As we mark the golden anniversary of the creation the undertaking we know call “financial planning,” the CFP Board took a decisive step to enforce a real fiduciary standard by requiring disclosure and informed customer consent of material conflicts.

The hedge fund firm Renaissance Technologies, founded by James Simons, has been an object of amazement, admiration, and envy for years, because of the incredibly high investment returns of its flagship Medallion fund. In a new book, author Gregory Zuckerman explains how Renaissance did it. He also shows how a key Renaissance employee used his riches to get Donald Trump elected president.

FINRA’s proposed rule 3241 seeks to mitigate conflicts of interest that may arise when an advisor assumes certain types of fiduciary obligations for a client. It places addition scrutiny in cases where an advisor serves as the trustee or beneficiary for a client.

Considering investment outsourcing? Our CFO weighs in on key and peripheral issues to contemplate.

Let's take a closer look at Friday's employment report numbers on Full and Part-Time Employment.

Rate cuts and overnight operations were important developments this year. Where will the Fed go from here?

While the bulls are certainly hoping the “cash hoard” will flow into U.S. equities, the reality may be quite different.

One of the fastest growing and most active acquirers has been CAPTRUST, an RIA based in Raleigh, NC. In October, it acquired the wealth management business of Boston Advisors. In August, South Texas Money Management joined CAPTRUST. In June, it announced the addition of McQueen, Ball & Associates and Cornerstone Capital Advisors to its growing team. In 2018, CAPTRUST saw 21.5 percent revenue growth and $65 billion in new client assets. The firm now has more than 200 advisors across 43 locations and advises on more than $300 billion in client assets across its wealth management, retirement plan, and endowment and foundation lines of business.

We don’t have much time to get our house in order, either in the US or globally. Everything I’ve said today applies, to various degrees, throughout the developed world. Thinking that 2% inflation or zero interest rates coupled with massive deficits will somehow help is beyond wishful thinking.

We aim to support wealth management firms, advisors, and investors as they assess portfolio strategy and navigate the shifting trends we face in the new year.

What does the ratio of unemployment claims tell us about where we are in the business cycle and our current recession risk? At present, the ratio for Continued Claims has been trending down.

This commentary has been updated to include Friday morning's release of Nonfarm Employment. November's 266K increase in total nonfarm payrolls had revisions that resulted in 41K more jobs than previously reported. The Investing.com consensus was for 186K new jobs and the unemployment rate to remain at 3.6%.

While all eyes are on estimated sales throughout December, sector performance for the month is historically not impressive.

This morning's employment report for November showed a 266K increase in total nonfarm payrolls, which was above the Investing.com forecast of 186K.

There are many prerequisites to becoming a true profession. Have we satisfied those requirements? And if so – do we desire to take the next step – seeking true status as a profession through legislation?

Few of us realize the anxiety-ridden mindset that drives prospects to seek a financial advisor. If they did, they would structure their initial meetings very differently.

Here's an interesting set of charts that will especially resonate with those of us who follow economic and market cycles. Imagine that five years ago you invested $10,000 in the S&P 500. How much would it be worth today, with dividends reinvested but adjusted for inflation? The purchasing power of your investment has increased to $15,604 for an annualized real return of 8.93%.

With many investors seeking to diversify their equity exposure as the U.S. bull market charges into its historic 10th year, asset managers are now providing innovative and cost-effective SMA offerings that provide US investors access to the full breadth of the emerging market universe; a feature not previously available.

We have reached a stage in the cycle where you need to think out of the box in order to deliver respectable returns. Investing like most of us have done in the great bull market will not deliver returns anywhere near the levels we have enjoyed over the past 35-40 years. This month’s Absolute Return Letter offers a solution.

There is a tendency to think that owning a handful of stocks may be a bit riskier but have an equal likelihood of outperforming the market as a whole. This is wrong for two reasons.

There are two broad approaches to forecasting current quarter GDP. Some economists will estimate a number and stick with it. Most will adjust their forecasts as new data arrive. This may seem fickle to the casual observer. Estimates will change week to week and even day to day...

Let this “season of giving” inspire your marketing strategy in 2020. Being generous to your prospects is an extremely effective way to turn them into clients.

For the vast majority of retirees, the most consequential decision they will make involves Social Security. One must decide when to begin receiving benefits, a decision that is quickly complicated when factors such as a spouse, children or a pension are involved. My guest today is Bill Reichenstein, one of the most prominent experts on Social Security.

According to a recent report by the consulting firm Cerulli and Associates, women make up only 16% of financial advisors – and that percentage is fairly consistent across all channels – brokers, banks and independent RIAs. Sheryl Garrett and I explore the issues around diversity and inclusion in the advisory profession. Why are there so few women and minorities in our profession? With an aging population of advisors due to retire in the next decade or two, what will the next generation of leadership among advisors look like? And what can be done to provide better career path options for women and minorities?

The policy proposal of "Medicare for All" calls for nationalizing the U.S. health insurance system. While this is a politically unlikely outcome, the stock prices of the private sector Managed Care insurance companies have suffered as rhetoric heats up.

Personal Income (excluding Transfer Receipts) in October fell 0.04% and is up 3.8% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, Real Personal Income (excluding Transfer Receipts) MoM was down 0.22%. The real number is up 2.5% year-over-year.

While most Americans support providing free medical care to those who need it most, not imposing an additional cost on the middle class has never been accomplished by any country that has universal health care.

Baby Boomers are arriving at retirement with large accumulations that have not yet been exposed to federal income tax. I describe a program that synchronizes the distribution of pre-tax assets with availability of generationally-low tax rates, while keeping the dictates of Medicare, Social Security and the governing IRS tax code firmly in view.

Flying in the face of negative economic news, U.S. factories picked up steam for the third straight month in November.

U.S. stocks are “fairly valued,” according to Jeremy Siegel. But in our annual interview, he also warns of two major risks to the economy and to investors.

Models can help advisors streamline portfolio management while retaining the level of discretion appropriate for their practice.

As the clock ticks toward 2020, the overall economic picture remains muddled. Ongoing trade tensions and slumping global growth have cast a cloud of uncertainty over the globe, and forward-looking return expectations continue to look less than impressive.

The entrepreneurial mindset of determination and perseverance can bring significant financial rewards. Expanding that mindset to include a broader, more diversified view of investing for the future will turn those rewards into long-term financial independence.

Although the PMI report is encouraging, there’s still reason to remain somewhat cautious long-term. The latest accounting of global debt levels was just released, and the news might be so bad that it’s good—for gold prices, at least.

In the bond market, staying positive is easier said than done.

What can advisors do to be more transparent or communicate better?

A 45 Year History of One Family’s Success

For SRI optimized index funds, stable ownership of a range of companies and industries provides a platform for helping investors integrate their values into their investment decisions.

We've updated this series to include the October release of the Consumer Price Index as the deflator and the October monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $39,816, down 11.1% from 45-plus years ago.

Let’s look here for a handful of unfair advantages to gain over the competition in 2020. These are things that are not hard to implement, which will help you become more efficient, gain new clients or stand out from your peers.

The CFP Board had noble intentions with its new standards that became effective last month. However, its handling of conflicts falls so short that absent significant new guidance the credibility of the standards is in serious doubt. This is clear from the recent publication of a major insurer’s eye-opening disclosure intended to address conflicts.

I would derive such immense pleasure from lighting a match to the website of every single advisor in this profession and watching it burn down to the ground.

1. Overview – What is the “SECURE Act”? 2. The Retirement Savings Crisis in America 3. One Potentially Serious Knock on the SECURE Act 4. SECURE Act is Currently Tangled Up in the Senate

Even your most successful clients may not know how to get the most out of their retirement compensation packages. They need help, and you should be the one to help them.

Attend this session to:

• Learn strategies to attract and retain high-earning clients
• Gain knowledge to help you assist clients with complex retirement issues
• Discover ways to earn clients' confidence

Abram Claude will be available after the presentation to answer attendees' questions live

College is expensive. We all know that – and that is why parents come to financial advisors to talk about how they’ll pay for it. What you and your clients’ families may not be aware of is that the posted tuitions are rarely the price anyone pays. College tuition discounts vary widely and the methodology used to calculate tuitions is not disclosed by any college.

The economic calendar is normal with a focus on housing. Some will be parsing the Fed minutes while others watch the impeachment hearings. This week’s topic may not be a media focus for the week ahead, but it gets constant attention. With a government shutdown and the debt ceiling on the agenda, let’s seize the moment and ask: Is it time to worry about debt? I suspect that many readers believe it is way past time!

China’s economy is slowing by any measure, while Australia’s central bank takes rates to record lows.

A brief monthly update on what's happening in the municipal bond market.

Today's report on Industrial Production for October shows a 0.84% decrease month-over-month, which was worse than the Investing.com consensus of -0.4%. The year-over-year change is -1.13%, down from last month's YoY increase.

Financial professionals project that clients who experience an unplanned long-term care event may spend their savings 2 to 3X faster than anticipated. Leverage this webinar to help your clients protect against this risk and gain new insights on the importance of including a long-term care plan in your client’s overall retirement strategy. You’ll gain an increased awareness of how a long-term care event impacts your clients and their loved ones, learn new strategies for initiating a LTC conversation and funding options that can help your clients mitigate their risks while feeling confident about the future.

Nearly every aspect of the advisory industry is undergoing some form of transformation today—spelling an opportunity for those advisors who are committed to continuously evolving their approach.

ESG integration is best used as a tool to improve portfolio returns and/or reduce risk. While usually thought of as a company-level concern, material ESG data can be very useful at the country level as well, especially in emerging markets. ESG signals are only as good as the quality of their inputs.

Should you be comfortable referring your clients to CPAs or other professionals who also handle annuities, investments and insurance?

An ESG mandate fulfills the noble goal of aligning investors’ portfolios with their personal values and beliefs. But new research affirms what financial theory predicts: Those investors will incur a penalty in terms of risk-adjusted performance.

The media is full of articles about the financial situation of Millennials in today’s economy. According to numerous surveys, they are saddled with too much debt, can’t secure higher wage-paying jobs, and are financially distressed on many fronts.

This is an absolute monarchy we’re talking about, after all, and so global investors should not expect to have any shareholder rights. Aramco’s board of directors will have a fiduciary duty to MBS and any future monarch, not to investors. This has some serious implications.

Wealth taxes are politically resonant but difficult to enact. Oil prices are steady despite disruptions, while the EU’s food exports face tariffs.

Although economic signals are mixed, bottom-up sector fundamentals help inform decisions on sector ratings.

Read Harold Evensky's latest Newsletter.

In my previous article, I talked about how important it is to know who you best serve and what types of people and personalities are right for your firm. Now, let’s determine how to reach those people and grow your firm.

Are you just starting off or have you been at it for years? Here are seven essentials business skills for every advisor.

Rick Rieder, Russ Brownback and Trevor Slaven contend that much of the recent criticism brought to bear against Fed policy makers is misguided, and in fact the central bank has done an admirable job of pivoting toward a pragmatic equilibrium in recent months.

In October the International Monetary Fund (IMF) lowered its 2019 GDP forecast to 3.0% from 3.2% in July. This represents a marked slowing from global growth of 3.8% in 2017. The primary driver of the slowdown has been a retrenchment in global trade and business investment in response to the ratcheting up of trade tariffs since early 2018.

Why active has the potential to outperform passive in fixed income.

Rising issuance of munis available only to qualified institutional buyers (QIBs) may offer higher yields to investors who can access them.

DOW 650,000 - Just recently CNBC ran an article touting Ron Baron's call for the Dow to reach that astronomical level in just 50-years. Problem is that the INDU should ALREADY be at 650,000 - why isn't it?

Not everyone in your local area will be a good fit for your business. You need to strategically think about who you serve best before you go knocking on every door in town.

Three drivers increase a firm’s value but another three will destroy it.

Our Income to Outcome framework seeks to deliver a simpler, more intuitive approach to investing for retirement.

Among the 20 largest US-listed corporate DB sponsors, General Electric Company ended 2018 with the third lowest funded ratio at 75.6%.¹ This is a precipitous decline from 2007, when their funded ratio was the third highest among this group at 129.1%. Over that time period – when the average funded ratio dropped about 20 percentage points - GE's dropped by over 50 percentage points.¹ How did this happen?

Kim Laughton is president of Schwab Charitable, a national donor-advised fund. In this interview, she discusses how advisors can integrate charitable planning into client discussions and use it as a tool to expand and deepen relationships.

Chris Davis is chairman of Davis Advisors, a firm founded by his father that has followed the same value-investing discipline for its 50-year history. In this interview, Chris discusses the exceptional opportunities he is finding among the financial stocks, how financial advisors can add the greatest value and the biggest changes he has seen over his career.

Which is more important to your clients – hitting a net-worth target (money) or getting to financial security as quickly and safely possible (time)?

Many of you read my article about the “70 deep model,” which explained the paradigm for a practice serving 70 or fewer clients with deep, high-touch service that commands a higher price. Here is how to develop those relationships.

Does a prosperous global society need access to energy supplies that grow faster than the population? Conventional wisdom says yes, but a new book tackles this question and reaches the surprising and optimistic conclusion that we can live better while consuming less energy and fewer material resources.