Investors attempting to manage volatility in their portfolio often employ defensive equity strategies to define their optimal market exposure and risk profile. Such strategies are designed to help limit losses on the downside, while also allowing investors to participate in the market’s gains.
June's employment report showed that 82.8% of total employed workers were full-time (35+ hours) and 17.2% of total employed workers were part-time (<35 hours).
U.S. stocks are no longer the best-performing asset class this year. Gold and foreign stocks are the best performers.
Investors looking for cash flow from commercial real estate may want to check out the debt side.
This quarter might best be described as the “Big Beautiful Bounce”. Or the BBB. History has proven time and time again that markets do come back – but this was a historically quick market turnaround.
With the first half of 2025 in the books, it’s been a very interesting six months — emphasis on “V” because the S&P 500 saw a nice V-shaped formation following the April sell-off. As markets always reveal, interesting times call for interesting ETF trends to follow.
Financial advice is going to be in more demand than ever in 10 years. Is your firm ready for the challenge?
JPMorgan Chase & Co. is developing a new service to tokenize carbon credits and is partnering with a trio of carbon companies for an initial trial.
Only a subset of subsidies will be rolled back.
True fiduciary duty isn’t fulfilled by following the crowd. It’s fulfilled by doing the harder thing: making the right call even when it’s the unpopular one. The world doesn’t need more advisors playing not to lose. It needs more who are willing to lead — even if they walk alone.
U.S. manufacturing expanded for the sixth consecutive month in June, with the S&P Global U.S. Manufacturing PMI reaching a three-year high of 52.9. This was higher than the forecast of 52.0. However, tariffs continued to affect the sector, leading to increased inventory buildup and a sharp acceleration in inflation.
The United States’ tariff announcement on April 2, 2025, created significant market volatility, as the tariffs were perceived as higher, broader, and more punitive than expected, and the implementation sooner.
Are we experiencing an energy transition? According to geologist and fund manager Jane Woodward, we are — and it’s proceeding more quickly than almost anyone expected.
British oil and gas giant Shell Plc has quashed a rumor: It’s not buying BP Plc. But last week’s forceful denial doesn’t address why the M&A chatter gained so much traction, which has less to do with the parlous state of BP than with Shell itself.
Money Metals Midweek Memo host Mike Maharrey isn’t buying the recent bearish turn in gold forecasts from Wall Street.
Personal income (excluding transfer receipts) was flat in May and was up 3.9% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was down 0.1% month-over-month and up 1.5% year-over-year.
With the release of May's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. To two decimal places, disposable income per capita was down 0.60% month-over-month, marking the first monthly decline since January 2022. When adjusted for inflation, real disposable income per capita was down 0.73%.
The newest generation of college graduates will switch jobs more than a dozen times over the course of their careers. They will juggle side gigs, launch businesses, and step in and out of traditional roles.
Money doesn’t buy happiness. But financial security means you can devote your time and energy to things you actually want to be doing.
As tax policy discussions continue on Capitol Hill, the Senate Finance Committee recently released its version of the tax bill that would avoid the expiration of the Tax Cuts and Jobs Act (TCJA).
Target-date fund glide paths can be important tools for retirement planning. Advisors should focus on assumptions, transparency, and outcomes to ensure they align with participants' needs.
It's not often that UK stocks are singled out as a "favorite geopolitical hedge," as Citigroup Inc. strategists boldly stated last week. So perhaps the elegant stance would be to simply take the rare praise when it's so kindly offered.
OBBBA sets a path for more borrowing ahead.
It’s said nothing in life is certain save death and taxes. There is also certainly an increase in investors’ appetites for nontraditional instruments like hedge funds as their wealth grows.
Why are we still making high-stakes economic policy based on lagging surveys and statistical approximations? The answer lies in a system that hasn't kept pace with modern realities.
Foreign demand for U.S. Treasuries remains intact.
While private equity can deliver attractive entry points — particularly in dislocated markets — success hinges on investing with established, top-tier managers and maintaining deliberate vintage diversification.
One serious risk to financial wellbeing in retirement that is difficult to talk about is financial exploitation. Someone whose cognitive abilities are declining is vulnerable to harm from both financial predators and their own financial misjudgments.
The U.S. Dollar Index, when measured against a basket of other major currencies, has declined by approximately 10% this year through mid-June and is currently trading at its lowest level in three years.
The yield curve for U.S. government bonds is currently very unusual — it’s U-shaped. In addition to the changes in shape, also note the level of interest rates.
Here are some brilliantly simple lessons for us all that I learned from Warren Buffett.
While the bond market is in general pretty efficient in its pricing, there may be times when it can be significantly out of line with investor expectations. At such moments, investors should be well-rewarded for making the effort to decode what the bond market is saying.
529 plans are a popular choice among families looking to save for college due to their flexibility and tax benefits. However, each family’s educational journey and associated costs can vary significantly. This means you may require a tailored savings strategy to best meet your future student’s needs.
After running a surplus in April thanks to tax day, the federal government was back to business as usual in May, spending massive amounts of money and charting another big budget deficit.
A 529 plan is a popular tool for saving for college expenses. When it comes to who maintains control over the 529 plan’s assets, in most cases, it’s the account owner. This is often a parent or grandparent. The owner also has the ability to make investment choices and manage withdrawals.
Given that the bill’s failure to reduce the deficit is due in part to its extension and expansion of the special tax treatment for non-corporate businesses that Johnson insisted on in 2017, which will cost an estimated $820 billion over the next decade, the senator does not make for the most credible of deficit hawks.
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
It's important to consider non-hardship 401(k) withdrawals carefully. Our Bill Cass explains why individuals should check plan eligibility and consider asset protection and tax implications.
When planning for future financial needs, take the time to understand the key differences between a 529 plan vs. IUL insurance. Both are valuable tools, but they serve different purposes and offer unique benefits.
In this article, Russ Koesterich discusses the recent performance of gold and its ongoing role as a store of value in investors’ portfolios.
A 529 plan can influence financial aid eligibility and the amount awarded. While these savings plans arevaluable for covering education expenses, they are considered parental assets on the Free Applicationfor Federal Student Aid (FAFSA).
Let’s talk about life expectancy. More specifically – should it play a role in retirement planning?You might be surprised to learn that the answer is: Absolutely not.
How do we give clients what they’re truly looking for — income certainty, simplicity, peace of mind —without triggering resistance that shuts the conversation down?
The ever-louder brouhaha surrounding BBD is much ado about nothing. It is expensive, dangerous, and likely to benefit only bankers and brokerage firms.
Blackstone Inc. hired Joseph Cassanelli, a banker who drove major Wall Street deals, as the private equity firm prepares to invest more in banks and insurers.
Lately, the “deficit narrative” has dominated much of the financial media, particularly those channels that are continual “purveyors of doom.” In this post, we will discuss the “deficit narrative,” the likely outcomes, and why the cure for the deficit may be found in Artificial Intelligence.
Tariff policy has clouded expectations for the second half of the year, but there are ways to navigate through the fog.
Just one day after Prime Minister Shigeru Ishiba likened Japan’s debt situation to that of Greece, the country faced its weakest demand for 20-year bonds since 2012.
A 529 plan can play a strategic role in estate planning, especially for families looking to reduce taxes while saving for education. Contributions to a 529 plan may be excluded from your taxable estate, potentially lowering future estate tax liability.
Alex Veroude, Global Head of Fixed Income, believes fixed income investors can prepare for an uncertain journey by recognising trends and diversifying across different assets.
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit.
The US 2025 tax bill enhances certain deductions and includes provisions for business growth and development. Our Bill Cass shares the highlights of what is being debated on Capitol Hill and the impact on business owners.
If I told someone with even a little investing experience that I own an asset that pays like stocks but is stable like bonds, they would probably think I was a huckster or a fool. Yet many of the most sophisticated investors claim to own such a thing.
What's the debt ceiling? Learn how the debt ceiling works and how a default on federal debt could impact the U.S. stock market and economy.
This series has been updated to include the May release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $52,538, down 5.8% from over 50 years ago.
This video examines the ratio of unemployment claims to the civilian labor force and its effectiveness as a recession indicator.
Back in 2016, Intercontinental Exchange Inc., the owner of the New York Stock Exchange, revealed that it was considering an offer for the London Stock Exchange Group Plc.
The global economy is continually evolving due to inflation, interest rates, and geopolitics. How could these and other factors influence the major asset classes over the coming decade?
If we lived in a world where mobile signals were visible, the sky would shimmer like a storm—layers of frequencies rolling over rooftops, crossing oceans and saturating valleys.
Advisors can help clients and their families plan for the rising costs of tuition and other educational expenses by knowing the benefits of 529 plans — and staying up-to-date on evolving rules around these investment vehicles.
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
Our monthly workforce recovery analysis has been updated to include the latest employment report for May. The unemployment rate remained at 4.2%. Additionally, the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 139,000.
Investors nearing or in retirement who are currently defaulted into TDFs need to stop defaulting and move to safety now.
As small business clients look toward ambitious growth, advisors have the chance to offer something foundational: a term life insurance strategy that turns ambitions into a legacy.
Research trips are an integral component of our active, fundamental investment process. Our investment teams meet with different companies, attend conferences, and travel to new markets around the world, gaining insights for our clients and a deeper understanding of potential investments.
The federal government, financial markets and most Americans are all in a state of denial about interest rates.
The White House is seriously considering the proposal, at the behest of some of the country’s largest financial firms.
Kristofer Kraus, portfolio manager and co-lead of PIMCO’s asset-based finance business, charts the nuances behind the overall resilience of U.S. consumers – and explains how these insights shape lending and investment strategies.
Wall Street is cranking up the bond machine as US homeowners — finding that buying a new house is out of reach since mortgage rates started climbing in 2022 – are instead getting home equity loans and sprucing up their current properties.
Neuberger Berman has raised more than $4 billion for its latest general partner-led secondary fund, at a time when private equity firms are increasingly looking to monetize assets via continuation vehicles.
Since 2019 and the establishment of the ETF Rule, traditional active managers, armed with decades of expertise, have flocked to ETFs.
In the last three months tariff news has whipped financial markets around remarkably in response to President Trump’s ever changing tariff policies. The most pronounced reactions were concentrated in the US stock market.
Passive capitalization-weighted index funds now surpass active management in aggregate investor allocations.
On the trade front, investor uncertainty eased for a short time as President Donald Trump’s “Liberation Day” tariffs seemed to lose traction. Several key developments contributed, including a 90-day tariff pause with China, the signing of a US-UK trade agreement and progress on negotiations with other partners, including Europe.
Here are some important insights and good open-ended questions to ask your clients to make sure they are thinking through life decisions.
Market leadership is shifting and the once-dominant Magnificent 7 may no longer be so magnificent. Our latest report reveals why broader opportunities are emerging across sectors and regions, with quality, value, and growth converging in unexpected places.
The “sell and stay” approach in wealth management mergers and acquisitions (M&A) is a transformative trend reshaping how advisors approach their succession planning and business transitions.
Our role isn’t just to manage assets; it’s to help clients stay grounded. We remind clients that investing is a long-term journey, and short-term volatility doesn’t have to knock them off course.
Most of us are facing longer working lives, but that also means we need to remain healthier for longer. While linking the pensionable threshold to improving longevity is fair, up to a point...
Most clients are relatively conservative when it comes to determining how much they can afford to spend in retirement. All things being equal, clients would generally rather die with too much money than too little.
Goldman Sachs Group Inc. is embarking on its most ambitious effort yet to offer an exit ramp for investors trapped in buyout funds.
Today I’m going to highlight some speakers who added an equity market perspective to their big-picture views. Getting both right would be much easier if more investors behaved rationally. Alas, they don’t, which is why stock prices do incomprehensible things. Fortunately, you can succeed without catching every twist and turn.
While headlines scream about the latest deal or tariff suspension, Maharrey argues that investors are dangerously distracted from the real threat: America’s exploding national debt and the systemic consequences that follow.
The House passed a comprehensive tax bill to avoid an expiration of the 2017 Tax Cuts and Jobs Act (TCJA) at the end of the year.
Matching assets to long-term liabilities without compromising on return potential can be a challenge for insurers with long-duration liabilities.
Markets have recovered from their post-Liberation Day sell-off. Investors are feeling better about the outlook. But there are still clouds on the horizon.
529 plans do not earn interest like a traditional savings account. However, they offer strong growth potential through a range of investment options.
I worked with a large mutual fund company years ago to develop a program on succession planning for advisors. I’ll share insights and considerations if you are thinking about making a transition, or are working with an advisor who is doing so.
Retirement Income
A Dynamic Approach to Defensive Equity
Investors attempting to manage volatility in their portfolio often employ defensive equity strategies to define their optimal market exposure and risk profile. Such strategies are designed to help limit losses on the downside, while also allowing investors to participate in the market’s gains.
A Closer Look at Full-time and Part-time Employment: June 2025
June's employment report showed that 82.8% of total employed workers were full-time (35+ hours) and 17.2% of total employed workers were part-time (<35 hours).
A Concise and Comprehensive Review of Asset Class Performance in 1H 2025
U.S. stocks are no longer the best-performing asset class this year. Gold and foreign stocks are the best performers.
Need Income? Europe’s Commercial Real Estate Debt is Worth a Look
Investors looking for cash flow from commercial real estate may want to check out the debt side.
Growth Equity Portfolio Second Quarter Review June 30, 2025
This quarter might best be described as the “Big Beautiful Bounce”. Or the BBB. History has proven time and time again that markets do come back – but this was a historically quick market turnaround.
VOO Still Heavyweight ETF Champ & Other 1st Half Trends
With the first half of 2025 in the books, it’s been a very interesting six months — emphasis on “V” because the S&P 500 saw a nice V-shaped formation following the April sell-off. As markets always reveal, interesting times call for interesting ETF trends to follow.
The Advisors Who Will Thrive in 2035 Are Planning in 2025
Financial advice is going to be in more demand than ever in 10 years. Is your firm ready for the challenge?
JPMorgan’s Blockchain Unit Explores Tokenizing Carbon Credits
JPMorgan Chase & Co. is developing a new service to tokenize carbon credits and is partnering with a trio of carbon companies for an initial trial.
Rethinking U.S. Infrastructure Investment
Only a subset of subsidies will be rolled back.
Thinning the Herd: Herd Investing Is a Disservice to Clients
True fiduciary duty isn’t fulfilled by following the crowd. It’s fulfilled by doing the harder thing: making the right call even when it’s the unpopular one. The world doesn’t need more advisors playing not to lose. It needs more who are willing to lead — even if they walk alone.
S&P Global US Manufacturing PMI™: Highest Level in Three Years
U.S. manufacturing expanded for the sixth consecutive month in June, with the S&P Global U.S. Manufacturing PMI reaching a three-year high of 52.9. This was higher than the forecast of 52.0. However, tariffs continued to affect the sector, leading to increased inventory buildup and a sharp acceleration in inflation.
Tariffs Rattle Markets—But EM Debt Endures
The United States’ tariff announcement on April 2, 2025, created significant market volatility, as the tariffs were perceived as higher, broader, and more punitive than expected, and the implementation sooner.
Is There an Energy Transition? Yes, But It’s Not What You Think
Are we experiencing an energy transition? According to geologist and fund manager Jane Woodward, we are — and it’s proceeding more quickly than almost anyone expected.
Shell May Still Need M&A After Ruling Out Buying BP
British oil and gas giant Shell Plc has quashed a rumor: It’s not buying BP Plc. But last week’s forceful denial doesn’t address why the M&A chatter gained so much traction, which has less to do with the parlous state of BP than with Shell itself.
Despite Mainstream Pessimism, Gold Still Shines: Why the Bull Market Isn’t Over
Money Metals Midweek Memo host Mike Maharrey isn’t buying the recent bearish turn in gold forecasts from Wall Street.
The Big Four Recession Indicators: Real Personal Income Down 0.1% in May
Personal income (excluding transfer receipts) was flat in May and was up 3.9% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was down 0.1% month-over-month and up 1.5% year-over-year.
Real Disposable Income Per Capita Down 0.7% in May
With the release of May's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. To two decimal places, disposable income per capita was down 0.60% month-over-month, marking the first monthly decline since January 2022. When adjusted for inflation, real disposable income per capita was down 0.73%.
401(k)s Weren’t Built for the Gen Z Economy
The newest generation of college graduates will switch jobs more than a dozen times over the course of their careers. They will juggle side gigs, launch businesses, and step in and out of traditional roles.
Do More of What You Love
Money doesn’t buy happiness. But financial security means you can devote your time and energy to things you actually want to be doing.
Senate Tax Proposal: Some Key Provisions Differ From House Bill
As tax policy discussions continue on Capitol Hill, the Senate Finance Committee recently released its version of the tax bill that would avoid the expiration of the Tax Cuts and Jobs Act (TCJA).
A Dynamic Approach to Defensive Equity
Investors attempting to manage volatility in their portfolio often employ defensive equity strategies to define their optimal market exposure and risk profile. Such strategies are designed to help limit losses on the downside, while also allowing investors to participate in the market’s gains.
Why Glide Path Selection Deserves More Attention in Target-Date Fund Evaluation
Target-date fund glide paths can be important tools for retirement planning. Advisors should focus on assumptions, transparency, and outcomes to ensure they align with participants' needs.
To Buy British, Think Bonds and Not Stocks
It's not often that UK stocks are singled out as a "favorite geopolitical hedge," as Citigroup Inc. strategists boldly stated last week. So perhaps the elegant stance would be to simply take the rare praise when it's so kindly offered.
Big Bill Promises Big Bills
OBBBA sets a path for more borrowing ahead.
PPLI and PPVA: Vehicles for tax-efficient growth
It’s said nothing in life is certain save death and taxes. There is also certainly an increase in investors’ appetites for nontraditional instruments like hedge funds as their wealth grows.
The Stone Age of Economic Reporting: Skip the Archaic Methodologies When Assessing the Market
Why are we still making high-stakes economic policy based on lagging surveys and statistical approximations? The answer lies in a system that hasn't kept pace with modern realities.
U.S. Bonds Are Still Popular
Foreign demand for U.S. Treasuries remains intact.
Private Equity in Volatile Markets: Vintage Diversification & Manager Quality Matter
While private equity can deliver attractive entry points — particularly in dislocated markets — success hinges on investing with established, top-tier managers and maintaining deliberate vintage diversification.
Protecting Elders From Financial Exploitation
One serious risk to financial wellbeing in retirement that is difficult to talk about is financial exploitation. Someone whose cognitive abilities are declining is vulnerable to harm from both financial predators and their own financial misjudgments.
Gold Surpasses Euro as the Second-Largest Reserve Currency in the World
The U.S. Dollar Index, when measured against a basket of other major currencies, has declined by approximately 10% this year through mid-June and is currently trading at its lowest level in three years.
The Shape Shifting U.S. Government Bond Yield Curve
The yield curve for U.S. government bonds is currently very unusual — it’s U-shaped. In addition to the changes in shape, also note the level of interest rates.
Lessons on Money & Life I Learned From Warren Buffett
Here are some brilliantly simple lessons for us all that I learned from Warren Buffett.
Decoding the Bond Market
While the bond market is in general pretty efficient in its pricing, there may be times when it can be significantly out of line with investor expectations. At such moments, investors should be well-rewarded for making the effort to decode what the bond market is saying.
529 Investment Strategy by Age
529 plans are a popular choice among families looking to save for college due to their flexibility and tax benefits. However, each family’s educational journey and associated costs can vary significantly. This means you may require a tailored savings strategy to best meet your future student’s needs.
Business as Usual: Another Big Budget Deficit in May
After running a surplus in April thanks to tax day, the federal government was back to business as usual in May, spending massive amounts of money and charting another big budget deficit.
Who Maintains Control Over a 529 Plan’s Assets?
A 529 plan is a popular tool for saving for college expenses. When it comes to who maintains control over the 529 plan’s assets, in most cases, it’s the account owner. This is often a parent or grandparent. The owner also has the ability to make investment choices and manage withdrawals.
Why Cutting Federal Spending to Pre-Pandemic Levels Is So Hard
Given that the bill’s failure to reduce the deficit is due in part to its extension and expansion of the special tax treatment for non-corporate businesses that Johnson insisted on in 2017, which will cost an estimated $820 billion over the next decade, the senator does not make for the most credible of deficit hawks.
5 Themes Defining Bond ETF Investing Today
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
Key Considerations for Evaluating Non-Hardship 401(k) Withdrawals
It's important to consider non-hardship 401(k) withdrawals carefully. Our Bill Cass explains why individuals should check plan eligibility and consider asset protection and tax implications.
529 Plans vs. Indexed Universal Life (IUL) Insurance
When planning for future financial needs, take the time to understand the key differences between a 529 plan vs. IUL insurance. Both are valuable tools, but they serve different purposes and offer unique benefits.
Hold Onto Your Gold
In this article, Russ Koesterich discusses the recent performance of gold and its ongoing role as a store of value in investors’ portfolios.
Will a 529 Plan Affect Financial Aid Eligibility or Amount Awarded?
A 529 plan can influence financial aid eligibility and the amount awarded. While these savings plans are
valuable for covering education expenses, they are considered parental assets on the Free Application
for Federal Student Aid (FAFSA).
Life Expectancy: The (F)Law of Averages
Let’s talk about life expectancy. More specifically – should it play a role in retirement planning?You might be surprised to learn that the answer is: Absolutely not.
Giving Retirees More Income Security — Without Triggering Annuity Aversion
How do we give clients what they’re truly looking for — income certainty, simplicity, peace of mind —without triggering resistance that shuts the conversation down?
Buy, Borrow, Die: Why This Popular Tax Strategy for the Rich Doesn’t Work
The ever-louder brouhaha surrounding BBD is much ado about nothing. It is expensive, dangerous, and likely to benefit only bankers and brokerage firms.
Blackstone Taps Ex-Lazard Top Dealmaker, Aims to Back More Banks
Blackstone Inc. hired Joseph Cassanelli, a banker who drove major Wall Street deals, as the private equity firm prepares to invest more in banks and insurers.
The Deficit Narrative May Find its Cure in Artificial Intelligence
Lately, the “deficit narrative” has dominated much of the financial media, particularly those channels that are continual “purveyors of doom.” In this post, we will discuss the “deficit narrative,” the likely outcomes, and why the cure for the deficit may be found in Artificial Intelligence.
Schwab Market Perspective: 2025 Mid-Year Outlook
Tariff policy has clouded expectations for the second half of the year, but there are ways to navigate through the fog.
Asset Allocation Bi-Weekly: The Japan Problem
Just one day after Prime Minister Shigeru Ishiba likened Japan’s debt situation to that of Greece, the country faced its weakest demand for 20-year bonds since 2012.
How 529 Plans Are Treated for Estate Planning and Taxes
A 529 plan can play a strategic role in estate planning, especially for families looking to reduce taxes while saving for education. Contributions to a 529 plan may be excluded from your taxable estate, potentially lowering future estate tax liability.
Fixed Income Outlook: A Not-so-Random Walk
Alex Veroude, Global Head of Fixed Income, believes fixed income investors can prepare for an uncertain journey by recognising trends and diversifying across different assets.
The Florida Pension Fund Managers Who've Beaten the S&P 500 Over 50 Years
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit.
What Business Owners Need to Know About the New Tax Bill
The US 2025 tax bill enhances certain deductions and includes provisions for business growth and development. Our Bill Cass shares the highlights of what is being debated on Capitol Hill and the impact on business owners.
Harvard and Yale Will Finally Lift the Veil on Private Assets
If I told someone with even a little investing experience that I own an asset that pays like stocks but is stable like bonds, they would probably think I was a huckster or a fool. Yet many of the most sophisticated investors claim to own such a thing.
What Is the Debt Ceiling and Why Does It Matter?
What's the debt ceiling? Learn how the debt ceiling works and how a default on federal debt could impact the U.S. stock market and economy.
Real Middle Class Wages as of May 2025
This series has been updated to include the May release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $52,538, down 5.8% from over 50 years ago.
Unemployment Claims and the CLF as a Recession Indicator: May 2025
This video examines the ratio of unemployment claims to the civilian labor force and its effectiveness as a recession indicator.
London’s Incredible Shrinking Stock Market
Back in 2016, Intercontinental Exchange Inc., the owner of the New York Stock Exchange, revealed that it was considering an offer for the London Stock Exchange Group Plc.
What's the 10-Year Outlook for Major Asset Classes?
The global economy is continually evolving due to inflation, interest rates, and geopolitics. How could these and other factors influence the major asset classes over the coming decade?
The Infrastructure That Lets the Future Happen
If we lived in a world where mobile signals were visible, the sky would shimmer like a storm—layers of frequencies rolling over rooftops, crossing oceans and saturating valleys.
It Can Be Tricky to Navigate 529 Plan Rules, But Advisors Can Help
Advisors can help clients and their families plan for the rising costs of tuition and other educational expenses by knowing the benefits of 529 plans — and staying up-to-date on evolving rules around these investment vehicles.
Mid-Year Outlook: International Stocks and Economy
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
U.S. Workforce Recovery Analysis: May 2025
Our monthly workforce recovery analysis has been updated to include the latest employment report for May. The unemployment rate remained at 4.2%. Additionally, the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 139,000.
401(k) Podcast Warns Baby Boomers in Target Date Funds to Get Out
Investors nearing or in retirement who are currently defaulted into TDFs need to stop defaulting and move to safety now.
Employee of the Month: Term Life Insurance
As small business clients look toward ambitious growth, advisors have the chance to offer something foundational: a term life insurance strategy that turns ambitions into a legacy.
Investing Expeditions: The Ripple Effects of Trade Uncertainty
Research trips are an integral component of our active, fundamental investment process. Our investment teams meet with different companies, attend conferences, and travel to new markets around the world, gaining insights for our clients and a deeper understanding of potential investments.
Financial Repression Won’t Make Interest Rates Lower
The federal government, financial markets and most Americans are all in a state of denial about interest rates.
Private Equity in 401(k)s Isn’t as Smart as It Seems: The Editorial Board
The White House is seriously considering the proposal, at the behest of some of the country’s largest financial firms.
Charting the U.S. Consumer with Kristofer Kraus
Kristofer Kraus, portfolio manager and co-lead of PIMCO’s asset-based finance business, charts the nuances behind the overall resilience of U.S. consumers – and explains how these insights shape lending and investment strategies.
Home Remodeling Bond Sales Surge as Americans Avoid Moving
Wall Street is cranking up the bond machine as US homeowners — finding that buying a new house is out of reach since mortgage rates started climbing in 2022 – are instead getting home equity loans and sprucing up their current properties.
Neuberger Berman Raises $4 Billion for New Secondary Fund
Neuberger Berman has raised more than $4 billion for its latest general partner-led secondary fund, at a time when private equity firms are increasingly looking to monetize assets via continuation vehicles.
Active EM ETF Offers Access to a Time-Tested Strategy
Since 2019 and the establishment of the ETF Rule, traditional active managers, armed with decades of expertise, have flocked to ETFs.
From Tariff Angst to Optimism
In the last three months tariff news has whipped financial markets around remarkably in response to President Trump’s ever changing tariff policies. The most pronounced reactions were concentrated in the US stock market.
2025 Mid-Year Outlook: Global Stocks and Economy
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
Passive Aggressive: The Increasing Risks of Passive Dominance
Passive capitalization-weighted index funds now surpass active management in aggregate investor allocations.
Political Noise Continued to Dominate Headlines in May
On the trade front, investor uncertainty eased for a short time as President Donald Trump’s “Liberation Day” tariffs seemed to lose traction. Several key developments contributed, including a 90-day tariff pause with China, the signing of a US-UK trade agreement and progress on negotiations with other partners, including Europe.
Questions to Ask Clients About Key Milestones
Here are some important insights and good open-ended questions to ask your clients to make sure they are thinking through life decisions.
The Mag 7 Becomes the Mid 7
Market leadership is shifting and the once-dominant Magnificent 7 may no longer be so magnificent. Our latest report reveals why broader opportunities are emerging across sectors and regions, with quality, value, and growth converging in unexpected places.
Beyond the Exit: Why More Financial Advisors Are Choosing to Sell & Stay
The “sell and stay” approach in wealth management mergers and acquisitions (M&A) is a transformative trend reshaping how advisors approach their succession planning and business transitions.
Turning Client Anxiety Into Opportunity During Volatile Markets
Our role isn’t just to manage assets; it’s to help clients stay grounded. We remind clients that investing is a long-term journey, and short-term volatility doesn’t have to knock them off course.
Working Until 70 Isn’t so Bad Provided you Feel 55
Most of us are facing longer working lives, but that also means we need to remain healthier for longer. While linking the pensionable threshold to improving longevity is fair, up to a point...
Use the Funded Status Metric & A ‘Surplus Bucket’ to Increase Spending in Retirement
Most clients are relatively conservative when it comes to determining how much they can afford to spend in retirement. All things being equal, clients would generally rather die with too much money than too little.
Goldman Eyes Biggest Fund Yet to Snap Up Discarded Buyout Stakes
Goldman Sachs Group Inc. is embarking on its most ambitious effort yet to offer an exit ramp for investors trapped in buyout funds.
Bullish Highlights
Today I’m going to highlight some speakers who added an equity market perspective to their big-picture views. Getting both right would be much easier if more investors behaved rationally. Alas, they don’t, which is why stock prices do incomprehensible things. Fortunately, you can succeed without catching every twist and turn.
Why the Real Threat to Your Wealth Isn’t Tariffs — It’s the Exploding U.S. Debt
While headlines scream about the latest deal or tariff suspension, Maharrey argues that investors are dangerously distracted from the real threat: America’s exploding national debt and the systemic consequences that follow.
Special Tax Alert Update: House Passes Tax Bill
The House passed a comprehensive tax bill to avoid an expiration of the 2017 Tax Cuts and Jobs Act (TCJA) at the end of the year.
Renewable Energy and Insurers: Tailor Made?
Matching assets to long-term liabilities without compromising on return potential can be a challenge for insurers with long-duration liabilities.
Are the Bond Vigilantes Ready to Ride Again?
Markets have recovered from their post-Liberation Day sell-off. Investors are feeling better about the outlook. But there are still clouds on the horizon.
Does a 529 Plan Earn Interest?
529 plans do not earn interest like a traditional savings account. However, they offer strong growth potential through a range of investment options.
Making a Transition into Retirement for Advisors
I worked with a large mutual fund company years ago to develop a program on succession planning for advisors. I’ll share insights and considerations if you are thinking about making a transition, or are working with an advisor who is doing so.