August, 2024

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Catastrophizing Debt

The Big Picture

I’m deep in my book writing work discussing federal debt when I see a tweet that simply epitomizes the entire genre. Full disclosure: My priors on federal debt are that I don’t know where the line of too much should be drawn, but I do know that none of the terrible things we were warned about over the past 50 years due to excess debt have come to pass.

Economy 347
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UBS Is Latest Facing Cash Sweep Lawsuit

Wealth Management

According to the federal complaint calling for a class action, the firm’s policies “maximize profits for UBS while at the same time disregarding its clients’ best interests.

Clients 340
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Housing August 19th Weekly Update: Inventory up 0.8% Week-over-week, Up 40.4% Year-over-year

Calculated Risk

Altos reports that active single-family inventory was up 0.8% week-over-week. Inventory is now up 41.4% from the February seasonal bottom. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of August 16th, inventory was at 698 thousand (7-day average), compared to 693 thousand the prior week. This is the highest level of inventory since June 2020 ; however, inventory is still well below pre-pandemic levels.

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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week 15 sure-fire ways to lose money in the markets. (awealthofcommonsense.com) Successful investors have a long time horizon. (awealthofcommonsense.com) Stop paying attention to stuff that doesn't matter. (behaviouralinvestment.com) What do you get when you buy a share of Berkshire Hathaway ($BRK.B)? (sherwood.news) It's not your imagination, market moves are getting faster.

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Live Demo - Supercharge your Month End Close

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

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Why Held-Away Asset Management Technology Is Being Scrutinized By State Regulators (And How Advisors Can Compliantly Manage Clients’ 401(k) Assets)

Nerd's Eye View

Historically, advisors haven't had many avenues to manage clients' 401(k) plan accounts, since unlike traditional custodial investment accounts, advisors generally lack discretionary trading authority in employer-sponsored retirement plans. Which wasn't necessarily a big issue back when most clients hired advisors after they had already retired and were able to roll over their employer plans into an IRA managed by the advisor; but as advisors have increasingly taken on working-age clients (and t

Assets 246
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MBA: Mortgage Applications Increased in Weekly Survey

Calculated Risk

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 2, 2024. The Market Composite Index, a measure of mortgage loan application volume, increased 6.9 percent on a seasonally adjusted basis from one week earlier.

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Wrongfully Detained Americans Welcomed Back with IRS Penalties

Wealth Management

The agency doesn’t have the authority to fully forgive fines and interest.

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Fed Q2 SLOOS Survey: Banks reported Tighter Standards and Weaker Demand for almost All Loan Types

Calculated Risk

From the Federal Reserve: The July 2024 Senior Loan Officer Opinion Survey on Bank Lending Practices The July 2024 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the second quarter of 2024.

Banking 329
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Finny and the Great AdvisorTech Acceleration

Wealth Management

Our columnist sees the future of wealthtech in a small band of young entrepreneurs solving the “lead generation” problem.

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NY Fed Q2 Report: Household Debt Increased, Mortgage Originations Remain Low

Calculated Risk

From the NY Fed: Household Debt Increased Moderately in Q2 2024; Auto and Credit Card Delinquency Rates Remain Elevated The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $109 billion (0.6%) in Q2 2024, to $17.80 trillion.

Retail 325
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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.

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Fannie "Real Estate Owned" inventory Decreased 10% in Q2 2024

Calculated Risk

Fannie reported results for Q2 2024. Here is some information on single-family Real Estate Owned (REOs). Fannie Mae reported the number of REOs decreased to 7,179 at the end of Q2 2024, down 10% from 7,971 at the end of the previous quarter, and down 17% year-over-year from Q2 2023. For Fannie, this is down 96% from the 166,787 peak number of REOs in Q3 2010.

Numbers 323
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Housing August 5th Weekly Update: Inventory up 1.0% Week-over-week, Up 39.9% Year-over-year

Calculated Risk

Altos reports that active single-family inventory was up 1.0% week-over-week. Inventory is now up 38.4% from the February seasonal bottom. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of August 2nd, inventory was at 684 thousand (7-day average), compared to 677 thousand the prior week. This is the highest level of inventory since June 2020 ; however, inventory is still far below pre-pandemic levels.

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Cerulli: JVs Between Traditional Asset Managers, Alts Providers Are On the Rise

Wealth Management

The finding is part of a broader Cerulli report examining the opportunities and challenges surrounding the use of alternative investments in the retail channel.

Assets 321
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Comments on July Employment Report

Calculated Risk

The headline jobs number in the July employment report was below expectations, and May and June payrolls were revised down by 29,000 combined. The participation rate increased, the employment population ratio decreased, and the unemployment rate increased to 4.3%. Construction employment increased 25 thousand and is now 645 thousand above the pre-pandemic level.

Numbers 319
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How To Overcome Change Fatigue In Finance With Neuroscience-Backed Strategies

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.

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Shannen Doherty’s Estate: When Timing is Everything

Wealth Management

The finalization of the actress’ divorce gave her control over her estate plan.

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Advisors Tell Clients to ‘Buy the Dip’

Wealth Management

Financial advisors view the market correction as a normal course of events and a good buying opportunity. “Market volatility is my best friend,” one advisor said. “This is an opportunity to show clients why they pay us a fee, to navigate difficult times with a rock steady approach.

Clients 317
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CoreLogic: US Home Prices Increased 4.7% Year-over-year in June as "Prices Cool"

Calculated Risk

Notes: This CoreLogic House Price Index report is for June. The recent Case-Shiller index release was for May. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA). From CoreLogic: CoreLogic: Annual US Home Price Growth Below 5% for Second Consecutive Month as June Home Prices Cool • U.S. home prices posted a 4.7% year-over-year gain in June, with only one state posting double-digit gains. • By summer 2025, prices are predicted to slow to 2.3% as home price gr

Budgeting 315
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Update: Lumber Prices Up Slightly YoY

Calculated Risk

Here is another monthly update on lumber prices. SPECIAL NOTE: The CME group discontinued the Random Length Lumber Futures contract on May 16, 2023. I switched to a physically-delivered Lumber Futures contract that was started in August 2022. Unfortunately, this impacts long term price comparisons since the new contract was priced about 24% higher than the old random length contract for the period when both contracts were available.

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2025 Industry Index: How Top Advisors Are Scaling Smarter (and Faster) This Year

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

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User Agreements: The Hidden Risks in Third-Party Integrations

Wealth Management

Advisors need to be diligent when it comes to their third-party technology and terms of service.

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Olympic Gold Means Victory for the IRS Too

Wealth Management

Some athletes might see a tax bill for their Olympics triumphs.

Taxes 312
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The Close Relationship Between Financial Planning and Estate Planning

Wealth Management

Estate planning and financial planning are two peas in a pod that are becoming inextricably tied.

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Redtail Founder, Orion Tech Exec Brian McLaughlin Steps Down

Wealth Management

After more than 20 years in the wealthtech business, Orion's president of advisor technology says he's taking a break from the industry. He’ll stay on as an advisor to Orion’s CEO for the rest of this year.

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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.

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Important FAFSA Changes You Need to Know About

Wealth Management

The rollout of the 2025-2026 FAFSA college student admissions form already has been delayed until Dec. 1.

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The WealthStack Podcast: Why Direct Indexing Is the Future of Investing with Patrick Shaddow

Wealth Management

Syntax Data's Patrick Shaddow describes how direct indexing is poised to transform the investment landscape.

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Abacus Life Acquires $600M Asset Manager FCF Advisors

Wealth Management

The company will now focus on its RIA acquisition strategy in the latter part of this year.

Assets 312
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TPG, Apollo Prep Fund Launches for Retail Investors

Wealth Management

In recent earnings calls, both alternative asset managers provided updates on their respective products as they plan to enter an increasingly crowded playing field.

Retail 312
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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.

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Unlocking Customer 360 Through Generative AI

Wealth Management

New GenAI-driven technologies can help wealth management firms enhance their customer understanding, streamline operations and deliver more personalized and effective services.

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Anticipation for Rate Cuts, Strong Q2 Performance Fuel a REIT Rally

Wealth Management

After a sluggish first six months of 2023, publicly-traded REIT total returns are up more than 10% in the third quarter and by double-digits year-to-date.

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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week Good luck trying to figure out the stock market these days. (sherwood.news) The stock market is not economy, and vice versa. (awealthofcommonsense.com) On the differences between individual bonds and bond funds. (humbledollar.com) What to do the next time the stock market tanks. (tonyisola.com) You may be surprised by what Olympians eat.

Economy 308
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Gamblers Are Dumping Stocks to Bet on Sports, New Study Says

Wealth Management

A new study claims that for every dollar spent on sports gambling, net investments in stocks and other financial instruments dropped by just over $2.

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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.