The yield on the 10-year note finished July 31, 2026 at 4.75% while the 2-year note ended at 4.28%.
Inflation remains a hot topic, directly impacting everything from your grocery bill to interest rates. As of the latest data, two key inflation gauges — the Personal Consumption Expenditures (PCE) Price Index and the Consumer Price Index (CPI) — show that prices are still above the Federal Reserve's 2% target, with the core PCE at 3.3% and core CPI at 2.6%.
In the race to win a coveted role on the next mega US IPO and manage the ensuing riches, Wall Street’s wealth advisers are ramping up lending to founders and entrepreneurs based on the soaring values of their private companies.
Valid until the market close on August 31, 2026
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Personal income (excluding transfer receipts) was up 0.13% in June and was up 3.81% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.24% month-over-month and up 0.14% year-over-year.
The Federal Reserve’s preferred inflation gauge, the core PCE price index, climbed 3.3% year-over-year in June. This marks a slight decrease from May's 3.4% reading. On a monthly basis, core prices rose 0.1%.
As families prepare for college move-in season, the packing list usually starts with the obvious essentials: bedding, a laptop, chargers, school supplies and plenty of snacks.
Clients do not need us to predict whether the next 10% move is up or down. They need help staying invested in a way that matches their goals, their time horizon, and their actual tolerance for risk. Staying invested is easier when clients understand what each part of the portfolio is designed to do.
The Conference Board's Consumer Confidence Index® unexpectedly inched lower in July, falling 1.4 points to 90.8. The index was below the forecast of 92.4.
Home prices fell for a third straight month in May according to the S&P Cotality Case-Shiller index, as the housing slowdown continues. On a seasonally adjusted basis, the national index was essentially flat month-over-month and was up 1.1% year-over-year.
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) rose more than expected in May, reaching a new record high.
Six of the nine indexes on our world markets watch list posted year-to-date gains through July 27, 2026.
New orders for manufactured durable goods rose 0.3% in June to $334.77B, less than the projected 1.6% monthly growth.
Election season often follows a familiar script. Investors debate congressional control, speculate on policy outcomes and search for clues about what markets might do next.
New home sales unexpectedly rose in June while the median price fell to its lowest level in almost a year.
Wealth management firms are aware of the looming retirement wave and have put real effort into mitigating it through recruiting, training, succession planning, and technology to modernize the advisor workflow. But what’s truly at risk of being lost is the judgment that senior advisors have accumulated over decades
A holistic approach to retirement planning involves careful thinking and conversation around investment strategy, tax efficiency, income needs, and estate planning. The goal, of course, is to minimize the drag of taxation on lifetime earnings and wealth accumulation while maintaining both compliance and attention to the client’s priorities and values.
For physicians, major financial decisions may rarely affect just one area of their financial life. The real potential risk is failing to understand how those decisions impact everything else.
For many investors and families, tax planning may become a year-end exercise squeezed into November and December. But by the time the calendar turns to the fourth quarter, many of the most effective opportunities are already limited.
Home values fell for a second straight month in June, according to the Zillow Home Value Index. Additionally, after adjusting for inflation, real home values dropped even more sharply, hitting their lowest level in over five years.
Housing starts jumped 19.0% in June to a seasonally adjusted annual rate of 1.427 million, beating forecasts driven by a massive surge in multi-family units.
Nominal retail sales were up 0.22% month-over-month and up 6.72% year-over-year in May. However, after adjusting for inflation, real retail sales were up 0.64% month-over-month and up 3.15% year-over-year.
Builder confidence edged lower in July as ongoing affordability challenges continue to affect the housing market. The National Association of Home Builders (NAHB) Housing Market Index (HMI) fell 2 points from June to 34 this month, marking the 27th consecutive negative reading.
The National Association of Realtors® (NAR) pending home sales index sank 5.4% in June to 72.5, the lowest level since January.
U.S. headline retail sales increased for a fifth straight month, rising 0.2% to $768.6B in June, while core retail sales fell unexpectedly by 0.2%.
The Producer Price Index (PPI) experienced its largest decline in over a year in June, with wholesale inflation dropping 0.3%.
The NFIB Small Business Optimism Index rose 2.1 points to 97.4, reaching its highest level since February. However, the index remains below its historical average for a fourth straight month.
The June release of the Consumer Price Index for Urban Consumers (CPI-U) places the year-over-year inflation rate at 3.53%. This pushes inflation back below the post-WWII average of 3.72% for the first time since March. Meanwhile, this marks the fourth consecutive month that the current rate is above the 10-year moving average, which currently sits at 3.29%.
This series has been updated to include the June release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $54,560, down 5.7% from over 50 years ago.
Inflation affects everything from grocery bills to rent, making the Consumer Price Index (CPI) one of the most closely watched economic indicators. The Bureau of Labor Statistics (BLS) tracks this by categorizing spending into eight categories, each weighted by its relative importance.
A client called me last week wanting to know how to claim a $7,500 tax refund he thought he’d missed. His question was based on an email sent in early July to Social Security recipients from Frank J. Bisignano, commissioner of the Social Security Administration.
Inflation cooled for the first time in five months, coming in at 3.5% year-over-year in June. The headline figure for the Consumer Price Index (CPI) was lower than the 3.8% forecast.
Multiple jobholders accounted for 5.2% of civilian employment in June.
June's employment report showed that 17.6% of total employed workers were part time and 82.4% of total employed workers were full-time.
Existing home sales unexpectedly fell 2.4% in June as the median home price surged to a record high of $440,600.
The U.S. trade deficit expanded over 40% in May to $77.59B, its widest gap since March 2025. The latest reading missed the forecast of -$78.30B.
Federal estate taxes may not affect most households, but state death taxes can still be significant. Learn key planning considerations and strategies to help preserve wealth.
Travel on all roads and streets decreased in May. The 12-month moving average was down 0.06% month-over-month but was up 0.93% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was down 0.10% month-over-month and up 0.32% year-over-year.
Vehicle sales rose to their highest level in nine months in June, coming in at a seasonally adjusted annual rate of 16.523 million units. This represents a 2.8% increase from the previous month and a 4.4% rise from one year ago.
The 10-year Treasury yield has experienced dramatic fluctuations, ranging from a peak of 15.68% in October 1981, during the height of the Volcker era, to a historic low of 0.55% in August 2020, amidst the economic uncertainty of the pandemic. At the end of June 2026, the weekly average stood at 4.44%.
The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 53.3 in June, down from 54.0 in May, marking slightly slower growth. The latest reading was just below the 53.8 forecast and is the index's sixth straight month in expansion territory.
U.S. manufacturing expanded for an eleventh straight month in June but the growth eased to its lowest level in three months. The S&P Global PMI fell 1.2 points to 53.9 last month, falling short of the 55.7 forecast.
Startup equity decisions often happen before a founder has a full advisory team in place. Formation documents get signed, vesting schedules are approved, and the tax consequences may not feel urgent because the company is still young.
The OBBBA created something the industry rarely gets: a defined planning window without a hard deadline attached. Exemptions are historically high, the law has no sunset, and there's a real body of existing work that needs revisiting. The advisors who treat this as an opportunity, rather than waiting for a client to ask, will drive much stronger outcomes compared to those who don’t.
The Chicago Purchasing Managers’ Index cooled 6.0 points in June to 56.7, signaling an expansion in regional business activity for a second straight month. The latest reading was higher than the projected 55.7.
Social Security is now just six years away from insolvency, according to the latest annual assessment. Many in Congress might like to keep on ignoring the problem, as they have for years, but this won’t be an option much longer. Senators elected in November will see the system’s trust fund empty during their terms.
The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..
With the release of May's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. To two decimal places, disposable income per capita was up up 0.68% month-over-month. But when adjusted for inflation, real disposable income per capita was up 0.23%.
The third estimate for Q1 GDP came in at 2.09%, an acceleration from 0.48% for the Q4 final estimate. With a per-capita adjustment, the headline number is lower at 1.91%, a pickup from 0.18% for the Q4 headline number.
Real gross domestic product (GDP) is comprised of four major subcomponents. In the Q1 2026 GDP third estimate, three of the four components made positive contributions.
In a digital-first environment, reputation is no longer a byproduct of success; it is an asset class in its own right. For ultra-high-net-worth families, reputation capital can influence investment opportunities, business partnerships, philanthropic impact, and multigenerational legacy. It can also be exposed, amplified, or undermined in real time.
The most consequential decisions a founder will face, equity gifting before valuations increase, trust structures timed ahead of a sale, QSBS qualification built while eligibility still exists, all must be decided before liquidity. Once the transaction closes, much of what was available earlier is simply gone.
We all know that Congress is never going to allow Social Security not to be paid. This begs a number of questions. Will the shortfall be addressed by tax increases, benefit reductions, increasing the retirement age, changing the inflation measures, means testing or some combination of these and other solutions?
Philanthropy conversations can open the door to multigenerational planning, as clients can bring in their children to contribute to discussions of shared values and charitable goals. For advisors, that creates an opportunity to become not just a financial resource, but a trusted partner who helps clients connect wealth with purpose.
For many investors, retirement planning becomes most tangible at the start and end of the year. Goals are set in January, then revisited during year-end tax and financial planning discussions. But the middle of the year offers an equally valuable opportunity: a chance to evaluate progress, reassess assumptions, and make adjustments before small issues become larger challenges.
Despite everything we have seen in the economic data, which can be confusing, the US consumer has refused to crack. My friend Dr. Ed Yardeni, whom I have known since '98, has the most compelling explanation I have heard for why.
For many investors, wealth management still feels segmented. Investments are handled in one meeting, taxes in another, estate planning somewhere else, and major life decisions often happen independently of all three.
We are halfway through 2026, and the planning priorities that have defined our client work this year are in focus. Some of what we are doing is recurring: fixing compliance errors, correcting quarterly estimate miscalculations, and keeping tax positions aligned with economic reality.
Wealth today is more complex than ever. Investments, taxes, estate planning, insurance, and even family dynamics are deeply interconnected, and decisions in one area can have meaningful consequences in another.
Every family has a money story. It gets passed down quietly, invisibly, in the way families talk around the dinner table or on long walks together.
Goldman Sachs announced a partnership with Anthropic in early May, though you probably shouldn’t view it as just a cool innovation story. It is infrastructure in motion. When institutions like Goldman move, pay attention to what problem they believe they are solving.
The Dallas Fed released its Texas Manufacturing Outlook Survey (TMOS) for May. The general business activity index rose 2.7 points to 0.4, indicating slower growth of manufacturing activity and stable business conditions perceptions.
College costs continue to rise, and for many families, education is one of the most meaningful investments they will make. Preparing for those expenses often requires planning years, sometimes decades, in advance.
Watching your children step into financial independence is one of the most rewarding and complex milestones families experience. As young adults begin earning income, managing expenses, and making major life decisions, the habits and financial knowledge they develop can shape their long-term success.
The Kansas City Fed Manufacturing Survey revealed regional activity continued to increase in May. The composite index came in at 8 this month, down slightly from 10 in April but still indicating continued expansion.
The latest Philadelphia Fed manufacturing index showed activity weakened in May, with the index sinking 27.1 points to -0.4. The latest reading marked the lowest level for the index this year and was worse than the forecast of 17.6.
AI is unlikely to replace wealth managers — at least not in the foreseeable future. But it now has the power to expose the gaps between genuine, client-first investment advice and other approaches in a way the industry has not yet seen.
Gas prices were relatively flat this week, remaining at their highest level in nearly four years. As of May 18th, weekly prices were down 1 cent for regular and were unchanged for premium.
For many ultra-high-net-worth families, philanthropy is not simply about giving; it is about creating meaningful, lasting impact. A thoughtfully structured family foundation can become a powerful vehicle for aligning wealth with values, supporting communities, and engaging future generations in purposeful stewardship.
Manufacturing activity grew strongly in New York State, according to the Empire State Manufacturing May survey. The diffusion index for General Business Conditions rose 8.6 points to 19.6, its highest level in over four years.
Stock markets have been hitting all-time highs and credit spreads remain low, yet higher interest rates and mounting floating-rate debt are straining lower-rated borrowers. This tension is surfacing first in leveraged loans as “quiet defaults” become more common — opening up a dynamic set of opportunities for investors specialized in stressed and distressed assets.
The most attractive conversion opportunities appear when income temporarily drops. Early retirement before Social Security and RMDs begin is the classic window. Sabbaticals, business transition years, the gap after a company sale, years with unusually low K-1 or bonus income. These are all potential openings.
The College for Financial Planning is a degree-granting institution offering various financial certification programs. It provides graduate degree, non-degree and continuing professional education programs for students. Founded in 1972, today it is part of Kaplan Financial and has trained over 165,000 professionals.
Total U.S. household debt climbed to a record $18.79 trillion in Q1 2026, a modest 0.1% ($18 billion) increase from the previous quarter. The overall rise was driven by increases across a handful of categories, specifically mortgage and auto loan balances.
Once clients’ taxes are filed, most assume the story is over for another year. For many, filing season ends with relief, frustration, or confusion — a refund that feels arbitrary, a payment that stings, or little clarity about what to do differently next time. That’s where you, as the advisor, can step in.
Scalable personalization means saving time while not sacrificing the “secret sauce” that is unique to your practice. Time savings can come from scaling portfolio construction via model portfolios or direct indexing, adding tools or talent to complement strengths, and using technology like AI.
For business owners, your company is more than an asset; it’s your livelihood, your legacy, and often your largest source of wealth. Yet too many owners delay succession planning until it’s urgent, limiting options and potentially eroding value. A well-structured exit isn’t a last-minute decision; it’s a multi-year strategy.
Artificial intelligence unknowns are creating stress in the market, and we don’t see that ending any time soon. For long-term investors, these stressors can create opportunities.
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free.
For many investors, wealth is about more than financial outcomes. It represents values, aspirations, family priorities, and a desire for a meaningful future. Aligning your investments with personal purpose means that your financial strategy reflects not only what you want to achieve financially but also the priorities that guide your life and legacy.
It’s no secret that college is expensive. And alongside mounting costs come almost as many strategies for mitigating them. When you need money to pay for college expenses, tapping your Roth IRA is one option you might consider.
Every year, hundreds of thousands of life insurance policies lapse or are surrendered for cash. The policyholders walk away with whatever the carrier offers. Their advisors sign off. Their attorneys see nothing. And nobody asks the obvious question. Could this policy have sold for more?
The Census Bureau released its latest quarterly report for Q1 2026 showing the latest homeownership rate is at 65.3%.
Fifth district manufacturing activity increased in April according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index rose three points points to 3, marking the highest level for the index in 20 months. This month's reading was above the forecast of 2.
For ultra-high-net-worth individuals and families, wealth brings opportunity, but also extraordinary complexity. Multi-generational estate planning, concentrated equity positions, private investments, tax-efficient strategies, philanthropic structures, and family governance decisions all intersect in ways that demand thoughtful oversight.
The problem is not digitization itself. Many of these tools deliver real value, from better intake and modeling to clearer client visualization, and for straightforward situations, a DIY approach may be entirely appropriate. The risk arises when convenience begins to substitute for accountable legal judgment in matters that are anything but simple.
Every prospect is different. They have different interests, different decision timelines, and different levels of engagement. Treating them all the same because your CRM can't segment effectively is leaving money on the table.
The long-term care confidence gap is the difference between understanding the importance of a risk and consistently addressing it with clients. Advisors know, but they do not always say. The gap isn’t about intelligence or professionalism; it’s about the difference between technical knowledge and conversational leadership.
Early in my financial planning career, if a client told me they had a terminal diagnosis, every alarm in my head would go off. Before the meeting was over, I would have a to-do list that was three pages long.
The leading cause of recurring tax-time friction is simple: HNW households rely on a roster of professionals who communicate inconsistently, if at all.
Estate Planning
Treasury Yields Snapshot: July 31, 2026
The yield on the 10-year note finished July 31, 2026 at 4.75% while the 2-year note ended at 4.28%.
Two Measures of Inflation: June 2026
Inflation remains a hot topic, directly impacting everything from your grocery bill to interest rates. As of the latest data, two key inflation gauges — the Personal Consumption Expenditures (PCE) Price Index and the Consumer Price Index (CPI) — show that prices are still above the Federal Reserve's 2% target, with the core PCE at 3.3% and core CPI at 2.6%.
Wall Street’s Private Banks Are Vying for AI’s Paper Money Elite
In the race to win a coveted role on the next mega US IPO and manage the ensuing riches, Wall Street’s wealth advisers are ramping up lending to founders and entrepreneurs based on the soaring values of their private companies.
Moving Averages of the Ivy Portfolio and S&P 500: July 2026
Valid until the market close on August 31, 2026
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
The Big Four Recession Indicators: Real Personal Income
Personal income (excluding transfer receipts) was up 0.13% in June and was up 3.81% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.24% month-over-month and up 0.14% year-over-year.
Core PCE Inflation at 3.3% in June, Edging Down from May
The Federal Reserve’s preferred inflation gauge, the core PCE price index, climbed 3.3% year-over-year in June. This marks a slight decrease from May's 3.4% reading. On a monthly basis, core prices rose 0.1%.
An Adulting Checklist for College-Bound Students
As families prepare for college move-in season, the packing list usually starts with the obvious essentials: bedding, a laptop, chargers, school supplies and plenty of snacks.
On AI Bubbles & Keeping Clients Invested Without Ignoring Risk
Clients do not need us to predict whether the next 10% move is up or down. They need help staying invested in a way that matches their goals, their time horizon, and their actual tolerance for risk. Staying invested is easier when clients understand what each part of the portfolio is designed to do.
Consumer Confidence Moderated Slightly in July
The Conference Board's Consumer Confidence Index® unexpectedly inched lower in July, falling 1.4 points to 90.8. The index was below the forecast of 92.4.
S&P Cotality Case-Shiller Index: Home Prices Continue to Decline
Home prices fell for a third straight month in May according to the S&P Cotality Case-Shiller index, as the housing slowdown continues. On a seasonally adjusted basis, the national index was essentially flat month-over-month and was up 1.1% year-over-year.
FHFA House Price Index Rises 0.3% to Record High
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) rose more than expected in May, reaching a new record high.
World Markets Watchlist: July 27, 2026
Six of the nine indexes on our world markets watch list posted year-to-date gains through July 27, 2026.
Durable Goods Orders Rise 0.3% in June, Less Than Expected
New orders for manufactured durable goods rose 0.3% in June to $334.77B, less than the projected 1.6% monthly growth.
The Biggest Election Risk: Tunnel Vision
Election season often follows a familiar script. Investors debate congressional control, speculate on policy outcomes and search for clues about what markets might do next.
New Home Sales Unexpectedly Rise 1.6% in June
New home sales unexpectedly rose in June while the median price fell to its lowest level in almost a year.
Judgment Can’t Be Recruited
Wealth management firms are aware of the looming retirement wave and have put real effort into mitigating it through recruiting, training, succession planning, and technology to modernize the advisor workflow. But what’s truly at risk of being lost is the judgment that senior advisors have accumulated over decades
Integrated Tax Retirement Planning: It’s Not What You Make; It’s What You Keep
A holistic approach to retirement planning involves careful thinking and conversation around investment strategy, tax efficiency, income needs, and estate planning. The goal, of course, is to minimize the drag of taxation on lifetime earnings and wealth accumulation while maintaining both compliance and attention to the client’s priorities and values.
The Most Expensive Financial Decisions Physicians Make (And They Aren’t Investment Decisions)
For physicians, major financial decisions may rarely affect just one area of their financial life. The real potential risk is failing to understand how those decisions impact everything else.
Why July is the Perfect Time for Proactive Tax Planning
For many investors and families, tax planning may become a year-end exercise squeezed into November and December. But by the time the calendar turns to the fourth quarter, many of the most effective opportunities are already limited.
Zillow Home Value Index: "Real" Home Values Hit 5-Year Low
Home values fell for a second straight month in June, according to the Zillow Home Value Index. Additionally, after adjusting for inflation, real home values dropped even more sharply, hitting their lowest level in over five years.
Housing Starts Jump 19% in June
Housing starts jumped 19.0% in June to a seasonally adjusted annual rate of 1.427 million, beating forecasts driven by a massive surge in multi-family units.
The Big Four Recession Indicators: Real Retail Sales
Nominal retail sales were up 0.22% month-over-month and up 6.72% year-over-year in May. However, after adjusting for inflation, real retail sales were up 0.64% month-over-month and up 3.15% year-over-year.
NAHB Housing Market Index: Affordability Challenges Pull Down Builder Sentiment
Builder confidence edged lower in July as ongoing affordability challenges continue to affect the housing market. The National Association of Home Builders (NAHB) Housing Market Index (HMI) fell 2 points from June to 34 this month, marking the 27th consecutive negative reading.
Pending Home Sales Sink 5% in June
The National Association of Realtors® (NAR) pending home sales index sank 5.4% in June to 72.5, the lowest level since January.
Retail Sales Rise for Fifth Straight Month
U.S. headline retail sales increased for a fifth straight month, rising 0.2% to $768.6B in June, while core retail sales fell unexpectedly by 0.2%.
Producer Price Index: Wholesale Inflation Unexpectedly Falls in June
The Producer Price Index (PPI) experienced its largest decline in over a year in June, with wholesale inflation dropping 0.3%.
NFIB Small Business Survey: Optimism Picks Up in June
The NFIB Small Business Optimism Index rose 2.1 points to 97.4, reaching its highest level since February. However, the index remains below its historical average for a fourth straight month.
Inflation Since 1872: A Long-Term Look at the CPI
The June release of the Consumer Price Index for Urban Consumers (CPI-U) places the year-over-year inflation rate at 3.53%. This pushes inflation back below the post-WWII average of 3.72% for the first time since March. Meanwhile, this marks the fourth consecutive month that the current rate is above the 10-year moving average, which currently sits at 3.29%.
Real Middle Class Wages: June 2026
This series has been updated to include the June release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $54,560, down 5.7% from over 50 years ago.
Inside the Consumer Price Index: June 2026
Inflation affects everything from grocery bills to rent, making the Consumer Price Index (CPI) one of the most closely watched economic indicators. The Bureau of Labor Statistics (BLS) tracks this by categorizing spending into eight categories, each weighted by its relative importance.
Fact-Checking the Social Security Commissioner’s Email
A client called me last week wanting to know how to claim a $7,500 tax refund he thought he’d missed. His question was based on an email sent in early July to Social Security recipients from Frank J. Bisignano, commissioner of the Social Security Administration.
Consumer Price Index: Inflation at 3.5% in June
Inflation cooled for the first time in five months, coming in at 3.5% year-over-year in June. The headline figure for the Consumer Price Index (CPI) was lower than the 3.8% forecast.
Long-Term Trends for Multiple Jobholders in the US: June 2026
Multiple jobholders accounted for 5.2% of civilian employment in June.
A Closer Look at Full-time and Part-time Employment: June 2026
June's employment report showed that 17.6% of total employed workers were part time and 82.4% of total employed workers were full-time.
Existing Home Sales Drop in June as Median Prices Hit All-Time High
Existing home sales unexpectedly fell 2.4% in June as the median home price surged to a record high of $440,600.
Trade Deficit Expands Over 40% in May
The U.S. trade deficit expanded over 40% in May to $77.59B, its widest gap since March 2025. The latest reading missed the forecast of -$78.30B.
Planning Considerations for State Death Taxes
Federal estate taxes may not affect most households, but state death taxes can still be significant. Learn key planning considerations and strategies to help preserve wealth.
America's Driving Habits: May 2026
Travel on all roads and streets decreased in May. The 12-month moving average was down 0.06% month-over-month but was up 0.93% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was down 0.10% month-over-month and up 0.32% year-over-year.
Vehicle Sales Reach 9-Month High in June
Vehicle sales rose to their highest level in nine months in June, coming in at a seasonally adjusted annual rate of 16.523 million units. This represents a 2.8% increase from the previous month and a 4.4% rise from one year ago.
10-Year Treasury Yield Long-Term Perspective: June 2026
The 10-year Treasury yield has experienced dramatic fluctuations, ranging from a peak of 15.68% in October 1981, during the height of the Volcker era, to a historic low of 0.55% in August 2020, amidst the economic uncertainty of the pandemic. At the end of June 2026, the weekly average stood at 4.44%.
ISM Manufacturing PMI: Slightly Slower Expansion in June
The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 53.3 in June, down from 54.0 in May, marking slightly slower growth. The latest reading was just below the 53.8 forecast and is the index's sixth straight month in expansion territory.
S&P Global US Manufacturing PMI™: Growth Slips to 3-Month Low Despite Expansion
U.S. manufacturing expanded for an eleventh straight month in June but the growth eased to its lowest level in three months. The S&P Global PMI fell 1.2 points to 53.9 last month, falling short of the 55.7 forecast.
83(b) Election for Startup Equity: What Founders Need to Know
Startup equity decisions often happen before a founder has a full advisory team in place. Formation documents get signed, vesting schedules are approved, and the tax consequences may not feel urgent because the company is still young.
Estate Plans Designed Before OBBBA May Now Be Costing Your Clients Money
The OBBBA created something the industry rarely gets: a defined planning window without a hard deadline attached. Exemptions are historically high, the law has no sunset, and there's a real body of existing work that needs revisiting. The advisors who treat this as an opportunity, rather than waiting for a client to ask, will drive much stronger outcomes compared to those who don’t.
Chicago PMI Cools in June but Maintains Expansion
The Chicago Purchasing Managers’ Index cooled 6.0 points in June to 56.7, signaling an expansion in regional business activity for a second straight month. The latest reading was higher than the projected 55.7.
Fixing Social Security Is Urgent — and Difficult
Social Security is now just six years away from insolvency, according to the latest annual assessment. Many in Congress might like to keep on ignoring the problem, as they have for years, but this won’t be an option much longer. Senators elected in November will see the system’s trust fund empty during their terms.
Is AI Inflationary or Deflationary?
The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..
Real Disposable Income Per Capita Up 0.2% in May
With the release of May's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. To two decimal places, disposable income per capita was up up 0.68% month-over-month. But when adjusted for inflation, real disposable income per capita was up 0.23%.
GDP Per Capita: Q1 2026 Third Estimate
The third estimate for Q1 GDP came in at 2.09%, an acceleration from 0.48% for the Q4 final estimate. With a per-capita adjustment, the headline number is lower at 1.91%, a pickup from 0.18% for the Q4 headline number.
An Inside Look at the Q1 2026 GDP Third Estimate
Real gross domestic product (GDP) is comprised of four major subcomponents. In the Q1 2026 GDP third estimate, three of the four components made positive contributions.
Managing Family Reputation Capital in a Digital-First World
In a digital-first environment, reputation is no longer a byproduct of success; it is an asset class in its own right. For ultra-high-net-worth families, reputation capital can influence investment opportunities, business partnerships, philanthropic impact, and multigenerational legacy. It can also be exposed, amplified, or undermined in real time.
When Should a Founder Hire a Wealth Advisor? A Guide for Entrepreneurs
The most consequential decisions a founder will face, equity gifting before valuations increase, trust structures timed ahead of a sale, QSBS qualification built while eligibility still exists, all must be decided before liquidity. Once the transaction closes, much of what was available earlier is simply gone.
Social Insecurity, Surprise Edition
We all know that Congress is never going to allow Social Security not to be paid. This begs a number of questions. Will the shortfall be addressed by tax increases, benefit reductions, increasing the retirement age, changing the inflation measures, means testing or some combination of these and other solutions?
When Clients Ask About Their Tax Bill, the Answer Might Be Philanthropy
Philanthropy conversations can open the door to multigenerational planning, as clients can bring in their children to contribute to discussions of shared values and charitable goals. For advisors, that creates an opportunity to become not just a financial resource, but a trusted partner who helps clients connect wealth with purpose.
A Midyear Retirement Readiness Check
For many investors, retirement planning becomes most tangible at the start and end of the year. Goals are set in January, then revisited during year-end tax and financial planning discussions. But the middle of the year offers an equally valuable opportunity: a chance to evaluate progress, reassess assumptions, and make adjustments before small issues become larger challenges.
The G-Shaped Economy
Despite everything we have seen in the economic data, which can be confusing, the US consumer has refused to crack. My friend Dr. Ed Yardeni, whom I have known since '98, has the most compelling explanation I have heard for why.
The Hidden Cost of Financial Fragmentation: Why Investment Decisions Cannot Happen in Isolation
For many investors, wealth management still feels segmented. Investments are handled in one meeting, taxes in another, estate planning somewhere else, and major life decisions often happen independently of all three.
Mid-Year 2026: 9 Tax Planning Strategies We Are Working On With Clients Right Now
We are halfway through 2026, and the planning priorities that have defined our client work this year are in focus. Some of what we are doing is recurring: fixing compliance errors, correcting quarterly estimate miscalculations, and keeping tax positions aligned with economic reality.
The Value of an Integrated Wealth Strategy
Wealth today is more complex than ever. Investments, taxes, estate planning, insurance, and even family dynamics are deeply interconnected, and decisions in one area can have meaningful consequences in another.
How to Pass Down Your Values Along with Your Wealth
Every family has a money story. It gets passed down quietly, invisibly, in the way families talk around the dinner table or on long walks together.
Goldman Sachs Didn't Partner With Anthropic to Write Better Emails
Goldman Sachs announced a partnership with Anthropic in early May, though you probably shouldn’t view it as just a cool innovation story. It is infrastructure in motion. When institutions like Goldman move, pay attention to what problem they believe they are solving.
Dallas Fed Manufacturing: Slower Growth in May
The Dallas Fed released its Texas Manufacturing Outlook Survey (TMOS) for May. The general business activity index rose 2.7 points to 0.4, indicating slower growth of manufacturing activity and stable business conditions perceptions.
How 529 Plans Can Help Fund Your Family’s Future
College costs continue to rise, and for many families, education is one of the most meaningful investments they will make. Preparing for those expenses often requires planning years, sometimes decades, in advance.
Graduation Season and Financial Independence: Helping Young Adults Build a Strong Financial Start
Watching your children step into financial independence is one of the most rewarding and complex milestones families experience. As young adults begin earning income, managing expenses, and making major life decisions, the habits and financial knowledge they develop can shape their long-term success.
Kansas City Fed Manufacturing Index: Activity Continued to Increase in May
The Kansas City Fed Manufacturing Survey revealed regional activity continued to increase in May. The composite index came in at 8 this month, down slightly from 10 in April but still indicating continued expansion.
Philadelphia Fed Manufacturing Index: Lowest Level of 2026
The latest Philadelphia Fed manufacturing index showed activity weakened in May, with the index sinking 27.1 points to -0.4. The latest reading marked the lowest level for the index this year and was worse than the forecast of 17.6.
AI Might Finally Level the Playing Field for Advisors, Brokers
AI is unlikely to replace wealth managers — at least not in the foreseeable future. But it now has the power to expose the gaps between genuine, client-first investment advice and other approaches in a way the industry has not yet seen.
Gas Prices Cross the $4 Mark in Nearly Every State
Gas prices were relatively flat this week, remaining at their highest level in nearly four years. As of May 18th, weekly prices were down 1 cent for regular and were unchanged for premium.
Structuring a Family Foundation That Endures
For many ultra-high-net-worth families, philanthropy is not simply about giving; it is about creating meaningful, lasting impact. A thoughtfully structured family foundation can become a powerful vehicle for aligning wealth with values, supporting communities, and engaging future generations in purposeful stewardship.
Empire State Manufacturing Survey: Highest Level in Four Years
Manufacturing activity grew strongly in New York State, according to the Empire State Manufacturing May survey. The diffusion index for General Business Conditions rose 8.6 points to 19.6, its highest level in over four years.
‘Quiet Defaults’ Are Driving a More Compelling Backdrop for Opportunistic Credit
Stock markets have been hitting all-time highs and credit spreads remain low, yet higher interest rates and mounting floating-rate debt are straining lower-rated borrowers. This tension is surfacing first in leveraged loans as “quiet defaults” become more common — opening up a dynamic set of opportunities for investors specialized in stressed and distressed assets.
Roth Conversion Strategy for High Earners: When It Makes Sense and When It Does Not
The most attractive conversion opportunities appear when income temporarily drops. Early retirement before Social Security and RMDs begin is the classic window. Sabbaticals, business transition years, the gap after a company sale, years with unusually low K-1 or bonus income. These are all potential openings.
What Is The College for Financial Planning?
The College for Financial Planning is a degree-granting institution offering various financial certification programs. It provides graduate degree, non-degree and continuing professional education programs for students. Founded in 1972, today it is part of Kaplan Financial and has trained over 165,000 professionals.
Household Debt Rises to $18.79 Trillion in Q1 2026
Total U.S. household debt climbed to a record $18.79 trillion in Q1 2026, a modest 0.1% ($18 billion) increase from the previous quarter. The overall rise was driven by increases across a handful of categories, specifically mortgage and auto loan balances.
Tax Return Filed? Help Clients Start Planning for Next Year Now
Once clients’ taxes are filed, most assume the story is over for another year. For many, filing season ends with relief, frustration, or confusion — a refund that feels arbitrary, a payment that stings, or little clarity about what to do differently next time. That’s where you, as the advisor, can step in.
Setting Up Your Practice for Scaled Growth
Scalable personalization means saving time while not sacrificing the “secret sauce” that is unique to your practice. Time savings can come from scaling portfolio construction via model portfolios or direct indexing, adding tools or talent to complement strengths, and using technology like AI.
The Business Owner’s Succession Timeline: Planning Your Exit, Step by Step
For business owners, your company is more than an asset; it’s your livelihood, your legacy, and often your largest source of wealth. Yet too many owners delay succession planning until it’s urgent, limiting options and potentially eroding value. A well-structured exit isn’t a last-minute decision; it’s a multi-year strategy.
AI: The Good, the Bad and the Ugly
Artificial intelligence unknowns are creating stress in the market, and we don’t see that ending any time soon. For long-term investors, these stressors can create opportunities.
529 Plan Tax Deductions for Every State
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free.
Aligning Investments with Your Personal Purpose
For many investors, wealth is about more than financial outcomes. It represents values, aspirations, family priorities, and a desire for a meaningful future. Aligning your investments with personal purpose means that your financial strategy reflects not only what you want to achieve financially but also the priorities that guide your life and legacy.
Pros and Cons of Using a Roth IRA to Pay for College
It’s no secret that college is expensive. And alongside mounting costs come almost as many strategies for mitigating them. When you need money to pay for college expenses, tapping your Roth IRA is one option you might consider.
The Fiduciary Question Nobody Is Asking About Life Insurance
Every year, hundreds of thousands of life insurance policies lapse or are surrendered for cash. The policyholders walk away with whatever the carrier offers. Their advisors sign off. Their attorneys see nothing. And nobody asks the obvious question. Could this policy have sold for more?
Home Ownership Rate at 65.3% in Q1 2026
The Census Bureau released its latest quarterly report for Q1 2026 showing the latest homeownership rate is at 65.3%.
Richmond Manufacturing Index Reaches 20-Month High
Fifth district manufacturing activity increased in April according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index rose three points points to 3, marking the highest level for the index in 20 months. This month's reading was above the forecast of 2.
Financial Literacy at the Highest Level: Why Education Still Matters for the Ultra-Wealthy
For ultra-high-net-worth individuals and families, wealth brings opportunity, but also extraordinary complexity. Multi-generational estate planning, concentrated equity positions, private investments, tax-efficient strategies, philanthropic structures, and family governance decisions all intersect in ways that demand thoughtful oversight.
The Accountability Gap in Estate Planning
The problem is not digitization itself. Many of these tools deliver real value, from better intake and modeling to clearer client visualization, and for straightforward situations, a DIY approach may be entirely appropriate. The risk arises when convenience begins to substitute for accountable legal judgment in matters that are anything but simple.
Why You Can't Segment Your Prospects (And Why That Means You're Treating Everyone the Same)
Every prospect is different. They have different interests, different decision timelines, and different levels of engagement. Treating them all the same because your CRM can't segment effectively is leaving money on the table.
The Advisor’s LTC Confidence Gap: Knowing vs. Saying
The long-term care confidence gap is the difference between understanding the importance of a risk and consistently addressing it with clients. Advisors know, but they do not always say. The gap isn’t about intelligence or professionalism; it’s about the difference between technical knowledge and conversational leadership.
Facing the Financial and Emotional Pain of a Terminal Illness
Early in my financial planning career, if a client told me they had a terminal diagnosis, every alarm in my head would go off. Before the meeting was over, I would have a to-do list that was three pages long.
What Tax-Time Mistakes Reveal About Hidden Planning Gaps for High-Net-Worth Investors
The leading cause of recurring tax-time friction is simple: HNW households rely on a roster of professionals who communicate inconsistently, if at all.