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.
Halfway through 2026, this market perspective is harder to write with confidence than most. That’s not a phrase I use lightly. Over four decades of markets, there have been plenty of uncertain moments, but the number of significant, unresolved issues I’m watching right now is unusually high.
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.
I have run sales teams, developed sales teams, trained salespeople and trained advisors for many years. Education is your best bet, but if people are focused on growth at all costs, sometimes they aren’t in a position to really listen.
There’s a new sheriff in town over at the Federal Reserve. He sounds a lot different than the old sheriff, but one would be wise to remember that Kevin Warsh is enforcing the same laws in the same town as Jerome Powell did.
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.
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.
Alan Greenspan, the Federal Reserve chairman proclaimed a wizard for guiding a then-record US economic expansion, only to see his luster dimmed by the financial crisis that erupted less than two years after he stepped down, has died. He was 100.
Co-packaged optics, the technology of integrating lasers and optical components directly into network switches rather than using pluggable modules, is becoming the standard architecture for large-scale GPU clusters, and Nvidia needed to lock in supply for the buildout it is planning.
Once again, the Federal Open Market Committee (FOMC) decided to remain ‘on hold’, keeping the fed funds trading range at 3.50%-3.75%. This result was largely expected by the markets. Of course, one of the more notable aspects to this gathering was that it represented Kevin Warsh’s first official policy meeting as Fed Chairman.
I was asked by an advisory firm to speak to their clients at their recent client event. I was able to share the “Five Secrets of Human Behavior,” and all attendees received my similarly named book. In today’s column, I’ll outline these secrets and share why they matter from a leadership perspective.
Compliance risks happen when AI-enabled workflows expand faster than their governance model. It becomes a blind spot when AI solutions are built faster than the organization’s ability to map them against the right regulatory, operational, and data-governance controls.
This week J.P. Morgan Asset Management launched two actively managed municipal bond ETFs focused on California and New York debt, offering investors a way to earn tax-free income inside a more flexible and transparent fund structure.
Markets returned to positive territory for the week, with the turning point occurring Thursday after the announcement of a potential deal with Iran that would extend the ceasefire while reopening the Strait of Hormuz for the first time since February 27.
J.P. Morgan converted two mutual funds into active muni ETFs for California and New York investors seeking tax-free income.
A massive advisor retirement wave is reshaping wealth management. Discover how $2.5 trillion in assets may fuel industry transformation.
SpaceX shares jumped on Tuesday, putting the firm on track to overtake Amazon.com Inc. as the fifth largest publicly traded company in the world just days after its blockbuster debut.
For many investors, retirement planning becomes most tangible at the start and end of the year. Goals are set in January, then revisited during year-end tax and financial planning discussions. But the middle of the year offers an equally valuable opportunity: a chance to evaluate progress, reassess assumptions, and make adjustments before small issues become larger challenges.
Gold has always had a way of testing investors’ expectations. Just when the headlines appear most supportive—inflation is rising, geopolitical risk is escalating and confidence in fiat currency is being questioned—gold can suddenly move in the opposite direction.
Despite everything we have seen in the economic data, which can be confusing, the US consumer has refused to crack. My friend Dr. Ed Yardeni, whom I have known since '98, has the most compelling explanation I have heard for why.
JPMorgan Chase & Co.’s public finance department hired a Goldman Sachs Group Inc. banker to specialize in prepay energy deals, marking a major hire for the team as the firm ramps up its work in the sector.
Things change fast in artificial intelligence. One minute corporate desk jockeys are competing to use AI coding and reasoning tools as much as possible, the next their bosses are complaining about budgets being pulverized and start rationing usage.
The jury is still out on whether SpaceX is primarily a rocket company, as its name suggests, or actually more of a telecom provider or artificial intelligence play. Its expected valuation doesn’t help resolve the confusion.
The initial public offering for SpaceX is poised to generate billions of dollars in profits for the fortunate few investors who got in early on Elon Musk’s rocket, satellite and artificial intelligence company.
Many advisors deliver capital markets commentary as if the goal were simply to explain what’s happening. They assemble charts, cite data, summarize headlines and hope the client will draw the “right” conclusion.
The biggest problem I find is that advisors don’t have the time they need to focus on growth. Sending out a mass invite via LinkedIn is fast and easy, but it doesn’t mean it is the most effective action you can take.
With a new boss at the helm and expectations of billions in surplus gas revenue, the Qatar Investment Authority spent the past year telegraphing a step-up in dealmaking. Iran’s attacks on the country’s energy infrastructure and Doha’s inability to ship products risk hampering that push.
While job growth has reaccelerated, supporting consumption, the underlying income picture is less encouraging.
Existing home sales reached their highest level of the year in May, rising 3.2% after a 0.7% increase in April. According to the National Association of Realtors (NAR), sales reached a seasonally adjusted annual rate of 4.17 million units, surpassing the projected 4.07 million.
May's employment report showed that 17.6% of total employed workers were part time and 82.4% of total employed workers were full-time.
The U.S. labor market took center stage last week as three major labor market indicators outperformed forecasts. Robust payroll additions in both the public and private sectors, paired with a massive surge in job openings, point to a workforce on solid footing.
Elon Musk can still enchant investors with his vision of the future. Any questions about SpaceX’s record-breaking initial public offering — be it about the valuation, the company’s trajectory or technical execution — were brushed aside as the retail marketing for the deal got under way.
Foreign investors led by the likes of Stanley Druckenmiller and major Wall Street banks are returning to Argentine stocks this year after some had exited ahead of 2025’s volatile midterm election cycle.
Stocks extended their advance for a ninth consecutive week, with the S&P 500 rising more than 5 percent in May on the heels of April’s 10 percent rally. This nine-week run coincides with the market’s March 30 bottom, when early signs of a potential off-ramp or ceasefire in the Middle East began to emerge.
Learn what's in store for the remainder of 2026 and the challenges that lie ahead in our mid-year outlook for U.S. stocks and the economy.
It’s so hard in our industry to “benchmark” things like comp, benefits and work-from-home philosophies, because if you show me 15 teams or firms, I’ll show you 15 different ways to answer these questions. I know the WFH question is a big one, and many teams are struggling with it.
As billions of dollars leave Bitcoin and Ether funds, money is flowing into a corner of crypto that promises something investors have long struggled to find in digital assets: a clearer path from economic activity to token value.
Geopolitical risks are still lingering in the background, but the story lately has been all about earnings. A strong 1Q26 season, paired with a steady drumbeat of upbeat management commentary, has helped push the S&P 500 to 21 record highs this year.
If you’re not familiar with the name Leopold Aschenbrenner, you should be. A 24-year-old wunderkind, Aschenbrenner was hired by OpenAI in 2023 to work on the company’s “superalignment” team, essentially trying to figure out how to keep AI systems safe once they become smarter than the people building them.
Goldman Sachs announced a partnership with Anthropic in early May, though you probably shouldn’t view it as just a cool innovation story. It is infrastructure in motion. When institutions like Goldman move, pay attention to what problem they believe they are solving.
Mentioning artificial intelligence to the graduating class of 2026 has been sure to get you booed. And why not? Fresh graduates have spent the past few years being told about the wonders of AI and watched seniors struggle to get a toehold in the labor market.
Ahead of next week’s May employment report, the summer jobs market is coming into focus as teenagers and students finish the school year. According to Challenger, Gray & Christmas, teen hiring from May through July is expected to total just 790,000 jobs this summer, down slightly from 801,000 last summer.
Advisory firms need tighter integration between their daily work tools and the CRM at the center of their world. When notes sit siloed from the rest of a firm's data and operations, the chance to deepen team collaboration and sharpen client insights goes with them.
Leading with bad news can feel wrong and even confrontational at some level, but the psychology research supports it, the behavioral finance supports it, the career math supports it, and the clients who stay through multiple cycles apply the final confirmation stamp.
Some people do much better with change than others. It isn’t that they can’t change or they actively resist it. Rather, they experience more fear, more concern and they need more clarity about what the change means to them.
On May 26, 1896, Charles Dow calculated a simple arithmetic average of 12 industrial stocks and arrived at a closing value of 40.94. Now, exactly 130 years later, that same benchmark has crossed the historic 50,000 threshold.
Home prices fell for the first time in eight months in March according to the S&P Cotality Case-Shiller index, as the housing slowdown intensifies. On a seasonally adjusted basis, the national index dropped 0.2% month-over-month and was up 0.7% year-over-year, the slowest pace since June 2023.
As more individuals turn to non-traditional financial advice — offered through social media, artificial intelligence, or other online services and platforms — advisors will be tasked with fostering a greater sense of trust with the public.
Private markets (private equity, private credit and real estate) have historically delivered an “illiquidity premium”. Institutions and family offices have recognized this illiquidity premium and have historically allocated significant capital to capture it.
Elon Musk has bucked the trend of industrial conglomerate breakups, including such illustrious companies as General Electric and Honeywell International Inc., and decided to form a somewhat unwieldy company that makes rockets, spacecraft, satellites, antennas, modems and now computer chips. With SpaceX’s purchase of Musk’s xAI in February, the world’s leading space company was married to an AI startup and the X social media platform.
In this second quarter update, Western Asset believes global fixed-income markets face a more complex backdrop as geopolitics, rapid AI adoption and private credit scrutiny intersect.
While US financial markets brace for what could be the three biggest initial public offerings ever, most entrepreneurship in the US is headed in the opposite direction: New businesses are shrinking.
Model portfolios are a key pillar for asset managers competing for advisor and investor attention. They offer straightforward, pre-packaged tools that help investors target and achieve specific financial goals. Designing and operating models, however, takes a particular set of skills. Goldman Sachs Asset Management recently made a big hire therein.
The "four horsemen" of the labor market are the unemployment rate, hiring rate, layoff rate, and vacancy rate. Analyzing them together may sharpen investors' read on the economy.
Space has evolved from a niche corner of the stock market into an area that offers the potential for diversity and growth. The euphoria around SpaceX’s market entry is driving fresh investor flows into the sector. Since the news of the offering first became public in early December, smaller space and related stocks have soared.
I’ve long been a student of game theory, the branch of mathematics that studies how rational actors make decisions when their outcomes depend on what everyone else does. It’s a helpful framework for understanding markets and geopolitics, and right now, there’s no better place to apply it than Taiwan.
AI has moved from buzzword to business reality. For Advisors and RIAs, the question is no longer whether AI will matter. It’s how fast your practice can use it to remove friction, improve service, and stay focused on the work clients actually value.
Chemistry is a vital component when building an organizational powerhouse. This applies not only to just sports, but also the executive world. In the NBA, the New York Knicks assembled the “Nova Knicks.” This effectively reunited a championship-caliber core of Villanova alumni in Jalen Brunson, Josh Hart, and Mikal Bridges.
I was in West Texas recently to witness firsthand the emerging practical applications of artificial intelligence. What I saw bolstered my conviction about the technology’s progress and the need to mold it rather than resist the change.
In the race to build the infrastructure that powers artificial intelligence, Alphabet Inc.’s Google has an enviable position: The company has a healthy cloud computing business, makes its own chips, and has struck deals to share them with companies like Anthropic PBC and Meta Platforms Inc.
For many ultra-high-net-worth families, philanthropy is not simply about giving; it is about creating meaningful, lasting impact. A thoughtfully structured family foundation can become a powerful vehicle for aligning wealth with values, supporting communities, and engaging future generations in purposeful stewardship.
Explore how Women in ETFs & CFAOC experts believe AI will supplement, not replace, financial professionals.
America is fast becoming a country with two economies: a stagnant one for men and a growing one for women. So far this year, the US has created more than 165,000 private-sector jobs, and 72% of them went to women. To some extent this reflects a structural change in the economy, as growth is in industries more likely to employ women, such as healthcare.
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.
Our reading is that this is a meaningful positive at the surface — a real-time confirmation that the most pessimistic recession scripts written in March can be set aside — but it is also a print that fails to alter the structural calculus we have been describing all year. The labor market is steady. The trajectory of fiscal policy, monetary credibility, and dollar reserve status is not.
To understand the full impact of AI on advisor productivity, it’s important to look beyond speed alone. The more relevant question is whether efficiency gains are creating meaningful breathing room or simply raising expectations and expanding the scope of work.
I’m all about trying to build bridges and fix things, and I am also a realist. I often tell clients there is a right way, and then there is what you can get done within your environment. I’ll always lean toward the second one.
The College for Financial Planning is a degree-granting institution offering various financial certification programs. It provides graduate degree, non-degree and continuing professional education programs for students. Founded in 1972, today it is part of Kaplan Financial and has trained over 165,000 professionals.
Beneath the surface, however, the story is more complicated. The economy is still advancing, yet it is doing so with a growing bifurcation between households and sectors, while inflation pressures continue to simmer in the background.
Early detection, I believe, is one of the smartest investments you can make, whether we’re talking about your portfolio or your health.
Scalable personalization means saving time while not sacrificing the “secret sauce” that is unique to your practice. Time savings can come from scaling portfolio construction via model portfolios or direct indexing, adding tools or talent to complement strengths, and using technology like AI.
The nuclear industry has seen a recent flurry of announcements, headlined by two major industry partnerships to rapidly deploy new reactors. These exciting developments come against the backdrop of a new national poll showing increased positive sentiment towards nuclear energy. This all adds to the positive tailwinds for nuclear development in the U.S.
The travel and leisure space remains a bright spot, with Marriott posting a robust earnings beat driven by a 12% increase in gross revenue and strong global booking trends. Airbnb also had a strong showing, topping revenue forecasts and raising its full-year outlook as global travel momentum drove a 19% increase in gross booking value.
The thinking behind space solar makes some sense: The sun doesn’t always shine on Earth, which means solar panels on the ground aren’t always gathering energy. There are no clouds to block the sun in space, so aside from a couple of times per year around the equinoxes, panels in GEO are constantly bombarded with solar rays.
It’s Shareholder Meeting Month on Wall Street. With the bulk of the Q1 earnings season now in the rearview mirror, investors turn their attention to Annual General Meetings (AGMs) held by some of the most important multinational corporations.
Sophisticated clients and institutional prospects are already asking wealth management firms about AI governance. The firms with coherent answers are winning trust their competitors cannot buy back quickly.
Gen Z is coming of age in a world very different from that of their parents. Advisors who want to connect with this cohort need be conscious, not only of Gen Z’s biases and unique perspectives, but also of their own preconceptions and tendencies.
Listening is a skill that can be taught, can be learned, and can be practiced. If a client doesn’t think their advisor is really listening to them, they might take that opportunity to find another advisor who does.
SpaceX also is ramping up its spending. The company said in April it’s struck an agreement for the right to acquire artificial intelligence startup Cursor for $60 billion later this year, or to pay $10 billion for the companies’ work together.
There’s no doubt that Amazon will begin to take market share now that it has declared that its third-party logistics business is here to stay. This move allays concerns among potential customers that Amazon’s offerings wouldn’t be permanent or would take a back seat to its own volume during periods of peak freight.
For the third consecutive policy gathering, the Federal Open Market Committee (FOMC) decided to remain ‘on hold,’ keeping the fed funds trading range at 3.50%–3.75%. This result was largely expected by the markets. Unfortunately for the Fed, the policymakers are in a challenging position of juggling incoming economic and inflation data as well as the uncertainties emanating from the Middle East war.
For many high-performing advisory teams, the challenge has never been ambition or capability. The missing ingredient has simply been an operational structure designed to support the level of success they have already surpassed. High-performing teams that tap into this reality strengthen firms from the top down and deliver exceptional service with the systems required to sustain it.
Offloading certain tasks to AI can be appealing, especially for solo advisors (or those operating with a lean team). Used effectively, it can be a time and energy-saver. But as you’re likely aware, AI tools are not perfect — they also tend to produce repetitive, generalized content that may not always resonate with your target audience.
If you read my column, you know I am a proponent of following the SHIFT format. First, get the team together to identify who you want to be as a team and what success looks like to you. Make sure everyone is headed toward the same outcome and cares about the same goals.
A few weeks ago, I sat down at my laptop and built a trading platform. It connects to three financial exchanges. It ingests news from RSS feeds, web searches, Reddit and Twitter.
The defining feature of a Ponzi scheme is that it persuades investors to pay for future cash flows that, at least in part, don’t actually exist, while creating the impression that those cash flows imply an attractive return on the price investors pay. If we look carefully at the record valuation extremes in the equity market, and the wildly elevated profit margins that investors appear to view as permanent, we can already see the potential for difficult, even tragic outcomes for investors.
No one likes that heart-drop feeling of missing an important detail. And yet, this happens all too often when it comes to healthcare planning. Healthcare and health insurance are complex topics. Without an expert or the right resources, it can be very difficult for financial advisors to do on their own.
Elon Musk’s SpaceX is no stranger to the stratosphere, and neither is its coming initial public offering.
For ultra-high-net-worth individuals and families, wealth brings opportunity, but also extraordinary complexity. Multi-generational estate planning, concentrated equity positions, private investments, tax-efficient strategies, philanthropic structures, and family governance decisions all intersect in ways that demand thoughtful oversight.
Financial Advisor Transition
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.
More Moving Parts Than Usual: A Mid-2026 Market Perspective
Halfway through 2026, this market perspective is harder to write with confidence than most. That’s not a phrase I use lightly. Over four decades of markets, there have been plenty of uncertain moments, but the number of significant, unresolved issues I’m watching right now is unusually high.
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.
Education Is Key for Effecting Change
I have run sales teams, developed sales teams, trained salespeople and trained advisors for many years. Education is your best bet, but if people are focused on growth at all costs, sometimes they aren’t in a position to really listen.
There's a New Sheriff in Town! Will He Act Differently Than the Old Sheriff?
There’s a new sheriff in town over at the Federal Reserve. He sounds a lot different than the old sheriff, but one would be wise to remember that Kevin Warsh is enforcing the same laws in the same town as Jerome Powell did.
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.
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.
Alan Greenspan, Who Led Fed During Boom Before 2008 Bust, Dies at 100
Alan Greenspan, the Federal Reserve chairman proclaimed a wizard for guiding a then-record US economic expansion, only to see his luster dimmed by the financial crisis that erupted less than two years after he stepped down, has died. He was 100.
Glass and Light: The Infrastructure Layer of the Quantum Market Is Missing
Co-packaged optics, the technology of integrating lasers and optical components directly into network switches rather than using pluggable modules, is becoming the standard architecture for large-scale GPU clusters, and Nvidia needed to lock in supply for the buildout it is planning.
Fed Watch: The Changing of the Guard Finally Arrives
Once again, the Federal Open Market Committee (FOMC) decided to remain ‘on hold’, keeping the fed funds trading range at 3.50%-3.75%. This result was largely expected by the markets. Of course, one of the more notable aspects to this gathering was that it represented Kevin Warsh’s first official policy meeting as Fed Chairman.
Unlock the Secrets of Human Behavior
I was asked by an advisory firm to speak to their clients at their recent client event. I was able to share the “Five Secrets of Human Behavior,” and all attendees received my similarly named book. In today’s column, I’ll outline these secrets and share why they matter from a leadership perspective.
Compliance Without an AI Blind Spot
Compliance risks happen when AI-enabled workflows expand faster than their governance model. It becomes a blind spot when AI solutions are built faster than the organization’s ability to map them against the right regulatory, operational, and data-governance controls.
JPMorgan Converts $950M to Active NY, CA Muni ETFs
This week J.P. Morgan Asset Management launched two actively managed municipal bond ETFs focused on California and New York debt, offering investors a way to earn tax-free income inside a more flexible and transparent fund structure.
Markets Rally as Investors Weigh Inflation, the Fed and SpaceX IPO
Markets returned to positive territory for the week, with the turning point occurring Thursday after the announcement of a potential deal with Iran that would extend the ceasefire while reopening the Strait of Hormuz for the first time since February 27.
JPMorgan Converts $950M to Active NY, CA Muni ETFs
J.P. Morgan converted two mutual funds into active muni ETFs for California and New York investors seeking tax-free income.
Navigating the Impending Advisor Retirement Wave
A massive advisor retirement wave is reshaping wealth management. Discover how $2.5 trillion in assets may fuel industry transformation.
SpaceX Set to Overtake Amazon in Value as It Soars for Third Day
SpaceX shares jumped on Tuesday, putting the firm on track to overtake Amazon.com Inc. as the fifth largest publicly traded company in the world just days after its blockbuster debut.
A Midyear Retirement Readiness Check
For many investors, retirement planning becomes most tangible at the start and end of the year. Goals are set in January, then revisited during year-end tax and financial planning discussions. But the middle of the year offers an equally valuable opportunity: a chance to evaluate progress, reassess assumptions, and make adjustments before small issues become larger challenges.
Gold Looks Oversold. Is This the Contrarian Moment Investors Have Been Waiting For?
Gold has always had a way of testing investors’ expectations. Just when the headlines appear most supportive—inflation is rising, geopolitical risk is escalating and confidence in fiat currency is being questioned—gold can suddenly move in the opposite direction.
The G-Shaped Economy
Despite everything we have seen in the economic data, which can be confusing, the US consumer has refused to crack. My friend Dr. Ed Yardeni, whom I have known since '98, has the most compelling explanation I have heard for why.
JPMorgan Hires Goldman Banker for Prepay Energy Bond Deals
JPMorgan Chase & Co.’s public finance department hired a Goldman Sachs Group Inc. banker to specialize in prepay energy deals, marking a major hire for the team as the firm ramps up its work in the sector.
An Anthropic-OpenAI Price War Would Be Brutal
Things change fast in artificial intelligence. One minute corporate desk jockeys are competing to use AI coding and reasoning tools as much as possible, the next their bosses are complaining about budgets being pulverized and start rationing usage.
SpaceX Valuation Is Cheap for Space Peers But Pricey as AI Stock
The jury is still out on whether SpaceX is primarily a rocket company, as its name suggests, or actually more of a telecom provider or artificial intelligence play. Its expected valuation doesn’t help resolve the confusion.
SpaceX IPO Will Mint Billions for a New Silicon Valley Hierarchy
The initial public offering for SpaceX is poised to generate billions of dollars in profits for the fortunate few investors who got in early on Elon Musk’s rocket, satellite and artificial intelligence company.
Why Clients Get Stuck—and the Question That Changes Everything
Many advisors deliver capital markets commentary as if the goal were simply to explain what’s happening. They assemble charts, cite data, summarize headlines and hope the client will draw the “right” conclusion.
Direct Marketing That Works for Financial Advisors
The biggest problem I find is that advisors don’t have the time they need to focus on growth. Sending out a mass invite via LinkedIn is fast and easy, but it doesn’t mean it is the most effective action you can take.
Qatar Mega-Fund’s Plans for Bigger Deals Push Dented by War
With a new boss at the helm and expectations of billions in surplus gas revenue, the Qatar Investment Authority spent the past year telegraphing a step-up in dealmaking. Iran’s attacks on the country’s energy infrastructure and Doha’s inability to ship products risk hampering that push.
Strong Jobs Data and Inflation Keep Pressure on the Fed
While job growth has reaccelerated, supporting consumption, the underlying income picture is less encouraging.
Existing Home Sales Reach Highest Level of 2026
Existing home sales reached their highest level of the year in May, rising 3.2% after a 0.7% increase in April. According to the National Association of Realtors (NAR), sales reached a seasonally adjusted annual rate of 4.17 million units, surpassing the projected 4.07 million.
A Closer Look at Full-time and Part-time Employment: May 2026
May's employment report showed that 17.6% of total employed workers were part time and 82.4% of total employed workers were full-time.
Weekly Economic Snapshot: Strong Labor Data Across the Board
The U.S. labor market took center stage last week as three major labor market indicators outperformed forecasts. Robust payroll additions in both the public and private sectors, paired with a massive surge in job openings, point to a workforce on solid footing.
Musk Leaves Investors Starstruck at Dimon’s SpaceX Extravaganza
Elon Musk can still enchant investors with his vision of the future. Any questions about SpaceX’s record-breaking initial public offering — be it about the valuation, the company’s trajectory or technical execution — were brushed aside as the retail marketing for the deal got under way.
Druckenmiller Leads Wall Street’s Return to Argentine Stocks
Foreign investors led by the likes of Stanley Druckenmiller and major Wall Street banks are returning to Argentine stocks this year after some had exited ahead of 2025’s volatile midterm election cycle.
AI Drives Stock Market Higher Despite Uneven Growth
Stocks extended their advance for a ninth consecutive week, with the S&P 500 rising more than 5 percent in May on the heels of April’s 10 percent rally. This nine-week run coincides with the market’s March 30 bottom, when early signs of a potential off-ramp or ceasefire in the Middle East began to emerge.
2026 Mid-Year Outlook: U.S. Stocks and Economy
Learn what's in store for the remainder of 2026 and the challenges that lie ahead in our mid-year outlook for U.S. stocks and the economy.
How to Handle Team Members Who Push Boundaries
It’s so hard in our industry to “benchmark” things like comp, benefits and work-from-home philosophies, because if you show me 15 teams or firms, I’ll show you 15 different ways to answer these questions. I know the WFH question is a big one, and many teams are struggling with it.
A 180% Crypto Rally Shows New Investing Era as Bitcoin Stumbles
As billions of dollars leave Bitcoin and Ether funds, money is flowing into a corner of crypto that promises something investors have long struggled to find in digital assets: a clearer path from economic activity to token value.
Market Focus Shifts From Earnings to Macro Catalysts
Geopolitical risks are still lingering in the background, but the story lately has been all about earnings. A strong 1Q26 season, paired with a steady drumbeat of upbeat management commentary, has helped push the S&P 500 to 21 record highs this year.
The $13.7 Billion Hedge Fund That’s Betting Big on AGI Infrastructure
If you’re not familiar with the name Leopold Aschenbrenner, you should be. A 24-year-old wunderkind, Aschenbrenner was hired by OpenAI in 2023 to work on the company’s “superalignment” team, essentially trying to figure out how to keep AI systems safe once they become smarter than the people building them.
Goldman Sachs Didn't Partner With Anthropic to Write Better Emails
Goldman Sachs announced a partnership with Anthropic in early May, though you probably shouldn’t view it as just a cool innovation story. It is infrastructure in motion. When institutions like Goldman move, pay attention to what problem they believe they are solving.
Guess Who’s Got an AI Edge in a Tough Job Market?
Mentioning artificial intelligence to the graduating class of 2026 has been sure to get you booed. And why not? Fresh graduates have spent the past few years being told about the wonders of AI and watched seniors struggle to get a toehold in the labor market.
Where Did all the Teen Summer Jobs Go?
Ahead of next week’s May employment report, the summer jobs market is coming into focus as teenagers and students finish the school year. According to Challenger, Gray & Christmas, teen hiring from May through July is expected to total just 790,000 jobs this summer, down slightly from 801,000 last summer.
Your Notetaker Should Be an Integrated Part of Your Firm’s Ecosystem
Advisory firms need tighter integration between their daily work tools and the CRM at the center of their world. When notes sit siloed from the rest of a firm's data and operations, the chance to deepen team collaboration and sharpen client insights goes with them.
Why Good Advisors Lead With Bad News
Leading with bad news can feel wrong and even confrontational at some level, but the psychology research supports it, the behavioral finance supports it, the career math supports it, and the clients who stay through multiple cycles apply the final confirmation stamp.
Does Your Team Member Have a “Bad Attitude” or a Reasonable Complaint?
Some people do much better with change than others. It isn’t that they can’t change or they actively resist it. Rather, they experience more fear, more concern and they need more clarity about what the change means to them.
130 Years of the Dow: Why It Still Matters for Advisors
On May 26, 1896, Charles Dow calculated a simple arithmetic average of 12 industrial stocks and arrived at a closing value of 40.94. Now, exactly 130 years later, that same benchmark has crossed the historic 50,000 threshold.
S&P Cotality Case-Shiller Index: Housing Slowdown Intensifies
Home prices fell for the first time in eight months in March according to the S&P Cotality Case-Shiller index, as the housing slowdown intensifies. On a seasonally adjusted basis, the national index dropped 0.2% month-over-month and was up 0.7% year-over-year, the slowest pace since June 2023.
Building Trust as Finance Shifts From Traditional Advice
As more individuals turn to non-traditional financial advice — offered through social media, artificial intelligence, or other online services and platforms — advisors will be tasked with fostering a greater sense of trust with the public.
The Cost of Being Too Liquid
Private markets (private equity, private credit and real estate) have historically delivered an “illiquidity premium”. Institutions and family offices have recognized this illiquidity premium and have historically allocated significant capital to capture it.
Musk Is Leading SpaceX Into the Conglomerate Trap
Elon Musk has bucked the trend of industrial conglomerate breakups, including such illustrious companies as General Electric and Honeywell International Inc., and decided to form a somewhat unwieldy company that makes rockets, spacecraft, satellites, antennas, modems and now computer chips. With SpaceX’s purchase of Musk’s xAI in February, the world’s leading space company was married to an AI startup and the X social media platform.
Key Convictions: Second Quarter 2026
In this second quarter update, Western Asset believes global fixed-income markets face a more complex backdrop as geopolitics, rapid AI adoption and private credit scrutiny intersect.
America’s Small-Business Boom Comes Without New Jobs
While US financial markets brace for what could be the three biggest initial public offerings ever, most entrepreneurship in the US is headed in the opposite direction: New businesses are shrinking.
Goldman Sachs Hires New Model Portfolios Head
Model portfolios are a key pillar for asset managers competing for advisor and investor attention. They offer straightforward, pre-packaged tools that help investors target and achieve specific financial goals. Designing and operating models, however, takes a particular set of skills. Goldman Sachs Asset Management recently made a big hire therein.
Tracking the Four Horsemen of the Labor Market
The "four horsemen" of the labor market are the unemployment rate, hiring rate, layoff rate, and vacancy rate. Analyzing them together may sharpen investors' read on the economy.
SpaceX Going Public Is Igniting Wall Street’s Own Race to Orbit
Space has evolved from a niche corner of the stock market into an area that offers the potential for diversity and growth. The euphoria around SpaceX’s market entry is driving fresh investor flows into the sector. Since the news of the offering first became public in early December, smaller space and related stocks have soared.
The Game Theory Behind Taiwan
I’ve long been a student of game theory, the branch of mathematics that studies how rational actors make decisions when their outcomes depend on what everyone else does. It’s a helpful framework for understanding markets and geopolitics, and right now, there’s no better place to apply it than Taiwan.
How AI Is Reshaping Wealth Management Operations
AI has moved from buzzword to business reality. For Advisors and RIAs, the question is no longer whether AI will matter. It’s how fast your practice can use it to remove friction, improve service, and stay focused on the work clients actually value.
A Very NYSE Reunion for Direxion’s Latest Exec Hires
Chemistry is a vital component when building an organizational powerhouse. This applies not only to just sports, but also the executive world. In the NBA, the New York Knicks assembled the “Nova Knicks.” This effectively reunited a championship-caliber core of Villanova alumni in Jalen Brunson, Josh Hart, and Mikal Bridges.
I Have Seen the Future of Physical AI in Dusty West Texas
I was in West Texas recently to witness firsthand the emerging practical applications of artificial intelligence. What I saw bolstered my conviction about the technology’s progress and the need to mold it rather than resist the change.
Google’s Own AI Researchers Jockey for Access to Its Computing
In the race to build the infrastructure that powers artificial intelligence, Alphabet Inc.’s Google has an enviable position: The company has a healthy cloud computing business, makes its own chips, and has struck deals to share them with companies like Anthropic PBC and Meta Platforms Inc.
Structuring a Family Foundation That Endures
For many ultra-high-net-worth families, philanthropy is not simply about giving; it is about creating meaningful, lasting impact. A thoughtfully structured family foundation can become a powerful vehicle for aligning wealth with values, supporting communities, and engaging future generations in purposeful stewardship.
Will I Be Replaced? Decoding the $1.5T AI Disruption in Finance
Explore how Women in ETFs & CFAOC experts believe AI will supplement, not replace, financial professionals.
In This Job Market, Women Have the Upper Hand
America is fast becoming a country with two economies: a stagnant one for men and a growing one for women. So far this year, the US has created more than 165,000 private-sector jobs, and 72% of them went to women. To some extent this reflects a structural change in the economy, as growth is in industries more likely to employ women, such as healthcare.
The Fed Sees Dissents Amid a Fluctuating Economy
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.
Better Than Feared, Not Better Than Required
Our reading is that this is a meaningful positive at the surface — a real-time confirmation that the most pessimistic recession scripts written in March can be set aside — but it is also a print that fails to alter the structural calculus we have been describing all year. The labor market is steady. The trajectory of fiscal policy, monetary credibility, and dollar reserve status is not.
The Productivity Paradox: Why AI Is Making Advisors Busier
To understand the full impact of AI on advisor productivity, it’s important to look beyond speed alone. The more relevant question is whether efficiency gains are creating meaningful breathing room or simply raising expectations and expanding the scope of work.
At Least No One Flipped a Table
I’m all about trying to build bridges and fix things, and I am also a realist. I often tell clients there is a right way, and then there is what you can get done within your environment. I’ll always lean toward the second one.
What Is The College for Financial Planning?
The College for Financial Planning is a degree-granting institution offering various financial certification programs. It provides graduate degree, non-degree and continuing professional education programs for students. Founded in 1972, today it is part of Kaplan Financial and has trained over 165,000 professionals.
Equity Gains and Surging Energy Costs Divide U.S. Consumers
Beneath the surface, however, the story is more complicated. The economy is still advancing, yet it is doing so with a growing bifurcation between households and sectors, while inflation pressures continue to simmer in the background.
AI Could Save Trillions in U.S. Healthcare Costs. These Companies Are Leading the Way.
Early detection, I believe, is one of the smartest investments you can make, whether we’re talking about your portfolio or your health.
Setting Up Your Practice for Scaled Growth
Scalable personalization means saving time while not sacrificing the “secret sauce” that is unique to your practice. Time savings can come from scaling portfolio construction via model portfolios or direct indexing, adding tools or talent to complement strengths, and using technology like AI.
Partnerships, Positive Sentiment Boost U.S. Nuclear
The nuclear industry has seen a recent flurry of announcements, headlined by two major industry partnerships to rapidly deploy new reactors. These exciting developments come against the backdrop of a new national poll showing increased positive sentiment towards nuclear energy. This all adds to the positive tailwinds for nuclear development in the U.S.
Q1 Earnings Reach Four-Year High: Tech and Travel Surge Amidst Labor Resilience
The travel and leisure space remains a bright spot, with Marriott posting a robust earnings beat driven by a 12% increase in gross revenue and strong global booking trends. Airbnb also had a strong showing, topping revenue forecasts and raising its full-year outlook as global travel momentum drove a 19% increase in gross booking value.
Solar in Space Is a Solution in Search of a Problem
The thinking behind space solar makes some sense: The sun doesn’t always shine on Earth, which means solar panels on the ground aren’t always gathering energy. There are no clouds to block the sun in space, so aside from a couple of times per year around the equinoxes, panels in GEO are constantly bombarded with solar rays.
AI, Oil, and the Consumer Are In the Spotlight
It’s Shareholder Meeting Month on Wall Street. With the bulk of the Q1 earnings season now in the rearview mirror, investors turn their attention to Annual General Meetings (AGMs) held by some of the most important multinational corporations.
The SEC Isn't Coming. That's the Problem
Sophisticated clients and institutional prospects are already asking wealth management firms about AI governance. The firms with coherent answers are winning trust their competitors cannot buy back quickly.
Crossing the Digital Divide: 6 Keys for Marketing to Gen Z
Gen Z is coming of age in a world very different from that of their parents. Advisors who want to connect with this cohort need be conscious, not only of Gen Z’s biases and unique perspectives, but also of their own preconceptions and tendencies.
You Can Often Navigate & Manage Ostensibly ‘Fatal’ Flaws
Listening is a skill that can be taught, can be learned, and can be practiced. If a client doesn’t think their advisor is really listening to them, they might take that opportunity to find another advisor who does.
SpaceX Flags at Least $55 Billion Investment in Chip Plant
SpaceX also is ramping up its spending. The company said in April it’s struck an agreement for the right to acquire artificial intelligence startup Cursor for $60 billion later this year, or to pay $10 billion for the companies’ work together.
Amazon’s Freight Rivals Won’t Just Roll Over
There’s no doubt that Amazon will begin to take market share now that it has declared that its third-party logistics business is here to stay. This move allays concerns among potential customers that Amazon’s offerings wouldn’t be permanent or would take a back seat to its own volume during periods of peak freight.
Powell’s Last Stand & What Comes Next?
For the third consecutive policy gathering, the Federal Open Market Committee (FOMC) decided to remain ‘on hold,’ keeping the fed funds trading range at 3.50%–3.75%. This result was largely expected by the markets. Unfortunately for the Fed, the policymakers are in a challenging position of juggling incoming economic and inflation data as well as the uncertainties emanating from the Middle East war.
Why High-Performing Advisory Teams Still Struggle With Execution
For many high-performing advisory teams, the challenge has never been ambition or capability. The missing ingredient has simply been an operational structure designed to support the level of success they have already surpassed. High-performing teams that tap into this reality strengthen firms from the top down and deliver exceptional service with the systems required to sustain it.
Can AI Support Solo Advisors and Their Content Marketing Goals?
Offloading certain tasks to AI can be appealing, especially for solo advisors (or those operating with a lean team). Used effectively, it can be a time and energy-saver. But as you’re likely aware, AI tools are not perfect — they also tend to produce repetitive, generalized content that may not always resonate with your target audience.
How to Effectively Navigate Your Team’s Diverging Work Styles
If you read my column, you know I am a proponent of following the SHIFT format. First, get the team together to identify who you want to be as a team and what success looks like to you. Make sure everyone is headed toward the same outcome and cares about the same goals.
I Built an AI Trading Platform in Six Days. That’s Terrifying
A few weeks ago, I sat down at my laptop and built a trading platform. It connects to three financial exchanges. It ingests news from RSS feeds, web searches, Reddit and Twitter.
Causes and Conditions
The defining feature of a Ponzi scheme is that it persuades investors to pay for future cash flows that, at least in part, don’t actually exist, while creating the impression that those cash flows imply an attractive return on the price investors pay. If we look carefully at the record valuation extremes in the equity market, and the wildly elevated profit margins that investors appear to view as permanent, we can already see the potential for difficult, even tragic outcomes for investors.
Learning From Missed Opportunities: How Financial Advisors Can Be Proactive, Not Reactive
No one likes that heart-drop feeling of missing an important detail. And yet, this happens all too often when it comes to healthcare planning. Healthcare and health insurance are complex topics. Without an expert or the right resources, it can be very difficult for financial advisors to do on their own.
SpaceX Is Widening Its Competitive Moat Ahead of a Record IPO
Elon Musk’s SpaceX is no stranger to the stratosphere, and neither is its coming initial public offering.
Financial Literacy at the Highest Level: Why Education Still Matters for the Ultra-Wealthy
For ultra-high-net-worth individuals and families, wealth brings opportunity, but also extraordinary complexity. Multi-generational estate planning, concentrated equity positions, private investments, tax-efficient strategies, philanthropic structures, and family governance decisions all intersect in ways that demand thoughtful oversight.