The Big Picture
JUNE 22, 2023
Source: FRED Wealth disparities get ever more lopsided the higher up the economic strata you climb; there is more disparity with the top 1% than the top 10%, but the biggest spreads are at the top 0.1% (and above). Consider the chart at top, created by Invictus via FRED. It shows “Share of Total Assets Held by the Bottom 50% ( red line ) versus the Share of Total Assets Held by the Top 0.1% ( green line ).
Abnormal Returns
JUNE 22, 2023
Books An excerpt from Hal Hershfield's book "Your Future Self: How to Make Tomorrow Better Today." (wsj.com) An excerpt from "Rich White Men: What It Takes to Uproot the Old Boys’ Club and Transform America" by Garrett Neiman. (fastcompany.com) An excerpt from Katerine Clark's book "Billionaires’ Row: Tycoons, High Rollers and The Epic Race to Build The World’s Most Exclusive Skyscrapers" by Katherine Clarke.
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The Reformed Broker
JUNE 22, 2023
Final Trades: Oracle, MasTec, Alaska Air, & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.
Calculated Risk
JUNE 22, 2023
The DOL reported : In the week ending June 17, the advance figure for seasonally adjusted initial claims was 264,000 , unchanged from the previous week's revised level. The previous week's level was revised up by 2,000 from 262,000 to 264,000. The 4-week moving average was 255,750, an increase of 8,500 from the previous week's revised average. This is the highest level for this average since November 13, 2021 when it was 260,000.
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.
Wealth Management
JUNE 22, 2023
The amount of distressed commercial real estate assets rose 10% in the first quarter and now amounts to $64 billion, according to MSCI Real Assets. Some owners are coughing up cash to buy time on their mortgages, reports The Real Deal. These are among the must reads from around the real estate investment world heading into the weekend.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Advisor Perspectives
JUNE 22, 2023
The Conference Board Leading Economic Index (LEI) for May dropped to 106.7 from April's figure of 107.5. This is the index's lowest reading since July 2020. and the 14th consecutive monthly decline, the longest streak since 2009. Today's reading represented a 0.7% month-over-month decline, slightly higher than the forecast.
Calculated Risk
JUNE 22, 2023
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report from economist Danielle Hale: Weekly Housing Trends View — Data Week Ending June 17, 2023 • Active inventory growth slowed again, with for-sale homes up just 5% above one year ago. The number of homes for sale continues to grow, but the advantage over one year ago is shrinking and likely to slow in the months ahead.
A Wealth of Common Sense
JUNE 22, 2023
A reader asks: My target date fund does a lot worse than SPY. Should I just move to an index fund for my 403(b)? The S&P 500 is the market we talk about the most frequently in the financial media so that’s the benchmark most investors use when trying to gauge performance. This is a mistake, especially if you are a diversified investor. Let’s look at an example to show why your targetdate fund might be unde.
Wealth Management
JUNE 22, 2023
With solid property fundamentals and plenty of potential demand, both institutional and high-net-worth investors have been working with firms that specialize in BTRs.
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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.
Calculated Risk
JUNE 22, 2023
Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Increased to 4.30 million SAAR in May; Median Prices Declined 3.1% YoY Excerpt: On prices, the NAR reported : The median existing-home price for all housing types in May was $396,100, a decline of 3.1% from May 2022 ($408,600). Prices grew in the Northeast and Midwest but fell in the South and West.
Wealth Management
JUNE 22, 2023
Third-party surveys are often relied on for valuation purposes; however, one must be cautious in their use when actual trades in the public market are confirming a value that is substantially different.
MarketWatch
JUNE 22, 2023
Ford Motor Co. F is getting ready for another round of layoffs in the coming weeks, The Wall Street Journal reported, citing people familiar with the matter. The layoffs are expected to include mostly U.S. salaried workers, and would be one of several rounds at Ford in recent months. The number of people Ford plans to lay off in this latest round couldn’t be learned, the report said.
Wealth Management
JUNE 22, 2023
The “denominator effect” put institutions in a position where real estate allocations exceeded target levels, but observers expect that issue has begun to resolve itself as values of other investments have recovered.
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.
Advisor Perspectives
JUNE 22, 2023
Bitcoin climbed to $30,000 for the first time since April, buoyed by crypto initiatives involving major players from the traditional financial sector.
Wealth Management
JUNE 22, 2023
Dooley launched the SPAC in 2021, with the goal of acquiring wealth management firms. It now plans to take Unifund, a consumer debt servicer, public in a $238 million deal.
Alpha Architect
JUNE 22, 2023
The article aims to explore the possibility that changes in fundamentals play a role in the attenuation of stock market anomalies, offering an alternative explanation to the prevailing arbitrage-based explanation Fundamentals and the Attenuation of Anomalies was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
Wealth Management
JUNE 22, 2023
Also, contrary to popular belief that investment management has become commoditized, there was more demand for those services in 2022, while interest in financial planning dropped, according to a new study by the IAA and COMPLY.
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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.
The Irrelevant Investor
JUNE 22, 2023
Today’s Compound and Friends is brought to you by birddogs: Thanks to Birddogs for sponsoring this episode! See here for a free Yeti-style tumbler with your order. On today’s show, we discuss: Dumb money vs. smart money S&P 500 52wk-highs Hopes rise for rally in small stocks after historic underperformance How Major League Baseball is using its rule changes to win new fans Are movies really getting longe.
Wealth Management
JUNE 22, 2023
Craig Savage shares his journey from Goldman Sachs to Credit Suisse, why joining William Blair ultimately won out over launching an RIA and how finding the right culture has enhanced his team’s growth.
MarketWatch
JUNE 22, 2023
3M Co. MMM shares rallied in the extended session Thursday after the materials and chemicals company said it would pay $10.3 billion to settle claims it was responsible for so-called “forever chemicals” in drinking water. The nickname refers to per- and polyfluoroalkyl substances, or PFAS, a group of a synthetic chemicals that do not easily degrade in the environment.
Wealth Management
JUNE 22, 2023
Traders dumped $3.1 billion from the Invesco QQQ Trust Series 1 ETF (QQQ), just as the exchange-traded fund snapped a six-day winning streak.
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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!
MarketWatch
JUNE 22, 2023
A war of words between tech billionaires Elon Musk and Mark Zuckerberg has led to the two men challenging each other to a cage fight. The dispute has broken out after Facebook parent Meta Platforms Inc. META hinted it was planning to launch a social media platform that would be a direct rival to Twitter, which Tesla Inc.TSLA CEO Musk acquired last October for $44 billion.
Wealth Management
JUNE 22, 2023
A year into a new acquisition strategy, Carson has added up-market qualified plan capabilities and offices in the Pacific Northwest.
MarketWatch
JUNE 22, 2023
Microsoft Corp. MSFT and Activision Blizzard Inc. ATVI have their day in court Thursday as a federal judge decides whether to uphold the Federal Trade Commission’s injunction of the $69 billion videogame publisher acquisition. At 8:30 am Pacific time, U.S. District Judge Jacqueline Scott Corley will begin an evidentiary hearing in San Francisco. Earlier in the month, the FTC filed filed a temporary restraining order and preliminary injunction against Microsoft and Activision Blizzard to block th
Wealth Management
JUNE 22, 2023
StoneStreet is the latest addition to OneDigital’s growing institutional retirement and wealth management divisions.
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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.
MarketWatch
JUNE 22, 2023
Shares of Boeing Co. BA were off 3% in Thursday’s premarket action after the Spirit AeroSystems Holdings Inc. SPR said that its unionized workers have voted for a strike, which is causing Spirit to suspend factory operations. Boeing is Spirit’s largest customer, accounting for about 65% of its commercial segment net revenues last year, according to Spirit’s most recent 10-K filing.
Wealth Management
JUNE 22, 2023
Gen Z wants and expects a digital, hyper-personalized experience that helps them reach their financial goals.
MarketWatch
JUNE 22, 2023
President Joe Biden on Thursday said he expects to meet with Chinese President Xi Jinping in the near future, even as he stood by calling Xi a dictator. Biden was speaking at a news conference with Indian Prime Minister Narendra Modi, after he made the comment about Xi on Tuesday night. The Chinese government has summoned U.S. ambassador to Beijing Nicholas Burns for an official reprimand following Biden’s comments, the Wall Street Journal reported.
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