The Big Picture
JUNE 16, 2023
@TBPInvictus here: Contrary to 40+ years and counting of “trickle down” narrative, the reality is that the gap between the 1% and everyone else (let’s say the bottom 90%) has never been wider. It’s become a chasm, and the charts below tell the story. Here is the wealth share of the bottom 90% and the Top 1%, equalized in 1989: Here is both the share (scale at Left ) and level (scale at right) of total net worth held by the Top 1%.
Nerd's Eye View
JUNE 16, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the SEC issued a risk alert highlighting areas of increased focus regarding its new marketing rule for upcoming examinations, including whether there is clear disclosure of whether the person giving a testimonial or endorsement is a client or investor, if the promoter has been paid, and if there are material conflicts of interest.
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Abnormal Returns
JUNE 16, 2023
Markets The spread between the 10-year Treasury and the dividend yield on the S&P 500 is at its highest level since 2007. (capitalspectator.com) A successful restaurant IPO doesn't imply a green light for big VC-backed tech IPOs. (theinformation.com) Strategy A well thought out investment philosophy will save you a lot of trouble. (awealthofcommonsense.com) An up market is not an excuse to check your 401(k) balance.
The Reformed Broker
JUNE 16, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Ted Seides, Shana Sissel, and Downtown Josh Brown discuss the FOMC meeting, how investors are using alternatives these days, the venture capital market, what’s going on at Goldman Sachs, the Vision Fund’s $32 billion loss, quiet luxury, and much more!
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.
Abnormal Returns
JUNE 16, 2023
The biz Pew Research on the state of podcasting in the U.S. (pewresearch.org) Why venture capital and podcasting were never meant to fit. (defector.com) What the 'If Books Could Kill' podcast tells us about culture and the books business. (theatlantic.com) Lessons learned from doing 100 podcast episodes. (peterlazaroff.com) Quant Jeff Malec talks trend following and strategy replication with Corey Hoffstein.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
A Wealth of Common Sense
JUNE 16, 2023
I’ve never been a big fan of financial jargon because most of the time it’s used to impress people rather than help them understand what you’re talking about. Here’s a piece of jargon that never made much sense to me — fair value. Our fair value of the S&P 500 is 4,357 based on blah, blah, blah. Fair relative to what?
Calculated Risk
JUNE 16, 2023
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Due to changes at the CDC, weekly cases are no longer updated. After the first few weeks, the pandemic low for weekly deaths had been the week of July 7, 2021, at 1,690 deaths (until recently). For COVID hospitalizations, the previous low was 9,821 (until recently). COVID Metrics Now Week Ago Goal Hospitalized 2 6,133 6,642 ≤3,000 1 Deaths per Week 2 588 682 ≤350 1 1 my goals to stop weekly posts, 2 Weekly for Cu
Wealth Management
JUNE 16, 2023
While advisors should be informed and prepared as to risks and compliance issues, the opportunity with reviews is clear.
Advisor Perspectives
JUNE 16, 2023
The June preliminary report for the Michigan Consumer Sentiment Index came in at 63.9, up 4.7 (7.9%) from the May final. This morning's reading was above the forecast of 60.0. Since its beginning in 1978, consumer sentiment is 25.0% below its average reading (arithmetic mean) and 24.0% below its geometric mean.
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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.
Wealth Management
JUNE 16, 2023
Proactive engagement reflects a commitment to comprehensive financial wellness, creating a meaningful and long-lasting impact on clients’ lives.
Advisor Perspectives
JUNE 16, 2023
The S&P 500 may have entered a technical bull market last week, but Bank of America Corp.’s Michael Hartnett says it’s not the start of a new major rally in equities.
Integrity Financial Planning
JUNE 16, 2023
Traveling can be a great way to spend your time if you’re retired. When it comes to planning a vacation, small towns can offer a unique and unforgettable experience. From historic sites to outdoor adventures, charming small towns across America have something to offer everyone. Here are five of the best small towns to vacation to in America, based on recent travel trends and recommendations.
Alpha Architect
JUNE 16, 2023
There are several significant, well-documented benefits of index funds. In addition to outperforming a large majority of actively managed funds, they tend to have low fees, low turnover (resulting in low trading costs and high tax efficiency), broad diversification, high liquidity, and near-zero tracking error (generally assumed to mean that they incur negligible trading costs).
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.
Wealth Management
JUNE 16, 2023
In RIA news this week, Hightower announced its 3rd billion-dollar-plus acquisition this month, while SageView picked up a $5.2 billion retirement plan consulting business.
MarketWatch
JUNE 16, 2023
A meeting Friday of the multi-agency Financial Stability Oversight Council focused in part on the potential risks in the commercial real estate (CRE) market, said a U.S. Treasury Department statement on the meeting. “While delinquency rates remain low, vacancy rates have been increasing, particularly in the office sector,” the statement said. “Regulators are taking steps to emphasize risk management and examine exposures to CRE loans at their regulated institutions.
Calculated Risk
JUNE 16, 2023
From BofA: Today's data left our 2Q US GDP tracking unchanged at 1.3% q/q saar and decreased our 1Q tracker from 2.0% to 1.8%. [June 15th estimate] emphasis added From Goldman: [W]e lowered our Q2 GDP tracking estimate by 0.1pp to +1.7% (qoq ar) on the back of softer consumption growth. [June 15th estimate] And from the Altanta Fed: GDPNow The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 1.8 percent on June 15, down from 2.2 percent
MarketWatch
JUNE 16, 2023
U.S. yields jumped Friday morning, led by the policy-sensitive 2-year rate, after one Federal Reserve policy maker reinforced the central bank’s message that more rate hikes are needed to bring down inflation. What’s happeningThe yield on the 2-year Treasury BX:TMUBMUSD02Y was 4.741%, up 9.3 basis points from 4.648% on Thursday.The yield on the 10-year Treasury BX:TMUBMUSD10Y was 3.768%, up 4.1 basis points from 3.727% on Thursday.The yield on the 30-year Treasury BX:TMUBMUSD30Y was 3.868%, up 2
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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.
Advisor Perspectives
JUNE 16, 2023
The S&P 500 finished Thursday (6/15) with its highest close in almost 14 months, leading to its fifth consecutive weekly gain despite Friday's loss. The index is currently up 15.31% year to date and is 8.07% below its record close from January 3, 2022.
Wealth Management
JUNE 16, 2023
The founder and CEO of Asset-Map discusses the impact of advice engagement on client outcomes, such as financial wellness and satisfaction.
Advisor Perspectives
JUNE 16, 2023
The latest Underlying Inflation Gauge full data set for May is 3.5%, down 0.5% from last month, while the prices-only measure is 3.0%, down 0.4% from last month. Current Headline CPI is now 4.0% and Core CPI is 5.3%.
Wealth Management
JUNE 16, 2023
Statistically, continuing to work later in life is better for longevity as well as mental and financial health.
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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!
MarketWatch
JUNE 16, 2023
Etsy Inc. ETSY on Friday said its board approved a stock buyback plan for up to $1 billion, according to a filing with the Securities and Exchange Commission. Shares of the online marketplace are up 1% in extended trading Friday, but down 21% for the year. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Wealth Management
JUNE 16, 2023
Retirement industry thought leaders answer three probing questions on critical issues, providing an open, honest and candid dialogue.
MarketWatch
JUNE 16, 2023
DraftKings Inc. DKNG said Friday it has submitted a bid to acquire the U.S. operations of Australia’s PointsBet for $195 million in cash, or a 30% premium over the company’s existing agreement for a sale. In May, PointsBet said it had agreed to sell the business to Fanatics Inc. for $150 million. “While we continue to focus on operating more efficiently and driving substantial organic revenue growth in the United States, we will also look to prudently capitalize on compelling opportunities at at
Wealth Management
JUNE 16, 2023
The SEC said on Friday that Pimco failed to disclose key information to investors about how swaps could impact its PIMCO Global StocksPLUS & Income Fund between 2014 and 2016.
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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.
MarketWatch
JUNE 16, 2023
Shares of Humana Inc. HUM fell 0.6% in premarket trading Friday, after the health insurer provided a somewhat downbeat outlook for benefit expense ratios. The company affirmed its 2023 guidance for adjusted earnings per share of “at least” $28.25, while the current FactSet EPS consensus is $28.32. Humana said it now expects its benefit expense ratio for its insurance segment to be at the top end of the previously provided guidance range of 86.3% to 87.3%.
Wealth Management
JUNE 16, 2023
The convergence of RPAs and wealth management is not without some bumps in the road.
MarketWatch
JUNE 16, 2023
U.S. stock indexes opened higher on Friday, extending a blistering rally despite lingering worries about the likelihood of more Federal Reserve’s interest-rate hikes after pausing its monetary tightening campaign for the first time in 15 months on Wednesday. The S&P 500 SPX gained 18 points, or 0.4%, to 4,444, on pace to book its best weekly advance since March.
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