Fri.May 26, 2023

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Personal Income increased 0.4% in April; Spending increased 0.8%

Calculated Risk

The BEA released the Personal Income and Outlays report for April: Personal income increased $80.1 billion (0.4 percent at a monthly rate) in April , according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $79.4 billion (0.4 percent) and personal consumption expenditures (PCE) increased $151.7 billion (0.8 percent).

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13 Must Reads for Real Estate Investors for the Weekend (May 26, 2023)

Wealth Management

Office REITs are trading at their lowest levels since 2009, reports Bloomberg. Crow Holdings formed a $2.6 billion joint venture focused on retail assets. These are some must reads from around the real estate investment world heading into the weekend.

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SUPD: Debt Ceiling & Inflation

The Big Picture

I joined Pete Dominick to discuss the Debt Ceiling, Inflation, markets, and more. I pop into the pod around the 30-minute mark. (Before that, Pete discusses how his teenage daughter got scammed out of $5k by a fake border police grift, and why there is a sort of happy ending). We also discuss my thesis of the “ Disloyal Opposition ” as it applies to Debt Ceilings, fiscal stimulus, and even vaccines.

Marketing 287
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The RIA Sans CTO Technology Conundrum

Wealth Management

Milemarker CEO Kyle Van Pelt assured attendees at the WealthStack conference they shouldn’t be expected to run their firms and have the responsibilities and knowledge of a CTO. “You should be advisors,” he said.

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2025 Industry Index: How Top Advisors Are Scaling Smarter (and Faster) This Year

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

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Nvidia Breaks Away

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Dror Poleg, and Downtown Josh Brown discuss Nvidia’s ascent, the AI explosion, the future of work, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods! Listen here: Apple podcasts Spotify podcasts Google podcasts Everywhere else!

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RIA Roundup: Concurrent Launches Hybrid Platform with More Than $440M in New Assets

Wealth Management

Launches, acquisitions and affiliations were all announced in the RIA landscape this week, as were some key people moves.

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More Trending

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Honeytree Founder Argues Anti-ESG Sentiment Will Boost Investor Interest

Wealth Management

Honeytree Investment Management CEO Liz Simmie admitted that the ongoing ESG conversation is a “hot mess” but she would still encourage clients to dig deeper into the strategy.

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10 Friday AM Reads

The Big Picture

My 3-day weekend morning reads: • Adidas After Yeezy : The partnership with Ye, formerly known as Kanye West, was the stuff of sneakerhead legend—and its demise has the shoe company scrambling to replace nearly half of its profits. ( Businessweek ) • What US Cities Pay the Most (and Least) for Everyday Jobs : From accountants to nurses to data scientists, the same job can deliver about 50% more pay if you’re willing and able to relocate. ( Bloomberg ) see also How some people get away with doing

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From Military Service to Financial Services: A Veteran's Journey of Serving Others

Wealth Management

Applying the lessons of honor and dedication to empower clients.

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Weekend Reading For Financial Planners (May 27-28)

Nerd's Eye View

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that while banks have been able to attract a younger and more diverse set of financial advisors compared to the rest of the industry, thanks in part to their built-in referral stream, a relative lack of independence and dated technology could lead some of their advisors to explore options with independent RIAs.

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Data Talks, CFOs Listen: Why Analytics Are Key To Better Spend Management

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.

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Co-Founder and COO Ed Swenson to Depart Dynasty

Wealth Management

Swenson is leaving Dynasty Financial Partners after building the platform for more than 12 years, along with Chief Client Officer Austin Philbin.

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PCE Measure of Shelter Still Accelerating YoY

Calculated Risk

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through April 2023. CPI Shelter was up 8.1% year-over-year in April, down from 8.2% in March. Housing (PCE) was up 8.4% YoY in April , up from 8.3% in March. Since asking rents are soft and Year-over-year Rent Growth Continues to Decelerate this means both CPI and PCE measures are currently overstating actual inflation.

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WealthStack Roundup: Nitrogen Survey Notes Attributes of High-Growth Firms

Wealth Management

Also, Zoe Financial selects BridgeFT WealthTech API and Daffy announces its open API for developers.

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Friday links: the ESG boom

Abnormal Returns

Cash How to choose between T-bills and CDs. (wsj.com) Investors have poured some $600 billion into money market funds YTD. (ft.com) Retail investors are increasingly snapping up T-bills at auction. (barrons.com) Strategy The stock market is long term proposition. (awealthofcommonsense.com) When trading, it's okay to hit the reset button. (allstarcharts.com) Companies In the past decade, Nvidia ($NVDA) stock has gone up some 250x.

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What Your Financial Statements Are Telling You—And How to Listen!

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.

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JPMorgan Tells 1,000 First Republic Employees They'll Lose Their Jobs

Wealth Management

JPMorgan Chase offered full-time or transitional roles to almost 85% of the nearly 7,000 employees still working at First Republic when it collapsed.

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Q2 GDP Tracking: Around 1% to 2%

Calculated Risk

From BofA: Overall, today's higher than expected personal income and outlays and durable goods print along with the wider than expected advance goods trade deficit decreased our 2Q US GDP tracking from 1.1% q/q saar to 0.9% q/q saar. [May 26th estimate] emphasis added From Goldman: Personal income increased as expected and personal spending increased by more than expected in April.

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The WealthStack Podcast: The Future of Investing with John O’Connell of The Oasis Group

Wealth Management

The Oasis Group founder and CEO details how the metaverse is changing the investment landscape and why advisors need to stay on top of AI trends.

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Fannie and Freddie Serious Delinquencies in April: Single Family Declined, Multi-Family Increased

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Fannie and Freddie Serious Delinquencies in April: Single Family Declined, Multi-Family Increased Brief excerpt: Single-family serious delinquencies continued to decline in April, however, multi-family serious delinquencies are now increasing. Freddie Mac reports that multi-family delinquencies increased to 0.19% in April, up from 0.08% in April 2022.

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How to Avoid Pitfalls In Automation: Keep Humans In the Loop

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.

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Is an AI Stock Market Bubble Inevitable?

A Wealth of Common Sense

As of Wednesday’s close, NVIDIA had a market cap of $755 billion. Just one day later, the chipmaker sported a market cap of $939 billion. That one day gain of $184 billion itself is bigger than the market caps of companies like Nike, Comcast, Disney and Netflix. It’s hard to believe this is a stock that had lost two-thirds of its value from all-time highs during the tech wreck last year: Those losses have all.

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Congressional Conference Wrap-Up: NAIFA Is the One and Only

NAIFA Advisor Today

NAIFA’s 10 th annual Congressional Conference was an overwhelming success, demonstrating that NAIFA is the One and Only when it comes to our unmatched advocacy influence. More than 500 insurance and financial advisors from all over the United States gathered in Washington, D.C., to receive policy briefings and grassroots advocacy instruction, hear words of encouragement from distinguished guests, and take NAIFA's advocacy message directly to their elected officials on Capitol Hill.

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S&P 500 Snapshot: Highest Finish Since August

Advisor Perspectives

The S&P 500 closed out Friday with its highest finish since August. The index is currently up 9.53% year to date and is 12.32% below its record close from January 3, 2022.

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Intangible-Adjusted Profitability Factor

Alpha Architect

Not accounting for intangibles affects not just value metrics but other measures (such as profitability) that often scale by book value or total assets, both of which are affected by intangibles—and investors recognize at least some of their value. Intangible-Adjusted Profitability Factor was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.

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Book of Secrets on the Month-End Close

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.

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The History of “Feng Shui” and Why it Matters to Your Home

Integrity Financial Planning

You may have heard the term “Feng Shui” in the context of interior design and home and building design. But what is it exactly? Where does it come from? And what does it actually accomplish? Let’s dive into the history of Feng Shui. Feng Shui is a Chinese philosophical system of harmonizing and arranging buildings, objects, and spaces in order to promote good energy or “Chi.

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: Goldman economists: U.S. Treasury funds will be exhausted by June 9

MarketWatch

Goldman Sachs economists Alec Phillips and Tim Krupa say the Treasury’s early June deadline for the debt ceiling looks “very accurate, in our view.” Their calculation is that by June 2, the Treasury’s room under the debt ceiling will barely exceed $30 billion — the minimum cash the Treasury has targeted in prior debt-limit projections — and entirely dry by June 9.

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Turbo-charge your business plans with a live custom-tailored coaching day

Leading Advisor

I have six days available this summer for a live custom-tailored coaching day within the following weeks; June 12 June 26 July 3 July 17… The post Turbo-charge your business plans with a live custom-tailored coaching day appeared first on Leading Advisor - Simon Reilly.

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: Fed funds futures traders lift chance of June Fed rate hike to 57% after PCE inflation report

MarketWatch

Fed funds futures traders now see a 57.4% likelihood that the Federal Reserve will lift rates again in June after April’s personal consumption expenditures index showed inflation stuck in the 4% to 5% range. The likelihood of another quarter-of-a-percentage-point rate hike in June is up from 51.7% a day ago, and would take the Fed’s main benchmark rate target to between 5.25-5.5%, according to the CME FedWatch Tool.

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Stop Falling Short When It Matters Most—The Elite Advisor’s Playbook to Success

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?

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This A Rated REIT Just Increased Their Dividend Offering a 7% Current Yield

Advisor Perspectives

According to the company’s investor relations page on this REIT, Simon Property Trust (SPG) is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations and an S&P 100 company.

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: Broadcom stock streaks to records, leads S&P 500 gainers

MarketWatch

Broadcom Inc. shares AVGO surged to new records and led gainers on the S&P 500 index SPX Friday following positive commentary ahead of the chip maker’s earnings on Thursday. Shares rallied 12% to a record intraday high of $814.98, and finished up 11.5% at a record high of $812.73, with the previous high being this past Thursday’s $728.80. March 26, 2020, when shares rose 11.8%.

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How to Determine Your Investment Risk Tolerance Level

WiserAdvisor

Investment and risk are two closely related concepts. Risk refers to the potential for loss or negative returns when you invest your money in a market-linked security. There are different types of risks, including market, credit, inflation, and liquidity risk, among others. While no investment is entirely devoid of risk, and there is always some degree of threat to your money when you put it in the market, you can manage risk and protect your investments with some strategies.

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: McCarthy deputy says debt-ceiling talks are ‘up and down’

MarketWatch

Debt-ceiling talks are “up and down,” Republican Rep. Patrick McHenry of North Carolina, a key deputy for House Speaker Kevin McCarthy, told reporters on Friday. “We are in the middle of a lot of different conversations and a lot of different paper coming back and forth, and as I said, the details are thornier, the consequences are greater,” McHenry said.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.