Focus Firm Kovitz Acquires $5.9B Pittsburgh RIA
Wealth Management
OCTOBER 3, 2024
The deal, expected to close in the fourth quarter of 2024, will bring Kovitz’s assets to nearly $30 billion.
Thu.Oct 03, 2024
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Thursday links: an increasingly automated world
Abnormal Returns
OCTOBER 3, 2024
Markets Bonds, stocks AND gold are all having a good year. (carsongroup.com) Utilities are crushing it in 2024. (on.spdji.com) Market quilts, including global markets, updated through Q3. (novelinvestor.com) Crypto MicroStrategy ($MSTR) is not the only company that has Bitcoin on the balance sheet. (blockworks.co) The SEC is not done with Ripple. (theverge.com) Finance Election betting is another sign that gambling and trading are becoming indistinguishable.
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Your New AI Assistant (No, It Won't Steal Your Job)
Wealth Management
OCTOBER 3, 2024
How financial advisors can thrive with the coming of AI Tools
Realtor.com Reports Active Inventory Up 31.9% YoY
Calculated Risk
OCTOBER 3, 2024
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For September, Realtor.com reported inventory was up 34.0% YoY, but still down 23.2% compared to the 2017 to 2019 same month levels. Now - on a weekly basis - inventory is up 31.9% YoY.
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.
Fired LPL Chief Championed Firm Culture He Later Violated
Wealth Management
OCTOBER 3, 2024
The abrupt firing this week of Dan Arnold, who took over as LPL's CEO in 2017 and once told the firm’s advisors that his mission was about “taking care of you, so you can take care of your clients,” is proving a shock.
Weekly Initial Unemployment Claims Increase to 225,000
Calculated Risk
OCTOBER 3, 2024
The DOL reported : In the week ending September 28, the advance figure for seasonally adjusted initial claims was 225,000 , an increase of 6,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 218,000 to 219,000. The 4-week moving average was 224,250, a decrease of 750 from the previous week's revised average.
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September Employment Preview
Calculated Risk
OCTOBER 3, 2024
On Friday at 8:30 AM ET, the BLS will release the employment report for September. The consensus is for 145,000 jobs added, and for the unemployment rate to be unchanged at 4.2%. There were 142,000 jobs added in August, and the unemployment rate was at 4.2%. From BofA: Although the labor market has been soft, low jobless claims suggest that the September employment report should be decent.
With Equity Markets Volatile Amidst Uncertainty, Opportunities Arise in Non-U.S. Markets
Wealth Management
OCTOBER 3, 2024
Investors should diversify internationally into a broader array of companies and consider high-quality business models with attractive dividend policies.
Moody's: Apartment Vacancy Rate Unchanged in Q3; Office Vacancy Rate at Record High
Calculated Risk
OCTOBER 3, 2024
Today, in the Calculated Risk Real Estate Newsletter: Moody's: Apartment Vacancy Rate Unchanged in Q3; Office Vacancy Rate at Record High A brief excerpt: From Moody’s Analytics Economists: Multifamily Performance Steadied, Office Stress Continued to Manifest, Retail Vacancy Declined, And Industrial Cooled Down National multifamily vacancy stayed flat at 5.8%, the highest level on record since 2011.
Former BlackRock Exec Ross Znavor Joins Vise
Wealth Management
OCTOBER 3, 2024
A year after cutting half its staff, Vise has added senior industry executives as advisors and is aggressively pursuing the RIA aggregator market to grow.
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
5 Years of Spending in Retirement
A Wealth of Common Sense
OCTOBER 3, 2024
We emptied the inbox this week covering other questions about getting your CFA designation, the types of bonds you should own in retirement, how pensions fit into a retirement plan, how to spend more money, teaching your kids about money, becoming a landlord, using a HELOC as an emergency fund, how analysts rate stocks and adding international exposure to your portfolio.
Banks Reclaim $30B of Debt Deals From Private Credit
Wealth Management
OCTOBER 3, 2024
Banks and private credit lenders have been in tense competition to provide financing for what’s been a thin pipeline of mergers and acquisitions.
Harvard Endowment Underperformance, part MMXXIV
The Big Picture
OCTOBER 3, 2024
I used to spill a lot of ink about how terrible the Harvard Endowment was, especially their heavy overweight in Hedge Funds. I stopped not because they got any better, but simply due to the annual performance disaster was boring to keep writing about. Worse still, this was a self-inflicted wound, caused by irate alumni upset at how much the Harvard Management Company (aka The Endowment) was paying their outperforming staff: “Let’s start with Dr.
LPL Snags $2B Team from Raymond James
Wealth Management
OCTOBER 3, 2024
The move allows Founder Tom Noble to retire and hand over the reins to the next generation.
Book of Secrets on the Month-End Close
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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.
Friday: Employment Report
Calculated Risk
OCTOBER 3, 2024
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Friday: • At 8:30 AM ET, 8:30 AM: Employment Report for September. The consensus is for 145,000 jobs added, and for the unemployment rate to be unchanged at 4.2%.
Wealth Management Industry Awards: On the Red Carpet with Max Lane
Wealth Management
OCTOBER 3, 2024
Wealth Management Industry Awards, Max Lane, CEO of Flourish discusses how his firm helps advisors move from holistic advice to holistic implementation.
Kitces & Carl Ep 148: Making It Easier To Get Started By NOT Building In Public And Focusing On Version 0 Instead
Nerd's Eye View
OCTOBER 3, 2024
"Building in public" is a common piece of advice for tackling new challenges – whether launching content, starting a business, or setting personal or professional goals – as public commitment fosters accountability and motivation, tapping into the human desire to avoid embarrassment. While this approach can be effective, it ultimately poses its own difficulties; for example, when stakes are public, advisors may feel pressured to endlessly perfect their offerings and over-commit their
Wealth Management Industry Awards: On the Red Carpet with Joseph Kuo
Wealth Management
OCTOBER 3, 2024
Listen as Joseph Kuo, Founder & CEO of Haven Tower emphasizes the importance of cultivating self-confidence and self-awareness in the wealth management industry.
Stop Falling Short When It Matters Most—The Elite Advisor’s Playbook to Success
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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?
ISM® Services Index Increases to 54.9% in September
Calculated Risk
OCTOBER 3, 2024
(Posted with permission). The ISM® Services index was at 54.9%, up from 51.5% last month. The employment index decreased to 48.1%, from 50.1%. Note: Above 50 indicates expansion, below 50 in contraction. From the Institute for Supply Management: Services PMI® at 54.9% September 2024 2024 Services ISM® Report On Business® Economic activity in the services sector expanded for the third consecutive month in September, say the nation's purchasing and supply executives in the latest Services ISM® Rep
Wealth Management Industry Awards: On the Red Carpet with Ghislain Gouraige
Wealth Management
OCTOBER 3, 2024
Listen as Ghislain Gouraige, Partner at NewEdge Capital Group as he shares how his firm’s commitment to innovation and staying ahead of industry trends empowers advisors to thrive.
How to talk to 100 people at once
Million Dollar Round Table (MDRT)
OCTOBER 3, 2024
By Matt Pais, MDRT Content Specialist Let’s say 100 people call you at the same time. How many of them can you speak to at once? Obviously, only one. That’s why Donald P. Speakman, MSFS , a past MDRT member from Pittsburgh, Pennsylvania, recommends recording an extended voicemail message during high-volume call times to simultaneously address a large number of concerns.
Wealth Management Industry Awards: On the Red Carpet with Teresa Hassara
Wealth Management
OCTOBER 3, 2024
Listen as Teresa Hassara, Senior Vice President at Principal as she outlines the firm’s priorities for the future, including a strong focus on service excellence, discovering innovative solutions, and delivering top-tier technology to empower advisors.
Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100
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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.
Boeing’s Frail Finances Give Strikers All the Power
Advisor Perspectives
OCTOBER 3, 2024
While a strike by East Coast port workers is strangling the flow of goods from Maine to Texas and grabbing headlines, news of machinists at Boeing Co. about to enter their fourth week of picketing near Seattle has receded a bit into the background.
Effortless Client Onboarding: Automate for Smooth Sailing in Wealth Management
Wealth Management
OCTOBER 3, 2024
Thursday, October 03, 2024 | 4:15 PM ET
Should you buy Trent despite its high valuation?
Trade Brains
OCTOBER 3, 2024
India’s vibrant marketplaces are changing. Tradition and modernity are merging in the fast-changing retail world. As a result, the retail industry in India is flourishing. Brands from around the world and locally are vying for market share. E-commerce platforms are growing in the interim. In addition, shoppers are welcoming novel shopping encounters.
Wealth Management Industry Awards: On the Red Carpet with Melissa Hassara
Wealth Management
OCTOBER 3, 2024
Listen as Teresa Hassara, Senior Vice President at Principal as she outlines the firm’s priorities for the future, including a strong focus on service excellence, discovering innovative solutions, and delivering top-tier technology to empower advisors.
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.
Getting Ready for Retirement? Take These Essential Steps for a Smooth Transition
Carson Wealth
OCTOBER 3, 2024
Retirement is an exciting milestone—a time to leave behind the hustle and bustle of work and embrace a new chapter filled with more freedom and opportunities to enjoy life. But before you clock out for the last time, it’s essential to make sure you’re fully prepared for this significant life change. Planning well in advance ensures that your retirement years will be financially secure, fulfilling, and less stressful than your working years.
Fidelity Plans Latest Mutual Fund-to-ETF Flip in Muni Market
Wealth Management
OCTOBER 3, 2024
Such conversions became popular a few years ago after Dimensional Fund Advisors, JPMorgan and Neuberger Berman flipped their funds.
Nvidia Insider Share Sales Top $1.8 Billion and More Are Coming
Advisor Perspectives
OCTOBER 3, 2024
Nvidia Corp. insiders have cashed in on shares worth more than $1.8 billion so far this year — and more selling is on the horizon.
SEI Appoints Priti Ruparelia to the SEI Master Trust Board
SEI
OCTOBER 3, 2024
Expansion of Board Underscores Commitment to Institutional Markets
Fall In Love With the Month-End Close
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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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