The Big Picture
MAY 3, 2023
At least they told us what they were going to do. As much as critics of the Federal Reserve have been up in arms over the fastest rate hiking cycle in modern history, no one can claim it to be a surprise. Jerome Powell & Co. have continually warned that they are aggressively fighting inflation with a 5% target. They said it in Fed minutes, they said it in pressers, they said it in speeches; we just took them figuratively, not literally.
Calculated Risk
MAY 3, 2023
Fed Chair Powell press conference video here or on YouTube here , starting at 2:30 PM ET. FOMC Statement: Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.
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Wealth Management
MAY 3, 2023
When considering the products and services a firm provides in exchange for the revenue they keep, is it really a good value?
Calculated Risk
MAY 3, 2023
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 28, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis from one week earlier.
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Where are top advisors focusing in 2025? AcquireUp’s 2025 Industry Index reveals it all. Based on insights from 200+ financial professionals nationwide, discover why 74% say seminars and referrals deliver the best ROI, how automation is helping advisors scale faster, and why only 8% are tapping into niche marketing (a major growth opportunity!). Whether you're refining your client acquisition strategy or scaling your practice, this report gives you the real-world data, benchmarks, and action ste
Wealth Management
MAY 3, 2023
What happens if your client wants to leave assets to friends rather than relatives?
Calculated Risk
MAY 3, 2023
The Census Bureau released the Residential Vacancies and Homeownership report for Q1 2023. The results of this survey were significantly distorted by the pandemic in 2020. This report is frequently mentioned by analysts and the media to track household formation, the homeownership rate, and the homeowner and rental vacancy rates. However, there are serious questions about the accuracy of this survey.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
The Big Picture
MAY 3, 2023
My mid-week morning train reads: • This company adopted AI. Here’s what happened to its human workers : Economists found AI caused a group of workers to become much more productive. Backed by AI, these workers were able to accomplish much more in less time, with greater customer satisfaction to boot. At the same time, however, the study also shines a spotlight on just how powerful AI is, how disruptive it might be, and suggests that this new, astonishing technology could have economic effe
Wealth Management
MAY 3, 2023
Daniel Werfel says there’s no target on small businesses.
Calculated Risk
MAY 3, 2023
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Thursday: • At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 243 thousand initial claims, up from 230 thousand last week. • At 8:30 AM, Trade Balance report for March from the Census Bureau. The consensus is the trade deficit to be $63.8 billion.
Wealth Management
MAY 3, 2023
Open, honest and candid discussions about the latest news in the RPA industry.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
Calculated Risk
MAY 3, 2023
Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home Prices Increased in March; Prices Up 1.0% YoY A brief excerpt: Here is a graph of the Black Knight HPI. The index is still up 1.0% year-over-year and will likely turn negative YoY soon. • Nationally, home prices rose by 0.45% in March on a seasonally adjusted basis, slightly stronger than the revised 0.43% rise in the prior month • On a non-adjusted basis, home prices were up 1.38% in March, roughly on par
Wealth Management
MAY 3, 2023
Payments from charitable remainder annuity trust-funded contracts taxed as ordinary income.
Calculated Risk
MAY 3, 2023
The BEA released their estimate of vehicle sales for April this morning. This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the April 2023 seasonally adjusted annual sales rate (SAAR). Heavy truck sales really collapsed during the great recession, falling to a low of 180 thousand SAAR in May 2009. Then heavy truck sales increased to a new all-time high of 570 thousand SAAR in April 2019.
Wealth Management
MAY 3, 2023
In a LinkedIn post, Shannon Saccocia, who served as SVB Private's chief investment officer after the bank acquired Boston Private, said that it was time for her to “move on.
Speaker: David Worrell, CFO, Author & Speaker
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
Nerd's Eye View
MAY 3, 2023
While interruptions within conversations occur frequently, the type of interruption can affect the content and flow of the dialogue that follows. For instance, if an interlocutor interrupts a speaker with a totally unrelated question or line of thought, the interruption not only has the potential to frustrate the speaker but can also cause them to lose their train of thought.
Wealth Management
MAY 3, 2023
Who and what’s subject to the reporting requirements?
Calculated Risk
MAY 3, 2023
From ADP: ADP National Employment Report: Private Sector Employment Increased by 296,000 Jobs in April; Annual Pay was Up 6.7% Private sector employment increased by 296,000 jobs in April and annual pay was up 6.7 percent year-over-year, according to the April ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
Wealth Management
MAY 3, 2023
Cannabis ETFs were among those posting the worst returns over the last three years.
Speaker: Erroll Amacker
Automation is transforming finance but without strong financial oversight it can introduce more risk than reward. From missed discrepancies to strained vendor relationships, accounts payable automation needs a human touch to deliver lasting value. This session is your playbook to get automation right. We’ll explore how to balance speed with control, boost decision-making through human-machine collaboration, and unlock ROI with fewer errors, stronger fraud prevention, and smoother operations.
Abnormal Returns
MAY 3, 2023
Markets There is no one-for-one relationship between inflation, interest rates and the stock market. (awealthofcommonsense.com) Berkshire Hathaway ($BRK.A) doesn't pay a dividend, but owns plenty of stocks that do. (npr.org) Can the stock market rally if financials are looking ugly? (allstarcharts.com) Apple Despite recent efforts, Apple ($AAPL) is still heavily reliant on China.
Wealth Management
MAY 3, 2023
The new SEC rules significantly increase oversight of the biggest hedge funds and private equity firms.
Calculated Risk
MAY 3, 2023
(Posted with permission). The ISM® Services index was at 51.9%, up from 51.2% last month. The employment index decreased to 50.8%, from 51.3%. Note: Above 50 indicates expansion, below 50 in contraction. From the Institute for Supply Management: Services PMI® at 51.9% April 2023 Services ISM® Report On Business® Economic activity in the services sector expanded in April for the fourth consecutive month as the Services PMI® registered 51.9 percent, say the nation’s purchasing and supply executive
Wealth Management
MAY 3, 2023
Billionaires are more motivated to move out of places with estate taxes as they get older, a new study finds.
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Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
Advisor Perspectives
MAY 3, 2023
Bitcoin is up slightly from last week, hovering near $29,000, and is up around 70% year-to-date. Here's the latest charts on three of the largest cryptocurrencies by market share through 5/2.
Wealth Management
MAY 3, 2023
Some First Republic branches will be converted into wealth centers.
Advisor Perspectives
MAY 3, 2023
The moving average for the per-capita light vehicle sales series peaked in August 1978. Almost 45 years later, it is down 40.8% from that peak.
Wealth Management
MAY 3, 2023
Anthony Fletcher's lawsuit claims that Morgan Stanley hired his candidates without his knowledge, depriving him of commissions.
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Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?
Discipline Funds
MAY 3, 2023
We’ve got shrinkage. In banks. One of the interesting secular trends that has been in place for 30+ years is bank shrinkage. The US banking system has consolidated from 14,000+ entities in the late 1970s to just over 4,000 entities today. So the collapse of small banks is not surprising. But what’s happening today is accelerating the process.
Wealth Management
MAY 3, 2023
Listen in as Fred Barstein and Morningstar Investment Management LLC’s Jim Smith provide their quick take on how the retirement income industry is evolving to offer better services at the participant and plan levels.
MarketWatch
MAY 3, 2023
PacWest Bancorp PACW shares dove more than 50% in after-hours trading Wednesday, after a report that the company’s executives are looking at a possible sale. The regional bank’s shares have been diving this week after the collapse and sale of another regional bank in the western U.S., First Republic Bank, which was sold to JP Morgan Chase & Co.JPM Monday in a deal that netted shareholders nothing.
Wealth Management
MAY 3, 2023
The increase lifted the Fed’s benchmark federal funds rate to a target range of 5% to 5.25%, the highest level since 2007, up from nearly zero early last year.
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