After mid-level performance in Q1, financials sector earnings are seen slowing in Q2, according to analysts, though favorable signs like the yield curve could help margins.
In the week ending July 5th, initial jobless claims were at a seasonally adjusted level of 227,000. This represents a decrease of 5,000 from the previous week's figure. The latest reading was lower than the 236,000 forecast.
In the weeks leading up to last month’s Israeli and U.S. strikes on Iran, oil prices climbed – not due to actual supply disruptions, but in response to a geopolitical risk premium.
In this article, you’ll learn how to evaluate crypto ETFs with the same rigor you apply to traditional investment products.
Our strategy work and quantitative insights suggest the conditions behind more than a decade of U.S. equity outperformance are starting to shift.
If you're thinking about adding subscription services to your financial planning practice, you're not alone. More advisors are moving beyond the traditional AUM model to offer monthly subscription plans, and for good reason.
Opinions of the One Big Beautiful Bill tend toward the extreme. One of its main authors calls it “the greatest piece of Republican legislation in a generation,” while one of its most authoritative critics says it makes him ashamed to be an American.
The NFIB Small Business Optimism Index held steady in June, inching down 0.2 points to 98.6.
It was a positive quarter for emerging markets equities.
The earnings bar is fairly low for the second quarter, setting companies up for a potential easy jump—but there will likely be more focus on forward guidance.
What does the ratio of unemployment claims to the civilian labor force tell us about where we are in the business cycle and recession risk?
Investors looking for cash flow from commercial real estate may want to check out the debt side.
Sharp U.S. policy shift and elevated uncertainty reflect an evolution of the new macro regime. What matters: getting a grip on uncertainty by identifying its core features.
There is a general belief that there are four big indicators that the NBER Business Cycle Dating Committee weighs heavily in their cycle identification process. This commentary focuses on one of these indicators: nonfarm employment. In June, total nonfarm payrolls increased by 147,000 while the unemployment rate unexpectedly inched lower to 4.1%.
The June U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 52.9, above the 52.8 forecast. The reading marks the 29th consecutive month of expansion but was a slight slow down from May's 53.7 reading.
With mortgage rates still near 7%, even relatively wealthy households are choosing to rent rather than buy, and it’s easy to understand why.
Here is a look at real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq composite since their 2000 highs. We've updated this through the June 2025 close.
Your firm's culture should reflect your values and your mission.
The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.
A turf war is breaking out in the vast world of digital payments — and the incumbents are suddenly on defense.
Market breadth can help gauge strength or weakness. Methods include tracking the number of stocks trading above or below moving averages or making new highs or lows.
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.
Existing home sales unexpectedly inched up in May. According to the National Association of Realtors (NAR), existing home sales rose 0.8% from April to a seasonally adjusted annual rate of 4.03 million units.
The National Association of Realtors® (NAR) pending home sales index rose more than expected in May, coming in at 72.6. This marks a 1.8% increase from April, higher than the anticipated 0.2% rise, and a 1.1% increase from one year ago.
The Senate is getting close to the finish line on its version of the "One Big Beautiful" tax-and-spending bill.
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 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.
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.
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.
How big data, AI and the human element can combine to better pursue consistent alpha.
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
After a long dry spell, there are signs of life in the initial public offerings space. An increase in offerings can sometimes suggest an improvement in overall market sentiment.
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.
Blackstone Inc. sees a $200 billion investment opportunity in European credit over the next 10 years, underscoring the region’s appeal to investors looking for alternatives to the US.
In this article, Russ Koesterich discusses the recent performance of gold and its ongoing role as a store of value in investors’ portfolios.
What happens in global supply chains can provide insight into how tariffs and the trade war may affect economies around the world.
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.
Builder confidence fell for a second straight month in June as elevated rates, tariffs, and economic uncertainty dragged builder sentiment to its lowest level in 2.5 years.
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?
Last week’s economic signals showed cautious optimism and renewed concern. Inflation saw a slight uptick in May.
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.
Summer re-runs are popular on TV, but a repeat of last August's "yen-carry" market upheaval isn't likely on the schedule. A shift in positioning by investors is one reason.
With tariff news providing constant equity market fluctuations, the case for bonds becomes more compelling. The added uncertainty also punctuates the need for an active management strategy, which one particular Vanguard ETF offers.
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.
With the world order in flux, investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
This video examines the ratio of unemployment claims to the civilian labor force and its effectiveness as a recession indicator.
Inflation affects everything from grocery bills to rent, making the Consumer Price Index (CPI) one of the most closely watched economic indicators. The Bureau of Labor Statistics (BLS) tracks this by categorizing spending into eight categories, each weighted by its relative importance.
Inflation rose for the first time in four months in May. According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.4% year-over-year, up from 2.3% in April but lower than the expected 2.5% growth.
Financial institutions shouldn’t underestimate the depth of regulatory complexity coming their way. A misstep in just one area — whether it’s KYC, AML or elsewhere — could unleash severe consequences.
Transitioning away from your current firm is always a big step, but leaving a non-Broker Protocol firm comes with unique complexities — and potential legal pitfalls — if you're not fully prepared.
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.
Stablecoins are a special flavor of cryptocurrency. Unlike Bitcoin or countless wildly traded memecoins, whose values rise and fall based on market moods, the most popular versions of these digital tokens are supposed to always be worth $1 each.
As we head into the second half of the year, US markets seem to be turning around, with economic data that is still coming in mixed. The major US indices were up the first three days of last week, dipping on Thursday after weaker back-to-back readings of the US labor market.
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.
Stablecoins and the concept of digital money represent a significant shift from the current system. While there are many risks with digital money, there is also promise.
Rebounding demand from ETF investors and resilient buying from central banks and Asia retail have propelled gold prices to fresh records north of US$3,000/oz. Find out why we believe there is more room to run.
The bill contains several tax-code changes that could affect municipal bonds, although we don't think it reduces the appeal of munis for high-income earners.
In sauna-like wooden meeting huts scattered around private capital’s annual marquee event in Berlin, executives are looking for the next hot spot.
Bouts of volatility may continue in the second half of 2025 as bond market investors navigate evolving tariff policy, U.S. government debt, and economic uncertainty.
We remain underweight most developed market stocks as US tariff policy is still unclear but are more enthusiastic about emerging market assets.
Since 2019 and the establishment of the ETF Rule, traditional active managers, armed with decades of expertise, have flocked to ETFs.
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.
America’s holiday from history is over: Debt matters again. It is not just that the national debt is so big it cannot be ignored.
Here are some important insights and good open-ended questions to ask your clients to make sure they are thinking through life decisions.
As investors grapple with nagging macro uncertainty, market volatility’s likely to continue. But we also see reasons for optimism — and new opportunities.
Q1 company earnings painted a picture of corporate health as markets entered a period of trade tumult. Fundamental Equities CIO Carrie King discusses the importance of staying invested amid volatility, and outlines where there may be opportunities for long-term, fundamental investors to take advantage of market nerves to add to positions within enduring investment themes.
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.
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.
House prices are falling, and it’s no longer just a Florida and Texas story. Rising inventory across the country and still reluctant buyers mean that those looking to sell face the prospect of more competition and lower prices next spring if they don’t close on a deal soon. For buyers, holding out can mean a better price.
Matching assets to long-term liabilities without compromising on return potential can be a challenge for insurers with long-duration liabilities.
Some of the most useful financial advice has a homespun tone, like to make hay while the sun is shining or save up for a rainy day. I recently encountered another helpful idea in that vein: Think of your house like a family member who is always sick.
Clients aren’t asking their financial advisor to be everything. They’re asking for clarity and confidence in what matters most to them. Simplifying the client experience may be the most strategic move advisors can make.
In this article, I focus on five essential age-based milestones and life events that collectively present more than 40 million advice opportunities, enabling financial advisors to showcase their care and expertise beyond traditional investment strategies.
Let’s unpack the state of the markets today, explore where opportunities lie and review several strategies to navigate the months ahead.
How do you make sure your nest egg lasts as long as you do? Figuring out a safe withdrawal rate is tricky, because life is unpredictable. Markets and inflation rise and fall, tax laws change, and political philosophies come and go.
Without proper financial guidance and planning, the end of their career could be followed by serious financial difficulties. While every athlete’s legal, tax, and financial picture is different, here are some of the topics that should be reviewed with athletes.
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding.
Selling your real estate portfolio, especially investment properties you and your family have held for years or decades, can be a complex process.
The Endowment Tax was introduced during the first Trump administration as part of the 2017 Tax Cuts and Jobs Act (TCJA).
Your financial requirements are multifaceted, necessitating strategies tailored to your specific needs. Tailored lending can be a valuable addition to a high-net-worth individual’s financial plan, helping you optimize cash flow, maximize tax efficiency and realize important estate planning goals.
Long-term interest rates have become much less predictable, and that means volatile prices for long bonds.
Amid the relentless chaos in Washington — tariffs, trade war, terminally rising deficits — at least one sensible idea has recently emerged: The federal government wants to free up more land to build homes. It’s a great ambition. The devil, as ever, will be in the details.
When CFRA’s Paige Meyer slapped a “sell” rating on UnitedHealth Group Inc. in February, she was the lone analyst out of 30 tracked by Bloomberg with a negative view of the company.
This isn’t about selling — at all. It’s about problem-solving and helping — it’s about offering an opportunity to change someone’s life. Remember, they can always say “no.”
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
Stephen Hemsley never fully dropped the reins when he stepped down as UnitedHealth Group Inc.’s chief executive officer eight years ago. With the health giant in crisis, he’s taking back his old job – and confronting one of the toughest turnaround tasks any executive has ever faced.
Insurance & Annuities
Q2 Bank Earnings Preview: A Dimmer Light?
After mid-level performance in Q1, financials sector earnings are seen slowing in Q2, according to analysts, though favorable signs like the yield curve could help margins.
Unemployment Claims Down 5K, Lower Than Expected
In the week ending July 5th, initial jobless claims were at a seasonally adjusted level of 227,000. This represents a decrease of 5,000 from the previous week's figure. The latest reading was lower than the 236,000 forecast.
Charting Commodity Markets
In the weeks leading up to last month’s Israeli and U.S. strikes on Iran, oil prices climbed – not due to actual supply disruptions, but in response to a geopolitical risk premium.
How to Choose a Crypto ETF: A Practical Guide for Financial Advisors
In this article, you’ll learn how to evaluate crypto ETFs with the same rigor you apply to traditional investment products.
Non-U.S. Investing In a Fragmenting World
Our strategy work and quantitative insights suggest the conditions behind more than a decade of U.S. equity outperformance are starting to shift.
Breaking Down the Regulatory Requirements for Subscription Services
If you're thinking about adding subscription services to your financial planning practice, you're not alone. More advisors are moving beyond the traditional AUM model to offer monthly subscription plans, and for good reason.
Megabills Didn’t Break the Economy Before and Won’t Now
Opinions of the One Big Beautiful Bill tend toward the extreme. One of its main authors calls it “the greatest piece of Republican legislation in a generation,” while one of its most authoritative critics says it makes him ashamed to be an American.
NFIB Small Business Survey: Optimism Remains Steady While Uncertainty Falls
The NFIB Small Business Optimism Index held steady in June, inching down 0.2 points to 98.6.
A Solid Quarter Signals Promising Potential
It was a positive quarter for emerging markets equities.
2Q Earnings: The Beat Goes On?
The earnings bar is fairly low for the second quarter, setting companies up for a potential easy jump—but there will likely be more focus on forward guidance.
Unemployment Claims and the CLF as a Recession Indicator: June 2025
What does the ratio of unemployment claims to the civilian labor force tell us about where we are in the business cycle and recession risk?
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.
Getting a Grip on Uncertainty
Sharp U.S. policy shift and elevated uncertainty reflect an evolution of the new macro regime. What matters: getting a grip on uncertainty by identifying its core features.
The Big Four Recession Indicators: June Employment
There is a general belief that there are four big indicators that the NBER Business Cycle Dating Committee weighs heavily in their cycle identification process. This commentary focuses on one of these indicators: nonfarm employment. In June, total nonfarm payrolls increased by 147,000 while the unemployment rate unexpectedly inched lower to 4.1%.
S&P Global Services PMI: Growth Sustained in June
The June U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 52.9, above the 52.8 forecast. The reading marks the 29th consecutive month of expansion but was a slight slow down from May's 53.7 reading.
Today’s Housing Math Favors Buying — Even in Austin
With mortgage rates still near 7%, even relatively wealthy households are choosing to rent rather than buy, and it’s easy to understand why.
The S&P 500, Dow and Nasdaq Since 2000 Highs as of June 2025
Here is a look at real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq composite since their 2000 highs. We've updated this through the June 2025 close.
How to Nurture Firm Culture, Values When Breaking Out on Your Own
Your firm's culture should reflect your values and your mission.
Stocks Slip From Highs as Senate Marathon Persists
The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.
Visa, Mastercard Race to Capture a $253 Billion Crypto Threat
A turf war is breaking out in the vast world of digital payments — and the incumbents are suddenly on defense.
Breadth Check: Strength and Weakness Trend Tracker
Market breadth can help gauge strength or weakness. Methods include tracking the number of stocks trading above or below moving averages or making new highs or lows.
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.
Existing Home Sales Unexpectedly Inch Up in May
Existing home sales unexpectedly inched up in May. According to the National Association of Realtors (NAR), existing home sales rose 0.8% from April to a seasonally adjusted annual rate of 4.03 million units.
Pending Home Sales Up 1.8% in May, Higher Than Expected
The National Association of Realtors® (NAR) pending home sales index rose more than expected in May, coming in at 72.6. This marks a 1.8% increase from April, higher than the anticipated 0.2% rise, and a 1.1% increase from one year ago.
Washington: What to Watch Now
The Senate is getting close to the finish line on its version of the "One Big Beautiful" tax-and-spending bill.
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.
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.
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.
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.
Alpha Reimagined
How big data, AI and the human element can combine to better pursue consistent alpha.
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.
IPO Market Starts to Warm After Slow Start to 2025
After a long dry spell, there are signs of life in the initial public offerings space. An increase in offerings can sometimes suggest an improvement in overall market sentiment.
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.
Blackstone Sees $200 Billion in Potential European Credit Deals
Blackstone Inc. sees a $200 billion investment opportunity in European credit over the next 10 years, underscoring the region’s appeal to investors looking for alternatives to the US.
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.
Supply Chain Messages About the Trade War
What happens in global supply chains can provide insight into how tariffs and the trade war may affect economies around the world.
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.
NAHB Housing Market Index: Builder Confidence Drops to 2.5-Year Low
Builder confidence fell for a second straight month in June as elevated rates, tariffs, and economic uncertainty dragged builder sentiment to its lowest level in 2.5 years.
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?
Weekly Economic Snapshot: Inflation Edges Up While Sentiment Rebounds
Last week’s economic signals showed cautious optimism and renewed concern. Inflation saw a slight uptick in May.
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.
"Yen-Carry" Anniversary Nears, but Worries Fade
Summer re-runs are popular on TV, but a repeat of last August's "yen-carry" market upheaval isn't likely on the schedule. A shift in positioning by investors is one reason.
An Active Option to Ponder as Bonds Look More Compelling
With tariff news providing constant equity market fluctuations, the case for bonds becomes more compelling. The added uncertainty also punctuates the need for an active management strategy, which one particular Vanguard ETF offers.
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.
The Fragmentation Era
With the world order in flux, investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
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.
Inside the Consumer Price Index: May 2025
Inflation affects everything from grocery bills to rent, making the Consumer Price Index (CPI) one of the most closely watched economic indicators. The Bureau of Labor Statistics (BLS) tracks this by categorizing spending into eight categories, each weighted by its relative importance.
Consumer Price Index: Inflation Rises to 2.4% in May, Lower Than Expected
Inflation rose for the first time in four months in May. According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.4% year-over-year, up from 2.3% in April but lower than the expected 2.5% growth.
One Consumer Watchdog Loses Its Bite as Others Sharpen Their Claws
Financial institutions shouldn’t underestimate the depth of regulatory complexity coming their way. A misstep in just one area — whether it’s KYC, AML or elsewhere — could unleash severe consequences.
Navigating a Non-Protocol Transition: What Every Advisor Needs to Know Before Making a Move From a Captive Firm or Broker-Dealer
Transitioning away from your current firm is always a big step, but leaving a non-Broker Protocol firm comes with unique complexities — and potential legal pitfalls — if you're not fully prepared.
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.
Stablecoins Bring Crypto to the Mainstream. What Could Go Wrong?
Stablecoins are a special flavor of cryptocurrency. Unlike Bitcoin or countless wildly traded memecoins, whose values rise and fall based on market moods, the most popular versions of these digital tokens are supposed to always be worth $1 each.
Reverse Splits Start to Moderate After Hitting a Record High in Q1 2025
As we head into the second half of the year, US markets seem to be turning around, with economic data that is still coming in mixed. The major US indices were up the first three days of last week, dipping on Thursday after weaker back-to-back readings of the US labor market.
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.
Stablecoins to the Treasury’s Rescue
Stablecoins and the concept of digital money represent a significant shift from the current system. While there are many risks with digital money, there is also promise.
Gold 2025 Midyear Outlook: A High(er) for Long(er) Gold Price Regime
Rebounding demand from ETF investors and resilient buying from central banks and Asia retail have propelled gold prices to fresh records north of US$3,000/oz. Find out why we believe there is more room to run.
Will the "Big Beautiful" Tax Bill Affect Munis?
The bill contains several tax-code changes that could affect municipal bonds, although we don't think it reduces the appeal of munis for high-income earners.
Apollo Eyes Germany as Private Credit’s Crush on Europe Heats Up
In sauna-like wooden meeting huts scattered around private capital’s annual marquee event in Berlin, executives are looking for the next hot spot.
Fixed Income Outlook: Cool and Cloudy
Bouts of volatility may continue in the second half of 2025 as bond market investors navigate evolving tariff policy, U.S. government debt, and economic uncertainty.
Barometer: Cautious on Equities as Us Flip-Flops on Tariffs
We remain underweight most developed market stocks as US tariff policy is still unclear but are more enthusiastic about emerging market assets.
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.
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.
Both Parties Need to Face Fiscal Reality
America’s holiday from history is over: Debt matters again. It is not just that the national debt is so big it cannot be ignored.
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 Unbearable Burden of Waiting and Seeing
As investors grapple with nagging macro uncertainty, market volatility’s likely to continue. But we also see reasons for optimism — and new opportunities.
Three Areas of Focus as U.S. Earnings Strength Continues
Q1 company earnings painted a picture of corporate health as markets entered a period of trade tumult. Fundamental Equities CIO Carrie King discusses the importance of staying invested amid volatility, and outlines where there may be opportunities for long-term, fundamental investors to take advantage of market nerves to add to positions within enduring investment themes.
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.
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.
A Soft Housing Market Isn’t Just a Florida and Texas Story Now
House prices are falling, and it’s no longer just a Florida and Texas story. Rising inventory across the country and still reluctant buyers mean that those looking to sell face the prospect of more competition and lower prices next spring if they don’t close on a deal soon. For buyers, holding out can mean a better price.
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.
Housing Reforms On The Horizon?
Some of the most useful financial advice has a homespun tone, like to make hay while the sun is shining or save up for a rainy day. I recently encountered another helpful idea in that vein: Think of your house like a family member who is always sick.
Beyond Service Expansion: Why Better Client Communication Drives Growth
Clients aren’t asking their financial advisor to be everything. They’re asking for clarity and confidence in what matters most to them. Simplifying the client experience may be the most strategic move advisors can make.
40 Million Opportunities to Lead With Advice
In this article, I focus on five essential age-based milestones and life events that collectively present more than 40 million advice opportunities, enabling financial advisors to showcase their care and expertise beyond traditional investment strategies.
First Do No Harm: Strategies for Investing in a Turbulent Market
Let’s unpack the state of the markets today, explore where opportunities lie and review several strategies to navigate the months ahead.
Making Your Nest Egg Last As Long As You Do
How do you make sure your nest egg lasts as long as you do? Figuring out a safe withdrawal rate is tricky, because life is unpredictable. Markets and inflation rise and fall, tax laws change, and political philosophies come and go.
Wealth Planning in a League of Its Own: Guidance for Professional Athletes
Without proper financial guidance and planning, the end of their career could be followed by serious financial difficulties. While every athlete’s legal, tax, and financial picture is different, here are some of the topics that should be reviewed with athletes.
Private Credit Eyes Gap in US Infrastructure as Federal Funding Dips
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding.
What Comes After the Sale? Turning Real Estate Liquidity Into a Long-Term Wealth Strategy
Selling your real estate portfolio, especially investment properties you and your family have held for years or decades, can be a complex process.
The Endowment Tax: Thoughts and Considerations for Investors
The Endowment Tax was introduced during the first Trump administration as part of the 2017 Tax Cuts and Jobs Act (TCJA).
Tailored Lending: A Strategic Tool for Sophisticated Individuals
Your financial requirements are multifaceted, necessitating strategies tailored to your specific needs. Tailored lending can be a valuable addition to a high-net-worth individual’s financial plan, helping you optimize cash flow, maximize tax efficiency and realize important estate planning goals.
Scared of Long Bonds? Get Used to Them
Long-term interest rates have become much less predictable, and that means volatile prices for long bonds.
A Building Boom on Federal Land? It Just Might Work
Amid the relentless chaos in Washington — tariffs, trade war, terminally rising deficits — at least one sensible idea has recently emerged: The federal government wants to free up more land to build homes. It’s a great ambition. The devil, as ever, will be in the details.
UnitedHealth Plunge Stunned Wall Street. One Analyst Saw It Coming
When CFRA’s Paige Meyer slapped a “sell” rating on UnitedHealth Group Inc. in February, she was the lone analyst out of 30 tracked by Bloomberg with a negative view of the company.
It Isn’t Selling. It’s Solving.
This isn’t about selling — at all. It’s about problem-solving and helping — it’s about offering an opportunity to change someone’s life. Remember, they can always say “no.”
Growing U.S. Debt – Trouble Ahead?
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
The Man Who Built UnitedHealth Into an Industry Giant Now Has to Turn It Around
Stephen Hemsley never fully dropped the reins when he stepped down as UnitedHealth Group Inc.’s chief executive officer eight years ago. With the health giant in crisis, he’s taking back his old job – and confronting one of the toughest turnaround tasks any executive has ever faced.