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When a financial advisor starts their own firm, they face many important choices. One of the key decisions is determining the type of clients they want to serve. Some advisors may choose to take a generalist approach that leaves the door open to working with the broadest possible pool of prospective clients. But with hundreds of thousands of financial advisors competing for the same prospects, it can be challenging to build a generalist advisory business from scratch.
Way back in 2013, I wrote a post " Predicting the Next Recession. In that 2013 post, I wrote: The next recession will probably be caused by one of the following (from least likely to most likely): 3) An exogenous event such as a pandemic , significant military conflict, disruption of energy supplies for any reason, a major natural disaster (meteor strike, super volcano, etc), and a number of other low probability reasons.
Okay, it’s up 10,000% since May of 2013 and is now the best performing stock in America during the past decade. Everyone is obsessed. It’s the biggest story in the market this year. Cramer has now named a second family dog after it. Jensen Huang’s name is now in the mainstream alongside Bill Gates, Steve Jobs, Mark Zuckerberg, Jeff Bezos, Elon Musk.
“Tight labor markets have raised concerns about the role of labor costs in persistently high inflation readings. Analysis shows that higher labor costs are passed along to customers in the form of higher nonhousing services prices, however the effect on overall inflation is very small. Labor-cost growth has no meaningful effect on goods or housing services inflation.
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?
Mac Gardner, founder of FinLit Tech, is working to expand the co-ed MNY Fraternity to universities across the country, with the hope of bringing more diverse talent to the financial planning profession.
The BEA released their estimate of vehicle sales for May this morning. The BEA estimates sales of 15.05 million SAAR in May 2023 (Seasonally Adjusted Annual Rate), down 6.5% from the April sales rate, and up 19.6% from May 2022. Click on graph for larger image. This graph shows light vehicle sales since 2006 from the BEA (blue) and BEA's estimate for May (red).
The biz Consolidation is here, again, as independent podcast companies sell out. (bloomberg.com) Ad buyers love podcasts, especially business-focused ones. (insideradio.com) The number of songs uploaded to streaming services just keep increasing. (om.co) Finance David Rubenstein talks with Cliff Asness about the return of value. (bloomberg.com) Christine Benz and Jeff Ptak talk with Joel Tillinghast about his biggest investing mistake, the implications of AI for portfolio management, and how pri
The biz Consolidation is here, again, as independent podcast companies sell out. (bloomberg.com) Ad buyers love podcasts, especially business-focused ones. (insideradio.com) The number of songs uploaded to streaming services just keep increasing. (om.co) Finance David Rubenstein talks with Cliff Asness about the return of value. (bloomberg.com) Christine Benz and Jeff Ptak talk with Joel Tillinghast about his biggest investing mistake, the implications of AI for portfolio management, and how pri
When confronted by a problem or challenge, it is useful to try and change your perspective. Merely shifting your frame of view by a few degrees can reveal what you may have missed in your initial viewing. This is very easy to do when you are looking through the viewfinder of a camera, but much more challenging when you are intellectually pondering a set of choices.
From the Census Bureau reported that overall construction spending increased: Construction spending during April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, 1.2 percent above the revised March estimate of $1,885.0 billion. The April figure is 7.2 percent above the April 2022 estimate of $1,780.9 billion. emphasis added Both private and public spending increased: Spending on private construction was at a seasonally adjusted annual rate of $1,500.7 billion, 1.3 per
RWM is coming to Austin, TX June 12th-14th @Downtown with more detailsEmail us at info@ritholtzwealth.com subject line “Austin” to reserve a meeting slot! pic.twitter.com/9iSdG4HFf3 — Ritholtz Wealth (@RitholtzWealth) May 19, 2023 I’m headed out to Austin, Texas this June and bringing a whole bunch of my Ritholtz Wealth Management colleagues with me, including our financial planner in the area.
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.
This week, we speak with entrepreneur John Hope Bryant , the founder and chief executive officer of Operation HOPE, which is the US’s largest not-for-profit provider of financial literacy and economic empowerment tools. Described as the “Conscience of Capitalism,” Bryant is also chairman and chief executive officer of John Hope Bryant Holdings , Bryant Group Ventures and The Promise Homes Company.
Retail options traders are gambling, driven by sentiment and narratives. That often leads to future price declines on the overbought stocks, research shows.
From the BLS: Job Openings and Labor Turnover Summary The number of job openings edged up to 10.1 million on the last business day of April , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires changed little at 6.1 million. Total separations decreased to 5.7 million. Within separations, quits (3.8 million) changed little, while layoffs and discharges (1.6 million) decreased. emphasis added The following graph shows job openings (black line), hires (dark blue)
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Cathie Wood, and Downtown Josh Brown discuss investing in innovation, AI fact vs fiction, how big Tesla can get, why Ark bought Nvidia in 2014, Zoom vs Google Meet vs Microsoft Teams, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
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.
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • We Want Them Infected : These ‘experts’ sold the U.S. on a disastrous COVID plan, and never paid a professional price. A painstakingly documented new book by Jonathan Howard, a neurologist at New York University and a veteran debunker of the pseudoscience contaminating our efforts to fight the pandemic.
The DOL reported : In the week ending May 27, the advance figure for seasonally adjusted initial claims was 232,000 , an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 229,000 to 230,000. The 4-week moving average was 229,500, a decrease of 2,500 from the previous week's revised average.
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that a recent study found that advisory forms working with a younger client base tend to have relatively stronger growth in assets under management and revenue over time. In addition, the researchers found that referrals from centers of influence were one of the strongest drivers of new client growth, with client referrals playing an important role as well.
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
My end-of-week morning train WFH reads: • Wall Street Banks Are Using AI to Rewire the World of Finance : Lenders are experimenting with artificial intelligence. Not even Warren Buffett is sure what happens next. ( Bloomberg ) • The $1 Trillion Company That Started at Denny’s : AI made Nvidia the world’s most valuable chip maker. So did three guys sipping diner coffee and planning to conquer markets that barely existed. ( Wall Street Journal ) • Is Apple’s weird headset the future?
The BEA released their estimate of vehicle sales for May this morning. This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the May 2023 seasonally adjusted annual sales rate (SAAR). Heavy truck sales really collapsed during the great recession, falling to a low of 180 thousand SAAR in May 2009. Then heavy truck sales increased to a new all-time high of 570 thousand SAAR in April 2019.
Strategy A lot of issues really come down to perspective. (ritholtz.com) Some career advice from noted investor David Tepper. (investmenttalk.co) Companies Meta ($META) is requiring workers to come back to the office three days a week. (cnbc.com) Amazon ($AMZN) is looking to add wireless service for Prime members. (finance.yahoo.com) Apple There are only open questions right now about Apple's ($AAPL) VR efforts.
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.
Welcome to June! My morning WFH reads: • We Asked Workers Why They’re Not Coming Back to the Office : Terrible commutes. Expensive child care. Employees explain why they will keep working from home. ( Wall Street Journal ) • Why Are Food Prices So High in Europe? Throughout the European Union, consumer food prices were on average 17% higher in April than a year earlier — the fastest pace of growth in over two and a half decades.
With the sector facing headwinds, HNWI enthusiasm for commercial real estate has dampened and what type of investments they prefer has shifted, according to WMRE exclusive research.
The 2017 Tax Cuts & Jobs Act introduced a $10,000 limit on the State And Local Tax (SALT) deduction that was previously available for taxpayers who itemized their deductions. In response to the new deduction limit, many states enacted laws creating a new Pass-Through Entity Tax (PTET) designed to help owners of pass-through businesses (partnerships, LLCs, and S corporations) avoid the limitation and preserve the deductibility of their state tax payments.
Books An excerpt from "Anatomy of a Breakthrough: How to Get Unstuck When It Matters Most" by Adam Alter. (theatlantic.com) Five insights from "Paved Paradise: How Parking Explains the World" by Henry Grabar. (nextbigideaclub.com) David Marchese talks with Peter Attia, MD about his book “Outlive: The Science & Art of Longevity.” (nytimes.com) A Q&A with Theresa MacPhail author of "Allergic: Our Irritated Bodies in a Changing World.
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.
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • The King’s Dominion (The real Succession) : His sons are at war. He’s divorced his fourth wife and broken an engagement to a would-be fifth. The jewel in what’s left of his crown faces a billion-dollar lawsuit.
While advancing a career in any industry can be challenging, the lack of formal career development programs offered in the workplace for associate advisors can make it particularly difficult for them to gain the experience they need to become lead financial advisors. And since managing the client relationship – a key responsibility for lead advisors – relies so heavily on nuanced ‘soft’ skills that are gained only through direct experience, finding ways to get hands-on ex
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 26, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier.
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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