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Research links: problematic concentration

Abnormal Returns

Concentration A look at 200 years of stock market concentration in the U.S. (globalfinancialdata.com) "Stock Market Concentration: How Much is Too Much?" by Mauboussin and Callahan. (morganstanley.com) Trend What happens when you stack managed futures trend on top of equities? (caia.org) Comparing the diversification benefits of bonds vs. trend following.

Media 204
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Summer Reading List Of “Best Books” For Financial Advisors – 2024 Edition

Nerd's Eye View

The first half of 2024 has been a solid start for most advisory firms, with markets enjoying moderate growth (a pleasant follow-through after a particularly strong 2023!), client retention rates remaining robust, and at least a bit of client referral growth trickling in. Which is leading to healthy profit margins at the typical advisory firm, as more and more advisors eye the possibility that AI will produce even more business efficiencies (and stronger profitability) in the year to come.

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Seattle Redux: Misunderstanding Seasonal Adjustments

The Big Picture

@TBPInvictus here. About a decade or so ago, the city of Seattle undertook to raise its minimum wage, over time, to $15/hour. (Massive credit to my friend Nick Hanauer for his efforts to make that happen.) What followed in the immediate aftermath of both the announcement and implementation was nothing less than a apocalyptic, collective head explosion on the right about the devastating effects the increase would have, particularly in the food services sector: However, there’s little doubt that t

Food 304
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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week The best time to prepare for a bear market is before it begins. (awealthofcommonsense.com) A review of major asset class performance in May 2024. (capitalspectator.com) Why you shouldn't be worried about index funds just yet. (thefinancialbodyguard.com) The current bull market is mid. (tker.co) The market has always been rigged, just not in the way you think.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Market Commentary: The Summer Rally Continues Amid Strong Job Gains

Carson Wealth

The Summer Rally Continues Another week and more new highs for the S&P 500. As we’ve noted before, summer rallies are actually quite normal in an election year and we didn’t think this year would be any different. In fact, the three summer months are up more than seven percent on average in an election year and higher more than 75% of the time, the best out of any three-month period.

Marketing 134

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Not Getting Rich Fast Enough

A Wealth of Common Sense

The plural of anecdote is not data. You can’t extrapolate your individual experience or the experiences of your family, friends and peers to the broader economy, markets, political climate, etc. Just because the dumbest person you know is going all-in on Nvidia does not mean the stock market is going to collapse tomorrow. That’s not how any of this works.

Economy 112
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When Are Advisors (Financially) Liable For Negligent Investment Advice? (And Who Pays For It)

Nerd's Eye View

Financial advisors, as professionals whose clients rely on their advice to make financial decisions, are legally and financially responsible for the advice that they give. For example, if an advisor recommends an investment that prioritizes the commission they would receive rather than any benefit the client would derive from it, they could incur fines and sanctions for violating their fiduciary duty as an advisor.

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Multiple Jobholders Account for 5.2% of All Employed

Advisor Perspectives

Multiple jobholders account for 5.2% of civilian employment. The survey captures data for four subcategories of the multi-job workforce, the relative sizes of which we've illustrated in a pie chart.

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Focus Financial Partners Appoints New Execs, Including Several from Connectus

Wealth Management

Apollo Global’s David Lang will join as Focus’ chief operating officer, while Connectus Wealth Advisers CEO Molly Bennard will direct the firm's international growth strategy.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.

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Comments on May Employment Report

Calculated Risk

The headline jobs number in the May employment report was well above expectations, however March and April payrolls were revised down by 15,000 combined. The participation rate and employment population ratio decreased, and the unemployment rate increased to 4.0%. Construction employment increased 21 thousand and is now 613 thousand above the pre-pandemic level.

Numbers 120
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Adviser links: true wisdom

Abnormal Returns

Podcasts Barry Ritholtz talks with Peter Mallouk, president and CEO of Creative Planning LLC. (ritholtz.com) Joel Weber and Eric Balchunas talk with Silla Brush about Salim Ramji the new CEO of Vanguard. (bloomberg.com) Daniel Crosby talks advisor marketing with Robert Sofia who is the CEO of Snappy Kraken. (standarddeviationspod.com) Frazer Rice talks with David Barnard, CEO and Founder of Luminary, about technology and estate planning.

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Weekend Reading For Financial Planners (June 8-9)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that recent surveys indicate that consumers continue to trust human financial advisors more than Artificial Intelligence (AI)-powered tools. Nonetheless, respondents (particularly those in younger generations) do not see this as an either-or choice, but rather anticipate benefitting from working with human advisors who leverage AI tools for certain tasks (e.g., detecting fraud

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Fixed Income Has Income Again

A Wealth of Common Sense

The bad news about the historic bond bear market is that fixed income investors were forced to deal with large losses in certain areas of the bond market. The good news is the rising rates that caused the bear market in bonds mean yields are in a much better place than they’ve been for the past 10-15 years. Fixed income has income again. In fact, investors in search of yield have all sorts of options — T-bill.

Marketing 111
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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

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.

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How Wealth Managers Can Compete With Family Offices for UHNW Clients

Wealth Management

According to the new Capgemini World Wealth Report, advisors and families offices are eyeing the same pool of ultra-wealthy clients. By working together, they could both benefit.

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Q1 Update: Delinquencies, Foreclosures and REO

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Q1 Update: Delinquencies, Foreclosures and REO A brief excerpt: We will NOT see a surge in foreclosures that would significantly impact house prices (as happened following the housing bubble) for two key reasons: 1) mortgage lending has been solid, and 2) most homeowners have substantial equity in their homes.

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Sunday links: playing your own game

Abnormal Returns

Concentration The S&P 500 has become increasingly concentrated. (apolloacademy.com) Should you be worried? (theirrelevantinvestor.com) Markets Can we finally move past the Gamestock ($GME) era of markets? (herbgreenberg.substack.com) Does anything matter any more in markets? (spyglass.org) Alternatives More investors are facing up to the problem with illiquid alternatives.

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#FASuccess Ep 389: Generating $5M In Hourly Planning Fees In The Blue Ocean Of Consumer Demand, With Mark Berg

Nerd's Eye View

Welcome everyone! Welcome to the 389th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Mark Berg. Mark is the Founder of Timothy Financial Counsel, an RIA based in Wheaton, Illinois, that is on track to generate approximately $5 million in annual revenue this year serving 800 client households. What's unique about Mark, though, is how his firm has scaled from $1.8 million of revenue to $5 million, in only 6 years, and has maintained a 25% profit margin… al

Planning 130
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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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Will India become a semiconductor hub? / Is India Primed for a Semiconductor Boom?

Trade Brains

The semiconductor industry is the backbone of modern electronics, including smartphones and computers to EVs and processing units for artificial intelligence. Taiwan stands at the top of the semiconductor industry as the undisputed leader, with its Taiwan Semiconductor Manufacturing Company (TSMC) at the forefront. However, there has been a growing interest in the semiconductor market in India due to increased demand for electric vehicles and infrastructural development.

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401(k) Real Talk Episode 109: June 12, 2024

Wealth Management

Open, honest and candid discussion about May's job numbers, managed accounts lawsuits, OneDigital and a 'second' golden age for the 401(k) industry.

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Schedule for Week of June 9, 2024

Calculated Risk

The key report this week is May CPI. The FOMC meets on Tuesday and Wednesday, and rates are expected to be unchanged. -- Monday, June 10th -- No major economic releases scheduled. -- Tuesday, June 11th -- 6:00 AM ET: NFIB Small Business Optimism Index for April. -- Wednesday, June 12th -- 7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 8:30 AM: The Consumer Price Index for May from the BLS.

Economics 110
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Saturday links: a box of delights

Abnormal Returns

Autos Bi-directional charging would be a big boost to EV sales. (nytimes.com) Waymo is proving out the concept of autonomous cars in the Phoenix area. (wsj.com) Edmunds top EV and hybrid vehicles for 2024. (goodgoodgood.co) Transport NYC take note, most cities with congestion pricing have benefited. (reasonstobecheerful.world) The shipping industry is adding sails to their ships.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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The Bottom 50%

A Wealth of Common Sense

Americans are earning more income from their investments than ever before. Here’s the data from the Wall Street Journal: Americans in the first quarter earned about $3.7 trillion from interest and dividends at a seasonally adjusted annual rate, according to the Commerce Department, up roughly $770 billion from four years earlier. That’s a whole lot of passive income.

Assets 105
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Annuities Bring Peace of Mind in an Uncertain World

NAIFA Advisor Today

Message From the CEO Graduates of NAIFA’s Leadership in Life Institute have a deep appreciation for The 7 Habits of Highly Effective People by renowned leadership authority Stephen Covey. They may be familiar with Covey’s quote, “If there’s one thing that’s certain in business, it’s uncertainty.” The same principle applies to life. Transitions often amplify uncertainty, and among the most uncertain times for many is the transition into retirement.

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10 Investment Must Reads for This Week

Wealth Management

Family offices plan to be active acquirers of stakes in private companies, according to a study by BNY Mellon Wealth Management. ETF.com looked at how inflation and expectations on potential interest rate cuts is affecting rate-sensitive ETFs. These are among the investment must reads we found this week for wealth advisors.

Investing 103
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Wholesale Used Car Prices Declined in May; Down 12.1% Year-over-year

Calculated Risk

From Manheim Consulting today: Wholesale Used-Vehicle Prices Declined in May Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were down in May compared to April. The Manheim Used Vehicle Value Index (MUVVI) fell to 197.3, a decline of 12.1% from a year ago. The seasonal adjustment to the index reduced the impact on the month, resulting in values that declined 0.6% month over month.

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Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients

Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

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Podcast links: overcoming perfectionism

Abnormal Returns

Listening The best podcasts of 2024 including 'Stick the Landing' from The Ringer. (time.com) Reese’s Book Club has an audio home on Apple Books. (theverge.com) Economy Ezra Klein talks with Annie Lowery about the growing economic disconnect. (podcasts.apple.com) Jerusalem Demsas talks with Natalia Emanuel on whether remote work actually works for women.

Economy 228
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Is Diversification Dead?

Random Roger's Retirement Planning

The title of today's post is essentially the question asked in a Bloomberg Article ( syndicated at Yahoo ). The TLDR is that broad diversification has lagged behind simple market cap weighting for the last 15 years. I am guessing they chose that timeframe to coincide with the March 2009 bottom. We've talked just a couple of times about the market becoming increasingly concentrated which just in terms of math means that a diversified strategy will lag for as long as the big names do well.

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How Would You Invest $14 Million?

A Wealth of Common Sense

We also discussed questions about our personal investment decisions, switching your portfolio from individual stocks to index funds, the potential impact of artificial general intelligence and investment advice for a college senior. Further Reading: If You’re Still Worried You Aren’t Wealthy 1That CFA designation still comes in handy from time to time. 2Assuming you put some thought into that allocation and i.