This morning's seasonally adjusted 232,000 initial claims was up 2,000 from the previous week's revised figure. The latest reading came in below the forecast of 235,000.
Allen Li, Managing Director and Head of Guggenheim Investments' Municipal Bond Sector Team, explains the structure and characteristics of the $4 trillion municipal market, the importance of technical dynamics, and where he is finding value.
Stocks are having a great year, but gold is doing even better. Year-to-date global equities are up roughly 9% in dollar terms; gold has advanced more than 10%.
If you’ve been to a high school or college commencement lately, then you know the drill: at some point at least one speaker will urge the graduates to be “agents of change,” suggesting they’d like to see these students make the world a better place through some sort of social activism.
We must understand our clients’ purposes and how they fit together in their lives. We need to take the initiative when rebalancing is in order.
Deep in the bowels of Wall Street, there’s a surprisingly successful counterfeiting operation underway: The world’s largest banks have created a booming business churning out imitation quant trades.
As financial advisors and wealth managers, we want our ultra-high net worth clients to emulate the Rockefellers, not the Vanderbilts.
Markets are still facing uncertainties regarding the impact of the Federal Reserve’s aggressive rate hikes and quantitative tightening, a potential economic slowdown, and the likelihood of other unforeseen consequences of financial disintermediation.
What is the number-one reported factor for a happy and fulfilling retirement?
Tom Hauser, Co-Head of Corporate Credit, discusses his current views on opportunity in leveraged credit. Economist Paul Dozier updates on the latest economic data.
On May 3, the Massachusetts Supreme Judicial Court heard arguments on whether Massachusetts citizens will get a state-level fiduciary rule. The Fiduciary Institute submitted an amicus brief that said, emphatically, “Yes!” This is why.
Let's take a close look at April's employment report numbers on Full and Part-Time Employment. The latest data shows that 83.5% of total employed workers are full-time (35+ hours) and 16.5% of total employed workers are part-time (<35 hours).
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV from the Milken Global Conference to discuss the implications of ongoing issues in fixed income and how capital rationing favors private credit.
What exactly does a trust company do to earn their fee that my family member or friend can’t do?
We have the royal coronation in England to remind us that once upon a time, one person would issue all the laws – which is an unfair but very effective way to make things happen. Here are the edicts that I would issue if the financial services world made me its king.
April is Financial Literacy month, but all that elicits from the advice industry is a collective yawn.
PE will remain a factor in the RIA space for years to come, but it’s not for everyone.
Twitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp., driving speculation about what Elon Musk intends for the social media platform.
Born of the Global Financial Crisis, additional tier-1 securities were designed to absorb bank losses in times of turbulence and maintain financial safety at no cost to taxpayers. Despite good intentions, we’ve found AT1s to be flawed instruments that are contingently junior to common equity in practice.
What are the implications of the ongoing volatility in the banking sector, and what does it mean for markets in Europe and globally?
Here are the core tenets I share with advisors who are trying to carve their niche and stand out – the best practices to beef up your marketing efforts in 2023.
The changes inside SECURE 2.0 range from new rules related to 529 college savings plans to when retirees should take their required minimum distributions (RMDs). With so much to sort through, advisors may be overlooking some of the details of the act.
It’s rarely mentioned, but it’s stunning how often the financial planning profession has foreshadowed the evolution of our social environment.
The importance of Biden’s veto to save the DOL rule was not about assessing ESG factors. It was about affirming the role of the fiduciary in investment advice.
I’ll explore four tools and strategies you can leverage to improve how your site ranks in search engines to reach your clients and prospects more effectively.
If you work with boomer-generation women, are you properly responding to their need for lifetime income? Consider this parable.
Fears of bank runs precipitating a broader financial crisis helped spark a surge in bullion buying this week.
My “five-step investment process” provides an ongoing systematic framework for making portfolio decisions, and further incorporating financial planning and tax considerations into overall portfolio construction.
Today’s inflationary market landscape is fraught with risks for investors. Despite these circumstances, Scott Welch and Kevin Flanagan outline how bond investors can generate yield.
Valuations have reset after a volatile year.
On February 5, 2023, Charlie Munger sat down as the Chairman Emeritus of the Daily Journal Corporation (DJCO) to answer questions from shareholders and the public.
Let’s explore whether the CFP Board, the most powerful and prominent organization supporting the advisory profession, can do more to support the adoption of a full fiduciary standard. We’ll also ask whether the CFP Board actually owns the trademark for “certified financial planner,” as it claims.
In failing to hold all those who provide financial advice to a comprehensive fiduciary standard, the SEC enacted Reg BI to enforce a “best interest” standard. Do your clients understand what that means and its implications?
Given that $26 billion will be spent this year on Valentine’s Day, imagine if RIAs spent a tiny fraction of that to explain fiduciary relationships to the public.
One of many things to break in last year’s market rout was a decade-long stretch in which gains in stocks overwhelmed gains in wages.
I am often asked by advisors who are RIAs or are considering the model how they should explain that choice to their clients.
Brian Smedley, Chief Economist and Head of the Macroeconomic and Investment Research Group, joins Macro Markets to discuss Fed policy, recent inflation, labor, and GDP data, and key takeaways for investors from our 10 Macroeconomic Themes for 2023.
Making more money by directing someone to a product or solution shouldn’t be a goal. Even if the potential reduction in revenue to the firm is sizable in the near term, it’s more important to ensure that the client reaches their financial life goals.
The recent embrace of so-called liquid alternatives by ordinary Americans seeking to fund their retirement is deeply troubling.
Investors need body cameras. The horrifying images of five police officers beating Tyre Nichols were possible only because of the transparency of police body cameras. Words cannot do justice to what happened to Nichols, but they offer a lesson for the need for transparency in the regulation of advice.
Guggenheim Investments’ Macroeconomic and Investment Research Group identifies 10 macroeconomic trends likely to shape monetary policy and investment performance this year.
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.
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?”.
Fiduciary Rules
Weekly Unemployment Claims: Up 2K, Lower Than Expected
This morning's seasonally adjusted 232,000 initial claims was up 2,000 from the previous week's revised figure. The latest reading came in below the forecast of 235,000.
Macro Markets Podcast Episode 35: A Deep Dive into Municipal Bonds
Allen Li, Managing Director and Head of Guggenheim Investments' Municipal Bond Sector Team, explains the structure and characteristics of the $4 trillion municipal market, the importance of technical dynamics, and where he is finding value.
An End To Tightening Supports Gold
Stocks are having a great year, but gold is doing even better. Year-to-date global equities are up roughly 9% in dollar terms; gold has advanced more than 10%.
Agents of Change?
If you’ve been to a high school or college commencement lately, then you know the drill: at some point at least one speaker will urge the graduates to be “agents of change,” suggesting they’d like to see these students make the world a better place through some sort of social activism.
Rebalancing Your Clients’ “Purpose Portfolio”
We must understand our clients’ purposes and how they fit together in their lives. We need to take the initiative when rebalancing is in order.
Wall Street Built a $370 Billion Business Cloning Quant Trades
Deep in the bowels of Wall Street, there’s a surprisingly successful counterfeiting operation underway: The world’s largest banks have created a booming business churning out imitation quant trades.
Be a Rockefeller, Not a Vanderbilt
As financial advisors and wealth managers, we want our ultra-high net worth clients to emulate the Rockefellers, not the Vanderbilts.
Second Quarter 2023 Fixed-Income Sector Views
Markets are still facing uncertainties regarding the impact of the Federal Reserve’s aggressive rate hikes and quantitative tightening, a potential economic slowdown, and the likelihood of other unforeseen consequences of financial disintermediation.
Women's Health Month: How Finances Affect Wellness
What is the number-one reported factor for a happy and fulfilling retirement?
Macro Markets Podcast Episode 34: Risk/Reward in High Yield/Bank Loans
Tom Hauser, Co-Head of Corporate Credit, discusses his current views on opportunity in leveraged credit. Economist Paul Dozier updates on the latest economic data.
The Battle for Fiduciary Standards in Massachusetts
On May 3, the Massachusetts Supreme Judicial Court heard arguments on whether Massachusetts citizens will get a state-level fiduciary rule. The Fiduciary Institute submitted an amicus brief that said, emphatically, “Yes!” This is why.
Full-time and Part-time Employment: A Deeper Look
Let's take a close look at April's employment report numbers on Full and Part-Time Employment. The latest data shows that 83.5% of total employed workers are full-time (35+ hours) and 16.5% of total employed workers are part-time (<35 hours).
A Vast Market in Private Credit
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV from the Milken Global Conference to discuss the implications of ongoing issues in fixed income and how capital rationing favors private credit.
The Cost of Corporate Versus Individual Trustees
What exactly does a trust company do to earn their fee that my family member or friend can’t do?
If I Were King…
We have the royal coronation in England to remind us that once upon a time, one person would issue all the laws – which is an unfair but very effective way to make things happen. Here are the edicts that I would issue if the financial services world made me its king.
Why Financial Literacy Programs Fail
April is Financial Literacy month, but all that elicits from the advice industry is a collective yawn.
The Permanent Role of Private Equity in the RIA Profession
PE will remain a factor in the RIA space for years to come, but it’s not for everyone.
Twitter Company ‘No Longer Exists,’ Is Now Part of Musk’s X
Twitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp., driving speculation about what Elon Musk intends for the social media platform.
AT1 Bonds
Born of the Global Financial Crisis, additional tier-1 securities were designed to absorb bank losses in times of turbulence and maintain financial safety at no cost to taxpayers. Despite good intentions, we’ve found AT1s to be flawed instruments that are contingently junior to common equity in practice.
Market Volatility and Developments in the Banking Sector
What are the implications of the ongoing volatility in the banking sector, and what does it mean for markets in Europe and globally?
Standing Out in a Crowded Market
Here are the core tenets I share with advisors who are trying to carve their niche and stand out – the best practices to beef up your marketing efforts in 2023.
What Most Advisors are Missing About SECURE 2.0 Act
The changes inside SECURE 2.0 range from new rules related to 529 college savings plans to when retirees should take their required minimum distributions (RMDs). With so much to sort through, advisors may be overlooking some of the details of the act.
The Planning Profession is Leading Us to a Better World
It’s rarely mentioned, but it’s stunning how often the financial planning profession has foreshadowed the evolution of our social environment.
The Fiduciary is the "Decider"
The importance of Biden’s veto to save the DOL rule was not about assessing ESG factors. It was about affirming the role of the fiduciary in investment advice.
Four Tools to Improve Your Site's Search Visibility
I’ll explore four tools and strategies you can leverage to improve how your site ranks in search engines to reach your clients and prospects more effectively.
Annuity? Never
If you work with boomer-generation women, are you properly responding to their need for lifetime income? Consider this parable.
Could Bank Runs Lead to a Run on Gold & Silver?
Fears of bank runs precipitating a broader financial crisis helped spark a surge in bullion buying this week.
The Professor's Portfolio
My “five-step investment process” provides an ongoing systematic framework for making portfolio decisions, and further incorporating financial planning and tax considerations into overall portfolio construction.
What’s Yield Got to Do, Got to Do with It?
Today’s inflationary market landscape is fraught with risks for investors. Despite these circumstances, Scott Welch and Kevin Flanagan outline how bond investors can generate yield.
First Quarter 2023 Fixed-Income Sector Views
Valuations have reset after a volatile year.
Ramblings From My Idol, Charlie Munger
On February 5, 2023, Charlie Munger sat down as the Chairman Emeritus of the Daily Journal Corporation (DJCO) to answer questions from shareholders and the public.
The CFP Board and its Support for the Fiduciary Standard
Let’s explore whether the CFP Board, the most powerful and prominent organization supporting the advisory profession, can do more to support the adoption of a full fiduciary standard. We’ll also ask whether the CFP Board actually owns the trademark for “certified financial planner,” as it claims.
Do Your Clients Understand What “Best Interest” Means?
In failing to hold all those who provide financial advice to a comprehensive fiduciary standard, the SEC enacted Reg BI to enforce a “best interest” standard. Do your clients understand what that means and its implications?
Will You be My Fiduciary?
Given that $26 billion will be spent this year on Valentine’s Day, imagine if RIAs spent a tiny fraction of that to explain fiduciary relationships to the public.
Bull Case on a Stock Crash Sees End of Fed Gifts to One Percent
One of many things to break in last year’s market rout was a decade-long stretch in which gains in stocks overwhelmed gains in wages.
Ask Brad: How to Explain the RIA Model to Clients
I am often asked by advisors who are RIAs or are considering the model how they should explain that choice to their clients.
Fed Day, Jobs Day, and 10 Macro Themes
Brian Smedley, Chief Economist and Head of the Macroeconomic and Investment Research Group, joins Macro Markets to discuss Fed policy, recent inflation, labor, and GDP data, and key takeaways for investors from our 10 Macroeconomic Themes for 2023.
The Secret to Success in Financial Services
Making more money by directing someone to a product or solution shouldn’t be a goal. Even if the potential reduction in revenue to the firm is sizable in the near term, it’s more important to ensure that the client reaches their financial life goals.
Alternatives for the Masses?
The recent embrace of so-called liquid alternatives by ordinary Americans seeking to fund their retirement is deeply troubling.
The Death of Tyre Nichols and its Lesson for Advice Regulation
Investors need body cameras. The horrifying images of five police officers beating Tyre Nichols were possible only because of the transparency of police body cameras. Words cannot do justice to what happened to Nichols, but they offer a lesson for the need for transparency in the regulation of advice.
10 Macroeconomic Themes for 2023
Guggenheim Investments’ Macroeconomic and Investment Research Group identifies 10 macroeconomic trends likely to shape monetary policy and investment performance this year.
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.
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?”.