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All investment advisers are fiduciaries that owe a duty of care and loyalty to their clients, and, in an ideal world, advisory firms and their staff would abide by these requirements without the need for a prescriptive code of ethics. However, the early 2000s were plagued by a variety of SEC enforcement actions that alleged fiduciary duty violations – primarily involving trading abuses by investment advisory personnel – which led the regulator to create a rule (that became effective
From Black Knight: Black Knight: Past-Due Mortgages Approach Recent Record Lows as Serious Delinquencies Continue Improvement; Prepayments See Seasonal Rise • Reversing much of April’s calendar-driven spike, the national delinquency rate fell 11 basis points (bps) in May to hit 3.10% – the lowest it’s been other than March 2023’s record of 2.92% • The number of borrowers a single payment past due improved by 94K (-9.5%), erasing nearly half of the prior month’s increase • Serious delinquencies (
Please read this from Michael Santoli: Just as the depth of despond evident in investor-sentiment gauges around Labor Day was out of proportion to what the market and economy had been doing, the volume of cheer engendered by this four-week, 9% rally looks to be running at least a bit ahead of what has, after all, been a marginal upside exit from a long, grinding trading range.
This week, we speak with Gretchen Morgenson, senior financial reporter for the NBC News investigative unit. A former stockbroker and alumna of the New York Times and Wall Street Journal, she won the Pulitzer Prize in 2002 for her “trenchant and incisive” reporting on finance. She (and coauthor Joshua Rosner) recently published “ These Are the Plunderers: How Private Equity Runs―and Wrecks―America.
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
The DOL reported : In the week ending June 17, the advance figure for seasonally adjusted initial claims was 264,000 , unchanged from the previous week's revised level. The previous week's level was revised up by 2,000 from 262,000 to 264,000. The 4-week moving average was 255,750, an increase of 8,500 from the previous week's revised average. This is the highest level for this average since November 13, 2021 when it was 260,000.
Top clicks this week Two reasons why the stock market has surged this year. (thereformedbroker.com) Five common portfolio mistakes including 'portfolio sprawl.' (morningstar.com) The spread between the 10-year Treasury and the dividend yield on the S&P 500 is at its highest level since 2007. (capitalspectator.com) Fund fees really do matter. (humbledollar.com) A round-up of recent charts including a surge in investor sentiment.
Top clicks this week Two reasons why the stock market has surged this year. (thereformedbroker.com) Five common portfolio mistakes including 'portfolio sprawl.' (morningstar.com) The spread between the 10-year Treasury and the dividend yield on the S&P 500 is at its highest level since 2007. (capitalspectator.com) Fund fees really do matter. (humbledollar.com) A round-up of recent charts including a surge in investor sentiment.
“It is difficult to get a man to understand something when his salary depends upon his not understanding it…” – Upton Sinclair Since the financial crisis, we have seen repeated attempts at attacking indexing all of which have failed — both legislatively and in terms of investors voting with their dollars. Recent attempts – see this , this , this , and this – have similarly failed to persuade investors of the evils of indexing.
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 16, 2023. The Market Composite Index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted basis from one week earlier.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week’s edition kicks off with the news that amid a flurry of SEC-proposed rules for investment advisers, the Investment Adviser Association this week called on the regulator to assess whether the compliance burden these regulations would put on advisers outweighs the potential benefits and, if adopted, to consider rolling them out on a staggered basis to give advisers sufficient time to implement them.
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.
Source: FRED Wealth disparities get ever more lopsided the higher up the economic strata you climb; there is more disparity with the top 1% than the top 10%, but the biggest spreads are at the top 0.1% (and above). Consider the chart at top, created by Invictus via FRED. It shows “Share of Total Assets Held by the Bottom 50% ( red line ) versus the Share of Total Assets Held by the Top 0.1% ( green line ).
From WardsAuto: June U.S. Light-Vehicle Sales Pegged for 21% Gain; Q2 to Roll in at 2-Year-High 15.7 Million SAAR (pay content). Brief excerpt: Deliveries in the second quarter will total 4.1 million units, 18% above like-2022, and stronger than Q1’s 8% gain. First-half 2023 volume will total 7.67 million units, up 13% from January-June 2022’s 6.78 million. emphasis added Click on graph for larger image.
Recent years have seen an increase in the number of RIAs charging fixed monthly retainer fees, and while retainer fees can have several advantages over other types of fees, one notable disadvantage – particularly as compared to traditional AUM fees, which tend to increase automatically in line with financial markets – is that financial advisors who use them must proactively raise their fees from time to time in order to keep up with business expenses, invest in new upgrades, and incr
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.
My end-of-week morning train WFH reads: • What Was Nate Silver’s Data Revolution? Silver, a former professional poker player, was in the business of measuring probabilities. Many readers mistook him for an oracle. ( New Yorker ) • Boaz versus BlackRock: the fight over closed-end funds : Saba founder says he never planned to be an activist investor.
From the Census Bureau: Permits, Starts and Completions Housing Starts: Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7 percent above the revised April estimate of 1,340,000 and is 5.7 percent above the May 2022 rate of 1,543,000. Single‐family housing starts in May were at a rate of 997,000; this is 18.5 percent above the revised April figure of 841,000.
Markets Joshua Brown, "The thing that everyone’s talking about is not always the thing that ends up mattering." (thereformedbroker.com) Three reasons why the stock market is higher this year. (tker.co) Higher yields are the biggest potential headwind for stocks. (awealthofcommonsense.com) Strategy To reach the top level of a craft you have to have a passion for it.
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.
My Juneteenth morning reads: • As the nation celebrates Juneteenth, it’s time to get rid of these three myths about slavery : Juneteenth has since become known as “America’s Second Independence Day.” Now a federal holiday, it will be celebrated by parades, proclamations, and ceremonies throughout the US. Though it commemorates a moment when enslaved African Americans were freed, the US is still held captive by several myths about slavery and people like Cummins. ( CNN ) • The Shame of the Suburb
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 55, up from 50 last month. Any number above 50 indicates that more builders view sales conditions as good than poor. From the NAHB: Builder Confidence Moves into Positive Territory in June Solid demand, a lack of existing inventory and improving supply chain efficiency helped shift builder confidence into positive territory for the first time in 11 months.
Podcasts Peter Lazaroff debunks conventional wisdom with Ashby Daniels. (peterlazaroff.com) Morgan Housel on the importance of keeping low expectations. (open.spotify.com) Christine Benz and Jeff Ptak talk with Talmon Smith about the coming wealth transfer. (morningstar.com) Retirement Retirement has some distinct phases. (rationalwalk.com) Seven risks we all face in retirement.
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.
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • Who Builds The Internet? Meet Wikipedia’s Architects : The world wide web of Wikipedia, as told by its editors. ( Byline ) • Microsoft’s Sudden AI Dominance Is Scrambling Silicon Valley’s Power Structure : The company has quietly cornered the emerging software market, and it’s preparing to cash in. ( Businessweek ) see also How Nvidia Became ChatGPT’s Brain and Joine
Notes: The expansion to the Panama Canal was completed in 2016 (As I noted several years ago ), and some of the traffic that used the ports of Los Angeles and Long Beach is probably going through the canal. This might be impacting TEUs on the West Coast. Container traffic gives us an idea about the volume of goods being exported and imported - and usually some hints about the trade report since LA area ports handle about 40% of the nation's container port traffic.
Markets S&P 500 earnings estimates keep rising. (axios.com) Commercial real estate is the original alternative asset class. (savantwealth.com) Venture capital Venture capital firms are buying shares in the secondary market. (bloomberg.com) The sectors where seed investors are still putting money to work. (news.crunchbase.com) Fund management Investors are struggling with how to deal with China allocations.
Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Mark Newton, and Downtown Josh Brown discuss market sentiment, buying the dip, the DeMARK Indicator, fundamental vs technical analysis, industrials, commodities, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report from economist Danielle Hale: Weekly Housing Trends View — Data Week Ending June 17, 2023 • Active inventory growth slowed again, with for-sale homes up just 5% above one year ago. The number of homes for sale continues to grow, but the advantage over one year ago is shrinking and likely to slow in the months ahead.
Strategy Avoiding big errors plays a big role in investment success. (ritholtz.com) In a portfolio context, cash is a double-edged sword. (morningstar.com) Crypto WisdomTree ($WT) and Invesco ($IVZ) are re-filing for a spot Bitcoin ETF in light of Blackrock's ($BLK) move. (theblock.co) Good luck coming up with a model to value Bitcoin. (morningstar.com) The Grayscale Bitcoin Trust ($GBTC) is catching a bid on increased spot Bitcoin ETF talk.
Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g
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