Sat.May 13, 2023 - Fri.May 19, 2023

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Why ChatGPT Is No Threat To Real Advisors

Nerd's Eye View

The financial advisory industry has faced many purported technological ‘threats’ over the past several decades. From the introduction of computers to the rise of the internet to the emergence of ‘robo-advisors’, there has been no shortage of innovations that would allegedly reduce the need for consumers to work with (human) financial advisors.

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120,000

The Reformed Broker

Just wanted to take a moment to recognize the incredible work my media and research teams have been doing to propel The Compound channel past 120,000 subscribers this month. And that 120k is just a fragment of the audience because almost everything we do on video is also on the audio podcast channels too. For those who are new to what we’re doing at the Compound YouTube channel each week, below is the schedule of w.

Media 361
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Housing May 15th Weekly Update: Inventory Increased 0.2% Week-over-week

Calculated Risk

Altos reports that active single-family inventory was up 0.2% week-over-week. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of May 12th, inventory was at 420 thousand (7-day average), compared to 420 thousand the prior week. Year-to-date, inventory is down 14.3%. And inventory is up 3.7% from the seasonal bottom four weeks ago.

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“No matter how you cut it, you’ve got to own Cisco” (2000)

The Big Picture

One of the core philosophical beliefs I hold dear is that the future is inherently unknown and unknowable. This tends to be true for the vast majority of people almost all of the time. The world is full of endless, random, often-invisible factors that greatly impact outcomes. Our own psychology works against our understanding this: Our hindsight bias allows us to see these unknowable results with perfect after-the-fact clarity; that fools us into believing our prior expectations turned out to be

Marketing 332
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How to Streamline Payment Applications & Lien Waivers Through Innovative Construction Technology

Speaker: Dylan Secrest, Founder of Alamo Innovation and Construction Digital Transformation Consultant

Construction payment workflows are notoriously complex when you consider juggling multiple stakeholders, compliance requirements, and evolving project scopes. Delays in approvals or misaligned data between budgets, lien waivers, and pay applications can grind progress to a halt. The good news? It doesn't have to be this way! Join expert Dylan Secrest to discover how leading contractors are turning payment chaos into clarity using digital workflows, integrated systems, and automation strategies.

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The Two Flavors Of Direct Indexing

Wealth Management

Direct indexing is often applied as the name for two different things, it is time to clarify.

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The Greatest Wealth Transfer in History Is Here

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: ►Einhorn, Burry, Buffett – David Einhorn and Michael Burry were buying regional banks in Q1. ►Positive Surprises – “This will upset a lot of gloom and doomers, but oh well” ►Wealth Transfer &#8.

Banking 291

More Trending

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Inflation Expectations Are Useless

The Big Picture

Jerome Powell and the Federal Reserve spend a lot of time worrying about Inflation Expectations. They shouldn’t. Sentiment surveys in general are mostly useless (except at the extremes). They aren’t merely lagging, backward-looking indicators, but instead, tell you what the public experienced 3- 6 months ago. Beyond short-term extrapolation, they have little to no ability to provide insight into intermediate-term (6-12 months) inflation.

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FINRA Exec: A 'Prolific Rate of Change' Coming Driven By AI

Wealth Management

Panelists spoke about advanced analytics’ impact on the industry during FINRA’s annual conference, while SEC Chair Gary Gensler said he’d asked commission staff to consider recommendations on rules for predictive data analytics conflicts.

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Thursday links: the new suburbanites

Abnormal Returns

Finance Zero-day options are changing how the stock market operates. (finance.yahoo.com) Managing cash is no longer an afterthought. (institutionalinvestor.com) RIP, once and for all, Libor. (economist.com) Funds Jon Hale looks at the evolution of sustainable investing over the past couple decades. (morningstar.com) ETFs are seeing increased adoption in Europe.

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Real Estate Newsletter Articles this Week: "House Price Battle Royale: Low Inventory vs Affordability"

Calculated Risk

At the Calculated Risk Real Estate Newsletter this week: • Part 1: Current State of the Housing Market; Overview for mid-April • Part 2: Current State of the Housing Market; Overview for mid-April • House Price Battle Royale: Low Inventory vs Affordability • Lawler: American Homes 4 Rent Net Seller of Single-Family Homes Last Quarter • 2nd Look at Local Housing Markets in April This is usually published 4 to 6 times a week and provides more in-depth analysis of the housing market.

Marketing 277
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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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10 Bad Takes On This Market

The Big Picture

Let’s see if I can find something to counter and/or undercut each of these 10 items listed in this morning’s tweet above: 1. Only 5 stocks driving markets?! Then why are Equal-weighted indices doing so well? Equal-weighted Nasdaq100 up 17% since the June lows for the market because “it’s only 5 stocks”? How bad at math do you need to be to think that it’s only 5 stocks driving this market?

Marketing 284
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LGBTQ+ Clients Face Unique Challenges

Wealth Management

A recent J.P. Morgan Wealth Management white paper provides tips on how to navigate them.

Clients 304
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Investing For Nonimmigrant Visa Holders: Understanding Visa Types, Investment Challenges, And Tax Implications

Nerd's Eye View

Amid a tight job market and low unemployment rates, a significant amount of the U.S. ‘talent gap’ is filled by foreign-born workers on employment visas like the H-1B. These visas allow foreign workers to live and work in the country temporarily while they are employed – although in practice, this can mean that individuals can spend years or decades (or even their entire career) working in the U.S. on a ‘temporary’ visa.

Taxes 246
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NAHB: Builder Confidence Increased in May

Calculated Risk

The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 50, up from 45 last month. Any number above 50 indicates that more builders view sales conditions as good than poor. From the NAHB: Lack of Existing Inventory Boosts Builder Confidence to Key Marker Limited existing inventory, which has put a renewed emphasis on new construction, resulted in a solid gain for builder confidence in May even as the industry continues to face several challenges, including

Sales 255
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Your Accounting Expertise Will Only Get You So Far: What Really Matters

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.

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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: • He wrote a book on a rare subject. Then a ChatGPT replica appeared on Amazon. From recipes to product reviews to how-to books, artificial intelligence text generators are quietly authoring more and more of the internet. ( Washington Post ) • The Crypto Winter Cost People More Than Their Money : Some acolytes lost faith, others blamed devils—and some went even harder.

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RIAs Are Dropping the Ball on Marketing and Referrals

Wealth Management

A decade-long market of ever-rising asset prices has led many to overlook the need to formalize business development. In a more challenging growth environment, as much as 5% of revenue should be spent on marketing and sales, according to speakers at DeVoe & Co.'s annual conference.

Marketing 300
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#FA Success Ep 333: Scaling A Small-Business-Owner Boutique To A $31M Retainer-Based Valuation, With Jim Dew

Nerd's Eye View

Welcome back to the 333rd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jim Dew. Jim is the Co-Founder and CEO of Dew Wealth Management, an independent RIA based in Scottsdale, AZ, that provides virtual-family-office-style financial planning on a monthly retainer basis for 150 small-business owner entrepreneurs. What's unique about Jim, though, is how he has scaled his retainer-based boutique firm to more than $7 million in revenue, a $31 million enterprise va

Valuation 246
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Personal finance links: a tantalizing offer

Abnormal Returns

Podcasts Peter Lazaroff on the problem with bond index funds. (peterlazaroff.com) Morgan Housel talks about some impactful ideas, succinctly stated. (open.spotify.com) Housing People looking to buy a house right now have three options. (awealthofcommonsense.com) Moving comes with a whole host of unexpected costs. (blairbellecurve.com) What does it really cost to own a home?

Insurance 246
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How To Overcome Change Fatigue In Finance With Neuroscience-Backed Strategies

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.

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10 Tuesday AM Reads

The Big Picture

My Two-for-Tuesday morning train WFH reads: • Miami’s Love Affair With Crypto Is Souring as Bitcoin Faithful Flock to the City : On the eve of the annual bitcoin conference, the city and its mayor have mostly moved on from crypto. ( Wall Street Journal ) but see Crypto’s Most Influential Companies Often Follow Their Own Rules — Even After FTX’s Collapse : A review of practices at 60 of the sector’s most influential companies found many lack basic guardrails. ( Bloomberg ) • The audacious plan to

Economy 259
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CREXi Data Shows Real Estate Investors Remain Interested in Making Deals

Wealth Management

But the higher cost of capital and sellers holding on to 2022 prices is preventing some potential transactions from going through.

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Weekend Reading For Financial Planners (May 20-21)

Nerd's Eye View

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news of a recent survey indicating that investors overwhelmingly believe that Artificial Intelligence (AI) will help financial advisors better serve their clients and would like to work with an advisor who leverages AI tools.

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Housing Starts at 1.401 million Annual Rate in April

Calculated Risk

From the Census Bureau: Permits, Starts and Completions Housing Starts: Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,401,000. This is 2.2 percent above the revised March estimate of 1,371,000, but is 22.3 percent below the April 2022 rate of 1,803,000. Single‐family housing starts in April were at a rate of 846,000; this is 1.6 percent above the revised March figure of 833,000.

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2025 Industry Index: How Top Advisors Are Scaling Smarter (and Faster) This Year

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

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Monday links: historical market data

Abnormal Returns

Energy Gasoline prices are down some 30% from their peak (axios.com) European natural gas prices are below pre-war levels. (qz.com) Strategy A magazine cover gone wrong, the case of Cisco Systems ($CSCO). (ritholtz.com) Models are always a starting point, not an end in themselves. (awealthofcommonsense.com) Companies How Sea Ltd. turn things around by cutting costs.

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Comfortable Retirement for Clients in Sight? Think Again

Wealth Management

Education on key asset allocation strategies is necessary to get clients ready for their golden years.

Clients 290
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Kitces & Carl Ep 112: When You No Longer Want To Be A Manager And Have To Let An Associate Advisor Go

Nerd's Eye View

As a solo advisory firm owner grows their practice, they may reach capacity constraints that prompt them to hire an additional employee. While this can be a logical step in scaling their firm, some advisory firm owners may not anticipate the managerial challenges that come with hiring additional staff. And even though some firm owners may have originally thought they were ready to expand and take on an employee, they may later determine that they actually prefer operating on their own as a solo

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Retail Sales Increased 0.4% in April

Calculated Risk

On a monthly basis, retail sales were up 0.4% from March to April (seasonally adjusted), and sales were up 1.6 percent from April 2022. From the Census Bureau report : Advance estimates of U.S. retail and food services sales for April 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $686.1 billion, up 0.4 percent from the previous month, and up 1.6 percent above April 2022.

Retail 245
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Live Demo - Supercharge your Month End Close

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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Tuesday links: separating signal and noise

Abnormal Returns

Crypto 2022's crypto blowups happened really quickly as institutions rushed through the door. (chicagofed.org) Michael Lewis' book on SBF, “Going Infinite: The Rise and Fall of a New Tycoon” is coming in October. (nytimes.com) Companies Why is Apple ($AAPL) is pushing forward with its mixed reality headset? (washingtonpost.com) What exactly is IBM ($IBM) these days?

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17 Must Reads for CRE Investors to End the Week

Wealth Management

We collected some of the best obituaries and tributes to real estate industry icon Sam Zell, who passed away at age 81 at his home. Sandeep Mathrani’s abrupt departure as CEO of WeWork came as a surprise to observers, reports Bisnow. These are among the must reads from around the real estate investment world to heading into the weekend.

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Come meet us in Austin, Texas this June!

The Reformed Broker

RWM is coming to Austin, TX June 12th-14th @Downtown with more detailsEmail us at info@ritholtzwealth.com subject line “Austin” to reserve a meeting slot! pic.twitter.com/9iSdG4HFf3 — Ritholtz Wealth (@RitholtzWealth) May 19, 2023 Why did we open an office in Austin, Texas? Is it because the city is expected to add another 1.5 million residents by 2040, giving it a population of 4 million?

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NAR: Existing-Home Sales Decreased to 4.28 million SAAR in April; Median Prices Declined 1.7% YoY

Calculated Risk

Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 4.28 million SAAR in April; Median Prices Declined 1.7% YoY Excerpt: The second graph shows existing home sales by month for 2022 and 2023. Sales declined 23.2% year-over-year compared to April 2022. This was the twentieth consecutive month with sales down year-over-year.

Sales 244
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The New Way Remote Finance Teams Are Protecting Accuracy And Building Resilience In A Cyber-Threatened World

Speaker: Cheryl J. Muldrew-McMurtry

Remote finance teams are rewriting how the back-office runs—and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats have become more than just “growing pains”. They’re now liabilities. The challenge isn’t just team distribution, but building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.