The wise minds at Moody’s Investors Service finally acknowledged last week what the other two main credit rating agencies did years ago.
529 plans offer tax-free savings for a variety of education expenses, including K-12 tuition, vocational training and apprenticeships. Our Bill Cass discusses the trends in 529 savings plans.
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
Most investors would jump at the chance to add more money to their portfolio, but they often fail to consider the hidden costs associated with it.
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.
By incorporating growth CDs into a diversified retirement plan, retirees can take advantage of equity market growth, protect their lifestyle, and avoid the fear of market downturns diminishing their savings.
With financial markets whipsawing on every tweet and press release, Maharrey urged listeners to step back, take a breath, and consider the big picture — particularly on the issues of debt, inflation, and de-dollarization.
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
Over the past ten years, we’ve discussed this question with about 50 of our friends and clients, resulting in many animated and productive conversations.
The shareholder meeting began to be streamed about ten years ago, but that has had no impact on attendance. This is one reason why I think Buffett is at peace with the idea of no longer presiding at the meeting – people will still come to Omaha the weekend before Mother’s Day.
Given the recent market volatility and the possibility of an adverse wealth effect, it's worth quantifying the relationship between stock returns and economic activity.
Don’t allow your middle-aged clients depending on their 401(k) plan to fool themselves. Markets can’t rescue a failure to save until it hurts. And don’t let them kid themselves that a smoother ride with bonds won’t come at the cost of increased shortfall risk.
As markets rebound from a brief but sharp correction, Journey’s investment team reflects on the impact of tariffs, global diversification, and the evolving role of alternatives in investor portfolios. With caution as the theme, this month’s commentary urges investors to revisit risk tolerance and stay grounded in disciplined, long-term strategies amidst ongoing economic uncertainty.
Long-dated Treasuries fell on Monday as investor attention turned to the US’ ballooning debt after Moody’s Ratings stripped the nation of its last top credit rating.
The House Ways & Means Committee advanced a comprehensive tax bill this week. Our Bill Cass discusses the key provisions and how they may impact taxpayers.
Retirement. It’s a phase of life that brings with it unique challenges, particularly when it comes to healthcare. In the U.S., the average lifespan is 79 years (compared to the global average of 73 years).
Technology and trends have made individual investors an important part of the private market.
A rushed exit from conservatorship could increase mortgage rates and worsen home affordability.
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.
So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).
The selloff in Japan’s long-dated bonds is drawing international investors, who expect the securities to rebound as global trade turmoil abates.
Keeping your financial plan aligned with your goals, risk tolerance and time horizon.
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.
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.
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
Household debt increased by 167 billion (0.93%) in Q1 2025, reaching $18.20 trillion. The overall rise was driven by increases to student loan and mortgage balances.
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.
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
Today Tesla is not trading based on car sales but on future dreams of self-driving robo-taxis, robots, semis, and whatever else Elon dreams up. The car company may be worth $100 billion to $180 billion; the rest is what investors are willing to pay for Elon’s dreams.
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.
Financial advisors will be working with millennials and Gen Z, either as new clients or as family members of existing ones.
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.
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.
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.
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.
Our monthly workforce recovery analysis has been updated to include the latest employment report for April. The unemployment rate remained at 4.2%. Additionally, the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 177,000.
Even though Warren Buffett is 94 and decades past the average retirement age, the end of his run as CEO of Berkshire Hathaway Inc. was always going to come as a shock.
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.
So what has caused such a surge in international returns versus the U.S. so far this year? Is it just short-term noise, reversion to the mean, or something more systematic? If the last few months were purely short-term noise, we will soon know, as U.S. stocks will resume dominance.
April's employment report showed that 82.6% of total employed workers were full-time (35+ hours) and 17.4% of total employed workers were part-time (<35 hours).
Like an iceberg, what looks like a clear and present issue only appears that way from the surface. Navigating solely from what you can see on the surface puts you in danger of missing the deeper emotional issues and impacts that lie below.
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.
While tariff negotiations may well bear fruit eventually, investors today are trying to figure out the impact of changing trade pacts on GDP growth, interest rate levels, the value of the dollar, and the ability of the Treasury to refinance $9.2 trillion of our $36 trillion federal debt in 2025.
In investing, success is often judged by numbers—returns on investment, percentage gains, and the ability to outperform benchmarks like the S&P 500. However, some investors frequently pursue a peculiar set of “awards” without realizing the pitfalls they embody.
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.
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.
In this article, Russ Koesterich discusses the ongoing uncertainty around tariffs and how investors can protect their portfolios against the potential for an environment of prolonged and heighted volatility.
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 latest ETF 360, VettaFi’s Kirsten Change interviewed THOR Funds founding principal and CIO Brad Roth. They discussed two index-based strategies calibrated to manage downside risk. Accordingly, downside protection and risk management are top of mind in today’s unusual market environment.
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.
The Covid-19 pandemic brought some big shifts in the US labor market. The biggest was the departure of millions of older workers, ending a decades-long rise in employment and labor-force participation rates for those 65 and older.
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.
A massive budget bill of tax and spending cuts, as well as a debt ceiling debate loom as Congress returns from its Easter recess.
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.
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.
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 sole pursuit of shareholder value — i.e. of maximizing stock price — leads not to a focus on creating the greatest possible value for the firm’s customers, but to a focus on financial metrics and financial engineering.
In this article, I will discuss another advantage of using the actuarial approach for retirement planning — helping your clients determine when they can afford to make big-ticket item purchases.
Tax planning for high-income earners isn’t about loopholes; it’s about leveraging the strategies available to you.
Many retirees hold substantial assets in traditional IRAs and taxable brokerage accounts. When planning for retirement income and considering your legacy, Roth IRA conversions can be a strategic way to reduce your tax burden and maximize the wealth you pass on to your heirs.
Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.
A tax-advantaged account offers certain tax benefits to encourage individuals to save or invest for specific purposes, such as retirement, education or healthcare. These accounts can help you lower your taxable income, defer taxes or avoid taxes altogether if used for qualified expenses.
Chief Investment Officer Larry Adam notes with volatility on the rise, maintaining a long-term view is key.
Tax filing season may be over for many, but tax planning is an important focus year-round. Consider post-tax season strategies including optimizing deductions or adjusting retirement contributions. Our Bill Cass shares some tax planning ideas to consider.
Practically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset — it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt — and are surprised when it turns out not to be.
No matter what form of compensation you take, it is impossible to eliminate “conflicts” to the extent assumed by the proponents of a new fiduciary standard.
If the US slides into recession, banks will be ready – at least according to commentary on their earnings calls last week.
These are scary times. No surprise, the typical advice is to stay the course — that it will all work out fine — but those near retirement should take heed.
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavilyon sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
LPL Financial LLC announced today that financial advisor Steve Jones of Tenacity Investment Group has joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms.
While we remain open to changes in market conditions, as well as periodic “fast, furious, prone-to-failure” advances that can relieve the oversold “compression” produced by market losses, we are presently on high alert for a possibly abrupt and cascading market and economic dislocation in the weeks ahead.
One of the most volatile market weeks in years was sparked by tariff announcements earlier this month. President Donald Trump's 10% universal tariff went into effect on April 5th, followed by his controversial reciprocal tariffs on April 9th.
As homeowner insurance rates rise, advisors share ways individuals can create a financial safety net should catastrophe impact their homes.
Now that the stock market has momentarily stabilized from the shock of President Donald Trump’s “Liberation Day” tariffs, investors have an opportunity to reflect on how their portfolio held up during the past two turbulent weeks.
Navigating market volatility can be challenging for investors. Our Bill Cass shares several tax planning strategies to consider.
While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
The "Connelly case "is more than just a legal precedent; it is a call to action for business owners to reevaluate their succession plans and take the necessary steps to protect their interests.
This month’s roller-coaster ride through the markets has been more frightening than exhilarating for many Americans, who have more than $44 trillion invested in retirement accounts.
Portfolio rebalancing helps advisors uncover a new investment plan of action that aligns with a client's long-term financial milestones. It also considers how the current market will impact asset diversification.
Some of the reasons, but not the only ones, why our trade deficits are so large is because government expenditures are too high and/or we are not collecting enough taxes.
Retirement Income
America’s Debt Problem is Also a Retirement Problem
The wise minds at Moody’s Investors Service finally acknowledged last week what the other two main credit rating agencies did years ago.
529 Plans: Not Just for College
529 plans offer tax-free savings for a variety of education expenses, including K-12 tuition, vocational training and apprenticeships. Our Bill Cass discusses the trends in 529 savings plans.
Why International and Why Now
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
What Will Central Banks do When Tokens Replace Money?
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
The Case for International Equities in Target-Date Funds
Most investors would jump at the chance to add more money to their portfolio, but they often fail to consider the hidden costs associated with it.
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.
Growth CDs: Access Stock Market Appreciation With FDIC Protection
By incorporating growth CDs into a diversified retirement plan, retirees can take advantage of equity market growth, protect their lifestyle, and avoid the fear of market downturns diminishing their savings.
Beyond the Headlines: Why Gold Still Matters in a Debt-Soaked, Dollar-Weary World
With financial markets whipsawing on every tweet and press release, Maharrey urged listeners to step back, take a breath, and consider the big picture — particularly on the issues of debt, inflation, and de-dollarization.
Navigating the World of Tariffs: More Uncertainty, Slower Growth, & Investment Opportunities
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
The Most Revealing Question in Personal Investing…and How Warren Buffett Helps Us Answer It
Over the past ten years, we’ve discussed this question with about 50 of our friends and clients, resulting in many animated and productive conversations.
Warren Buffett and the Berkshire Hathaway Paradox
The shareholder meeting began to be streamed about ten years ago, but that has had no impact on attendance. This is one reason why I think Buffett is at peace with the idea of no longer presiding at the meeting – people will still come to Omaha the weekend before Mother’s Day.
The Wealth Effect Is Not Always Virtuous
Given the recent market volatility and the possibility of an adverse wealth effect, it's worth quantifying the relationship between stock returns and economic activity.
A 401(k) in Every Pot? The Glidepath to Nowhere
Don’t allow your middle-aged clients depending on their 401(k) plan to fool themselves. Markets can’t rescue a failure to save until it hurts. And don’t let them kid themselves that a smoother ride with bonds won’t come at the cost of increased shortfall risk.
Volatility, Valuations, and the Value of Staying the Course
As markets rebound from a brief but sharp correction, Journey’s investment team reflects on the impact of tariffs, global diversification, and the evolving role of alternatives in investor portfolios. With caution as the theme, this month’s commentary urges investors to revisit risk tolerance and stay grounded in disciplined, long-term strategies amidst ongoing economic uncertainty.
Treasuries, Dollar Fall as Moody’s Sharpens Focus on US Debt
Long-dated Treasuries fell on Monday as investor attention turned to the US’ ballooning debt after Moody’s Ratings stripped the nation of its last top credit rating.
Special Tax Alert: House Committee Advances Tax Bill
The House Ways & Means Committee advanced a comprehensive tax bill this week. Our Bill Cass discusses the key provisions and how they may impact taxpayers.
Hidden Healthcare Costs: Understanding Financial Security for Retirees
Retirement. It’s a phase of life that brings with it unique challenges, particularly when it comes to healthcare. In the U.S., the average lifespan is 79 years (compared to the global average of 73 years).
A Universe of Potential Opportunity Lies Beyond the Public Markets
Technology and trends have made individual investors an important part of the private market.
The Future of the GSEs: Do No Harm
A rushed exit from conservatorship could increase mortgage rates and worsen home affordability.
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.
India’s Power Play
So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).
Vanguard, RBC BlueBay Scoop Up Battered 30-Year Japanese Bonds
The selloff in Japan’s long-dated bonds is drawing international investors, who expect the securities to rebound as global trade turmoil abates.
How Rebalancing Helps Keep Your Portfolio on Track
Keeping your financial plan aligned with your goals, risk tolerance and time horizon.
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.
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.
Private Credit’s Latest Golden Moment Is Hiding the Cracks
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
Household Debt Rises to $18.20 Trillion in Q1
Household debt increased by 167 billion (0.93%) in Q1 2025, reaching $18.20 trillion. The overall rise was driven by increases to student loan and mortgage balances.
Why Tariffs Won’t Bring Back the “Good Old Days”
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.
Liquidity Risk in 2025: A Strategic Priority, Not a Side Concern
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
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.
Current Thoughts on Tesla
Today Tesla is not trading based on car sales but on future dreams of self-driving robo-taxis, robots, semis, and whatever else Elon dreams up. The car company may be worth $100 billion to $180 billion; the rest is what investors are willing to pay for Elon’s dreams.
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.
The Advisor’s Guide to Communicating With Gen Z & Millennial Clients
Financial advisors will be working with millennials and Gen Z, either as new clients or as family members of existing ones.
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.
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.
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.
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.
U.S. Workforce Recovery Analysis: April 2025
Our monthly workforce recovery analysis has been updated to include the latest employment report for April. The unemployment rate remained at 4.2%. Additionally, the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 177,000.
How Buffett Became the Accidental Model for Smart Succession
Even though Warren Buffett is 94 and decades past the average retirement age, the end of his run as CEO of Berkshire Hathaway Inc. was always going to come as a shock.
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.
International Investing: A New Paradigm?
So what has caused such a surge in international returns versus the U.S. so far this year? Is it just short-term noise, reversion to the mean, or something more systematic? If the last few months were purely short-term noise, we will soon know, as U.S. stocks will resume dominance.
A Closer Look at Full-time and Part-time Employment: April 2025
April's employment report showed that 82.6% of total employed workers were full-time (35+ hours) and 17.4% of total employed workers were part-time (<35 hours).
Be Skeptical — Don’t Trust Your Prospect
Like an iceberg, what looks like a clear and present issue only appears that way from the surface. Navigating solely from what you can see on the surface puts you in danger of missing the deeper emotional issues and impacts that lie below.
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.
Fixed Income and Tariff Policy: Advising Clients in an Era of Uncertainty
While tariff negotiations may well bear fruit eventually, investors today are trying to figure out the impact of changing trade pacts on GDP growth, interest rate levels, the value of the dollar, and the ability of the Treasury to refinance $9.2 trillion of our $36 trillion federal debt in 2025.
The Awards You Never Get When Investing
In investing, success is often judged by numbers—returns on investment, percentage gains, and the ability to outperform benchmarks like the S&P 500. However, some investors frequently pursue a peculiar set of “awards” without realizing the pitfalls they embody.
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.
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.
Aim to Keep Risk Modest and Quality High
In this article, Russ Koesterich discusses the ongoing uncertainty around tariffs and how investors can protect their portfolios against the potential for an environment of prolonged and heighted volatility.
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.
ETF 360: THOR Funds Are “Still Worthy”
In the latest ETF 360, VettaFi’s Kirsten Change interviewed THOR Funds founding principal and CIO Brad Roth. They discussed two index-based strategies calibrated to manage downside risk. Accordingly, downside protection and risk management are top of mind in today’s unusual market environment.
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.
Gen Z’s Hole in the Labor Market Could Soon Grow
The Covid-19 pandemic brought some big shifts in the US labor market. The biggest was the departure of millions of older workers, ending a decades-long rise in employment and labor-force participation rates for those 65 and older.
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.
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.
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.
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.
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 Finance Curse
The sole pursuit of shareholder value — i.e. of maximizing stock price — leads not to a focus on creating the greatest possible value for the firm’s customers, but to a focus on financial metrics and financial engineering.
Advising a Retired Client Who Wants to Buy a Second Home (or Other Big-Ticket Item)
In this article, I will discuss another advantage of using the actuarial approach for retirement planning — helping your clients determine when they can afford to make big-ticket item purchases.
7 Smart Tax Planning Strategies for High-Earning W-2 Employees
Tax planning for high-income earners isn’t about loopholes; it’s about leveraging the strategies available to you.
Roth IRA Conversions in Retirement: How to Successfully Minimize Taxes & Maximize Wealth
Many retirees hold substantial assets in traditional IRAs and taxable brokerage accounts. When planning for retirement income and considering your legacy, Roth IRA conversions can be a strategic way to reduce your tax burden and maximize the wealth you pass on to your heirs.
Investing Alongside Change
Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.
Tax-Advantaged Accounts: A Powerful Addition to Your Financial Plan
A tax-advantaged account offers certain tax benefits to encourage individuals to save or invest for specific purposes, such as retirement, education or healthcare. These accounts can help you lower your taxable income, defer taxes or avoid taxes altogether if used for qualified expenses.
Tariffs, Policy Uncertainty Weighs on Economic, Investing Outlooks
Chief Investment Officer Larry Adam notes with volatility on the rise, maintaining a long-term view is key.
Tax Planning Should be a Focus for All seasons
Tax filing season may be over for many, but tax planning is an important focus year-round. Consider post-tax season strategies including optimizing deductions or adjusting retirement contributions. Our Bill Cass shares some tax planning ideas to consider.
US Bonds Have Never Been Risk-Free, and Never Will Be
Practically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset — it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt — and are surprised when it turns out not to be.
Separating ‘Fiduciary’ From ‘Compensation’
No matter what form of compensation you take, it is impossible to eliminate “conflicts” to the extent assumed by the proponents of a new fiduciary standard.
As US Recession Looms, Banks Brace for Worse
If the US slides into recession, banks will be ready – at least according to commentary on their earnings calls last week.
A Warning to Baby Boomers and Others Regarding the China-U.S. Trade War
These are scary times. No surprise, the typical advice is to stay the course — that it will all work out fine — but those near retirement should take heed.
Swaps & Basis Trades Signal Mounting Liquidity Problems
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
Tariff Tremors, Market Rotations, and the Imperative of Optimization
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
2025 Muni Outlook: Stay Invested and Remain Nimble
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavily
on sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
LPL Financial Welcomes Tenacity Investment Group
LPL Financial LLC announced today that financial advisor Steve Jones of Tenacity Investment Group has joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms.
An Abrupt and Cascading Dislocation
While we remain open to changes in market conditions, as well as periodic “fast, furious, prone-to-failure” advances that can relieve the oversold “compression” produced by market losses, we are presently on high alert for a possibly abrupt and cascading market and economic dislocation in the weeks ahead.
Washington: What to Watch Now
One of the most volatile market weeks in years was sparked by tariff announcements earlier this month. President Donald Trump's 10% universal tariff went into effect on April 5th, followed by his controversial reciprocal tariffs on April 9th.
Advisors Share Solutions for Rising Homeowner Insurance Costs
As homeowner insurance rates rise, advisors share ways individuals can create a financial safety net should catastrophe impact their homes.
Now Is the Time to Ask: How Much Market Risk Can You Take?
Now that the stock market has momentarily stabilized from the shock of President Donald Trump’s “Liberation Day” tariffs, investors have an opportunity to reflect on how their portfolio held up during the past two turbulent weeks.
Six Tax Planning Ideas for Navigating Market Volatility
Navigating market volatility can be challenging for investors. Our Bill Cass shares several tax planning strategies to consider.
Equity Outlook: American Exceptionalism Reexamined
While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
Risk Management Amid Economic Uncertainty
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
The Connelly Case Is a Wake-Up Call for Business Owners
The "Connelly case "is more than just a legal precedent; it is a call to action for business owners to reevaluate their succession plans and take the necessary steps to protect their interests.
Social Security Is Protection From Volatility
This month’s roller-coaster ride through the markets has been more frightening than exhilarating for many Americans, who have more than $44 trillion invested in retirement accounts.
How Advisors Can Assist Clients in Rebalancing Their Portfolio Over Time
Portfolio rebalancing helps advisors uncover a new investment plan of action that aligns with a client's long-term financial milestones. It also considers how the current market will impact asset diversification.
Why Don't We Fix the Fiscal Deficit? That Will Start Fixing our Trade Deficit
Some of the reasons, but not the only ones, why our trade deficits are so large is because government expenditures are too high and/or we are not collecting enough taxes.