The Reformed Broker
JULY 4, 2023
You know Hancock and Washington and Franklin and Jefferson. You might even know Greene and Knox, Henry and Hale. And we know you know Hamilton, pretty tough to escape that one these days! But it is very unlikely that you know the name Haym Solomon. This is unfortunate, because he’s the guy who arranged financing to keep the Continental Army alive during its darkest days, finding the money to keep the revolution goin.
Nerd's Eye View
JULY 5, 2023
As the U.S. stock market has, on average, outperformed international equities over the last 15 years since emerging from the Great Recession of 2008, many investors argue that international diversification is a poor allocation of dollars that would otherwise be earning more in the U.S. market. The outperformance of U.S. stocks has led to the favoritism of ‘local’ investments over international ones through behavioral biases (e.g., recency bias and the tendency to confuse the familiar
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Calculated Risk
JULY 3, 2023
Altos reports that active single-family inventory was up 1.3% week-over-week. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of June 30th, inventory was at 466 thousand (7-day average), compared to 460 thousand the prior week. Year-to-date, inventory is down 5.1%. And inventory is up 14.9% from the seasonal bottom eleven weeks ago.
The Big Picture
JULY 7, 2023
Today, the 500 th episode of Masters in Business drops. 1 I have described the inspiration for the show as “ an audio version of Market Wizards ” but the actual pitch to Bloomberg was “Mark Maron’s WTF meets Charlie Rose” (that was before we knew about his, um, behavior). It has been a wonderful ride, one that I feel grateful and privileged to be on.
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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
Wealth Management
JULY 2, 2023
While much of the sector continues to be dominated by small owners/operators, its solid property fundamentals, credit tenants and low capital expenditures are beginning to bring in institutional money.
Nerd's Eye View
JULY 7, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that recent survey data indicate that advisors are more satisfied and productive when they have more time to spend with their clients and when those clients fit within their ideal client profile, in terms of needs, specialties, or engagement levels.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
The Big Picture
JULY 6, 2023
Fascinating chart from Visual Capitalist showing the history of housing prices in the United States. I recall the 1990 Home Price recession — I was too broke to afford a condo, but I knew lots of recent grad school friends who took high-paying jobs and bought a place in the 1980s; more than a few were freaked out about falling prices. The issue with rising prices is the ongoing shortage of single-family homes relative to both population and job locations.
Wealth Management
JULY 3, 2023
Wise Rhino Group’s quarterly report highlights importance of convergence, scale and integration.
Abnormal Returns
JULY 5, 2023
Podcasts Ben Carlson and Michael Batnick talk credit card points with Chris Hutchins, Host of All The Hacks Podcast. (theirrelevantinvestor.com) Chris Alacron talks with Jonathan Clements author of “My Money Journey: How 30 People Found Financial Freedom and You Can Too.” (financiallywelloff.com) Peter Mallouk and Jonathan Clements on the key ingredients of a good retirement.
Calculated Risk
JULY 6, 2023
From the BLS: Job Openings and Labor Turnover Summary The number of job openings decreased to 9.8 million on the last business day of May , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations were little changed at 6.2 million and 5.9 million, respectively. Within separations, quits (4.0 million) increased, while layoffs and discharges (1.6 million) changed little. emphasis added The following graph shows job openings (black line), hires
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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
The Big Picture
JULY 5, 2023
This morning, the WSJ reported that “Consumers expect to see 4.1% inflation a year from now, the lowest such reading in two years and down sharply from its recent peak of 6.8%.” There are some who believe this is good news, but as we pointed out in May , it’s a meaningless, lagging survey. In fact, it may be even worse than that, because it appears that some at the Federal Reserve actually believe the Fed’s own survey of consumers contains information.
Wealth Management
JULY 6, 2023
It’s time for a paradigm shift in the conversation with advisors.
Nerd's Eye View
JULY 4, 2023
Welcome back to the 340th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Melissa Joy. Melissa is the Founder of Pearl Planning, an independent RIA based in Dexter, Michigan, that oversees more than $175 million in assets under management for 251 client households. What's unique about Melissa, though, is how she originally built her career following a path of becoming a partner in a large ensemble firm, but when she finally got the opportunity to make partner sh
Calculated Risk
JULY 3, 2023
From the Census Bureau reported that overall construction spending increased: Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, 0.9 percent above the revised April estimate of $1,909.0 billion. The May figure is 2.4 percent above the May 2022 estimate of $1,880.9 billion. emphasis added Both private and public spending increased: Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, 1.1 percent a
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.
The Big Picture
JULY 3, 2023
Barry Ritholtz, “Masters in Business” Radio and Podcast Host discusses the environment of hedge funds and the war on talent between them. He speaks with Romaine Bostick and Scarlet Fu on Bloomberg Markets: The Close Vast Majority of Hedgefunds Are Failing to Meet Targets: Ritholtz Source: Bloomberg See also : MiB: Ilana Weinstein Discusses the Hedge Fund War for Talent (July 1, 2023) The post Majority of Hedge Funds Fail to Meet Benchmarks appeared first on The Big Picture.
Wealth Management
JULY 7, 2023
For investors seeking higher returns, there are no free lunches—they have to accept greater risk.
Nerd's Eye View
JULY 3, 2023
Welcome to the July 2023 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors! This month's edition kicks off with the news that Pershing X has announced the launch of its long-awaited (and newly renamed) “Wove” advisor technology platform – which despite purporting to be an open-architecture, multi-custodian so
Calculated Risk
JULY 7, 2023
The headline jobs number in the June employment report was at expectations, however, employment for the previous two months was revised down by 110,000, combined. The participation rate and the employment population ratio were unchanged, and the unemployment rate decreased to 3.6%. Leisure and hospitality gained 21 thousand jobs in June. At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.2 million jobs, and are now down 369 thousand jobs since February 2
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.
The Big Picture
JULY 4, 2023
My July 4th morning reads: • American States Once Awash In Cash See Their Fortunes Suddenly Reversed : California, New York lead declines in revenue so far this year Texas, Florida coffers keep growing amid population influx. ( Bloomberg ) • The Localist: Why did Chicago become the headquarters of free market fundamentalism? Adam Smith offers a clue why the Scottish philosopher became an icon of American Capitalism. ( Boston Review ) • Suddenly, It Looks Like We’re in a Golden Age for Medicine :
Wealth Management
JULY 5, 2023
Advisors who said they don't have enough time with their clients spend an average 41% more time every month than peers on compliance, administrative and other “non-value-added” tasks, according to a new J.D. Power survey.
Abnormal Returns
JULY 7, 2023
Business Josh Brown and Michael Batnick talk with Darren Rovell about collectibes, sports gambling and the canned cocktail business. (thereformedbroker.com) Eric Newcomer talks the state of early stage venture with Techstars CEO Maëlle Gavet. (newcomer.co) Patrick O'Shaughnessy talks vertical market software with Dave Yuan who is the Founder of Tidemark Capital.
Calculated Risk
JULY 5, 2023
From the Fed: Minutes of the Federal Open Market Committee, June 13-14, 2023. Excerpt: The economic forecast prepared by the staff for the June FOMC meeting continued to assume that the effects of the expected further tightening in bank credit conditions, amid already tight financial conditions, would lead to a mild recession starting later this year , followed by a moderately paced recovery.
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.
The Reformed Broker
JULY 3, 2023
Last month Michael, Duncan and I traveled down to St Petersburg for an event and, while we were there, my friend Shirl Penney set up a conversation with Scotty Neil, the founder of Horse Soldier Bourbon. Scott was part of the elite team of Green Berets who were sent behind the lines in the immediate aftermath of 9/11 to link up with our old mujahideen allies and knock the Taliban out of key Afghan cities.
Wealth Management
JULY 6, 2023
Our technology columnist points out that we have become a reviews-based culture, whether we are looking at cars, technology or services, and shopping for an advisor will soon follow suit.
Abnormal Returns
JULY 3, 2023
Fintech Why fintech startups need advisers onboard to help them sell to wealth management firms. (matts-newsletter-7a3f46.beehiiv.com) A round-up of the past month's advisor-tech news including Vanilla's new "estate advisory" platform. (kitces.com) Estate planning Four things to consider in anticipation of 2026. (financial-planning.com) Wealth.com's Ester will help you read estate planning documents.
Calculated Risk
JULY 7, 2023
From the BLS : Total nonfarm payroll employment increased by 209,000 in June, and the unemployment rate changed little at 3.6 percent , the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in government, health care, social assistance, and construction. The change in total nonfarm payroll employment for April was revised down by 77,000, from +294,000 to +217,000, and the change for May was revised down by 33,000, from +339,000 to +306,000.
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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.
The Big Picture
JULY 1, 2023
This week, we speak with Ilana Weinstein, CEO of hedge fund executive search firm IDW Group. The firm’s practice places senior hedge fund and business professionals across the investment landscape. She holds an MBA from Harvard Business School and a bachelor’s degree from the University of Pennsylvania. We discuss the challenges of attracting and retaining the best talent.
Wealth Management
JULY 7, 2023
Hoarding work and not giving your employees the chance to evolve in their roles will stunt their growth.
Abnormal Returns
JULY 6, 2023
Crypto What changed Blackrock's idea about crypto? (coindesk.com) Why so many celebrities got caught up in the crypto craze. (nytimes.com) Venture capital AI startups continue to gain venture interest. (news.crunchbase.com) Later stage companies are feeling the venture pullback. (venturebeat.com) Threads Hands on with Meta's ($META) Twitter clone, Threads.
Calculated Risk
JULY 7, 2023
The BEA released their estimate of vehicle sales for June yesterday. This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the June 2023 seasonally adjusted annual sales rate (SAAR). Heavy truck sales really collapsed during the great recession, falling to a low of 180 thousand SAAR in May 2009. Then heavy truck sales increased to a new all-time high of 570 thousand SAAR in April 2019.
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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?
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