Emirates Global Aluminium plans to start building a $4 billion plant in Oklahoma next year as Donald Trump pushes for massive investments from oil-rich Gulf states to avoid his tariffs.
529 plans provide tax benefits, estate planning advantages, and flexible education savings. Our Bill Cass explains how 529 plans can be part of an estate planning strategy.
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
On Monday, the U.S. and China announced they will temporarily suspend the high import tariffs they imposed on each other earlier this year.
Builder confidence fell sharply in May as uncertainty stemming from elevated rates, tariffs, building costs, and the cloudy economic outlook dragged builder sentiment to its lowest level in 18 months.
JPMorgan Chase & Co.’s chief of global markets strategy said the US could dodge a recession as the probability of that scenario has decreased following better clarity over global trade.
Keeping your financial plan aligned with your goals, risk tolerance and time horizon.
Our overarching theme for U.S. fixed income has been, and will continue to be, based on the premise that interest rates will stay at more historically “normal” levels, but that, within this backdrop, investors will face heightened volatility.
China has been a focal point of American trade policy for many years, but tensions were escalated early in the second Trump term.
When volatility ripped through markets last month, many investors scrambled to respond. Some wanted to quickly adjust specific security exposures. Others wanted to flee to cash or build in protection against additional downside moves. And some rushed to buy the dip.
Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.
Are you trying to grow a stable team of advisors and retain top talent? Young advisors are looking for RIA firms that offer remote work flexibility, a clear path toward advancement and role transparency.
To help exemplify the importance of UX, I’m breaking down a few of the most common UX myths, along with the top recommendations to avoid the pitfalls associated with them.
The U.S. may not walk back all of the new tariffs.
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.
Tariff talk has been at a fever pitch for the past three months. Its dominance of the news cycle has crowded out discussion of other important economic issues, such as the sustainability of America’s national debt.
China and the U.S. conducted their first formal trade talks of 2025 over the weekend. And on Monday, May 12, they announced the outcome of their negotiations.
The Q1 2025 earnings season heads into its final peak week with mostly positive results from S&P 500 companies thus far. With 90% of companies from the index now reporting, 78% have beaten Wall Street’s expectations, slightly better than what we’ve seen historically.
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
Kevin Flanagan, head of fixed income at WisdomTree, joined a VettaFi panel to break down the most attractive fixed income strategies.
Are you prepared to adjust your portfolio in the coming months for the possibility that calm, tranquil markets and a resumption of the bullish trend emerge?
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Warren Buffett opened his 60th—and final as CEO—Berkshire Hathaway annual meeting with the same understated clarity that has defined his career: "This is my 60th annual meeting... I think it'll be the best yet."
When navigating the unknown, an experienced guide can ensure you don’t veer off the path to your chosen destination, can prevent you from stumbling across hazards, and ensure you have the tools you need to finish the journey safely and soundly.
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
China drove the surge in retail investment demand, charting the second strongest quarter on record.
Major tech companies lobbying to salvage a tax deduction for research and development are warning they may pull back from high-profile pledges of new US investments if Congress doesn’t fully reinstate the break.
Preparing for retirement involves more than finances and should include a focus on health, wellbeing and goals. Our Mike Dullaghan explains why it’s important to start preparing 10 years ahead of retirement.
The federal government recently resumed student loan collections after a multi-year pause. This affects millions of borrowers who have been in forbearance since March 2020. Our Bill Cass outlines some options for borrowers in default.
The Fed held the federal funds rate steady but noted that the risks of slowing economic growth and higher inflation have risen.
As investors wait for updates on trade deals during the pause in tariff implementation, the focus for many has turned to economic growth and the conflicting data surrounding it.
The Federal Reserve held rates steady today, while emphasizing that elevated uncertainty has clouded the path forward. If, when, and how much tariff policy will change in the months to come will play a large part in dictating the next move for the Fed.
Elite golf is a mental game as much as physical—and so is investing. This year’s Masters tournament was one of the most compelling I have ever witnessed, and Rory McIlroy’s long-awaited playoff victory contains a number of life lessons that are relevant for investors.
Once again, the Federal Open Market Committee (FOMC) decided to keep rates unchanged at today’s meeting, leaving the Fed Funds trading range at 4.25%-4.50%, keeping the level for overnight money 100 basis points (bps) below last year’s peak reading.
S&P 500® earnings per share estimates have come down sharply. According to FactSet, calendar year 2025 is now expected to show $266 in operating EPS for the Index.
The current geopolitical climate has injected an extra dose of unpredictability into the economy.
A potential regulatory shift in favor of the ETF industry is expected to shake up the business models of Wall Street brokers, with billions of dollars in revenue at stake.
Markets are desperate for good news about tariffs — or no news at all. It only took a pause on the reciprocal tariffs and vague promises of future trade deals for the bond market to stabilize and stocks to recover.
After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.
Market headlines may change daily, but the role of a financial advisor remains remarkably consistent: to be the calm in the storm, the strategist with a plan and—most importantly—the voice of reason when clients need it most.
Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.
When I was much younger, I worked as a bond salesman for a small regional bank in the southwest. I sold some short-term T-bills to yield 17% and some ten-year T-bonds to yield 14%. Paul Volcker, the Fed chairman at the time, had reduced inflation dramatically but the bond market had not yet accepted that new reality and kept interest rates very high for a while after Volker achieved his lower level of inflation.
May 8, VettaFi will host an Income Investment Strategy Symposium. Income is top of mind for many investors.
Valid until the market close on May 31, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Most advisor websites are invisible because they’re built on a flawed assumption — that people will reach out just because you exist. That’s not how it works anymore.
Most economists and portfolio managers are cautious when discussing gold. Its handling and transaction costs are high, and it pays no interest or dividends.
Roughly a month on from Liberation Day one thing is clear: While actual tariff numbers may not be set, markets have certainly been liberated from complacency. S
With investors experiencing heightened anxiety about their financial futures, your approach can make the difference between client retention and attrition. This comprehensive guide from our senior consultants explores actionable strategies for effective client communication during market volatility.
This article focuses on asset-based fees that cover both advice and investment-related costs, which is a model that I believe is best-suited for most individuals, as advisors can add value across multiple dimensions.
For investors looking to add bonds, muni bonds remain an attractive option for an ideal blend of yield and stability.
In recent times, central bank independence has been taken as gospel. Political pressure for easy money contributed to extremes of inflation in the 1970s.
The uncertainty around US tariff policy has significantly increased US equity volatility.
One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals
Results from some of the Magnificent 7 names last week reignited the AI trade. Both Meta and Microsoft reported after-the-bell on Wednesday, blowing past analyst estimates
If you’ve been inside a Walmart, Target or Home Depot in the past week, you may not realize that a trade war is underway between the U.S. and China, the world’s two largest economies. Store shelves are well stocked, and prices have largely held steady.
This week marks the first 100 days of President Trump’s second term in office—and what a rollercoaster it has been for the financial markets! While presidents often enjoy a ‘honeymoon period’ at the start of their tenure, Trump wasted no time ‘flooding the zone’ by pushing forward many of his key initiatives.
The April U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 50.8, below the 51.4 forecast. The reading marks the 27th consecutive month of expansion and the slowest growth since November 2023.
Jim Tuchler, a Chicago-area retailer, and Federal Reserve Chair Jerome Powell have a lot in common these days.
April was a volatile and policy-sensitive month in the markets. Every week, my colleagues and I were joined by Professor Jeremy Siegel to discuss how macroeconomic data, Federal Reserve policy and the variety of tariff proposals from President Trump shaped sentiment and the investment landscape.
Economic data can be soft or hard. “Soft” data reflects attitudes, expectations, opinions, and feelings. It’s a step removed from the “hard” data reflecting actual events. Soft data is still valuable because future expectations shape the hard data that follows.
For decades, U.S. Treasuries have been universally regarded as a benchmark and a safe haven asset during periods of turmoil.
The markets today move at breakneck speed. In fact, if you’ve been watching your 401(k) the past month, you might have gotten whiplash.
Uncertainty reigned through April and likely will continue to do so, at least in the near term. Markets have reacted, both negatively and positively, to every headline coming out of Washington.
Businesses may face challenges but there are also a number of tax-smart strategies that can help mitigate tax liability and enhance efficiency. Our Bill Cass discusses several tax-smart strategies to consider.
In the early years of the artificial intelligence (AI) race, performance benchmarks told a clear story: a handful of frontier models, developed by a few dominant labs, consistently outperformed the rest. In 2024, that changed.
Sustainable adjustments to trade imbalances require supportive monetary and fiscal policies – not just currency intervention.
U.S. manufacturing growth remained subdued in April as confidence in the outlook hit a ten-month low and prices continued to quickly rise. With that said, the S&P Global U.S. Manufacturing PMI remained in expansion territory for a fourth straight month in April at 50.2 signaling a marginal expansion. The latest reading was lower than the 50.7 forecast.
SEI® (NASDAQ:SEIC) today announced that Summit Wealth Group, a fast-growing enterprise advisor practice, has selected SEI to support the firm’s vision and evolution for strategic growth.
Even in normal times, managing an investment program is a challenging job. But when you add on tariffs and trade wars, it's bound to lead to some sleepless nights. Learn how an OCIO firm can provide relief.
Stable value funds can offer capital preservation and stable returns. Our Mike Dullaghan explains the key role of stable value in long-term retirement savings.
Many American consumers recently endured their first inflationary cycle, and recent trade headlines have elevated fears of a another bout with higher costs. While not impacted by tariffs, energy markets may play a critical role in driving the price level during the balance of this year.
A massive budget bill of tax and spending cuts, as well as a debt ceiling debate loom as Congress returns from its Easter recess.
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Despite the recent rally, the correction continues. While wanting to “buy the dip” is tempting, there has been enough technical damage to warrant remaining cautious in the near term.
With the release of March's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.42% month-over-month change in disposable income comes to 0.46% when we adjust for inflation, the largest monthly gain since January 2024. The year-over-year metrics are 3.33% nominal and 1.01% real.
After the U.S. imposed substantial tariffs on China, Beijing responded with tariffs of its own and with restrictions on exports of seven rare earth minerals. The latter action will be a particular hindrance to American manufacturers.
Personal income (excluding transfer receipts) rose 0.6% in March and is up 3.7% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.7% month-over-month and up 1.4% year-over-year.
The real estate industry is at the forefront of a lobbying blitz to sway Congress to preserve the carried interest tax break that President Donald Trump wants to abolish in a giant tax bill pending in Congress.
The National Association of Realtors® (NAR) pending home sales index rose more than expected in March, experiencing its largest monthly increase in over two years. The index came in at 76.5, a 6.1% jump from the previous month but a 0.6% decline from one year ago. Pending home sales were expected to rise 0.9% month-over-month.
Sharp losses in investment grade (IG) corporate bonds this month have reminded us of the potential advantages of rules-based fixed income ladders.
Recession risk remains elevated, likely only receding with a fuller "pivot" in tariff-related uncertainty. While every recession is unique, history can provide a guide.
Ultimately, advisors should choose a rebalancing strategy that best serves their client’s needs without putting undue strain on their own operations.
Social Security does face challenges. The trust fund reserves, built up during years when payroll taxes exceeded payouts, are projected to run dry around 2033. If Congress does nothing, benefits will need to be cut by about 20%. That’s serious, but it’s a solvency issue, not a scam.
American leaders are now engaged in an effort to reverse the loss of manufacturing. The hope is to restore a path to prosperity for struggling regions and their residents. Tariffs are being employed liberally as a means to this end.
Peak earnings season kicks off this week, with 7,600 companies, or 70% of our equity universe expected to report over the next three weeks.
The Fed’s in a bind. Policy uncertainty is high. And tariffs are likely to hit the U.S. economy with a “stagflation-lite” impulse in coming quarters—weaker growth and higher prices.
With uncertainty rising and credit markets flashing early warning signs, RBA explains why now might be the time to sidestep risk—and where investors can still find attractive, high-quality returns in fixed income.
President Donald Trump’s recent executive order revives many of the SDI’s ambitions, albeit with a modern twist. His January 27 directive launched what he first called an “Iron Dome for America,” later rebranded as the “Golden Dome.”
Tax Loss Harvesting
EGA to Build US Aluminum Plant Touted by Trump Next Year
Emirates Global Aluminium plans to start building a $4 billion plant in Oklahoma next year as Donald Trump pushes for massive investments from oil-rich Gulf states to avoid his tariffs.
A 529 Plan Can be an Effective Component of an Estate Plan
529 plans provide tax benefits, estate planning advantages, and flexible education savings. Our Bill Cass explains how 529 plans can be part of an estate planning strategy.
Income Fund Update: Focus on Stability Amid Turbulence
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
BIG NUMBER | 30%: A Tariff Turnaround
On Monday, the U.S. and China announced they will temporarily suspend the high import tariffs they imposed on each other earlier this year.
NAHB Housing Market Index: Growing Uncertainty Drags Down Builder Confidence
Builder confidence fell sharply in May as uncertainty stemming from elevated rates, tariffs, building costs, and the cloudy economic outlook dragged builder sentiment to its lowest level in 18 months.
JPMorgan, Apollo Executives Say US Could Dodge a Recession
JPMorgan Chase & Co.’s chief of global markets strategy said the US could dodge a recession as the probability of that scenario has decreased following better clarity over global trade.
How Rebalancing Helps Keep Your Portfolio on Track
Keeping your financial plan aligned with your goals, risk tolerance and time horizon.
Income Without the Volatility…or Credit Exposure
Our overarching theme for U.S. fixed income has been, and will continue to be, based on the premise that interest rates will stay at more historically “normal” levels, but that, within this backdrop, investors will face heightened volatility.
Goods Trade: Delayed Aggravation
China has been a focal point of American trade policy for many years, but tensions were escalated early in the second Trump term.
5 Ways an Overlay Can Smooth Out a Rocky Market
When volatility ripped through markets last month, many investors scrambled to respond. Some wanted to quickly adjust specific security exposures. Others wanted to flee to cash or build in protection against additional downside moves. And some rushed to buy the dip.
CD or Treasury? Five Factors to Consider
Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.
Want to Build a Strong Advisor Team? 3 Ways to Retain Top Talent
Are you trying to grow a stable team of advisors and retain top talent? Young advisors are looking for RIA firms that offer remote work flexibility, a clear path toward advancement and role transparency.
4 Common Myths of Website User Experience
To help exemplify the importance of UX, I’m breaking down a few of the most common UX myths, along with the top recommendations to avoid the pitfalls associated with them.
U.S./Japan Trade Negotiations
The U.S. may not walk back all of the new tariffs.
Cross-Atlantic Retirement Readiness: What the U.S. Can Learn from the U.K.
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
Active Fixed Income Perspectives Q2 2025: Risks to Realities
The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.
The Link Between Tariffs and The U.S. Federal Budget
Tariff talk has been at a fever pitch for the past three months. Its dominance of the news cycle has crowded out discussion of other important economic issues, such as the sustainability of America’s national debt.
Giant Step in U.S./China Tariff Talks Sends Stocks Soaring
China and the U.S. conducted their first formal trade talks of 2025 over the weekend. And on Monday, May 12, they announced the outcome of their negotiations.
A Better-than-Expected Q1 Earnings Season Wraps up with the Retailers
The Q1 2025 earnings season heads into its final peak week with mostly positive results from S&P 500 companies thus far. With 90% of companies from the index now reporting, 78% have beaten Wall Street’s expectations, slightly better than what we’ve seen historically.
Basel III Makes It Official: Gold Is Money Again
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
WisdomTree’s Kevin Flanagan on How to Navigate Fixed Income
Kevin Flanagan, head of fixed income at WisdomTree, joined a VettaFi panel to break down the most attractive fixed income strategies.
The Storm Before the Calm
Are you prepared to adjust your portfolio in the coming months for the possibility that calm, tranquil markets and a resumption of the bullish trend emerge?
Tension in the Sandpile
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Buffett Steps Back, His Insights Remain
Warren Buffett opened his 60th—and final as CEO—Berkshire Hathaway annual meeting with the same understated clarity that has defined his career: "This is my 60th annual meeting... I think it'll be the best yet."
Value of an Advisor: The Importance of an Experienced Guide
When navigating the unknown, an experienced guide can ensure you don’t veer off the path to your chosen destination, can prevent you from stumbling across hazards, and ensure you have the tools you need to finish the journey safely and soundly.
You Can Run, But You Can’t Hedge
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
Increased Risks to Both Sides of the Dual Mandate
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
Global Gold Bar and Coin Demand Rose in Q1 But Not in the U.S.
China drove the surge in retail investment demand, charting the second strongest quarter on record.
Tech Industry Warns US Investment Pledges Hinge on Research Tax Break
Major tech companies lobbying to salvage a tax deduction for research and development are warning they may pull back from high-profile pledges of new US investments if Congress doesn’t fully reinstate the break.
The Home Stretch: Seven Essential Steps For Pre-retirees
Preparing for retirement involves more than finances and should include a focus on health, wellbeing and goals. Our Mike Dullaghan explains why it’s important to start preparing 10 years ahead of retirement.
For Students With College Debt in Default, it’s Time to Pay the Bill
The federal government recently resumed student loan collections after a multi-year pause. This affects millions of borrowers who have been in forbearance since March 2020. Our Bill Cass outlines some options for borrowers in default.
Fed Holds Rates Steady but Warns of Rising Risks
The Fed held the federal funds rate steady but noted that the risks of slowing economic growth and higher inflation have risen.
Mixed Signals on the Path Ahead for U.S. Economy
As investors wait for updates on trade deals during the pause in tariff implementation, the focus for many has turned to economic growth and the conflicting data surrounding it.
Awaiting Further Clarity
The Federal Reserve held rates steady today, while emphasizing that elevated uncertainty has clouded the path forward. If, when, and how much tariff policy will change in the months to come will play a large part in dictating the next move for the Fed.
Risk, Reward, and Rory at the Masters
Elite golf is a mental game as much as physical—and so is investing. This year’s Masters tournament was one of the most compelling I have ever witnessed, and Rory McIlroy’s long-awaited playoff victory contains a number of life lessons that are relevant for investors.
Fed Watch: Still Waiting
Once again, the Federal Open Market Committee (FOMC) decided to keep rates unchanged at today’s meeting, leaving the Fed Funds trading range at 4.25%-4.50%, keeping the level for overnight money 100 basis points (bps) below last year’s peak reading.
Dividend Hikes Offer Optimism Amid Tariff Turmoil
S&P 500® earnings per share estimates have come down sharply. According to FactSet, calendar year 2025 is now expected to show $266 in operating EPS for the Index.
The 2-Faced Economy: Strong Data Amid Shaky Sentiment
The current geopolitical climate has injected an extra dose of unpredictability into the economy.
Wall Street Brokers Risk Losing Billions in Fees on SEC Shift
A potential regulatory shift in favor of the ETF industry is expected to shake up the business models of Wall Street brokers, with billions of dollars in revenue at stake.
Tariffs Will Be Bad, But They Won’t Cause a Recession
Markets are desperate for good news about tariffs — or no news at all. It only took a pause on the reciprocal tariffs and vague promises of future trade deals for the bond market to stabilize and stocks to recover.
Tariff Risks Reshape Manager Positioning
After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.
When Markets Shake, Advisors Steady the Ship
Market headlines may change daily, but the role of a financial advisor remains remarkably consistent: to be the calm in the storm, the strategist with a plan and—most importantly—the voice of reason when clients need it most.
Is US Exceptionalism Over for Equity Investors?
Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.
Bonzai Bonds: Could 14% Treasury Bonds Return?
When I was much younger, I worked as a bond salesman for a small regional bank in the southwest. I sold some short-term T-bills to yield 17% and some ten-year T-bonds to yield 14%. Paul Volcker, the Fed chairman at the time, had reduced inflation dramatically but the bond market had not yet accepted that new reality and kept interest rates very high for a while after Volker achieved his lower level of inflation.
What to Expect at the Income Investment Strategy Symposium
May 8, VettaFi will host an Income Investment Strategy Symposium. Income is top of mind for many investors.
Moving Averages of the Ivy Portfolio and S&P 500: April 2025
Valid until the market close on May 31, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
The Fatal Flaw in Treating Your Website Like a Digital Brochure
Most advisor websites are invisible because they’re built on a flawed assumption — that people will reach out just because you exist. That’s not how it works anymore.
Gold Has Many Buyers
Most economists and portfolio managers are cautious when discussing gold. Its handling and transaction costs are high, and it pays no interest or dividends.
A Tariff-Centric World Takes Shape
Roughly a month on from Liberation Day one thing is clear: While actual tariff numbers may not be set, markets have certainly been liberated from complacency. S
Client Communication Strategies During Market Volatility
With investors experiencing heightened anxiety about their financial futures, your approach can make the difference between client retention and attrition. This comprehensive guide from our senior consultants explores actionable strategies for effective client communication during market volatility.
The Hidden Cost in Investing: Negative Compounding & the Opportunity Cost of Fees
This article focuses on asset-based fees that cover both advice and investment-related costs, which is a model that I believe is best-suited for most individuals, as advisors can add value across multiple dimensions.
Muni Bonds Remain Attractive Amid Market Volatility
For investors looking to add bonds, muni bonds remain an attractive option for an ideal blend of yield and stability.
Criticism of The Fed: Rule, Not Exception
In recent times, central bank independence has been taken as gospel. Political pressure for easy money contributed to extremes of inflation in the 1970s.
Pyrrhic Victory: Sacrificing Pretax Returns at the Altar of Realized Losses
The uncertainty around US tariff policy has significantly increased US equity volatility.
A Substantial Collection of Fixed Income Opportunities
One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals
Big Tech Breathes Life into Q1 Earnings
Results from some of the Magnificent 7 names last week reignited the AI trade. Both Meta and Microsoft reported after-the-bell on Wednesday, blowing past analyst estimates
U.S. Ports Face Massive Slowdowns as Trump Tariffs Bite Hard
If you’ve been inside a Walmart, Target or Home Depot in the past week, you may not realize that a trade war is underway between the U.S. and China, the world’s two largest economies. Store shelves are well stocked, and prices have largely held steady.
Looking Beyond President Trump’s First 100 Days in Office
This week marks the first 100 days of President Trump’s second term in office—and what a rollercoaster it has been for the financial markets! While presidents often enjoy a ‘honeymoon period’ at the start of their tenure, Trump wasted no time ‘flooding the zone’ by pushing forward many of his key initiatives.
S&P Global Services PMI: Slowest Growth in 17 Months
The April U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 50.8, below the 51.4 forecast. The reading marks the 27th consecutive month of expansion and the slowest growth since November 2023.
Trade Chaos is Part of the Plan for Trump, Nightmare for Powell
Jim Tuchler, a Chicago-area retailer, and Federal Reserve Chair Jerome Powell have a lot in common these days.
Top Lessons from Professor Siegel This April
April was a volatile and policy-sensitive month in the markets. Every week, my colleagues and I were joined by Professor Jeremy Siegel to discuss how macroeconomic data, Federal Reserve policy and the variety of tariff proposals from President Trump shaped sentiment and the investment landscape.
Soft Data Gets Softer
Economic data can be soft or hard. “Soft” data reflects attitudes, expectations, opinions, and feelings. It’s a step removed from the “hard” data reflecting actual events. Soft data is still valuable because future expectations shape the hard data that follows.
U.S. Treasuries Falling Out of Favor?
For decades, U.S. Treasuries have been universally regarded as a benchmark and a safe haven asset during periods of turmoil.
The Markets Are in the Fast Lane. Buckle Up.
The markets today move at breakneck speed. In fact, if you’ve been watching your 401(k) the past month, you might have gotten whiplash.
April Showered with Tariff Talk, Market Volatility
Uncertainty reigned through April and likely will continue to do so, at least in the near term. Markets have reacted, both negatively and positively, to every headline coming out of Washington.
Key Tax Planning Strategies for Business Owners
Businesses may face challenges but there are also a number of tax-smart strategies that can help mitigate tax liability and enhance efficiency. Our Bill Cass discusses several tax-smart strategies to consider.
AI’s Great Flattening: What Happens when Everyone Is State-of-the-Art?
In the early years of the artificial intelligence (AI) race, performance benchmarks told a clear story: a handful of frontier models, developed by a few dominant labs, consistently outperformed the rest. In 2024, that changed.
The Real Lessons From the Plaza and Louvre Accords
Sustainable adjustments to trade imbalances require supportive monetary and fiscal policies – not just currency intervention.
S&P Global US Manufacturing PMI™: Subdued Growth in April
U.S. manufacturing growth remained subdued in April as confidence in the outlook hit a ten-month low and prices continued to quickly rise. With that said, the S&P Global U.S. Manufacturing PMI remained in expansion territory for a fourth straight month in April at 50.2 signaling a marginal expansion. The latest reading was lower than the 50.7 forecast.
Summit Wealth Group Launches RIA, SEI Powers Evolved Business Model
SEI® (NASDAQ:SEIC) today announced that Summit Wealth Group, a fast-growing enterprise advisor practice, has selected SEI to support the firm’s vision and evolution for strategic growth.
The Right OCIO Can Cure Insomnia in Restless Markets
Even in normal times, managing an investment program is a challenging job. But when you add on tariffs and trade wars, it's bound to lead to some sleepless nights. Learn how an OCIO firm can provide relief.
Why Stable Value is Critical in Retirement Plan Menus
Stable value funds can offer capital preservation and stable returns. Our Mike Dullaghan explains the key role of stable value in long-term retirement savings.
Energy Prices Are Not Well Grounded
Many American consumers recently endured their first inflationary cycle, and recent trade headlines have elevated fears of a another bout with higher costs. While not impacted by tariffs, energy markets may play a critical role in driving the price level during the balance of this year.
Washington: What to Watch Now
A massive budget bill of tax and spending cuts, as well as a debt ceiling debate loom as Congress returns from its Easter recess.
Taking a Breather
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Correction Continues – The Value of Risk Management
Despite the recent rally, the correction continues. While wanting to “buy the dip” is tempting, there has been enough technical damage to warrant remaining cautious in the near term.
Real Disposable Income Per Capita Up 0.5% in March
With the release of March's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.42% month-over-month change in disposable income comes to 0.46% when we adjust for inflation, the largest monthly gain since January 2024. The year-over-year metrics are 3.33% nominal and 1.01% real.
Rare Earth Restrictions
After the U.S. imposed substantial tariffs on China, Beijing responded with tariffs of its own and with restrictions on exports of seven rare earth minerals. The latter action will be a particular hindrance to American manufacturers.
The Big Four Recession Indicators: Real Personal Income Up 0.7% in March
Personal income (excluding transfer receipts) rose 0.6% in March and is up 3.7% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.7% month-over-month and up 1.4% year-over-year.
Real Estate Firms Push to Preserve Carried Interest Tax Break
The real estate industry is at the forefront of a lobbying blitz to sway Congress to preserve the carried interest tax break that President Donald Trump wants to abolish in a giant tax bill pending in Congress.
Pending Home Sales Jump 6.1% in March
The National Association of Realtors® (NAR) pending home sales index rose more than expected in March, experiencing its largest monthly increase in over two years. The index came in at 76.5, a 6.1% jump from the previous month but a 0.6% decline from one year ago. Pending home sales were expected to rise 0.9% month-over-month.
How Corporate Bond Ladders May Help to Hedge Volatility
Sharp losses in investment grade (IG) corporate bonds this month have reminded us of the potential advantages of rules-based fixed income ladders.
Dominoes: Recessions' History Guide
Recession risk remains elevated, likely only receding with a fuller "pivot" in tariff-related uncertainty. While every recession is unique, history can provide a guide.
What Is the Optimal Portfolio Rebalancing Strategy?
Ultimately, advisors should choose a rebalancing strategy that best serves their client’s needs without putting undue strain on their own operations.
No, Social Security Is Not a Ponzi Scheme
Social Security does face challenges. The trust fund reserves, built up during years when payroll taxes exceeded payouts, are projected to run dry around 2033. If Congress does nothing, benefits will need to be cut by about 20%. That’s serious, but it’s a solvency issue, not a scam.
The Trials and Tribulations of Trade
American leaders are now engaged in an effort to reverse the loss of manufacturing. The hope is to restore a path to prosperity for struggling regions and their residents. Tariffs are being employed liberally as a means to this end.
Alphabet Sets a Positive Tone Ahead of Mega Tech Earnings Results this Week
Peak earnings season kicks off this week, with 7,600 companies, or 70% of our equity universe expected to report over the next three weeks.
Pick Your Poison: Higher Inflation or Slower Growth?
The Fed’s in a bind. Policy uncertainty is high. And tariffs are likely to hit the U.S. economy with a “stagflation-lite” impulse in coming quarters—weaker growth and higher prices.
When Certainty is Scarce...
With uncertainty rising and credit markets flashing early warning signs, RBA explains why now might be the time to sidestep risk—and where investors can still find attractive, high-quality returns in fixed income.
Trump’s Golden Dome Could Spark the Biggest Defense Boom in Decades
President Donald Trump’s recent executive order revives many of the SDI’s ambitions, albeit with a modern twist. His January 27 directive launched what he first called an “Iron Dome for America,” later rebranded as the “Golden Dome.”