Many long simmering tensions boiled over in France’s protests and riots. Rising borrowing costs for the government proved a crucial pressure point — a message from bondholders grown impatient with a lack of pension reform and the country’s enormous welfare state. Americans would do well to pay attention.
How many eyeball-grabbing headlines can we stuff into the next few weeks? For tech investors, AI concerns mount, with rising credit default swap prices among the hyperscalers and sagging neocloud equities.
Anybody who has lived through the past quarter century or so is familiar with the concept of a debt doom loop. Big government deficits, say, cause higher interest rates, making the government pay more to borrow and also bail out the banks that own its sinking bonds, driving it even deeper into debt. Rinse, repeat.
As information and AI-powered insights become more accessible, experience, judgment, and discernment are becoming increasingly valuable. The advisor's role is evolving from simply providing answers to helping clients interpret complexity, evaluate trade-offs, make decisions with confidence, and execute those decisions effectively.
Ken Griffin told a room full of investors recently that we are “almost certainly” in an AI bubble. He may well be correct in that assessment, and there are plenty of media narratives that support that view.
A few months ago, Georgina Long received a message asking her to call a collaborator at Merck & Co. She feared the worst.
With several provisions of the One Big Beautiful Bill Act (OBBBA) taking effect in 2026, year-end planning may present new opportunities and considerations for taxpayers. It’s important to assess personal finances before the end of the year to determine if action is needed.
The Federal Open Market Committee (FOMC), the policy-setting group within the U.S. Federal Reserve, meets on 27–28 October to discuss the economic outlook and appropriate monetary policy. We expect the FOMC to hold the policy rate at 3.75%–4.0% while keeping a clear tightening bias.
Investors are beginning to turn cautious on biotechnology stocks as a rapid rise in Treasury yields dents the appeal for shares of companies that are often viewed as risky all-or-nothing bets on breakthrough medical treatments.
Being able to recognize one’s blind spots and knowing when to bring in another financial professional can be just as impactful. Identifying where those boundaries exist can help advisors continue to excel in their area of expertise while helping clients build financial plans that strengthen their future.
In a potential test of the law of unintended consequences, the Securities and Exchange Commission has released a rule proposal that would make it far easier for private equity, venture capital and private capital fund managers to attract — and tap into — the savings of retail investors.
As AI in wealth management becomes more prevalent, recent research from Vanguard suggests that technology may actually increase investors’ appreciation for human expertise.
You’ve surely heard the standard advice that people should own more bonds than stocks as they age because stocks are riskier and older investors have less time to recover losses. I’ve always thought it was a half-baked idea, and rising interest rates show how costly it can be.
What matters most now is not merely whether I can improve a client's financial position. It is how I help advance the financial and personal direction of that client's life in a meaningful way.
The discipline of running a succession-ready firm makes every aspect of a business stronger, not just the eventual transaction. Advisors who operate this way attract better talent, serve clients more consistently, and create businesses that hold their value regardless of market conditions.
We understand that you can’t forecast the sequence of returns, but we CAN build a plan that survives a bad one. As Howard Marks puts it, you can’t predict, but you can prepare. These are the rules of engagement once you’ve crossed from saving into spending.
While the majority of advisors, 62%, still use an AUM-based fee model to charge clients, a growing number have said they now charge a retainer fee. In 2023, only 14% of advisors offering financial planning services said their compensation model was an annual retainer, while 38% said the same in the 2026 State of Financial Planning Fees study.
Market participants have been conditioned to expect clear Forward Guidance from Fed Chairs. Chairman Warsh has made it clear that Forward Guidance will be less under his leadership, but he has offered a very important qualifier that many have yet to grasp.
Emerging markets have significantly evolved in recent years and offer a more compelling risk/reward setup than in the past. From deeper local markets to world-leading companies, Emerging markets presents a stronger opportunity than geopolitical volatility suggests.
You can’t spot it on the field or in the stadium. You can’t correct it in training. Or cure it with a dose from the team doctor. But it’s a malady an overwhelming number of professional athletes will face.
From social media and AI tools to financial professionals and workplace resources, defined contribution (DC) plan participants are drawing retirement insights from an expanding portfolio of sources, according to our latest survey. But more content doesn’t necessarily mean better outcomes. We think plan sponsors are well positioned to help participants cut through the noise.
It’s a complicated economic environment to retire in, with high costs and significant geopolitical and policy uncertainty. Still, people want and often may need to retire. However, thanks to innovation in the asset management world, investors have an increasing array of options.
With more than 100,000 advisors planning to retire in the next 10 years and an overwhelming majority of independent RIAs facing major challenges in succession planning, making your firm as attractive as possible, whether you’re looking to acquire or to be acquired, is quickly becoming much more than a good idea; it may soon be a survival tactic.
Ken Griffin is donating $3 billion to Carnegie Mellon University, most of it to establish a new campus in Miami, in the largest single gift committed to a US university.
Abdul El-Sayed, the Democratic candidate for Senate in Michigan, has a simple pitch to voters. Imagine, he says, a health-insurance plan with “no premium, no copay, no deductible — just healthcare when you need it.” El-Sayed and other proponents call the idea Medicare for All.
When during the calendar year should retirees take their required minimum distributions (RMDs)? Take the RMDs early and eliminate the chore? Wait until December to maximize tax-deferred compounding? Or spread the distributions throughout the year? Advisors often start with too narrow a view of what clients are trying to optimize.
Only 30% of Americans believe they’ll be able to retire comfortably — an amount retirement plan participants now estimate is $1.2 million, a recent survey by Schroders found. 33% of plan participants said that their credit card debt was higher than their retirement savings.
Creating significant wealth requires concentration of capital, attention, risk, and decision-making.
The exchange-traded fund (ETF) market is pacing toward a record-breaking year in 2026, driven by an unprecedented wave of new product launches and historic capital inflows.
AI has changed coding, mathematics, and weather forecasting. They all have a vast pool of available training data, rapid feedback, and clear right and wrong answers. These keep models moored to reality, not spiraling off to disaster as the result of compounding small errors.
For at least eight years, Congress has been trying and (mostly) failing to create a special set of rules for digital assets and the markets they trade on. It’s worth asking how much, if any, of that was advisable.
Creating an estate plan is an important step, but it is only one piece of your financial life. If your estate documents, investment strategy, retirement plan, tax strategy, and beneficiary designations are not working together, even a well-crafted estate plan may not achieve the outcome you intended. Coordinating these elements may help support your wealth is transferred efficiently, your wishes are honored, and unnecessary complications are reduced.
Longevity optimists believe advances in geroscience, biotechnology, artificial intelligence, and other fields could significantly extend both health span and lifespan. Living healthy into our late 90s, and perhaps beyond 100 for many, should be taken seriously when thinking about our personal and financial futures.
Cryptocurrency can complicate divorce even when no one is hiding it. Early identification and collaboration can prevent a misunderstood transaction or unilateral decision from becoming a costly dispute. This preparation also gives both spouses a reliable basis for evaluating settlement terms and trade-offs.
Novo Nordisk A/S is eyeing the hair-loss market as the maker of Ozempic seeks to expand its direct-to-consumer pharmaceuticals business.
The K-shaped economy is real, and it is old. What changed isn’t the shape of the economy; it’s just that the media found a narrative that gets lots of clicks and views, and we let headlines do our thinking for us.
Like it or not, we are all betting on AI taking over the economy. In the last 40 years, the US has become a nation of stock investors. On the whole, it has made Americans rich. Now the stock market is soaring on the hopes that AI will make everyone more productive — and if that doesn’t work out, we all may learn the definition of a bad tail risk.
Advisors outsourcing at least 20% of assets reported saving 9.1 hours per week, or approximately 473 hours annually. WisdomTree research found 90% of investors welcomed third-party model portfolios, suggesting clients may be more comfortable with outside expertise than advisors expect.
Vanguard research challenges four myths about women investors, revealing what female clients value from financial advisors, from expertise to collaboration.
What does Tina Turner have in common with a US Treasury bond? They both show that the meaning of safety is not always straightforward.
Advancements in technology, combined with significant stock market gains in recent years, have created a new set of opportunities—and challenges—for investors. For example, investors holding a concentrated position in a highly appreciated stock may face a difficult trade-off between the risk of a market downturn and the potentially significant tax cost of diversifying the position.
For many investors, a 401(k) is simply a retirement savings account. For high-net-worth families, however, it can become a sophisticated planning tool that supports tax efficiency, wealth accumulation, and long-term legacy objectives.
When markets become volatile, many investors gravitate toward assets they perceive as “safe.” Cash, certificates of deposit (CDs), money market funds, U.S. Treasury securities, and high-quality bonds can all play an important role in a diversified portfolio. But “safe” doesn’t necessarily mean “risk-free.”
Target-date funds have become a staple qualified default investment alternative (QDIA) because they help participants invest appropriately without requiring them to act. But as retirement nears, income needs become more pressing and financial situations diverge—a situation dynamic defaults seek to address.
The alternative is to be proactive by helping a grieving client name and address the financial concerns that loss creates, without ever rushing them. Doing that well takes two things: an understanding of how grief actually unfolds and a deliberate process for the conversation itself.
As clients come to advisory shops more informed, due to the plethora of financial advice available online, firms will need to be able to “stress test the information or bias” they arrive with. A comprehensive team, with training across advisory areas, can offer clients more depth of service.
The value of actively bringing the quieter partner into the conversation by turning toward them, making eye contact, and asking for their thoughts. Even if the answer is still a shrug, the question signals that their view belongs in the conversation.
After several challenging years, important parts of the health care sector appear to be reaching an inflection point. Policy uncertainty has weighed on pharmaceutical companies, constrained biotech funding has pressured the drug-development ecosystem and the normalization of pandemic-era has challenged select tool and device companies. More recently, however, several of these headwinds have begun to moderate.
For many investors, years of disciplined saving, equity compensation, business ownership, or a handful of exceptional investments can produce a portfolio that grows faster than expected. While that may sound like an ideal outcome, it can also create what we often think of as a wealth overhang: a situation in which the complexity of your wealth begins to outpace the financial plan supporting it.
A recent plunge in US labor force participation has sparked competing theories about whether persistent drivers — like aging and immigration — or more temporary seasonal shifts are to blame. Any evidence in upcoming jobs reports could reshape how policymakers view the labor market.
Anchoring is one of the most powerful—and underestimated—forces in financial decision‑making. Once an emotional label attaches itself to an idea, it becomes the lens through which people interpret everything that follows.
Americans like to spend money, and they’re good at it. But they also feel kind of bad about it.
Should the recent value rotation be viewed as a regime shift-driven change in market preference, or a simple reversal trade? We think there is a compelling case to be made for the former. In a regime of higher interest rates and stubbornly above-target inflation, the market is increasingly focused on capex intensity, free cash flow conversion, and the cost of capital.
An estimated $124 trillion is expected to transfer through 2048, including about $105 trillion to heirs. We have spent a great deal of time estimating the value that will transfer from one generation to the next. However, if advisors expect to maintain the value received, we should be equally interested in whether the value we provide in exchange is evolving with it.
There is a reasonable argument that population decline is not a catastrophe. Fewer people means less pressure on housing, energy, and food. Automation may cover some of the missing labor, and countries have absorbed demographic shifts before. Those adjustments take decades, though, and you will likely retire before they finish.
The first two articles in this series were about behavior. This one is about arithmetic. There are three numbers that decide most of your investing life. Let’s do the math Wall Street skips, one number at a time.
The TDF industry is an oligopoly where four firms dominate more than 75% of the $5 trillion market. Competitors that are desperate for market share have turned to “managed” QDIA accounts — a gimmick masquerading as personalization.
Funding a college education can be one of the biggest financial goals for a family, and it often requires a comprehensive approach.
I was recently asked how to instill accountability and urgency in this next generation. Set expectations and offer guidance. Remember, this is a generation that largely grew up not speaking to other people and definitely not calling anyone.
We think the gap between women’s confidence and ability underscores that effective plan communications must educate, engage and empower participants across the board. Women may worry more, but they’re clearly knowledgeable and forward-thinking—qualities that can be reinforced. Men may register more confidence but could still use refreshers on financial basics.
Macro strategists and global portfolio managers have their hands full on this final week of August. As we said recently, this is no time to mail it in before Labor Day in the U.S. And for equity traders and bottom-up analysts, NVIDIA (NVDA) writes the storyline in the sessions ahead. The world's most valuable company reports Q2 results after the bell on Wednesday.
Today, many clients expect their financial advisor to be involved in the estate planning process — and they’re willing to switch advisors to find one who offers this expertise, according to a July report by digital estate planning platform Trust & Will.
The truth about the runaway costs of healthcare turns out to be a little more complex than any single source we've named. Hospitals, insurers, private equity, administrators, pharmaceutical companies… pull the thread on any one and we land in the same overextended, bloated, extractive system.
U.S. debt may not be at an immediate breaking point, but persistent deficits, higher rates, and rising interest costs are narrowing fiscal space and market tolerance.
The headline U.S. unemployment rate has been falling for several months, but a closer look at who is leaving the workforce – and who isn’t entering or returning to it – reveals why average wages are stagnating, and why labor markets aren’t a source of inflationary pressure.
Agentic AI won't scale until it owns the meeting cycle—not by replacing advisors or acting without oversight, but by maintaining operational continuity: assembling context, preserving memory, and driving approved actions through to completion.
America remains the best country in the world to get rich. Some see this as cause for celebration, while others view it as evidence of a broken capitalist system. As an economist, I am less interested in debating whether billionaires (or trillionaires) should exist than in asking what the alternative is.
A divorce. A house fire. A serious accident or illness. The death of a family member. Caring for elderly parents. Life events like these are hard and emotionally draining. To make things worse, they also require us to deal with finances and make significant, complex money decisions.
For savers, it drives them to seek bigger and bigger returns to keep up with the government’s monetary devaluation. At first, a simple savings account with a relatively low yield will do the trick. But as the dollar loses purchasing power, you need a better return to keep up. So, maybe you stick your money in a higher-interest-yielding CD.
We are in a debt trap. Our political process can’t reduce spending and/or raise taxes enough to balance the budget, so the debt grows and grows. This has to end, and I think it will do so in the event I’ve called The Great Reset.
Recent trends are sending confusing signals about the health of the U.S. labor market. Since late 2025, the employment/population ratio has moved lower even as the unemployment rate has declined.
Life rarely stands still, and for families caring for a loved one with special needs, change can introduce both emotional and financial complexity. Marriage, divorce, the loss of a parent, an unexpected inheritance, or shifts in public policy may all significantly impact eligibility for benefits, long-term financial security, and family dynamics.
College planning begins long before college. Learn why welcoming a new child is the ideal time to build a strong financial foundation, explore education savings options and prepare for your family’s future.
Clients' financial lives don't operate in separate silos, and their advisory team shouldn't either. Well-designed partnerships should clearly define responsibilities, compensation, compliance obligations, and client communication. Transparent agreements create better experiences for both clients and professionals.
For many high-net-worth individuals and families, access is part of everyday life. They can secure reservations at impossible-to-book restaurants, obtain tickets to sold-out events, or open doors that remain closed to most others. Healthcare often feels like it should work the same way. It doesn't.
Here are three tips for young investors setting out to build wealth but not sure where to start.
“Sound money,” in its purest form, is money whose supply a government cannot expand at will. Under a gold standard, every dollar is a claim on a fixed weight of gold. You can’t print gold. So the government can’t monetize its deficits, and the money supply grows only as fast as miners pull metal out of the ground, historically around 1.5% a year.
Given America’s political environment, you would be forgiven for thinking the country has slipped into a dark age of energy recidivism; burning oil, gas and coal left and right; and tossing wind and solar farms on the scrap heap.
A good financial plan may bring together every aspect of your financial life into a coordinated strategy, providing a clear view of where you are today and helping you prepare for where you want to go. By understanding your complete financial picture, you can make informed decisions that align with your goals, values, and long-term priorities.
A growing number of investors from the US to South Korea are using leveraged exchange-traded funds for long-term investing, a far cry from the day trading they were designed for.
In the span of a few weeks, a new college student takes on loan debt, gets their first credit card offer, and starts managing daily expenses on their own. They're buying groceries, splitting costs with roommates, saying yes to things they probably can't afford yet. No other period of life throws that many financial decisions at someone with that little experience.
Only about 20–25% of financial Advisors have a formal, documented succession plan, despite the fact that more than a third, managing roughly 40% of industry assets, plan to retire within the next decade. That gap is more than a retirement problem.
Social Security’s short-term financing crisis is no longer a distant actuarial projection — it is a near-term event with direct implications for current retirees, individuals approaching retirement, and younger workers. Advisors must understand not only the potential fixes, but also the hard constraints that sharply limit what Congress can realistically do in the next several years.
You spent years building your retirement savings with one goal in mind: having enough to live comfortably when you stop working. The strategy that got you here probably leaned heavily on growth. But as retirement gets closer, that same approach may not be the right one to carry you through it.
In the race to win a coveted role on the next mega US IPO and manage the ensuing riches, Wall Street’s wealth advisers are ramping up lending to founders and entrepreneurs based on the soaring values of their private companies.
Clients do not need us to predict whether the next 10% move is up or down. They need help staying invested in a way that matches their goals, their time horizon, and their actual tolerance for risk. Staying invested is easier when clients understand what each part of the portfolio is designed to do.
In the coming years, more investors will expect financial planning to be a key part of the services they receive from advisors. To be prepared, advisors will need technology to help streamline added workflows, as well as the expertise of certified financial planners to support their clients long term.
Today we’ll consider the interaction between long-term interest rates, the Fed’s limited ability to influence them, inflation and the housing market. And because home prices are the biggest concern for many households, we’ll start with a look at the latest changes there. And then look at the Federal Reserve’s likely reaction.
The global luxury industry, which has been grappling with three years of lackluster sales, may gain some relief as wealth generated by artificial-intelligence companies and their trillions of dollars of initial public offerings finds its way into fancy fripperies.
When clients, specifically, feel they matter to their advisor, they engage more deeply in the planning process, follow through on recommendations, refer more frequently, and build lasting relationships that transcend market volatility.
Life Events
America Is Getting a Peek at Its Debt Future, and It’s Scary
Many long simmering tensions boiled over in France’s protests and riots. Rising borrowing costs for the government proved a crucial pressure point — a message from bondholders grown impatient with a lack of pension reform and the country’s enormous welfare state. Americans would do well to pay attention.
Anthropic IPO on Tap, NVIDIA Updates, & Other Investor Days Shaping Markets
How many eyeball-grabbing headlines can we stuff into the next few weeks? For tech investors, AI concerns mount, with rising credit default swap prices among the hyperscalers and sagging neocloud equities.
A New Era of Debt Doom Loops Has Begun
Anybody who has lived through the past quarter century or so is familiar with the concept of a debt doom loop. Big government deficits, say, cause higher interest rates, making the government pay more to borrow and also bail out the banks that own its sinking bonds, driving it even deeper into debt. Rinse, repeat.
When Information Is Free, Sound Judgment Becomes Priceless
As information and AI-powered insights become more accessible, experience, judgment, and discernment are becoming increasingly valuable. The advisor's role is evolving from simply providing answers to helping clients interpret complexity, evaluate trade-offs, make decisions with confidence, and execute those decisions effectively.
Griffin May Be Right About AI. The Timing Could Be Very Wrong.
Ken Griffin told a room full of investors recently that we are “almost certainly” in an AI bubble. He may well be correct in that assessment, and there are plenty of media narratives that support that view.
How Melanoma Became the Proving Ground for a Personalized Cancer Vaccine
A few months ago, Georgina Long received a message asking her to call a collaborator at Merck & Co. She feared the worst.
A Checklist May Help Taxpayers Navigate Year-End Planning
With several provisions of the One Big Beautiful Bill Act (OBBBA) taking effect in 2026, year-end planning may present new opportunities and considerations for taxpayers. It’s important to assess personal finances before the end of the year to determine if action is needed.
October Fed Meeting Preview: A Pause Is Still a Recalibration
The Federal Open Market Committee (FOMC), the policy-setting group within the U.S. Federal Reserve, meets on 27–28 October to discuss the economic outlook and appropriate monetary policy. We expect the FOMC to hold the policy rate at 3.75%–4.0% while keeping a clear tightening bias.
All-or-Nothing Biotech Bets Dented by Rising Treasury Yields
Investors are beginning to turn cautious on biotechnology stocks as a rapid rise in Treasury yields dents the appeal for shares of companies that are often viewed as risky all-or-nothing bets on breakthrough medical treatments.
Understanding Your Limits Can Make You a Better Financial Advisor
Being able to recognize one’s blind spots and knowing when to bring in another financial professional can be just as impactful. Identifying where those boundaries exist can help advisors continue to excel in their area of expertise while helping clients build financial plans that strengthen their future.
The SEC Should Protect Investors, Not Private Funds
In a potential test of the law of unintended consequences, the Securities and Exchange Commission has released a rule proposal that would make it far easier for private equity, venture capital and private capital fund managers to attract — and tap into — the savings of retail investors.
How AI Could Increase the Value of Human Financial Advice
As AI in wealth management becomes more prevalent, recent research from Vanguard suggests that technology may actually increase investors’ appreciation for human expertise.
Forget the Adage About Owning More Bonds as You Age
You’ve surely heard the standard advice that people should own more bonds than stocks as they age because stocks are riskier and older investors have less time to recover losses. I’ve always thought it was a half-baked idea, and rising interest rates show how costly it can be.
The Advisor's Real Benchmark
What matters most now is not merely whether I can improve a client's financial position. It is how I help advance the financial and personal direction of that client's life in a meaningful way.
Build Long-Term Wealth: The 2026 Case for Independence
The discipline of running a succession-ready firm makes every aspect of a business stronger, not just the eventual transaction. Advisors who operate this way attract better talent, serve clients more consistently, and create businesses that hold their value regardless of market conditions.
Sequence Of Return Risk: The Math That Breaks Retirements
We understand that you can’t forecast the sequence of returns, but we CAN build a plan that survives a bad one. As Howard Marks puts it, you can’t predict, but you can prepare. These are the rules of engagement once you’ve crossed from saving into spending.
More Advisors Choosing Annual Retainers as Industry Focuses on Planning
While the majority of advisors, 62%, still use an AUM-based fee model to charge clients, a growing number have said they now charge a retainer fee. In 2023, only 14% of advisors offering financial planning services said their compensation model was an annual retainer, while 38% said the same in the 2026 State of Financial Planning Fees study.
Price Of Happiness: Missing The Things That Matter
Market participants have been conditioned to expect clear Forward Guidance from Fed Chairs. Chairman Warsh has made it clear that Forward Guidance will be less under his leadership, but he has offered a very important qualifier that many have yet to grasp.
Why Waiting for Certainty Could Be Costly
Emerging markets have significantly evolved in recent years and offer a more compelling risk/reward setup than in the past. From deeper local markets to world-leading companies, Emerging markets presents a stronger opportunity than geopolitical volatility suggests.
New Money, New problems: Athletes and Sudden Wealth
You can’t spot it on the field or in the stadium. You can’t correct it in training. Or cure it with a dose from the team doctor. But it’s a malady an overwhelming number of professional athletes will face.
Nurture Over Noise: Helping DC Participants Navigate a Complex Information Age
From social media and AI tools to financial professionals and workplace resources, defined contribution (DC) plan participants are drawing retirement insights from an expanding portfolio of sources, according to our latest survey. But more content doesn’t necessarily mean better outcomes. We think plan sponsors are well positioned to help participants cut through the noise.
Why Equity Income ETFs Can Star in Retiree Portfolios
It’s a complicated economic environment to retire in, with high costs and significant geopolitical and policy uncertainty. Still, people want and often may need to retire. However, thanks to innovation in the asset management world, investors have an increasing array of options.
Defining the New “Platform Value”: Keeping Your RIA Attractive, Whether You’re Buying or Selling
With more than 100,000 advisors planning to retire in the next 10 years and an overwhelming majority of independent RIAs facing major challenges in succession planning, making your firm as attractive as possible, whether you’re looking to acquire or to be acquired, is quickly becoming much more than a good idea; it may soon be a survival tactic.
Griffin Commits $3 Billion to Carnegie Mellon in Largest Single Gift Ever
Ken Griffin is donating $3 billion to Carnegie Mellon University, most of it to establish a new campus in Miami, in the largest single gift committed to a US university.
The Flawed Logic of Medicare for All
Abdul El-Sayed, the Democratic candidate for Senate in Michigan, has a simple pitch to voters. Imagine, he says, a health-insurance plan with “no premium, no copay, no deductible — just healthcare when you need it.” El-Sayed and other proponents call the idea Medicare for All.
When Should Clients Take Their RMDs? We May Be Optimizing the Wrong Thing
When during the calendar year should retirees take their required minimum distributions (RMDs)? Take the RMDs early and eliminate the chore? Wait until December to maximize tax-deferred compounding? Or spread the distributions throughout the year? Advisors often start with too narrow a view of what clients are trying to optimize.
Retirees Need $1.2M, but Carry More Debt Than Savings
Only 30% of Americans believe they’ll be able to retire comfortably — an amount retirement plan participants now estimate is $1.2 million, a recent survey by Schroders found. 33% of plan participants said that their credit card debt was higher than their retirement savings.
What Happens After the Wealth-Creation Phase?
Creating significant wealth requires concentration of capital, attention, risk, and decision-making.
The ETF Survival of the Fittest: Record Launches Meet Accelerating Delistings
The exchange-traded fund (ETF) market is pacing toward a record-breaking year in 2026, driven by an unprecedented wave of new product launches and historic capital inflows.
The AI Folks Don't Seem to Understand Intelligence
AI has changed coding, mathematics, and weather forecasting. They all have a vast pool of available training data, rapid feedback, and clear right and wrong answers. These keep models moored to reality, not spiraling off to disaster as the result of compounding small errors.
Crypto Doesn’t Need a Whole New Set of Laws
For at least eight years, Congress has been trying and (mostly) failing to create a special set of rules for digital assets and the markets they trade on. It’s worth asking how much, if any, of that was advisable.
A Guide to Coordinating Your Estate Plan With Your Financial Plan
Creating an estate plan is an important step, but it is only one piece of your financial life. If your estate documents, investment strategy, retirement plan, tax strategy, and beneficiary designations are not working together, even a well-crafted estate plan may not achieve the outcome you intended. Coordinating these elements may help support your wealth is transferred efficiently, your wishes are honored, and unnecessary complications are reduced.
A Practical Take on Longevity for Advisors & Clients
Longevity optimists believe advances in geroscience, biotechnology, artificial intelligence, and other fields could significantly extend both health span and lifespan. Living healthy into our late 90s, and perhaps beyond 100 for many, should be taken seriously when thinking about our personal and financial futures.
How Financial Advisors Add Value in Divorce Cases Involving Digital Assets
Cryptocurrency can complicate divorce even when no one is hiding it. Early identification and collaboration can prevent a misunderstood transaction or unilateral decision from becoming a costly dispute. This preparation also gives both spouses a reliable basis for evaluating settlement terms and trade-offs.
Drugs for Baldness? Ozempic Maker Novo Takes On Hair Loss
Novo Nordisk A/S is eyeing the hair-loss market as the maker of Ozempic seeks to expand its direct-to-consumer pharmaceuticals business.
K-Shaped Economy: Reality or Media-Driven Perception
The K-shaped economy is real, and it is old. What changed isn’t the shape of the economy; it’s just that the media found a narrative that gets lots of clicks and views, and we let headlines do our thinking for us.
We’re All AI Investors Now, and That’s Risky
Like it or not, we are all betting on AI taking over the economy. In the last 40 years, the US has become a nation of stock investors. On the whole, it has made Americans rich. Now the stock market is soaring on the hopes that AI will make everyone more productive — and if that doesn’t work out, we all may learn the definition of a bad tail risk.
What Would You Do With 9 Extra Hours a Week?
Advisors outsourcing at least 20% of assets reported saving 9.1 hours per week, or approximately 473 hours annually. WisdomTree research found 90% of investors welcomed third-party model portfolios, suggesting clients may be more comfortable with outside expertise than advisors expect.
Debunking 4 Myths for Financial Advisors About Women Investors
Vanguard research challenges four myths about women investors, revealing what female clients value from financial advisors, from expertise to collaboration.
What Bond Investors Can Learn From Tina Turner’s Career
What does Tina Turner have in common with a US Treasury bond? They both show that the meaning of safety is not always straightforward.
Planning Considerations for a Direct Indexing Program
Advancements in technology, combined with significant stock market gains in recent years, have created a new set of opportunities—and challenges—for investors. For example, investors holding a concentrated position in a highly appreciated stock may face a difficult trade-off between the risk of a market downturn and the potentially significant tax cost of diversifying the position.
Advanced 401(k) Optimization Strategies for High-Net-Worth Families
For many investors, a 401(k) is simply a retirement savings account. For high-net-worth families, however, it can become a sophisticated planning tool that supports tax efficiency, wealth accumulation, and long-term legacy objectives.
The Hidden Risks in “Safe” Assets: What Investors Often Overlook
When markets become volatile, many investors gravitate toward assets they perceive as “safe.” Cash, certificates of deposit (CDs), money market funds, U.S. Treasury securities, and high-quality bonds can all play an important role in a diversified portfolio. But “safe” doesn’t necessarily mean “risk-free.”
Rethinking Dynamic Defaults to Tackle Retirement Income Security
Target-date funds have become a staple qualified default investment alternative (QDIA) because they help participants invest appropriately without requiring them to act. But as retirement nears, income needs become more pressing and financial situations diverge—a situation dynamic defaults seek to address.
What To Say When a Client Loses a Spouse
The alternative is to be proactive by helping a grieving client name and address the financial concerns that loss creates, without ever rushing them. Doing that well takes two things: an understanding of how grief actually unfolds and a deliberate process for the conversation itself.
How Firms Can Get Ahead of the Industry’s Talent Shortage Dilemma
As clients come to advisory shops more informed, due to the plethora of financial advice available online, firms will need to be able to “stress test the information or bias” they arrive with. A comprehensive team, with training across advisory areas, can offer clients more depth of service.
How Financial Advisors For Couples Can Include A Silent Partner
The value of actively bringing the quieter partner into the conversation by turning toward them, making eye contact, and asking for their thoughts. Even if the answer is still a shrug, the question signals that their view belongs in the conversation.
Health Care’s Next Act: Tailwinds Emerging Across R&D Cycle
After several challenging years, important parts of the health care sector appear to be reaching an inflection point. Policy uncertainty has weighed on pharmaceutical companies, constrained biotech funding has pressured the drug-development ecosystem and the normalization of pandemic-era has challenged select tool and device companies. More recently, however, several of these headwinds have begun to moderate.
Managing “Wealth Overhang:” What to Do When Your Portfolio Outpaces Your Plan
For many investors, years of disciplined saving, equity compensation, business ownership, or a handful of exceptional investments can produce a portfolio that grows faster than expected. While that may sound like an ideal outcome, it can also create what we often think of as a wealth overhang: a situation in which the complexity of your wealth begins to outpace the financial plan supporting it.
Fewer Americans are Working or Looking for a Job. Experts Can’t Agree on Why
A recent plunge in US labor force participation has sparked competing theories about whether persistent drivers — like aging and immigration — or more temporary seasonal shifts are to blame. Any evidence in upcoming jobs reports could reshape how policymakers view the labor market.
Rethinking High Yield: Why Old Anchors May Be Holding Investors Back
Anchoring is one of the most powerful—and underestimated—forces in financial decision‑making. Once an emotional label attaches itself to an idea, it becomes the lens through which people interpret everything that follows.
Joyful Spending Is America’s Guilty Pleasure
Americans like to spend money, and they’re good at it. But they also feel kind of bad about it.
The Cash Flow Case for Value
Should the recent value rotation be viewed as a regime shift-driven change in market preference, or a simple reversal trade? We think there is a compelling case to be made for the former. In a regime of higher interest rates and stubbornly above-target inflation, the market is increasingly focused on capex intensity, free cash flow conversion, and the cost of capital.
We’re Asking the Wrong Question About the Great Wealth Transfer
An estimated $124 trillion is expected to transfer through 2048, including about $105 trillion to heirs. We have spent a great deal of time estimating the value that will transfer from one generation to the next. However, if advisors expect to maintain the value received, we should be equally interested in whether the value we provide in exchange is evolving with it.
How Might Declining Population Affect Your Social Security?
There is a reasonable argument that population decline is not a catastrophe. Fewer people means less pressure on housing, energy, and food. Automation may cover some of the missing labor, and countries have absorbed demographic shifts before. Those adjustments take decades, though, and you will likely retire before they finish.
Loss: Why Crashes, Timing & Valuations Matter (Chapter 3 of 5)
The first two articles in this series were about behavior. This one is about arithmetic. There are three numbers that decide most of your investing life. Let’s do the math Wall Street skips, one number at a time.
The QDIA Illusion: Why Your "Managed" Account Isn't Managed
The TDF industry is an oligopoly where four firms dominate more than 75% of the $5 trillion market. Competitors that are desperate for market share have turned to “managed” QDIA accounts — a gimmick masquerading as personalization.
High School Action Plan Part 1: Freshman and Sophomore Years
Funding a college education can be one of the biggest financial goals for a family, and it often requires a comprehensive approach.
Managing the Next Generation Can Require a Thoughtful Approach
I was recently asked how to instill accountability and urgency in this next generation. Set expectations and offer guidance. Remember, this is a generation that largely grew up not speaking to other people and definitely not calling anyone.
How Can DC Plan Sponsors Bridge the Gender Gap in Retirement Confidence?
We think the gap between women’s confidence and ability underscores that effective plan communications must educate, engage and empower participants across the board. Women may worry more, but they’re clearly knowledgeable and forward-thinking—qualities that can be reinforced. Men may register more confidence but could still use refreshers on financial basics.
NVIDIA Q2 Earnings & Outlook Matter More This Time. Here's Why
Macro strategists and global portfolio managers have their hands full on this final week of August. As we said recently, this is no time to mail it in before Labor Day in the U.S. And for equity traders and bottom-up analysts, NVIDIA (NVDA) writes the storyline in the sessions ahead. The world's most valuable company reports Q2 results after the bell on Wednesday.
Why Clients Want Their Advisor Involved in Estate Planning
Today, many clients expect their financial advisor to be involved in the estate planning process — and they’re willing to switch advisors to find one who offers this expertise, according to a July report by digital estate planning platform Trust & Will.
Healthcare Pt. 2: Show Me The Incentive
The truth about the runaway costs of healthcare turns out to be a little more complex than any single source we've named. Hospitals, insurers, private equity, administrators, pharmaceutical companies… pull the thread on any one and we land in the same overextended, bloated, extractive system.
America's New Debt Reality
U.S. debt may not be at an immediate breaking point, but persistent deficits, higher rates, and rising interest costs are narrowing fiscal space and market tolerance.
Counterintuitive Labor Market Shifts Constrain Measured U.S. Wage Gains
The headline U.S. unemployment rate has been falling for several months, but a closer look at who is leaving the workforce – and who isn’t entering or returning to it – reveals why average wages are stagnating, and why labor markets aren’t a source of inflationary pressure.
Agentic AI Won’t Scale in Wealth Management Until It "Owns" the Advisor-Client Meeting Cycle
Agentic AI won't scale until it owns the meeting cycle—not by replacing advisors or acting without oversight, but by maintaining operational continuity: assembling context, preserving memory, and driving approved actions through to completion.
Is It Better to Be Rich in Europe or in America?
America remains the best country in the world to get rich. Some see this as cause for celebration, while others view it as evidence of a broken capitalist system. As an economist, I am less interested in debating whether billionaires (or trillionaires) should exist than in asking what the alternative is.
Managing Money Responsibilities During Emotional Hard Times
A divorce. A house fire. A serious accident or illness. The death of a family member. Caring for elderly parents. Life events like these are hard and emotionally draining. To make things worse, they also require us to deal with finances and make significant, complex money decisions.
Sports Betting the Newest Gen Z Investment Strategy in the War Against Inflation
For savers, it drives them to seek bigger and bigger returns to keep up with the government’s monetary devaluation. At first, a simple savings account with a relatively low yield will do the trick. But as the dollar loses purchasing power, you need a better return to keep up. So, maybe you stick your money in a higher-interest-yielding CD.
Caught in a Debt Trap
We are in a debt trap. Our political process can’t reduce spending and/or raise taxes enough to balance the budget, so the debt grows and grows. This has to end, and I think it will do so in the event I’ve called The Great Reset.
As Older Workers Retire, Labor Costs Ease
Recent trends are sending confusing signals about the health of the U.S. labor market. Since late 2025, the employment/population ratio has moved lower even as the unemployment rate has declined.
Updating Your Plan for Life’s Changes: Marriage, Divorce, Inheritance, and Policy Shifts
Life rarely stands still, and for families caring for a loved one with special needs, change can introduce both emotional and financial complexity. Marriage, divorce, the loss of a parent, an unexpected inheritance, or shifts in public policy may all significantly impact eligibility for benefits, long-term financial security, and family dynamics.
College Planning Starts Earlier Than You Think
College planning begins long before college. Learn why welcoming a new child is the ideal time to build a strong financial foundation, explore education savings options and prepare for your family’s future.
Partnerships, Not Silos: A Better Model for Serving Affluent Clients
Clients' financial lives don't operate in separate silos, and their advisory team shouldn't either. Well-designed partnerships should clearly define responsibilities, compensation, compliance obligations, and client communication. Transparent agreements create better experiences for both clients and professionals.
Access Is Valuable. But It Isn't the Same as Care.
For many high-net-worth individuals and families, access is part of everyday life. They can secure reservations at impossible-to-book restaurants, obtain tickets to sold-out events, or open doors that remain closed to most others. Healthcare often feels like it should work the same way. It doesn't.
3 Tips for Young Investors Building Wealth
Here are three tips for young investors setting out to build wealth but not sure where to start.
Sound Money: Be Careful What You Wish For
“Sound money,” in its purest form, is money whose supply a government cannot expand at will. Under a gold standard, every dollar is a claim on a fixed weight of gold. You can’t print gold. So the government can’t monetize its deficits, and the money supply grows only as fast as miners pull metal out of the ground, historically around 1.5% a year.
Trump Is Aiding a Golden Age for Renewable Energy
Given America’s political environment, you would be forgiven for thinking the country has slipped into a dark age of energy recidivism; burning oil, gas and coal left and right; and tossing wind and solar farms on the scrap heap.
The Importance of Starting with a Plan
A good financial plan may bring together every aspect of your financial life into a coordinated strategy, providing a clear view of where you are today and helping you prepare for where you want to go. By understanding your complete financial picture, you can make informed decisions that align with your goals, values, and long-term priorities.
A Quant and a Korean Dentist Push the Limits of Leveraged ETFs
A growing number of investors from the US to South Korea are using leveraged exchange-traded funds for long-term investing, a far cry from the day trading they were designed for.
The Financial Skills Your College Student Needs Before Move-In Day
In the span of a few weeks, a new college student takes on loan debt, gets their first credit card offer, and starts managing daily expenses on their own. They're buying groceries, splitting costs with roommates, saying yes to things they probably can't afford yet. No other period of life throws that many financial decisions at someone with that little experience.
Next‑Gen Advisor Succession: Talent, Tech, and Leadership for 2026 and Beyond
Only about 20–25% of financial Advisors have a formal, documented succession plan, despite the fact that more than a third, managing roughly 40% of industry assets, plan to retire within the next decade. That gap is more than a retirement problem.
Social Security’s Short-Term Crisis: What Advisors Must Prepare Clients For
Social Security’s short-term financing crisis is no longer a distant actuarial projection — it is a near-term event with direct implications for current retirees, individuals approaching retirement, and younger workers. Advisors must understand not only the potential fixes, but also the hard constraints that sharply limit what Congress can realistically do in the next several years.
Are Your Investments Ready for Retirement? Key Adjustments to Make Now
You spent years building your retirement savings with one goal in mind: having enough to live comfortably when you stop working. The strategy that got you here probably leaned heavily on growth. But as retirement gets closer, that same approach may not be the right one to carry you through it.
Wall Street’s Private Banks Are Vying for AI’s Paper Money Elite
In the race to win a coveted role on the next mega US IPO and manage the ensuing riches, Wall Street’s wealth advisers are ramping up lending to founders and entrepreneurs based on the soaring values of their private companies.
On AI Bubbles & Keeping Clients Invested Without Ignoring Risk
Clients do not need us to predict whether the next 10% move is up or down. They need help staying invested in a way that matches their goals, their time horizon, and their actual tolerance for risk. Staying invested is easier when clients understand what each part of the portfolio is designed to do.
Is Your Team Ready for the Growing Shift to Financial Planning?
In the coming years, more investors will expect financial planning to be a key part of the services they receive from advisors. To be prepared, advisors will need technology to help streamline added workflows, as well as the expertise of certified financial planners to support their clients long term.
Long Term Rate Headache
Today we’ll consider the interaction between long-term interest rates, the Fed’s limited ability to influence them, inflation and the housing market. And because home prices are the biggest concern for many households, we’ll start with a look at the latest changes there. And then look at the Federal Reserve’s likely reaction.
AI Riches Can Supplant Crypto to Fill the Luxury Gap
The global luxury industry, which has been grappling with three years of lackluster sales, may gain some relief as wealth generated by artificial-intelligence companies and their trillions of dollars of initial public offerings finds its way into fancy fripperies.
Making Clients Matter: How Mercurio’s Principles Can Help Your Advisory Practice
When clients, specifically, feel they matter to their advisor, they engage more deeply in the planning process, follow through on recommendations, refer more frequently, and build lasting relationships that transcend market volatility.