The Big Picture
FEBRUARY 22, 2024
A quick note to answer this question: What happens after markets make a new all-time high (after a year w/o one)? Check out the table above, via Warren Pies. He spoke with Batnick and Josh earlier this month. Going back to 1954, markets are always higher one year later – the only exception was 2007. That was after housing had peaked, subprime mortgages were defaulting, and the great financial crisis was about to start.
Abnormal Returns
FEBRUARY 19, 2024
Podcasts Peter Lazaroff dives deeper into equity compensation with Derek Jess of Plancorp. (peterlazaroff.com) Why older women are saying no to marriage, largely for money reasons. (washingtonpost.com) Daniel Crosby offers another sneak preview of an essay from his upcoming book, "The Soul of Wealth." (standarddeviationspod.com) Trends The wealth management industry is going to be slammed with demand.
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Nerd's Eye View
FEBRUARY 23, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that while both the total number of RIAs and advisor headcount have seen significant gains in recent years, client assets remain concentrated among the largest firms, according to data from Cerulli Associates, with the 7% of RIAs with at least $1 billion of AUM managing 71% of total RIA assets.
A Wealth of Common Sense
FEBRUARY 18, 2024
There’s a cohort of people who think the stock market is rigged. They assume it’s a casino where only certain people win and everyone else loses. Or everything is manipulated by the Fed and the results are fake. If it weren’t for the bailouts or falling interest rates or government spending or the Taylor Swift Eras Tour, the whole house of cards would collapse.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
The Big Picture
FEBRUARY 17, 2024
Over the past few years, my automotive focus has been drawn from achingly beautiful classic cars , toward something newer: Hybrids, EVs, and assorted new technologies. I like to keep current, and that means tracking recent trends and developments in the automotive industry. But when the most beautiful car I have seen in decades comes along — and has a beastly 656+ HP — well, I revert to my default petrolhead status and drool something that sounds like arghgeghh … The photos are
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
FEBRUARY 19, 2024
The 2024 Technology Tools for Today (T3) Advisor Conference, held last month in Las Vegas, Nevada, featured a large gathering of financial advisors and representatives from across the fintech industry. Hosted by Joel Bruckenstein and his team from T3 Consulting, the conference focused heavily on the relationship between financial advice and its accompanying fintech, covering everything from how AI and other tech developments are changing the advisor landscape in unprecedented ways to the importa
Calculated Risk
FEBRUARY 23, 2024
From ICE (formerly Black Knight): ICE First Look at Mortgage Performance: Foreclosures Up but Delinquencies Improve as the Mortgage Market Kicks Off 2024 • In an expected rebound from December’s calendar-driven rise, t he national delinquency rate dropped to 3.38% in January , the lowest since October, and flat from the same time last year • Past-due mortgages were down across the board, as inflows and rolls to later stages of delinquency fell, while early- and late-stage delinquency cures impro
The Big Picture
FEBRUARY 23, 2024
This week, we speak with Andrew Slimmon , managing director at Morgan Stanley Investment Management , where he leads the Applied Equity Advisors team. He is also the lead senior portfolio manager on all long equity strategies for the applied equity advisors team, as well as a member of the Morgan Stanley Wealth Management Global Investment Committee.
Abnormal Returns
FEBRUARY 21, 2024
Markets The list of Europe's biggest stocks are filled with pharma companies. (euronews.com) Hedge funds have been underweight the Magnificent Seven. (ft.com) Strategy Certainty sells. Nuance is what matters. (downtownjoshbrown.com) Don't invest in alternatives unless you are in it for the long run. (morningstar.com) Private equity Private equity distributions are way off their highs.
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
Nerd's Eye View
FEBRUARY 21, 2024
In 2021, Congress passed the Corporate Transparency Act, which, for the first time, required small business entities such as LLCs and corporations to report identifying information on their "beneficial owners" (i.e., those who own at least 25% of, or who otherwise exercise substantial control over the business). The law's provisions became effective on January 1, 2024, and so many small businesses – including a good number of RIA firms – will be required to submit a Beneficial Owners
Wealth Management
FEBRUARY 22, 2024
Investors tend to appreciate private credit for delivering current income and lower volatility. In a world of higher interest rates, it also gives them the opportunity to achieve higher yields.
The Big Picture
FEBRUARY 17, 2024
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • NFL Succession Crisis Forces Teams to Let Private Equity In : Once treated as heirlooms, pro football franchises are now billion-dollar businesses, and a new class of investors is circling. ( Bloomberg ) • Boeing is a wake-up call : America’s businesses gambled that ‘greed is good.’ Now they’re losing that bet, big time. ( Business Insider ) • Offic
Abnormal Returns
FEBRUARY 23, 2024
Strategy There are no iron laws in finance. (youngmoney.co) Investors need to match decision making with the time frame. (mrzepczynski.blogspot.com) Exchanges The Nasdaq ($NDAQ) has a reverse stock split problem. (wsj.com) A look at some of the most shorted stocks in the world. (ft.com) Finance The biggest multi-manager hedge funds, Citadel, Millennium and Point72, keep getting bigger.
Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor
During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.
Nerd's Eye View
FEBRUARY 20, 2024
Welcome back to the 373rd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Ben Hockema. Ben is the Founder of Illuminate Wealth Management, an RIA based in Barrington, Illinois that oversees $100M in assets under management for 55 client households. What's unique about Ben, though, is that he spent 13 years successfully working his way up the career track at a growing advisory firm, starting as an intern and eventually making partner… only to realize within
Calculated Risk
FEBRUARY 21, 2024
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: AIA/Deltek Architecture Billings Index Reports Sluggish Conditions to Start 2024 rchitecture firm billings remained soft entering into 2024, with an AIA/Deltek Architecture Billings Index (ABI) score of 46.2 in January. Any score below 50.0 indicates decreasing business conditions. “ This now marks the lengthiest period of declining billings since 2010 , although it is reassuring that
The Big Picture
FEBRUARY 21, 2024
At the Money: David Dunning professor of psychology at the University of Michigan (January 10, 2024) How well do you understand yourself? For investors, it is an important question. We’re co-conspirators in self-deception and this prevents us from having accurate self-knowledge. This does not lead to good results in the markets. Full transcript below. ~~~ About this week’s guest: David Dunning is a professor of psychology at the University of Michigan.
Abnormal Returns
FEBRUARY 21, 2024
Podcasts Barry Ritholtz talks with Jeffrey Hirsch about how the stock market performs during war. (ritholtz.com) Khe Hy talks with Kyla Scanlon about lessons learned from the attention economy. (open.spotify.com) Thomas Kopelman and Jacob Turner discuss some common personal finance misconceptions. (podcasts.apple.com) Chris Williamson talks the laws of human psychology with Morgan Housel.
Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC
In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.
Advisor Perspectives
FEBRUARY 22, 2024
In the week ending February 17, initial jobless claims were at a seasonally adjusted level of 201,000, a decrease of 12,000 from the previous week's revised figure. The latest reading is lower than the forecast of 217,000.
Calculated Risk
FEBRUARY 20, 2024
Today, in the Calculated Risk Real Estate Newsletter: Single Family Built-for-Rent Almost Doubled Since 2020 A brief excerpt: Along with the monthly housing starts report for January released last week, the Census Bureau also released Housing Units Started by Purpose and Design through Q4 2023. The first graph shows the number of single family and multi-family units started with the intent to rent.
A Wealth of Common Sense
FEBRUARY 22, 2024
A reader asks: I am 73, my wife is 58 and I have a 15 year old son. We own a small farm and house in Iowa. We also own three properties in Spain where we spend most of the year. We have no debt and are sitting on 2 million in cash, most of it is short term bills. I deal in vintage guitars and will keep doing it as long as I can. We have a great life and are careful with our spending.
Abnormal Returns
FEBRUARY 23, 2024
The biz How the Acquired podcast became a huge hit. (calnewport.com) Do you need a 'Podcaster Copilot'? (shruggingface.com) How to be a good podcast guest. (smallpotatoes.paulbloom.net) Economics Derek Thompson talks with Prof. Arindrajit Dube about real wage growth. (theringer.com) Barry Ritholtz talks with Bill Dudley, former president and CEO of the Federal Reserve Bank of New York.
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All accounting teams know what it is like to dread the inevitable month-end scaries. If there was a way to feel less burdened and maybe even a little enthusiastic to work on your month-end close and reconciliation process, would you do it? No, don't answer that, of course you would! Automate your month-end close process by up to 40% with SkyStem's ART and see how much more alive you feel!
Advisor Perspectives
FEBRUARY 22, 2024
Existing home sales jumped to a five-month high in January. According to the data from the National Association of Realtors (NAR), existing home sales rose 3.1% from December to reach a seasonally adjusted annual rate of 4.00 million units. This figure came in higher than the expected 3.96 million. Existing home sales are down 1.7% compared to one year ago.
The Irrelevant Investor
FEBRUARY 17, 2024
I did something dumb and irrational with my investments last week. Before I embarrass myself, let me say that I get the big things right, and it’s the big things that matter. I have a mortgage on a house that I can afford. My car situation, while not great and will expound on in a separate post, is fine. Let’s talk about my investments. I max out my 401(k) and don’t play any games in that account.
Wealth Management
FEBRUARY 22, 2024
A breakdown of the steps advisors can take to prepare for change and enhance business processes, equally effective for those at the curiosity stage or even deep into due diligence, and whether you ultimately make a move or not.
Abnormal Returns
FEBRUARY 17, 2024
EVs How automakers and buyers got out of sync in the EV space. (wsj.com) Hybrid vehicles are more popular than ever (vox.com) This indoor EV charging station will make you envious. (insidehook.com) Autos Higher income countries invest more in road safety. (vox.com) Why autonomous vehicles are not here yet. (theverge.com) Rivian ($RIVN) owners are pretty happy with their purchases.
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Digital platforms can provide you with plenty of solutions, yet many are still intimidated by them. It's time to end that worry and embrace what could make a major difference for your bank. Understanding how they work and how to best utilize them for your banks is key toward success. In this article, Biz2X breaks down all things digital platforms, including the many advantages of embracing them.
Advisor Perspectives
FEBRUARY 23, 2024
The weekly leading economic index (WLEI) is a composite for the U.S economy that draws from over 20 time-series and groups them into the following six broad categories which are then used to construct an equally weighted average. As of February 9th, the index was at 13.607, down 0.578 from the previous week, with 3 of the 6 components in expansion territory.
A Wealth of Common Sense
FEBRUARY 23, 2024
There are basically three ways to become uber-wealthy: 1. Your family is rich. 2. You get lucky. 3. You take big risks and work really hard. For a lot of people it tends to be some combination of numbers 2 and 3. The majority of the uber-wealthy class in this country who didn’t get their money handed down to them created it by starting a business (or becoming an equity owner in a business).
Wealth Management
FEBRUARY 21, 2024
The $1.5 billion firm launched its 1099 platform earlier this month after months of preparation. WhiteCliff Wealth Management CEO Robert Seiden is the first advisor to come on board.
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