Tue.Dec 05, 2023

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Research links: tracking performance

Abnormal Returns

Active management Active investing has a tax problem. (alphaarchitect.com) Why the active management space may be bigger than currently measured. (papers.ssrn.com) Replication Managed futures strategies are ripe for replication. (caia.org) How to replicate fund performance using index and smart beta funds. (insights.finominal.com) Factors What happened to the momentum effect?

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#FA Success Ep 362: Developing Associate Advisor Compensation Plans And Career Tracks To Scale Capacity Past $1.5B AUM, With Jeff Brown

Nerd's Eye View

Welcome back to the 362nd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jeff Brown. Jeff is the President of Stratos Private Wealth, an RIA based in San Diego, California, that oversees almost $1.5 billion in assets under management for just over 350 client households. What's unique about Jeff, though, is how his firm has developed associate advisor compensation plans and career tracks, with well-defined Level 1, Level 2, and Level 3 performance indicators of

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Tuesday links: a lighthouse in the storm

Abnormal Returns

Markets The premium for green energy stocks has evaporated. (wsj.com) The reversal in lithium prices is impressive. (ft.com) Lumber prices are flatish year-over-year. (calculatedriskblog.com) The market is pricing in the chance of multiple Fed rates cuts in 2024. (ft.com) Strategy The Fed matters for markets less than you think. (awealthofcommonsense.com) It's hard to build long term wealth with T-bills.

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Transcript: Michael Fisch

The Big Picture

The transcript from this week’s, MiB: Michael Fisch, American Securities , is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts , Spotify , YouTube , and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ 00:00:00 [Speaker Changed] This is Masters in business with Barry Ritholtz on Bloomberg Radio. 00:00:07 [Barry Ritholtz] This week on the podcast, I have an extra special guest.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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BLS: Job Openings Decreased to 8.7 million in October

Calculated Risk

From the BLS: Job Openings and Labor Turnover Summary The number of job openings decreased to 8.7 million on the last business day of October , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 5.9 million and 5.6 million, respectively. Within separations, quits (3.6 million) and layoffs and discharges (1.6 million) changed little. emphasis added The following graph shows job openings (black line), hires (dark blue), L

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More Trending

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Asking Rents Down 1.1% Year-over-year

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Asking Rents Down 1.1% Year-over-year A brief excerpt: Here is a graph of the year-over-year (YoY) change for these measures since January 2015. Most of these measures are through October 2023, except CoreLogic is through September and Apartment List is through November 2023. The CoreLogic measure is up 2.6% YoY in September, down from 2.9% in August, and down from a peak of 13.9% in April 2022.

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NFL Players Association Names UBS as 'Institutional Financial Advisor'

Wealth Management

Reps with UBS' Athletes and Entertainers Group will provide “holistic” financial advice to prepare athletes for their post-NFL careers. Other firms with the designation include Goldman Sachs and Morgan Stanley.

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What To Do Before Making a 529 Plan Withdrawal

Advisor Perspectives

Unlike with a 401(k) plan, you can withdraw as much as you want from your 529 plan at any time. But your 529 plan withdrawal could hit you with severe tax penalties if you use it on nonqualified expenses.

Planning 111
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The Fed Matters Less Than You Think

A Wealth of Common Sense

These were some of the prevailing narratives from the post-GFC world: We only had a bull market in the 2010s because of the Fed juicing the economy. The only reason tech stocks did well is because of low interest rates. The only reason stocks kept recovering from every correction so quickly is because of the Fed put. These narratives all have a kernel of truth to them.

Economy 109
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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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DFPG Investments Debuts Diversify Advisor Network

Wealth Management

The alts-focused investment manager reorganizes to expand affiliation options and welcomes three recruits with more than $560 million in assets.

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Top 7 Derivatives Trading Courses 2024 – Online Derivatives Courses

Trade Brains

Top 7 Derivatives Trading Courses in 2024 : Derivatives are secondary markets where the performance of an instrument is dependent on an underlying asset or a group of assets. As you know, derivatives are advanced trading/investment instruments and they require skill and knowledge to trade in them. Hence, these courses will guide you to learn the role of futures and options in portfolio construction and spotting trading opportunities.

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Why 1031 Crowdfunding Is Launching its First Private REIT

Wealth Management

The vehicle, with a specialty in assisted living and memory care properties, aims to eventually be accessible to both accredited and non-accredited investors.

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Animal Spirits: The Ben Carlson Top

The Irrelevant Investor

Today’s Animal Spirits is brought to you by Nuveen and Kaplan Schweser: See here for more information on investing with Nuveen See here for more information on Level 1-3 CFA prep courses On today’s show, we discuss: Full transcript from CNBCs “Charlie Munger: A Life of Wit and Wisdom” Should we believe Americans when they say the economy is bad?

Economy 104
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Finding “The One:” The Ultimate Guide to Selecting Financial Software

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

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Strategic Stock Selection: Unveiling a Mosaic Approach to Long-Term Value Investing

Wealth Management

Insights from Nidhi Gupta, portfolio manager at Fidelity Investments, on identifying attractively valued stocks, leveraging global research, and navigating market environments for long-term portfolio growth.

Investing 104
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You Are Different, But in a Way You Don’t Realize

Advisor Perspectives

Don’t waste your money on lead-generation programs, white-label content, or consultants who overpromise and fail to deliver.

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Navigating Opportunities in Real Estate: A Strategic Approach to Core and Development Investments

Wealth Management

Insights from Ellen Hall the head of direct real estate at Fidelity Investments on core strategies, diversification, and identifying value in today's commercial real estate market.

Investing 104
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18 Steps For Getting Your Life Together Starting Now

Clever Girl Finance

Do you ever feel like your life isn’t quite as put together as you thought it would be? Don’t worry; you aren’t alone. And while there’s some comfort to be had in knowing that you aren’t behind your peers in getting your life together, it can still feel disheartening. Well, it’s not too late to achieve that vision you had in mind! Table of contents Getting your life together in 18 steps Expert tip: Take it one step at a time What does it mean to get your life together?

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Transforming Lending: Understanding the Power of Digital Platforms

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.

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Navigating Opportunities in Direct Lending: Insights from Therese Icuss

Wealth Management

Therese Icuss, managing director, portfolio management and underwriting, Fidelity Investments, unlocks the vast potential of the U.S. and China middle market, Fidelity's unique approach to bespoke portfolios, and prioritizing client success in the fidelity private credit fund.

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5 favorite books in 2023 to boost your career and personal development

Million Dollar Round Table (MDRT)

By Mark D. Olson, CFP, MSFS Belonging to a book club, especially an MDRT book club, is an investment in yourself. It’s a fantastic way to meet other MDRT members as you discuss your biggest takeaways from business books that can change the way you approach your life professionally — and sometimes personally. Here are a few of the books read by MDRT book clubs: “Smarter Faster Better: The Transformative Power of Real Productivity” by Charles Duhigg Drawing on the latest findings in neuroscience,

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Navigating Private Credit: Fidelity's Insight into Direct Lending and Middle Market Strategies

Wealth Management

David Gaito, head of direct lending at Fidelity, explores the world of direct lending, middle market credit, and the potential of private credit in portfolio diversification and risk management.

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Long Periods of Boredom

Advisor Perspectives

Trench warfare in the early 20th century has been described as long periods of boredom punctuated by moments of terror.

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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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Heckenberg’s New PE Firm Makes First Investment in $2.6B AlphaCore Wealth Advisory

Wealth Management

Constellation Wealth Capital has purchased a minority stake in AlphaCore Wealth, an alts-focused, technology-driven California RIA.

Investing 120
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Using Charitable Trusts to Benefit Charity, Reduce Estate Tax and Transfer Wealth

Advisor Perspectives

Including one or more charitable trusts as part of a testamentary estate plan is a creative and powerful way for clients to achieve multiple goals in one estate planning vehicle.

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Commonwealth Expands Model Portfolio Platform

Wealth Management

Commonwealth's PPS Select Compass is intended to provide advisors with more control and flexibility in portfolio construction.

Portfolio 117
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Good Habits need Good Techniques!

MainStreet Financial Planning

There is so much talk these days about behavior change. It applies to almost everything we encounter in life. If we want to eat healthy, exercise more regularly, be more productive at work, have better relationships or even be better with our finances, we need to work on changing our behavior to make a difference. As the new year is quickly approaching, now is a great time to get energized about change.

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The Blueprint for a Customer-Centric Digital Lending Experience

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.

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RIA Edge Podcast: Navigating RIA Growth, Succession Planning with Rob Madore

Wealth Management

MarshBerry’s Rob Madore shares strategies for growth, succession and the recent shift in how RIAs are approaching mergers and acquisitions.

Planning 114
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Buffett Valuation Indicator: November 2023 Update

Advisor Perspectives

With the Q3 GDP second estimate and the November close data, we now have an updated look at the popular "Buffett Indicator" -- the ratio of corporate equities to GDP. The current reading is 180.5%, up from 173.1% the previous quarter.

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Adjusted for Risk: EPFR's Cameron Brandt on What Economic Factors Are Driving Fund Flows

Wealth Management

EPFR Director of Research Cameron Brandt shares a ton of knowledge on money market funds, economic data, China and top stories for 2024.

Economics 115