Wed.May 31, 2023

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Personal finance links: faith in the system

Abnormal Returns

Podcasts Jonathan Hollow talks with Andrew Hallam author of "Balance: How to Invest and Spend for Happiness, Health, and Wealth." (podcasts.apple.com) Morgan Housel on the 'art of spending money.' (open.spotify.com) Taxes What Is a 83(b) election? (thomaskopelman.com) Who is eligible for the retirement savings tax credit? (humbledollar.com) Fraud How to protect yourself against check fraud.

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Pass-Through Entity Taxes: Mechanics, Considerations, And Planning Opportunities For Navigating SALT Cap Workarounds

Nerd's Eye View

The 2017 Tax Cuts & Jobs Act introduced a $10,000 limit on the State And Local Tax (SALT) deduction that was previously available for taxpayers who itemized their deductions. In response to the new deduction limit, many states enacted laws creating a new Pass-Through Entity Tax (PTET) designed to help owners of pass-through businesses (partnerships, LLCs, and S corporations) avoid the limitation and preserve the deductibility of their state tax payments.

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Identifying Emerging Managers

The Big Picture

I am moderating a fascinating panel today at Bloomberg’s Hedge Fund Start-Up Conference 2023. It is a great collection of newer hedge fund managers who have put up impressive numbers consistently over the past few years. The challenge for investors in alternatives is twofold: The first is identifying those managers who can consistently generate alpha in excess of fees; and the second, is to find them early enough so they are still willing to accept your capital.

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Wednesday links: unsustainable business models

Abnormal Returns

AI The AI stock mania phase is here. (herbgreenberg.substack.com) How big tech companies are investing in AI startups. (news.crunchbase.com) Strategy The stock market loves disinflation. (awealthofcommonsense.com) Tactical allocation funds have failed miserably. (morningstar.com) Energy Berkshire Hathaway ($BRK.A) now owns 24.9% of Occidental Petroluem ($OXY).

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The ROI of Business Lending Platforms

Financial institutions continue to look to quantify the impact of new technologies. Meanwhile, business lending technologies have grown more popular in the industry. However, understanding the impact of said technologies means understanding how to increase your revenue while decreasing your costs. This is key for the growth of your organization. Biz2X created this eBook to analyze the ROI of business lending platforms and learn about the short-term and long-term benefits of said platforms.

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BLS: Job Openings Increased to 10.1 million in April

Calculated Risk

From the BLS: Job Openings and Labor Turnover Summary The number of job openings edged up to 10.1 million on the last business day of April , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires changed little at 6.1 million. Total separations decreased to 5.7 million. Within separations, quits (3.8 million) changed little, while layoffs and discharges (1.6 million) decreased. emphasis added The following graph shows job openings (black line), hires (dark blue)

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The Art of Storytelling & Story Listening

Indigo Marketing Agency

At the recent Jolt Conference , Director of Marketing Elizabeth Reider met one of our influencers, Dr. Preston Cherry , who shared the art of storytelling for financial advisors. Dr. Cherry discussed some great practices we think advisors can implement today when sitting down to meet with a current or prospective client. Active Listening When you’re meeting with a client or prospect, it’s their turn to share; you want to connect with who they are and where they are.

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: Pfizer gets FDA approval for RSV vaccine Abrysvo in older adults

MarketWatch

Pfizer Inc. PFE said late Wednesday that the Food and Drug Administration approved its respiratory syncytial virus vaccine Abrysvo for older adults. The drug maker said the FDA approved Abrysvo for use in adults 60 years of age or older. RSV is a contagious virus that attacks the lungs and breathing passages, and is considered a common cause of respiratory illness globally, Pfizer said, adding the vaccine will be available in the third quarter before RSV season in the fall.

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NAIFA Welcomes New Member Panos Leledakis 

NAIFA Advisor Today

In 1999, Panos Leledakis was in Greece studying to be a lawyer when he met a manager in the insurance business who convinced him to try financial advising part-time. After six months, he says, he fell in love with the profession and decided to make it his career.

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MBA: Mortgage Applications Decreased in Weekly Survey

Calculated Risk

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 26, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier.

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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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Central Bank Digital Currencies are Coming

Advisor Perspectives

Central bank digital currencies (CBDCs) are the next step in financial innovation. The government will do what it deems in its best interests. CBDCs will replace physical currency; it's just a question of when.

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Fundamental Analysis of Deepak Fertilisers – Future Plans & More

Trade Brains

Fundamental Analysis of Deepak Fertilisers : As the world’s population grows, it will increase pressure on food supplies and demand for higher crop yields. To achieve that, chemical companies will help farmers with a cost-effective way of improving the yield and the quality of their crops. One such chemical company is Deepak Fertilisers. In this article, we will perform the Fundamental Analysis of Deepak Fertilisers and Petrochemicals Corporation Ltd.

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$2B First Republic Team Joins William Blair

Wealth Management

Laura Ward is joining William Blair as a managing director and wealth advisor out of San Francisco a month after her previous firm collapsed and was acquired by JPMorgan Chase.

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Market Morning Notes For 1st June 2023

Fintoo

Markets for the May ended higher for the second straight month and posted gains of 2.5%. The monthly charts indicate short term hurdle at 18604.45, above which we expect smooth sailing towards 19285 for the month of June. The key catalyst for the strong up move in June may come from sharp drop in brent […] The post Market Morning Notes For 1st June 2023 appeared first on Fintoo Blog.

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How Generative AI Will Impact Business Lending

Generative AI (Artificial Intelligence) is poised to revolutionize the world of business lending. By understanding the impact and possibilities of Generative AI in business lending, banks can stay ahead of the curve and make informed decisions. Generative AI has the potential to revolutionize how lenders make credit decisions, automate loan processes, and provide personalized customer experiences.

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Las Vegas April 2023: Visitor Traffic Down 4% Compared to 2019; Convention Traffic Down 30%

Calculated Risk

Note: I like using Las Vegas as a measure of recovery for both leisure (visitors) and business (conventions). From the Las Vegas Visitor Authority: April 2023 Las Vegas Visitor Statistics Las Vegas hosted approximately 3,385,500 visitors in Apr 2023, on par with the robust volumes achieved last Apr when pent‐up demand overtook receding pandemic impacts.

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Get Ahead on Your Financial Goals This Summer

Your Richest Life

As we approach the summer, it can be difficult to stay on track with your financial goals. It’s been several months since you made your goals for the year, so it might be time to get reacquainted with them. The good news is that summer is the perfect time to assess where you’re at, and make a plan for the rest of the year. Plan Out Your Summer Fun Summer can be a fun, busy time of year, full of vacations, barbecues, sporting events and pool days.

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Substantial Compliance in Reporting Taxable Gift Sufficient to Start Statute of Limitations

Wealth Management

The Court ruled that a disclosure package submitted to IRS adequately disclosed transfer of company and related foreign accounts.

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CPI and PCE: Two Measures of Inflation and Fed Policy

Advisor Perspectives

The BEA's core Personal Consumption Expenditures (PCE) Price Index for April, released last Friday, shows that core inflation continues to be well above the Federal Reserve's 2% long-term target at 4.7%. The April core Consumer Price Index (CPI) release was higher, at 5.5%. The Fed is on record as using core PCE data as its primary inflation gauge.

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Quick Start Guide to a Crystal Clear Close

Did you know automating your month-end close can save up to 40% of the time typically spent on manual reconciliations? CFOs and controllers are leveraging SkyStem's workflow management and reconciliation tool to eliminate costly mistakes, ditch manual reconciliations and close faster. Want to know how they do it? Download our Quick Start Guide to a Crystal Clear Close!

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Warhol Foundation Loses U.S. Supreme Court Copyright Case

Wealth Management

The decision turned on the transformative factor of the work, a portrait of Prince based on an existing photograph.

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: House votes 241-187 for procedural measure tied to debt-ceiling bill

MarketWatch

The U.S. House of Representatives on Wednesday voted 241-187 in favor of a procedural measure tied to a crucial debt-limit bill. That outcome keeps the chamber on track to hold its actual vote on that bill later Wednesday. There were 189 Republicans and 52 Democrats voting “yea,” while 29 Republicans and 158 Democrats voted “nay.” Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

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Morgan Stanley Sets $12 Billion Profit Goal for Wealth Business

Wealth Management

Morgan Stanley's $4.6 trillion wealth management business has seen significant growth in the past 10 years and posted $6.6 billion in pretax profit last year.

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: Target’s stock falls toward longest losing streak in 23 years

MarketWatch

Shares of Target Corp. TGT fell 1.4% in afternoon trading Wednesday, putting them on course for the lowest close since Aug. 11, 2020. The discount retailer’s stock was also headed for a ninth-straight decline, which would be the longest losing streak since the 11-day stretch that ended Feb. 24, 2000, according to Dow Jones Market Data. The current losing streak started a day after it rose 2.6% on May 17, after Target reported a fiscal first-quarter profit that beat expectations but cut its full-

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Digital Transformation's Impact on Account Opening for Banks

Digital transformation is a key component in improving the customer experience in an ever-changing landscape. Digital transformation in account opening is the integration of streamlined processes to enhance the customer journey. This is a great way for banks to stay competitive, as they can offer an improved experience that leads to higher customer satisfaction.

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Edelman Financial Engines Taps Personal Capital’s Shah as New CEO

Wealth Management

Edelman Financial Engines' current chief, Larry Raffone, will transition to chairman, effective in August.

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: Toyota to make large electric SUV in Kentucky

MarketWatch

Toyota Motor Corp. JP:7203 said Wednesday it will start producing an all-new electric SUV at its Kentucky plant in 2025. The three-row SUV would be the company’s first U.S.-assembled EV, with batteries coming from a Toyota plant in North Carolina currently under construction. Toyota said it will invest an additional $2.1 billion in the North Carolina plant, bringing the total to $5.9 billion.

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$1B Signature Bank Team Joins Atria's Cadaret Grant

Wealth Management

A trio from the former Signature Bank will operate as an independent team associated with a branch of Cadaret Grant.

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: Bud Light parent Anheuser-Busch’s stock heads for biggest monthly selloff since the start of the COVID pandemic, while shares of rivals have gained

MarketWatch

Shares of Anheuser-Busch InBev SA BUD slumped 2.2% in morning trading Wednesday, and was headed toward the lowest close since Nov. 9, 2022, as they continued to feel the weight of declining Bud Light sales amid the consumer backlash from the beer brand’s partnership with a trans influencer. The stock has tumbled 18.0% in May, which puts it on track for the worst monthly performance since it tumbled a record 24.4% in March 2020.

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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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Franklin Templeton to Buy Putnam as Desmarais Family Exits

Wealth Management

Franklin Templeton will initially pay $925 million in shares and cash to acquire Putnam from Great-West Lifeco Inc.

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: Apple’s App Store generated $1.1 trillion in sales in 2022

MarketWatch

Apple Inc.’s AAPL App Store generated $1.1 trillion in sales last year, according to an Analysis Group report that was funded by Apple. The report found that App Store sales have doubled since 2019, when they reached $519 billion. “As this report shows, the App Store is a vibrant, innovative marketplace where opportunity thrives, and we’re as committed as ever to investing in developers’ success and the app economy’s future,” Apple Chief Executive Tim Cook said in a statement.

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Hightower Buys $2.3B Vigilant Wealth Management

Wealth Management

In its 5th deal of the year, Hightower expands its footprint in the nation’s Northeast.