Nerd's Eye View

JUNE 21, 2023

All investment advisers are fiduciaries that owe a duty of care and loyalty to their clients, and, in an ideal world, advisory firms and their staff would abide by these requirements without the need for a prescriptive code of ethics. However, the early 2000s were plagued by a variety of SEC enforcement actions that alleged fiduciary duty violations – primarily involving trading abuses by investment advisory personnel – which led the regulator to create a rule (that became effective

Ethics 209

Ethics Fiduciary Duty Compliance Clients 209

The Reformed Broker

JUNE 17, 2023

Please read this from Michael Santoli: Just as the depth of despond evident in investor-sentiment gauges around Labor Day was out of proportion to what the market and economy had been doing, the volume of cheer engendered by this four-week, 9% rally looks to be running at least a bit ahead of what has, after all, been a marginal upside exit from a long, grinding trading range.

Marketing 351

Marketing Marketing Economy 351

The Big Picture

JUNE 17, 2023

This week, we speak with Gretchen Morgenson, senior financial reporter for the NBC News investigative unit. A former stockbroker and alumna of the New York Times and Wall Street Journal, she won the Pulitzer Prize in 2002 for her “trenchant and incisive” reporting on finance. She (and coauthor Joshua Rosner) recently published “ These Are the Plunderers: How Private Equity Runs―and Wrecks―America.

Taxes 324

Taxes Retail Economy Economics 324

Abnormal Returns

JUNE 18, 2023

Top clicks this week Two reasons why the stock market has surged this year. (thereformedbroker.com) Five common portfolio mistakes including 'portfolio sprawl.' (morningstar.com) The spread between the 10-year Treasury and the dividend yield on the S&P 500 is at its highest level since 2007. (capitalspectator.com) Fund fees really do matter. (humbledollar.com) A round-up of recent charts including a surge in investor sentiment.

Portfolio 274

Portfolio Investing Investments Marketing 274

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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.

Accounting

Nerd's Eye View

JUNE 20, 2023

Welcome back to the 338th episode of the Financial Advisor Success Podcast! My guest on today's podcast is Tony Hixon. Tony is the Co-founder and COO for Hixon Zuercher Capital Management, an independent RIA based in Findlay, Ohio, that oversees more than $300 million in assets under management for nearly 330 client households. What's unique about Tony's journey, is how the tragic death of his mother just 6 months after she retired, made Tony realize that even though retirees may be prepared fin

Retirement 246

Retirement Clients Financial Advisor Financial Planning 246

The Big Picture

JUNE 21, 2023

“It is difficult to get a man to understand something when his salary depends upon his not understanding it…” – Upton Sinclair Since the financial crisis, we have seen repeated attempts at attacking indexing all of which have failed — both legislatively and in terms of investors voting with their dollars. Recent attempts – see this , this , this , and this – have similarly failed to persuade investors of the evils of indexing.

Management 307

Management Investing Investments Numbers 307

Abnormal Returns

JUNE 21, 2023

Podcasts Peter Lazaroff debunks conventional wisdom with Ashby Daniels. (peterlazaroff.com) Morgan Housel on the importance of keeping low expectations. (open.spotify.com) Christine Benz and Jeff Ptak talk with Talmon Smith about the coming wealth transfer. (morningstar.com) Retirement Retirement has some distinct phases. (rationalwalk.com) Seven risks we all face in retirement.

Retirement 246

Retirement Taxes Numbers Investing 246

Nerd's Eye View

JUNE 23, 2023

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week’s edition kicks off with the news that amid a flurry of SEC-proposed rules for investment advisers, the Investment Adviser Association this week called on the regulator to assess whether the compliance burden these regulations would put on advisers outweighs the potential benefits and, if adopted, to consider rolling them out on a staggered basis to give advisers sufficient time to implement them.

Financial Planner 242

Financial Planner Recruitment Compliance Financial Advisor 242

The Reformed Broker

JUNE 17, 2023

We did Austin big this week. Supersized. BBQ, country music, sports bars, meetings, dinners, lunches, walks, scooters, forget about it. What a city. Some pics from the trip below: We were posted up at The Line hotel all week. When we bumped into the Ameriprise gang, there was quite a scuffle. Three hospitalized, two arrests. This is La Piscina, a Tex Mex spot on the pool deck of the Proper Hotel.

177

177

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.

Accounting

The Big Picture

JUNE 22, 2023

Source: FRED Wealth disparities get ever more lopsided the higher up the economic strata you climb; there is more disparity with the top 1% than the top 10%, but the biggest spreads are at the top 0.1% (and above). Consider the chart at top, created by Invictus via FRED. It shows “Share of Total Assets Held by the Bottom 50% ( red line ) versus the Share of Total Assets Held by the Top 0.1% ( green line ).

Distribution 301

Distribution Assets Economics Numbers 301

Abnormal Returns

JUNE 18, 2023

Markets Joshua Brown, "The thing that everyone’s talking about is not always the thing that ends up mattering." (thereformedbroker.com) Three reasons why the stock market is higher this year. (tker.co) Higher yields are the biggest potential headwind for stocks. (awealthofcommonsense.com) Strategy To reach the top level of a craft you have to have a passion for it.

Financial Advising 246

Financial Advising Media Government Taxes 246

Nerd's Eye View

JUNE 19, 2023

Recent years have seen an increase in the number of RIAs charging fixed monthly retainer fees, and while retainer fees can have several advantages over other types of fees, one notable disadvantage – particularly as compared to traditional AUM fees, which tend to increase automatically in line with financial markets – is that financial advisors who use them must proactively raise their fees from time to time in order to keep up with business expenses, invest in new upgrades, and incr

Communication 232

Communication Clients Planning Financial Advisor 232

The Reformed Broker

JUNE 20, 2023

Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: ►Rude Awakening – “If second half growth doesn’t re-accelerate as expected, investors are in for a rude awakening” ►Everything is Up – “Check yourself.

Investing 169

Investing Investments Marketing Marketing 169

Advertisement

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

Accounting

The Big Picture

JUNE 23, 2023

My end-of-week morning train WFH reads: • What Was Nate Silver’s Data Revolution? Silver, a former professional poker player, was in the business of measuring probabilities. Many readers mistook him for an oracle. ( New Yorker ) • Boaz versus BlackRock: the fight over closed-end funds : Saba founder says he never planned to be an activist investor.

Media 273

Media Government Economics Planning 273

Abnormal Returns

JUNE 21, 2023

Strategy Avoiding big errors plays a big role in investment success. (ritholtz.com) In a portfolio context, cash is a double-edged sword. (morningstar.com) Crypto WisdomTree ($WT) and Invesco ($IVZ) are re-filing for a spot Bitcoin ETF in light of Blackrock's ($BLK) move. (theblock.co) Good luck coming up with a model to value Bitcoin. (morningstar.com) The Grayscale Bitcoin Trust ($GBTC) is catching a bid on increased spot Bitcoin ETF talk.

Financial Advising 245

Financial Advising Startup Portfolio Media 245

Calculated Risk

JUNE 23, 2023

From Black Knight: Black Knight: Past-Due Mortgages Approach Recent Record Lows as Serious Delinquencies Continue Improvement; Prepayments See Seasonal Rise • Reversing much of April’s calendar-driven spike, the national delinquency rate fell 11 basis points (bps) in May to hit 3.10% – the lowest it’s been other than March 2023’s record of 2.92% • The number of borrowers a single payment past due improved by 94K (-9.5%), erasing nearly half of the prior month’s increase • Serious delinquencies (

Numbers 145

Numbers Sales 145

The Reformed Broker

JUNE 20, 2023

Final Trades: Lennar, Shake Shack, Health Care & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.

169

169

Advertisement

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.

Banking

The Big Picture

JUNE 17, 2023

The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • Who Builds The Internet? Meet Wikipedia’s Architects : The world wide web of Wikipedia, as told by its editors. ( Byline ) • Microsoft’s Sudden AI Dominance Is Scrambling Silicon Valley’s Power Structure : The company has quietly cornered the emerging software market, and it’s preparing to cash in. ( Businessweek ) see also How Nvidia Became ChatGPT’s Brain and Joine

Medicine 261

Medicine Communication Marketing Marketing 261

Abnormal Returns

JUNE 23, 2023

The biz Spotify's ($SPOT) podcasting plans are unraveling. (theverge.com) Who listens to true crime podcasts? (pewresearch.org) Companies Benjamin Gilbert and David Rosenthal talk with Uber ($UBER) CEO Dara Khosrowshahi. (acquired.fm) Jesse Pujji talks with Joe Frankenfield, Portfolio Manager at Saga Partners, about the business of Roku ($ROKU). (joincolossus.com) Economy Michael Klein talks with Steven Durlauf about inter-generational changes in income.

Portfolio Management 243

Portfolio Management Economy Banking Management 243

Calculated Risk

JUNE 22, 2023

The DOL reported : In the week ending June 17, the advance figure for seasonally adjusted initial claims was 264,000 , unchanged from the previous week's revised level. The previous week's level was revised up by 2,000 from 262,000 to 264,000. The 4-week moving average was 255,750, an increase of 8,500 from the previous week's revised average. This is the highest level for this average since November 13, 2021 when it was 260,000.

145

145

The Reformed Broker

JUNE 22, 2023

Final Trades: Oracle, MasTec, Alaska Air, & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.

141

141

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

Numbers

The Big Picture

JUNE 23, 2023

Pete & I discuss Inflation, the Fed, and even get into Swiss Banking Secrecy laws. Its a fun romp through current news items and related topics. SUPD 868 Barry Ritholtz on Inflation, The Fed, Bank Rules work and Golf doesn’t The post SUPD: Inflation & The Fed appeared first on The Big Picture.

Banking 130

Banking 130

Abnormal Returns

JUNE 23, 2023

Finance Have investors been fooled by the risk profile of private debt? (washingtonpost.com) Stock-based compensation only continues to grow. (ft.com) Housing Need a break on apartment rent? Just give it a minute. (bloomberg.com) Housing inventory is set to go negative year-over-year. (calculatedriskblog.com) Restaurants AI drive thru assistants may be good for business, but not for users.

Financial Advising 243

Financial Advising Economy Media 243

Calculated Risk

JUNE 21, 2023

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 16, 2023. The Market Composite Index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted basis from one week earlier.

Accounting 144

Accounting Marketing Marketing 144

A Wealth of Common Sense

JUNE 20, 2023

To be a successful investor you need to possess a number of different traits. You need to understand how math, statistics and probabilities work. You need to understand corporations and the global economy generally function over the long haul. You need an understanding of how the different asset classes behave from a risk and reward perspective. You also need a deep understanding of financial market history from booms to.

Financial Advice 144

Financial Advice Math Economy Financial Market 144

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.

Financial Advice

Wealth Management

JUNE 22, 2023

The amount of distressed commercial real estate assets rose 10% in the first quarter and now amounts to $64 billion, according to MSCI Real Assets. Some owners are coughing up cash to buy time on their mortgages, reports The Real Deal. These are among the must reads from around the real estate investment world heading into the weekend.

Assets 119

Assets Investing Investments 119

Abnormal Returns

JUNE 19, 2023

Podcasts Daniel Crosby talks with Michael Finke about the science of a happy retirement. (standarddeviationspod.com) Michael Kitces talks with Danika Waddell about the unique circumstances in building Xena Financial Planning. (kitces.com) Matt Reiner talks with Thomas Kopelman about authenticity and social media. (mattreiner.com) M&A Why private equity continues to flood into the RIA space.

Financial Advising 243

Financial Advising Financial Planning Media Retirement 243

Calculated Risk

JUNE 22, 2023

From WardsAuto: June U.S. Light-Vehicle Sales Pegged for 21% Gain; Q2 to Roll in at 2-Year-High 15.7 Million SAAR (pay content). Brief excerpt: Deliveries in the second quarter will total 4.1 million units, 18% above like-2022, and stronger than Q1’s 8% gain. First-half 2023 volume will total 7.67 million units, up 13% from January-June 2022’s 6.78 million. emphasis added Click on graph for larger image.

Sales 143

Sales Marketing Marketing 143