This morning's seasonally adjusted 186K new claims, down 6k from the previous week's revised figure, came in below the Investing.com forecast of 205K.
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joined Bloomberg TV in Davos to discuss the outlook for credit as recession nears.
It’s big news that Envestnet is moving into the RIA custodial space and will soon be competing head-to-head with its biggest integration partners: an expanded Schwab platform, Fidelity and Pershing. I suspect that this is just the first of many so-called software “platforms” that will jump into the custody competition.
We believe it is important to keep you informed on the latest proposals and regulations impacting the retirement industry, as well as implications to your business.
Southwest Airlines cancelled 16,000 holiday flights. It will cost the airline dearly in reputational rage and lawsuits. Will massive Reg BI compliance failures cost BDs?
Advisors must redesign their entire approach, starting from the client's point of view.
Let me share a story of an RIA who will be forced to mount a legal defense because of a lawsuit that is likely to be filed by two of his retired clients.
The process by which advisors select a TAMP is the latest illustration of fiduciary failure, and the SEC has responded with ominous rulemaking that will have questionable value to our profession.
Welcome to tax season, TikTok edition.
Our 2022 ESG manager survey findings reinforced our belief that the integration of environmental, social and governance (ESG) factors into investment processes is here to stay.
Let's take a closer look at this week's employment report numbers on Full and Part-Time Employment.
An OCIO can deliver vastly expanded investment capabilities while seamlessly alleviating the burden of investment infrastructure, operations back-office, and administrative tasks, freeing up advisors’ time for vital client-facing and relationship-building activities.
I’m looking over my previous “trends” article, published at this time a year ago, and some of my ”fearless predictions” were outlandish then but now seem ordinary. That means I did something right.
Enjoy the latest Newsletter from Harold Evensky.
As is our custom, we conclude the year by reflecting on the 10 most-read practice management articles over the past 12 months. Tomorrow, we will highlight the 10 best articles you probably missed.
At a recent climate-finance meeting attended by Wall Street giants including BlackRock Inc. and Goldman Sachs Group Inc., no one spoke until a lawyer had finished reading out a disclaimer stating the group was not a cartel.
Scott Minerd, Global CIO for Guggenheim Partners and Chairman of Guggenheim Investments, joins the year-end episode of Macro Markets on Fed Day for a wide-ranging discussion of the Federal Reserve’s execution of monetary policy, economic conditions, the investment landscape for risk assets, portfolio strategy, and more.
The SEC’s 2022 actions on fiduciary care are a reminder why a “real fiduciary” standard will only thrive if advisors and planners make it so. Regulators cannot. It’s is not their job.
“95 years ago, your crystal ball reveals: Russian debt default, LTCM fail, DotCom implosion, 9/11 attacks, financial crisis and great recession, pandemic killing millions, 3 market crashes. Would you put your money into stocks? No? You missed a 10X return.”
Slowly but surely, bond haters are vanishing across Wall Street — even as fresh market havoc remains a distinct possibility next year if still-raging inflation forces the Federal Reserve to ramp up policy tightening anew.
After years of uncertainty around how U.S. retirement plans could consider ESG factors, the dust is finally settling. It’s official: A Nov. 22 rule issued by the Department of Labor (DOL) allows retirement plans to consider financially material ESG factors when selecting investments and exercising shareholder rights.
Now I know why people ignore my warnings about those who claim they can predict the markets.
Let’s look at four keys to building trust through deeper relationships.
If you lose your job, what emotional and professional support should you expect from your financial planner?
Our annual ESG manager survey of active managers assesses the integration of ESG considerations in investment processes among equity, fixed income and private markets managers, and spotlights firmwide policies, use of data, engagement and integration.
My guest today will discuss how he works with UHNW/HNW individuals and families when it comes to charitable giving and meeting philanthropic needs. We will talk about the issues individuals should consider when making a gift of a business interest to a public charity. We will discuss the benefits for donors in making the decision to give a gift of a business interest to a public charity, the types of business interests that a donor may give to charity and the trends he’s seeing across his client base when it comes to charitable giving strategies such as this one.
Anne Walsh, Chief Investment Officer for Fixed Income, on the economic and credit cycle, and on risk and opportunity across the fixed-income landscape.
While the path to get us here has been painful, investable yields have the potential to meet the return objectives of pension plans, insurance companies, or other investors that may have been sitting on the sidelines—or taking undue risk within fixed income in a reach for yield.
What problem could be solved or what issue or challenge could be addressed that would offer wide appeal to the expansive advisor community? The answer that made sense to me was financial education.
I proclaim the pending demise of the independent broker-dealer model.
October jobs data suggests a cooling labor market.
The political news culture that favors words over deeds, clicks over content and headlines over discussion effects fiduciary care. We are at a low ebb.
Less than a month after I recommended that an organization – specifically NAPFA – set new membership standards regarding an RIA firm’s revenue model, one has risen to take up the challenge.
Buying a dividend is a market-structure risk that costs investors billions in unnecessary taxation.
Scott Minerd, Guggenheim Partners Global CIO and Chairman of Guggenheim Investments, joins Bloomberg TV on Fed Day.
The final day to get Series I savings bonds at a record 9.62% yield has come and gone.
Weakening jobs picture will signal that Fed tightening is working as intended.
Life Insurance Awareness Month just wrapped up in September. It’s a good time to dispel some common myths around this important financial product.
When it comes to elevating the “customer experience” to improve client satisfaction and results, today’s family offices could learn a thing or two from Starbucks.
Reg BI is the most divisive issue in the fiduciary discussion and was a focus of the discussion during September’s event.
For some bankers, net-zero is like a new year’s resolution—a pledge one makes and often breaks before a year has passed.
Yields on popular Series I savings bonds — intended to protect consumers against price increases — are likely heading down even as inflation continues to surge.
It’s an awkward question, because the last thing you want to do is defend or sell yourself against another advisor.
October will test the Fed’s resolve.
Democracy is under attack, yet many Americans fail to see the threat, according to Seth Klarman. Leadership must come from the business community to respond to this challenge.
Kids are expensive. Full stop. No matter your level of frugality, it's certainly costlier to have kids than to opt to be child-free.
The CFP Board has strayed from its mission of improving life for the consumer. Instead, it is generating as much confusion as possible for the furthering of its own interests. Make no mistake – transparency is not on its agenda. This is a massive disservice to the public.
On August 16th, President Joe Biden signed the Inflation Reduction Act into law, ending months of uncertainty over whether congressional Democrats would ever reach agreement on a compromise budget reconciliation bill.
Instead of focusing on the advantages fiduciary standards would provide to the profession, lobbyists who represent advisors should point to the catastrophic failures of the perverse incentives embedded in the brokerage business model.
10 years have passed since the watershed year for pension risk transfer.
In the 1980s there was a famous TV ad for Wendy’s with the tagline “Where’s the beef?”.
Despite widespread use in institutional portfolios, alternative investments are not typically found in US defined contribution plans.
Millennials are self-centered and allergic to commitment. They switch jobs every six months and will never buy homes. And don’t get them started on marriage and kids.
Jim Pass, head of project finance for Guggenheim Investments, and Kate Newman from the World Wildlife Fund talk about the most recent research collaboration between Guggenheim and WWF, a survey of infrastructure investors and developers.
A new wave of lawsuits alleges that Blackrock’s target date funds (TDFs) have underperformed. These lawsuits open the door to a related and scandalous breach of fiduciary duty – excessive risk.
Advisors won the last war – true professionals achieved victory by adopting fiduciary principles and providing comprehensive planning. But a new battlefront has emerged – what I call the “next argument” – and achieving victory will slow and painful.
With the US unemployment rate near a five-decade low and job vacancies close to a record high, businesses say they are scrambling to find workers. Many complain that large and growing skills mismatches prevent them from getting the staff they need.
The classical notion of 1940 investment advice has been hijacked and replaced by the SEC with a weak, distant cousin.
Join this session to learn how to implement Commission-Free annuities in a financial plan, determine the client needs they're best suited for, and manage these solutions within a fiduciary practice.
My article, “The Trial of Ken Fisher for Crimes Against Annuities,” marked the beginning of my effort to aggressively defend annuities against criticisms that had become too exaggerated, too longstanding, and too inaccurate to be left unchallenged.
Signposts for credit investors as the next recession approaches.
I explain how attempts to view advisor compensation through a moral lens instead of an economics lens lead to false conclusions about the relative merits of each pricing model and hence to misguided predictions for the future of planner compensation.
A strong culture is key to inspiring the team and workplace of tomorrow.
I examine the benefits of the contingent deferred annuity (CDA), and whether it’s poised to become the next big thing in retirement.
Deeper losses for equities may lay ahead.
The views you often read on advisor compensation models and their future are misguided.
In the current unstable economic environment, producing safe, reliable income over the course of an unknown retirement is a daunting goal for any financial professional. As a result, many Americans sub-optimize their retirement experience.
Lower July CPI inflation is likely the beginning of a trend.
Based on my anecdotal experience, I’ve come to the reluctant conclusion that many advisors are clueless about what it means to be a fiduciary.
We never get too old for stories. And especially in the current volatile market, our clients benefit greatly from hearing a story like Dimensional’s – which gets better the longer it continues.
Marriage in the US also unlocks an under-discussed retirement option: the spousal IRA.
Managing Director Justin Takata discusses the technical and fundamental drivers of value in investment grade corporates, and U.S. Economist Matt Bush addresses recession timing and the possible progression of policy.
FINRA interprets “financial advisor” as being usable (on business cards and elsewhere) by any financial professional who holds an RIA affiliation, whether or not the relationship with the client is in fact an advisory one.
Many RIAs fall short of the obligations of a fiduciary, particularly with respect to how their fees are paid. A day of reckoning (lawsuits) is only a matter of time.
I have a vision of a profession where the most straightforward advisors, not the coolest ones with the best spiel, rise to the top. To achieve that ideal, here are 17 ways that acting more honestly than the competition will win more clients.
When you become an uncomparable financial advisor, you don’t have to compete with other advisors because you are unique. Here are the five components of uncomparability.
Markets are slumping. Crypto has cratered. Yet one corner of the financial world continues to offer investors strong, low-risk returns: Humble I bonds.
The Supreme Court’s decisions on abortion and gun safety reinforced how ideology polarizes politics and prevents civil discussion and progress. Market ideology has also polarized discussion and harmed advice standards.
The latest data suggest that we may already be in a recession.
As mass layoffs start to make headlines and recession chatter gets louder, there is a lot that traditionally employed folks can learn from freelancers to defend their finances amid anxiety about a downturn.
The man who dominates discussion about the future of transportation has gone uncharacteristically quiet at the close of a manic quarter.
Here are three lessons about the cognitive biases advisors need to be aware of as the trusted protectors of their clients’ financial futures.
Brian Smedley, Guggenheim’s Chief Economist and Head of Macroeconomic and Investment Research, discusses the impact of the Fed’s 0.75% rate hike on markets and the economy.
Reg BI turns two on June 30th. It was supposed to help investors better understand how advisors and brokers differ and have BDs meet a “best interest” standard based on fiduciary principles. It turns out that Reg BI is doing the opposite.
Because the consequences of leaving longevity unmanaged are likely to be the most devastating, advisors must act now to address it.
I have identified a few opportunities within my portfolio and wealth management practice that prompt consideration for your own strategies as you plan for large estates.
Several avenues for diversifying cryptocurrency portfolios exist. Investors should weigh the costs and benefits of each of the following three methods.
This article is relevant to financial professionals who are considering offering model portfolios to their clients.
Many advisors have potential clients who slip through their fingers because they believe their goal is to build a relationship pre-sale. But that’s not your potential clients’ goal.
Even in 2022, pensions still command an aura of reverence. A benefit where you work for one company for 30 years and then retire with a livable wage? And you don’t have to fret about picking investments? What’s not to like?
Fiduciary Rules
Weekly Unemployment Claims: Down 6K, Better Than Forecast
This morning's seasonally adjusted 186K new claims, down 6k from the previous week's revised figure, came in below the Investing.com forecast of 205K.
Market Conditions Favor a Move Up in Credit Quality
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joined Bloomberg TV in Davos to discuss the outlook for credit as recession nears.
How Custodial Competition Will Transform the Advisor Space
It’s big news that Envestnet is moving into the RIA custodial space and will soon be competing head-to-head with its biggest integration partners: an expanded Schwab platform, Fidelity and Pershing. I suspect that this is just the first of many so-called software “platforms” that will jump into the custody competition.
US Retirement Legislation and Regulation Bulletin: Fourth Quarter 2022
We believe it is important to keep you informed on the latest proposals and regulations impacting the retirement industry, as well as implications to your business.
Southwest Will Pay for Its Failures, but will Broker-Dealers?
Southwest Airlines cancelled 16,000 holiday flights. It will cost the airline dearly in reputational rage and lawsuits. Will massive Reg BI compliance failures cost BDs?
To Deliver a Transformative Experience Think Like a Client
Advisors must redesign their entire approach, starting from the client's point of view.
Will RIAs be Liable for Failed Retirement Income Planning?
Let me share a story of an RIA who will be forced to mount a legal defense because of a lawsuit that is likely to be filed by two of his retired clients.
The SEC Outsourcing Rule and Our Failure as Fiduciaries
The process by which advisors select a TAMP is the latest illustration of fiduciary failure, and the SEC has responded with ominous rulemaking that will have questionable value to our profession.
Tax Season Gets a Gen Z Revamp on TikTok
Welcome to tax season, TikTok edition.
2022 ESG Survey Deep Dive: Active Ownership Review
Our 2022 ESG manager survey findings reinforced our belief that the integration of environmental, social and governance (ESG) factors into investment processes is here to stay.
Full-time and Part-time Employment: A Deeper Look
Let's take a closer look at this week's employment report numbers on Full and Part-Time Employment.
Rethinking the Traditional OCIO Model: A Guide for RIAs
An OCIO can deliver vastly expanded investment capabilities while seamlessly alleviating the burden of investment infrastructure, operations back-office, and administrative tasks, freeing up advisors’ time for vital client-facing and relationship-building activities.
The Trends That Will Shape the Advisory Profession in 2023
I’m looking over my previous “trends” article, published at this time a year ago, and some of my ”fearless predictions” were outlandish then but now seem ordinary. That means I did something right.
NewsLetter - December 2022
Enjoy the latest Newsletter from Harold Evensky.
Our Top 10 Most Popular Practice Management Articles of 2022
As is our custom, we conclude the year by reflecting on the 10 most-read practice management articles over the past 12 months. Tomorrow, we will highlight the 10 best articles you probably missed.
Vanguard Exit Has Lawyers Mapping Out Wall Street’s Top ESG Risk
At a recent climate-finance meeting attended by Wall Street giants including BlackRock Inc. and Goldman Sachs Group Inc., no one spoke until a lawyer had finished reading out a disclaimer stating the group was not a cartel.
Minerd on the Fed and Investing Heading into 2023
Scott Minerd, Global CIO for Guggenheim Partners and Chairman of Guggenheim Investments, joins the year-end episode of Macro Markets on Fed Day for a wide-ranging discussion of the Federal Reserve’s execution of monetary policy, economic conditions, the investment landscape for risk assets, portfolio strategy, and more.
Keeping the Republic … and the Fiduciary Standard
The SEC’s 2022 actions on fiduciary care are a reminder why a “real fiduciary” standard will only thrive if advisors and planners make it so. Regulators cannot. It’s is not their job.
Newsletter Volume 15, No. 5
“95 years ago, your crystal ball reveals: Russian debt default, LTCM fail, DotCom implosion, 9/11 attacks, financial crisis and great recession, pandemic killing millions, 3 market crashes. Would you put your money into stocks? No? You missed a 10X return.”
Wall Street Managers Are Learning to Love Treasury Bonds Again
Slowly but surely, bond haters are vanishing across Wall Street — even as fresh market havoc remains a distinct possibility next year if still-raging inflation forces the Federal Reserve to ramp up policy tightening anew.
It’s Official: U.S. Retirement Plans Can Consider ESG Factors
After years of uncertainty around how U.S. retirement plans could consider ESG factors, the dust is finally settling. It’s official: A Nov. 22 rule issued by the Department of Labor (DOL) allows retirement plans to consider financially material ESG factors when selecting investments and exercising shareholder rights.
Our Brains Are Prediction Machines - What Advisors Should Do About It
Now I know why people ignore my warnings about those who claim they can predict the markets.
Four Keys to Success in Unpredictable Economic Times
Let’s look at four keys to building trust through deeper relationships.
How to Help With a Client’s Job Loss
If you lose your job, what emotional and professional support should you expect from your financial planner?
2022 Annual ESG Survey: The ESG Journey Accelerates
Our annual ESG manager survey of active managers assesses the integration of ESG considerations in investment processes among equity, fixed income and private markets managers, and spotlights firmwide policies, use of data, engagement and integration.
Gifting Strategies for HNW and UHNW Clients
My guest today will discuss how he works with UHNW/HNW individuals and families when it comes to charitable giving and meeting philanthropic needs. We will talk about the issues individuals should consider when making a gift of a business interest to a public charity. We will discuss the benefits for donors in making the decision to give a gift of a business interest to a public charity, the types of business interests that a donor may give to charity and the trends he’s seeing across his client base when it comes to charitable giving strategies such as this one.
Fixed-Income Pain Giving Way to Opportunity
Anne Walsh, Chief Investment Officer for Fixed Income, on the economic and credit cycle, and on risk and opportunity across the fixed-income landscape.
Fixed-Income Sector Views
While the path to get us here has been painful, investable yields have the potential to meet the return objectives of pension plans, insurance companies, or other investors that may have been sitting on the sidelines—or taking undue risk within fixed income in a reach for yield.
How a Nasty Exchange on LinkedIn Led to a New Non-Profit
What problem could be solved or what issue or challenge could be addressed that would offer wide appeal to the expansive advisor community? The answer that made sense to me was financial education.
Ask Brad: Will the Independent Broker-Dealer Model Survive?
I proclaim the pending demise of the independent broker-dealer model.
The Jobs Data Trend is Duration’s Friend
October jobs data suggests a cooling labor market.
Why I’m Optimistic about America
The political news culture that favors words over deeds, clicks over content and headlines over discussion effects fiduciary care. We are at a low ebb.
The Obstacles, and Solutions, to a Post-AUM Profession
Less than a month after I recommended that an organization – specifically NAPFA – set new membership standards regarding an RIA firm’s revenue model, one has risen to take up the challenge.
Equities Trade “Dirty” Causing Investors to Lose Billions (Part 2)
Buying a dividend is a market-structure risk that costs investors billions in unnecessary taxation.
"I Would Not Call This a Pivot Today."
Scott Minerd, Guggenheim Partners Global CIO and Chairman of Guggenheim Investments, joins Bloomberg TV on Fed Day.
You Missed Your Chance to Buy I Bonds at 9.62%. Now What?
The final day to get Series I savings bonds at a record 9.62% yield has come and gone.
Weaker Payrolls Will Reward Pent-Up Demand for Fed Pivot
Weakening jobs picture will signal that Fed tightening is working as intended.
Dispelling Common Whole Life Insurance Myths
Life Insurance Awareness Month just wrapped up in September. It’s a good time to dispel some common myths around this important financial product.
Creating a Best-In-Class Client Experience in Your Family Offices
When it comes to elevating the “customer experience” to improve client satisfaction and results, today’s family offices could learn a thing or two from Starbucks.
What We Learned in Fiduciary September
Reg BI is the most divisive issue in the fiduciary discussion and was a focus of the discussion during September’s event.
Banks Try Quiet Quitting on Net Zero
For some bankers, net-zero is like a new year’s resolution—a pledge one makes and often breaks before a year has passed.
I Bond Yields Are Set to Drop Next Month
Yields on popular Series I savings bonds — intended to protect consumers against price increases — are likely heading down even as inflation continues to surge.
What to Say When You are Asked: “Why Should I Choose You Over Another Advisor?”
It’s an awkward question, because the last thing you want to do is defend or sell yourself against another advisor.
That Sound You Hear Is the Fed Breaking Something
October will test the Fed’s resolve.
Seth Klarman and the Threat to American Democracy
Democracy is under attack, yet many Americans fail to see the threat, according to Seth Klarman. Leadership must come from the business community to respond to this challenge.
Do You Know How Much a Kid Will Cost You?
Kids are expensive. Full stop. No matter your level of frugality, it's certainly costlier to have kids than to opt to be child-free.
The CFP Board is Confusing and Misleading Consumers
The CFP Board has strayed from its mission of improving life for the consumer. Instead, it is generating as much confusion as possible for the furthering of its own interests. Make no mistake – transparency is not on its agenda. This is a massive disservice to the public.
US Retirement Legislation And Regulation Bulletin: Third Quarter 2022
On August 16th, President Joe Biden signed the Inflation Reduction Act into law, ending months of uncertainty over whether congressional Democrats would ever reach agreement on a compromise budget reconciliation bill.
How to Fix Our Failed Approach to Fiduciary Lobbying
Instead of focusing on the advantages fiduciary standards would provide to the profession, lobbyists who represent advisors should point to the catastrophic failures of the perverse incentives embedded in the brokerage business model.
Risk Transfer Potholes: How to Avoid Them or Brace for Impact
10 years have passed since the watershed year for pension risk transfer.
Where’s the Beef?
In the 1980s there was a famous TV ad for Wendy’s with the tagline “Where’s the beef?”.
Making The Case for Alternatives—Particularly Commercial Real Estate—in Defined Contribution Plans
Despite widespread use in institutional portfolios, alternative investments are not typically found in US defined contribution plans.
Millennials Are Finally Building Wealth and Hiring Financial Advisers
Millennials are self-centered and allergic to commitment. They switch jobs every six months and will never buy homes. And don’t get them started on marriage and kids.
Macro Markets Podcast Episode 21: Measuring Sustainable Infrastructure
Jim Pass, head of project finance for Guggenheim Investments, and Kate Newman from the World Wildlife Fund talk about the most recent research collaboration between Guggenheim and WWF, a survey of infrastructure investors and developers.
New Lawsuits Threaten the Target-Date Fund Industry
A new wave of lawsuits alleges that Blackrock’s target date funds (TDFs) have underperformed. These lawsuits open the door to a related and scandalous breach of fiduciary duty – excessive risk.
The Next Challenge Facing the Advisory Profession
Advisors won the last war – true professionals achieved victory by adopting fiduciary principles and providing comprehensive planning. But a new battlefront has emerged – what I call the “next argument” – and achieving victory will slow and painful.
How the US Can Make the Apprenticeship Model Work
With the US unemployment rate near a five-decade low and job vacancies close to a record high, businesses say they are scrambling to find workers. Many complain that large and growing skills mismatches prevent them from getting the staff they need.
How Manipulative Language Muddied the Meaning of Advice
The classical notion of 1940 investment advice has been hijacked and replaced by the SEC with a weak, distant cousin.
How to Get Started with Commission-Free Annuities
Join this session to learn how to implement Commission-Free annuities in a financial plan, determine the client needs they're best suited for, and manage these solutions within a fiduciary practice.
Quotables by Notables On the Subject of Annuities
My article, “The Trial of Ken Fisher for Crimes Against Annuities,” marked the beginning of my effort to aggressively defend annuities against criticisms that had become too exaggerated, too longstanding, and too inaccurate to be left unchallenged.
Credit Yields Look Attractive Despite Rising Recession Risks
Signposts for credit investors as the next recession approaches.
The Future of Financial Planning Advice, Part 2
I explain how attempts to view advisor compensation through a moral lens instead of an economics lens lead to false conclusions about the relative merits of each pricing model and hence to misguided predictions for the future of planner compensation.
Three Keys to Advisory Firm Talent Management
A strong culture is key to inspiring the team and workplace of tomorrow.
Guaranteed Income for Life, Part 2: What is a Contingent Deferred Annuity?
I examine the benefits of the contingent deferred annuity (CDA), and whether it’s poised to become the next big thing in retirement.
Stocks Are in Trouble if S&P Fails to Break Above its 200-day Moving Average
Deeper losses for equities may lay ahead.
The Future of Financial Planning Advice, Part 1
The views you often read on advisor compensation models and their future are misguided.
Guaranteed Income for Life, Part 1: Can Contingent Deferred Annuities Become a $100B Industry?
In the current unstable economic environment, producing safe, reliable income over the course of an unknown retirement is a daunting goal for any financial professional. As a result, many Americans sub-optimize their retirement experience.
The Inflation Moderation We Expected Should Continue
Lower July CPI inflation is likely the beginning of a trend.
How Many Advisors are Clueless About Fiduciary Obligations?
Based on my anecdotal experience, I’ve come to the reluctant conclusion that many advisors are clueless about what it means to be a fiduciary.
How Storytelling Builds Trust
We never get too old for stories. And especially in the current volatile market, our clients benefit greatly from hearing a story like Dimensional’s – which gets better the longer it continues.
Every Serious Couple Should Talk About Spousal IRAs
Marriage in the US also unlocks an under-discussed retirement option: the spousal IRA.
Macro Markets Podcast Episode 18: Investment-Grade Corporates and the Macro Backdrop
Managing Director Justin Takata discusses the technical and fundamental drivers of value in investment grade corporates, and U.S. Economist Matt Bush addresses recession timing and the possible progression of policy.
FINRA’s Perversion of the Word “Advisor”
FINRA interprets “financial advisor” as being usable (on business cards and elsewhere) by any financial professional who holds an RIA affiliation, whether or not the relationship with the client is in fact an advisory one.
Elevate Your Fiduciary Game (Before It’s Too Late)
Many RIAs fall short of the obligations of a fiduciary, particularly with respect to how their fees are paid. A day of reckoning (lawsuits) is only a matter of time.
Is Your Marketing Honest? The 17-Point Test
I have a vision of a profession where the most straightforward advisors, not the coolest ones with the best spiel, rise to the top. To achieve that ideal, here are 17 ways that acting more honestly than the competition will win more clients.
How to Be an Uncomparable Advisor
When you become an uncomparable financial advisor, you don’t have to compete with other advisors because you are unique. Here are the five components of uncomparability.
There’s a Low-Risk Way for Investors to Earn 9.62% Returns Right Now
Markets are slumping. Crypto has cratered. Yet one corner of the financial world continues to offer investors strong, low-risk returns: Humble I bonds.
Polarization and the State of Advice
The Supreme Court’s decisions on abortion and gun safety reinforced how ideology polarizes politics and prevents civil discussion and progress. Market ideology has also polarized discussion and harmed advice standards.
Recession Signals Flashing Red
The latest data suggest that we may already be in a recession.
Anxious About a Recession? Start Thinking Like a Freelancer
As mass layoffs start to make headlines and recession chatter gets louder, there is a lot that traditionally employed folks can learn from freelancers to defend their finances amid anxiety about a downturn.
Tesla’s Technoking of Tumult Caps a Wild Quarter With Silence
The man who dominates discussion about the future of transportation has gone uncharacteristically quiet at the close of a manic quarter.
Three Lessons About Cognitive Biases
Here are three lessons about the cognitive biases advisors need to be aware of as the trusted protectors of their clients’ financial futures.
Macro Markets Podcast Episode 16: Fed Watch: A Deep Dive into 75
Brian Smedley, Guggenheim’s Chief Economist and Head of Macroeconomic and Investment Research, discusses the impact of the Fed’s 0.75% rate hike on markets and the economy.
Reg BI’s Unhappy Second Birthday
Reg BI turns two on June 30th. It was supposed to help investors better understand how advisors and brokers differ and have BDs meet a “best interest” standard based on fiduciary principles. It turns out that Reg BI is doing the opposite.
The Emperor of All Risks
Because the consequences of leaving longevity unmanaged are likely to be the most devastating, advisors must act now to address it.
Opportunities in Tax Efficiency
I have identified a few opportunities within my portfolio and wealth management practice that prompt consideration for your own strategies as you plan for large estates.
How to Build a Diversified Crypto Allocation
Several avenues for diversifying cryptocurrency portfolios exist. Investors should weigh the costs and benefits of each of the following three methods.
The Current and Future State of Model Portfolios
This article is relevant to financial professionals who are considering offering model portfolios to their clients.
Why the “Hard Sell” is Obsolete
Many advisors have potential clients who slip through their fingers because they believe their goal is to build a relationship pre-sale. But that’s not your potential clients’ goal.
Today’s Pensions Just Don’t Favor Millennials and Gen Z
Even in 2022, pensions still command an aura of reverence. A benefit where you work for one company for 30 years and then retire with a livable wage? And you don’t have to fret about picking investments? What’s not to like?