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.
Abnormal Returns
MAY 3, 2023
Podcasts Christine Benz and Jeff Ptak talk with Jonathan Clements editor of the new book "My Money Journey." (morningstar.com) Andrew Stotz talks with NIck Maggiulli about his worst investment mistake. (myworstinvestmentever.com) Morgan Housel on how money impacts your family. (open.spotify.com) Home ownership Tapping your home equity is harder than it looks.
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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
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.
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.
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.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Wealth Management
MAY 3, 2023
After a long tenure as the investment banker to RIA dealmakers, Nesvold is jumping to the other side of the table and joining former client Cresset, a fast-growing $30 billion RIA.
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.
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.
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.
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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.
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.
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
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
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.
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.
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.
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
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.
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”).
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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.
Wealth Management
MAY 3, 2023
What happens if your client wants to leave assets to friends rather than relatives?
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
Payments from charitable remainder annuity trust-funded contracts taxed as ordinary income.
MarketWatch
MAY 3, 2023
Getty ImagesThe U.S. Treasury’s plan for a 2024 regular buyback program to help support liquidity in the government-debt market is drawing doubts from at least one important player: investment bank Jefferies Group.Since buybacks were first discussed in late 2022, Jefferies JEF has “expressed extreme skepticism that such a program would have benefits that outweigh the costs and risks,” said U.S. economist Thomas Simons.
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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!
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.
MarketWatch
MAY 3, 2023
Eli Lilly & Co.’s stock LLY jumped 4% premarket Wednesday, after the company announced positive data from a late-stage trial of its Alzheimer’s disease treatment donanemab. The company said the Phase 3 trial showed that donanemab “significantly slowed cognitive and functional decline” in patients with early symptomatic Alzheimer’s disease, and met its primary and all secondary endpoints.
Wealth Management
MAY 3, 2023
Open, honest and candid discussions about the latest news in the RPA industry.
MarketWatch
MAY 3, 2023
TikTok on Wednesday unveiled a new product, called Pulse Premiere, that lets publishers sell ads alongside their posts. The video-sharing app said the new product is an extension of the Pulse Program that lets an elite group of creators collect half the revenue from video ads that appear just after their TikTok posts. Pulse Premiere will offer similar advantages to publishers such as BuzzFeed, NBC and Conde Nast.
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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.
Wealth Management
MAY 3, 2023
The new SEC rules significantly increase oversight of the biggest hedge funds and private equity firms.
MarketWatch
MAY 3, 2023
Shares of Estee Lauder Cos. EL sank 9.8% to a five-month low, after the beauty products company missed fiscal third-quarter profit expectations while beating on sales, but lowered its full-year sales outlook amid the slower-than-anticipated return to growth in Asia. Net income for the quarter to March 31 fell to $156 million, or 43 cents a share, from $558 million, or $1.53 a share, in the year-ago period.
Wealth Management
MAY 3, 2023
Cannabis ETFs were among those posting the worst returns over the last three years.
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