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In 2004, the SEC significantly strengthened the compliance responsibilities of investment advisers when Rule 206(4)-7 (also known as the "Compliance Rule") went into effect, requiring them to adopt and implement written compliance policies and procedures, review such policies and procedures annually, and designate a Chief Compliance Office to administer such policies and procedures.
In August of 2022, I explained how Amazon became ordinary. Today I want to discuss how they have become bad. Since I first discussed the companies that lost my affection during the pandemic nearly two years ago, Amazon continues to stand out as delivering an ever-worsening set of experiences. I wanted to wait until after the (faux retail holiday) Prime Day(s) ended before sharing a few tales of further (to use Cory Doctorow’s phrase) “ Enshittification.” There are many problem
Podcasts Dan Haylett talks with George Kinder on the true impact of Life Planning on retirement. (humansvsretirement.com) Daniel Crosby talks financial wellness and therapy with Amanda Clayman. (standarddeviationspod.com) Brendan Frazier talks about why advisers should shift from "advice giver" to "thinking partner." (wiredplanning.com) Michael Kitces talks with Brett Danko who is the Founder of Brett Danko Educational Center, and the CEO and Managing Partner for Main Street Financial Solutions.
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
Today, in the Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market; Overview for mid-October A brief excerpt: Yesterday, in Part 1: Current State of the Housing Market; Overview for mid-October I reviewed home inventory and sales. Most measures of house prices have shown an increase in prices over the last several months, and a key question I discussed in July is Will house prices decline further later this year?
This week, we speak with Michael Lewis, whose latest book is “ Going Infinite: The Rise and Fall of a New Tycoon , ” on FTX founder Sam Bankman-Fried. He takes readers into the mind of Bankman-Fried, whose rise and fall offers an education in high-frequency trading, cryptocurrencies, philanthropy, bankruptcy, and the justice system. We discuss his writing process, and what made this book so different than his prior ones: A focus on personalities instead of some broad social upheaval.
This week, we speak with Michael Lewis, whose latest book is “ Going Infinite: The Rise and Fall of a New Tycoon , ” on FTX founder Sam Bankman-Fried. He takes readers into the mind of Bankman-Fried, whose rise and fall offers an education in high-frequency trading, cryptocurrencies, philanthropy, bankruptcy, and the justice system. We discuss his writing process, and what made this book so different than his prior ones: A focus on personalities instead of some broad social upheaval.
Markets Good luck getting a good handle on this stock market. (theirrelevantinvestor.com) Under what conditions is the stock market more likely to crash. (morningstar.com) Rates The increase in bond yields is as impressive as the actual rise in rates. (econbrowser.com) Why higher interest rates aren't have a bigger effect on the economy. (tker.co) Why are mortgage rates are as high as they are.
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 6, 2023. The Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier.
There is a thought-provoking discussion on short selling over at Russell Clark ; check it out (including audio) to get an overview of his perspective. I don’t really disagree with any of it but I do (did) see the world of short-selling from a different seat. Allow me to share a few thoughts about shorting as a trading strategy; I include specifics at the end.
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.
Top clicks this week The stock market is coming to terms with higher interest rates (for longer). (awealthofcommonsense.com) Why simplicity in investing can help reduce errors. (mrzepczynski.blogspot.com) Why some people like to research and hold individual stocks instead of funds. (investmenttalk.co) How major asset classes performed in September 2023.
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report from Sabrina Speianu: Weekly Housing Trends View — Data Week Ending Oct 7, 2023 • Active inventory declined, with for-sale homes lagging behind year ago levels by 2.4%. During the past week, we observed the 16th successive drop in the number of homes available for sale when compared to the previous year.
My buddy Jonathan Miller does not hesitate to call out the weasels who represent those who work in his industry: NAR Proves That Trade Groups Aren’t Infallible With an appalling culture of secrecy maintained by wildly overpaid executives (I believe their CEO is paid close to $3 million per year), NAR seems to be imploding right now. These three prominent real estate firms are backing away from the management cesspool that has severely damaged the National Association of Realtors (NAR) brand.
Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?
Strategy The key to successful investing is patience. (blog.validea.com) Five common mistakes investors make. (blogs.cfainstitute.org) When aiming down the middle makes sense. (humbledollar.com) Finance Private credit is the new bank. (wsj.com) How the Intercontinental Exchange ($ICE) became a big player in the mortgage business. (wsj.com) CRE Even Texas's office buildings are seeing high vacancy rates.
Note: I covered apartments and offices in the newsletter: Moody's: "Apartment Market Softens, Office Evolution Continues, and Retail On Shaky Ground" From Moody’s Analytics economists Thomas Lasalvia, Lu Chen and Nick Luettke: Apartment Market Softens, Office Evolution Continues, and Retail On Shaky Ground Over the past decade, traditional retail forms have been challenged by e-commerce’s boom, whose share as a percentage of total retail sales has been constantly hovering above 15% since early 2
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with a new study from Herbers & Company that provides insight into the financial planning services that consumers demand the most, and which services financial advisory firms offer the most often. The study also identified factors that separated firms experiencing the greatest organic growth from others, which include offering a comprehensive suite of services, having a higher 'close' ra
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
Markets Retail investors love T-bills. (economist.com) You can't attribute changes in yields to any single factor. (economist.com) Finance VC activity is at multi-year lows. (venturebeat.com) Europe has an IPO problem. (ft.com) Facial recognition Like it or not, face search engines are coming. (npr.org) Five insights from "Your Face Belongs to Us: A Secretive Startup’s Quest to End Privacy as We Know It" by Kashmir Hill.
With the release of the CPI report this morning, we now know the Cost of Living Adjustment (COLA), and the contribution base for 2024. From Social Security: Social Security Announces 3.2 Percent Benefit Increase for 2024 Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024 , the Social Security Administration announced today.
When deciding on a marketing strategy to pursue, one of the key factors for financial advisory firms to consider is efficiency. Different strategies have different Client Acquisition Costs (CACs), in terms of both hard-dollar marketing expenses and the cost of the advisor's time spent on the strategy, and an efficient market strategy is one that can effectively attract new clients while minimizing the amount spent to acquire them.
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.
Companies What now for Microsoft ($MSFT) after closing the Activision Blizzard deal? (theringer.com) The customer experience at Amazon ($AMZN) is getting worse. (ritholtz.com) Is Apple ($AAPL) making it too hard to do stuff on the Mac? (macworld.com) Sports gambling Disney ($DIS) wanted no part of sports gambling, now its all in. (wsj.com) Sports books are embracing novelty bets.
From the Fed: Minutes of the Federal Open Market Committee, September 19-20, 2023. Excerpt: Participants noted that the data received over the past several months generally suggested that inflation was slowing. Even with these favorable developments, they emphasized that further progress was needed to get inflation sustainably to 2 percent. Participants pointed to the softening of price inflation for goods amid improving supply conditions and to declining housing services inflation.
Mark Bruno and Megan Carpenter dive into topics like how to pitch a speaker to a conference organizer, where events budgets are headed and why weekend events are a thing.
Welcome everyone! Welcome to the 354th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Grier Rubeling. Grier is the founder of Advisor Transition Services, a consulting firm based in Cary, North Carolina, that helps advisors switch from one broker-dealer or custodian platform to another, often when breaking away from a larger firm to start up their own.
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.
Podcasts Peter Lazaroff talks with Susan Jones of Plancorp about year-end planning opportunities. (peterlazaroff.com) Christine Benz and Jeff Ptak talk with Prof. Anita Mukherje about the challenges of decumulation. (morningstar.com) Earlier on Abnormal Returns Dying with zero: the life of Charles Feeney. (abnormalreturns.com) Sub-3% mortgage rates are now a distant memory.
Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-October A brief excerpt: The NAR reported sales were at a “seasonally adjusted annual rate of 4.04 million in August. Year-over-year, sales fell 15.3% (down from 4.77 million in August 2022).” This was in line with the local markets I tracked for August.
My partner Barry Ritholtz speaks to Michael Lewis, whose latest book is “Going Infinite: The Rise and Fall of a New Tycoon,” on FTX founder Sam Bankman-Fried. Lewis has been the subject of a massive uproar on social media for the way his book portrays SBF and the way he’s spoken about his subject during the promotion tour, specifically on ’60 Minutes’ last Sunday.
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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