Fri.Nov 18, 2022

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Worse Than Enron

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Gregor Macdonald, and Downtown Josh Brown discuss the latest on the Sam Bankman-Fried saga, the inverted yield curve, electrification of the power grid, the growth of electric vehicles, peak oil, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!

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Weekend Reading For Financial Planners (Nov 19-20)

Nerd's Eye View

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that AdvisorTech giant Envestnet has announced a partnership with New Zealand-based FNZ that will allow Envestnet to offer custodial services to advisors beginning in the second half of 2023. At a time of significant change in the RIA custodial space, epitomized by the ‘Schwabitrade’ integration (also in late 2023), Envestnet’s custodial offe

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10 Friday AM Reads

The Big Picture

My end-of-week morning train WFH reads: • Can Silicon Valley Save Abortion? New femtech startups are pushing boundaries as investors weigh the risks — and the potential rewards. ( Institutional Investor ). • These companies ran an experiment: Pay workers their full salary to work fewer days : The same pay for less time at work? 73 companies ran an experiemnt.

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Podcast links: growing ear share

Abnormal Returns

The biz 1 in 5 Americans listen to a podcast on a daily basis. (theverge.com) Podcasting is growing its 'share of ear.' (edisonresearch.com) Companies Patrick O'Shaughnessy talks with Parker Conrad who is co-founder and CEO of Rippling. (joincolossus.com) Shane Parrish talks growth with Shopify ($SHOP) co-founder and CEO Tobi Lütke. (fs.blog) Benjamin Gilbert and David Rosenthal talk about the history of Qualcom ($QCOM).

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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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Who Wants to Be a Billionaire?

A Wealth of Common Sense

Scott Galloway once said, “It’s never been easier to become a billionaire, or harder to become a millionaire.” I’m not sure I agree but it does seem like more people want to become a billionaire these days. I honestly don’t think it’s worth it. More money in your life is obviously better than less money but only up to a certain point.

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LA Port Traffic Down Sharply in October

Calculated Risk

Notes: The expansion to the Panama Canal was completed in 2016 (As I noted a few years ago ), and some of the traffic that used the ports of Los Angeles and Long Beach is probably going through the canal. This might be impacting TEUs on the West Coast. Container traffic gives us an idea about the volume of goods being exported and imported - and usually some hints about the trade report since LA area ports handle about 40% of the nation's container port traffic.

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3 Ways the Gender Pay Gap Affects Women in Retirement

Integrity Financial Planning

There has historically been a pay gap between men and women for comparable jobs which favors men. This phenomenon generally affects retirement funds as well – this is called the gender retirement gap. [1] On average, women earn 17% less than men, taking home $89 compared to the man’s $100. [2] The gender pay gap has lasted throughout history, affecting global economic potential, and has cost the US an annual $1.6 trillion [3] in potential economic activity.

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More Analysis on October Existing Home Sales

Calculated Risk

Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 4.43 million SAAR in October Excerpt: On prices, the NAR reported: The median existing-home price for all housing types in October was $379,100, a gain of 6.6% from October 2021 ($355,700), as prices rose in all regions. This marks 128 consecutive months of year-over-year increases, the longest-running streak on record.

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Rich Cancro on Meeting Advisors’ Three Biggest Needs

Wealth Management

Rich Cancro, founder and CEO of AdvisorEngine, explains how technology can help advisors improve client experience, increase revenue and enhance operational excellence.

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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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Digital Shiny Objects

Advisor Perspectives

Financial crises are really about trust. They tend to occur when people lose trust in assets, institutions, or people they had thought trustworthy. Whether the lost trust was a consequence of the crisis, or its cause is a different question. But they do seem to go together.

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WealthStack Roundup: News From Bento Engine, Holistiplan and Addepar

Wealth Management

Bento addresses wealth transfer and financial literacy while Holistiplan joins LPL's Vendor Affinity Program and Addepar adds UBS as client.

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A Possible Game Over Strategy?

Random Roger's Retirement Planning

Corey Hoffstein Tweeted out the following snippet, presumably from WisdomTree about its PutWrite Strategy Fund (PUTW). There were a ton of replies jumping on WisdomTree, rightfully so, for the strangely worded commentary. Maybe they mean they've benefited from higher premiums when they sell puts? That seems reasonable if that was they mean but the actual wording could be confusing for anyone not confident in their understanding of options.

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Wealthies Circle Podcast: AI Use Cases in Wealth Management

Wealth Management

FP Alpha's Andrew Altfest and TIFIN Wealth's Niharika Shah discuss how AI can help advisors run a better business, delight clients and streamline their operations.

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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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Early Q4 GDP Tracking

Calculated Risk

From BofA: Existing home sales actually fell less than we expected, implying slightly stronger brokers’ commissions in 4Q. As a result, our tracking estimate for residential investment in 4Q edged up. That said, after rounding, our 4Q GDP tracking estimate was unchanged at 1.3% q/q saar. [Nov 18th estimate] emphasis added From Goldman: We lowered our Q4 GDP tracking estimate by 0.1pp to +0.9% (qoq ar).

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The Era of the Bond ETF Has Finally Arrived

Wealth Management

So far in 2022, more than $446 billion has been withdrawn from US fixed-income mutual funds, a record exodus. About $154 billion has poured into bond ETFs instead.

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Unstable Value Funds (VII)

Aleph

Picture Credit: Boston Public Library || When total systemic leverage is so high, you can’t tell what might go wrong. Because of the fall in interest rates since the last post , the risks have declined with Stable Value Funds. That said, the FOMC still sounds hawkish, even though the yield curve is inverted. The FOMC needs fewer macroeconomists, and more economic historians.

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401(k) Real Chat: Michael Majors

Wealth Management

Retirement industry thought leaders answer three probing questions on critical issues, providing an open, honest and candid dialogue.

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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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COVID Nov 18, 2022: Update on Cases, Hospitalizations and Deaths

Calculated Risk

NOTE: COVID stats are updated on Fridays. On COVID (focus on hospitalizations and deaths). Data has switched to weekly. NOTE: Cases have declined almost 75% from the recent peak, and deaths lag cases - so we might see weekly deaths below 2,000 soon. Weekly deaths bottomed in July 2021 at 1,666. COVID Metrics Now Week Ago Goal New Cases per Week 2 280,711 289,884 ?

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The Battle Between Tax Cheats and the IRS Is About to Heat Up

Wealth Management

The agency says an army of new auditors could help raise as much as $1 trillion by forcing tax evaders to pay their fair share.

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De-globalization—Myth or reality?

Advisor Perspectives

Is globalization truly dead? Stephen Dover, head of Franklin Templeton Institute, explores what drives globalization, whether we are currently in a “de-globalization” wave—and what it means for investors.

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Podcast: Holiday Shopping Outlook

Nationwide Financial

Hear more from Bryan Jordan, Nationwide’s Deputy Chief Economist, as he shares his outlook on the holiday shopping season. (12 min). Retail sales rose by 1.3 percent in October — its largest increase in eight months. What does this mean for the all-important holiday shopping in the weeks ahead? Will inflation keep shoppers away? Bryan Jordan, Nationwide’s Deputy Chief Economist, shares his outlook on the holiday shopping season.

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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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Services Spending Is Providing a Boost to Economic Growth

Advisor Perspectives

As we approach Thanksgiving, it’s the perfect time to reflect on all we are grateful for. From an investor’s perspective, this year’s bear market will certainly not make this list. But even though it has been a challenging year performance-wise, we still believe that investors have a cornucopia of economic and financial market blessings to count!

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The Top 3 Financial Products to Weather This Financial Storm

NAIFA Advisor Today

Join NAIFA's Business Performance Center for a webinar on Tuesday, November 29 at 1 pm eastern. Sit down for a discussion with Harlan Accola of Fairway Independent Mortgage Corporation , and Caleb Guilliams , Founder of BetterWealth , to learn about the three products your clients must have to survive this intense financial storm.

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What Lessons Can Investors Learn From the FTX Saga?

Mullooly Asset Management

In this week’s podcast, the guys talk about what investors can learn from following along with the latest cryptocurrency headlines. These types of stories happen every cycle but some investors never seem to learn that taking massive amounts of risk and leveraging their investments rarely leads to positive outcomes. Keeping things simple and understanding your […] In this week’s podcast, the guys talk about what investors can learn from following along with the latest cryptocurrency h

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How to Create Buyer Personas as a Financial Advisor

Advisor Websites

A buyer persona is a fictionalized portrayal of your ideal customer, painting a life-like picture of who that customer is. Even in a niche market, you likely have at least 2-3 specific buyer personas that you can target. Buyer personas take into consideration more than just demographics, they also include specific needs, behaviours, pain points, lifestyle, etc. as it relates to the solutions your business provides.

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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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Is Independence Right for You?

Advisor Perspectives

No one can choose the right career path for you because it all comes down to personal motivators. But that doesn't mean AssetMark can't help you get moving in the right direction. This guide helps you: Define Your Key Professional Motivators. Consider Pros and Cons of Affiliate Models. Understand Industry Trends for IAs. Examine Support Options for Breaking Away.

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Investors Revive Love Affair With Short-Term Wins

Validea

Thanks to the Fed’s hawkish rate hikes, investors are concentrating on short-term gains and CEOs are shying away from laying out money for big long-term projects, contends an article in The Wall Street Journal. Speculative long-term bets lost their allure last year amidst the slowdown in growth companies, and that’s now spread to even the big-name growth stocks such as Meta.

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Existing-Home Sales: Down 5.9% in October, 9th Consecutive Decline

Advisor Perspectives

This morning's release of the October Existing-Home Sales showed that sales fell to a seasonally adjusted annual rate of 4.43 million units from the previous month's 4.71 million. The Investing.com consensus was for 4.38 million. The latest number represents a 5.9% decrease from the previous month and its ninth in a row. October saw a 28.4% decrease YoY.

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