Abnormal Returns
JUNE 21, 2023
Podcasts Peter Lazaroff debunks conventional wisdom with Ashby Daniels. (peterlazaroff.com) Morgan Housel on the importance of keeping low expectations. (open.spotify.com) Christine Benz and Jeff Ptak talk with Talmon Smith about the coming wealth transfer. (morningstar.com) Retirement Retirement has some distinct phases. (rationalwalk.com) Seven risks we all face in retirement.
Nerd's Eye View
JUNE 21, 2023
All investment advisers are fiduciaries that owe a duty of care and loyalty to their clients, and, in an ideal world, advisory firms and their staff would abide by these requirements without the need for a prescriptive code of ethics. However, the early 2000s were plagued by a variety of SEC enforcement actions that alleged fiduciary duty violations – primarily involving trading abuses by investment advisory personnel – which led the regulator to create a rule (that became effective
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Abnormal Returns
JUNE 21, 2023
Strategy Avoiding big errors plays a big role in investment success. (ritholtz.com) In a portfolio context, cash is a double-edged sword. (morningstar.com) Crypto WisdomTree ($WT) and Invesco ($IVZ) are re-filing for a spot Bitcoin ETF in light of Blackrock's ($BLK) move. (theblock.co) Good luck coming up with a model to value Bitcoin. (morningstar.com) The Grayscale Bitcoin Trust ($GBTC) is catching a bid on increased spot Bitcoin ETF talk.
The Big Picture
JUNE 21, 2023
My Summer Solstice morning reads: • Is Crypto Dead? Or can the industry recover? Even before the SEC announcements, crypto was in trouble. Dozens of firms had failed, millions of individual investors had plunged into the red or cashed out, and billions of dollars of institutional investment had moved on. Beset by long-standing problems of its own invention, the industry now faces not just a regulatory crisis but an existential one too: Is crypto down, or is it dead?
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.
Calculated Risk
JUNE 21, 2023
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 16, 2023. The Market Composite Index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted basis from one week earlier.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
MarketWatch
JUNE 21, 2023
Generic-drug maker Mallinckrodt MNK on Wednesday said it set aside more than $3.4 million in executive retention bonuses in the event of a possible filing for yet another bankruptcy. The move is latest sign of difficulty for the company, which has struggled to pay its bills in the wake of a $1.7 billion opioid settlement following allegations it helped propel the nation’s opioid crisis.
Wealth Management
JUNE 21, 2023
An unexpected Melanoma diagnosis forced long-time advisor Lynn Ballou into an early retirement. But the experience has taught her the importance of taking a step back and listening to her body.
Advisor Perspectives
JUNE 21, 2023
After 20 years and serving over 1,800 clients as an hourly, fee-only financial planner, I’ve concluded that hourly advisors should not give free advice to prospects.
MarketWatch
JUNE 21, 2023
The Securities and Exchange Commission on Wednesday charged audit firm Marcum LLP with “systemic quality control failures’ and violations of audit standards in work conducted for hundreds of special purpose acquisition corporations. Marcum has agreed to pay a $10 million fine to settle the charges. Over a three-year period starting in 2020, Marcum more than tripled its public company clients, according to the regulator, the majority of which were SPACs, or blank-check companies, which became pop
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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.
Wealth Management
JUNE 21, 2023
The firm's 11,000 advisors will become part of the newly branded entity - Osaic - over the next 18 to 24 months.
Clever Girl Finance
JUNE 21, 2023
When we think of someone being rich vs wealthy, we might think it’s the same thing but it’s not. For some reason, the words rich and wealthy are often incorrectly used to describe the same thing. The two words might seem like synonyms, but they are completely different. It’s hard to spot the difference, but being rich and being wealthy are not equal.
Wealth Management
JUNE 21, 2023
Despite its advantages, portability isn’t always recommended in second marriages.
MarketWatch
JUNE 21, 2023
Amaozn.com Inc. AMZN said Wednesday this year’s Prime Day event will take place July 11 to 12 and that new deals will drop every 30 minutes during select periods of the event. Shoppers in the U.S. will have more deals on small business products than before and the company will offer back-to-school and college deals priced under $5, $10 and $20 ahead of the event.
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.
Wealth Management
JUNE 21, 2023
This episode of the RIA Edge podcast provides advisors with a view into the trends that are influencing and impacting growth across the RIA landscape.
MarketWatch
JUNE 21, 2023
Tesla Inc. TSLA swept Cars.com’s American-Made Index for 2023, with the Model Y leading the list for the second straight year, followed by three of Elon Musk’s other electric vehicles. The Tesla Model 3 Sedan took second place, followed by the Model X SUV and the Model S sedan. Honda’s JP:7267 Passport SUV took fifth place, followed by Volkswagen’s XE:VOW3 ID.4 all-electric SUV.
Wealth Management
JUNE 21, 2023
Some tips to help prevent your clients from ending up like HBO's Roys.
MarketWatch
JUNE 21, 2023
Intel Corp. INTC will sell a roughly 20% stake in its IMS Nanofabrication GmbH business to Bain Capital Special Situations, the chip maker said Wednesday. The transaction values IMS at about $4.3 billion and is expected to close in the third quarter. Intel in 2015 acquired the IMS business, which does multi-beam mask writing, a technology that plays into the chip-manufacturing ecosystem.
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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
JUNE 21, 2023
This Annuity Awareness Month, educate your clients on all their retirement savings options.
MarketWatch
JUNE 21, 2023
Shares of Palantir Technologies Inc. PLTR took a 7.5% dive in afternoon trading Wednesday, putting them on track for a third-straight loss, which would be the longest such streak in 7 weeks. The software company’s stock has now shed 12% since it closed at a 17-month high of $16.60 on June 15. Many on Wall Street define a decline of at least 10% to up to 20% from a bull-market peak as a “correction.
A Wealth of Common Sense
JUNE 21, 2023
Today’s Animal Spirits is brought to you by J.P. Morgan: See here for more information on JEPQ, J.P. Morgan’s Nasdaq Equity Premium Income ETF. On today’s show, we discuss: Boomers Got Hooked on Stocks. Now They Can’t Let Go. Global inequality at lowest level in nearly 150 years Instant Pot’s Slower Sales Tip Gadget Maker Into Bankruptcy Why Are Houses So Expensive?
MarketWatch
JUNE 21, 2023
Fed Chairman Jerome Powell on Wednesday said conditions are in place for inflation to come down in the housing sector. “We think housing inflation will be coming down significantly over the course of the rest of this year and next year,” Powell said in testimony to the House Financial Services Committee. Consumer inflation has eased since last summer due mainly to falling energy and core good prices.
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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
JUNE 21, 2023
Industry legend Mark Tibergien details the he key areas every firm needs to focus on to ensure success.
MarketWatch
JUNE 21, 2023
U.S. stocks closed lower for a third session in a row, retreating after recently touching their highest levels in more than a year. The Dow Jones Industrial Average DJIA shed about 102 points, or 0.3%, ending near 33,951, the S&P 500 index SPX closed 0.5% lower and the Nasdaq Composite Index COMP shed 1.2%, according to preliminary FactSet data. Stocks have been drifting lower in the past three sessions, pausing a recent rally that lifted the S&P 500 out of a bear market.
Wealth Management
JUNE 21, 2023
The filing from the asset manager said the WisdomTree Bitcoin Trust would be listed on the Cboe BZX Exchange under the ticker BTCW.
MarketWatch
JUNE 21, 2023
Target Corp.’s TGT big sale event for members of its Target Circle loyalty program will overlap with Amazon.com Inc.’s AMZN Prime Day. Target announced Wednesday morning that Target Circle Week will run from July 9 to July 15 this year. Members of the Target Circle program, which is free to join, will get up to 50% off of certain items and see other discounts as well, including on a Dyson vacuum.
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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
JUNE 21, 2023
Five red flags for practitioners to look out for.
MarketWatch
JUNE 21, 2023
Accenture PLC ACN said Wednesday it was expanding relationships with Alphabet Inc. GOOGGOOGL, Microsoft Corp. MSFT, and Amazon.com Inc. AMZN following its recent pledge to invest billions in artificial intelligence. The management consultant company said it was extending its strategic collaboration with Amazon Web Services to help clients leverage large-language models and generative AI.
oXYGen Financial
JUNE 21, 2023
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