Advisor Perspectives
NOVEMBER 20, 2023
Investors should embrace a genuine long-term perspective, extending their time horizons to at least 20 to 30 years. The traditional notion of long-term investing (five to 10 years) may fall short of realizing the full benefits of long-term strategies.
The Big Picture
NOVEMBER 22, 2023
We spend way too much time trying to predict the future (especially this time of year). Rather than engage in futility, let’s look at the coincident indexes in all 50 states over the past 3 months, via the Federal Reserve Bank of Philadelphia (October 2023). Note: I have been occasionally eyeballing this map since 2008 , and it does a good job of showing the overall trend of the economy (on an obvious lag).
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Abnormal Returns
NOVEMBER 19, 2023
Also on the site this week Over a lifetime, you can accumulate a lot of stuff. The chances are nobody wants any of it. (abnormalreturns.com) Top clicks this week Why it's a great time to be an investor. (blog.validea.com) Some behavioral hacks to prevent you from blowing up your portfolio. (ritholtz.com) What it going to happen to all those assets in money market fund when yields eventually fall?
Nerd's Eye View
NOVEMBER 24, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that FINRA has issued a proposal to allow broker-dealers to advertise hypothetical performance data to institutional and high-net-worth investors, which would bring the rules for broker-dealers largely in line with those for investment advisers, but also raises questions about the comparative roles and regulations for the two groups.
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.
The Reformed Broker
NOVEMBER 21, 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: ►Sam Altman – OpenAI turmoil. ►Buyback SURGE – “$QQQ largest weekly inflows on record this past week.” ►NVDA Earnings – “The chip maker’s earnings beat Wall Street expectations in.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Abnormal Returns
NOVEMBER 22, 2023
Podcasts Roben Farzad talks with Morgan Housel, author of "Same as Ever.Same as Ever: A Guide to What Never Changes." (pod.link) Thomas Kopelman talks with Daniel Crosby about money lessons for life. (podcasts.apple.com) Mason King talks with Peter Dunn about five things you need to know about your finances. (ibj.com) Christine Benz talks safe withdrawal rates with Amy Arnott and John Rekenthaler.
Nerd's Eye View
NOVEMBER 20, 2023
As marketing and prospecting processes become increasingly digital for financial advisors, many prospective clients learn about advisors and what they offer not from an introductory call, webinar, or speaking event but from the advisor's website itself. Talking about money is often highly personal and can leave individuals feeling vulnerable, so choosing who to serve in such a high-trust role as a financial advisor can have immense stakes.
The Reformed Broker
NOVEMBER 20, 2023
“Armed to the teeth.” This is the phrase that came to mind as I was watching Josh Smith walk us through the demo of VRGL last week. I thought to myself it would be impossible for a mediocre financial advisor to hold onto a client relationship if something like this were in use by a rival advisor. The ability to show a prospective client this level of transparency on taxes, fees, allocation decision-making, etc.
The Big Picture
NOVEMBER 21, 2023
My Two-for-Tuesday morning train WFH reads: • The Share of Americans Who Are Mortgage-Free Is at an All-Time High : Almost 40% of US homeowners own their homes outright as of 2022—many of them baby boomers who refinanced when rates were low. ( Businessweek ) see also Why Your Office Space Continues to Shrink : Despite more than a billion square feet of empty office space in the US, a return to roomier layouts and private offices does not seem to be in the cards. ( Bloomberg ) • Satoshi Is Black
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.
Abnormal Returns
NOVEMBER 21, 2023
Quant stuff Good luck trying to explain ML models. (mrzepczynski.blogspot.com) A round-up of recent research on return expectations including 'Inflation Expectations and Stock Returns.' (capitalspectator.com) Earnings Using AI to suss out future earnings surprises. (klementoninvesting.substack.com) People like working for companies that beat Wall Street earnings expectations.
Nerd's Eye View
NOVEMBER 21, 2023
Welcome back to the 360th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Suzanne Powell. Suzanne is a Senior Financial Advisor at Meridian Wealth Management, an RIA based in Lexington, Kentucky, where she oversees approximately $110 million in assets under management for nearly 150 client households. What's unique about Suzanne, though, is how she grew to more than $100M of AUM by intentionally organizing her schedule from month to month throughout the year, cl
The Reformed Broker
NOVEMBER 24, 2023
We did a surprise Thanksgiving podcast drop and had our friend Morgan Housel on the show to talk about the big idea behind his new book, ‘Same As Ever‘ We get into some stuff on the responsibility of a board director, the way investors overweight bad news versus good news, the not-so-aligned incentives of the financial media and so much more.
The Big Picture
NOVEMBER 20, 2023
Most people don’t know that it is the editors, not the writers, who craft headlines. This should be common knowledge among media consumers (but it’s not). Perhaps this is why well-written articles are often skewed or even undone by clickbait headlines. Case in point: Wall Street’s ESG Craze Is Fading As the article points out, “investors withdrew more than $14 billion from sustainable funds this year” after weak performance traced in part to higher interest rates.1 But the article also points o
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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.
Abnormal Returns
NOVEMBER 21, 2023
Strategy Hedge funds are piling into the Big Seven stocks. (ft.com) Diversification always means having something underperform. (ofdollarsanddata.com) Why moats matter. (investmenttalk.co) Crypto Another domino falls in the crypto space as Binance CEO CZ plans to plead guilty to money laundering charges. (wsj.com) Meanwhile there are plenty of other goings-on in the exchange space.
Nerd's Eye View
NOVEMBER 22, 2023
For all of the myriad ways financial advisors can structure and run their practices, firm owners generally encounter similar stages in the development of their firms. At some point, solo advisors will need to decide whether to increase their headcount, and an ensemble practice may later evolve into a centralized brand with significant enterprise value.
Alpha Architect
NOVEMBER 24, 2023
Covered calls implemented to deliver higher derivative income should be expected to have (1) lower total returns, (2) higher tax realizations along the path, and (3) a more negatively skewed return profile. Investors who allocate to these strategies for their income alone, without accounting for these other considerations, might have made a devil’s bargain Focus on Income Can Undermine Returns: The Case of Covered Calls was originally published at Alpha Architect.
The Big Picture
NOVEMBER 18, 2023
This week, we speak with Brad Gerstner , founder and CEO of Altimeter Capital , a technology-focused investment firm, which has about $7 billion in assets under management. Altimeter manages a variety of venture and public funds and serves as a long-term partner to companies as they enter the public markets. (Note: This episode was recorded on Nov. 8, before the most recent Elon Musk amplification of anti-semitic comments).
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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.
Abnormal Returns
NOVEMBER 19, 2023
Markets Cullen Roche, "The worst narrative in finance is this idea that stocks generate 10%+." (disciplinefunds.com) Why you should believe in stocks for the long run. (awealthofcommonsense.com) Diversify when you feel like you don't need it. (creativeplanning.com) Cash is a drug for investors. (etoro.com) Fund management The ESG wave has crested. (wsj.com) Fidelity files for a spot Ethereum ETF.
A Wealth of Common Sense
NOVEMBER 24, 2023
Personal finance was my first love in the money world. I was a saver before I ever knew what investing even was. Yet my relationship with personal finance has evolved as I’ve aged and changed my habits. Many of the personal finance rules written in stone will always apply. Live below your means. Pay yourself first. Stay out of credit card debt.
Calculated Risk
NOVEMBER 23, 2023
Here are five economic reasons to be thankful this Thanksgiving. (Hat Tip to Neil Irwin who started doing this years ago) 1) The Unemployment Rate is Below 4% The unemployment rate was at 3.9% in October. The unemployment rate is down from 14.7% in April 2020 (the highest since the Great Depression). The unemployment rate is up from 3.7% a year ago (October 2022).
Advisor Perspectives
NOVEMBER 20, 2023
The Conference Board Leading Economic Index (LEI) fell for a 19th consecutive month in October as the LEI resumed signaling a recession in the near term. The index dropped 0.8% from last month to 103.9, the index's lowest reading since May 2020.
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
Abnormal Returns
NOVEMBER 20, 2023
Markets The U.S. stock market hasn't made a new high in nearly 500 trading days. (awealthofcommonsense.com) How this yield curve steepening is different. (integratinginvestor.com) Strategy ESG or not, people are going to invest according to their values. (ritholtz.com) On the downside of focusing on high dividend yields. (insights.finominal.com) Crypto Do futures-backed Bitcoin ETFs have a future?
A Wealth of Common Sense
NOVEMBER 19, 2023
The S&P 500 last hit a new all-time high on January 3, 2022. The market has been slowly but surely working its way back to new highs but we’ve been underwater for nearly two years now: The market is within spitting distance of new highs but stocks have gone nowhere for almost two years. We’re a little less than four years into the 2020s and half of those years have seen no new highs but there have already.
Calculated Risk
NOVEMBER 20, 2023
Altos reports that active single-family inventory was up 0.5% week-over-week and is now up slightly year-over-year. This is the latest in the year that inventory was still increasing in this series! Inventory will start decreasing seasonally soon (for Thanksgiving and Christmas). Click on graph for larger image. This inventory graph is courtesy of Altos Research.
Advisor Perspectives
NOVEMBER 22, 2023
Bitcoin's price see-sawed for much of the past week, reaching as high as $37,800 and falling as low as $35,000. BTC is now up ~120% year to date. Here's the latest charts on three of the largest cryptocurrencies by market share through 11/21.
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.
Abnormal Returns
NOVEMBER 22, 2023
AI Sam Altman is back at OpenAI, but everything has changed. (bigtechnology.com) Om Malik, "If you are a startup, an organization, or a large company, you need to learn from the past five days [at OpenAI] and start building resilience in your product plans." (om.co) The OpenAI fiasco highlights the importance of corporate governance. (theatlantic.com) Finance Banks are planning to start.lending again.
A Wealth of Common Sense
NOVEMBER 21, 2023
I’ve been writing about how demographics are destiny in the housing market for nearly a decade (see here, here and here). This has mainly been from the perspective of millennials because that’s my demographic. Following the Great Financial Crisis, many pundits assumed millennials would never settle down, own a home or buy a car. They would simply live in a big city and eschew the typical path to the suburbs.
Discipline Funds
NOVEMBER 21, 2023
One of the big stories of the year has been the lack of breadth in the performance of the US stock market. The so-called “magnificent 7” of Microsoft, Amazon, Apple, Google, Meta, Tesla and Nvidia have generated 71% returns. The S&P 500 is up 20%. And the remaining 493 companies are up 5%. The equal weight S&P 500 (which weights every company evenly instead of letting the market caps skew) is up 5% year to date.
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