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.
May is 529 Month. As college costs rise, learn five practical ways to maximize your plan’s tax benefits, flexibility and growth potential to prepare for the future.
Since early April, U.S. stocks have rallied sharply despite an ongoing war, rising inflation fueled by soaring oil prices (near $100/barrel), higher bond yields (up 0.6 to 0.7 percentage points), and frothy valuations (21 times projected earnings vs. a historical average of 17 times for the S&P 500 Index).
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.
Some institutional investors who had grown accustomed to outperforming the broader private equity composites are finding they have not done so consistently in recent years. Their diagnoses of the problem often center on specific decisions or biases they made in their recent manager selection, whereas a likely culprit is a falloff in the persistence of outperformance among private equity managers.
College costs continue to rise, and for many families, education is one of the most meaningful investments they will make. Preparing for those expenses often requires planning years, sometimes decades, in advance.
Concerned about overfunding your 529 plan? Discover the strategic flexibility of modern 529 accounts. From tax-free Roth IRA transfers to building a multi-generational educational legacy, learn how to maximize your unused education savings for long-term wealth building.
Watching your children step into financial independence is one of the most rewarding and complex milestones families experience. As young adults begin earning income, managing expenses, and making major life decisions, the habits and financial knowledge they develop can shape their long-term success.
Housing starts fell 2.8% in April to a seasonally adjusted annual rate of 1.465 million. The latest reading exceeded the projected 1.420 million.
Student loan debt is a legitimate concern, and the return on a college degree varies enormously by field, institution, and student. The key is to look realistically and specifically at each student’s needs and interests, each family’s finances, and all the sources of funding and support that might be available.
The summit in Beijing between US President Donald Trump and Chinese President Xi Jinping delivered little in the way of diplomatic breakthroughs but bears important cross-asset implications.
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.
You are undoubtedly seeing in the news that high earners are leaving New York, Los Angeles, and other metro areas. This does not begin to address the magnitude of the problem. There are dozens of cities that are trending towards fiscal collapse. Indeed, taxpayers are leaving.
David Mann, our Head of Global Exchange-Traded Funds (ETFs) Product and Capital Markets, explains how meatloaf—the dish, not the singer—serves as a perfect example of how his ETF thinking has evolved over the past decade.
ClearBridge Investments: The ongoing energy crisis is pushing global oil inventories, including many critical product inventories, toward all-time lows, and it may be time to position portfolios given the potential for supply shortages to emerge.
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.
Stock markets have been hitting all-time highs and credit spreads remain low, yet higher interest rates and mounting floating-rate debt are straining lower-rated borrowers. This tension is surfacing first in leveraged loans as “quiet defaults” become more common — opening up a dynamic set of opportunities for investors specialized in stressed and distressed assets.
Today, 529 plans offer flexible, tax-advantaged savings beyond traditional college. Recent updates expand their use to K-12 tuition, vocational training and the option to transfer unused funds to a Roth IRA. Our Bill Cass explains the ways to optimize the benefits of 529 savings plans.
Addressing common 529 Savings Plan concerns and how recent legislative updates have broadened the 529 scope.
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.
The inflation dragon is alive and well. Last November, Donald Trump called himself “the affordability president.” However, it appears that the message is falling flat with your average American.
Once clients’ taxes are filed, most assume the story is over for another year. For many, filing season ends with relief, frustration, or confusion — a refund that feels arbitrary, a payment that stings, or little clarity about what to do differently next time. That’s where you, as the advisor, can step in.
Explore the new 529 rules, including Roth IRA rollovers, the grandparent loophole, and higher K-12 limits.
Artificial intelligence unknowns are creating stress in the market, and we don’t see that ending any time soon. For long-term investors, these stressors can create opportunities.
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free.
Research Affiliates explains how a fundamental growth strategy can outperform traditional market-cap-weighted growth indices.
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.
It’s no secret that college is expensive. And alongside mounting costs come almost as many strategies for mitigating them. When you need money to pay for college expenses, tapping your Roth IRA is one option you might consider.
Amid rising college costs and mounting student debt, parents are looking for more ways to lessen the financial burden of higher education. Luckily, 529 college savings plans can help. These unique savings vehicles offer several tax breaks for parents as they save for their children’s future education.
Military households often possess uncommon balance-sheet advantages; however, those advantages do not create wealth on their own. They matter only when a family uses them deliberately, in the right order, and with a clear understanding of the trade-offs.
Focusing on tax planning year-round can significantly improve your financial situation. By reviewing your recently filed 1040 form, you can uncover valuable opportunities to optimize investments, maximize deductions and strategically plan for retirement, ensuring long-term financial health and tax efficiency.
Saving for education can feel like a race against rising tuition costs, but 529 college savings plans offer families a powerful way to stay ahead.
While artificial intelligence is unlikely to replace financial advisors, it can certainly enhance both the quality and the productivity of advisors who embrace it. I agree that AI will boost productivity, but I wanted to put it through the test now to see how accurate and insightful it was. To do so, I gave Anthropic’s Claude a spin.
Today, I freely confess that I don’t have that 2007 certitude. I can certainly see a crisis coming in our future, but the timing, severity, and circumstances around it are cloudy at best. I can make an argument for numerous outcomes.
Learn how advisors can optimize late-start 529 plans using superfunding, SECURE 2.0 Roth rollovers, and multi-scenario modeling.
While families have limited control over rising tuition, certain college tuition tax deductions may help ease the overall cost of higher education.
529 Plans are a huge part of many families' investing lives, but up until recently rarely involved advisors. Could that change?
Leveraging 529 plans and community support can significantly boost college savings. These plans offer potential tax benefits and flexibility. Our Bill Cass explains that involvement from family and friends can provide additional resources and motivation.
For investors, understanding the full anatomy of fixed income is critical, not only to capture attractive risk-adjusted returns in today’s environment but also to appreciate its indispensable role in powering economic growth and financial stability.
As tax law changes from the OBBBA take effect, taxpayers may want to evaluate their financial plans. Our Bill Cass shares some essential strategies—including Roth conversions that may help taxpayers optimize savings.
A SEP IRA offers small businesses and sole proprietors a flexible, tax advantaged way to fund 2025 retirement savings. With high contribution limits, simplified administration and deadlines extending through tax filing, it can provide a practical solution for boosting long term financial security.
The advisors who build systematic processes around employer dependence risk won't just retain these clients. They'll become the firm these clients refer their colleagues to.
Every few months, a headline appears declaring that the U.S. dollar’s reign as the world’s reserve currency is over. China is dumping Treasuries. Central banks are hoarding gold.
When we think of the U.S. government's finances, we often focus on the massive debt. But what about the assets? What does Uncle Sam actually own, and which asset is the largest?
Let me lay out the case for what should be the answer. Today we will explore how long this condition could last and what we can do about. I think it will make for interesting letter.
The past three weeks have been unsettling, and not just for markets, but for anyone paying attention to what is happening in the world.
It’s human instinct to want to know what the future holds and to protect and grow our nest egg based on our perceived knowledge of the future. It takes courage to ignore those economic forecasts from brilliant, well-meaning experts with very impressive credentials. Their logic is always compelling, but investing based on that logic can be hazardous to your wealth.
There has been so much data released in the past week it’s hard to know where to begin. Much of the data is inconclusive or not helpful, but it is not as bad as many click-bait pundits suggest as they take each data point and extrapolate it into the future.
Investing is an exercise in decision making under uncertainty. No single signal—no matter how intuitive or well supported by history—captures the full complexity of markets.
The opening months of 2026 have been hectic. A partial inventory of major developments during the year to date would include the removal of Venezuela’s leader; a government investigation into the Chairman of the Federal Reserve; tension with Europe over Greenland; and a broad swath of U.S. tariffs stricken down by the Supreme Court. It’s been a lot to digest.
The Debt Black Hole keeps getting bigger. Household debt grew modestly in the fourth quarter of 2025, ending the year at another record high.
Tax reform in 2017 reduced the statutory tax rate for corporations from 35% to 21%. As a result, lawmakers had to address taxes paid by noncorporate business owners who are considered “pass-through” entities for purposes of income taxation.
Carry is an important return driver for multi-asset futures and forwards. Simple trend signals have benefited from trading in line with, not against, the carry of an asset.
Gold’s sharp swings and a new Federal Reserve chair are not separate stories. In a recent episode of the Money Metals podcast, Mike Maharrey sat down with Axel Merk, President and Chief Investment Officer of Merk Investments, to connect the dots between market turbulence and what may be a structural shift at the Fed.
The article from the Wall Street Journal titled “Why My Generation Is Turning to Financial Nihilism” by Kyla Scanlon argues that Gen Z is embracing high-risk financial behavior out of despair and detachment, but the data shows something very different.
For families navigating public benefits, long-term care planning, and lifetime financial sustainability, this change represents both an opportunity and a planning strategy worth considering. While ABLE accounts can be powerful tools, they are most effective when coordinated thoughtfully with benefits, trusts, and broader financial strategies.
Since the beginning of the year, we have discussed the “reflation trade” and its impact on specific market sectors. This past weekend’s newsletter also showed some of these more extreme returns in various market sectors since the beginning of the yea
To make alternative investments appear attractive, promoters often claim that their products are only weakly correlated — or even uncorrelated — with traditional investments, while still offering competitive returns.
And so it goes in the world of private credit. Time and again, companies widely regarded as software firms are frequently labeled otherwise by lenders, a practice that raises fresh questions over the full extent of their exposure as the threat from artificial intelligence upends markets and rattles investors.
At their most recent meeting, the Federal Reserve and Chair Powell told us that the risks of weakening labor and higher inflation had declined. It painted a nice picture of a soft landing, but wasn’t a recipe for immediate rate cuts.
Each year over 150 million tax returns are filed. For married couples, the overwhelming majority will choose to file joint tax returns. For most households, this makes sense considering the advantageous nature of tax brackets applying to joint returns
Despite the recent selloff, Canadian Imperial Bank of Commerce (CIBC) remains bullish, forecasting $6,000 gold and $100 silver in 2026.
Unfortunately, most people still don’t start thinking about their retirement until they are in their forties. Better late than never, but I believe there is a massive missed opportunity here.
2025 brought new tax policy changes. Prepare early to understand deductions, charitable giving and retirement contributions. Our Bill Cass explains how organizing documents and consulting an advisor can optimize your filing, ensuring a smoother process.
Today we’re going to explore this “affordability” issue, looking at economic facts, survey data and simple intuition. As you’ll see, it’s not as simple as some people think. I also make a quick comment about the appointment of Kevin Warsh as Fed chair at the end.
The OBBBA brings 10 tax changes for 2026. Some provisions benefit taxpayers while others impose new restrictions. Our Bill Cass shares the highlights.
As we enter 2026, the U.S. economic momentum continues based on the foundation of a solid private sector with fiscal and monetary policies also contributing to growth. As we refine our global asset allocation, we maintain a diversified overweight stance on U.S. equities despite relatively high valuations.
Precious metals surged out of the gate to begin 2026, not dissimilar to how they closed out 2025. Gold has already made two record highs this year alone, is currently trading above $4,600 per ounce, and is up over 6% in 2026.
Major tax legislation passed in 2025 represents the most sweeping changes to the tax code since the Tax Cuts and Jobs Act (TCJA) in 2017. In addition to extending current tax brackets and rates and introducing new tax deductions, the law creates new savings accounts for minors known as Trump Accounts.
It’s a brave new world for educational savers — and none too soon. In 2025, lawmakers outdid themselves by expanding ways families can help their children or grandchildren obtain a degree or certificate.
As index investing continues to evolve, it does not have to be towards ever-expanding complexity. Sometimes progress comes from asking simpler questions and answering them consistently.
LPL Research reviews 2025 market predictions: key wins, misses, and lessons across equities, fixed income, and the U.S. economy.
Last year, we thought economic growth would slow. Verdict: GDP data say we were wrong, employment data say we were right. Last year we thought the stock market would decline. Verdict: it did in March and April, sharply, but the S&P 500 ended the year with an impressive 16.4% gain. Overall, we’d say our negativity was unwarranted.
From an investment perspective, the financial ramifications operate on two levels — direct and indirect effects. The most direct effect is visible in the distressed debt market. Bonds issued by PDVSA, Venezuela’s state-run oil company, remain in technical default but had already begun a sharp rally in mid-December. Investors, anticipating an increased likelihood of regime change, have now seen that thesis validated.
Having visited scores of companies around the world, conducted interviews with our team, and especially with Matt Ridley, we want to highlight what we think are the best of the best. These are our choices. But remember, ROS is a community. You will disagree with at least a few of my picks.
As we step into 2026, the financial landscape is shifting rapidly—new legislation, evolving markets, changing interest rates, and changing family needs may all shape the choices you make today.
Barring a miracle, bitcoin will end 2025 in the red, marking just the fourth time the largest cryptocurrency has done so in its history.
It’s that time of year when Wall Street polishes up its crystal balls and begins predicting returns for 2026. Since Wall Street never predicts a down year, which would be unwise for fee-based product revenues, these forecasts are often inaccurate and sometimes significantly wrong. Let’s review some previous years.
As your balance sheet grows, the questions you ask about money tend to change. You move from wondering how to build assets to asking how long they will last, who will manage them after you, and how to keep family relationships steady along the way.
The Federal Reserve delivered a "dovish version of the hawkish cut," confirmed by the market's rally, new equity highs, and subtle shifts in leadership. The surprising effective end of Quantitative Tightening and a softening inflation framework underscore a clear turn toward accommodation and ample market liquidity.
ClearBridge Investments believes the outlook for infrastructure in 2026 remains robust, driven by the accelerating demand for power and data fueled by AI.
The U.S. economy depends on consumers buying stuff. Persistent price inflation forced Americans to blow through their savings and then turn to credit cards to make ends meet.
We believe the macro environment will continue to be unstable given policy crosscurrents and a wobbly labor market, but stocks can likely churn higher given a firmer earnings backdrop.
Discover the power of niche marketing for financial advisors to attract high-value, ideal clients and achieve scalable growth. Stop generalizing and start specializing to build a more profitable practice.
Gen Z and younger millennials are the high-asset clients of the future, and advisors need to work on connecting with them now. From my perspective, there’s one clear success strategy for advisors: expanding your financial planning services.
We expect 2026 to be another good year for fixed income investors. However, yields that are lower than where they were a year ago and less room for rate cuts by central banks likely will mean less-robust returns.
The widespread issue of "Boomerang Parenting" is posing a serious financial threat to Gen X's retirement plans, as they spend an average of $1,384 a month supporting their adult children. Caught between this generosity and their own lagging retirement savings (median balance of only $40k–$50k), Gen X is running out of time to course-correct.
AI’s buildout is dominated by a handful of companies that are spending on a scale so large, it has macro impact. The challenge for investors is reconciling whether AI will generate revenues of the same order of magnitude as the huge capital spending plans.
Markets traded with an unusual mix of strong micro data and fragile macro sentiment last week and nowhere was that clearer than the reaction to Nvidia’s excellent earnings. The fundamentals showed strong demand, a robust product cycle, and clean forward guidance—yet the stock slumped after an early surge.
We enter 2026 after a year of robust global stock gains on AI optimism, falling interest rates and a resilient world economy. Beneath this stability, however, lies a more fragile environment.
529/College Planning
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.
May Is 529 Month: Five Action Steps Every Family Should Take
May is 529 Month. As college costs rise, learn five practical ways to maximize your plan’s tax benefits, flexibility and growth potential to prepare for the future.
Why Are Stocks So Resilient? Earnings!
Since early April, U.S. stocks have rallied sharply despite an ongoing war, rising inflation fueled by soaring oil prices (near $100/barrel), higher bond yields (up 0.6 to 0.7 percentage points), and frothy valuations (21 times projected earnings vs. a historical average of 17 times for the S&P 500 Index).
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.
Letter to the Investment Committee on Private Equity
Some institutional investors who had grown accustomed to outperforming the broader private equity composites are finding they have not done so consistently in recent years. Their diagnoses of the problem often center on specific decisions or biases they made in their recent manager selection, whereas a likely culprit is a falloff in the persistence of outperformance among private equity managers.
How 529 Plans Can Help Fund Your Family’s Future
College costs continue to rise, and for many families, education is one of the most meaningful investments they will make. Preparing for those expenses often requires planning years, sometimes decades, in advance.
Making the Most of an Overfunded 529 Plan
Concerned about overfunding your 529 plan? Discover the strategic flexibility of modern 529 accounts. From tax-free Roth IRA transfers to building a multi-generational educational legacy, learn how to maximize your unused education savings for long-term wealth building.
Graduation Season and Financial Independence: Helping Young Adults Build a Strong Financial Start
Watching your children step into financial independence is one of the most rewarding and complex milestones families experience. As young adults begin earning income, managing expenses, and making major life decisions, the habits and financial knowledge they develop can shape their long-term success.
Housing Starts Fall 2.8% in April, Higher Than Expected
Housing starts fell 2.8% in April to a seasonally adjusted annual rate of 1.465 million. The latest reading exceeded the projected 1.420 million.
Is Education As Unaffordable As It Seems?
Student loan debt is a legitimate concern, and the return on a college degree varies enormously by field, institution, and student. The key is to look realistically and specifically at each student’s needs and interests, each family’s finances, and all the sources of funding and support that might be available.
Under the Macroscope: Trump-Xi Summit—A Tactical Relief Rally, Not a Strategic Reset
The summit in Beijing between US President Donald Trump and Chinese President Xi Jinping delivered little in the way of diplomatic breakthroughs but bears important cross-asset implications.
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.
On the Horizon: America’s Municipal Default Crisis
You are undoubtedly seeing in the news that high earners are leaving New York, Los Angeles, and other metro areas. This does not begin to address the magnitude of the problem. There are dozens of cities that are trending towards fiscal collapse. Indeed, taxpayers are leaving.
Meatloaf and the Evolution of ETF Thinking
David Mann, our Head of Global Exchange-Traded Funds (ETFs) Product and Capital Markets, explains how meatloaf—the dish, not the singer—serves as a perfect example of how his ETF thinking has evolved over the past decade.
Positioning for the Reality of Oil Scarcity
ClearBridge Investments: The ongoing energy crisis is pushing global oil inventories, including many critical product inventories, toward all-time lows, and it may be time to position portfolios given the potential for supply shortages to emerge.
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.
‘Quiet Defaults’ Are Driving a More Compelling Backdrop for Opportunistic Credit
Stock markets have been hitting all-time highs and credit spreads remain low, yet higher interest rates and mounting floating-rate debt are straining lower-rated borrowers. This tension is surfacing first in leveraged loans as “quiet defaults” become more common — opening up a dynamic set of opportunities for investors specialized in stressed and distressed assets.
Most Families Don’t Know the Full Power of 529 Plans
Today, 529 plans offer flexible, tax-advantaged savings beyond traditional college. Recent updates expand their use to K-12 tuition, vocational training and the option to transfer unused funds to a Roth IRA. Our Bill Cass explains the ways to optimize the benefits of 529 savings plans.
Addressing Common 529 Savings Plan Concerns
Addressing common 529 Savings Plan concerns and how recent legislative updates have broadened the 529 scope.
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.
Inflation Is Americans' Biggest Financial Worry and It's Not Even Close
The inflation dragon is alive and well. Last November, Donald Trump called himself “the affordability president.” However, it appears that the message is falling flat with your average American.
Tax Return Filed? Help Clients Start Planning for Next Year Now
Once clients’ taxes are filed, most assume the story is over for another year. For many, filing season ends with relief, frustration, or confusion — a refund that feels arbitrary, a payment that stings, or little clarity about what to do differently next time. That’s where you, as the advisor, can step in.
The 529 Evolution: From College Savings to Versatile Financial Tool
Explore the new 529 rules, including Roth IRA rollovers, the grandparent loophole, and higher K-12 limits.
AI: The Good, the Bad and the Ugly
Artificial intelligence unknowns are creating stress in the market, and we don’t see that ending any time soon. For long-term investors, these stressors can create opportunities.
529 Plan Tax Deductions for Every State
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free.
Rethinking Growth: Why Glamour Isn't a Proxy for Performance
Research Affiliates explains how a fundamental growth strategy can outperform traditional market-cap-weighted growth indices.
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.
Pros and Cons of Using a Roth IRA to Pay for College
It’s no secret that college is expensive. And alongside mounting costs come almost as many strategies for mitigating them. When you need money to pay for college expenses, tapping your Roth IRA is one option you might consider.
What Are 529 College Savings Plans?
Amid rising college costs and mounting student debt, parents are looking for more ways to lessen the financial burden of higher education. Luckily, 529 college savings plans can help. These unique savings vehicles offer several tax breaks for parents as they save for their children’s future education.
Military Wealth-Building Levers Financial Planners Should Know
Military households often possess uncommon balance-sheet advantages; however, those advantages do not create wealth on their own. They matter only when a family uses them deliberately, in the right order, and with a clear understanding of the trade-offs.
Strategic Planning Opportunities Hidden in Your 1040
Focusing on tax planning year-round can significantly improve your financial situation. By reviewing your recently filed 1040 form, you can uncover valuable opportunities to optimize investments, maximize deductions and strategically plan for retirement, ensuring long-term financial health and tax efficiency.
10 Best 529 Plans for 2026 and Beyond
Saving for education can feel like a race against rising tuition costs, but 529 college savings plans offer families a powerful way to stay ahead.
Analyzing the Analysis: How Do AI Portfolio Recommendations Hold Up?
While artificial intelligence is unlikely to replace financial advisors, it can certainly enhance both the quality and the productivity of advisors who embrace it. I agree that AI will boost productivity, but I wanted to put it through the test now to see how accurate and insightful it was. To do so, I gave Anthropic’s Claude a spin.
The Global Restructuring
Today, I freely confess that I don’t have that 2007 certitude. I can certainly see a crisis coming in our future, but the timing, severity, and circumstances around it are cloudy at best. I can make an argument for numerous outcomes.
Optimizing Late-Start 529 Plans: Tactical Strategies for Advisors
Learn how advisors can optimize late-start 529 plans using superfunding, SECURE 2.0 Roth rollovers, and multi-scenario modeling.
Tax Deductions: Is College Tuition Tax-Deductible?
While families have limited control over rising tuition, certain college tuition tax deductions may help ease the overall cost of higher education.
Advisors, Families, & 529 Plans: Starting the Conversation
529 Plans are a huge part of many families' investing lives, but up until recently rarely involved advisors. Could that change?
How Family and Friends Can Supercharge a 529 Plan
Leveraging 529 plans and community support can significantly boost college savings. These plans offer potential tax benefits and flexibility. Our Bill Cass explains that involvement from family and friends can provide additional resources and motivation.
An Anatomy of the U.S. Fixed Income Market
For investors, understanding the full anatomy of fixed income is critical, not only to capture attractive risk-adjusted returns in today’s environment but also to appreciate its indispensable role in powering economic growth and financial stability.
Planning Strategies to Optimize Tax Savings in 2026
As tax law changes from the OBBBA take effect, taxpayers may want to evaluate their financial plans. Our Bill Cass shares some essential strategies—including Roth conversions that may help taxpayers optimize savings.
Business Owners Still Have Time to Fund Retirement for 2025
A SEP IRA offers small businesses and sole proprietors a flexible, tax advantaged way to fund 2025 retirement savings. With high contribution limits, simplified administration and deadlines extending through tax filing, it can provide a practical solution for boosting long term financial security.
A Framework for Managing Client Equity Compensation
The advisors who build systematic processes around employer dependence risk won't just retain these clients. They'll become the firm these clients refer their colleagues to.
The Dollar’s Plumbing: Conspiracy vs. Data
Every few months, a headline appears declaring that the U.S. dollar’s reign as the world’s reserve currency is over. China is dumping Treasuries. Central banks are hoarding gold.
The Fed's Financial Accounts: What Are Uncle Sam's Largest Assets?
When we think of the U.S. government's finances, we often focus on the massive debt. But what about the assets? What does Uncle Sam actually own, and which asset is the largest?
The Glass Is Half…?
Let me lay out the case for what should be the answer. Today we will explore how long this condition could last and what we can do about. I think it will make for interesting letter.
Iran War and Your Portfolio: What Investors Need to Know in 2026
The past three weeks have been unsettling, and not just for markets, but for anyone paying attention to what is happening in the world.
The Fallacy of Investing Based on Forecasts
It’s human instinct to want to know what the future holds and to protect and grow our nest egg based on our perceived knowledge of the future. It takes courage to ignore those economic forecasts from brilliant, well-meaning experts with very impressive credentials. Their logic is always compelling, but investing based on that logic can be hazardous to your wealth.
The Fog of Confusion
There has been so much data released in the past week it’s hard to know where to begin. Much of the data is inconclusive or not helpful, but it is not as bad as many click-bait pundits suggest as they take each data point and extrapolate it into the future.
Why Value, Quality, and Momentum Belong Together
Investing is an exercise in decision making under uncertainty. No single signal—no matter how intuitive or well supported by history—captures the full complexity of markets.
War In The Middle East: Economic Implications
The opening months of 2026 have been hectic. A partial inventory of major developments during the year to date would include the removal of Venezuela’s leader; a government investigation into the Chairman of the Federal Reserve; tension with Europe over Greenland; and a broad swath of U.S. tariffs stricken down by the Supreme Court. It’s been a lot to digest.
Household Debt Rose to a New Record High in Q4 2025
The Debt Black Hole keeps getting bigger. Household debt grew modestly in the fourth quarter of 2025, ending the year at another record high.
Maximizing the QBI Deduction: Key Strategies for Business Owners
Tax reform in 2017 reduced the statutory tax rate for corporations from 35% to 21%. As a result, lawmakers had to address taxes paid by noncorporate business owners who are considered “pass-through” entities for purposes of income taxation.
Should Trend Follow Carry: Lessons from Bonds, Gold, and 2022
Carry is an important return driver for multi-asset futures and forwards. Simple trend signals have benefited from trading in line with, not against, the carry of an asset.
Gold Volatility and the Fed’s Next Chapter
Gold’s sharp swings and a new Federal Reserve chair are not separate stories. In a recent episode of the Money Metals podcast, Mike Maharrey sat down with Axel Merk, President and Chief Investment Officer of Merk Investments, to connect the dots between market turbulence and what may be a structural shift at the Fed.
Financial Nihilism & The Trap Young Investors Are Walking Into
The article from the Wall Street Journal titled “Why My Generation Is Turning to Financial Nihilism” by Kyla Scanlon argues that Gen Z is embracing high-risk financial behavior out of despair and detachment, but the data shows something very different.
What Families Need to Know Before Opening an Account in 2026
For families navigating public benefits, long-term care planning, and lifetime financial sustainability, this change represents both an opportunity and a planning strategy worth considering. While ABLE accounts can be powerful tools, they are most effective when coordinated thoughtfully with benefits, trusts, and broader financial strategies.
Market Sector Review: Extreme Market Bifurcation
Since the beginning of the year, we have discussed the “reflation trade” and its impact on specific market sectors. This past weekend’s newsletter also showed some of these more extreme returns in various market sectors since the beginning of the yea
Do Alternatives Pass the MPT Test?
To make alternative investments appear attractive, promoters often claim that their products are only weakly correlated — or even uncorrelated — with traditional investments, while still offering competitive returns.
Private Credit’s Software Bet Is Even Bigger Than It Appears
And so it goes in the world of private credit. Time and again, companies widely regarded as software firms are frequently labeled otherwise by lenders, a practice that raises fresh questions over the full extent of their exposure as the threat from artificial intelligence upends markets and rattles investors.
A Steeper Yield Curve and a Broader Equity Market
At their most recent meeting, the Federal Reserve and Chair Powell told us that the risks of weakening labor and higher inflation had declined. It painted a nice picture of a soft landing, but wasn’t a recipe for immediate rate cuts.
When it May Make Sense for Married Couples to File Taxes Separate
Each year over 150 million tax returns are filed. For married couples, the overwhelming majority will choose to file joint tax returns. For most households, this makes sense considering the advantageous nature of tax brackets applying to joint returns
Canadian Bank Ups 2026 Gold Forecast to $6,000
Despite the recent selloff, Canadian Imperial Bank of Commerce (CIBC) remains bullish, forecasting $6,000 gold and $100 silver in 2026.
It’s Still Never Too Early, Revisited (2026 Edition)
Unfortunately, most people still don’t start thinking about their retirement until they are in their forties. Better late than never, but I believe there is a massive missed opportunity here.
Early Planning Can Help Taxpayers Navigate Tax Season
2025 brought new tax policy changes. Prepare early to understand deductions, charitable giving and retirement contributions. Our Bill Cass explains how organizing documents and consulting an advisor can optimize your filing, ensuring a smoother process.
The Real Affordability Problem
Today we’re going to explore this “affordability” issue, looking at economic facts, survey data and simple intuition. As you’ll see, it’s not as simple as some people think. I also make a quick comment about the appointment of Kevin Warsh as Fed chair at the end.
OBBBA: Ten Tax Law Changes Taking Effect in 2026
The OBBBA brings 10 tax changes for 2026. Some provisions benefit taxpayers while others impose new restrictions. Our Bill Cass shares the highlights.
The Case for Optimism: Sustaining the Economic & Market Momentum
As we enter 2026, the U.S. economic momentum continues based on the foundation of a solid private sector with fiscal and monetary policies also contributing to growth. As we refine our global asset allocation, we maintain a diversified overweight stance on U.S. equities despite relatively high valuations.
Can Mining Stocks Maintain Their Shine?
Precious metals surged out of the gate to begin 2026, not dissimilar to how they closed out 2025. Gold has already made two record highs this year alone, is currently trading above $4,600 per ounce, and is up over 6% in 2026.
Understanding Trump Accounts and How They Compare with Other Savings Options for Minors
Major tax legislation passed in 2025 represents the most sweeping changes to the tax code since the Tax Cuts and Jobs Act (TCJA) in 2017. In addition to extending current tax brackets and rates and introducing new tax deductions, the law creates new savings accounts for minors known as Trump Accounts.
What Financial Advisors Need to Know About 529 Plans
It’s a brave new world for educational savers — and none too soon. In 2025, lawmakers outdid themselves by expanding ways families can help their children or grandchildren obtain a degree or certificate.
Trifecta: A Fundamental Revolution in Indexing
As index investing continues to evolve, it does not have to be towards ever-expanding complexity. Sometimes progress comes from asking simpler questions and answering them consistently.
Evaluating our 2025 Forecasts: Equity, Fixed Income, and the U.S. Economy
LPL Research reviews 2025 market predictions: key wins, misses, and lessons across equities, fixed income, and the U.S. economy.
2026 Forecast: Still Wary
Last year, we thought economic growth would slow. Verdict: GDP data say we were wrong, employment data say we were right. Last year we thought the stock market would decline. Verdict: it did in March and April, sharply, but the S&P 500 ended the year with an impressive 16.4% gain. Overall, we’d say our negativity was unwarranted.
Market Implications and Investment Outlook
From an investment perspective, the financial ramifications operate on two levels — direct and indirect effects. The most direct effect is visible in the distressed debt market. Bonds issued by PDVSA, Venezuela’s state-run oil company, remain in technical default but had already begun a sharp rally in mid-December. Investors, anticipating an increased likelihood of regime change, have now seen that thesis validated.
2026: The Year to Be Optimistic
Having visited scores of companies around the world, conducted interviews with our team, and especially with Matt Ridley, we want to highlight what we think are the best of the best. These are our choices. But remember, ROS is a community. You will disagree with at least a few of my picks.
Setting Your 2026 Wealth Priorities
As we step into 2026, the financial landscape is shifting rapidly—new legislation, evolving markets, changing interest rates, and changing family needs may all shape the choices you make today.
Sovereign Buyers Could Spark 2026 Bitcoin Rebound
Barring a miracle, bitcoin will end 2025 in the red, marking just the fourth time the largest cryptocurrency has done so in its history.
2026 Market Outlook Based On Valuations
It’s that time of year when Wall Street polishes up its crystal balls and begins predicting returns for 2026. Since Wall Street never predicts a down year, which would be unwise for fee-based product revenues, these forecasts are often inaccurate and sometimes significantly wrong. Let’s review some previous years.
Wealth Preservation Strategies for Affluent Pennsylvanians: Beyond Basic Estate Planning
As your balance sheet grows, the questions you ask about money tend to change. You move from wondering how to build assets to asking how long they will last, who will manage them after you, and how to keep family relationships steady along the way.
Fed Signals A Dovish Tilt and Market Rotation
The Federal Reserve delivered a "dovish version of the hawkish cut," confirmed by the market's rally, new equity highs, and subtle shifts in leadership. The surprising effective end of Quantitative Tightening and a softening inflation framework underscore a clear turn toward accommodation and ample market liquidity.
AI, Decarbonization and Policy Tailwinds in 2026
ClearBridge Investments believes the outlook for infrastructure in 2026 remains robust, driven by the accelerating demand for power and data fueled by AI.
Consumer Credit Growth Remains Tepid Signaling Consumer Stress
The U.S. economy depends on consumers buying stuff. Persistent price inflation forced Americans to blow through their savings and then turn to credit cards to make ends meet.
2026 Outlook: U.S. Stocks and Economy
We believe the macro environment will continue to be unstable given policy crosscurrents and a wobbly labor market, but stocks can likely churn higher given a firmer earnings backdrop.
Why Niche Marketing Leads to Stronger, More Scalable Growth
Discover the power of niche marketing for financial advisors to attract high-value, ideal clients and achieve scalable growth. Stop generalizing and start specializing to build a more profitable practice.
Want to Reach the Next Gen? Expand Your Financial Planning Services
Gen Z and younger millennials are the high-asset clients of the future, and advisors need to work on connecting with them now. From my perspective, there’s one clear success strategy for advisors: expanding your financial planning services.
2026 Outlook: Treasury Bonds and Fixed Income
We expect 2026 to be another good year for fixed income investors. However, yields that are lower than where they were a year ago and less room for rate cuts by central banks likely will mean less-robust returns.
Gen X Leads Boomerang Parenting Trend, But at What Cost?
The widespread issue of "Boomerang Parenting" is posing a serious financial threat to Gen X's retirement plans, as they spend an average of $1,384 a month supporting their adult children. Caught between this generosity and their own lagging retirement savings (median balance of only $40k–$50k), Gen X is running out of time to course-correct.
Pushing Limits
AI’s buildout is dominated by a handful of companies that are spending on a scale so large, it has macro impact. The challenge for investors is reconciling whether AI will generate revenues of the same order of magnitude as the huge capital spending plans.
Fed Uncertain as AI Capex Jitters Shakeout Speculation
Markets traded with an unusual mix of strong micro data and fragile macro sentiment last week and nowhere was that clearer than the reaction to Nvidia’s excellent earnings. The fundamentals showed strong demand, a robust product cycle, and clean forward guidance—yet the stock slumped after an early surge.
2026 Global Investment Outlook: Resiliency with Complexity
We enter 2026 after a year of robust global stock gains on AI optimism, falling interest rates and a resilient world economy. Beneath this stability, however, lies a more fragile environment.