GeoWealth Raises $18M Led By BlackRock
Wealth Management
JULY 25, 2024
The TAMP previously raised funding from Kayne Anderson Growth Capital and J.P. Morgan Asset Management, who also participated in the latest round.
Thu.Jul 25, 2024
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Longform links: beliefs over evidence
Abnormal Returns
JULY 25, 2024
Books A rave review of "How Tyrants Fall" by Marcel Dirsus. (forkingpaths.co) Insights from "Maxims for Thinking Analytically" by Dan Levy. (novelinvestor.com) Jim Pethokoukis talks with Ruchir Sharma, author of "What Went Wrong with Capitalism." (fasterplease.substack.com) Business PE firm Patricof & Co. is doubling down on its relationships with pro athletes.
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Savvy Adds Six New Advisors, Pushing AUM Over $700M
Wealth Management
JULY 25, 2024
Brad Morgan joins from Mariner Wealth Advisors, which is suing him and the tech-focused RIA for poaching books of business.
Weekly Initial Unemployment Claims Decrease to 235,000
Calculated Risk
JULY 25, 2024
The DOL reported : In the week ending July 20, the advance figure for seasonally adjusted initial claims was 235,000 , a decrease of 10,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 243,000 to 245,000. The 4-week moving average was 235,500, an increase of 250 from the previous week's revised average.
Live Demo - Supercharge your Month End Close
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Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
F.L.Putnam Adds 3 Firms Totaling $1.25B in Managed Assets
Wealth Management
JULY 25, 2024
The acquisition of the three East Coast-based firms will push F.L.Putnam’s assets under advisement above $10 billion, and its AUM will reach about $7.9 billion.
BEA: Real GDP increased at 2.8% Annualized Rate in Q2
Calculated Risk
JULY 25, 2024
From the BEA: Gross Domestic Product, Second Quarter 2024 (Advance Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the second quarter of 2024 , according to the "advance" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.4 percent. The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment.
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Realtor.com Reports Active Inventory Up 36.9% YoY
Calculated Risk
JULY 25, 2024
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For June, Realtor.com reported inventory was up 36.7% YoY, but still down 32.4% compared to April 2017 to 2019 levels. Now - on a weekly basis - inventory is up 36.9% YoY. Realtor.com has monthly and weekly data on the existing home market.
Political Identity Affects Wealth Inequality
Wealth Management
JULY 25, 2024
Do not allow partisanship to impact investment decisions.
Kitces & Carl Ep 143: Taking Over Clients From An Advisor With A Different Personality And Communication Style
Nerd's Eye View
JULY 25, 2024
About a decade or so ago, one of the most pressing issues facing the financial advice industry was the threat of an imminent deluge of advisor retirements coupled with a paucity of succession plans to transition clients to the next generation. While that scenario has yet to materialize as initially feared, the fact remains that transitions do occur on a regular basis, often as older advisors either sell their practices in one fell swoop or gradually offload part of their book while still staying
Schwab Survey Finds Majority of 401(k) Participants Itching for Financial Advice
Wealth Management
JULY 25, 2024
The research survey also found that this audience said it was more likely to follow advice from a human than computer-generated recommendations.
The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Hotels: Occupancy Rate Increased 1.0% Year-over-year
Calculated Risk
JULY 25, 2024
From STR: U.S. hotel results for week ending 20 July The U.S. hotel industry reported higher performance results than the previous week and positive comparisons year over year, according to CoStar’s latest data through 20 July. 14-20 July 2024 (percentage change from comparable week in 2023): • Occupancy: 73.5% (+1.0%) • Average daily rate (ADR): US$165.91 (+2.4%) • Revenue per available room (RevPAR): US$122.02 (+3.4%) emphasis added The following graph shows the seasonal pattern for the hotel
The Diamond Podcast for Financial Advisors: $2B UBS Breakaways on Being Fiduciaries for the Long-Term
Wealth Management
JULY 25, 2024
The first breakaway team to join Beacon Pointe Advisors offers a perspective on change at the wirehouses, the value of being a true fiduciary and more.
Friday: Personal Income and Outlays
Calculated Risk
JULY 25, 2024
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Friday: • At 8:30 AM ET, Personal Income and Outlays, June 2024. The consensus is for a 0.4% increase in personal income, and for a 0.2% increase in personal spending. And for the Core PCE price index to increase 0.2%. PCE prices are expected to be up 2.6% YoY, and core PCE prices up 2.6% YoY. • At 10:00 AM, University of Michigan's Consumer sentiment index (Final for July).
How Wealth Management M&A Is Affected by High Interest Rates
Wealth Management
JULY 25, 2024
Wealth management M&A remains fundamentally healthy, with dealmaking still happening at a healthy clip, both in terms of size and volume.
2025 Industry Index: How Top Advisors Are Scaling Smarter (and Faster) This Year
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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
Watch Months-of-Supply!
Calculated Risk
JULY 25, 2024
Today, in the Calculated Risk Real Estate Newsletter: Watch Months-of-Supply! A brief excerpt: Both inventory and sales are well below normal levels, and I think we need to keep an eye on months-of-supply to forecast price changes. Historically nominal prices declined when months-of-supply approached 6 months - and that is unlikely this year - but we could see months-of-supply back to 2019 levels in the next month or two.
Q&A: Taking Stock of the ETF Market with Natixis’ Nick Elward
Wealth Management
JULY 25, 2024
U.S. ETFs are on pace for more than $700 billion in net flows in 2024, and net assets stand at more than $9 trillion.
Thursday links: meaningful days
Abnormal Returns
JULY 25, 2024
Markets UK stocks look cheap. (ft.com) July has seen a big bounceback in small caps. (bilello.blog) Strategy How much do 20-year real stock market returns vary over time? (awealthofcommonsense.com) Don't hedge equities with equities. (rogersplanning.blogspot.com) Bill Ackman Bill Ackman doesn't want investors to think about Pershing Square USA as a close-end fun.
Building an Effective Pitchbook
Wealth Management
JULY 25, 2024
Your ability to communicate your mission, vision and values builds credibility, trust, and, most importantly, an identity in the increasingly crowded RIA space.
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.
What’s the Worst Long-Term Return For U.S. Stocks?
A Wealth of Common Sense
JULY 25, 2024
My colleagues Dan LaRosa and Cameron Rufus joined me on the show this week to discuss questions about how to find the best auto insurance rates, owner-only defined benefit plans, finding clients as a financial advisor and how much of your portfolio should be in alternative investments. Further Reading: When is Mean Reversion Coming in the Stock Market The post What’s the Worst Long-Term Return For U.S.
The Benefits of Substack as a Publishing Platform for Advisors
Wealth Management
JULY 25, 2024
Growing numbers of advisors are moving their newsletters to Substack.
Q2 GDP Advance Estimate: Real GDP at 2.8%, Above Forecast
Advisor Perspectives
JULY 25, 2024
The U.S. economy grew at a faster than expected pace during the second quarter of this year. Real gross domestic product increased at an annual rate of 2.8% in Q2 2024, according to the advance estimate. The latest estimate is above the forecasted 2.0% growth and is a pickup from the Q1 2023 GDP final estimate of 1.4%.
High School Sports Powerhouse Taps Merrill Wealth Management to Help Kids Plot Financial Future
Wealth Management
JULY 25, 2024
Merrill will move some of its 641 sports and entertainment wealth advisers to IMG Academy’s campus to host parent and student teach-ins and simulations that show students what it is like to invest in a real financial market.
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.
SEI Attracts New Executive Vice President
SEI
JULY 25, 2024
Financial Services Leader’s Diverse Experience to Bolster Strategic Growth
Are These ETFs Too Clever By Half?
Random Roger's Retirement Planning
JULY 25, 2024
Lots of ETF stuff today. First, starting last fall, I walked everyone through my test drive of the Defiance NASDAQ 100 Enhanced Options Income Fund (QQQY). It sells 0dte puts on the NASDAQ 100 and generates a huge "dividend." On a price basis, the fund can't keep up with the payout, not even close. It came out last fall at about $20/share and today it is just under $14.00.
Take the Next Step with Your Business, Attend the M&A Summit
NAIFA Advisor Today
JULY 25, 2024
One-third of financial advisors are predicted to retire in the next 10 years, creating an opportunity for advisors looking to grow or sell their practice. Join NAIFA member, David Wood, for the "M&A Summit: Opportunity of a Lifetime", offered in-person and virtually throughout the rest of 2024. Industry professionals come together for an in-depth exploration of mergers and acquisitions and learn how to harness the wave of retiring advisors to capitalize on this opportunity.
Q2 Advance Estimate: GDP Per Capita versus GDP
Advisor Perspectives
JULY 25, 2024
The advance estimate for Q2 GDP came in at 2.84%, an acceleration from 1.41% for the Q1 final estimate. With a per-capita adjustment, the headline number is lower at 2.37%, a pickup from 0.95% for the Q1 headline number.
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.
Fee-Only vs. Commission-Based Information
Inside Information
JULY 25, 2024
Did you know that World Investment Advisors recently acquired a Raymond James RIA with $3.5 billion in assets under management? Or that AssetMark is acquiring $12 billion in client assets from Morningstar? Or that Craig Hawley has been hired to run Nationwide’s annuity business? You might be interested to know that Arkadios Capital recruited a former LPL team that manages $850 million in client assets.
An Inside Look at the Q2 2024 GDP Advance Estimate
Advisor Perspectives
JULY 25, 2024
Real gross domestic product (GDP) is comprised of four major subcomponents. In the Q2 GDP advance estimate, three of the four components made positive contributions.
Should Internal Audit follow up action items?
Norman Marks
JULY 25, 2024
My thanks to Hal Garyn for raising this issue in a recent LinkedIn post. He relates: Internal audit should, of course, be doing follow-up on key/material audit observations, but it is management that owns not only the corrective actions but to do its own follow-up.
Kansas City Fed Manufacturing: Activity Continued to Fall in July
Advisor Perspectives
JULY 25, 2024
The latest Kansas City Fed Manufacturing Survey composite index decreased in July to its lowest level since May 2020. The composite index came in at -13, down from -8 in June, while the future outlook inched down to 5.
Book of Secrets on the Month-End Close
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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.
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