The Big Picture

JUNE 26, 2025

“One of the most bullish things that can happen to any market is for it to reach new multi-year highs.“ Bloomberg, March 5, 2014 Markets closed at a new all-time high today. The usual suspects have already proffered their litany of horrors – valuations are too high, gains are too narrow, we havbe market concentrated and a toppy feel, to say nothing about all of the new geopolitical risks that continue to accumulate in tariffs war and oil prices.

Valuation 268

Valuation Numbers Marketing Marketing 268

Wealth Management

JUNE 27, 2025

WealthManagement.com is part of the Informa Connect Division of Informa PLC INFORMA PLC | ABOUT US | INVESTOR RELATIONS | TALENT This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Estate Planning 260

Estate Planning Marketing Marketing Wealth Management 260

Wealth Management

JUNE 23, 2025

WealthManagement.com is part of the Informa Connect Division of Informa PLC INFORMA PLC | ABOUT US | INVESTOR RELATIONS | TALENT This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Assets 278

Assets Wealth Management Financial Advisor Estate Planning 278

Nerd's Eye View

JUNE 23, 2025

Advisors have a relatively brief window of time to communicate their value to prospective clients. Many prospects ask friends and professionals for recommendations, browse a few firm websites, and typically interview only one or two advisors before deciding whom to hire. This means advisors must communicate both their services and values within a very limited – and not always synchronous – span of time.

Communication 234

Communication Retirement Planning Clients Financial Services 234

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Accounting

Calculated Risk

JUNE 27, 2025

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through May 2025. CPI Shelter was up 3.9% year-over-year in May , down from 4.0% in April, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 4.1% YoY in May , down from 4.2% in April and down from the cycle peak of 8.3% in April 2023.

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Abnormal Returns

JUNE 25, 2025

Podcasts Peter Mallouk and Charlie Bilello talk with Jonathan Clements about some big lessons. (podcasts.apple.com) Luca Dellanna and Ismail Manik talk with Barry Ritholtz about his book "How NOT to Invest." (patternsandstories.substack.com) Joe Weisenthal and Tracy Alloway talk with Morgan Stanley housing strategist Jim Egan, about the big housing divide.

Retirement 167

Retirement Taxes Portfolio Investing 167

Nerd's Eye View

JUNE 27, 2025

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week’s edition kicks off with the news that a recent study finds that while financial advisory firms on the whole have seen strong AUM growth in recent years, strong market performance might be masking organic growth challenges among many firms (though, notably, RIAs have been growing their advisor headcounts and market share, often at the expense of wirehouses and large broker-dealers during this time).

Financial Planner 144

Financial Planner Financial Advisor Estate Planning Clients 144

Calculated Risk

JUNE 26, 2025

Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 1.7% Below 2022 Peak Excerpt: It has been 19 years since the housing bubble peak, ancient history for many readers! In the April Case-Shiller house price index released Tuesday, the seasonally adjusted National Index (SA), was reported as being 78% above the bubble peak in 2006.

Numbers 232

Numbers 232

Abnormal Returns

JUNE 24, 2025

AI Why you have to be careful when using LLMs for research. (larryswedroe.substack.com) There are already plenty of ways analysts can use AI productively. (blogs.cfainstitute.org) Alternatives Rothacher and Breitenmoser, "There is no universally accepted way of modelling different alternative asset classes." (caia.org) Alternative investments have a high hurdle to clear.

Economy 157

Economy Portfolio Assets Investing 157

Wealth Management

JUNE 24, 2025

For investors, the prudent path remains clear—embrace low-cost, systematically managed funds and let the odds work in your favor as opposed to active management.

Management 258

Management 258

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.

Accounting

The Big Picture

JUNE 25, 2025

 At The Money: Navigating War, Tariffs and Geopolitics (june 25, 2025) The U.S. has just bombed Iran’s nuclear sites (following weeks of Israeli drone and aircraft bombing raids). This comes after months of noisy Tariff announcements and geopolitical wrangling. What are investors supposed to do when war breaks out? (Full transcript coming tomorrow). ~~~ About this week’s guest: Sam Ro is a veteran financial journalist and CFA known for his clear, data-driven insights into markets and and

Economy 190

Economy Management Marketing Marketing 190

Nerd's Eye View

JUNE 24, 2025

Welcome everyone! Welcome to the 443rd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Griffin Kirsch. Griffin is the owner of GK Wealth Management, an RIA based in Reno, Nevada, that oversees $200 million in assets under management for 450 client households. What's unique about Griffin, though, is how he has grown his AUM to $200 million in five years (with a 70% margin in terms of earnings before owner compensation) by providing high-touch planning for busines

Tax Planning 130

Tax Planning Financial Advisor Asset Allocation Clients 130

Calculated Risk

JUNE 25, 2025

Today, in the Calculated Risk Real Estate Newsletter: New Home Sales Decrease to 623,000 Annual Rate in May Brief excerpt: The Census Bureau reported New Home Sales in May were at a seasonally adjusted annual rate (SAAR) of 623 thousand. The previous three months were revised down. The next graph shows new home sales for 2024 and 2025 by month (Seasonally Adjusted Annual Rate).

Sales 270

Sales 270

Abnormal Returns

JUNE 23, 2025

Strategy How geopolitical conflicts have played out for stocks. (optimisticallie.com) Just how volatile have the 2020s been for the stock market? (awealthofcommonsense.com) Don't mix politics and investing. (klementoninvesting.substack.com) Crypto Add ProCap Financial to the Bitcoin Treasury scene. (cnbc.com) If every major company issues their own stablecoin, chaos could ensue.

Valuation 157

Valuation Retail Media Economy 157

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.

Management

Wealth Management

JUNE 26, 2025

WealthManagement.com is part of the Informa Connect Division of Informa PLC INFORMA PLC | ABOUT US | INVESTOR RELATIONS | TALENT This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Financial Advisor 220

Financial Advisor Wealth Management Estate Planning Recruitment 220

The Big Picture

JUNE 28, 2025

After a few month run, I took a break from talking about the book. Going forward, I’ll be speaking about HNTI occasionally. This was a fun pod worthy sharing: Peter Lazaroff hosts The Long Term Investor , and asks very thoughtful questions: In this engaging episode, Barry Ritholtz—author of the influential Big Picture blog, host of the renowned Masters in Business podcast, and author of the new book How Not to Invest—shares invaluable insights into making smarter investment decisions.

Financial Advice 157

Financial Advice Investing Investments 157

Nerd's Eye View

JUNE 26, 2025

In recent years, financial advice has expanded beyond spreadsheets and technical strategies to consider the behavioral and emotional factors driving clients’ relationships with money. Advisors today often serve not just as technical experts but also as thinking partners – helping clients process their money stories, explore values, and determine what they want their wealth to accomplish.

Clients 130

Clients Financial Advisor Financial Advice Communication 130

Calculated Risk

JUNE 24, 2025

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 2.7% year-over-year in April Excerpt: S&P/Case-Shiller released the monthly Home Price Indices for April ("April" is a 3-month average of February, March and April closing prices). February closing prices include some contracts signed in December, so there is a significant lag to this data.

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Clients

Abnormal Returns

JUNE 27, 2025

Strategy Why you shouldn't fear all-time highs. (ritholtz.com) Compounding math is often confounding. (nytimes.com) Survivorship bias affects in any number of ways. (safalniveshak.com) Books A recommendation for Ben Wiener’s book "Fever Pitch: A Novel About Selling Your Vision, Raising Venture Capital, and Launching Your Startup." (feld.com) The best economics books of summer including "King Dollar: The Past and Future of the World’s Dominant Currency" by Paul Blustein.

Math 144

Math Startup Food Economy 144

Wealth Management

JUNE 24, 2025

Phoenix-based Patrick Funke & Associates joins Commonwealth Financial Network, citing relationship focus as key factor amid pending LPL acquisition.

Recruitment 276

Recruitment 276

The Big Picture

JUNE 24, 2025

Today, I am participating in a few events at Bloomberg’s Hedge Fund Forum 2025. I will be moderating the Emerging Managers Panel: Hear from new and emerging fund leaders on the opportunities and obstacles of launching and growing a differentiated investment strategy in today’s competitive alternatives landscape, including how they are leveraging AI to enhance investment processes, streamline operations, and navigate the early stages of building a fund.

Management 157

Management Portfolio Management Numbers Portfolio 157

Getting Your Financial Ducks In A Row

JUNE 23, 2025

Photo credit: jb When you have money in several accounts and you’d like to have that money consolidated in one place, the question comes up – Which type of account can be tax-free rolled over into which other type of accounts? Thankfully, the IRS has provided a simple matrix to help with this question. At this link you’ll find the matrix , sourced from IRS Publication 590.

Accounting 127

Accounting Taxes Planning Retirement Planning 127

Speaker: Claire Grosjean, Global Finance & Operations Executive

Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.

Management

Calculated Risk

JUNE 25, 2025

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 1.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 20, 2025. This week’s results include an adjustment for the Juneteenth holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 1.1 percent on a seasonally adjusted basis from one week earlier.

Economics 162

Economics Marketing Marketing 162

Abnormal Returns

JUNE 25, 2025

Rates Muni bonds are underperforming in 2025. (morningstar.com) T-bills are growing a percentage of outstanding U.S. government debt. (wsj.com) Crypto Recent SPAC deals have a decided crypto flavor. (bloomberg.com) Please don't use those Bitcoin ATMs, scams abound. (axios.com) Retail trading Supply is coming online to feed the degenerate economy. (howardlindzon.com) Demand for private shares is there.

Media 167

Media Economy Retail Manufacturing 167

Wealth Management

JUNE 23, 2025

The Financial Services Institute challenges New Jersey's proposed independent contractor rule, warning of potential impacts on financial advisors and their clients.

Financial Services 245

Financial Services Financial Advisor Clients 245

The Big Picture

JUNE 27, 2025

This week, I speak with Velina Peneva , group chief investment officer at insurance giant Swiss Re. We discuss the business of reinsurance, managing risk, her career path and more. Peneva started her career at Bain & Company in 1998 and later became Partner in 2011. While she was there, she worked with fund managers and investors, became a leader in the private equity practice in Zurich and became a member of the firm’s global investment committee.

Investing 130

Investing Investments Asset Allocation Wealth Management 130

Speaker: David Worrell, CFO, Author & Speaker

Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.

Numbers

Trade Brains

JUNE 28, 2025

Penny stocks priced under Rs. 25 often catch the eye of investors looking for big returns with small investments. While many come with risks, some stand out with strong financials and solid business models. In this article, we highlight a few financially strong penny stocks under Rs. 25 that could be worth watching in 2025. Do you already hold any of them?

Manufacturing 105

Manufacturing Engineering Investing Investments 105

Calculated Risk

JUNE 23, 2025

From Matthew Graham at Mortgage News Daily: Mortgage Rates Lowest Since May 1st Mortgage rates ended the previous week roughly in line with the best levels since May 1st. Today's modest improvement made it official. Mortgage rates are primarily a function of trading levels in the bond market and bonds have had a few reasons to move at the start of the new week.

Financial Services 147

Financial Services Manufacturing Sales Marketing 147

Abnormal Returns

JUNE 27, 2025

Economics Noah Smith talks abundance with Derek Thompson. (noahpinion.blog) Derek Thompson talks with NYC Democratic mayoral nominee Zohran Mamdani. (derekthompson.substack.com) Danny Crichton and Laurence Pevsner author of “Rebooting a Nation: The Incredible Rise of Estonia, E-Government and the Startup Revolution.” (podcasts.apple.com) Tyler Cowen talks central banking with president of the Chicago Fed Austan Goolsbee.

Startup 144

Startup Valuation Economics Government 144

Wealth Management

JUNE 27, 2025

The AmeriFlex Group said it made the move because Cambridge could support its new affiliations, including a W-2 model for advisors who want to sell and stay, and a pure RIA-only option.

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Speaker: Cheryl J. Muldrew-McMurtry

Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.

Distribution