Sat.Jul 20, 2024 - Fri.Jul 26, 2024

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PCE Measure of Shelter Slows to 5.3% YoY in June

Calculated Risk

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through June 2024. CPI Shelter was up 5.1% year-over-year in June, down from 5.4% in May, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 5.3% YoY in June , down from 5.5% in May, and down from the cycle peak of 8.3% in April 2023.

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RIA Edge Podcast: Helium Advisors' Tax-Optimized Approach to Building Wealth

Wealth Management

Helium founder and partner Howard Morin explains the benefits of bridging financial planning with deep tax expertise.

Taxes 321
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Top clicks this week on Abnormal Returns

Abnormal Returns

Also on the site this week Why meme stocks and sh*tcoins are the logical outgrowth of the analytics revolution. (abnormalreturns.com) A lifetime subscription is anything but. (abnormalreturns.com) Top clicks this week Seven reasons you may want to venture away from the market portfolio. (humbledollar.com) Rebalance your portfolio to tame risk, not to increase returns.

Portfolio 305
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At The Money: Behavior Beats Intelligence

The Big Picture

At The Money: Behavior Beats Intelligence (July 24, 2024) We focus most of our investing efforts on information and knowledge. But is that where we generate the highest ROI? As it turns out, managing your behavior has a much greater impact on your returns than does any single data point. Full transcript below : ~~~ About this week’s guest: Morgan Housel is a partner at the Collaborative Fund and author of “ The Psychology of Money: Timeless lessons on wealth, greed, and happiness.

Math 271
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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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"Snow Belt to Sun Belt Migration: End of an Era?"

Calculated Risk

Here is new working paper from Sylvain Leduc and Daniel J. Wilson at the Federal Reserve Bank of San Francisco Snow Belt to Sun Belt Migration: End of an Era Given climate change projections for coming decades of increasing extreme heat in the hottest U.S. counties and decreasing extreme cold in the coldest counties, our findings suggest the “pivoting” in the U.S. climate-migration correlation over the past 50 years is likely to continue, leading to a reversal of the 20th century Snow Belt to Su

Banking 310
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Wealthtech Startup Powder Raises $5M in Seed Funding

Wealth Management

Powder is using generative AI to automate a lot of the tasks involved in the client proposal process.

Startup 309

More Trending

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Weekend Reading For Financial Planners (July 27-28)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that Charles Schwab's latest RIA benchmarking study shows that firms saw significant AUM growth in 2023, thanks in part to strong equity market performance, but also thanks to organic growth initiatives that brought in additional assets from new and existing clients.

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Housing July 22nd Weekly Update: Inventory up 2.6% Week-over-week, Up 39.1% Year-over-year

Calculated Risk

Altos reports that active single-family inventory was up 2.6% week-over-week. Inventory is now up 35.3% from the February seasonal bottom. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of July 19th, inventory was at 668 thousand (7-day average), compared to 651 thousand the prior week. Inventory is still far below pre-pandemic levels.

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GeoWealth Raises $18M Led By BlackRock

Wealth Management

The TAMP previously raised funding from Kayne Anderson Growth Capital and J.P. Morgan Asset Management, who also participated in the latest round.

Assets 305
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Podcast links: cultivating curiosity

Abnormal Returns

The biz Spotify ($SPOT) is planning to add an even higher paid tier. (theverge.com) Is the worst over for the podcasting industry? (bloomberg.com) What's new in Overcast. (marco.org) Finance Matt Zeigler talks with Ryan Krueger, founder of Freedom Day Solutions, about his career path. (epsilontheory.com) Joe Weisenthal and Tracy Alloway talk with Rich Falk-Wallace, founder and CEO of Arcana, about building risk management tools for pod shops.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

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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Evolving From Dysfunctional Team To Advisory Dream Team To Improve Retention And Attract Better-Fit Clients

Nerd's Eye View

Although many advisory firms start out with a single person handling all the work of advising clients, bringing in new business, and managing operations and compliance, there's a limit to how many hours any one person can work, which also means that there's a cap on the amount of client growth a solo advisor can achieve before running up against their capacity limit.

Clients 246
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New Home Sales Decrease to 617,000 Annual Rate in June; Median New Home Price is Down 9% from the Peak

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: New Home Sales Decrease to 617,000 Annual Rate in June Brief excerpt: The Census Bureau reports New Home Sales in June were at a seasonally adjusted annual rate (SAAR) of 617 thousand. The previous three months were revised up sharply, combined. The next graph shows new home sales for 2023 and 2024 by month (Seasonally Adjusted Annual Rate).

Sales 278
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Alternatives Fundraising from Retail Investors on Track to Reach $115B in 2024

Wealth Management

Robert A. Stanger & Co. raised its forecast for the year after strong inflows during the first half of 2024.

Retail 306
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Friday links: witnessing reality

Abnormal Returns

Strategy Our brains weren't built for investing. (safalniveshak.com) The small cap bounce back will make stock picking fun again. (scheplick.com) Fund management Is Vanguard, and by extension Blackrock ($BLK), getting too big for its own good? (riabiz.com) The Russell 2000 is a flawed index. (wsj.com) Manager selection is becoming more transparent. (blogs.cfainstitute.org) Companies Alphabet ($GOOGL) makes more in interest income than the majority of the S&P 500 makes in earnings.

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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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Kitces & Carl Ep 143: Taking Over Clients From An Advisor With A Different Personality And Communication Style

Nerd's Eye View

About a decade or so ago, one of the most pressing issues facing the financial advice industry was the threat of an imminent deluge of advisor retirements coupled with a paucity of succession plans to transition clients to the next generation. While that scenario has yet to materialize as initially feared, the fact remains that transitions do occur on a regular basis, often as older advisors either sell their practices in one fell swoop or gradually offload part of their book while still staying

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Personal Income increased 0.2% in June; Spending increased 0.3%

Calculated Risk

The BEA released the Personal Income and Outlays report for June: Personal income increased $50.4 billion (0.2 percent at a monthly rate) in June , according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI), personal income less personal current taxes, increased $37.7 billion (0.2 percent) and personal consumption expenditures (PCE) increased $57.6 billion (0.3 percent).

Food 265
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The WealthStack Podcast: CTO Think Tank Insights with Michelle Feinstein

Wealth Management

Salesforce's Michelle Feinstein discusses the findings from the 2024 CTO Think Tank hosted at Wealth Management EDGE.

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Adviser links: eschewing certainty

Abnormal Returns

Podcasts Daniel Crosby talks practice management with Matt Ackermann, Chief Content Officer at Integrated Partners. (standarddeviationspod.com) Michael Kitces talks with Christi Van Rite who is the Founder of White River Consultants, a firm that provides administrative family office services to 17 ultra-high-net-worth households. (kitces.com) Thomas Kopelman and Jacob Turner talk about the pros and cons of Solo 401(k)s and SEP-IRAs.

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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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The Biggest Winners in the Stock Market

A Wealth of Common Sense

Hendrik Bessimbinder has produced some of my favorite stock market research. Bessimbinder discovered that four out of every seven stocks in the U.S. have underperformed cash (one-month T-bills) since 1926. And just 4% of companies accounted for all the wealth gains for the entire stock market in that time. The stock market runs on power laws over the long run.

Marketing 142
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Weekly Initial Unemployment Claims Decrease to 235,000

Calculated Risk

The DOL reported : In the week ending July 20, the advance figure for seasonally adjusted initial claims was 235,000 , a decrease of 10,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 243,000 to 245,000. The 4-week moving average was 235,500, an increase of 250 from the previous week's revised average.

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Alpha Capital Family Office Attracts $3B Duo from Citi Private Bank

Wealth Management

Alexandra Romeo Boyles and Will Coughlin will be based out of Denver. The additions follow the firm attracting Northern Trust alum Tom Riley earlier this year.

Banking 305
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Wednesday links: untold moving pieces

Abnormal Returns

Strategy For investors, inflation is the enemy. (disciplinefunds.com) Three investment myths, debunked. (morningstar.com) Crypto A big opening day for spot Ethereum ETFs. (theblock.co) An option for those who still want to custody their own Bitcoin. (theblock.co) AI Charlie Warzel, "Whether you believe that AI executives are delusional or genuinely on the verge of constructing a superintelligence, you should be concerned about how much power they’ve amassed.

Math 260
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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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The 11th Commandment

A Wealth of Common Sense

There’s an old saying that people don’t attend church on Sundays expecting to hear an eleventh commandment. You go to reinforce what you’ve already learned or learn it all over again. And so it is with the basic principles of finance. Jason Zweig once wrote the following: My job is to write the exact same thing between 50 and 100 times a year in such a way that neither my editors nor my readers will ever.

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New Home Sales Decrease to 617,000 Annual Rate in June

Calculated Risk

The Census Bureau reports New Home Sales in June were at a seasonally adjusted annual rate (SAAR) of 617 thousand. The previous three months were revised up sharply, combined. Sales of new single-family houses in June 2024 were at a seasonally adjusted annual rate of 617,000 , according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Sales 204
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Advisor Sentiment Index: Confidence In the Economy Rises

Wealth Management

Financial advisors are still bullish on the prospects for the U.S. stock market, according to WealthManagement.

Economy 298
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Longform links: beliefs over evidence

Abnormal Returns

Books A rave review of "How Tyrants Fall" by Marcel Dirsus. (forkingpaths.co) Insights from "Maxims for Thinking Analytically" by Dan Levy. (novelinvestor.com) Jim Pethokoukis talks with Ruchir Sharma, author of "What Went Wrong with Capitalism." (fasterplease.substack.com) Business PE firm Patricof & Co. is doubling down on its relationships with pro athletes.

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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.

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#FASuccess Ep 395: The Rise Of Bank Financing To Fund Independent Advisor Acquisitions And Succession Plans, With Dustin Mangone

Nerd's Eye View

Welcome back to the 395th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Dustin Mangone. Dustin is the Director of Investment Advisor Services of PPC LOAN, a firm based in The Woodlands, Texas that facilitates conventional bank loans to financial advisors. What's unique about Dustin, though, is how his firm allows financial advisors to tap into bank lending, an historically challenging source of debt capital for the advisory industry, to finance both RIA and in

Banking 130
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BEA: Real GDP increased at 2.8% Annualized Rate in Q2

Calculated Risk

From the BEA: Gross Domestic Product, Second Quarter 2024 (Advance Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the second quarter of 2024 , according to the "advance" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.4 percent. The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment.

Retail 189
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ETFs with the Worst One-Year Returns

Wealth Management

Funds focused on clean energy were among those posting the worst returns over the last year.

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Research links: effective matching

Abnormal Returns

Quant stuff Using Bayesian solutions to 'tame' the factor zoo. (alphaarchitect.com) A round-up of recent research on using AI in finance. (capitalspectator.com) How to read an econometrics paper. (econometrics.blog) Alternatives Why are estimates of alternative asset returns still so high? (mailchi.mp) Endowments are struggling to get capital back from their PE investments.

Startup 238
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Book of Secrets on the Month-End Close

Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.