Calculated Risk
JUNE 30, 2023
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 May 2023. CPI Shelter was up 8.0% year-over-year in May, down from 8.1% in April, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 8.3% YoY in May , down from 8.4% in April (April was the cycle peak).
The Big Picture
JUNE 30, 2023
A quick note as the first half of 2023 draws to a close, shocking the locals with its intensity. Why? Because almost nobody saw this rally coming. 1 As of this moment, the indices stand appreciably higher than where they were on January 1, 2023: The NASDAQ 100 is up >38%, the S&P 500 is up ~15.5%, and the Russell 2000 small cap index is up almost 7%.
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Wealth Management
JUNE 30, 2023
Grief comes with mixed emotions. Help a client work through both their financial issues and their emotional struggles, and you’ll have a client for life.
Calculated Risk
JUNE 30, 2023
Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index Increased Slightly in May; Up 0.4% Year-over-year A brief excerpt: On a year-over-year basis, the National FMHPI was up 0.4% in May, from up 0.7% YoY in April. The YoY increase peaked at 19.2% in July 2021. In May, 15 states and D.C. were below their 2022 peaks, Seasonally Adjusted.
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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
JUNE 30, 2023
Our human technology columnist does his best to keep up with the latest generative AI for communications now available (or soon will be) to advisors.
Nerd's Eye View
JUNE 30, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that NAPFA has announced that it will no longer exclude advisors who receive up to $2,500 in annual trailing commissions from previous product sales, if they agree to donate that money to a non-profit organization and are otherwise fully dedicated to fee-only principles with their clients going forward.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Abnormal Returns
JUNE 30, 2023
Audio YouTube will soon allow automatic dubbing. (engadget.com) How many streams it takes an artist to earn $1,000 on different platforms. (genuineimpact.substack.com) Companies Matt Reustle talks with Tom Walsh, a portfolio manager at Baillie Gifford, about ASML Holdings ($ASML). (joincolossus.com) Benjamin Gilbert and David Rosenthal talk about the history of Porsche AG with Doug DeMuro.
Wealth Management
JUNE 30, 2023
Emigrant has added the 21st growth-oriented platform to its expanding portfolio of independent wealth management businesses, while no less than six firms announced recruits or acquisitions this week.
Abnormal Returns
JUNE 30, 2023
Markets Real yields are on the rise. (allstarcharts.com) T-bill yields are currently above that of AAA-rated bonds. (awealthofcommonsense.com) Strategy The stock market has had a good year, in only six months. (ritholtz.com) The feedback loop in the markets is no joke. (ritholtz.com) Companies Where Apple ($AAPL) stands as a $3 trillion company. (bigtechnology.com) How Amazon ($AMZN) is trying to cut down on customer returns.
Wealth Management
JUNE 30, 2023
Expect custody to become even more competitive, predicts Frank Tsung of AppCrown, as established and new players vie to help advisors grow.
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
JUNE 30, 2023
The BEA released the Personal Income and Outlays report for May: Personal income increased $91.2 billion (0.4 percent at a monthly rate) in May , according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI), personal income less personal current taxes, increased $86.7 billion (0.4 percent) and personal consumption expenditures (PCE) increased $18.9 billion (0.1 percent).
Wealth Management
JUNE 30, 2023
Market timing works just enough to give you hope, but not enough to improve performance over the long term.
Calculated Risk
JUNE 30, 2023
From BofA: Personal spending came in slight below expectations and with a downward revision in April. Overall, this decreased our personal consumption expenditure tracking estimate for 2Q. After rounding, it left our 2Q US GDP tracking estimate unchanged at 1.5%. [June 30th estimate] emphasis added From Goldman: [W]e left our Q2 GDP tracking estimate unchanged at +2.2% (qoq ar).
Wealth Management
JUNE 30, 2023
Rising interest rates haven’t chilled the still hot advisory M&A market, says Eric Leeper, who sees more interest among younger owners.
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.
The Reformed Broker
JUNE 30, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Ian Cassel, and Downtown Josh Brown discuss microcap stocks, the state of the economy, how to analyze a company’s management team, how investing is like golf, Silicon Valley on drugs, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
Wealth Management
JUNE 30, 2023
Compensation is key to advisory firm profitability and growth, and getting it right involves having the right data, says Aaron Wells.
A Wealth of Common Sense
JUNE 30, 2023
Here’s a headline from a Bloomberg story about the economy: And the lede: The recession calls are getting louder on Wall Street, but for many of the households and businesses who make up the world economy the downturn is already here. This story probably could have been written yesterday but it was actually published a year ago, in July 2022. If it seems like we’ve been reading about a looming recession for m.
Wealth Management
JUNE 30, 2023
More millionaires are forecast to move to new countries in 2023 and 2024 than ever before.
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.
Alpha Architect
JUNE 30, 2023
Researchers have raised questions and led to research into how many factors are needed, the replicability of originally reported results, and the decay of factor performance over time. Diving Into the Performance of Factors was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
Wealth Management
JUNE 30, 2023
IncomeConductor's Sheryl O'Connor details why it's important for an advisor not just to get clients to retirement, but through it as well.
Trade Brains
JUNE 30, 2023
Adani Wilmar Vs Patanjali Foods : The Fast-Moving Consumer Goods (FMCG) industry plays a pivotal role in our daily lives, offering essential products that are consumed on a daily basis. From the toothpaste we use in the morning to the packaged foods we rely on for our meals, the FMCG industry encompasses a wide range of products that are an integral part of our routines.
Advisor Perspectives
JUNE 30, 2023
The latest Chicago Purchasing Manager's Index (Chicago Business Barometer) inched up to 41.5 in June from 40.4 in May. This is the tenth straight month in contraction territory. This reading comes in below the forecast of 44.0.
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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.
Discipline Funds
JUNE 30, 2023
It’s been over 10 years since I published Understanding the Modern Monetary System , one of the most widely read papers in the SSRN research database. I published this paper because I was having trouble finding a succinct but thorough explanation of money and macroeconomics during the financial crisis. Further, many of the mainstream explanations of concepts like QE, banking, inflation and money appeared outdated at best and wrong at worst.
Advisor Perspectives
JUNE 30, 2023
The BEA's Personal Income and Outlays report for May was published this morning by the Bureau of Economic Analysis. The latest headline PCE price index was up 0.1% month-over-month (MoM) and dropped to 3.8% year-over-year (YoY). Core PCE was also up 0.3% monthly and fell to 4.6% year-over-year, still well above the Fed's 2% target rate.
Your Richest Life
JUNE 30, 2023
If you were surprised at tax time this year, then you’re not alone. 2022 tax refunds were about 10 percent smaller than they were last year, and for those who owed money, they tended to owe more than they expected. The good news is, there’s still time to plan out how to lower your tax bill for next year – or at least feel more aware of what you will owe or receive.
Advisor Perspectives
JUNE 30, 2023
The S&P 500 closed out the first half of 2023 up 16.4%, reaching its highest level since April 2022. Additionally, the index saw its strongest month since October, finishing up 6.5% for the month of June. The index now sits 7.22% below its record close from January 3, 2022.
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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?
Harness Wealth
JUNE 30, 2023
For many, a home is the most valuable asset we might ever own. Whether you’re building equity in a primary residence or buying a vacation home or investment property, understanding how to best prepare for, and manage, a real estate purchase is a critical piece of any personal financial plan. In this article, we’ll dive into the many tax and financial considerations of buying and selling real estate, how real estate fits into estate planning, and the role that a wealth manager or financial planne
Advisor Perspectives
JUNE 30, 2023
Financial advice often focuses on boosting personal savings rates and maximizing return on investment during a worker’s accumulation years. Equally important, however, is the decumulation process, when people spend those savings in the form of income.
NAIFA Advisor Today
JUNE 30, 2023
The end of June brings a close to this year's National Annuity Awareness Month, but the work NAIFA has done has raised awareness that will last yearlong. We hope you saw our videos on social media featuring NAIFA CEO Kevin Mayeux and ACLI President and CEO Susan Neely.
Advisor Perspectives
JUNE 30, 2023
With the release of this morning's report on May's personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.40% month-over-month change in disposable income comes to 0.27% when we adjust for inflation. The year-over-year metrics are 7.44% nominal and 3.46% real.
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