The Reformed Broker
MAY 10, 2023
Our first big reveal of speakers, musical acts, media, and sponsors for @FutureProofAC 2023 IS HERE Get your ticket today and join us in Huntington Beach, CA on September 10th-13th Register here: [link] pic.twitter.com/rbQR2zAGDk — The Compound (@TheCompoundNews) May 10, 2023 Today we announced the first fifty speakers who will be appearing at Future Proof Festival 2023.
Abnormal Returns
MAY 10, 2023
Podcasts Peter Lazaroff talks with Mike Piper author of "After the Death of Your Spouse: Next Financial Steps for Surviving Spouses." (peterlazaroff.com) George Grombacher talks with Jonathan Clements about his new book "My Money Journey." (lifeblood.live) Banks Bank failures affect people who are not even customers of the bank. (thisisthetop.substack.com) Charlie wants to be a neobank for seniors.
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Nerd's Eye View
MAY 10, 2023
In meetings with current and prospective clients, asking follow-up questions can be a valuable tool for uncovering information about the client’s underlying values, goals, and motivations… and for deepening the personal connection that drives the advisor-client relationship. But while it’s one thing to know that it’s good to ask questions, it’s another thing to know which questions to ask to make the client feel comfortable enough to open up and discuss the personal
The Big Picture
MAY 10, 2023
My mid-week morning train reads: • 26 Empire State Buildings Could Fit Into New York’s Empty Office Space. That’s a Sign. Unlike earlier eras of urban success, this time New York did not produce enough housing to keep up with demand. The cost of living skyrocketed. Compare New York with Houston, which remained affordable for ordinary Americans because it built aggressively.
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.
Nerd's Eye View
MAY 10, 2023
In meetings with current and prospective clients, asking follow-up questions can be a valuable tool for uncovering information about the client’s underlying values, goals, and motivations… and for deepening the personal connection that drives the advisor-client relationship. But while it’s one thing to know that it’s good to ask questions, it’s another thing to know which questions to ask to make the client feel comfortable enough to open up and discuss the personal
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Calculated Risk
MAY 10, 2023
Here a few measures of inflation: The first graph is the one Fed Chair Powell has been mentioning. Click on graph for larger image. This graph shows the YoY price change for Services and Services less rent of shelter through March 2023. Services were up 6.8% YoY as of April 2023, down from 7.2% YoY in March. Services less rent of shelter was up 5.2% YoY in April, down from 6.1% YoY in March.
Wealth Management
MAY 10, 2023
The firm joins others in the industry including FMG Suite, Morgan Stanley Wealth Management, Hearsay Systems, Morningstar and Nitrogen to embrace generative artificial intelligence.
Calculated Risk
MAY 10, 2023
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 6.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 5, 2023. The Market Composite Index, a measure of mortgage loan application volume, increased 6.3 percent on a seasonally adjusted basis from one week earlier.
MarketWatch
MAY 10, 2023
U.S. Food and Drug Administration advisory committees meeting jointly on Wednesday voted unanimously that the benefits of making Opill, a birth control pill, available for use without a prescription would outweigh the risks, drugmaker Perrigo Co. PLC PRGO said in a release. The joint committee’s vote is not binding, but the FDA often follows advisory committee recommendations.
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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
MAY 10, 2023
From the BLS : The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in April on a seasonally adjusted basis, after increasing 0.1 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 4.9 percent before seasonal adjustment. The index for shelter was the largest contributor to the monthly all items increase , followed by increases in the index for used cars and trucks and the index for gasoline.
Wealth Management
MAY 10, 2023
Gifting privately held business interests is an effective way to maximize wealth transfer and achieve legacy planning goals.
Calculated Risk
MAY 10, 2023
For fun, here is an update to the graph of economist Arthur Okun's misery index (popularized by President Reagan). Okun added inflation and the unemployment rate together as a measure of "misery". Click on graph for larger image. Currently YoY inflation is at 4.9%, and the unemployment rate is at 3.4% for a "misery index" value of 8.3. This is down from 8.5 in March, and below the median of 9.6 over the last 50 years.
Advisor Perspectives
MAY 10, 2023
Today, one in three of the 65-69 cohort, nearly one in five of the 70-74 cohort, and nearly one in ten of the 75+ cohort are in the labor force.
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
MAY 10, 2023
At the end of last year, there were a record 1,206 mutual funds and exchange-traded funds globally with a climate-related focus, up from 950 at the end of 2021.
Alpha Architect
MAY 10, 2023
Box spreads represent an opportunity to borrow and lend via the options market, at similar (and often better) rates than those that are available in the treasury bill market. Box Spreads: An Alternative to Treasury Bills? was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
Advisor Perspectives
MAY 10, 2023
On May 3, the Massachusetts Supreme Judicial Court heard arguments on whether Massachusetts citizens will get a state-level fiduciary rule. The Fiduciary Institute submitted an amicus brief that said, emphatically, “Yes!” This is why.
Wealth Management
MAY 10, 2023
The current hiring market for household staff is one of the busiest in two decades.
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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
MAY 10, 2023
The spread on one-year credit default swaps widened to an all-time high on Wednesday amid continued worry over Washington’s impasse on the U.S. debt ceiling. That spread widened to 175 basis points from Tuesday’s closing level of 163 basis points, according to S&P Global Market Intelligence. The one-year U.S. CDS spread is now wider than that of Mexico, Greece and Brazil — which were 34 basis points, 44 basis points, and 56 basis points respectively as of Wednesday.
Wealth Management
MAY 10, 2023
After launching more than 30 new ETFs in March, sponsors brought 22 new funds to the market in April.
MarketWatch
MAY 10, 2023
Amazon.com Inc.’s stock AMZN is extending its rally into the seventh straight session and on track to record its longest winning streak since July 21, 2022, when it also rose for seven trading days in a row, according to Dow Jones Market Data. Amazon shares, up 3.1% in Wednesday’s session, are ahead 7.8% over the current seven-session stretch. The stock is one of the best performers in the consumer discretionary sector Wednesday.
Advisor Perspectives
MAY 10, 2023
The financial media is rife with misinformation on the debt ceiling and the jump in interest rates. However, a history review shows that the “debt-ceiling” issue is not only a non-crisis, but the recent rise in rates is likely an opportunity to buy bonds.
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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
MAY 10, 2023
Icahn Enterprises L.P. IEP on Wednesday issued a firm rebuttal against a short-selling report accusing it of inflating asset values that has shaved some $6 billion of its market cap in a few weeks. “Hindenburg Research, founded by Nathan Anderson, would be more aptly named Blitzkrieg Research given its tactics of wantonly destroying property and harming innocent civilians,” said Carl Icahn, chairman of the IEP board, in a statement.
Validea
MAY 10, 2023
By Justin Carbonneau ( @jjcarbonneau ) — At the Berkshire Hathaway annual meeting over the weekend, an attendee asked Warren Buffett for his advice on achieving success in life and investing. His response was a powerful one: “You should write your obituary and then try to figure out how to live up to it.” Warren Buffett, 2023 Berkshire Hathaway Annual Shareholder Meeting This statement inspired the idea for this article.
MarketWatch
MAY 10, 2023
Shares of Tesla Inc. TSLA rallied 3.0% toward a three-week high in morning trading Wednesday, as better-than-expected results from fellow electric vehicle maker Rivian Automotive Inc. RIVN and a broader stock market rally provided a boost. The rally comes after Tesla’s stock fell 1.5% on Tuesday to snap a four-day win streak in which it hiked up 7.2%.
Advisor Perspectives
MAY 10, 2023
Economic reports and corporate data last week highlighted the cautious stance of corporations, contrasted against a resilient consumer, who continues to be propped up by strong demand in the labor market and increasing wages.
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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
MAY 10, 2023
First Citizens Bancshares Inc. FCNCA on Wednesday reported a first-quarter profit of $9.5 billion, or $653.64 a share, up sharply from a year-ago profit of $264 million, or $16.70 a share. The bank said its March 27 acquisition of Silicon Valley Bank from the Federal Reserve Insurance Co. included a preliminary gain of $9.8 billion net of tax. Adjusted net income in the latest quarter was $20.09 a share, short of the analyst forecast of $22.29 a share, according to estimates compiled by FactSet.
Wealth Management
MAY 10, 2023
Open, honest and candid discussions about the latest news in the RPA industry.
MarketWatch
MAY 10, 2023
U.S. stocks finished mostly higher on Wednesday, with only the Dow lagging in the red, following a report on inflation in April showed price pressures eased about as much as expected. The S&P 500 SPX gained 18.40 points, or 0.5%, to 4,137.60, according to preliminary closing data from FactSet. The Dow Jones Industrial Average DJIA shed 30.68 points, or 0.1%, to 33,531.13.
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