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.
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.
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
This may be the beginning of the long-awaited U.S. stock market crash, but even if it isn’t those near retirement need to protect themselves from sequence-of-return risk that can ruin the rest of their lives.
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
Taxpayers plan to use their tax refunds for essentials and debt repayment, as well as savings strategies. Bill Cass shares ideas and strategies to consider this year.
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
This series has been updated to include the March release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $52,322, down 5.9% from over 50 years ago.
Social Security is at the center of the fiscal emergency that threatens the US. Yet Washington is always reluctant to grapple with it honestly, partly because the issue is misunderstood.
The month of March featured a varied mix of articles among Advisor Perspectives’ top 10 most-read list, including book reviews, analysis of current events and primers on different subjects among its ranks.
The fifth edition of our annual “Voice of the American Workplace” survey, conducted by The Harris Poll on behalf of Franklin Templeton, includes the perspectives of both employers and workers. The 2025 survey found US workers are prioritizing work-life balance and their mental health. Employers are listening and strengthening their focus on improving benefits and communication. In this piece, our Jacque Reardon shares findings from the survey and potential implications for employers.
The April 2 “reciprocal” tariff announcement has introduced a considerable amount of uncertainty and confusion about the path ahead and the end game for President Trump.
Treasury Secretary Scott Bessent played down a selloff in US Treasuries, saying that there was nothing systemic at play, and also served warning against China not to attempt to devalue its exchange rate in retaliation for American tariff hikes.
Private equity firms are trying to regain some control after investors took advantage of one of the toughest fundraising environments in years.
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
Even the best financial plans sometimes hit an unexpected sour note: an investment seemingly doesn’t work out, an emergency expense appears to throw off a budget, or an impulsive splurge leaves us with a case of buyer’s remorse. When this happens, we need to improvise as we respond to the financial twists and turns.
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
President Donald Trump has said his reciprocal tariff policy was meant to stand up for the American worker, whom he portrayed as the victim of a decades-long shift toward unfettered globalization.
Good news: Tariffs will not make the world end. American businesses will do what they do best, which is adapt. While the probability of a recession has increased, we always get through it and the best businesses thrive. Unless directly affected by tariffs, don’t change your personal plans that much.
Retirement Income
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.
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.
Is It Time for Smart Beta to Be Smart?
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
The Q1 Stock Setback & Target Date Fund Investors — More of the Same to Come
This may be the beginning of the long-awaited U.S. stock market crash, but even if it isn’t those near retirement need to protect themselves from sequence-of-return risk that can ruin the rest of their lives.
Where Did I Put My Investments?
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Tariffs Add Another Challenge for Investors to Consider
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
Putting Your Tax Refund to Work
Taxpayers plan to use their tax refunds for essentials and debt repayment, as well as savings strategies. Bill Cass shares ideas and strategies to consider this year.
Strategic Income Outlook: Magic 8-Ball Says, “Ask Again Later"
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Real Middle Class Wages as of March 2025
This series has been updated to include the March release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $52,322, down 5.9% from over 50 years ago.
Repairing Social Security’s Finances Can’t Wait
Social Security is at the center of the fiscal emergency that threatens the US. Yet Washington is always reluctant to grapple with it honestly, partly because the issue is misunderstood.
March 2025’s Most-Read Articles Offer Something for Everyone
The month of March featured a varied mix of articles among Advisor Perspectives’ top 10 most-read list, including book reviews, analysis of current events and primers on different subjects among its ranks.
Aligning for Success: From Conflict to Consensus
The fifth edition of our annual “Voice of the American Workplace” survey, conducted by The Harris Poll on behalf of Franklin Templeton, includes the perspectives of both employers and workers. The 2025 survey found US workers are prioritizing work-life balance and their mental health. Employers are listening and strengthening their focus on improving benefits and communication. In this piece, our Jacque Reardon shares findings from the survey and potential implications for employers.
What’s the Tariff Endgame?
The April 2 “reciprocal” tariff announcement has introduced a considerable amount of uncertainty and confusion about the path ahead and the end game for President Trump.
Bessent Sees ‘Normal Deleveraging’ in Bonds, Warns China on Yuan
Treasury Secretary Scott Bessent played down a selloff in US Treasuries, saying that there was nothing systemic at play, and also served warning against China not to attempt to devalue its exchange rate in retaliation for American tariff hikes.
Private Equity Firms Ask for Cash to Let Stakes Change Hands
Private equity firms are trying to regain some control after investors took advantage of one of the toughest fundraising environments in years.
Shadow Banks Are Too Big to Stay in the Shadows
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
Recalibrating for Higher Risk Without Overcorrecting
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
The Jazz of Money: Improvising Past Financial Sour Notes
Even the best financial plans sometimes hit an unexpected sour note: an investment seemingly doesn’t work out, an emergency expense appears to throw off a budget, or an impulsive splurge leaves us with a case of buyer’s remorse. When this happens, we need to improvise as we respond to the financial twists and turns.
The Price of Protectionism - Tariffs Toll On Growth
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
America’s Retirees Will Share Wall Street’s Pain
President Donald Trump has said his reciprocal tariff policy was meant to stand up for the American worker, whom he portrayed as the victim of a decades-long shift toward unfettered globalization.
The Tariff Recession?
Good news: Tariffs will not make the world end. American businesses will do what they do best, which is adapt. While the probability of a recession has increased, we always get through it and the best businesses thrive. Unless directly affected by tariffs, don’t change your personal plans that much.