Sat.May 20, 2023 - Fri.May 26, 2023

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5 Screening Questions To Assess Client Readiness And Appropriateness (And Why It’s Especially Useful For Some Firms)

Nerd's Eye View

Screening calls are a common part of the prospecting process for financial advisory firms, particularly those that receive a large number of inquiries, and can help determine whether a prospective client might be a good fit. At the same time, these calls can be awkward for both the prospect and the advisor, as the prospect might be asked to discuss personal information about their finances with someone they have never met before, and the advisor has to ask potentially thorny questions, such as w

Clients 246
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The First Rule of Dunning Kruger…

The Big Picture

Of all the cognitive errors in behavioral finance and human psychology , the one that creates the most confusion is the Dunning-Kruger effect. (Perhaps its rise in pop culture is to blame). Regardless, I find DKE to be an incredibly useful tool that helps explain many of the individual errors we see in investing. It’s useful to think of Dunning Kruger in terms of metacognition : One’s ability to self-evaluate a particular skill set.

Math 315
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Nvidia Breaks Away

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Dror Poleg, and Downtown Josh Brown discuss Nvidia’s ascent, the AI explosion, the future of work, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods! Listen here: Apple podcasts Spotify podcasts Google podcasts Everywhere else!

Marketing 284
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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week 10 things we get rid of as we age. (physicianonfire.com) Money buys independence: the 16 levels of wealth. (collabfund.com) People looking to buy a house right now have three options. (awealthofcommonsense.com) A big wealth transfer is under way in the U.S. (nytimes.com) Copper prices have rolled over. (allstarcharts.com) What does it really cost to own a home?

Investing 221
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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

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

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#FA Success Ep 334: Finding Clarity On Fees And Clients By Allowing The Business To Evolve Over Time, With Meg Bartelt

Nerd's Eye View

Welcome back to the 334th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Meg Bartelt. Meg is the Founder and Lead Financial Planner for Flow Financial Planning, a virtual RIA serving mid-career women in tech that oversees almost $60 million in assets under management for 60 client households. What's unique about Meg, though, is how, over the span of 7 years since launching her firm, she has evolved the business by repeatedly adapting her niche focus, iterating

Clients 245

More Trending

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Three Reasons to Buy Gold

The Reformed Broker

Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: ►Corporate Bonds – “One of Vanguard’s Biggest Credit ETFs Bleeds Record $5.5 Billion” ►52-Week Highs – “the NASDAQ-100 made a new 52-wk high after going at least 6 months without one.

Investing 177
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Podcast links: diverse decision making

Abnormal Returns

The biz Test-driving the New York Times audio app. (lefsetz.com) AI-generated podcasts are coming. (wired.com) Startups Eric Newcomer talks with Sarah Tavel of Benchmark Capital. (newcomer.co) Carolyn Levy and Jessica Livingston talk with Y Combinator founder Paul Graham. (open.spotify.com) Patrick O'Shaughnessy talks with Henry Schuck is the founder and CEO of ZoomInfo.

Startup 220
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Weekend Reading For Financial Planners (May 27-28)

Nerd's Eye View

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that while banks have been able to attract a younger and more diverse set of financial advisors compared to the rest of the industry, thanks in part to their built-in referral stream, a relative lack of independence and dated technology could lead some of their advisors to explore options with independent RIAs.

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10 Sunday Reads

The Big Picture

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • The War on Poverty Is Over. Rich People Won. The sociologist Matthew Desmond believes that being poor is different in the U.S. than in other rich countries. How is poverty different in America than in its peer countries? Matthew Desmond: We have more of it. We have double the child-poverty rate of Germany and South Korea.

Insurance 290
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.

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This Week on TRB

The Reformed Broker

I’m coming out to Texas and I’m bringing the squad with me. June 12th, 13th, and 14th we’ll be posted up downtown ready to talk about your portfolio, your plan, your estate situation, your retirement and anything else you’re looking for answers about. We do this for wealthy families all over America, day in and day out. Now’s your chance to see what we bring to the table, live and in-person.�.

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Thursday links: failing fast

Abnormal Returns

Investing Vanguard CEO Tim Buckley on what tasks AI is going to take over. (pionline.com) Igor Tulchinsky, "Using AI to move between visual and text is an interesting way of harnessing algorithms to potentially identify opportunities or shape conclusions that may be more obvious when seen by the human eye." (semafor.com) Expect more ETFs to be marketed based on the use of AI.

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Best Practices For Running A Financial Planning Internship Program (And Creating A More Productive Outlook)

Nerd's Eye View

Traditionally, financial planning internship programs have offered students who are aspiring financial planners a way to prepare for entering the workforce by gaining real-world experience in advisory firm settings (as well as a way to get their foot in the door with prospective employers). But when the COVID-19 pandemic arrived in 2020, many firms shut their offices and went fully remote, which forced them to either rapidly reconfigure their internship programs or – as was more commonly t

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10 Weekend Reads

The Big Picture

The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • The Forgotten Titanic of the Pacific: A tale of disaster, survival, and ghosts. A person prone to superstition might be forgiven for thinking that the Valencia was cursed. Built in 1882, the ship was fired upon the following year near the island of Curaçao, and again four years later, this time by a Spanish warship just off the Cuban coast.

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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

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.

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Personal Income increased 0.4% in April; Spending increased 0.8%

Calculated Risk

The BEA released the Personal Income and Outlays report for April: Personal income increased $80.1 billion (0.4 percent at a monthly rate) in April , according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $79.4 billion (0.4 percent) and personal consumption expenditures (PCE) increased $151.7 billion (0.8 percent).

Food 143
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Personal finance links: solved problems

Abnormal Returns

Podcasts Michael Batnick and Ben Carlson talks with Ramit Sethi about his new Netflix show 'How to Get Rich.' (awealthofcommonsense.com) Doug Boneparth and Morgan Housel talk with Kevin Kelly author of "Excellent Advice for Living." (youtube.com) Christine Benz and Jeff Ptak talk with Mike Piper author of "More Than Enough: A Brief Guide to the Questions That Arise After Realizing You Have More than You Need.

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The Stock Market is Not a Casino

A Wealth of Common Sense

A reader asks: Ben showed the numbers for U.S. stock positive returns over the long-term. How does the data look for global ex-U.S. performance? Fair question. Here is the data I showed in a recent blog post: Since 1926, the U.S. stock market has experienced positive returns: 56% of the time on a daily basis 63% of the time on a monthly basis 75% of the time on a yearly basis 88% of the time on a 5 year basis 95% of th.

Marketing 140
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SUPD: Debt Ceiling & Inflation

The Big Picture

I joined Pete Dominick to discuss the Debt Ceiling, Inflation, markets, and more. I pop into the pod around the 30-minute mark. (Before that, Pete discusses how his teenage daughter got scammed out of $5k by a fake border police grift, and why there is a sort of happy ending). We also discuss my thesis of the “ Disloyal Opposition ” as it applies to Debt Ceilings, fiscal stimulus, and even vaccines.

Marketing 281
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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

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.

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FOMC Minutes: Staff Predicts Recession Starting in Q4; Future Monetary Policy "less certain"

Calculated Risk

From the Fed: Minutes of the Federal Open Market Committee, May 2-3, 2023. Excerpt: The economic forecast prepared by the staff for the May 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.

Economics 137
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Friday links: the ESG boom

Abnormal Returns

Cash How to choose between T-bills and CDs. (wsj.com) Investors have poured some $600 billion into money market funds YTD. (ft.com) Retail investors are increasingly snapping up T-bills at auction. (barrons.com) Strategy The stock market is long term proposition. (awealthofcommonsense.com) When trading, it's okay to hit the reset button. (allstarcharts.com) Companies In the past decade, Nvidia ($NVDA) stock has gone up some 250x.

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Rebalancing Your Clients’ “Purpose Portfolio”

Advisor Perspectives

We must understand our clients’ purposes and how they fit together in their lives. We need to take the initiative when rebalancing is in order.

Clients 142
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Foul Mood?

The Big Picture

This week saw the release of the Fed’s big annual research report, Economic Well-Being of U.S. Households in 2022. It’s chock full of great charts and analyses, covering everything from Income, Employment, Expenses, Banking and Credit, Housing, Student Loans, Retirement and Investments, and Overall Financial Well-Being. Peter Coy fleshes out lots of the details here: “ Unemployment Is Low, But So Is the National Mood.” He notes: “The Fed report is consistent with ot

Media 280
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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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Sallie Krawcheck: How to Get Women to Invest

Wealth Management

In today’s world, advisors can differentiate themselves by delivering value where it’s always been—in the client relationship. The problem is, the industry has created the perfect product market fit for middle-aged white men, says Ellevest’s Sallie Krawcheck.

Investing 123
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Longform links: no guarantee of happiness

Abnormal Returns

Books An excerpt from "Anatomy of a Breakthrough: How to Get Unstuck When It Matters Most" by Adam Alter. (bigthink.com) A Q&A with Simon Johnson, co-author of "Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity." (fasterplease.substack.com) An excerpt from "Flawless: Lessons in Looks and Culture from the K-Beauty Capital" by Elise Hu.

Startup 182
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Submergence: A Tool to Assess Drawdowns and Recoveries

Alpha Architect

According to research by the authors, stocks and bonds have been submerged for about 75% of the time since 1980; and treasuries have been submerged 80% of the time. Submergences are therefore both commonplace and significant, which means that handling them is very important for investors and their investing strategies. Submergence: A Tool to Assess Drawdowns and Recoveries was originally published at Alpha Architect.

Investing 122
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10 Thursday AM Reads

The Big Picture

My morning train WFH reads: • Debt-Ceiling Fight Sends Investors Hunting for New Havens : Traders worried about a potential U.S. default are swapping their go-to safe haven for the bonds of America’s top-rated companies. Just days or weeks before the government faces a possible funding shortfall, investors are shunning U.S. Treasury bills that will mature over the next several months while paying a premium to buy debt issued by Microsoft and Johnson & Johnson, two of the highest-rated U.S. c

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Transforming Lending: Understanding the Power of Digital Platforms

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.

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The New 60/40? Public Vs. Private

Wealth Management

The portfolio of the future will be crafted around exposure to public versus private markets, according to speakers at the Wealth Management EDGE conference.

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Wednesday links: the hardest day to invest

Abnormal Returns

Markets Bank stocks used to be boring to trade. Not any more. (wsj.com) Companies have not not shy about buying back stock YTD. (wsj.com) Apple Apple ($AAPL) is going to work more closely with Broadcom ($BRCM) on 5G chips. (wsj.com) Microsoft ($MSFT) is in the lead on AI. What's Apple's ($AAPL) next move? (stratechery.com) Why Apple ($AAPL) is seemingly lagging in AI.

Investing 182
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How to Build Defensive Equity Portfolios

Advisor Perspectives

Risk-averse investors seeking defensive systematic strategies to reduce left-tail risk should broaden their search beyond low volatility/low beta.

Portfolio 131