No matter what form of compensation you take, it is impossible to eliminate “conflicts” to the extent assumed by the proponents of a new fiduciary standard.
This may be the beginning of the long-awaited U.S. stock market crash, but even if it isn’t those near retirement need to protect themselves from sequence-of-return risk that can ruin the rest of their lives.
This article provides information on the history and more recent developments of trust law and the corporate trustee industry. This information will help advisors to make informed decisions on clients’ generational planning choices, and to attract and retain assets.
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.
March's employment report showed that 82.6% of total employed workers were full-time (35+ hours) and 17.4% of total employed workers were part-time (<35 hours).
In this column, I’ll share some marketing secrets I’ve seen work well, whether you are trying to do lead gen or whether you are in a “finals” situation competing against other advisors, or whether you are talking with a prospect in your office.
In today’s hyper-competitive environment, delivering an institutional-caliber portfolio isn’t just table stakes – it’s a fiduciary mandate that exceeds the scope of an individual advisor. Here is a checklist to help advisors evaluate whether their current approaches align with institutional best practices.
Though you may not agree with my view on all seven of these terms, it may be beneficial for you and your clients to at least consider them.
I recently celebrated another trip around the sun, which meant I couldn’t let the occasion pass without enjoying some birthday cake.
Although annuities can offer a guaranteed income stream in retirement, they come with significant risks and complexities. It's essential to thoroughly understand these products and consider whether they align with your financial goals and risk tolerance.
While restrictive covenants serve an important role, their enforceability hinges on their scope, the dictates of state law and, ultimately, public policy considerations regarding balancing employer business interests with employee rights to pursue their careers.
The PPA has made a mistake in designating an MA as a QDIA. Perhaps the drafters of the PPA were thinking about accounts that are actually managed, but those participants do not default, so that flavor of MA is not a QDIA, and is typically reserved for executives of the sponsoring firm.
In the week ending March 1st, initial jobless claims were at a seasonally adjusted level of 221,000. This represents a decrease of 21,000 from the previous week's figure. The latest reading was lower than the 234,000 forecast.
One of the fastest and easiest ways to unravel your financial security is to have the wrong person gain control of your money.
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
Ultra-wealthy investors have unique needs and goals. While a typical high net worth client is focused on the next dozen years, these more deep-pocketed clients – like their institutional counterparts – have a much longer time horizon.
President Trump’s nomination of Paul Atkins as the next SEC Chair signals a potential sea change in regulatory approach, one that could dramatically reshape the landscape of alternative investments.
In today’s competitive landscape, a training program may be crucial to help advisors master retirement plans and excel in client engagement. Training builds a knowledgeable, adaptable and trustworthy team.
When constructing a target-date fund (TDF) glide path, providers have many decisions to make, such as what asset classes to include, when to include them, and how much to allocate to each.
At some point in time, the top brass that manage your organization’s investments will no longer be with the organization, whether that’s through retirement, a job change, or a change in personal circumstances. Then what?
Integrating private assets may enhance target-date glide paths, but know your exposures.
Some of America’s leading financial firms are hoping to sell the White House on what sounds like a compelling idea: Open employer-sponsored retirement plans to the private investments they manage, so regular folks can reap returns currently reserved for the wealthy.
Stocks rallied in early 2025 as market leadership shifted, with Large Cap Value outperforming growth stocks, while a major AI development from China triggered a sell-off in U.S. technology stocks, raising concerns about the future of AI leadership and high-end chip demand. For investors the implications are more significant for fixed income portfolios, while equities should continue to do well as long as the labor market holds up.
While it’s true that every administration brings policy shifts that can directly impact retirement savings, the speed and breadth of what is currently being proposed feels like we are headed into unprecedented territory.
Finally, an innovation has arrived in 401(k) investing. PTDAs are new. They combine multiple target date glidepaths with managed accounts, potentially using the best of both. Because they are new, it will be easy to think of them all as being the same, but that is far from the truth.
The growth in US retirement assets offers potential opportunities for retirement plan advisors to likewise expand their business. Our Mike Dullaghan discusses growth opportunities in the retirement market and how to enhance client engagement.
The Northern Trust Economics team shares its outlook for key APAC markets.
While every new year arrives with its own unique set of opportunities and challenges for institutional investors, we believe 2025 could offer more than the typical share.
Use this guide to transform our 2024 Retirement Insights into action in 2025, focusing on areas of plan design, tax credits and participant engagement. Our Mike Dullaghan shares the highlights.
Engaging up front with four key workstreams may smooth the process of adding a solution.
The global economic landscape continues to evolve, and 2025 promises to be a year of adaptation and resilience.
In the week ending January 4th, initial jobless claims fell to their lowest level since February 2024. Initial jobless claims were at a seasonally adjusted level of 201,000, a decrease of 10,000 from the previous week's figure. The latest reading was better than the 214,000 forecast.
As is our custom, we conclude the year by reflecting on the 10 most-read practice management articles over the past 12 months. Enjoy!
We’re continuing the Advisor Perspectives tradition of highlighting the most-read investing articles for 2024. Enjoy!
The U.S. economy faces growing risks, from a surging Federal deficit to geopolitical uncertainty. Investors must assess how these factors could ignite market instability and take proactive steps to safeguard their portfolios.
For DC plan sponsors, developing a short list of income solutions is a good first step.
Despite being the generations with the most knowledge, experience and potential resources, many are still unsure about their financial future.
Western economies are inching towards soft landings, and their central banks are reducing interest rates. These developments will be helpful to economies in the Asia-Pacific region as they conclude 2024 and look forward to next year. However, the outlook for China remains a central concern.
When done effectively, your outsourced team of professionals can help improve efficiencies, increase productivity, and scale profitably – all while giving you the freedom to focus on what you’re most passionate about.
Here, we'll explore why serving family offices is a natural fit for many RIAs, discuss the considerations that need to be factored in when launching an MFO practice, and offer a roadmap for successfully building one.
Digital assets are emerging as a crucial subset of alternative investments, and their integration into wealth management portfolios is inevitable.
Risk. It’s a tiny word for a critical investment concept, one that necessarily merits ample discussion by advisors with their clients. Unfortunately, evidence suggests this may not be happening evenly across the advisory industry.
Asia-Pacific economies will benefit from soft landings and easier monetary conditions.
As the Fed shifts its stance, investors must now weigh the broader economic implications.
Whether you’re transitioning from another firm or starting from scratch, setting up your own independent registered investment advisor (RIA) firm is a tremendous opportunity that can provide higher earning potential, freedom, flexibility, and the opportunity to build a legacy.
While agency mortgage-backed securities offer compelling valuations, not every mortgage is created equally.
America’s financial industry has long had trust issues. Never mind the Great Financial Crisis of 2007-08; mistrust of the markets dates back to at least 1929, if not the Dutch East India collapse of 1769. But this history has an upside: Financial institutions have a lot of experience creating systems to build, maintain and restore trust — and have learned lessons that can be applied across the economy.
The ERISA Advisory Council is conducting hearings on Qualified Default Investment Alternatives (QDIAs), seeking recommendations for improvements. The big challenge is making better decisions for people who do not want to engage.
Due to balance sheet concerns, the higher-for-longer interest rate environment has been a significant headwind for the relative performance of U.S. small-cap equities.
Here’s a quote attributed to P. J. O’Rourke, an American author, journalist and political satirist: “There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is fraud.”
The main focus for investors should is no longer if the Fed will cut rates in 2024, but how much and how quickly the Fed will lower interest rates.
Presidential elections tend to have limited impact on market performance, regardless of party win (although markets prefer Democratic switches). Investors should capitalize on the uptick in market volatility, which investors can use for strategic investing.
In this edition, Harold Evensky explores the challenges facing sustainable and active funds, the implications of the new DOL Fiduciary Rule, and the value of long-term performance projections. With candid observations and critical analysis--read on to gain perspective on navigating the complex world of investing, the importance of risk management, and the role of fiduciary advisors in securing your financial future.
I asked my great friend and business partner David Bahnsen, who is about as politically wired as anyone and one of the truly great economic and investment minds, to reflect on the intersection of politics and markets. It is a quick, balanced, and reasonable read...
Will 2030 DC plans perform better at preparing U.S. workers for retirement?
The “country” in this article is the wild and woolly market of small retirement savings plans (SRSPs) that have less than 100 participants. The “old men” are baby boomers who cannot afford to lose their lifetime savings. And the villain is the next stock market crash.
This article examines both breaches at AT&T, discusses how the data can be used to perpetrate detailed deep fakes, and shares how you can advise your clients and staff to protect your clients’ investments.
The US Department of Labor (DOL) offers eight tips for advisors to use to review target-date funds. Our Mike Dullaghan illustrates how to use the DOL tips in preparation for plan review season.
It's been another strong first half for the U.S. ETF industry, with overall flows set to challenge or surpass historic records.
Western demand and monetary policy are having an important impact on economic prospects for the Asia-Pacific region.
Conflicts are everywhere in financial planning. They exist in all fee models, whether they be commissions, assets under management, fixed fee, or hourly. Any time money changes hands there are conflicts of interests.
Demand for alternatives has spotlighted convertible arbitrage for portfolio diversification and risk-adjusted returns, after decades of underappreciation. Advisors must understand these strategies to effectively guide clients in the evolving market.
A strategic alignment within the workplace is an opportunity for financial advisors, employers and retirement savers seeking financial planning advice. See Kevin Murphy’s views on emerging trends in workplace savings.
AI and automation will revolutionize the financial advisory industry. These technologies enhance efficiency, improve client communication, and enable data-driven decision-making. By 2035, AI will be integral to most advisory firms.
Almost every industry could ultimately incorporate AI, leaving a puzzle for investors seeking exposure. Using the internet as an example may provide some breadcrumbs.
Last week, the Supreme Court overturned a decades-old legal doctrine that gave federal regulators the power to interpret unclear laws. This touched off a lot of wild rhetoric about the end of the administrative state.
The years-long parade of freedom-seeking advisors out of the wirehouses continues unabated. Meanwhile, consolidation of RIA firms, driven by private equity’s hot money, has similar momentum. Are these trends on a collision course?
Adapting to the new cycles requires swift operational changes, making the guidance of experienced managers crucial.
I may as well just say it. Based on the present combination of extreme valuations, unfavorable and deteriorating market internals, and a rare preponderance of warning syndromes in weekly and now daily data, my impression is that the speculative market advance since 2009 ended last week.
Understanding how to act ethically and appropriately as an advisor is apparently no easy task.
Yes, differentiation is hard, which is why developing a niche target market has become so popular recently. It can dramatically reduce the number of competitors. But even advisors who focus on a niche have competition.
High-yield credit is experiencing strong inflows and investor confidence, potentially offering attractive returns and reduced volatility compared to other risk assets.
Despite a seemingly Hawkish stance, a closer look suggests the Fed’s conservative inflation estimates could lead to more rate cuts than anticipated.
A planner using a fee-offset model sets an annual fixed fee for their services. Then any commissions earned from the sale of products, usually insurance products, are credited back to the client, offsetting and reducing the annual fee by the amount of the commission.
The needs of retirement plan sponsors and savers are changing, and advisors may want to consider a value proposition for the “next normal” in the shifting retirement landscape, according to Mike Dullaghan, Retirement Strategist at Franklin Templeton.
Wall Street’s half-trillion-dollar business cloning quant trades has some surprising new customers: the very firms whose strategies it mimics.
European value stocks offer a compelling case for short- and long-term investment opportunities, supported by strong fundamentals, attractive valuations, and favorable market conditions.
Celebrity fund manager and activist investor Bill Ackman just sold 10% of his investment management company in a deal that valued Pershing Square at $10.5 billion. An initial public offering could come as soon as next year, the Wall Street Journal has reported.
In this article, I provide a basic framework for understanding and developing a lifelong plan for a person with disabilities. I’ll introduce matters as they relate to establishing a well thought out and comprehensive plan that ties together life, public benefit, and resource planning as well as financial and legal planning.
JPMorgan Chase & Co. is on the hunt to buy a private credit firm to augment its $3.6 trillion asset management arm, as the biggest US bank makes more inroads into Wall Street’s buzziest sector.
The GAO report was three years in the making. At $4 trillion and growing, target date funds are very important. The GAO report has the potential to improve the industry.
In this article, Russ Koesterich discusses why stocks are proving to be resilient in the face of higher rates and muted expectations for monetary easing.
In this article, I summarize some of the most common mistakes I come across when reviewing client agreements and how such mistakes can cost an advisor.
We explore how stabilization and growth of global markets may potentially shift preferences toward equities relative to bonds.
Legislation is driving a renewed focus on workers without workplace savings plans, creating opportunities for both wealth advisors and retirement specialists. Our Retirement Strategist Mike Dullaghan discusses the trends.
There are attractive investment opportunities in private credit against a backdrop of a U.S. economy that continues to outpace the eurozone and the U.K.
We saw a dovish slant to Powell’s remarks at yesterday’s press conference, with no rate hikes in sight.
For investors considering adding small-cap stocks to their equity portfolios, we suggest they do it selectively, steering clear of more speculative investments.
Fiduciary Rules
Separating ‘Fiduciary’ From ‘Compensation’
No matter what form of compensation you take, it is impossible to eliminate “conflicts” to the extent assumed by the proponents of a new fiduciary standard.
The Q1 Stock Setback & Target Date Fund Investors — More of the Same to Come
This may be the beginning of the long-awaited U.S. stock market crash, but even if it isn’t those near retirement need to protect themselves from sequence-of-return risk that can ruin the rest of their lives.
An Advisor Road Map to the Corporate Trustee Industry
This article provides information on the history and more recent developments of trust law and the corporate trustee industry. This information will help advisors to make informed decisions on clients’ generational planning choices, and to attract and retain assets.
Recalibrating for Higher Risk Without Overcorrecting
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
The Price of Protectionism - Tariffs Toll On Growth
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
Navigating Tariffs, Volatility, and a Slowing Economy
The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.
A Closer Look at Full-time and Part-time Employment: March 2025
March's employment report showed that 82.6% of total employed workers were full-time (35+ hours) and 17.4% of total employed workers were part-time (<35 hours).
Make Yourself Stand Out to Close the Sale
In this column, I’ll share some marketing secrets I’ve seen work well, whether you are trying to do lead gen or whether you are in a “finals” situation competing against other advisors, or whether you are talking with a prospect in your office.
Constructing a Contemporary Portfolio to Make Capital Markets Work Harder for You
In today’s hyper-competitive environment, delivering an institutional-caliber portfolio isn’t just table stakes – it’s a fiduciary mandate that exceeds the scope of an individual advisor. Here is a checklist to help advisors evaluate whether their current approaches align with institutional best practices.
7 Financial Terms Advisors Often Misunderstand
Though you may not agree with my view on all seven of these terms, it may be beneficial for you and your clients to at least consider them.
Doing More With the Same: The Power of OCIO
I recently celebrated another trip around the sun, which meant I couldn’t let the occasion pass without enjoying some birthday cake.
Are Annuities Right for Retirement?
Although annuities can offer a guaranteed income stream in retirement, they come with significant risks and complexities. It's essential to thoroughly understand these products and consider whether they align with your financial goals and risk tolerance.
Understanding Restrictive Covenants and Current Challenges to Noncompetes
While restrictive covenants serve an important role, their enforceability hinges on their scope, the dictates of state law and, ultimately, public policy considerations regarding balancing employer business interests with employee rights to pursue their careers.
Managed Account Is a Misnomer When it Comes to QDIAs
The PPA has made a mistake in designating an MA as a QDIA. Perhaps the drafters of the PPA were thinking about accounts that are actually managed, but those participants do not default, so that flavor of MA is not a QDIA, and is typically reserved for executives of the sponsoring firm.
Unemployment Claims Down 21K, Lower Than Expected
In the week ending March 1st, initial jobless claims were at a seasonally adjusted level of 221,000. This represents a decrease of 21,000 from the previous week's figure. The latest reading was lower than the 234,000 forecast.
The Power of Attorney Mistake That Could Cost You Everything
One of the fastest and easiest ways to unravel your financial security is to have the wrong person gain control of your money.
Wall Street Goes Defensive as Policy Uncertainty Rattles Markets
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
Why Ultra-Wealthy Investors Can – and Should – Invest Like an Institution
Ultra-wealthy investors have unique needs and goals. While a typical high net worth client is focused on the next dozen years, these more deep-pocketed clients – like their institutional counterparts – have a much longer time horizon.
Atkins' SEC and the New Dawn for Alternative Investments
President Trump’s nomination of Paul Atkins as the next SEC Chair signals a potential sea change in regulatory approach, one that could dramatically reshape the landscape of alternative investments.
Empowering Financial Advisors: Training and Retaining Talent in Retirement Plan Practices
In today’s competitive landscape, a training program may be crucial to help advisors master retirement plans and excel in client engagement. Training builds a knowledgeable, adaptable and trustworthy team.
TDF Glide-Path Essentials: Setting the Right Starting Point
When constructing a target-date fund (TDF) glide path, providers have many decisions to make, such as what asset classes to include, when to include them, and how much to allocate to each.
What’s Your Organization’s Investment Succession Plan?
At some point in time, the top brass that manage your organization’s investments will no longer be with the organization, whether that’s through retirement, a job change, or a change in personal circumstances. Then what?
Bringing the Private-Asset Dimension to Target-Date Glide Paths
Integrating private assets may enhance target-date glide paths, but know your exposures.
Private Equity and 401(k)s Aren’t a Great Match
Some of America’s leading financial firms are hoping to sell the White House on what sounds like a compelling idea: Open employer-sponsored retirement plans to the private investments they manage, so regular folks can reap returns currently reserved for the wealthy.
Stocks Rally in Early ’25, New Winners Emerge
Stocks rallied in early 2025 as market leadership shifted, with Large Cap Value outperforming growth stocks, while a major AI development from China triggered a sell-off in U.S. technology stocks, raising concerns about the future of AI leadership and high-end chip demand. For investors the implications are more significant for fixed income portfolios, while equities should continue to do well as long as the labor market holds up.
How a Transformed Washington May Change Retirement Savings
While it’s true that every administration brings policy shifts that can directly impact retirement savings, the speed and breadth of what is currently being proposed feels like we are headed into unprecedented territory.
Bifurcated Advancements in 401(k) Investments
Finally, an innovation has arrived in 401(k) investing. PTDAs are new. They combine multiple target date glidepaths with managed accounts, potentially using the best of both. Because they are new, it will be easy to think of them all as being the same, but that is far from the truth.
2025 Outlook: Uncovering Retirement Opportunities for Advisors
The growth in US retirement assets offers potential opportunities for retirement plan advisors to likewise expand their business. Our Mike Dullaghan discusses growth opportunities in the retirement market and how to enhance client engagement.
Fasten Your Seat Belts
The Northern Trust Economics team shares its outlook for key APAC markets.
Top 5 Issues Institutional Investors Should Be Thinking About in 2025
While every new year arrives with its own unique set of opportunities and challenges for institutional investors, we believe 2025 could offer more than the typical share.
Transforming 2024 Insights Into 2025 Action
Use this guide to transform our 2024 Retirement Insights into action in 2025, focusing on areas of plan design, tax credits and participant engagement. Our Mike Dullaghan shares the highlights.
Early Groundwork Is Key for Implementing Lifetime Income Solutions
Engaging up front with four key workstreams may smooth the process of adding a solution.
2025 Outlook: Run It Back
The global economic landscape continues to evolve, and 2025 promises to be a year of adaptation and resilience.
Unemployment Claims Drop to 11-Month Low
In the week ending January 4th, initial jobless claims fell to their lowest level since February 2024. Initial jobless claims were at a seasonally adjusted level of 201,000, a decrease of 10,000 from the previous week's figure. The latest reading was better than the 214,000 forecast.
Our Top 10 Most-Popular Practice Management Articles of 2024
As is our custom, we conclude the year by reflecting on the 10 most-read practice management articles over the past 12 months. Enjoy!
Our Top 10 Most Popular Investing Articles of 2024
We’re continuing the Advisor Perspectives tradition of highlighting the most-read investing articles for 2024. Enjoy!
One Spark Away from Ignition
The U.S. economy faces growing risks, from a surging Federal deficit to geopolitical uncertainty. Investors must assess how these factors could ignite market instability and take proactive steps to safeguard their portfolios.
Four Questions to Narrow the Field of Retirement Income Solutions
For DC plan sponsors, developing a short list of income solutions is a good first step.
Are Boomers and Gen Xers Financially Ready for Retirement?
Despite being the generations with the most knowledge, experience and potential resources, many are still unsure about their financial future.
A Steady Ship
Western economies are inching towards soft landings, and their central banks are reducing interest rates. These developments will be helpful to economies in the Asia-Pacific region as they conclude 2024 and look forward to next year. However, the outlook for China remains a central concern.
Who Belongs on Your Advisory Firm’s Dream Team?
When done effectively, your outsourced team of professionals can help improve efficiencies, increase productivity, and scale profitably – all while giving you the freedom to focus on what you’re most passionate about.
How Can RIAs Start a Multi-Family Office Practice?
Here, we'll explore why serving family offices is a natural fit for many RIAs, discuss the considerations that need to be factored in when launching an MFO practice, and offer a roadmap for successfully building one.
Digital Assets' Growing Role in Wealth Management
Digital assets are emerging as a crucial subset of alternative investments, and their integration into wealth management portfolios is inevitable.
Risk: The Elephant in the Advisor/Client Relationship
Risk. It’s a tiny word for a critical investment concept, one that necessarily merits ample discussion by advisors with their clients. Unfortunately, evidence suggests this may not be happening evenly across the advisory industry.
A Steady Ship
Asia-Pacific economies will benefit from soft landings and easier monetary conditions.
Fed Rate Cuts Signal Economic Shift: What’s Next for Investors?
As the Fed shifts its stance, investors must now weigh the broader economic implications.
Six Important Legal Steps to Take When Starting an RIA
Whether you’re transitioning from another firm or starting from scratch, setting up your own independent registered investment advisor (RIA) firm is a tremendous opportunity that can provide higher earning potential, freedom, flexibility, and the opportunity to build a legacy.
The Appeal of Agency Mortgage-Backed Securities in a Shifting Economic Landscape
While agency mortgage-backed securities offer compelling valuations, not every mortgage is created equally.
Wall Street Has Proven That Trust Can Be Rebuilt
America’s financial industry has long had trust issues. Never mind the Great Financial Crisis of 2007-08; mistrust of the markets dates back to at least 1929, if not the Dutch East India collapse of 1769. But this history has an upside: Financial institutions have a lot of experience creating systems to build, maintain and restore trust — and have learned lessons that can be applied across the economy.
Recommendations to the ERISA Advisory Council on QDIAs
The ERISA Advisory Council is conducting hearings on Qualified Default Investment Alternatives (QDIAs), seeking recommendations for improvements. The big challenge is making better decisions for people who do not want to engage.
Positioning for a Small-Cap Market Rotation in Our Model Portfolios
Due to balance sheet concerns, the higher-for-longer interest rate environment has been a significant headwind for the relative performance of U.S. small-cap equities.
It's Increasingly Difficult to Defend Your Complex Portfolios
Here’s a quote attributed to P. J. O’Rourke, an American author, journalist and political satirist: “There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is fraud.”
Fed Rate Cuts Coming in September: What’s Next?
The main focus for investors should is no longer if the Fed will cut rates in 2024, but how much and how quickly the Fed will lower interest rates.
Maintain Your Investment Strategy During Election Years
Presidential elections tend to have limited impact on market performance, regardless of party win (although markets prefer Democratic switches). Investors should capitalize on the uptick in market volatility, which investors can use for strategic investing.
Navigating the Investment Landscape: Insights and Warnings
In this edition, Harold Evensky explores the challenges facing sustainable and active funds, the implications of the new DOL Fiduciary Rule, and the value of long-term performance projections. With candid observations and critical analysis--read on to gain perspective on navigating the complex world of investing, the importance of risk management, and the role of fiduciary advisors in securing your financial future.
Your Portfolio and the Election
I asked my great friend and business partner David Bahnsen, who is about as politically wired as anyone and one of the truly great economic and investment minds, to reflect on the intersection of politics and markets. It is a quick, balanced, and reasonable read...
8 Ways DC Plans Are Likely to Change by 2030
Will 2030 DC plans perform better at preparing U.S. workers for retirement?
No Country for Baby Boomers
The “country” in this article is the wild and woolly market of small retirement savings plans (SRSPs) that have less than 100 participants. The “old men” are baby boomers who cannot afford to lose their lifetime savings. And the villain is the next stock market crash.
The AT&T Data Breach: How Advisors Can Protect Their Firm and Their Clients
This article examines both breaches at AT&T, discusses how the data can be used to perpetrate detailed deep fakes, and shares how you can advise your clients and staff to protect your clients’ investments.
Maximizing 401(k) Plans: How Financial Advisors Can leverage the DOL’s Target-Date Tips
The US Department of Labor (DOL) offers eight tips for advisors to use to review target-date funds. Our Mike Dullaghan illustrates how to use the DOL tips in preparation for plan review season.
U.S. ETF Flows: Investors Are Getting Polarized
It's been another strong first half for the U.S. ETF industry, with overall flows set to challenge or surpass historic records.
Western Influence
Western demand and monetary policy are having an important impact on economic prospects for the Asia-Pacific region.
Fiduciary Duty – Theory versus Reality
Conflicts are everywhere in financial planning. They exist in all fee models, whether they be commissions, assets under management, fixed fee, or hourly. Any time money changes hands there are conflicts of interests.
Advisors Should Take Note of This Hedge Fund Comeback Kid
Demand for alternatives has spotlighted convertible arbitrage for portfolio diversification and risk-adjusted returns, after decades of underappreciation. Advisors must understand these strategies to effectively guide clients in the evolving market.
Workplace to Wealth: Transforming Retirement Through Meaningful Action
A strategic alignment within the workplace is an opportunity for financial advisors, employers and retirement savers seeking financial planning advice. See Kevin Murphy’s views on emerging trends in workplace savings.
What Your Advisory Firm Will Look Like in 2035 (If It Still Exists)
AI and automation will revolutionize the financial advisory industry. These technologies enhance efficiency, improve client communication, and enable data-driven decision-making. By 2035, AI will be integral to most advisory firms.
Beyond Nvidia: How the AI Picture Could Evolve for Investors
Almost every industry could ultimately incorporate AI, leaving a puzzle for investors seeking exposure. Using the internet as an example may provide some breadcrumbs.
Supreme Court Sensibly Made Markets Regulation Less Political
Last week, the Supreme Court overturned a decades-old legal doctrine that gave federal regulators the power to interpret unclear laws. This touched off a lot of wild rhetoric about the end of the administrative state.
Wirehouses and RIAs—Will They Meet in the Middle?
The years-long parade of freedom-seeking advisors out of the wirehouses continues unabated. Meanwhile, consolidation of RIA firms, driven by private equity’s hot money, has similar momentum. Are these trends on a collision course?
Transitioning to T+1 Settlement Cycles: The Advantage of Firm Expertise
Adapting to the new cycles requires swift operational changes, making the guidance of experienced managers crucial.
You Can Ring My Bell
I may as well just say it. Based on the present combination of extreme valuations, unfavorable and deteriorating market internals, and a rare preponderance of warning syndromes in weekly and now daily data, my impression is that the speculative market advance since 2009 ended last week.
Agonizing over “Fiduciary”
Understanding how to act ethically and appropriately as an advisor is apparently no easy task.
Three Tools to Differentiate Your Firm
Yes, differentiation is hard, which is why developing a niche target market has become so popular recently. It can dramatically reduce the number of competitors. But even advisors who focus on a niche have competition.
Navigating High-Yield Credit Opportunities in a Resilient Market
High-yield credit is experiencing strong inflows and investor confidence, potentially offering attractive returns and reduced volatility compared to other risk assets.
Fed's Conservative Inflation Projections Could Mean Two Rate Cuts
Despite a seemingly Hawkish stance, a closer look suggests the Fed’s conservative inflation estimates could lead to more rate cuts than anticipated.
Fee-Offset: When Paying Your Advisor a Commission Can Be in Your Best Interest
A planner using a fee-offset model sets an annual fixed fee for their services. Then any commissions earned from the sale of products, usually insurance products, are credited back to the client, offsetting and reducing the annual fee by the amount of the commission.
Navigating the Next Normal in the Retirement Industry
The needs of retirement plan sponsors and savers are changing, and advisors may want to consider a value proposition for the “next normal” in the shifting retirement landscape, according to Mike Dullaghan, Retirement Strategist at Franklin Templeton.
Hedge Funds Pile Into Copycat Quant Trades They Once Derided
Wall Street’s half-trillion-dollar business cloning quant trades has some surprising new customers: the very firms whose strategies it mimics.
Long-Term Opportunities in European Value Stocks
European value stocks offer a compelling case for short- and long-term investment opportunities, supported by strong fundamentals, attractive valuations, and favorable market conditions.
Do You Trust Bill Ackman to Build a $250 Billion Fund Manager?
Celebrity fund manager and activist investor Bill Ackman just sold 10% of his investment management company in a deal that valued Pershing Square at $10.5 billion. An initial public offering could come as soon as next year, the Wall Street Journal has reported.
Planning for the Disability Community
In this article, I provide a basic framework for understanding and developing a lifelong plan for a person with disabilities. I’ll introduce matters as they relate to establishing a well thought out and comprehensive plan that ties together life, public benefit, and resource planning as well as financial and legal planning.
JPMorgan Hunts for Private Credit Firm to Grow in Hot Sector
JPMorgan Chase & Co. is on the hunt to buy a private credit firm to augment its $3.6 trillion asset management arm, as the biggest US bank makes more inroads into Wall Street’s buzziest sector.
Five Critiques of GAO’s Report on Target Date Funds
The GAO report was three years in the making. At $4 trillion and growing, target date funds are very important. The GAO report has the potential to improve the industry.
Growth Stocks Demonstrating Resilience
In this article, Russ Koesterich discusses why stocks are proving to be resilient in the face of higher rates and muted expectations for monetary easing.
Common Mistakes in Client Agreements That Can Cost
In this article, I summarize some of the most common mistakes I come across when reviewing client agreements and how such mistakes can cost an advisor.
Upgrading Equities Over Bonds
We explore how stabilization and growth of global markets may potentially shift preferences toward equities relative to bonds.
Driving Convergence Between Retirement and Wealth
Legislation is driving a renewed focus on workers without workplace savings plans, creating opportunities for both wealth advisors and retirement specialists. Our Retirement Strategist Mike Dullaghan discusses the trends.
U.S. Private Credit: What the Markets Are Missing About Attractive Risk-Reward Tradeoff
There are attractive investment opportunities in private credit against a backdrop of a U.S. economy that continues to outpace the eurozone and the U.K.
Fed Chair Powell Lays Out Macroeconomic Scenarios
We saw a dovish slant to Powell’s remarks at yesterday’s press conference, with no rate hikes in sight.
Navigating Small Caps: The Importance of Sidestepping Low Quality
For investors considering adding small-cap stocks to their equity portfolios, we suggest they do it selectively, steering clear of more speculative investments.