The Big Picture
MAY 2, 2024
The Fed held its benchmark Federal-Funds rate steady yesterday at 5.25% – 5.5%, leaving the possibility of cuts in the future. Jerome Powell repeated his “ Data Dependent ” mantra. “Persuasive evidence” that higher interest rates were no longer necessary to bring down inflation is what the FOMC wants, and today I want to share a few pieces of that evidence.
Calculated Risk
APRIL 29, 2024
Altos reports that active single-family inventory was up 2.5% week-over-week. Inventory bottomed in mid-February this year, as opposed to mid-April in 2023, and inventory is now up 12.6% from the February bottom. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of April 26th, inventory was at 556 thousand (7-day average), compared to 543 thousand the prior week.
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Wealth Management
MAY 1, 2024
Guidelines for taking a deeper look at the ways your firm is leveraging each system and how they all work together.
Abnormal Returns
APRIL 28, 2024
Top clicks this week You likely don't need a long-term bond fund. (wsj.com) Allan Sloan, "Don’t fall in love with your money fund." (barrons.com) Good luck trying to dial risk up and down at the right times. (collabfund.com) At what age do we say people are 'old'? (scienceblog.com) What are to make of the big, and persistent, valuation disparities between large and small caps.
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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
The Big Picture
APRIL 28, 2024
In the northeast, Spring has fully sprung. Temps are expected to kiss 80 today, and after a mild winter, we have been enjoying abundant sunshine. The daffodils and tulips are up, the magnolias are blooming, and the pear and cherry trees are explosions of colors! All of that blue sky beckons us to hop in a roadster to enjoy the open road. My first high HP car was a BMW convertible, but the open-top car that set the standard was the 507.
Calculated Risk
APRIL 30, 2024
S&P/Case-Shiller released the monthly Home Price Indices for February ("February" is a 3-month average of December, January and February 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’s Upward Trend Persists in February 2024 The S&P CoreLogic Case-Shiller U.S.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Abnormal Returns
APRIL 30, 2024
Strategy Widen your investing lens. (awealthofcommonsense.com) The best investors are running their own race. (klementoninvesting.substack.com) Walmart Walmart ($WMT) is launching a new in-house brand, 'bettergoods.' (axios.com) Walmart ($WMT) is getting out of the health clinic business. (retaildive.com) Eli Lilly Eli Lilly ($LLY) is selling a lot of weight loss drugs.
Nerd's Eye View
MAY 1, 2024
A little over 20 years ago, when the Internet was still just a few years into gaining widespread use, the SEC understood its potential to transform how financial advisory firms conducted business with the ability to deliver advice digitally, lowering the barriers to serve clients across the country. However, the challenge for firms that wanted to use their websites to advise clients, but didn't otherwise qualify for SEC registration, was that they would ostensibly need to register in all 50 stat
Calculated Risk
MAY 3, 2024
The headline jobs number in the April employment report was below expectations, and February and March payrolls were revised down by 22,000 combined. The employment population ratio decreased, and the unemployment rate increased to 3.9%. Construction employment increased 9 thousand and is now 604 thousand above the pre-pandemic level. Manufacturing employment increased 8 thousand and is now 181 thousand above the pre-pandemic level.
Wealth Management
MAY 1, 2024
The Federal Trade Commission's move to outlaw these clauses in contracts could affect millions of Americans. But litigation against the ban is already in motion.
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.
Abnormal Returns
MAY 1, 2024
April 2024 The S&P 500 lost 4.08% in April 2024. (on.spdji.com) How major asset classes performed in April 2024. (capitalspectator.com) Hedge funds are overexposed to momentum. (ft.com) Strategy Catalysts matter. Good luck identifying them. (behaviouralinvestment.com) How to think about debt. (collabfund.com) Markets have to clear. (fortunesandfrictions.com) Companies Berkshire Hathaway ($BRK.A) owners can thank Todd Combs and Ted Weschler for the Apple ($AAPL) investment.
Nerd's Eye View
MAY 3, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a recent study indicates that nearly a third of advisors in the independent broker-dealer channel have considered transitioning to the RIA channel during the past year as they seek higher payouts and not just "independence" but greater autonomy over how they run their businesses and serve their clients.
Calculated Risk
MAY 2, 2024
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For April, Realtor.com reported inventory was up 30.4% YoY, but still down almost 36% compared to April 2017 to 2019 levels. Now - on a weekly basis - inventory is up 33.3% YoY. Realtor.com has monthly and weekly data on the existing home market.
Wealth Management
MAY 1, 2024
The agency hopes to renew interest in alternate dispute resolution options.
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Abnormal Returns
APRIL 29, 2024
Podcasts Ben Johnson and Julie Willoughby talk with Jen Abate, Head of Financial Institutions Group at Lazard Asset Management (morningstar.com) Cameron Passmore and Benjamin Felix talk with Meir Statman author of the new book "A Wealth of Well-Being: A Holistic Approach to Behavioral Finance." (rationalreminder.libsyn.com) The biz Goldman Sachs ($GS) is getting out of the robo-business by selling its Marcus Invest to Betterment.
Nerd's Eye View
APRIL 30, 2024
Welcome everyone! Welcome to the 383rd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Troy Sharpe. Troy is the Founder and CEO of Oak Harvest Financial Group, an RIA based in Houston, Texas, that oversees approximately $750 million in assets under management for about 1,000 client households. What's unique about Troy, though, is how his firm's emphasis on driving organic growth through a multi-pronged marketing strategy, including a radio show, in-person semina
Calculated Risk
APRIL 30, 2024
Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 6.4% year-over-year in February; FHFA: House Prices Increased in February, up 7.0% YoY Excerpt: S&P/Case-Shiller released the monthly Home Price Indices for February ("February" is a 3-month average of December, January and February closing prices).
Wealth Management
MAY 3, 2024
The ratings agency says the move reflects “elevated acquisition-related liabilities and share repurchase activities.
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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
Abnormal Returns
MAY 1, 2024
Podcasts Christine Benz and Amy Arnott talk with Meir Statman author of "A Wealth of Well-Being: A Holistic Approach to Behavioral Finance." (morningstar.com) Justin Carbonneau and Jack Forehand talk with Jared Dillian author of "No Worries: How to Live a Stress-Free Financial Life." (youtube.com) Peter Lazaroff talks with Sara Gelsheimer, Senior Wealth Manager at Plancorp, about the unique planning needs for women who are primary breadwinners.
Nerd's Eye View
MAY 2, 2024
A career as a financial advicer can be remarkably rewarding, as it offers the opportunity to have a meaningful impact on clients' lives all while making a good living. However, the main hurdle that almost every advicer faces, particularly those who launch a practice from scratch, is that the early years are often a struggle as new advicers try to attract clients, generate revenue, and start to build their businesses.
Calculated Risk
APRIL 27, 2024
The key report scheduled for this week is the April employment report. Other key reports include February Case-Shiller house prices, April vehicle sales, and the March trade balance. The FOMC meets this week and no change to policy is expected. For manufacturing, the April Dallas Fed manufacturing survey, and the ISM index will be released. -- Monday, April 29th -- 10:30 AM: Dallas Fed Survey of Manufacturing Activity for April. -- Tuesday, April 30th -- 9:00 AM: S&P/Case-Shiller House Price
Wealth Management
APRIL 30, 2024
With careful planning, an owner buyout can benefit all parties.
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.
Abnormal Returns
APRIL 28, 2024
Markets Why the stock market usually goes up. (humbledollar.com) How stocks, bonds and cash have performed over the past 30 years. (awealthofcommonsense.com) Average returns hide a lot along the way. (tker.co) Companies A look at Berkshire Hathaway ($BRK.A) stock on the eve of its first shareholder meeting without Charlie Munger. (barrons.com) The cloud computing business is so big that small shifts in market share matter a lot.
The Big Picture
MAY 3, 2024
She was previously president of Honey, where she orchestrated the company’s sale to PayPal Holdings Inc. for $4 billion. She has been named one of Ad Age’s 100 Most Influential Women in Advertising. She previously held executive leadership positions at Microsoft, Yahoo!, Pinterest, SoFi, Demand Media. BusinessWeek nd the San Francisco Chronicle.
Calculated Risk
APRIL 28, 2024
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For March, Realtor.com reported inventory was up 23.5% YoY, but still down almost 38% compared to March 2017 to 2019 levels. Now - on a weekly basis - inventory is up 31.7% YoY. Realtor.com has monthly and weekly data on the existing home market.
Wealth Management
MAY 3, 2024
Our industry can do better, and both advisors and clients should expect more, writes Farther’s CEO and co-founder.
Speaker: Cheryl J. Muldrew-McMurtry
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Abnormal Returns
MAY 2, 2024
Books An excerpt from “Rebellion: How Antiliberalism is Tearing America Apart — Again” by Robert Kagan. (wapo.st) A Q&A withJoseph Cox who is the author of "Dark Wire: The Incredible True Story of the Largest Sting Operation Ever." (semafor.com) An excerpt from "The Unexpected: Navigating Pregnancy During and After Complications" by Emily Oster and Nathan Fox.
The Big Picture
APRIL 28, 2024
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • The Man Who Killed Google Search : When Raghavan joined the company, Yahoo held a 30.4% market share — not far from Google’s 36.9%, and miles ahead of the 15.7% of MSN Search. By May 2012, Yahoo was down to just 13.4% and had shrunk for the previous nine consecutive months, and was being beaten even by the newly-released Bing.
Calculated Risk
APRIL 30, 2024
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Wednesday: • At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. • At 8:15 AM, The ADP Employment Report for April. This report is for private payrolls only (no government). The consensus is for 180,000 payroll jobs added in April, down from 184,000 added in March. • At 10:00 AM, ISM Manufacturing Index for April.
Wealth Management
MAY 1, 2024
While corporate pension plans have adopted alternative investment options, such as private equity and credit, 401(k) plan managers face big obstacles to accessing the space, Cerulli survey shows.
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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