The Big Picture
JUNE 28, 2023
All of the companies in the S&P 500 are worth $7.1 trillion in assets, accounting for close to 80% of available market capitalization on U.S. stock exchanges. Visual Capital notes: “Over the last decade, big tech names have dominated the index. The tech sector makes up over 26% , with Apple, Microsoft, and Nvidia as the top S&P 500 companies by market capitalization.
Abnormal Returns
JUNE 28, 2023
Markets The world has passed gold by. (bloomberg.com) Natural gas prices are wicked cheap. (wsj.com) Why everyone is now betting on a spot Bitcoin ETF. (ft.com) Finance PE firms have a recruiting problem. (institutionalinvestor.com) The European market for IPOs is moribund. (ft.com) Sequoia Capital had to choose between China and the U.S. (wsj.com) Fund management Do investors know what they are getting in the popular JPMorgan Equity Premium Income ETF ($JEPI)?
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The Big Picture
JUNE 28, 2023
My mid-week morning train WFH reads: • The Stock Market Isn’t as Calm as It Seems : Traders are scooping up bets on volatility surging at a record clip. ( Wall Street Journal ) • Tech’s Toughest Cuts Could Draw New Talent to Asset Management : Asset managers are eyeing thousands of workers laid off by the tech industry as asset management firms build out their own capabilities. ( Chief Investment Officer ) • The Uneven Effect of Remote Work, in One List : This ranking of jobs by percentage of re
Abnormal Returns
JUNE 28, 2023
Podcasts Christine Benz and Jeff Ptak talk with Fritz Gilbert and Eric Weigel about retirement planning mistakes. (morningstar.com) Cameron Passmore and Benjamin Felix talk behavioral finance with Prof. Meir Statman. (rationalreminder.libsyn.com) Joe Saul-Sehy and OG talk with Jonathan Clements editor of “My Money Journey: How 30 People Found Financial Freedom and You Can Too.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Wealth Management
JUNE 28, 2023
Seven in 10 rookie advisors left the industry last year, as most of the training programs are still very sales-based, according to Cerulli.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Wealth Management
JUNE 28, 2023
More than half of active buyers are walking away from potential deals for three primary reasons, according to a new Fidelity survey—and they all come down to self-awareness.
NAIFA Advisor Today
JUNE 28, 2023
NAIFA members, mark your calendars! The Q3 State of NAIFA webinar is scheduled for July 11th at 12 pm eastern. This third update of the year is an integral part of our commitment to keep you informed about our progress and the direction we're heading.
MarketWatch
JUNE 28, 2023
U.S. stocks closed mostly lower on Wednesday after Federal Reserve Chairman Jerome Powell said he won’t rule out back-to-back rate hikes, in a meeting with other global central bankers. The Dow Jones Industrial Average DJIA shed about 72 points, or 0.2%, ending near 33,853, based on preliminary FactSet figures. The S&P 500 index SPX closed fractionally lower, down less than 0.1%, while the Nasdaq Composite Index COMP gained 0.3%.
NAIFA Advisor Today
JUNE 28, 2023
Scott Blake is a Wealth Management Advisor and Founder at a leading wealth management firm delivering comprehensive planning, investment, and insurance services for individuals, families, and businesses to help them achieve financial success and live rich, rewarding lives. A passionate leader in his community, Scott is a 2022 national winner of Advisor Today’s 4 Under 40 Award and a board member of several organizations in Columbus, Ohio.
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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.
Calculated Risk
JUNE 28, 2023
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Thursday: • At 2:30 AM ET, Discussion, Fed Chair Jerome Powell , Dialogue with Bank of Spain Governor Pablo Hernández de Cos , At the Banco de España Fourth Conference on Financial Stability, Madrid, Spain • At 8:30 AM, The initial weekly unemployment claims report will be released.
Norman Marks
JUNE 28, 2023
I have been doing webinars and such for quite a few years now, and many have been posted on YouTube. The best way to find them is through a simple search of YouTube for my name. Today, I updated the About Norman page of this website to include links to some of these videos.
Calculated Risk
JUNE 28, 2023
Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 3.8% Below Peak; Price-to-rent index is 8.4% below recent peak Excerpt: It has been over 17 years since the bubble peak. In the April Case-Shiller house price index released yesterday, the seasonally adjusted National Index (SA), was reported as being 62% above the bubble peak in 2006.
Wealth Management
JUNE 28, 2023
Wells Fargo employees tipped off federal prosecutors last year that managers in the bank’s wealth-advisory units were conducting sham interviews to meet internal diversity mandates.
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.
A Wealth of Common Sense
JUNE 28, 2023
Today’s Animal Spirits is brought to you by YCharts: Go here to check out YCharts’ latest research on which portfolios and asset classes perform best during Fed Rate Hike Cycles. On today’s show, we discuss: Is the Inflation Battle Won? Not Yet. Where’s the Recession We Were Promised? Bitcoin Bonanza on Tap if BlackRock ETF Is Approved There Were Fewer Homes for Sale in May Than Any Other Month o.
Wealth Management
JUNE 28, 2023
Eric Richins had made plans to exclude his wife from inheriting his assets
Calculated Risk
JUNE 28, 2023
Note: I like using Las Vegas as a measure of recovery for both leisure (visitors) and business (conventions). From the Las Vegas Visitor Authority: May 2023 Las Vegas Visitor Statistics Supported by strong demand along with multiple weekend music festivals including the Lovers & Friends festival, Sick New World festival and the recurring Electric Daisy Carnival (EDC) event, Las Vegas hosted approx. 3.5M visitors, 1.5% ahead of last May.
Wealth Management
JUNE 28, 2023
Funds focused on clean energy and semiconductors were among the best-performing over the last five years.
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Digital platforms can provide you with plenty of solutions, yet many are still intimidated by them. It's time to end that worry and embrace what could make a major difference for your bank. Understanding how they work and how to best utilize them for your banks is key toward success. In this article, Biz2X breaks down all things digital platforms, including the many advantages of embracing them.
MarketWatch
JUNE 28, 2023
Online furniture retailer Overstock.com Inc. OSTK on Wednesday said it had acquired the brand and intellectual property of bankrupt home-goods chain Bed Bath & Beyond. The announcement comes a day after a bankruptcy judge approved Overstock’s $21.5 million bid to buy the assets — which will include Bed Bath & Beyond’s website and domain names, customer database and loyalty program data, along with trademarks and patents.
Wealth Management
JUNE 28, 2023
The ESG label has become toxic, "weaponized" and "misused by the far left and the far right," according to BlackRock CEO Larry Fink.
Calculated Risk
JUNE 28, 2023
Fed Chair Jerome Powell is participating in a panel discussion today at the European Central Bank (ECB) Forum on Central Banking 2023 in Sintra, Portugal. From Jeff Cox at CNBC: Powell says more ‘restriction’ is coming, including possibility of hikes at consecutive meetings. Excerpt: “We believe there’s more restriction coming,” Powell said during a monetary policy session in Sintra, Portugal.
MarketWatch
JUNE 28, 2023
Thrift-store operator Savers Value Village said late Wednesday it has priced its upsized initial public offering at $18 a share, which was above the expected range. The stock is slated to begin trading on the New York Stock Exchange on Thursday under the symbol SVV. Earlier this month, the Bellevue, Wash., company had said it expected the IPO to price at between $15 and $17 a share.
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All accounting teams know what it is like to dread the inevitable month-end scaries. If there was a way to feel less burdened and maybe even a little enthusiastic to work on your month-end close and reconciliation process, would you do it? No, don't answer that, of course you would! Automate your month-end close process by up to 40% with SkyStem's ART and see how much more alive you feel!
AdvicePay
JUNE 28, 2023
Financial institutions that support fee-for-service financial planning enable their financial professionals to engage high-income, low-asset households traditionally turned away under the assets-under-management billing model, establish a recurring revenue stream not tied to stock market volatility, and generate revenue from ongoing planning engagements in addition to growing wallet share from existing clients.
MarketWatch
JUNE 28, 2023
General Mills Inc.’s stock GIS slid 4% premarket Wednesday, after the parent of brands including Cheerios, Nature Valley, Blue Buffalo pet products and Pillsbury, posted a steep decline in profit and weaker-than-expected sales for its fiscal fourth quarter. The company had net income of $614.9 million, or $1.03 a share, for the quarter to May 28, down from $822.8 million, or $1.35 a share, in the year-earlier period.
Wealth Management
JUNE 28, 2023
Open, honest and candid discussions about the latest news in the RPA industry.
MarketWatch
JUNE 28, 2023
The U.S. dollar advanced against the euro and other rivals on Wednesday after Federal Reserve Chairman Jerome Powell refused to rule out the possibility of consecutive interest rate hikes as the central bank continues its battle against inflation. The ICE U.S. Dollar Index DXY, a gauge of the dollar’s strength against a basket of its main rivals, rose 0.5% to 103.01.
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Creating a winning digital lending experience requires plenty of focus on the needs of customers and more. Biz2X Chief Product Officer Aaron Traub covers everything from how to create such an experience, areas to hone in on, pitfalls to avoid, and plenty more in this insightful article. Discover how to utilize new technology without alienating existing customers, what to emphasize when working on your platform, and how to utilize the data at your disposal while not becoming overly reliant on it.
Wealth Management
JUNE 28, 2023
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts.
MarketWatch
JUNE 28, 2023
Shares of BlackBerry Ltd. rose 5.6% after hours on Wednesday after the security-software developer reported fiscal first-quarter results that topped Wall Street estimates, helped by gains in sales in the business it does with governments. The company reported a net loss of $11 million, or 2 cents a share, compared with a loss of $181 million, or 35 cents a share, in the same quarter last year.
Advisor Perspectives
JUNE 28, 2023
We expect generally good performance during the second half of the year, although volatility may increase, especially for high-yield bonds.
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