Nerd's Eye View

MAY 1, 2023

Welcome to the May 2023 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors! This month's edition kicks off with the news that robo-advisor Betterment entered into a $9M settlement with the SEC for misrepresenting its tax-loss harvesting practices in its client agreements and marketing materials compared with its actual practice

Taxes

The Big Picture

MAY 5, 2023

Imagine you had a device that allowed you to peer into the future. You enter a subject matter into this machine, requesting a specific quantitative measure, and at a specific future time. In other words, Price and Date. The machine whirrs and spins, lights flash, bells ring, and out pops a chart showing a range of answers and their probabilities. You might imagine a machine like that would be worth a lot.

Economics

Calculated Risk

MAY 2, 2023

From the BLS: Job Openings and Labor Turnover Summary The number of job openings decreased to 9.6 million on the last business day of March , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations were little changed at 6.1 million and 5.9 million, respectively. Within separations, quits (3.9 million) changed little, while layoffs and discharges (1.8 million) increased. emphasis added The following graph shows job openings (black line), hire

Numbers

The Reformed Broker

APRIL 29, 2023

And if you haven’t subscribed yet, don’t wait. Check it out below or wherever fine podcasts are played. . The post This Week on TRB appeared first on The Reformed Broker.

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The office of the CFO is rapidly evolving, with more and more demands being placed upon the finance and accounting team each year. Join us in this webinar, where we share 8 things to NOT do when it comes to helping the CFO office advance in supporting the business. Learning Objectives: This course objective is to understand how best to support an organization's finance leadership.

Accounting

Wealth Management

MAY 1, 2023

In an increasingly competitive market, clients demand not only a smart-money strategy, but also attention to the smallest details of their financial lives.

Clients

The Big Picture

MAY 4, 2023

I have been writing about issues with the minimum wage for (it seems like) decades. During that time, consuming lots of academic research, I reached a few logically supported conclusions. The least contentious of which is that modest increases in minimum wages increase economic activity and create jobs. But there are other surprises around the minimum wage.

Food

The Reformed Broker

MAY 2, 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: ►Uber Earnings – “Based on data from Bloomberg, 262 companies in the $spx have reported, sales growth in 1Q is 4% and earnings growth is -2.69%” ►Cap Weighted Rules – “It’s rare for t.

Sales

Wealth Management

MAY 1, 2023

The veteran executive will work to consolidate, standardize and scale the West Coast RIA.

The Big Picture

MAY 5, 2023

My end-of-week morning NFP train WFH reads: • Warren Buffett’s Formula for Success: One Good Decision Every Five Years : Berkshire Hathaway has obliterated the market in his 58 years at the company. He credits roughly 12 decisions. ( Wall Street Journal ) see also The 10 Greatest US Investors and the Virtues That Made Them : There can be few fields of human endeavor in which history counts for so little as in the world of finance.

Startup

Calculated Risk

MAY 4, 2023

The Census Bureau and the Bureau of Economic Analysis reported : The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $64.2 billion in March, down $6.4 billion from $70.6 billion in February, revised. March exports were $256.2 billion, $5.3 billion more than February exports. March imports were $320.4 billion, $1.1 billion less than February imports. emphasis added Click on graph for larger image.

Economics

Speaker: Dylan Secrest, Founder of Alamo Innovation and Construction Digital Transformation Consultant

Construction payment workflows are notoriously complex when you consider juggling multiple stakeholders, compliance requirements, and evolving project scopes. Delays in approvals or misaligned data between budgets, lien waivers, and pay applications can grind progress to a halt. The good news? It doesn't have to be this way! Join expert Dylan Secrest to discover how leading contractors are turning payment chaos into clarity using digital workflows, integrated systems, and automation strategies.

Budgeting

Nerd's Eye View

MAY 5, 2023

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week’s edition kicks off with the news that the House Financial Services Committee unanimously passed a bill that would direct the SEC to conduct a study and carry out a rulemaking on the definition of a "small entity" to reduce the compliance burden on small businesses, presumably including RIAs.

Financial Planner

Wealth Management

MAY 4, 2023

The political circus has taken on dimensions few expected to see just a few years ago.

Retirement Planning

The Big Picture

MAY 3, 2023

At least they told us what they were going to do. As much as critics of the Federal Reserve have been up in arms over the fastest rate hiking cycle in modern history, no one can claim it to be a surprise. Jerome Powell & Co. have continually warned that they are aggressively fighting inflation with a 5% target. They said it in Fed minutes, they said it in pressers, they said it in speeches; we just took them figuratively, not literally.

Economy

Calculated Risk

MAY 1, 2023

Altos reports that active single-family inventory was up 2.0% week-over-week. It appears inventory has finally bottomed seasonally. This is the highest inventory level since the week ending Feb 24th. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of April 28th, inventory was at 422 thousand (7-day average), compared to 414 thousand the prior week.

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.

Accounting

Nerd's Eye View

MAY 2, 2023

Welcome back to the 331st episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jake Northrup. Jake is the Founder of Experience Your Wealth, an independent RIA based in Bristol, Rhode Island, that advises 78 client households with a 3-person team supporting more than $550,000 of ongoing revenue. What's unique about Jake, though, is how he’s been able to grow to over $550,000 of revenue in just 4 years since launching from scratch, and how he realized that becau

Financial Advisor

Wealth Management

MAY 2, 2023

Daniel Murphy and his team left Wells Fargo to establish Great Lakes Private Wealth with capital, resources and technology support from Summit.

The Big Picture

MAY 4, 2023

My morning train WFH reads: • You’ve Heard About Behavioral Finance. But What About Physical Finance? Research suggests a fascinating link between the physical world and how investors price stocks. ( Institutional Investor ) • The real reason Mexico suddenly dominates global beer exports : Today, Mexico ships out more than twice as much beer as any other country and single-handedly accounts for 30 percent of the world’s entire export-beer market, according to Geneva-based trade statistics provid

Assets

Calculated Risk

MAY 5, 2023

From the BLS : Total nonfarm payroll employment rose by 253,000 in April, and the unemployment rate changed little at 3.4 percent , the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, health care, leisure and hospitality, and social assistance. The change in total nonfarm payroll employment for February was revised down by 78,000, from +326,000 to +248,000, and the change for March was revised down by 71,000, from +236,000 t

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.

Management

Abnormal Returns

MAY 4, 2023

Books An excerpt from “Plunder: Private Equity’s Plan to Pillage America” by Brendan Ballou. (theatlantic.com) A excerpt from "Traffic: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral." by Ben Smith. (semafor.com) An excerpt from "For The Culture: The Power Behind What We Buy, What We Do, and Who We Want To Be" by Marcus Collins.

Planning

Wealth Management

MAY 5, 2023

Cushman & Wakefield named Michelle Mackay as its new CEO and also announced the passing of John C. Cushman, III. Bisnow examined the “weird” real estate holdings of the British royal family. These are among the must reads from around the real estate investment world to end the week.

Investing

The Big Picture

MAY 1, 2023

I have been a reader of Jamie Catherwood’s Investor Amnesia since it launched. It is always filled with interesting reminders from the past. Investor Amnesia is a wonderful reminder that we tend to forget that which came before. Ray Dalio put it even more starkly, noting that nothing is truly unprecedented , and we tend to use that word to refer to those things we have not experienced in our lifetimes.

Financial Market

Calculated Risk

MAY 4, 2023

The DOL reported : In the week ending April 29, the advance figure for seasonally adjusted initial claims was 242,000 , an increase of 13,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 230,000 to 229,000. The 4-week moving average was 239,250, an increase of 3,500 from the previous week's revised average.

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Abnormal Returns

MAY 2, 2023

Icahn Enterprises Hindenberg Research has Icahn Enterprises LP ($IEP) in their sights. (hindenburgresearch.com) Icahn Enterprises LP ($IEP) has a very cozy relationship with Jefferies. (ft.com) JP Morgan Chase The First Republic acquisition will put JP Morgan Chase ($JPM) in front of the tech industry. (theinformation.com) Jamie Dimon wants no part of the jumbo mortgage market.

Financial Advising

Wealth Management

MAY 3, 2023

When considering the products and services a firm provides in exchange for the revenue they keep, is it really a good value?

The Big Picture

MAY 1, 2023

My back-to-work morning train WFH reads: • The Fed Has No Good Options. The Risk of a Misstep Is Growing. The Federal Reserve is struggling to cool inflation further without damaging the economy. The easy part is over. ( Barron’s ) • The Bear Market’s Survivors Share Their Biggest Lessons : With the S&P 500 in the longest bear market since 1973, individual investors maneuver differently from just months ago. ( Wall Street Journal ) • How Druckenmiller Does It: He Hates To Lose : Drucke

Math

Calculated Risk

MAY 3, 2023

Fed Chair Powell press conference video here or on YouTube here , starting at 2:30 PM ET. FOMC Statement: Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.

Economics

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Clients

Abnormal Returns

MAY 1, 2023

Podcasts Daniel Crosby talks ETFs and more with Dave Nadig of VettaFi. (standarddeviationspod.com) Andrew Hatherley talks gray divorce with Liz Merrill. (transcendretirement.net) The biz Charles Schwab ($SCHW) is planning to put more effort into Schwab Private Client. (financialadvisoriq.com) Three United Capital alumni have launched Modern Wealth Management.

Wealth Management

Wealth Management

MAY 4, 2023

With Google’s AI-focused venture fund giving Range $12 million, it’s déjà vu all over again for our technology columnist.

Financial Advisor

The Big Picture

MAY 3, 2023

My mid-week morning train reads: • This company adopted AI. Here’s what happened to its human workers : Economists found AI caused a group of workers to become much more productive. Backed by AI, these workers were able to accomplish much more in less time, with greater customer satisfaction to boot. At the same time, however, the study also shines a spotlight on just how powerful AI is, how disruptive it might be, and suggests that this new, astonishing technology could have economic effe

License

Calculated Risk

MAY 3, 2023

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 28, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis from one week earlier.

Accounting

Speaker: Cheryl J. Muldrew-McMurtry

Remote finance teams are rewriting how the back-office runs—and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats have become more than just “growing pains”. They’re now liabilities. The challenge isn’t just team distribution, but building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.

Distribution