Calculated Risk
JULY 26, 2024
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.
Wealth Management
JULY 23, 2024
Helium founder and partner Howard Morin explains the benefits of bridging financial planning with deep tax expertise.
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Abnormal Returns
JULY 21, 2024
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.
The Big Picture
JULY 24, 2024
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.
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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
Calculated Risk
JULY 26, 2024
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
Wealth Management
JULY 23, 2024
Powder is using generative AI to automate a lot of the tasks involved in the client proposal process.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
JULY 26, 2024
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.
Calculated Risk
JULY 22, 2024
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.
Wealth Management
JULY 25, 2024
The TAMP previously raised funding from Kayne Anderson Growth Capital and J.P. Morgan Asset Management, who also participated in the latest round.
Abnormal Returns
JULY 26, 2024
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.
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.
Nerd's Eye View
JULY 22, 2024
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.
Calculated Risk
JULY 24, 2024
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).
Wealth Management
JULY 24, 2024
Robert A. Stanger & Co. raised its forecast for the year after strong inflows during the first half of 2024.
Abnormal Returns
JULY 26, 2024
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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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
Nerd's Eye View
JULY 25, 2024
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
Calculated Risk
JULY 26, 2024
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).
Wealth Management
JULY 26, 2024
Salesforce's Michelle Feinstein discusses the findings from the 2024 CTO Think Tank hosted at Wealth Management EDGE.
Abnormal Returns
JULY 22, 2024
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.
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.
A Wealth of Common Sense
JULY 21, 2024
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.
Calculated Risk
JULY 25, 2024
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.
Wealth Management
JULY 22, 2024
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.
Abnormal Returns
JULY 24, 2024
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.
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.
A Wealth of Common Sense
JULY 26, 2024
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.
Calculated Risk
JULY 24, 2024
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.
Wealth Management
JULY 26, 2024
Financial advisors are still bullish on the prospects for the U.S. stock market, according to WealthManagement.
Abnormal Returns
JULY 25, 2024
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.
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.
Nerd's Eye View
JULY 23, 2024
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
Calculated Risk
JULY 25, 2024
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.
Wealth Management
JULY 23, 2024
Funds focused on clean energy were among those posting the worst returns over the last year.
Abnormal Returns
JULY 23, 2024
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.
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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.
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