The Big Picture
JULY 17, 2023
Money makes the world go round. Global capital markets (stocks, bonds, private investments, real estate) are worth over $100 trillion. If you want to become wealthy, go where the money is. If you are smart, and understand how to play this, your odds of amassing a small fortune go up dramatically. Buy a lot of people go about it the wrong way; some never achieve their goals, others get there late in life.
Nerd's Eye View
JULY 21, 2023
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that Charles Schwab's latest annual RIA Benchmarking Study shows that while average firm assets under management fell in 2022, due largely to weak market performance, organic growth remained strong, mitigating a portion of the market effects on client portfolios.
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The Reformed Broker
JULY 21, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Sam Ro, Jack Raines, and Downtown Josh Brown discuss AI and the market, the meme economy, Nvidia’s rollercoaster year, the earnings recession, financial charlatans, Berkshire’s massive bet on Apple, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
Wealth Management
JULY 19, 2023
Elizabeth Miller, the founder and president of Summit Place Financial Advisors is the 2024 CFP Board Chair-elect, set to take leadership for a year in 2025.
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
The Big Picture
JULY 21, 2023
@TBPInvictus here; Let’s cut to the chase : A popular video on YouTube claims the poor are much less poor than the official statistics suggest because those statistics ignore government welfare programs like Food Stamps and Aid to Dependant Children and lots of other safety net programs. If this were true, it would mean we have been measuring income inequality incorrectly (perhaps wealth inequality as well).
Nerd's Eye View
JULY 19, 2023
Continuing Education (CE) requirements are common for many professions, but historically there has been no minimum CE requirement for individual Investment Adviser Representatives (IARs) of advisory firms. While holders of certain credentials (e.g., CFP certificants and CFA charterholders) have CE requirements to retain their credentials, IARs without such credentials haven’t traditionally had any ongoing CE requirements.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Wealth Management
JULY 21, 2023
Don’t assume wealthy clients have done their planning.
Abnormal Returns
JULY 19, 2023
Podcasts Peter Lazaroff talks with Jill Schlesinger about her latest book "The Great Money Reset." (peterlazaroff.com) Tim Ranzetta talks with Jonathan Clements, editor of the new book "My Money Journey, How 30 People Found Financial Freedom And You Can Too." (ngpf.org) Retirement FAT Fire. How to retire at any age with confidence. (ofdollarsanddata.com) Take retirement surveys with a big grain of salt.
Nerd's Eye View
JULY 17, 2023
In the early days when financial advisors were first and foremost salespeople for insurance and investments products, the reality is that "advisor training and education" wasn't really about finance or advice… it was mostly just about learning how the company's products worked and how to effectively sell them to consumers. But as technology (in particular, the internet!
Calculated Risk
JULY 20, 2023
Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 4.16 million SAAR in June; Median Prices Declined 0.9% YoY in June Excerpt: On prices, the NAR reported : The median existing-home price for all housing types in June was $410,200, the second-highest price of all time and down 0.9% from the record-high of $413,800 in June 2022.
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Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
Wealth Management
JULY 21, 2023
Success is measured by the ability to generate, evaluate, nurture and close leads. And for the most part, that means digital leads.
Abnormal Returns
JULY 17, 2023
Podcasts Michael Kitces talks with Thor McIlrath of McIlrath & Eck about rotating client coverage. (kitces.com) Laurence Kotklikoff talks with Wade Pfau about the problem with Monte Carlo analysis. (larrykotlikoff.substack.com) Daniel Crosby talks with Nicole Casperson about what it take to build an authentic brand. (standarddeviationspod.com) Charles Schwab Charles Schwab ($SCHW) clients with $1 million in assets now are automatically enrolled in one of its private wealth management program
The Big Picture
JULY 21, 2023
My end-of-week morning train WFH reads: • Inflation undershoot? Narrative shifts again. But as impressive U.S. disinflation sweeps through 2023, without a cratering of employment or the wider economy so far, the narrative is shifting again – and encouraging hopes that bruising central bank tightening may be short-lived too. With a ‘soft landing’ now majority thinking again, phrases like ‘immaculate disinflation’ abound and raise questions about whether underlying pr
Calculated Risk
JULY 17, 2023
Altos reports that active single-family inventory was up 1.2% week-over-week. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of July 14th, inventory was at 470 thousand (7-day average), compared to 465 thousand the prior week. Year-to-date, inventory is down 4.1%. And inventory is up 16.0% from the seasonal bottom 13 weeks ago.
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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?
Wealth Management
JULY 18, 2023
The volume of commercial real estate loan distress rose in 70% of the country’s largest metropolitan areas in June. The Wall Street Journal looks at how a record-breaking land sale in Miami came apart. These are among today’s must reads from around the commercial real estate industry.
Abnormal Returns
JULY 17, 2023
Markets The word of the year is 'multiple expansion.' (axios.com) The stock market is betting on a soft landing. (wsj.com) This S&P 500 stock has no analyst coverage. (bloomberg.com) Strategy How to get rich in the markets, ranked from hard to easy. (ritholtz.com) Four insights from the new edition of William Bernstein's "The Four Pillars of Investing.
The Big Picture
JULY 18, 2023
My Two-for-Tuesday train WFH reads: • Good News-Bad News About the Economy : The hard part about markets and the economy is that there are often conflicting signals about what’s going on. Even when things are good there are ominous signs about impending doom. And even when things are bad there are promising signs of impending improvement. I would describe the current situation as much better than expected considering the circumstances but there are still plenty of risks on the horizon. ( A Wealt
Calculated Risk
JULY 20, 2023
From the NAR: Existing-Home Sales Retreated 3.3% in June; Monthly Median Sales Price Reached Second-Highest Amount Ever Existing-home sales slipped in June, according to the National Association of REALTORS®. Sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases.
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
Wealth Management
JULY 18, 2023
While fundraising levels have declined a bit from previous years, consistent returns, tax credits and lower risk continue to attract equity from a variety of investor types.
Abnormal Returns
JULY 21, 2023
Markets The 2023 stock market has been a mirror image of 2022. (theirrelevantinvestor.com) Individual stock correlations have been falling for awhile. (allstarcharts.com) Strategy Why market timing is so seductive. (awealthofcommonsense.com) Why stock pickers can't ignore return factors. (albertbridgecapital.com) Collectibles A review of "The Worth of Art: Financial Tools for the Art Market" by Arturo Cifuentes and Ventura Charlin.
Nerd's Eye View
JULY 18, 2023
Welcome back to the 342nd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Nancy Hetrick. Nancy is the Founder and CEO of Smarter Divorce Solutions, a consulting firm based in Phoenix, Arizona that provides financial expertise to individuals and couples (and sometimes, mediators and attorneys) going through the divorce process.
Calculated Risk
JULY 19, 2023
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: AIA/Deltek Architecture Billings Index Stable in June Architecture firms reported flat billings in June, according to the latest Architecture Billings Index (ABI) from the American Institute of Architects (AIA) and Deltek. The ABI score of 50.1 for the month indicates that billings at architecture firms remained steady as design activity continues to slowly recover from roiled economi
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.
Wealth Management
JULY 21, 2023
Henschen, who owned Henschen & Associates, was a pioneer and thought leader in the independent recruiting space.
Abnormal Returns
JULY 19, 2023
Markets A look at all the signs of risk-on behavior. (wsj.com) Some clues that showed the way to a better 2023 for the stock market. (carsongroup.com) Microsoft's ($MSFT) stock is at an all-time high. (cnbc.com) The VIX is at it lowest post-Covid level. (axios.com) Cash Cash often looks best, when it is the worst investment. (thisisthetop.substack.com) Reinvestment risk is real.
The Big Picture
JULY 20, 2023
“A new product that offers investors complete downside protection: Investors in the $7.5 trillion ETF universe can now put money behind the Innovator Equity Defined Protection ETF, which began trading under the ticker TJUL on Tuesday. The offering comes from Innovator Capital Management, which launched the first so-called buffer ETFs, also sometimes referred to as defined-outcome funds, in 2018.” – Bloomberg Let’s get this out of the way: I dislike any product that exchanges a port
Calculated Risk
JULY 18, 2023
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 56, up from 55 last month. Any number above 50 indicates that more builders view sales conditions as good than poor. From the NAHB: Builder Confidence Edges Higher Despite Rising Rate Concerns Low existing inventory that is keeping demand solid for new homes helped to push builder confidence up in July even as the industry continues to grapple with rising mortgage rates, elevated construction costs an
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Wealth Management
JULY 19, 2023
A rundown of recent court decisions.
Abnormal Returns
JULY 20, 2023
Strategy Why stock market valuations are logically higher today than they were in the past. (ofdollarsanddata.com) Why compounding is still unheralded. (blog.validea.com) Finance Blackstone ($BX) now manages more than $1 trillion in assets. (finance.yahoo.com) The airport lounge wars are heating up with JP Morgan Chase ($JPM) joining the fray. (wsj.com) The U.S. lags, badly, in real-time funds transfer.
The Reformed Broker
JULY 20, 2023
Ritholtz’s Josh Brown responds to the parabolic reversal of DHI post-earnings from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.
Calculated Risk
JULY 17, 2023
Today, in the Calculated Risk Real Estate Newsletter: Will house prices decline further later this year? A brief excerpt: In November 2021, I wrote Inventory will Tell the Tale and recounted how changes in housing inventory had helped me forecast the housing market at several key points. I believe inventory will tell the tale. That is why I watch inventory closely.
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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