The measurement of inflation has been getting a lot of attention lately. Some modifications are underway, with more potentially to follow.
Today, the mission of the CFP Board of Standards, a 501(c )(6) nonprofit organization, is to credential competent and ethical financial planners, uphold CFP® certification as the recognized standard, and advance the financial planning profession. The mission is no longer to benefit the public. Selling out the public dooms financial planning as a profession. That’s horrible for the vast majority of certificants that want to be held to a higher standard.
A holistic approach to retirement planning involves careful thinking and conversation around investment strategy, tax efficiency, income needs, and estate planning. The goal, of course, is to minimize the drag of taxation on lifetime earnings and wealth accumulation while maintaining both compliance and attention to the client’s priorities and values.
So far in 2026, we’ve seen that benchmark index returns can obscure important market dynamics. Even during a historically strong quarter, underlying dispersion created meaningful opportunities for tax-loss harvesting in custom equity portfolios.
The first half of 2026 reinforced the importance of balance, selectivity and income generation. Franklin Income Investors Chief Investment Officer Ed Perks discusses how markets have evolved, where opportunities are emerging, and why diversification remains critical heading into the second half of the year.
For physicians, major financial decisions may rarely affect just one area of their financial life. The real potential risk is failing to understand how those decisions impact everything else.
Entering Wednesday, the Russell 2000 and S&P SmallCap 600 indexes were up an average of 20.8% year-to-date, confirming small-cap stocks are back with a vengeance. Arguably overlooked in that scenario, some vibrant ETFs represent higher-quality approaches to smaller stocks.
As the forces shaping bond markets become more local, the opportunities become more global. From energy stress to fiscal policy to advances in AI, today’s defining market forces are likely to play out differently across regions, sectors and issuers.
For many investors and families, tax planning may become a year-end exercise squeezed into November and December. But by the time the calendar turns to the fourth quarter, many of the most effective opportunities are already limited.
Tax-aware long-short strategies are no longer the exclusive domain of institutional investors. As separate account delivery has expanded access, more advisors are asking whether tax-aware long-short belongs in their clients’ portfolios. Here are five practical considerations to help you decide.
The bonds sold by hyperscalers to fuel their artificial intelligence ambitions have become a drag on investor portfolios from London to Tokyo.
Our baseline outlook still sees the Fed on hold through 2026 amid gradually easing price pressures. But Waller’s comments suggest that after a string of firmer Personal Consumption Expenditures (PCE) inflation prints, the Fed now places greater emphasis on responding if inflation surprises sharply to the upside or proves more persistent than expected, regardless of which factors are driving the inflation. And this raises the stakes for incoming inflation data throughout the year.
Beyond the obvious differences such as contribution limits, ability to take loans and eligibility requirements, here are some other, lesser-known differences many savers may not be aware of.
David Solomon, decked out in full academic garb, bobbed his head happily and wagged his index finger to the beat of his own AI-generated music.
Private debt is increasingly valued for its potential to help insurers operationally and strategically: support liability matching, improve portfolio design, diversify underlying exposures and, when underwritten well, add resilient excess return.
Captain Ahab never caught Moby Dick, but Morgan Stanley shows how tracking billionaire tech whales like Elon Musk can eventually land a fortune. Not long ago, the bank appeared to have shot itself in the foot as lead lender on the disastrous $44 billion buyout of social media platform Twitter, now known as X.
General Douglas MacArthur once remarked that “rules are mostly made to be broken.” He was at odds with U.S. President Harry Truman over the conduct of the Korean War, feeling that the restrictions placed on his forces weren’t supportive of success.
This paper presents the case for emerging market (EM) allocations within the broader context of global investment strategy. In a period of heightened geopolitical complexity—spanning the 2026 US-Iran conflict, challenges to globalization, political transformation and ongoing great power competition—we believe the case for engaged emerging markets exposure has never been stronger.
After a difficult start to the year, investor sentiment reached a low point near the end of March as concerns around inflation, geopolitics, and rising interest rates weighed on risk assets.
We had a data center at my first banking job. It was a dusty room filled with old Federal Reserve Bulletins, Economic Reports of the Presidents, and annual reports from the International Monetary Fund. I was the search engine, and the operation was powered by caffeine.
What were the key takeaways from last month’s numbers? Our corporate bond specialists look back at the market’s performance and provide incisive commentary to help you make sense of what drove the market—and what may be on the horizon for fixed income investors.
The labor gap is creating pressure on firms to do more with their existing teams, and AI is giving those teams the tools to actually do it. Here is how firms achieve double-digit growth using AI, even while navigating a workforce transformation they cannot fully control.
The first half of 2026 reinforced an important lesson for fixed income investors: Tax-loss harvesting opportunities don’t always arrive at year-end, often appearing during short periods of market dislocation when interest rates rise, new-issue supply increases or investor sentiment shifts.
When it comes to space stocks, Elon Musk’s SpaceX (SPCX) is clearly the big kahuna. After all, the company just completed the largest initial public offering (IPO) in history, rapidly joining the $1 trillion-plus market capitalization club in the process. However, the broader space economy extends beyond a single company.
It has been an eventful six months, and we are delighted that the Equity Dislocation Strategy has risen to the occasion. The Strategy generated a 9.05% net return in the first half of 2026, compared with a 1.3% return for MSCI ACWI Value minus MSCI ACWI Growth, a broad proxy for the value-growth spread.
Over the next 20 years, the industry’s great wealth transfer is expected to put more than $84 trillion in the hands of new family members and other beneficiaries as Baby Boomers increasingly enter their 80s. This large migration of assets could also signal a great client exodus for advisors, if they aren’t able to connect with the new stewards of this wealth.
Over the past few weeks, data has continued to point to a U.S. labor market that is healing after showing signs of weakness starting in late 2024 and persisting for nearly the entirety of 2025—a condition that spurred the Fed to cut rates even as inflation remained stuck above its 2 percent target.
The continued growth of active ETFs reflects a broader shift in portfolio construction across the advisory industry. Advisors increasingly seek investment vehicles that combine flexibility, transparency, scalability, and tax-aware implementation. Dividend growth strategies may align particularly well with the ETF structure because both emphasize long-term investor outcomes and efficient portfolio implementation.
For investors using direct-indexed equity strategies, tax-loss harvesting becomes a major focus, as it may help improve after-tax returns—but we think the calendar for tax-loss selling can make a big difference. Weekly tax-loss harvesting, in our view, offers the potential for more efficient tax-loss harvesting and more effective index tracking in turbulent markets.
Unpack the latest ICI flow data as long-term mutual funds bleed billions directly into low-cost, model-ready ETFs.
The Federal Aviation Administration is resurrecting the dream of passengers flying faster than the speed of sound after it recently proposed lifting a ban on supersonic flights over land, which has been in place for more than five decades.
It used to be a considered something of a tawdry question, although it could be flattering as well: “What’s your number?” Nowadays, your inquisitor is probably asking about retirement — as in, how much you think you need to retire. And, as it often was before, it’s the wrong question.
One notable group has been absent from the 2026 stock rally: the American tech giants that have charged a nearly four-year bull run.
ClearBridge Investments: Although markets often pause to digest after large gains, history suggests these episodes usually prove fleeting, meaning major indexes could move higher in the second half of 2026.
Markets move on data, earnings, interest rates, and economic conditions. But they can also be heavily influenced by human behavior. Even experienced investors can fall into emotional or psychological patterns that affect decision-making, particularly during periods of uncertainty or market volatility.
The capital markets have become an increasingly complex space for investors, complexities that are heightened by the sheer number of ways one can invest.
Widowhood does not happen on paper. It happens in the middle of grief, changing income, tax questions, family expectations, housing decisions, administrative demands, and a profound shift in identity. The math may still work, but the human operating system has changed. And that is why advisors need to stress test — not only for portfolio survival, but for survivor usability.
After years of working with advisors and studying client behavior, the reasons clients leave come down to three core patterns. They are predictable. They are preventable. And they almost always trace back to a conversation that never happened in the first meeting.
I have spent the better part of my career watching how organizations manage access to sensitive data — who has it, who should have it, and how long it takes anyone to notice when those two things stop matching. In financial services, that gap tends to be measured in months.
Royce Investment Partners: In this second quarter recap, Francis Gannon discusses how US small-and micro-cap stocks have continued to lead the US equity market in a robust period for equities.
The shortened trading week brought the second quarter of 2026 to a positive close. Stocks ended slightly lower for month, but closed the quarter on a nice uptick. The US and Iran resumed peace talks, helping stocks push higher.
AI represents a huge shift for financial advisors, who are always learning and adapting to a shifting investing landscape.
“Productization” has quickly become one of the most widely used terms in wealth management. It appears in strategy decks, conference discussions, and vendor messaging. Yet, despite its popularity, the concept remains poorly understood in practice.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Every sector chart tells you where the crowd is. Almost none tell you the thing a stock picker actually needs to know: Inside a given sector, how much room is there to beat the average name?
The most interesting shift in market price action in June was the strong outperformance of value stocks compared to the broad market and tech
Six months is enough time for a lot to change. Your income, your expenses, your goals, and even the broader economy may look different than they did at the start of the year. And a plan that made sense in January might not fit the reality you're living in now.
Midway through 2026, Franklin Templeton Institute’s Global Investment Outlook framework remains a valuable lens—but the landscape has shifted.
This July, the United States marks its 250th anniversary, and that has many Americans thinking about what independence really means. In many ways, genuine independence is about more than political rights. It’s financial.
The Federal Reserve left interest rates unchanged at its June 17 meeting, but investors were more focused on the future under new Fed Chair Kevin Warsh, whom Trump appointed in May.
Federal estate taxes may not affect most households, but state death taxes can still be significant. Learn key planning considerations and strategies to help preserve wealth.
Productivity is an essential component of economic success. It allows for growth without inflation; compensates for demographic deficits; and helps nations attract investment.
Former Fed Chair Alan Greenspan’s passing has brought a stream of retrospectives on his approaches to managing the economy. He erred on the side of parsimony, favoring short public statements. Greenspan’s vague communication style offered little clarity over the future path of interest rates.
A look at the resilient global economy, evolving market opportunities, and key risks shaping the investment outlook.
Global stocks surged during the second quarter as oversold conditions in March and de-escalation in the Middle East created ripe conditions for a rally. In the United States, the large-cap S&P 500 index climbed by 13%, while the small-cap Russell 2000 index increased by nearly 25% (yCharts).
It’s been a long time coming for the asset management world, but ETF share classes are now a reality. Fidelity Investments has joined that movement, with the launch of its first ETF share classes for some of its mutual funds.
The firms that operate rigorous vendor evaluation will compound two advantages simultaneously: They buy the right tools now, and their advisors trust them when the next generation of AI arrives. In a decade that will be defined by the industry's capacity to do more with fewer people, that trust is a strategic asset.
While the Middle East is still far from calm, it does appear the worst of the volatility in the region is in the past. The U.S.-Iran ceasefire is in place, with negotiations underway for a more durable peace.
Startup equity decisions often happen before a founder has a full advisory team in place. Formation documents get signed, vesting schedules are approved, and the tax consequences may not feel urgent because the company is still young.
In our view, this divergence continues to reflect how the buildout of artificial intelligence (AI) is influencing both the economy and markets as it progresses across the value chain, even as the associated costs continue to climb.
For decades, financial advisors have built strong relationships by helping clients manage IRAs, taxable accounts, and rollover assets after they leave an employer. Meanwhile, a significant, often the largest pool, of client wealth has quietly remained out of reach: assets inside workplace retirement plans.
The OBBBA created something the industry rarely gets: a defined planning window without a hard deadline attached. Exemptions are historically high, the law has no sunset, and there's a real body of existing work that needs revisiting. The advisors who treat this as an opportunity, rather than waiting for a client to ask, will drive much stronger outcomes compared to those who don’t.
Meme mania swept through Wall Street in 2021. Retail investors gathered on social media and coordinated trading strategies to short squeeze high-profile hedge funds.
Ten years ago this week, the world watched the United Kingdom vote to walk away from the European Union. While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different.
Whether you’re a seasoned RIA owner looking to accelerate organic growth or a next-gen Advisor building your practice from the ground up, the same fundamentals apply: say clearly who you help, show up consistently where prospects look, and make sure your online presence tells the right story.
What has started to stand out more recently is not the opportunity itself, but the behavior forming around it. The conversation has shifted. It is no longer centered on understanding what is being built or how it will be monetized over time.
Markets will continue to shift. Headlines will change. Volatility will come and go. What endures is the value of having a thoughtful, well-constructed plan. Planning creates structure during uncertain periods and helps clients stay focused on long-term goals instead of short-term noise.
Circumstances since 2020 have repeatedly demonstrated how adaptable the economy is in the face of new challenges. We see no reason for that resilience to fade in the balance of the year.
The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..
Model portfolios have helped many advisors solve for scale. The next challenge is more nuanced: how do advisors keep that scale while delivering more personalization, tax awareness and differentiated value to clients?
As the market continues to broaden in 2026, a balanced approach matters more than ever.
AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.
JPMorgan Chase & Co. named Troy Rohrbaugh and Doug Petno co-presidents as the abrupt departure of consumer banking chief Marianne Lake marked another twist in the race to succeed Chief Executive Officer Jamie Dimon.
What if the debt crisis investors have feared is not still ahead, but already here, unfolding in plain sight? In his June insight, Richard Bernstein, Global Head of Macro & Customized Investing, makes the case that the market may already be penalizing U.S. fiscal excess, not through a dramatic collapse, but through a slow burn with real consequences for investors and the broader economy.
Personal income (excluding transfer receipts) was up 0.70% in May and was up 3.62% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.25% month-over-month and down 0.43% year-over-year.
In a digital-first environment, reputation is no longer a byproduct of success; it is an asset class in its own right. For ultra-high-net-worth families, reputation capital can influence investment opportunities, business partnerships, philanthropic impact, and multigenerational legacy. It can also be exposed, amplified, or undermined in real time.
That gap — between believing you are excellent and being able to prove it — is the central problem this article addresses. And solving it is precisely what “The 80/20 Manifesto” was written to do.
The ongoing World Cup showcases three countries working together. The USMCA review will reveal whether that cooperation extends beyond sport. A shared platform can continue to deliver strong outcomes, but only if the rules remain clear, stable and broadly accepted.
U.S. equities posted a modest advance during the holiday-shortened trading week despite a Wednesday sell-off following a more hawkish than expected Federal Reserve meeting under its new chair, Kevin Warsh.
The corporate world is awash in capex. Leaders in the artificial intelligence (AI) arms race are pouring hundreds of billions of dollars into tech projects, and uncertainty surrounds their profitability. For now, the market rewards this use of cash, but it’s not without pitfalls. Share buybacks, for instance, are seen as a net loser, while the S&P 500® dividend yield has sunk toward all-time lows near 1%.
The advisory profession is entering a new era. AI will not replace advisors — but advisors who use AI will replace those who don’t. And the actuarial approach is uniquely well suited to this transition.
The most consequential decisions a founder will face, equity gifting before valuations increase, trust structures timed ahead of a sale, QSBS qualification built while eligibility still exists, all must be decided before liquidity. Once the transaction closes, much of what was available earlier is simply gone.
The announcement of an extended ceasefire in the Middle East is welcome news. The accord, which is scheduled to be signed late this week, reduces a source of geopolitical uncertainty that has hovered over the global economy. But significant risks remain.
As geopolitical factors increasingly impact returns in a changing market, active portfolio management will become an increasingly necessary approach for advisors seeking to navigate uncertainty and deliver consistent results.
For much of the past decade, secondary funds served as the default entry point into private equity for a number of wealth managers, registered investment advisors, and institutional allocators. These investment vehicles allowed investors to acquire exposure to a private equity fund by purchasing the interest of one of its existing primary investors.
You know the term “Money Illusion”: mistakenly believing that today’s dollars have the same purchasing power as the dollars of ten or twenty years ago. As with any illusion, fake replaces real, image supplants fact, and fog obscures truth. We’re here to help you sort it out.
At graduation ceremonies, audiences are often reminded to limit their audible reactions and hold applause, so that all graduates’ names can be heard. But a few viral videos this year showed a new disturbance to be managed: graduating students booing speakers if they extolled the virtues of artificial intelligence (AI).
Kevin Warsh came out as a hawk during his first press conference as Federal Reserve (Fed) chair. Franklin Templeton Fixed Income CIO Sonal Desai believes that he may be the most hawkish chair since Paul Volcker. Warsh stressed that the Fed can and will bring inflation back to 2%, and signaled his preference for a smaller balance sheet and no forward guidance—a welcome return to more orthodox monetary policy.
Wealth Management
Small Improvements To Big Numbers
The measurement of inflation has been getting a lot of attention lately. Some modifications are underway, with more potentially to follow.
How the CFP Board Sold Out the Public & the Profession
Today, the mission of the CFP Board of Standards, a 501(c )(6) nonprofit organization, is to credential competent and ethical financial planners, uphold CFP® certification as the recognized standard, and advance the financial planning profession. The mission is no longer to benefit the public. Selling out the public dooms financial planning as a profession. That’s horrible for the vast majority of certificants that want to be held to a higher standard.
Integrated Tax Retirement Planning: It’s Not What You Make; It’s What You Keep
A holistic approach to retirement planning involves careful thinking and conversation around investment strategy, tax efficiency, income needs, and estate planning. The goal, of course, is to minimize the drag of taxation on lifetime earnings and wealth accumulation while maintaining both compliance and attention to the client’s priorities and values.
Q2 2026 Equity Markets
So far in 2026, we’ve seen that benchmark index returns can obscure important market dynamics. Even during a historically strong quarter, underlying dispersion created meaningful opportunities for tax-loss harvesting in custom equity portfolios.
Staying Nimble and Focused on Income as Uncertainty Persists
The first half of 2026 reinforced the importance of balance, selectivity and income generation. Franklin Income Investors Chief Investment Officer Ed Perks discusses how markets have evolved, where opportunities are emerging, and why diversification remains critical heading into the second half of the year.
The Most Expensive Financial Decisions Physicians Make (And They Aren’t Investment Decisions)
For physicians, major financial decisions may rarely affect just one area of their financial life. The real potential risk is failing to understand how those decisions impact everything else.
Dividends Carry the Day With This Small-Cap ETF
Entering Wednesday, the Russell 2000 and S&P SmallCap 600 indexes were up an average of 20.8% year-to-date, confirming small-cap stocks are back with a vengeance. Arguably overlooked in that scenario, some vibrant ETFs represent higher-quality approaches to smaller stocks.
Now More than Ever: The Case for Global Bonds
As the forces shaping bond markets become more local, the opportunities become more global. From energy stress to fiscal policy to advances in AI, today’s defining market forces are likely to play out differently across regions, sectors and issuers.
Why July is the Perfect Time for Proactive Tax Planning
For many investors and families, tax planning may become a year-end exercise squeezed into November and December. But by the time the calendar turns to the fourth quarter, many of the most effective opportunities are already limited.
Before You Implement Tax-Aware Long-Short: Five Things Every Advisor Should Know
Tax-aware long-short strategies are no longer the exclusive domain of institutional investors. As separate account delivery has expanded access, more advisors are asking whether tax-aware long-short belongs in their clients’ portfolios. Here are five practical considerations to help you decide.
Hyperscalers Are Dragging Down Bond Gauges Across Global Markets
The bonds sold by hyperscalers to fuel their artificial intelligence ambitions have become a drag on investor portfolios from London to Tokyo.
Fed Policymaker Comments Raise the Stakes for Inflation Data
Our baseline outlook still sees the Fed on hold through 2026 amid gradually easing price pressures. But Waller’s comments suggest that after a string of firmer Personal Consumption Expenditures (PCE) inflation prints, the Fed now places greater emphasis on responding if inflation surprises sharply to the upside or proves more persistent than expected, regardless of which factors are driving the inflation. And this raises the stakes for incoming inflation data throughout the year.
Lesser-Known Differences Between IRAs and 401(k) Plans
Beyond the obvious differences such as contribution limits, ability to take loans and eligibility requirements, here are some other, lesser-known differences many savers may not be aware of.
Goldman Helps Wall Street Get Its Swagger Back With Record-Smashing Quarter
David Solomon, decked out in full academic garb, bobbed his head happily and wagged his index finger to the beat of his own AI-generated music.
The Rise and Rise of Private Debt for Insurance Investors
Private debt is increasingly valued for its potential to help insurers operationally and strategically: support liability matching, improve portfolio design, diversify underlying exposures and, when underwritten well, add resilient excess return.
Morgan Stanley Landed Its Multibillion-Dollar Whale
Captain Ahab never caught Moby Dick, but Morgan Stanley shows how tracking billionaire tech whales like Elon Musk can eventually land a fortune. Not long ago, the bank appeared to have shot itself in the foot as lead lender on the disastrous $44 billion buyout of social media platform Twitter, now known as X.
Do Fiscal Rules Work?
General Douglas MacArthur once remarked that “rules are mostly made to be broken.” He was at odds with U.S. President Harry Truman over the conduct of the Korean War, feeling that the restrictions placed on his forces weren’t supportive of success.
Expanding Global Opportunities
This paper presents the case for emerging market (EM) allocations within the broader context of global investment strategy. In a period of heightened geopolitical complexity—spanning the 2026 US-Iran conflict, challenges to globalization, political transformation and ongoing great power competition—we believe the case for engaged emerging markets exposure has never been stronger.
From First-Quarter Fear to Renewed Optimism
After a difficult start to the year, investor sentiment reached a low point near the end of March as concerns around inflation, geopolitics, and rising interest rates weighed on risk assets.
Data Center Debates
We had a data center at my first banking job. It was a dusty room filled with old Federal Reserve Bulletins, Economic Reports of the Presidents, and annual reports from the International Monetary Fund. I was the search engine, and the operation was powered by caffeine.
Corporate Bond Market Insight - Resilient Growth Meets Rising Inflation
What were the key takeaways from last month’s numbers? Our corporate bond specialists look back at the market’s performance and provide incisive commentary to help you make sense of what drove the market—and what may be on the horizon for fixed income investors.
Here’s How AI Is Already Changing Career Tracks in Advisory Firms
The labor gap is creating pressure on firms to do more with their existing teams, and AI is giving those teams the tools to actually do it. Here is how firms achieve double-digit growth using AI, even while navigating a workforce transformation they cannot fully control.
A Year-Round Opportunity
The first half of 2026 reinforced an important lesson for fixed income investors: Tax-loss harvesting opportunities don’t always arrive at year-end, often appearing during short periods of market dislocation when interest rates rise, new-issue supply increases or investor sentiment shifts.
SpaceX & Beyond: A New ETF for the Space Economy
When it comes to space stocks, Elon Musk’s SpaceX (SPCX) is clearly the big kahuna. After all, the company just completed the largest initial public offering (IPO) in history, rapidly joining the $1 trillion-plus market capitalization club in the process. However, the broader space economy extends beyond a single company.
Mid-Year Update: Equity Dislocation Strategy
It has been an eventful six months, and we are delighted that the Equity Dislocation Strategy has risen to the occasion. The Strategy generated a 9.05% net return in the first half of 2026, compared with a 1.3% return for MSCI ACWI Value minus MSCI ACWI Growth, a broad proxy for the value-growth spread.
Making Sure the ‘Great Wealth Transfer’ Doesn’t Turn Into the ‘Great Client Exodus’
Over the next 20 years, the industry’s great wealth transfer is expected to put more than $84 trillion in the hands of new family members and other beneficiaries as Baby Boomers increasingly enter their 80s. This large migration of assets could also signal a great client exodus for advisors, if they aren’t able to connect with the new stewards of this wealth.
Labor Market Strength Shifts Focus Back to Inflation
Over the past few weeks, data has continued to point to a U.S. labor market that is healing after showing signs of weakness starting in late 2024 and persisting for nearly the entirety of 2025—a condition that spurred the Fed to cut rates even as inflation remained stuck above its 2 percent target.
The Evolution of Dividend Growth Investing in the ETF Era
The continued growth of active ETFs reflects a broader shift in portfolio construction across the advisory industry. Advisors increasingly seek investment vehicles that combine flexibility, transparency, scalability, and tax-aware implementation. Dividend growth strategies may align particularly well with the ETF structure because both emphasize long-term investor outcomes and efficient portfolio implementation.
Tax-Loss Harvesting: How Often Should It Happen?
For investors using direct-indexed equity strategies, tax-loss harvesting becomes a major focus, as it may help improve after-tax returns—but we think the calendar for tax-loss selling can make a big difference. Weekly tax-loss harvesting, in our view, offers the potential for more efficient tax-loss harvesting and more effective index tracking in turbulent markets.
The Great Migration: ICI Data Highlights Shift From Mutual Funds to ETFs
Unpack the latest ICI flow data as long-term mutual funds bleed billions directly into low-cost, model-ready ETFs.
The Return to Flying Faster Than Sound Will Start Small
The Federal Aviation Administration is resurrecting the dream of passengers flying faster than the speed of sound after it recently proposed lifting a ban on supersonic flights over land, which has been in place for more than five decades.
Stop Chasing a ‘Magic Number’ for Retirement
It used to be a considered something of a tawdry question, although it could be flattering as well: “What’s your number?” Nowadays, your inquisitor is probably asking about retirement — as in, how much you think you need to retire. And, as it often was before, it’s the wrong question.
Magnificent Seven’s Weakness Is Starting to Become a Problem for Wall Street
One notable group has been absent from the 2026 stock rally: the American tech giants that have charged a nearly four-year bull run.
The Long View: Not a Straight Line
ClearBridge Investments: Although markets often pause to digest after large gains, history suggests these episodes usually prove fleeting, meaning major indexes could move higher in the second half of 2026.
Common Investor Biases—and How to Avoid Them
Markets move on data, earnings, interest rates, and economic conditions. But they can also be heavily influenced by human behavior. Even experienced investors can fall into emotional or psychological patterns that affect decision-making, particularly during periods of uncertainty or market volatility.
Direct indexing: An innovative and Customizable Capital Markets Strategy
The capital markets have become an increasingly complex space for investors, complexities that are heightened by the sheer number of ways one can invest.
The Survivor Stress Test: When the Couple’s Retirement Plan Becomes a Widow’s Plan
Widowhood does not happen on paper. It happens in the middle of grief, changing income, tax questions, family expectations, housing decisions, administrative demands, and a profound shift in identity. The math may still work, but the human operating system has changed. And that is why advisors need to stress test — not only for portfolio survival, but for survivor usability.
Inoculate Before They Leave: How a Proactive Strategy Stops Client Attrition
After years of working with advisors and studying client behavior, the reasons clients leave come down to three core patterns. They are predictable. They are preventable. And they almost always trace back to a conversation that never happened in the first meeting.
Independent Advisors Are Usually the Last to Know About a Breach
I have spent the better part of my career watching how organizations manage access to sensitive data — who has it, who should have it, and how long it takes anyone to notice when those two things stop matching. In financial services, that gap tends to be measured in months.
US Small-Caps Stay on Top in the Second Quarter
Royce Investment Partners: In this second quarter recap, Francis Gannon discusses how US small-and micro-cap stocks have continued to lead the US equity market in a robust period for equities.
2Q26 Strongest Quarter for Stocks Since Pandemic Rebound
The shortened trading week brought the second quarter of 2026 to a positive close. Stocks ended slightly lower for month, but closed the quarter on a nice uptick. The US and Iran resumed peace talks, helping stocks push higher.
Will AI Replace Financial Advisors? What to Know
AI represents a huge shift for financial advisors, who are always learning and adapting to a shifting investing landscape.
How Wealth Firms Can Productize Their Services in 2026
“Productization” has quickly become one of the most widely used terms in wealth management. It appears in strategy decks, conference discussions, and vendor messaging. Yet, despite its popularity, the concept remains poorly understood in practice.
Who’s Right? Two-Year Yields or Two-Year Breakeven Rates?
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Where Stock Picking Still Pays: Adding Dispersion to the Rotation Graph
Every sector chart tells you where the crowd is. Almost none tell you the thing a stock picker actually needs to know: Inside a given sector, how much room is there to beat the average name?
QuantStreet July 2026 Letter: Sector Rotation
The most interesting shift in market price action in June was the strong outperformance of value stocks compared to the broad market and tech
Mid-Year Money Check-In: Is Your Plan Still Working?
Six months is enough time for a lot to change. Your income, your expenses, your goals, and even the broader economy may look different than they did at the start of the year. And a plan that made sense in January might not fit the reality you're living in now.
The World Didn’t Break: 2026 Mid-Year Investment Outlook
Midway through 2026, Franklin Templeton Institute’s Global Investment Outlook framework remains a valuable lens—but the landscape has shifted.
Celebrate Financial Independence Day: What True Freedom Looks Like for High Earners
This July, the United States marks its 250th anniversary, and that has many Americans thinking about what independence really means. In many ways, genuine independence is about more than political rights. It’s financial.
Fed’s Warsh Era Begins with Hawkish Tone
The Federal Reserve left interest rates unchanged at its June 17 meeting, but investors were more focused on the future under new Fed Chair Kevin Warsh, whom Trump appointed in May.
Planning Considerations for State Death Taxes
Federal estate taxes may not affect most households, but state death taxes can still be significant. Learn key planning considerations and strategies to help preserve wealth.
The Business Of The World Cup
Productivity is an essential component of economic success. It allows for growth without inflation; compensates for demographic deficits; and helps nations attract investment.
Should The Fed Look Forward?
Former Fed Chair Alan Greenspan’s passing has brought a stream of retrospectives on his approaches to managing the economy. He erred on the side of parsimony, favoring short public statements. Greenspan’s vague communication style offered little clarity over the future path of interest rates.
Global Investment Outlook—Resilience
A look at the resilient global economy, evolving market opportunities, and key risks shaping the investment outlook.
Third Quarter Commentary: Tailwinds Return as Energy Prices Ease
Global stocks surged during the second quarter as oversold conditions in March and de-escalation in the Middle East created ripe conditions for a rally. In the United States, the large-cap S&P 500 index climbed by 13%, while the small-cap Russell 2000 index increased by nearly 25% (yCharts).
Fidelity Debuts Its First ETF Share Classes
It’s been a long time coming for the asset management world, but ETF share classes are now a reality. Fidelity Investments has joined that movement, with the launch of its first ETF share classes for some of its mutual funds.
AI Washing and the Advisor Shortage: Why Getting Technology Decisions Right Has Never Mattered More
The firms that operate rigorous vendor evaluation will compound two advantages simultaneously: They buy the right tools now, and their advisors trust them when the next generation of AI arrives. In a decade that will be defined by the industry's capacity to do more with fewer people, that trust is a strategic asset.
Straitening Out
While the Middle East is still far from calm, it does appear the worst of the volatility in the region is in the past. The U.S.-Iran ceasefire is in place, with negotiations underway for a more durable peace.
83(b) Election for Startup Equity: What Founders Need to Know
Startup equity decisions often happen before a founder has a full advisory team in place. Formation documents get signed, vesting schedules are approved, and the tax consequences may not feel urgent because the company is still young.
Markets Broaden as AI Costs Rise and Inflation Pressures Linger
In our view, this divergence continues to reflect how the buildout of artificial intelligence (AI) is influencing both the economy and markets as it progresses across the value chain, even as the associated costs continue to climb.
The Overlooked Opportunity Inside Workplace Retirement Plans
For decades, financial advisors have built strong relationships by helping clients manage IRAs, taxable accounts, and rollover assets after they leave an employer. Meanwhile, a significant, often the largest pool, of client wealth has quietly remained out of reach: assets inside workplace retirement plans.
Estate Plans Designed Before OBBBA May Now Be Costing Your Clients Money
The OBBBA created something the industry rarely gets: a defined planning window without a hard deadline attached. Exemptions are historically high, the law has no sunset, and there's a real body of existing work that needs revisiting. The advisors who treat this as an opportunity, rather than waiting for a client to ask, will drive much stronger outcomes compared to those who don’t.
An Epic David vs. Goliath Stock Battle Is Underway
Meme mania swept through Wall Street in 2021. Retail investors gathered on social media and coordinated trading strategies to short squeeze high-profile hedge funds.
Four Lessons Brexit Taught Me About Gold and Protecting Your Wealth
Ten years ago this week, the world watched the United Kingdom vote to walk away from the European Union. While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different.
Rotation Nation. Large-Cap Growth on Sale.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
What Makes an Advisory Firm Easy to Refer? (And Why Many Fail This Test)
Whether you’re a seasoned RIA owner looking to accelerate organic growth or a next-gen Advisor building your practice from the ground up, the same fundamentals apply: say clearly who you help, show up consistently where prospects look, and make sure your online presence tells the right story.
FOMO in Market Cycles
What has started to stand out more recently is not the opportunity itself, but the behavior forming around it. The conversation has shifted. It is no longer centered on understanding what is being built or how it will be monetized over time.
Why Planning, Not Prediction, Wins in Volatile Markets
Markets will continue to shift. Headlines will change. Volatility will come and go. What endures is the value of having a thoughtful, well-constructed plan. Planning creates structure during uncertain periods and helps clients stay focused on long-term goals instead of short-term noise.
Mid-Year Themes
Circumstances since 2020 have repeatedly demonstrated how adaptable the economy is in the face of new challenges. We see no reason for that resilience to fade in the balance of the year.
Is AI Inflationary or Deflationary?
The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..
Model Portfolios Are Mainstream. Now Advisors Want Personalization.
Model portfolios have helped many advisors solve for scale. The next challenge is more nuanced: how do advisors keep that scale while delivering more personalization, tax awareness and differentiated value to clients?
Market Broadening, AI, and the Case for Diversification
As the market continues to broaden in 2026, a balanced approach matters more than ever.
AI Is a Secular Growth Unicorn
AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.
JPMorgan’s Lake Exits, Setting Up New Race to Succeed Dimon
JPMorgan Chase & Co. named Troy Rohrbaugh and Doug Petno co-presidents as the abrupt departure of consumer banking chief Marianne Lake marked another twist in the race to succeed Chief Executive Officer Jamie Dimon.
Could the U.S. Be the Frog in the Pot?
What if the debt crisis investors have feared is not still ahead, but already here, unfolding in plain sight? In his June insight, Richard Bernstein, Global Head of Macro & Customized Investing, makes the case that the market may already be penalizing U.S. fiscal excess, not through a dramatic collapse, but through a slow burn with real consequences for investors and the broader economy.
The Big Four Recession Indicators: Real Personal Income
Personal income (excluding transfer receipts) was up 0.70% in May and was up 3.62% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.25% month-over-month and down 0.43% year-over-year.
Managing Family Reputation Capital in a Digital-First World
In a digital-first environment, reputation is no longer a byproduct of success; it is an asset class in its own right. For ultra-high-net-worth families, reputation capital can influence investment opportunities, business partnerships, philanthropic impact, and multigenerational legacy. It can also be exposed, amplified, or undermined in real time.
Can You Prove You're Better? Understanding ‘The 80/20 Manifesto’
That gap — between believing you are excellent and being able to prove it — is the central problem this article addresses. And solving it is precisely what “The 80/20 Manifesto” was written to do.
North America’s Trade Test
The ongoing World Cup showcases three countries working together. The USMCA review will reveal whether that cooperation extends beyond sport. A shared platform can continue to deliver strong outcomes, but only if the rules remain clear, stable and broadly accepted.
Fed Signals Keep Rate Risks in Focus
U.S. equities posted a modest advance during the holiday-shortened trading week despite a Wednesday sell-off following a more hawkish than expected Federal Reserve meeting under its new chair, Kevin Warsh.
Beyond AI: Where Investors Can Still Find Dividend Growth in 2026
The corporate world is awash in capex. Leaders in the artificial intelligence (AI) arms race are pouring hundreds of billions of dollars into tech projects, and uncertainty surrounds their profitability. For now, the market rewards this use of cash, but it’s not without pitfalls. Share buybacks, for instance, are seen as a net loser, while the S&P 500® dividend yield has sunk toward all-time lows near 1%.
Why It’s Time for Advisors to Add the Actuarial Approach — & Copilot — to Their Retirement Toolkit
The advisory profession is entering a new era. AI will not replace advisors — but advisors who use AI will replace those who don’t. And the actuarial approach is uniquely well suited to this transition.
When Should a Founder Hire a Wealth Advisor? A Guide for Entrepreneurs
The most consequential decisions a founder will face, equity gifting before valuations increase, trust structures timed ahead of a sale, QSBS qualification built while eligibility still exists, all must be decided before liquidity. Once the transaction closes, much of what was available earlier is simply gone.
Meet the New Boss. Different from the Old Boss.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Truce In The Middle East
The announcement of an extended ceasefire in the Middle East is welcome news. The accord, which is scheduled to be signed late this week, reduces a source of geopolitical uncertainty that has hovered over the global economy. But significant risks remain.
A New Market Calls for Fresh Investing Strategies
As geopolitical factors increasingly impact returns in a changing market, active portfolio management will become an increasingly necessary approach for advisors seeking to navigate uncertainty and deliver consistent results.
Rethinking the Default: Are Secondary Funds Still the Right Choice?
For much of the past decade, secondary funds served as the default entry point into private equity for a number of wealth managers, registered investment advisors, and institutional allocators. These investment vehicles allowed investors to acquire exposure to a private equity fund by purchasing the interest of one of its existing primary investors.
Money Illusion — A User’s Manual
You know the term “Money Illusion”: mistakenly believing that today’s dollars have the same purchasing power as the dollars of ten or twenty years ago. As with any illusion, fake replaces real, image supplants fact, and fog obscures truth. We’re here to help you sort it out.
AI Downsides Dominate Discourse
At graduation ceremonies, audiences are often reminded to limit their audible reactions and hold applause, so that all graduates’ names can be heard. But a few viral videos this year showed a new disturbance to be managed: graduating students booing speakers if they extolled the virtues of artificial intelligence (AI).
The Warsh Fed—Return to Orthodoxy
Kevin Warsh came out as a hawk during his first press conference as Federal Reserve (Fed) chair. Franklin Templeton Fixed Income CIO Sonal Desai believes that he may be the most hawkish chair since Paul Volcker. Warsh stressed that the Fed can and will bring inflation back to 2%, and signaled his preference for a smaller balance sheet and no forward guidance—a welcome return to more orthodox monetary policy.