The Big Picture
MARCH 15, 2023
Programming note: Morning Reads will be in Dallas Thursday and Friday — we will be back on the weekend… My mid-week morning train reads: • Dissecting Goldman’s gory $2.25bn SVB equity issue Well that escalated quickly. ( Financial Times ) • Whose Fault is it Anyway : It has been 872 days since a bank failed in the United States. This was the longest streak on record.
Nerd's Eye View
MARCH 15, 2023
Risk management is a key part of many financial advisors’ value propositions. For instance, ensuring clients maintain the proper insurance coverage based on their needs is an important part of the financial planning process. At the same time, clients face another class of risks that advisors often do not consider: cyber. In this article, guest authors Mark Hurley, Carmin Cicalese, Bryce Washum, and Douglas Garbutt discuss how financial advisory clients face a range of cyber risks, includin
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Abnormal Returns
MARCH 15, 2023
Podcasts Morgan Housel talks about the impact of our lifestyle decisions. (open.spotify.com) Christine Benz and Jeff Ptak talk with Robert Powell about generating income in retirement. (morningstar.com) Banking Eight questions about the banking panic of 2023 including 'Is my money safe?' (awealthofcommonsense.com) Too many people are missing out on higher cash yields.
The Big Picture
MARCH 15, 2023
I spent some time with my buddy Pete Dominick on Monday talking about all of the things we don’t know about SVB. As always, its a fun conversation — I pop in at the 19 minute mark. The post Discussing Bank Contagion with Pete Dominick appeared first on The Big Picture.
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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.
Abnormal Returns
MARCH 15, 2023
Markets The demise of SIVB upended all manner of market trends. (wsj.com) The bond market reversal caught a lot of managed futures funds offsides. (rcmalternatives.com) Why Treasury bonds are not risk-free. (rationalwalk.com) Media Disney ($DIS) has some big strategic decisions to make. (on.ft.com) Free streaming numbers are moving up and to the right.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Your Richest Life
MARCH 15, 2023
As Donna Meagle and Tom Haverford said in Parks and Rec, “Treat yo’ self!” Treating yourself means spending time and money on the things that bring you joy. Whether you love jewelry, travel, books or sports, treating yourself can be a very positive, and smart, way to spend your money. On the flip side, it can also get out of hand if you’re not careful.
Wealth Management
MARCH 15, 2023
“ChatGPT cannot be blindly trusted. You cannot overstate this," said one executive at this week's T3 advisor technology conference, even as Morgan Stanley becomes the first to incorporate a more advanced iteration of the popular chat bot into advisor workflows.
MarketWatch
MARCH 15, 2023
S&P Global Ratings downgraded its issuer credit rating on First Republic Bank FRC by four notches to BB-plus from A-minus on Wednesday, placing it in speculative grade, or ‘junk,’ status. The move come after it had put the bank on review for a downgrade late Tuesday. The agency cited concerns about increased wholesale borrowings further weighing on the regional bank’s net interest margin.
Wealth Management
MARCH 15, 2023
Real estate investors pulling money out of Signature Bank contributed to the bank’s collapse, reports The Wall Street Journal. Short interest against SL Green has risen amid the struggles of the office sector, according to The Real Deal. These are among today’s must reads from around the commercial real estate industry.
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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.
MarketWatch
MARCH 15, 2023
European stock futures rose early Thursday, a day after chaos swept across global markets due to a sharp fall in the shares of Credit Suisse CSCH:CSGN. “If you look at what even the Swiss National Bank said yesterday with all the ratios, they’re all sound, everything is fine,I don’t think they’ll need more capital,” Ammar Al Khudairy, chairman of Saudi National Bank, the top shareholder in the Swiss bank, told CNBC in an interview on Thursday.
Calculated Risk
MARCH 15, 2023
Today, in the Calculated Risk Real Estate Newsletter: Current State of the Housing Market; Overview for mid-March A brief excerpt: The following graph from MortgageNewsDaily.com shows mortgage rates since January 1, 2020. 30-year mortgage rates were at 6.75% on March 14th, up from 6.0% in early February, and down from the recent high of over 7.0% - and still up sharply year-over-year.
MarketWatch
MARCH 15, 2023
Shares of Virgin Orbit Holdings Inc. VORB tumbled after hours on Wednesday after CNBC reported that the developer of space-launch systems was halting operations for a week and furloughing all but a small portion of its staff as it seeks funding to prop up the company. Shares sank 32% after hours. CNBC said that executives for the company, founded by Richard Branson in 2017, notified employees about the decision on Wednesday.
Calculated Risk
MARCH 15, 2023
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 6.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 10, 2023. The Market Composite Index, a measure of mortgage loan application volume, increased 6.5 percent on a seasonally adjusted basis from one week earlier.
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
MARCH 15, 2023
A Morningstar analyst said it would be difficult to have a “run on the bank” for wealth management firms and does not expect to change his outlook for these companies.
Advisor Perspectives
MARCH 15, 2023
The Consumer Price Index for Urban Consumers (CPI-U) released for February puts the year-over-year inflation rate at 6.04%. It is well above the 3.74% average since the end of the Second World War and above its 10-year moving average, now at 2.55%.
Wealth Management
MARCH 15, 2023
After months of weak buyer interest, agents began seeing larger crowds at open houses in January and getting multiple offers above asking price on their listings. By early March, though, climbing mortgage rates, plunging stock prices and mushrooming Big Tech layoffs tempered hopes for a spring rebound. Then came last week’s run on the bank that was intricately tied to the region’s massive explosion in wealth.
MarketWatch
MARCH 15, 2023
Fabrice Coffrini/Agence France-Presse/Getty ImagesContagion fears triggered by the collapse of Silicon Valley Bank and Signature Bank, then exacerbated by trouble at Switzerland’s Credit Suisse, is giving way to fresh expectations for at least 100 basis points, or a full percentage point, of interest rate cuts by the Federal Reserve before the end of the year.
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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
MARCH 15, 2023
Fresh off becoming a full custodian, Altruist will now have close to 10% market share of total RIA firms, SSG’s service organization and a relationship with Pershing.
MarketWatch
MARCH 15, 2023
Swiss banking giant Credit Suisse CH:CSGNCS on Wednesday saw its shares fall to a new record low, with the Zurich-listed shares recently down 10% to 2 Swiss francs. The chairman of its top shareholder, Saudi National Bank, ruled out investing any more into the bank in an Bloomberg interview. On Tuesday, Credit Suisse said in its annual report that it had material weaknesses in financial controls.
Wealth Management
MARCH 15, 2023
Her mother, Priscilla Presley, is challenging the validity of an amendment to the living trust.
MarketWatch
MARCH 15, 2023
A new academic study on 2023 bank fragility concludes that the U.S. banking system’s market value of assets is $2 trillion lower than suggested by their book value of assets accounting for loan portfolios held to maturity. “Marked-to-market bank assets have declined by an average of 10% across all the banks, with the bottom fifth percentile experiencing a decline of 20%, according to the study, which was released Monday.
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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
MARCH 15, 2023
Prosecutors claim Guo Wengui and his financial advisor, Kin Ming Je, conspired to defraud thousands of victims of more than $1 billion using “a series of complex fraudulent and fictitious businesses and investment opportunities.
MarketWatch
MARCH 15, 2023
Nouriel Roubini, the high-profile economist and chief economist of Roubini Macro Associated, said on Wednesday that a Credit Suisse failure would be like a “Lehman Brothers moment.” Roubini in an interview on Bloomberg Television said the problem with Credit Suisse, which dropped over 20% to a fresh record low, is that it may be too big to fail but also could be too big to be saved, citing the smaller capacity of Switzerland.
Wealth Management
MARCH 15, 2023
For all the talk about office-to-residential conversions, moving forward on such projects can be complicated in a joint venture.
MarketWatch
MARCH 15, 2023
T-Mobile US Inc. TMUS plans to acquire prepaid brands Mint Mobile and Ultra Mobile as well as wholesaler Plum, the company announced Tuesday. T-Mobile intends to pay up to $1.35 billion to purchase Ka’ena Corp., the parent of these brands. T-Mobile will make the purchase in a combination of 39% cash and 61% stock, with the final purchase price determined by Ka’ena’s performance after the closing.
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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
MARCH 15, 2023
Don’t squander the chance to reassure clients they are protected while also setting them up for even greater long-term success.
MarketWatch
MARCH 15, 2023
Fabrice Coffrini/Agence France-Presse/Getty ImagesContagion fears triggered by the collapse of Silicon Valley Bank and Signature Bank, then exacerbated by trouble at Switzerland’s Credit Suisse, is giving way to fresh expectations for at least 100 basis points, or a full percentage point, of interest rate cuts by the Federal Reserve before the end of the year.
Wealth Management
MARCH 15, 2023
As advisors scale and grow their business, they constantly have to toggle between strategic, big picture thinking and tactical doing.
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