes to -0.21% when we adjust for inflation. The year-over-year metrics are 6.76% nominal and 3.17% real.

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Karnika Industries IPO Review – GMP, Price, Details & More

Trade Brains

Karnika Industries IPO Review : Karnika Industries Limited is coming up with its Initial Public Offering. This is an SME (small and medium size enterprise) which is going to be listed on NSE SME. The IPO will open for subscription 29th September 2023, and closes on 4th October 2023. This article will provide a comprehensive review of the IPO, including an in-depth analysis of the company’s financials, as well as the strengths and weaknesses of karnika industries.

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RecessionAlert Weekly Leading Economic Index

Advisor Perspectives

The weekly leading economic index (WLEI) is a composite for the U.S economy that draws from over 20 time-series and groups them into the following six broad categories which are then used to construct an equally weighted average. As of September 15th, the index was at 9.655, up 2.343 from the previous week.

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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.