Sat.Sep 17, 2022 - Fri.Sep 23, 2022

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You’re not good at this.

The Reformed Broker

A recession so contrived and man-made that every economist, politician, business owner, college student, CEO, rapper and professional athlete has been able to see it coming in real-time for months and months… Take a picture, you may never see anything so obviously about to happen ever again. A child could have foreseen it. At a certain point, a person who is charge of price stability should probably look in the mirr.

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AssetBook Launches Valian Communications App

Wealth Management

Valian complements the firm's established Pulse portfolio management and reporting platform.

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Realtor.com Reports Weekly Active Inventory Up 28% Year-over-year; New Listings Down 10%

Calculated Risk

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released yesterday from Chief Economist Danielle Hale and Jiayi Xu: Weekly Housing Trends View — Data Week Ending Sep 17, 2022. Note: They have data on list prices, new listings and more, but this focus is on inventory. • Active inventory continued to grow, and improved 28% above one year ago.

Sales 353
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Inflation Expectations: A Dubious Survey

The Big Picture

One of the things we know about inflation expectations is that Federal Reserve Chairman Jerome Powell relies heavily on them. He thinks about expectations, gives speeches on them, and uses the data series when enacting Federal Reserve policies to combat inflation. The problem is that all consumer surveys (including inflation expectations) are deeply problematic.

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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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Weekend Reading For Financial Planners (Sept 24-25)

Nerd's Eye View

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the SEC has issued a risk alert putting advisors on notice that examiners will be conducting a number of reviews to evaluate how firms are complying with the Commission’s new marketing rule, which it will begin to enforce starting November 4.

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Foreign Investors Continue to Seek Stability in U.S. Real Estate

Wealth Management

While inflation and geopolitical instability continue to create challenges for investors, they have also increased the attractiveness of U.S. commercial real estate as a “safe haven” for capital.

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More Trending

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If It Sounds Too Good To Be True…

The Big Picture

How would you like to buy a Rolex — brand new, with papers and box — for MSRP? Prices have skyrocketed for used timepieces, and it would be perfect to nab that Daytona or Batman you have been eyeballing all pandemic for a reasonable amount of cash. Watch Rapport (link omitted on purpose) has every Rollie for sale up for pre-order at MSRP.

Retail 330
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Why Checklist-Style Financial Planning Works: What Advisors Can Learn From Dave Ramsey’s Baby Steps

Nerd's Eye View

There are many financial advisors who take issue with the financial advice offered by popular personal finance personalities such as Dave Ramsey. Some disagree on technical details like the plausibility (or purported lack thereof) of his assumptions for future investment returns, while others criticize broader elements of his approach (like his reliance on rules of thumb and a one-size-fits-all approach to building wealth).

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Builders Shift to Apartments as U.S. Mortgage Rates Deter Homebuyers

Wealth Management

New construction of multifamily properties, which include rental apartments and are therefore less sensitive to rate-induced shifts in demand, jumped 28 percent in August to the highest level since 1986.

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More Analysis on August Existing Home Sales

Calculated Risk

Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased Slightly to 4.80 million SAAR in August Excerpt: On prices, the NAR reported : The median existing-home price for all housing types in August was $389,500, a 7.7% jump from August 2021 ($361,500), as prices ascended in all regions. This marks 126 consecutive months of year-over-year increases, the longest-running streak on record.

Sales 261
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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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Changes in Global Wealth 2021

The Big Picture

Every year, Credit Suisse puts out an in-depth look at wealth around the world (I often pull a chart or two for the reads). The data always has some interesting findings about how the very wealthy are investing, consuming, and otherwise spending their time and money. I don’t always reference it, but intriguing and anomalous findings are always worth sharing.

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This Week on TRB

The Reformed Broker

Here’s a group shot of my team at Ritholtz Wealth and the Advisor Circle group with whom we put on the inaugural Future Proof Festival this week. There are a lot of similarities between our two companies. Barry and I started RWM because we had both reached the point in our respective careers where we’d had enough of watching other firm owners bumble and stumble their way into mediocrity.

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The SEC's New Marketing Rule Explained

Wealth Management

Some tips to help advisors stay compliant and avoid big fines.

Marketing 290
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NAR: Existing-Home Sales Decreased to 4.80 million SAAR in August

Calculated Risk

From the NAR: Existing-Home Sales Slipped 0.4% in August Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of REALTORS®. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other posted a drop.

Sales 246
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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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2023 Ferrari Purosangue

The Big Picture

The Devil must be strapping on his ice skates: Ferrari just introduced the Purosangue, a 4-door, 4-seater SUV crossover. We should not be surprised. Other sports car makers have embraced the SUV to great success: The Cayenne (literally) saved Porshe from bankruptcy; Lamborghini Urus helped drive the company’s worth to ~$11 billion. That Maranello wants some of that juice reveals how the modern world of ultra-luxury playthings works.

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Personal finance links: travel while you can

Abnormal Returns

Podcasts Daniel Crosby talks with Morgan Housel author of "The Psychology of Money." (standarddeviationspod.com) Christine Benz and Jeff Ptak talk with Farnoosh Torabi about navigating family money dynamics. (morningstar.com) Cody and Justin talk with Vitaliy Katsenelson about his new book "Soul in the Game." (thefishow.com) College Parent PLUS loans are a disaster.

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High Interest Rates Are Slowing Down Self Storage Dealmakers

Wealth Management

Despite record-high rents and strong demand for self-storage units, higher interest rates and debt costs have contributed to a slowdown in investment sales activity in the sector.

Sales 290
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August Housing Starts: Record Number of Housing Units Under Construction

Calculated Risk

Today, in the CalculatedRisk Real Estate Newsletter: August Housing Starts: Record Number of Housing Units Under Construction Excerpt: The fourth graph shows housing starts under construction, Seasonally Adjusted (SA). Red is single family units. Currently there are 812 thousand single family units under construction (SA). This is below the previous four months, and 16 thousand below the peak in April and May.

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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 Monday AM Reads

The Big Picture

My back-to-work morning train WFH reads: • Most pros can’t beat the market : 2021 is the 13th consecutive years in which the majority of fund managers in this category have lagged the index. ( TKer ). • The 55-and-Older Labor Market Exodus Is a Statistical Mirage People in their late 50s and early 60s haven’t stopped working, and for those over 65, workforce participation declines have been smaller than generally portrayed. ( Bloomberg ) see also Quiet Quitting Is a Fake Trend : What peopl

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What (Really) Makes Advisors More Productive And The Third Kitces Research Study On Advisor Productivity

Nerd's Eye View

2022 marks the 50 th anniversary of the enrollment of students into the first Certified Financial Planner (CFP) course, and in the years since then, financial planning (and the process of creating a financial plan) has changed extensively. Early on, the ‘financial plan’ was primarily used as a way to demonstrate a prospective client’s ‘gaps’ and needs for products such as mutual funds or life insurance (which the advisor would then be ready to sell to the client).

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A Look at Miami’s Hot Multifamily Investment Market

Wealth Management

Whopping rental rate spikes caught the eyes of many apartment investors and even with the pace of growth likely to slow, overall fundamentals remain attractive.

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Real Estate Newsletter Articles this Week

Calculated Risk

At the Calculated Risk Real Estate Newsletter this week: • Current State of the Housing Market • 2nd Look at Local Housing Markets in August • Mortgage Equity Withdrawal Still Strong in Q2 • Q2 Update: Delinquencies, Foreclosures and REO • California Home Sales off 24% YoY in August, Prices Up Only 1.4% YoY; August Existing Home Sales Forecast This is usually published 4 to 6 times a week and provides more in-depth analysis of the housing market.

Sales 246
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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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10 Weekend Reads

The Big Picture

The weekend is here! Pour yourself a mug of Bean Box coffee, grab a seat on the sofa, and get ready for our longer-form weekend reads: • The Illusion of Knowledge : I’ve been expressing my disregard for forecasts for almost as long as I’ve been writing my memos, starting with The Value of Predictions, or Where’d All This Rain Come From in February 1993.

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#FA Success Ep 299: Finding The Motivation To Grow Again With Authenticity And Client Significance, With Tim Regan

Nerd's Eye View

Welcome back to the 299th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Tim Regan. Tim is the founder of PrairieView Wealth Partners, a hybrid advisory firm based in Orland Park, Illinois, that oversees $100 million in assets under management for 190 client households. What's unique about Tim, though, is how he leverages the independence he gained by transitioning from an insurance agency model to becoming a hybrid with Thrivent Advisor Network to focus his fi

Clients 240
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Leadership Trends in the Post-Pandemic World

Wealth Management

A focus on employee training, deepening your understanding of firm KPIs and enhancing brand power keeps leaders focused on producing future growth.

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Housing Starts Increased to 1.575 million Annual Rate in August

Calculated Risk

From the Census Bureau: Permits, Starts and Completions Housing Starts: Privately?owned housing starts in August were at a seasonally adjusted annual rate of 1,575,000. This is 12.2 percent above the revised July estimate of 1,404,000, but is 0.1 percent below the August 2021 rate of 1,576,000. Single?family housing starts in August were at a rate of 935,000; this is 3.4 percent above the revised July figure of 904,000.

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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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10 Friday AM Reads

The Big Picture

My end-of-week autumnal morning reads: • Navigating the Pain of Your First Bear Market : In the coming 40-50 years I’m planning on experiencing at least 10 or more bear markets, including 5 or 6 that constitute a market crash in stocks. There will also probably be at least 7-8 recessions in that time as well, maybe more. ( Wealth of Common Sense ). • Your City’s Housing Boom Could Go Bust : A national decline in home prices is unlikely, but markets that have experienced outsized increases over t

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Kitces & Carl Ep 95: Building Your Advisor Marketing Content By Packaging Your Client Wisdom

Nerd's Eye View

As the world becomes increasingly digital, the barrier to get one’s ideas out and in front of others becomes lower and lower. In the financial sector, in particular, this has led to an open floodgate of financial tips and advice. Many financial advisors have found that sharing their own expertise and marketing their intellectual property are great ways to establish themselves as dependable, trustworthy sources.

Clients 184
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Four Lessons From Patagonia Founder Yvon Chouinard Giving Away the Company

Wealth Management

His planning serves as a reminder for advisors to understand our clients’ goals and develop tools to achieve them.

Clients 287
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Why Measures of Existing Home Inventory appear Different

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Why Measures of Existing Home Inventory appear Different A brief excerpt: There is a significant difference between measures of inventory, and this is leading to some confusion. Here is a graph comparing the year-over-year change in Realtor.com’s active inventory, the NAR’s inventory, and Realtor.com inventory including pending sales.

Sales 240
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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.