Joe Morgan, CFA, CFP®

As quoted today by Financial Planning: Robinhood will now compete one-on-one with the likes of #Schwab, #Pershing, #Ameriprise, #LPL and #Fidelity at the institutional level, said Michael Ashley Schulman, founding partner and chief investment officer at Running Point Capital Advisors in El Segundo, California. "Historically, #Robinhood has always targeted the individual or retail do-it-yourself #investor, but with this acquisition, they will now also target professional #financialadvisors and #wealth management firms, as their clients," he said. "This elevates Robinhood to a whole new level and opens up fresh revenue possibilities." ~~ Running Point, “we are your family office”™️ #taxplanning #estateplanning #assetmanagement #future #investing #taxes #wealthmanagement #economy ~~ Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. This is not investment advice and this is not a recommendation to buy or sell a security. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-24-191

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Thus why Future U is ADVICE ONLY. #Adviceonly #financialplanning

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CFP Connect 2024 Review Bottom line up front: it's a good foundation, but it needs to step up to the plate or revisit what it's attempting to accomplish. What was good about the conference: -The stage and props of the event were high quality and a clear focus for the planning team. -Decent face time for the sister associations of FPA and NAPFA. -Some breakout sessions were incredibly high value in short time periods ("Why women are under represented in financial planning", "Alison Fragale," and "DOL Rule Panel" were some standouts.) -Balance between programs, students, academia, etc. was well maintained. -Food and staff service were strong. Open bars never hurt. -Offsite, Dalton ran the best happy hour networking event I've seen at any conference. What needs work at the conference: -Sponsorship and paid speaking slots were abundant, and the "PR Value" of that time felt condescending. For example, EJ had a fireside about how they're adopting financial planning. That had potential to be incredibly interesting as an organizational management and training topic. Instead, it was a tacit "we're great, and we're hiring" talk. Disappointing. -Most of the keynote speakers were weak or struggled to be relevant to us as an audience. Just because folks are famous doesn't mean they have something of substance to say. -The agenda for student attendees: Students had their own "program track" to follow including some firm-exclusive and invite only events. This smacks of favoritism for the firms that participated (event sponsors) and while the opportunities to connect are valuable for students, I had numerous conversations with students afterward who clearly had been led down some very specific paths in those conversations that obscured many of the alternatives. -Shared space. The layout of the venue was confusing and we were cohabitating with an Olympic competitor event. The result was numerous speakers that were hard to hear over booming music from the floor above or the room next door. -Speaking of: rude attendees. The layout often had people going through one session to reach another. This regularly involved thoughtless attendees loudly conversing as they traversed the spaces. In other cases, moderators weren't able to manage the room, and some folks (one person in particular) would shout at speakers or panelists mid-talk and derail the presentations from their soap box. Would I attend again? Probably, but the agenda and event need to be announced much earlier and some of these friction points need work for the event to flow and feel better for everyone attending. It's a brand new event and format to combine the prior three events, so I wouldn't expect it to be perfect. But I do hope to see it improve a bit as we roll into the Chicago event next year.

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Net new assets for IAs were up 12.5% in 2023. Good news for our industry? Or the same story repeating itself? It's suggested that the increase in AUM can be attributed, in part, to the increase in advisors in the RIA space. (see article link in comments below) Maybe, but with the market up 20+% last year it's difficult to attribute much of the 12.5% increase in AUM to anything but a good year in the market. So it is the same story repeating itself. Little to no organic growth ex market returns for most advisors and firms. This has real ramifications. Muted organic growth leads to stunted enterprise value. A track record of growth increases multiple, at the advisor firm level and for B/Ds and aggregators. (Just look at the multiples in the Fisher deal). Even more insidiously the lack of organic growth points to a stark reality. Many advisors deliver a less then compelling and undifferentiated experience. This is supported by J.D. Power research in finding that most clients say that their advisor deliver a less then ideal advice experience. The fundamental way to solve for organic growth is to solve for the quality of the advice experience. There are two questions to ask to start. What do your clients think about your advice? What is the true nature of your client relationships? DM me if you want to learn more. #OrganicGrowth #RelationshipQualityIndex #Compelling #PracticeIntel

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MUST READ! #BabyBoomers "moved the cheese" on #InvestmentAdvisors and Securities and Futures Commission (SFC)/U.S. Department of Labor regulators. #1940Act-like regulations focused mostly on #AUM fees work fine during the #AccumulationPhase of life, but doN'T even consider key elements of #ClientsBestInterests for those NOW concerned about the risks of out-living their #RetirementSavings in the #DistributionPhase of life. For all the reasons Michelle Gordon articulates so well 👇, a new regulatory framework that considers #FinancialSecurity is required to address 1) costs justified relative to BENEFITS (e.g., longevity protection), 2) performance that's reasonable to expect, and 3) risks appropriate to #risktolerance. My 2¢ but what do I know 🤷‍♂️.

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The financial industry emphasizes investment skills in leadership selection. But leaders often struggle to balance analytical thinking with managing people effectively. In this video, my colleague Sébastien Page details five ways you can go beyond logic and methodologies to become an effective leader in asset management.

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Dear solo advisors age 49+, ❔ When did you stop getting client referrals? Research is telling us that NOT having a clear succession plan is the primary reason clients avoid referring their current advisor. ❔ If you find yourself in this scenario, why haven’t you cashed the big check for 2-3X trailing 12-month gross production from any large, national, roll up firm? I’m guessing it’s because you don’t think your clients would be cared for the same way. ❔ But where does this leave your continuity plan? Compass Ion Advisors is a great place to start a conversation about fit, culture, team, and technology. With robust support and a multi-generational advisor team, your clients will thank you. Your business will too.

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TDF Flows Bounce Back in Q1 2024 According to today's PLANADVISER dash, "The country’s top ten target date fund providers posted net inflows of $10.5 billion to start 2024, beating a lackluster Q4 that had total outflows." This is an affirming news for #TDF solidity and preference, and great news for TDF #personalization. The easy to understand and competitively priced multi asset portfolios investment (a.k.a. TDF) that glides down risk allocations as one ages remain the dominant solution for DC plans. With improvement of technology, wider connectivity, and possibility thinking, TDF today can be significantly enhanced upon through personalization. By using the basic TDF chassis and infuse it with personal data, each participant would automatically be invested in a dynamic and responsive portfolio that is individualized. It is these types of leap frog improvements that not only allow #TDFs to TRUELY serve "solely in the interest of " each participant (an #ERISA requirement), but to drive a customized outcome for each participant, to and through retirement. Todd Levy, AIFA, QKA, Thomas J. Rouse MBA, QKA, QPFC, QKC Kelly Amato, Steve McCoy, Forrest Wilson, Ben Fisher, Brett Eisberg, QPA, QKA, CPFA, TGPC, Marcus Wernke, FSRI, Barbara Redstone, Tom O'Brien, Sam Mitchell, Patrick Hale, Benjamin Thomason, JD, James Bentley, CFA, Diego Betancourt, CFA, Matt Vanaman, CFA, Aaron Hassinger, CIMA®, C(k)P®, Marty Courage III, CIMA®, Rene Martel, Chelsea Rae Stuck

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Starting the prep for #LPLFocus. Looking forward to helping all advisors who have recently joined #LPLFinancial transition their entire client base. Don't leave accounts because former managers are not available or capital gains are too much of an issue to make changes.  There is a better way..

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The 2024 Long-term strategic asset allocation report is now available. Let long-term strategic asset allocation help guide investment decisions.

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Have a Fidelity 404(a)5? - It's worthless. Really. You'll inflate the plan's costs. Don't believe me? See the below. What's the asset charge, 33bps? That's not correct. :( Fidelity shows compensation on the 404(a)5. This includes: - Float Revenue - Revenue Sharing - Asset Based Fees The 33bps is total compensation they receive. I'll talk to the advisor compensation soon. What's the number 1 role of a 401(k) Advisor? Understanding how to read these documents. P.S. Please repost this to help our industry "Make Fees Transparent Again".

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This is why the Fed is going to cut interest rates. Because Treasury is paying too much interest as the graph shows...and because reticent buyers wanted short term debt, the U.S. Treasury was forced to fund short term when rates were low. So a LOT of low coupon debt (1.5 to 3%) is about to get refinanced higher (3.5 to 4.8%) via treasury bills. But, that 3.8% of GDP number is still going higher. This is why Fidelity, Blackrock and others are embracing bitcoin. It is finite and has technological applications as the monetary layer of the internet. Join us today at 4:15pm ET for a webinar on the evolution of Bitcoin custody and more. https://lnkd.in/eYf_niZc

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Financial advice should always prioritize the client's best interests. However, it pains me to share that the wealth management industry often challenges aligning advisor incentives with client outcomes. Proprietary products, fee transparency, or pressure to cross-sell services may only be ideal for some clients. This cross-selling often makes it more difficult for clients to leave if they're not receiving exceptional service or advice. Recognizing these issues, I decided to become an independent entrepreneur. This allowed me to break free from traditional firms' constraints and conflicts of interest, enabling me to serve as a true fiduciary for my clients. As a Wisconsin native with a blue-collar background, I intimately understand the hard work and sacrifice required for success. This perspective, rooted in my experiences, drives my passion for working with others to achieve their goals and confidently navigate life's financial challenges. I entered this profession with a singular purpose: to work directly with people, empowering them to achieve better outcomes throughout their financial journey. From beginnings to retirement and beyond, I'm not just a financial advisor; I'm a committed partner ready to be your trusted guide every step of the way. Your success is my success. My approach offers an open-architecture platform free from conflicts of interest, ensuring that every recommendation is made with your best interests. As an independent advisor, I work closely with your trusted partners to collaborate effectively towards your goals and objectives. I don't fit clients into a one-size-fits-all box of traditional assets under management. Instead, I provide personalized planning that considers all aspects of your unique financial life. Experience the difference with a flat fee, all-encompassing financial review. If your current plan is already optimized, I'll confirm that for you. If there are areas for improvement or unaddressed needs, I'll provide clear, actionable advice to enhance your financial well-being. Send me a DM or click "Visit My Website" in my profile to get started. See how genuinely independent, client-focused advice can transform your financial future and empower you to navigate life's milestones confidently.

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Prepping for a client meeting? Looking for opportunities to harvest losses or diversify a portfolio? There are so many reasons why the ‘positions’ page is one of the most widely used features across Wealthscape. That’s why we’ve recently enhanced the overall experience to make it even easier for advisors to view new position data, filter and customize the level of detail for their reports, and export insights. And because we know that the firms we work with need different ways to access their position data, we’ve also extended these enhancements to our APIs and a la carte components. For us, being tech-forward isn’t just about the shiny new features (but we like those, too!) We are committed to making familiar, everyday tools even better for wealth management firms. Samuel Harris takes a deeper dive in this video!

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Wellington Management's Tim Antonelli, CAIA, CFA, FRM, breaks down his view on what the recent Fed rate cut means for insurers. He suggests a moderate pro-risk stance, favoring stable, high-yield bonds and broadening equity opportunities as the Fed enters an easing cycle. However, potential headwinds remain—from election-related volatility to regulatory impacts on private equity and esoteric structures. With the new year on the horizon, Tim’s insights include how insurers might consider timing to lock in today’s yields while staying prepared for election-driven market shifts. Read more on Tim’s insurance outlook for Q4: https://hubs.la/Q02WT7pN0 #InsuranceAUM #MarketOutlook #InsuranceInvesting

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A friend of mine referred this article to me this morning: https://lnkd.in/eruTYCzj The SEC's T+1 Settlement Rule Will Transform Stock Trading. An interesting and material change to the operational processes of the equity markets is starting today. There is compelling motivation for the U.S. Commodity Futures Trading Commission (CFTC) or CME Group to consider a similar change for the commodities markets. While altering the settlement structure for commodities would likely be more challenging due to the disparate nature of how each product settles, the advantages in enhancing market efficiency and attracting more participants are significant. Faster and consistent settlement processes should increase trading volumes and market liquidity. Moreover, advocating for faster settlements aligns with the goal of reducing systemic risk and would help protect market participants by ensuring the integrity and resiliency of the markets. The existing marketplace for commodities is built so that each product is handled differently. Imagine if every equity sector had a different settlement process: IBM would settle at the end of the month, whereas COST would settle on the third business day following the last trading day of the month. This lack of uniformity would hinder operational efficiency and market fluidity. Current Settlement Processes for Commodities on the CME: Gold: Settlement for Gold futures on the CME typically occurs on the last business day of the contract month. Delivery is made in the form of a warrant for a specific amount of gold stored in a licensed depository​. Copper: Copper futures contracts settle via physical delivery, with the delivery location designated by the CME. Settlement occurs on the third business day following the last trading day of the contract month. Oil: Crude oil futures on the CME settle financially, meaning no physical delivery is involved. Settlement prices are determined based on a volume-weighted average price of trades made during the last 30 minutes of trading​. Energy: Similar to oil, other energy futures (e.g., natural gas) on the CME often settle financially. The settlement process involves calculating a final settlement price based on market data from the trading period​ (Interactive Brokers)​. Allowing for commonality in the process would create a boon in the form of added liquidity and participants, creating more market resiliency and better price transparency. What are your thoughts on the potential for T+1 settlement in commodities? Let's discuss how we can collectively drive innovation in this space. #StockTrading #Commodities #Finance #Trading #Innovation #MarketRegulation #SEC #SettlementCycle #OperationalEfficiency #CME #CFTC https://lnkd.in/eruTYCzj

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Financial Professionals: An individual’s financial realities can impact asset allocation near retirement. Discover if incorporating personalization into the target date investment process can offer value and potentially improve outcomes.

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