Retirement Income

An unexpected rap on your front door is sometimes cause for anxiety. You are not sure who or what is out there, wanting to get in.

A tidal wave of conversions has siphoned an unprecedented amount of capital out of mutual funds and into the ETF wrapper. Last year’s record 60 mutual-fund-to-ETF conversions in 2025 across 31 firms pushed total converted assets past $260 billion, and the past five years have now seen a grand total of 203 conversions.

In a relatively light week for traditional economic data, a mix of corporate earnings, business surveys, Federal Reserve minutes, and the latest read on the consumer from the University of Michigan helped paint an increasingly clear picture for investors.

The push for international equities diversification continues amid shifting global macroeconomic conditions. These days, investors have more options when it comes to international exposure. Given the current market uncertainty, they may want to put quality at the forefront of their decision-making process.

Contrary to what legal television series portray, verdicts rarely turn on a single moment of drama. They take shape gradually, as evidence accumulates and a broader narrative comes into focus.

Goldman Sachs Asset Management (GSAM) made a big announcement this week, touting $100 billion in total ETF AUM. The milestone comes following the firm’s recent acquisition of Innovator ETFs adding several notable funds to the firm’s overall roster.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

After three decades of watching market cycles play out from both sides of the trade, I’ve come to a simple conclusion: Wall Street’s love of simple rules is one of the most dangerous aspects of investing.

Despite these higher costs, a projected 45 million Americans are expected to travel at least 50 miles from home this weekend, setting a new record. Close to 40 million will drive while some 3.7 million will fly.

Despite headwinds from rising oil prices, fundamentals have remained strong. The S&P 500 has notched 18 record highs year to date and, more importantly, surpassed our prior target of 7,250. Following a standout 1Q earnings season, we are raising our 2026 earnings per share (EPS) estimate to $326 from $300.

Last Friday closed with the 10-year Treasury yield at 4.60%, a one-year high, and the doom commentary about rising interest rates was waiting before the bell even rang. Hyperinflation. Bond market breakdown. Paradigm shift. A 1981 fair-value retest.

I have often written about one of the few indicators in economics that has earned its reputation over the years, and for good reason. It has preceded virtually every US recession since World War II. I’m talking about the inverted yield curve.

There is currently a stark contrast between everyday consumer confidence and financial market behavior. On one hand, persistent inflation and elevated living costs have driven consumer sentiment to historic lows. On the other hand, financial market participants are exhibiting aggressive risk appetite, with margin debt surging to an all-time high record on the heels of major equity market gains.

Chasing performance by deviating from a benchmark has long been the hallmark of active managers. But it may be time for a rethink. Our research suggests that investors allocating to core equities should consider refreshing the criteria they use to identify portfolio managers that can consistently beat their benchmarks.

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.

Recently, Matthew Bartolini, global head of research strategists at State Street Investment Management, sat down with VettaFi to discuss where inflation stands, opportunities within portfolio construction, and much more.

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.

From the April payroll report released on May 8, we realize that not all industries are equally impacted by AI. Diagnostic imaging centers, an area where AI is thought to replace humans, have increased demand for workers, whereas bookkeeping demand has declined in recent years.

Global bond yields are reaching frightening levels due to the continued war in Iran and the effective closure of the Strait of Hormuz. Continued high oil prices and the threat of reverberating inflation are causing investors to demand higher yields on government bonds.

Equities advanced in April, but hedges remain few and far between, as traditional risk mitigants like bonds and gold continue to show a correlation with stocks.

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.

Stocks’ rally off the March 30 lows has been nothing short of wild, with internal market dynamics showing some performance divergences that we haven’t seen for decades. For example, in the first 6 weeks of the rally, the S&P 500 Growth index beat the S&P 500 Low Volatility Index by more than any other 6-week window on record.

Emerging markets (EM) are using low-cost renewables to cut fuel imports, stabilize power costs and improve energy security—positioning EM as the growth engine of the energy transition. Countries and companies that leverage their dominance in critical minerals and green technology could pull ahead, creating dispersion in potential outcomes for investors.

Model portfolios are a key pillar for asset managers competing for advisor and investor attention. They offer straightforward, pre-packaged tools that help investors target and achieve specific financial goals. Designing and operating models, however, takes a particular set of skills. Goldman Sachs Asset Management recently made a big hire therein.

While most institutional investors recognize that private equity and public equity share similar economic risks, they often seem to ignore how their aggregate equity portfolio is affected by their substantial allocation to private equity.

Institutional investors have spent years hearing about the promise of artificial intelligence. That phase is giving way to a more practical question: not whether AI can create more scale, but whether that scale can be governed, validated, and translated into better fiduciary decisions. For OCIO providers, AI without discipline is not an advantage.

In fixed income investing, trade execution plays an important role in overall portfolio performance. The ability to source bonds efficiently, invest capital thoughtfully and execute trades at competitive prices can directly affect investor returns.

The consumer is still spending, but with a higher level of caution. Inflation remains a persistent pressure point, particularly for lower- and middle-income households. This has caused the U.S. personal saving rate to fall to 3.6% as of March 2026, leaving significantly less breathing room for discretionary purchases.

The exchange-traded fund marketplace continues to expand. Now with more than $20 trillion in assets under management ($14 trillion in the U.S., growing at an 18% five-year annualized clip), 2026’s volatility and emerging investment themes have taken the universe to new heights.

On Friday, May 15, the 10-year Treasury yield closed at 4.59%, its highest level since February 2025. The 30-year Treasury yield closed near 5.12%, a level last seen in 2007. Those are significant moves because they reflect a repricing of the market’s inflation, growth, and Federal Reserve expectations.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

That Buffett cash hoard has also created a lot of speculation, innuendo, and assumptions, which is what I want to walk through in today’s discussion. Primarily, what that cash hoard actually represents, the popular theories explaining it, and what it really costs shareholders to hold.

Markets ended last week under pressure as the optimism that had been building around a potential geopolitical breakthrough faded quickly. The China summit did not deliver the progress that had been hoped for. The Boeing aircraft order was smaller than expected; there was no meaningful movement on Iran; the Taiwan issue was brought forward in a way that unsettled markets; and the hoped-for easing of tensions around the Strait of Hormuz did not materialize.

For shareholders, the upside justifies the gamble. For bondholders, the downside is real and the upside belongs to someone else. That wedge – the classic asset substitution problem – is what credit investors are increasingly pricing, and until the re-leveraging impulse shows signs of reaching a plateau, the divergence across the capital structure is likely here to stay.

As inflation lingers and market dynamics shift, advisors are rethinking the 60/40 portfolio with managed futures and options income ETFs.

A frequently asked question in recent weeks is whether the market is simply ignoring the risks stemming from the current geopolitical conflict, especially given the spike in oil prices that has pushed inflation pressures higher.

In this thought provoking presentation, Chuck Carnevale, co founder of FAST Graphs and widely known as “Mr. Valuation,” challenges one of Wall Street’s most accepted investing principles, the traditional 60/40 portfolio split between stocks and bonds. Drawing from decades of investment experience, Chuck explains why he believes blindly allocating large portions of retirement assets to fixed income may actually increase long term financial risk rather than reduce it.

AI has moved from buzzword to business reality. For Advisors and RIAs, the question is no longer whether AI will matter. It’s how fast your practice can use it to remove friction, improve service, and stay focused on the work clients actually value.

As Kevin Warsh takes over as Federal Reserve chair with his own goals, he may face challenges even beyond rate policy, from inflation to independence to a bulbous balance sheet.

Vanguard research suggests that one practical answer may lie in pairing traditional target-date funds with a modest allocation to deferred-income annuities (DIAs).

I think inflation is heading higher. That is going to take a rate cut off the table. Warsh is going to start reducing the balance sheet quickly. And will use the balance sheet contraction as a way to deal with inflation rather than actually raising rates.

With tensions simmering in the Middle East and the global economy feeling the pinch of high energy prices, high-yield bonds might not be on every investor’s radar. In our view, they should be.

The most attractive conversion opportunities appear when income temporarily drops. Early retirement before Social Security and RMDs begin is the classic window. Sabbaticals, business transition years, the gap after a company sale, years with unusually low K-1 or bonus income. These are all potential openings.

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.

Investors and advisors often seek private equity, but they are frequently thwarted by liquidity and other issues.

Addressing common 529 Savings Plan concerns and how recent legislative updates have broadened the 529 scope.

With inflation persistent and rising due to soaring energy prices, it’s not surprising that advisors and fixed income investors are revisiting Treasury Inflation-Protected Securities (TIPS). In fact, data indicate that inflation-linked bonds have been among the most popular fixed income destinations, dating back to 2022.

Access to private equity, private credit, private infrastructure, and private real estate assets can potentially improve long-term investment outcomes for participants.

Psychology plays a larger role in our investing lives than many of us care to admit. Often, when investing, we would be better off being a bit more robotic and a bit less human. The reason behind this is often our feelings influence our decisions in ways that are not always to our advantage.