Five Shifts Transforming Advisor Growth
Advisor Perspectives
OCTOBER 11, 2023
The financial planning landscape is undergoing a great transformation, driven by emerging trends that have accelerated in recent years.
October, 2023
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Dollars Are For Spending & Investing, Not Saving
The Big Picture
OCTOBER 20, 2023
“I need the US Dollar to be a store of value between the time I make it until I spend it, invest it, pay my taxes with it, or give it away. It does that splendidly.” 1 Today, we’re going to look at a perennial (un)favorite #chartfail. To be more precise, I want to discuss the type of chart that reflects a fundamental misunderstanding of the nature of money, currency, spending, investing, and taxes.
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10 Quotes That Shaped My Investment Philosophy
The Big Picture
OCTOBER 2, 2023
We all love to use quotations in our arguments. It’s both an appeal to higher authority as well as social proof ( Hey! I’m not the only one who believes this stuff ). I find it useful occasionally to go back to first principles and reconsider the sources that have influenced my thinmking. Along those lines, here are in chronological order, the thinkers who have helped shape how I view the world view, including how I philosophically think about the economy, markets, and investing.
There are four million households in North Carolina
The Reformed Broker
OCTOBER 24, 2023
Conservatory at Biltmore, by Ann Vasilik via Our State There are four million households in North Carolina. Approximately half of those households (1.922 million) are comprised of a married male and female with children. Another half million are a female head of household with kids. There’s 180,000 or so male-led homes with children and then 1.4 million non-family households.
Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age
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.
Adviser links: choosing to work
Abnormal Returns
OCTOBER 9, 2023
Podcasts Dan Haylett talks with George Kinder on the true impact of Life Planning on retirement. (humansvsretirement.com) Daniel Crosby talks financial wellness and therapy with Amanda Clayman. (standarddeviationspod.com) Brendan Frazier talks about why advisers should shift from "advice giver" to "thinking partner." (wiredplanning.com) Michael Kitces talks with Brett Danko who is the Founder of Brett Danko Educational Center, and the CEO and Managing Partner for Main Street Financial Solutions.
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Americans Have Never Been Wealthier & No One is Happy
A Wealth of Common Sense
OCTOBER 22, 2023
Every three years the Federal Reserve puts out a report that summarizes the changes to family finances in the United States. I know averages, aggregates, medians and such never tell the entire story but directionally this stuff can be helpful in terms of understanding where things stand. Let’s dig in. Real median net worth for U.S. households was up a stunning 37% from 2019-2022.
Another Rep Challenges FINRA’s Constitutionality
Wealth Management
OCTOBER 30, 2023
Former rep Sidney Lebental is citing FINRA’s legal sparring match with Alpine Securities to halt disciplinary proceedings against him. Meanwhile, FINRA has responded to Alpine’s allegations.
Cancelling Michael Lewis
The Big Picture
OCTOBER 5, 2023
“If you want to read a moral condemnation of crypto theft, you can get that anywhere. You go to Michael Lewis for character and story.” – Matt Levine Michael Lewis’s new book “ Going Infinite: The Rise and Fall of a New Tycoon ” came out this week. I got a copy earlier after signing an NDA that I would not disclose anything about it until after the publication date, which was Tuesday, October 3rd.
A Luxury Slowdown
The Reformed Broker
OCTOBER 17, 2023
Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: ►Earnings – “Average commercial and consumer loans were both down from the second quarter as higher rates and a slowing economy have weakened loan demand, and we’ve continued to take some credit tighteni.
2024 Lending Outlook: Innovations and Evolutions in the Financial Sector
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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.
Research links: value traps
Abnormal Returns
OCTOBER 31, 2023
Factors Why corporate bond factor research is more challenging. (papers.ssrn.com) Why do stocks with high idiosyncratic volatility underperform? (alphaarchitect.com) Momentum Fund investors are momentum chasers. (klementoninvesting.substack.com) Momentum in the sports betting markets. (papers.ssrn.com) Research Do stocks really become less risky over the long run?
Why Do I Need a Will? Everything You Need to Know
Carson Wealth
OCTOBER 5, 2023
By Beth Schanou, JD, CExP, Senior Wealth Planner Who wants to spend an afternoon thinking about their mortality? No one, which is why more than half of Americans don’t even have a will. The foundation of your estate plan is a Last Will and Testament. Without a will, you are leaving the disposition of your assets and the guardianship of your minor children to a court.
Stop Betting Against America
A Wealth of Common Sense
OCTOBER 20, 2023
There’s this guy on Twitter, Paul Fairie, who does these threads using old newspaper clippings to show how the stuff we worry about today is the same stuff people have been worrying about for decades. There was one called a brief history of we are raising a generation of wimps. Every older generation thinks this (and will always think this…it’s called progress).
Growth, Growth Baby!
Wealth Management
OCTOBER 6, 2023
Nitrogen’s annual Fearless Investing Conference was a clarion call to advisors for navigating waves of change, with a curated agenda laser-focused on growth through adaptation, agility and optimism.
Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth
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.
What Else Might be Driving Sentiment?
The Big Picture
OCTOBER 19, 2023
One of my favorite responsibilities as chief investment officer at Ritholtz Wealth Management is the quarterly conference call I do for our clients. I run through 30 charts in 30 minutes that explain where we are in the economic cycle, what markets are doing, and what it means to their portfolios. I like to finish with a thought-provoking, often “investing-adjacent” idea they might not have previously considered.
Update: Lumber Prices Down 11% YoY
Calculated Risk
OCTOBER 3, 2023
Here is another monthly update on lumber prices. SPECIAL NOTE: The CME group discontinued the Random Length Lumber Futures contract on May 16th. I've now switched to a new 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 both contracts were available.
Why Things Feel Worse Than They Are
The Irrelevant Investor
OCTOBER 27, 2023
You cannot be online and think things are getting better. Let me show you one example. This was on the front page of The Wall Street Journal yesterday. Instead of a headline like “U.S. Economy Grows at Fastest Pace in Two Years,” they wrote: “U.S. Economy’s Summer Surge May Not Last” And below it, “There are warning signs underlying the eye-popping numbers.” Charlie Munger once.
Market Commentary: Another October Bottom?
Carson Wealth
OCTOBER 9, 2023
Stocks had a solid late-week reversal higher, even as many worries and concerns piled up. From the U.S. House not having a speaker for the first time ever, to yields soaring, to deficits and spending, the list of worries was high. But there’s an old saying that the market tends to rally on a wall of worry. As we noted in early August, there was a little too much optimism as long-term bears turned bullish, opening the door for seasonal third-quarter weakness.
Navigating Financial Storms: Strategies for Building Resilient Balance Sheets
Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC
In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.
The Crash Callers Won’t Save You
A Wealth of Common Sense
OCTOBER 27, 2023
Here’s something Henry Blodget wrote about notorious stock market bear John Hussman: Every historical indicator Hussman is looking at is suggesting that the stock market is wildly overvalued and headed for a period of lousy returns. How lousy? John Hussman thinks there’s a good chance the stock market will soon crash 40-50 percent. And even if the market doesn’t crash, Hussman thinks stocks are priced to.
Firms Not Offering Tax, Retirement Planning Are Getting it Wrong
Wealth Management
OCTOBER 4, 2023
Advisors are overdelivering services such as health care, estate and business planning, while falling short in the areas their clients most desire.
The Greatest Missed Opportunity of Our Lifetimes
The Big Picture
OCTOBER 23, 2023
The chart in this morning’s reads shows what it is going to cost to fund the interest payments on the federal debt. It’s gone vertical as rates have moved from effectively 0 to over 5%. When rates were zero all of corporate America refinanced, lowering the cost of their debt to historically low levels. Households did the same; today 61% of homeowners with a mortgage are paying 4% or less in interest.
Case-Shiller: National House Price Index Up 2.6% year-over-year in August; New all-time High
Calculated Risk
OCTOBER 31, 2023
S&P/Case-Shiller released the monthly Home Price Indices for August ("August" is a 3-month average of June, July and August closing prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P S&P CoreLogic Case-Shiller Index Continues to Trend Upward in August Click on graph for larger image.
Putting the ‘Tech’ in Spend Management Techniques
Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker
If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!
Tools that Want to Be Our Masters
The Irrelevant Investor
OCTOBER 14, 2023
I still use Twitter on a daily basis, but I can’t remember the last time I tweeted something that wasn’t a link to either something I said or something I wrote. Twitter was an incredible tool for me personally and professionally. I found the person I wanted to work for, found some of my best friends in the world, and used it to create an audience that has given me way more than I’ve given to them.
CB Leading Economic Index Declines Again; Recession Forecasted for 2024
Advisor Perspectives
OCTOBER 19, 2023
The Conference Board Leading Economic Index (LEI) fell for the 18th consecutive month in September as future economic weakness continue to loom. The index dropped 0.7% from last month to 104.6, the index's lowest reading since June 2020.
How Much is a 3% Mortgage Worth?
A Wealth of Common Sense
OCTOBER 29, 2023
There are always going to be winners and losers in the system under which we operate. Some people will always be doing better than you while some people will always be people doing worse than you. Right or wrong, that’s a feature, not a bug. Most of the time it could take years, decades or even generations to separate the winners from the losers in the economy.
Daniel Crosby: Relationships Are Priceless, Finding True Connection Difficult
Wealth Management
OCTOBER 4, 2023
Orion Advisor Solutions’ chief behavioral officer explains why advisors should employ “human-first” thinking in their practices at annual Nitrogen conference.
Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients
Speaker: Lynnette Khalfani-Cox, The Money Coach®
Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?
The Enshittification of Amazon Continues…
The Big Picture
OCTOBER 12, 2023
In August of 2022, I explained how Amazon became ordinary. Today I want to discuss how they have become bad. Since I first discussed the companies that lost my affection during the pandemic nearly two years ago, Amazon continues to stand out as delivering an ever-worsening set of experiences. I wanted to wait until after the (faux retail holiday) Prime Day(s) ended before sharing a few tales of further (to use Cory Doctorow’s phrase) “ Enshittification.” There are many problem
Vehicles Sales increase to 15.67 million SAAR in September; Up 15% YoY
Calculated Risk
OCTOBER 3, 2023
Wards Auto released their estimate of light vehicle sales for September: September U.S. Light-Vehicles Sales Bounce Back Despite Gloomy Conditions (pay site). Hard to say exactly how much but sales could have been slightly stronger in September if not for some lost inventory caused by production cuts related to plant shutdowns from UAW strikes at Ford, General Motors and Stellantis.
Correction Territory
The Irrelevant Investor
OCTOBER 31, 2023
Warren Buffett once said, “Be greedy when others are fearful. Except when earnings are being revised lower, breadth is bad, and you’re in a higher for longer environment.” (I stole this from Ben) It’s easy to quote Buffett, it’s hard to act like him. And by acting like him, I don’t mean his style of investing, I’m talking about this basic premise that investing should be viewed as.
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