Sat.Jan 13, 2024 - Fri.Jan 19, 2024

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Sending (Private) Client Newsletters: How Advisors Can Do It Effectively To Reinforce Value

Nerd's Eye View

For financial advisors, an ongoing client service model often means finding ways to keep clients engaged and progressing toward their goals outside of the 1 or 2 typical client review meetings each year. For clients, more frequent communication can be a source of behavioral coaching and helpful information that can better equip them to stay the course through rocky markets.

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Friday links: irrational explanations

Abnormal Returns

Crypto Fidelity Wise Origin Bitcoin Fund ($FBTC) has surpassed $1 billion in AUM. (theblock.co) Why the churn at the Grayscale Bitcoin Trust ($GBTC) matters so much for Bitcoin. (ft.com) Vanguard made the right call. (morningstar.com) Companies Airbnb ($ABNB) didn't end up killing the hotel (stocks). (paulrlamonica.substack.com) Meta ($META) now wants in on the AGI game.

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MiB: Shomik Dutta, Overture Ventures

The Big Picture

 This week, we speak with Shomik Dutta , founder and managing partner at Overture , a venture capital firm focused on climate tech and sustainability startups. He is also co-founder and General Partner of Higher Ground Labs. He previously worked on both Obama presidential campaigns and served as a Special Assistant to the White House Counsel. Dutta discusses why Climate Investing is a for-profit opportunity, and not as it is so often portrayed as “Woke Investing.” The 2023 COP resu

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What is the Historical Rate of Return on Housing?

A Wealth of Common Sense

A reader asks: Ben, I love reading your work. Stocks, bonds, and cash are the categories to compare but it hit me as a “boomer” retired, what about home ownership as a comparison? Stay warm! This question was in response to my recent piece on the historical returns for stocks, bonds and cash: There are typically a fair number of requests for other asset classes whenever I post this kind of data.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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Weekend Reading For Financial Planners (January 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 that a recent study has found that while total financial advisor headcount across all channels only increased by 0.3% in 2023, the RIA space showed significantly more strength, with 10.4% growth, as breakaway brokers and new advisors see the potential benefits of the RIA model.

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10 Weekend Reads

The Big Picture

The weekend is here! Pour yourself a mug of coffee, grab a seat by the fire, and get ready for our longer-form weekend reads: • Two centuries of vibecessions : When recessions were just part of the weather, people shrugged them off more easily, but nowadays every one is cause for existential national angst. Perhaps we’ve all just become economic snowflakes?

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Historical Returns For Stocks, Bonds & Cash

A Wealth of Common Sense

Bonds have had a rough go at it these past few years. 2021 was a down year. 2022 was the worst year in history for bonds. 2023 was better although rates were so volatile that the ride certainty wasn’t much fun to be on. In the 10 years ending 2023, 10 year Treasury bonds had an annual return of just 1.5%. The annual inflation rate over that same time frame was 2.8%, meaning you lost money on a real basis in the benc.

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#FA Success Ep 368: Getting Real Social Media Marketing Results By Focusing On Your (Ideal) Client’s Desire To Learn, With Thomas Kopelman

Nerd's Eye View

Welcome back to the 368th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Thomas Kopelman. Thomas is the co-founder of AllStreet Wealth, a financial planning firm for millennial business owners and those with equity comp based in Indianapolis, IN, that has quickly grown to more than $500,000 of run-rate revenue generated from serving 70 ongoing client households.

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Sunday links: forecasting accuracy

Abnormal Returns

Strategy On the importance of time when it comes to compounding. (humbledollar.com) You can only control your own behavior. (creativeplanning.com) Crypto What you need to know about the spot Bitcoin ETFs. (ft.com) The spot Bitcoin ETF is here. What comes next? (theblock.co) Should Vanguard prevent its customers from buying spot Bitcoin ETFs? (rogersplanning.blogspot.com) Finance Goldman Sachs ($GS) is expanding its lending business to the ultra-high net worth crowd.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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10 Friday AM Reads

The Big Picture

My end-of-week morning train WFH reads: • Americans are actually pretty happy with their finances : By the numbers: 63% of Americans rate their current financial situation as being “good,” including 19% of us who say it’s “very good.” Neither number is particularly low: They’re both entirely in line with the average result the past 20 times Harris Poll has asked this question. ( Axios ) • Japan’s Market Roars Back to Life—With Old-Timers Leading the Way : Afte

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Should Clients Own Bitcoin? Our Authors Respond

Advisor Perspectives

I asked our authors and guest contributors the following question: Given the availability of spot bitcoin ETFs, would you recommend them (or any other cryptocurrency allocation) to your clients?

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Designing “Custom GPTs” With Advanced ChatGPT Features To Enhance Advisor Capabilities With AI

Nerd's Eye View

In late 2022, OpenAI launched ChatGPT, an Artificial Intelligence (AI) driven, natural-language processing tool that offered the public the ability to conduct seemingly human conversations with a chatbot and generate a seemingly endless array of sophisticated content, including essays, emails, computer code, meal plans, fictional stories, and song lyrics, to name just a few.

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Saturday links: constructing the future

Abnormal Returns

Transport Electric school buses have a number of advantages. (grist.org) Waymo is beginning to test self-driving taxis on the highway. (forbes.com) Comparing the cost of charging an EV vs. gasoline. (grist.org) Energy Despite growth in renewables, fossil fuel consumption is not going down. (coldeye.earth) Students don't want to major in oil and gas engineering.

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Pricing for Profit: How to Set, Negotiate, and Succeed

Speaker: Igli Laci, Strategic Finance Leader

In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a

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ATM: What Investors Really Want

The Big Picture

 At The Money: Meir Statman on What Investors Really Want , (January 17, 2024) What do investors really want? Long-term capital appreciation and income are the obvious answers. But, it turns out, they actually want a lot more than that. I speak with Professor Meir Statman of Santa Clara University — he is an award-winning expert on investor behavior and financial decision-making.

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Michigan Consumer Sentiment Soars in January

Advisor Perspectives

Consumer sentiment soared in January to its highest level since July 2021, according to the preliminary report for the Michigan Consumer Sentiment Index. The index came in at 78.8, up 9.1 (13.1%) from the December final. The latest reading was above the forecast of 70.0.

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Retail Sales Increased 0.6% in December

Calculated Risk

On a monthly basis, retail sales were up 0.6% from November to December (seasonally adjusted), and sales were up 5.6 percent from December 2022. From the Census Bureau report : Advance estimates of U.S. retail and food services sales for December 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $709.9 billion, up 0.6 percent from the previous month , and up 5.6 percent above December 2022.

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Adviser links: limited progress

Abnormal Returns

Podcasts Michael Kitces talks about starting over with Kimberly Enders who is the Lead Financial Planner and Managing Partner of Enders Wealth Management. (kitces.com) Thomas Kopelman and Jacob Turner talk Roth IRA conversions with Steven Jarvis. (podcasts.apple.com) Hiring RIAs need to think more broadly when it comes to hiring. (riabiz.com) Why women are still struggling to make progress in the world of financial advice.

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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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10 Sunday Reads

The Big Picture

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • What We Lost When Twitter Became X As a former Twitter employee, I watched Elon Musk undermine one of the Internet’s most paradoxical, special places. ( New Yorker ) • Buying Home and Auto Insurance Is Becoming Impossible : Huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers. ( Wall Street Journal ) see also Thousan

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Prepare for the Changing Landscape in Cybersecurity

Advisor Perspectives

This article examines the challenges associated with the SEC’s proposed rule, the expected effect on financial services firms, and how firms can prepare now for the new rule.

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NAR: Existing-Home Sales Decreased to 3.78 million SAAR in December; Months-of-Supply above December 2019

Calculated Risk

Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 3.78 million SAAR in December; Months-of-Supply above December 2019 Excerpt: Sales Year-over-Year and Not Seasonally Adjusted (NSA) The fourth graph shows existing home sales by month for 2022 and 2023. Sales declined 6.2% year-over-year compared to December 2022.

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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week Six reasons to bullish. Six reasons to be bearish. (ritholtz.com) The periodic table of commodity returns over the past decade. (visualcapitalist.com) 34 hard-earned lessons including 'People are busy, distracted, and tired. Always follow up.' (thefp.com) Stock markets around the world are at or near their highs. (downtownjoshbrown.com) Good luck trying to pick the best performing asset class on a year-by-year basis.

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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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The Holy Grail of Portfolio Management

A Wealth of Common Sense

Diversification is one of the first building block portfolio management concepts I ever learned in my first job in the investment industry. Our firm would create a Harry Markowitz efficient frontier chart for every client portfolio. The idea was to show that risk comes not from individual holdings but how those holdings work together to reduce overall portfolio risk.

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Empire State Manufacturing Survey: Activity Drops Sharply in January

Advisor Perspectives

Manufacturing activity dropped sharply in New York State, according to the Empire State Manufacturing January survey. The diffusion index for General Business Conditions fell to -43.7 from -14.5 in December. This morning's reading was worse than the forecast of -5.0 and is the index's lowest reading since May 2020.

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MBA: Mortgage Applications Increased in Weekly Survey

Calculated Risk

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 10.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 12, 2024. Last week’s results included an adjustment to account for the New Year’s holiday.

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Tuesday links: looking average

Abnormal Returns

Markets Where are real interest rates going to settle? (mrzepczynski.blogspot.com) Domestic equities are expensive relative to international equities. (apolloacademy.com) Strategy Stocks usually beat bonds and cash, but not all the time. (awealthofcommonsense.com) How to identify an investor who has gotten too attached to a stock. (investmenttalk.co) Companies What went wrong at Boeing ($BA)?

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Benchmarking ROI with Forrester: Measuring the Success of Finance Transformation

Finance Transformation Myths Busted Over 75% of organizations struggle to define the right success metrics to benchmark the impact of their finance transformation investment. Whether you are just initiating your digital transformation journey or planning to pitch your next AI project to leadership, without the right metrics and a rigorous tracking process - all your efforts might go to waste!

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Did the Pandemic Save us From a Retirement Crisis?

A Wealth of Common Sense

Following the Great Financial Crisis, there was a worry the coming tsunami of retiring baby boomers was going to lead to a retirement crisis of epic proportions.1 Their portfolios were down bad. Housing prices had crashed. They didn’t save enough money. People were worried about Social Security. Everyone was predicting lower returns for financial assets going forward.

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America's Driving Habits as of November 2023

Advisor Perspectives

Travel on all roads and streets increased in November. The 12-month moving average was up 0.2% month-over-month and was up 1.8% year-over-year. If we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was up 0.1% MoM and up 0.6% YoY.

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Luma And Yieldstreet To Expand Advisor Access to Alternatives

Wealth Management

Yieldstreet has been helping hundreds of thousands of investors get access to a wide range of alternative investments for several years. The deal with Luma is "our first big push into the RIA channel," its CEO says.