Economies around the world aren’t just reliant on AI investments for growth. The appreciation of AI stocks has supported spending, which is following “K-shaped” patterns. A significant correction to the valuations of tech leaders would therefore be even more likely to result in recession.
Many debates in defined contribution (DC) circles focus on fees, new asset classes, and ever more complex solutions. But the biggest improvement available to plan participants may come from something far simpler: how their fixed income is managed.
Growing excitement around the burgeoning space economy is increasingly favoring companies positioned to benefit not only from Elon Musk’s SpaceX filing for a public offering, but also from rising enthusiasm for space exploration and increased funding.
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).
On the surface, last week looked engineered to embarrass our positioning. The dollar index climbed to a six-week high above 99.3 by Friday and finished the week roughly flat at those levels.
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.
Personal income (excluding transfer receipts) was down 0.05% in April and was up 2.68% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was down 0.44% month-over-month and down 1.04% year-over-year.
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.
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.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Advisory firms need tighter integration between their daily work tools and the CRM at the center of their world. When notes sit siloed from the rest of a firm's data and operations, the chance to deepen team collaboration and sharpen client insights goes with them.
Leading with bad news can feel wrong and even confrontational at some level, but the psychology research supports it, the behavioral finance supports it, the career math supports it, and the clients who stay through multiple cycles apply the final confirmation stamp.
This week marked the passing of former Massachusetts Congressman Barney Frank. His signature legislation, the Dodd-Frank Act of 2010, was the most recent increment in a long-running history of tighter financial regulation. Some of those rules are now coming under scrutiny, with the goal of making bank lending more competitive.
This piece examines the distinction between volatility and drawdown risk in portfolio construction, and why managing routine market fluctuations may not address the drivers of long-term wealth outcomes. The article is attached as a Word document, and the related chart is included as a separate image file.
The 2026 tax season is barely in the rearview mirror, but for advisors and their clients, this is when the real work begins. Right after filing, everything is still fresh. Clients remember what surprised them, what felt off, and where they may have missed opportunities. That awareness doesn’t last long.
As more individuals turn to non-traditional financial advice — offered through social media, artificial intelligence, or other online services and platforms — advisors will be tasked with fostering a greater sense of trust with the public.
Private markets (private equity, private credit and real estate) have historically delivered an “illiquidity premium”. Institutions and family offices have recognized this illiquidity premium and have historically allocated significant capital to capture it.
During the American cigar craze of the 1990s, a couple of my neighbors purchased humidors and began collecting. The holy grail for them was Cuban Cohibas, banned from import by longstanding U.S. sanctions.
In this second quarter update, Western Asset believes global fixed-income markets face a more complex backdrop as geopolitics, rapid AI adoption and private credit scrutiny intersect.
For private equity firms, capital flexibility is prized today. Merger-and-acquisition (M&A) activity has cooled, while commodity prices and artificial intelligence (AI)-driven disruption have heated up, creating uncertainty for investors. This makes it more challenging to sell portfolio companies, so private equity firms are holding investments longer. As a result, many firms are turning to net asset value (NAV) loans for capital needs.
Stephen Dover shares key insights from the Franklin Equity team about how artificial intelligence is changing the economics of the software industry.
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.
Vanguard’s Total World Stock ETF (ticker VT) is an elegant product: a single fund that gives you cap-weighted exposure to the entire global equity market. For investors who want simplicity, it’s hard to beat. But is simplicity costing you money?
Put succinctly, the world today requires substantially more electricity than only a few years ago. AI, electrification, reshored manufacturing, and population growth in the developing world are converging into a demand curve that the existing global power system simply cannot meet.
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.
Najimah Roberson, a lifelong renter, spent the past two years searching around Harrisburg, Pennsylvania, for a home she could afford — getting outbid nearly 30 times along the way.
Enterprise software is undergoing its most significant reset in a generation. Artificial intelligence (AI) is reallocating value within software—creating clear winners and exposing vulnerabilities in business models that have worked well for the past two decades. We believe investors who treat software as a uniform asset class will make costly mistakes.
AI is unlikely to replace wealth managers — at least not in the foreseeable future. But it now has the power to expose the gaps between genuine, client-first investment advice and other approaches in a way the industry has not yet seen.
Nineteenth-century oil processing plants used simple, column distillation of crude oil to produce kerosene, which was in high demand for lighting lamps. The process also yielded a dangerously flammable byproduct called gasoline which had no obvious use.
Investors need to understand what they own, how it may perform in different environments, and why it is structured the way it is. When advisors build this education into their work, it gives clients the discipline and expectations they need to stay the course when volatility rears its head.
The percentage-of-assets fee is so embedded in advisory economics that most firms treat it as a fixed constant rather than a business decision. It shapes how you staff, how you plan, and how you define the relationship with clients. But the AUM model is neither as old nor as inevitable as it feels.
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.
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.
The artificial intelligence (AI) evolution moves at breakneck speed. While generative AI is still a significant part of the underlying investment thesis, physical AI is rapidly accruing momentum.
Kevin Warsh was confirmed this week as the next Chair of the Federal Reserve’s Board of Governors. As we discussed in a recent article, his transition comes at a delicate time; inflation is rising, and questions about the Fed’s independence are pressing. The honeymoon period will be brief.
Vanguard research suggests that one practical answer may lie in pairing traditional target-date funds with a modest allocation to deferred-income annuities (DIAs).
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.
What do “the utilities of retirement” refer to? Buy gas and electric stocks and live off the dividends? No. Not in this article. We’re talking about utility as an economic term of art, meaning reward, pleasure, and satisfaction.
Investors were forced to pay attention Friday, when the most interest-rate sensitive corners of the market saw big plunges in an ugly market selloff. The small-cap Russell 2000 Index dropped 2.4% for the biggest single-day decline since November.
US equities continue to march higher in 2026 despite geopolitical uncertainties, supported by resilient economic data and strong corporate earnings. Much of the market narrative remains focused on mega-cap technology and artificial intelligence (AI).
The United States has not felt the greatest costs of the Iran conflict, but challenges are becoming visible. Energy prices have risen, with limited prospects for relief. Inflation measures are poised to spread to other product and service categories. Inventories that helped to blunt the impact are depleting; supply chain distortions are accumulating.
For many ultra-high-net-worth families, philanthropy is not simply about giving; it is about creating meaningful, lasting impact. A thoughtfully structured family foundation can become a powerful vehicle for aligning wealth with values, supporting communities, and engaging future generations in purposeful stewardship.
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.
AI is surely the zeitgeist at industry conferences across sectors right now. Emerging technology, increased efficiency, and scalability are all talking points. But so too are headcount reductions, reduced tech-sector free cash flow, and growing worries about a 1990s-like bubble.
What were the key takeaways from last month’s numbers? Our corporate bond specialists look back at the market’s performance and provide incisive commentary to help you make sense of what drove the market—and what may be on the horizon for fixed income investors.
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.
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.
It’s likely not a bubble. Earnings are high. Prices are high because they anticipate future high earnings growth. The historical record shows that growth rate is achievable.
Top RIA executives said Tuesday the industry's growth is still early, with breakaway clients and a talent shortage as key forces.
Addressing common 529 Savings Plan concerns and how recent legislative updates have broadened the 529 scope.
April delivered a constructive backdrop for preferred securities, with the ICE BofA Fixed-Rate Preferred Securities Index rebounding 2.23% and bringing YTD returns back into positive territory at 0.8%.
Royce Investment Partners: Co-CIO Francis Gannon looks at how recent performance may be subtly announcing a turning point in market leadership.
Our reading is that this is a meaningful positive at the surface — a real-time confirmation that the most pessimistic recession scripts written in March can be set aside — but it is also a print that fails to alter the structural calculus we have been describing all year. The labor market is steady. The trajectory of fiscal policy, monetary credibility, and dollar reserve status is not.
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.
To understand the full impact of AI on advisor productivity, it’s important to look beyond speed alone. The more relevant question is whether efficiency gains are creating meaningful breathing room or simply raising expectations and expanding the scope of work.
Advisors may need to amend their wealth management or financial planning strategy, if many of their clients work in the public sector, or are based in geographic locations unevenly impacted by government cuts or mandates.
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.
A tariff is a tax on the value of an imported good, paid by the importer at the time the good is taken from an entry port. The tariff is absorbed in some combination of price concessions by the exporter, lower margins for the importer or higher final prices.
Access to private equity, private credit, private infrastructure, and private real estate assets can potentially improve long-term investment outcomes for participants.
Get ready each week with high-conviction insights that go beyond media headlines.
Beneath the surface, however, the story is more complicated. The economy is still advancing, yet it is doing so with a growing bifurcation between households and sectors, while inflation pressures continue to simmer in the background.
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.
Setting and working toward a financial goal that represents your own freedom number is well worth doing. I suggest treating that number as a beginning and a continuing journey rather than a destination. Recognize that achieving financial independence alone is no guarantee of happiness and wellbeing.
Wendy Li spent 20 years working with large endowments and foundations before founding Ivy Invest. In the latest Alternative Allocations, she discusses how institutions approach illiquid investments, the importance of manager selection, and where she sees opportunities in today's private markets.
With those simple words, Jerome Powell departed his final press conference as Federal Reserve Chair. Powell’s eight years at the helm have been anything but simple, however. A review of his tenure includes some hits, some misses, and some important lessons in leadership.
Early detection, I believe, is one of the smartest investments you can make, whether we’re talking about your portfolio or your health.
Scalable personalization means saving time while not sacrificing the “secret sauce” that is unique to your practice. Time savings can come from scaling portfolio construction via model portfolios or direct indexing, adding tools or talent to complement strengths, and using technology like AI.
Explore the new 529 rules, including Roth IRA rollovers, the grandparent loophole, and higher K-12 limits.
For business owners, your company is more than an asset; it’s your livelihood, your legacy, and often your largest source of wealth. Yet too many owners delay succession planning until it’s urgent, limiting options and potentially eroding value. A well-structured exit isn’t a last-minute decision; it’s a multi-year strategy.
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.
In this month’s Allocation Views, the Middle East conflict and its impact on the global economy in 2026 continue to be the chief concern for asset allocation, as inflationary pressures challenge central bank policy.
Emerging markets have grown more resilient, according to the Templeton Global Macro team, and the Iran-driven oil shock is a fresh test. Impacts will likely diverge between oil importers and exporters and vary widely within each group.
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.
Something unusual is happening with U.S. inflation data. While the core Consumer Price Index (CPI) has looked relatively cool recently, core Personal Consumption Expenditures (PCE) inflation has risen sharply.
As equity markets transition into 2026, large cap equity portfolio managers share a surprisingly consistent framework — paired with sharp disagreements on where risk and opportunity sit. A survey of large growth, value, and blend managers reveals a market shifting away from simple narratives toward selectivity, fundamentals, and manager skill.
Global equity markets entered 2025 with a familiar narrative. U.S. leadership remained firm, supported by strong earnings, AI-driven optimism, and a market structure increasingly dominated by a narrow group of large-cap companies. For many investors, the path forward seemed clear: stay anchored to what worked.
ClearBridge Investments suggests investors could use volatility as an opportunity to deploy capital, while modestly favoring the stronger earnings revisions and more reasonable valuations available in non-US equities.
April saw a variety of articles published on Advisor Perspectives address core questions with which advisors and their client must contend.
Sophisticated clients and institutional prospects are already asking wealth management firms about AI governance. The firms with coherent answers are winning trust their competitors cannot buy back quickly.
Gen Z is coming of age in a world very different from that of their parents. Advisors who want to connect with this cohort need be conscious, not only of Gen Z’s biases and unique perspectives, but also of their own preconceptions and tendencies.
For many investors, wealth is about more than financial outcomes. It represents values, aspirations, family priorities, and a desire for a meaningful future. Aligning your investments with personal purpose means that your financial strategy reflects not only what you want to achieve financially but also the priorities that guide your life and legacy.
Advisors are rethinking strategy in 2026, as geopolitics, AI adoption, and downside risk reshape market expectations and investment decisions.
Decisions rarely stall because people need more time; they stall because people do not want to carry uncertainty by themselves. Writing forces them to do exactly that.
Women consistently report that the quality of their relationship with an advisor is their number one driver of satisfaction. They are not just looking for investment expertise. They are looking for partnership and a sense that their advisor understands what matters most to them.
Wealth Management
Trying Tango
Economies around the world aren’t just reliant on AI investments for growth. The appreciation of AI stocks has supported spending, which is following “K-shaped” patterns. A significant correction to the valuations of tech leaders would therefore be even more likely to result in recession.
The Retirement Hack Hiding Inside Most DC Plans
Many debates in defined contribution (DC) circles focus on fees, new asset classes, and ever more complex solutions. But the biggest improvement available to plan participants may come from something far simpler: how their fixed income is managed.
Rocket, Satellite Stocks Surge as SpaceX IPO Fuels Euphoria
Growing excitement around the burgeoning space economy is increasingly favoring companies positioned to benefit not only from Elon Musk’s SpaceX filing for a public offering, but also from rising enthusiasm for space exploration and increased funding.
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 Dollar Bounced. Foreign Markets Didn't Flinch
On the surface, last week looked engineered to embarrass our positioning. The dollar index climbed to a six-week high above 99.3 by Friday and finished the week roughly flat at those levels.
Knocking at the Door
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.
The Big Four Recession Indicators: Real Personal Income
Personal income (excluding transfer receipts) was down 0.05% in April and was up 2.68% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was down 0.44% month-over-month and down 1.04% year-over-year.
Stocks Rise on AI Optimism While Fed Signals Higher Rates for Longer
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.
Gilt-y As Charged
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.
Fundamental Backdrop Strong. Watch for Pullbacks.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Your Notetaker Should Be an Integrated Part of Your Firm’s Ecosystem
Advisory firms need tighter integration between their daily work tools and the CRM at the center of their world. When notes sit siloed from the rest of a firm's data and operations, the chance to deepen team collaboration and sharpen client insights goes with them.
Why Good Advisors Lead With Bad News
Leading with bad news can feel wrong and even confrontational at some level, but the psychology research supports it, the behavioral finance supports it, the career math supports it, and the clients who stay through multiple cycles apply the final confirmation stamp.
Bank Deregulation Taking Shape
This week marked the passing of former Massachusetts Congressman Barney Frank. His signature legislation, the Dodd-Frank Act of 2010, was the most recent increment in a long-running history of tighter financial regulation. Some of those rules are now coming under scrutiny, with the goal of making bank lending more competitive.
When Volatility Isn’t the Risk That Matters
This piece examines the distinction between volatility and drawdown risk in portfolio construction, and why managing routine market fluctuations may not address the drivers of long-term wealth outcomes. The article is attached as a Word document, and the related chart is included as a separate image file.
The Most Important Tax Planning Season Is Right Now
The 2026 tax season is barely in the rearview mirror, but for advisors and their clients, this is when the real work begins. Right after filing, everything is still fresh. Clients remember what surprised them, what felt off, and where they may have missed opportunities. That awareness doesn’t last long.
Building Trust as Finance Shifts From Traditional Advice
As more individuals turn to non-traditional financial advice — offered through social media, artificial intelligence, or other online services and platforms — advisors will be tasked with fostering a greater sense of trust with the public.
The Cost of Being Too Liquid
Private markets (private equity, private credit and real estate) have historically delivered an “illiquidity premium”. Institutions and family offices have recognized this illiquidity premium and have historically allocated significant capital to capture it.
Cuba Libre
During the American cigar craze of the 1990s, a couple of my neighbors purchased humidors and began collecting. The holy grail for them was Cuban Cohibas, banned from import by longstanding U.S. sanctions.
Key Convictions: Second Quarter 2026
In this second quarter update, Western Asset believes global fixed-income markets face a more complex backdrop as geopolitics, rapid AI adoption and private credit scrutiny intersect.
NAV Loans: Flexibility for Private Equity When Holding Periods Extend
For private equity firms, capital flexibility is prized today. Merger-and-acquisition (M&A) activity has cooled, while commodity prices and artificial intelligence (AI)-driven disruption have heated up, creating uncertainty for investors. This makes it more challenging to sell portfolio companies, so private equity firms are holding investments longer. As a result, many firms are turning to net asset value (NAV) loans for capital needs.
How AI Is Transforming Software
Stephen Dover shares key insights from the Franklin Equity team about how artificial intelligence is changing the economics of the software industry.
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.
Vanguard’s World Stock Market ETF: Is the Whole Better than the Parts?
Vanguard’s Total World Stock ETF (ticker VT) is an elegant product: a single fund that gives you cap-weighted exposure to the entire global equity market. For investors who want simplicity, it’s hard to beat. But is simplicity costing you money?
The Energy Pivot: Establishing Supply in the Face of Historic Demand
Put succinctly, the world today requires substantially more electricity than only a few years ago. AI, electrification, reshored manufacturing, and population growth in the developing world are converging into a demand curve that the existing global power system simply cannot meet.
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.
Home Buyers Hammered as War-Fueled Bond Rout Drives Rates Higher
Najimah Roberson, a lifelong renter, spent the past two years searching around Harrisburg, Pennsylvania, for a home she could afford — getting outbid nearly 30 times along the way.
Software in the “Age of Intelligence”
Enterprise software is undergoing its most significant reset in a generation. Artificial intelligence (AI) is reallocating value within software—creating clear winners and exposing vulnerabilities in business models that have worked well for the past two decades. We believe investors who treat software as a uniform asset class will make costly mistakes.
AI Might Finally Level the Playing Field for Advisors, Brokers
AI is unlikely to replace wealth managers — at least not in the foreseeable future. But it now has the power to expose the gaps between genuine, client-first investment advice and other approaches in a way the industry has not yet seen.
Oil Prices Spill Over
Nineteenth-century oil processing plants used simple, column distillation of crude oil to produce kerosene, which was in high demand for lighting lamps. The process also yielded a dangerously flammable byproduct called gasoline which had no obvious use.
From the US Market Desk: Now What?
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
What ‘Smart Defense’ Actually Means in Practice
Investors need to understand what they own, how it may perform in different environments, and why it is structured the way it is. When advisors build this education into their work, it gives clients the discipline and expectations they need to stay the course when volatility rears its head.
The Rise of AUM Fees: Why the Next Market Correction Puts the Model at Risk
The percentage-of-assets fee is so embedded in advisory economics that most firms treat it as a fixed constant rather than a business decision. It shapes how you staff, how you plan, and how you define the relationship with clients. But the AUM model is neither as old nor as inevitable as it feels.
Rising Treasury Yields Challenge AI’s Narrow Market Leadership
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.
How AI Is Reshaping Wealth Management Operations
AI has moved from buzzword to business reality. For Advisors and RIAs, the question is no longer whether AI will matter. It’s how fast your practice can use it to remove friction, improve service, and stay focused on the work clients actually value.
AI, Drones, Robotics Come Together in New ETF
The artificial intelligence (AI) evolution moves at breakneck speed. While generative AI is still a significant part of the underlying investment thesis, physical AI is rapidly accruing momentum.
Wanted: Buyers for Treasury Debt
Kevin Warsh was confirmed this week as the next Chair of the Federal Reserve’s Board of Governors. As we discussed in a recent article, his transition comes at a delicate time; inflation is rising, and questions about the Fed’s independence are pressing. The honeymoon period will be brief.
Retirement Income Security on Your Terms
Vanguard research suggests that one practical answer may lie in pairing traditional target-date funds with a modest allocation to deferred-income annuities (DIAs).
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.
The Many Utilities of Retirement
What do “the utilities of retirement” refer to? Buy gas and electric stocks and live off the dividends? No. Not in this article. We’re talking about utility as an economic term of art, meaning reward, pleasure, and satisfaction.
Inflation Uptick Is Starting to Send Sell Signals to Stock Bulls
Investors were forced to pay attention Friday, when the most interest-rate sensitive corners of the market saw big plunges in an ugly market selloff. The small-cap Russell 2000 Index dropped 2.4% for the biggest single-day decline since November.
Rethinking US Equity Exposure Through Sectors
US equities continue to march higher in 2026 despite geopolitical uncertainties, supported by resilient economic data and strong corporate earnings. Much of the market narrative remains focused on mega-cap technology and artificial intelligence (AI).
Climbing With Caution
The United States has not felt the greatest costs of the Iran conflict, but challenges are becoming visible. Energy prices have risen, with limited prospects for relief. Inflation measures are poised to spread to other product and service categories. Inventories that helped to blunt the impact are depleting; supply chain distortions are accumulating.
Structuring a Family Foundation That Endures
For many ultra-high-net-worth families, philanthropy is not simply about giving; it is about creating meaningful, lasting impact. A thoughtfully structured family foundation can become a powerful vehicle for aligning wealth with values, supporting communities, and engaging future generations in purposeful stewardship.
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.
Mid-Quarter Investor Conference Calendar: New Leaders, Same Trends, Big Profits
AI is surely the zeitgeist at industry conferences across sectors right now. Emerging technology, increased efficiency, and scalability are all talking points. But so too are headcount reductions, reduced tech-sector free cash flow, and growing worries about a 1990s-like bubble.
The Fed Sees Dissents Amid a Fluctuating Economy
What were the key takeaways from last month’s numbers? Our corporate bond specialists look back at the market’s performance and provide incisive commentary to help you make sense of what drove the market—and what may be on the horizon for fixed income investors.
‘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.
Roth Conversion Strategy for High Earners: When It Makes Sense and When It Does Not
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.
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.
Is It a Bubble? (Part V)
It’s likely not a bubble. Earnings are high. Prices are high because they anticipate future high earnings growth. The historical record shows that growth rate is achievable.
RIA Growth Is Just Getting Started, CEOs Say
Top RIA executives said Tuesday the industry's growth is still early, with breakaway clients and a talent shortage as key forces.
Addressing Common 529 Savings Plan Concerns
Addressing common 529 Savings Plan concerns and how recent legislative updates have broadened the 529 scope.
Rates Rally, Spreads Tighten and Preferreds Rebound
April delivered a constructive backdrop for preferred securities, with the ICE BofA Fixed-Rate Preferred Securities Index rebounding 2.23% and bringing YTD returns back into positive territory at 0.8%.
Beneath the Surface, the US Market Is Changing—From Concentration to Participation
Royce Investment Partners: Co-CIO Francis Gannon looks at how recent performance may be subtly announcing a turning point in market leadership.
Better Than Feared, Not Better Than Required
Our reading is that this is a meaningful positive at the surface — a real-time confirmation that the most pessimistic recession scripts written in March can be set aside — but it is also a print that fails to alter the structural calculus we have been describing all year. The labor market is steady. The trajectory of fiscal policy, monetary credibility, and dollar reserve status is not.
This Inflation-Fighting ETF Is Right for These Times
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.
The Productivity Paradox: Why AI Is Making Advisors Busier
To understand the full impact of AI on advisor productivity, it’s important to look beyond speed alone. The more relevant question is whether efficiency gains are creating meaningful breathing room or simply raising expectations and expanding the scope of work.
Advising Public Sector Clients Through Times of Upheaval
Advisors may need to amend their wealth management or financial planning strategy, if many of their clients work in the public sector, or are based in geographic locations unevenly impacted by government cuts or mandates.
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.
Resolving the Trade Emergency
A tariff is a tax on the value of an imported good, paid by the importer at the time the good is taken from an entry port. The tariff is absorbed in some combination of price concessions by the exporter, lower margins for the importer or higher final prices.
Private Assets in Target-Date Funds: A Balanced Assessment
Access to private equity, private credit, private infrastructure, and private real estate assets can potentially improve long-term investment outcomes for participants.
What a Move!
Get ready each week with high-conviction insights that go beyond media headlines.
Equity Gains and Surging Energy Costs Divide U.S. Consumers
Beneath the surface, however, the story is more complicated. The economy is still advancing, yet it is doing so with a growing bifurcation between households and sectors, while inflation pressures continue to simmer in the background.
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.
What’s Your Financial Freedom Number, and What Would You Do With It?
Setting and working toward a financial goal that represents your own freedom number is well worth doing. I suggest treating that number as a beginning and a continuing journey rather than a destination. Recognize that achieving financial independence alone is no guarantee of happiness and wellbeing.
The Illiquidity Premium—Lessons Learned From Institutions, Wendy LI, Founder & President, Ivy Invest
Wendy Li spent 20 years working with large endowments and foundations before founding Ivy Invest. In the latest Alternative Allocations, she discusses how institutions approach illiquid investments, the importance of manager selection, and where she sees opportunities in today's private markets.
Powell's Legacy
With those simple words, Jerome Powell departed his final press conference as Federal Reserve Chair. Powell’s eight years at the helm have been anything but simple, however. A review of his tenure includes some hits, some misses, and some important lessons in leadership.
AI Could Save Trillions in U.S. Healthcare Costs. These Companies Are Leading the Way.
Early detection, I believe, is one of the smartest investments you can make, whether we’re talking about your portfolio or your health.
Setting Up Your Practice for Scaled Growth
Scalable personalization means saving time while not sacrificing the “secret sauce” that is unique to your practice. Time savings can come from scaling portfolio construction via model portfolios or direct indexing, adding tools or talent to complement strengths, and using technology like AI.
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.
The Business Owner’s Succession Timeline: Planning Your Exit, Step by Step
For business owners, your company is more than an asset; it’s your livelihood, your legacy, and often your largest source of wealth. Yet too many owners delay succession planning until it’s urgent, limiting options and potentially eroding value. A well-structured exit isn’t a last-minute decision; it’s a multi-year strategy.
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.
Looking Through the Energy Cost Shock—Stronger Earnings, Lower Tail Risks
In this month’s Allocation Views, the Middle East conflict and its impact on the global economy in 2026 continue to be the chief concern for asset allocation, as inflationary pressures challenge central bank policy.
Resilience and Divergence in the Face of the Latest Oil Shock
Emerging markets have grown more resilient, according to the Templeton Global Macro team, and the Iran-driven oil shock is a fresh test. Impacts will likely diverge between oil importers and exporters and vary widely within each group.
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.
U.S. Inflation Measures Tell Two Different Stories
Something unusual is happening with U.S. inflation data. While the core Consumer Price Index (CPI) has looked relatively cool recently, core Personal Consumption Expenditures (PCE) inflation has risen sharply.
AI, Healthcare, and Volatility: Positioning for 2026
As equity markets transition into 2026, large cap equity portfolio managers share a surprisingly consistent framework — paired with sharp disagreements on where risk and opportunity sit. A survey of large growth, value, and blend managers reveals a market shifting away from simple narratives toward selectivity, fundamentals, and manager skill.
Why Global, Why Active, Why Now
Global equity markets entered 2025 with a familiar narrative. U.S. leadership remained firm, supported by strong earnings, AI-driven optimism, and a market structure increasingly dominated by a narrow group of large-cap companies. For many investors, the path forward seemed clear: stay anchored to what worked.
AOR Update: Mailbag Edition
ClearBridge Investments suggests investors could use volatility as an opportunity to deploy capital, while modestly favoring the stronger earnings revisions and more reasonable valuations available in non-US equities.
Advisor Perspectives’ Top 5 Articles Examine Big Topics
April saw a variety of articles published on Advisor Perspectives address core questions with which advisors and their client must contend.
The SEC Isn't Coming. That's the Problem
Sophisticated clients and institutional prospects are already asking wealth management firms about AI governance. The firms with coherent answers are winning trust their competitors cannot buy back quickly.
Crossing the Digital Divide: 6 Keys for Marketing to Gen Z
Gen Z is coming of age in a world very different from that of their parents. Advisors who want to connect with this cohort need be conscious, not only of Gen Z’s biases and unique perspectives, but also of their own preconceptions and tendencies.
Aligning Investments with Your Personal Purpose
For many investors, wealth is about more than financial outcomes. It represents values, aspirations, family priorities, and a desire for a meaningful future. Aligning your investments with personal purpose means that your financial strategy reflects not only what you want to achieve financially but also the priorities that guide your life and legacy.
Top Concerns Reshaping Advisor Strategy in 2026
Advisors are rethinking strategy in 2026, as geopolitics, AI adoption, and downside risk reshape market expectations and investment decisions.
Why Important Decisions Stall in Writing
Decisions rarely stall because people need more time; they stall because people do not want to carry uncertainty by themselves. Writing forces them to do exactly that.
Rethinking Retention in the $34 Trillion Wealth Transfer
Women consistently report that the quality of their relationship with an advisor is their number one driver of satisfaction. They are not just looking for investment expertise. They are looking for partnership and a sense that their advisor understands what matters most to them.