Some Ads – The Reformed Broker


I can’t write as much as I would like at this time of year because the kids just got back from summer camp and I’m in hardcore dad mode. I have a family member who is preparing for surgery in the next few weeks (everything will be fine) and a big trip to the west coast is coming up. On top of everything else, volatility has returned to the stock market so incoming inquiries from potential clients are on the rise and it is starting to look like the sleepy summer we were enjoying is going to end a little earlier this year. No problem, we are ready!

Ritholtz Wealth New England

It took us a long time in the first place, but I’m glad we waited – Ritholtz Wealth New England is officially up and running. This year we hired two client-facing consultants in the New England area to help us serve the large pool of clients and potential clients in the region. When you look at the traffic to our sites and media properties, New England is a big problem for us in terms of readers and listeners. But we would never have an older person in that space; we want the best possible advisers we can find. That’s why it took so long. The people who reach out to us are more than just prospects, they are our fans, in many cases they go back years and years, and you never take your fans for granted. I am happy to report that we found two wonderful people for this position and that they are going to do a great job here. Kevin Young, CFP (based in Fairfield County, Connecticut) and Ben coulthard, CFP (based in Boston, Massachusetts) is bringing a wide range of knowledge to their roles as financial planners and advisers.

Kevin’s career began at a fixed income trading desk before moving to the advisory side, while Ben spent his formative years at asset management giant State Street Global Advisors, working with financial advisers across the country while developed a passion for helping people with their wallets. . The two became close after becoming fans of our content, message and philosophy, as has been the case with almost all of our advisors. This is how we ensure that the company culture continues into the future. We are not amassing a balkanized collection of acquired practices by writing checks and hoping we can persuade them to adopt our beliefs. For starters, we only hire believers. You can start a conversation about your financial future with Kevin or Ben right here.

Looking the Yankees get ahead of Red Sox for the top wild card spot last week, and not saying anything to either of us, required all the restraint I could muster.

Threats of death

Last night I received a threat on my public Facebook page. The reason? I went on TV and wasn’t optimistic enough about Robinhood before they reported their earnings. They then reported a $ 500 million quarterly loss (LMAO) for the quarter and the stock fell and apparently this is my fault. I reported it to Facebook and I guess the process looks like some kind of Rube Goldberg digital machine that results in an automated email going nowhere or a room full of employees (contractors?) Purporting to monitor or moderate the seven hundred million of similar complaints. that arrive in your inboxes every week. The ball rolls down the slope, knocking over the domino, turning the wheel, pulling the lever, dropping the pulley, etc. No problem. Why am I still on Facebook in the Year of Our Lord two thousand twenty-one?

I don’t know why I’m sharing this other than to say “Be careful what you wish for” to everyone in the industry I know who works around the clock to increase their social media presence and build their following. Are you sure you really want that? Because you may not be prepared for what comes with it. It may not be cut out for this either. As i mentioned yesterdayI’m trying to make my stuff so good that it doesn’t require a lot of promotion. Lizzo took out a video for her new song and they called her fat and the “N” word and made her cry on TV. So are some people. Social media is your only way out. They will attack the people they know are the most vulnerable because the reaction is the point. It temporarily makes them feel better about their own situation to see a famous and successful star like Lizzo crying. So think twice about whether or not you really want more people to notice you.

And if you are saying nasty things on other people’s terms, you are saying to yourself. You could also use a big board that says “Things are NOT going well!” You will never see a winner spend their time on someone else’s mentions as a troll. They are too busy winning.

The price drop is good, actually

The vast majority of financial media are used to talking primarily to boomers. They cannot be blamed, this has been the target audience for magazines, television and newspapers for 30 years. This is why they mostly treat falling prices as a bad thing or something to worry about. I look backwards. The housing market is cooling fast, because it costs too much to buy one and it costs too much to build more. So prices have to go up a bit for buyers to come back out. Falling prices are good for the tens of millions of first-time home buyers entering the market during the 2020s. Rising prices are not helpful to people who stay and are only really a benefit to those who stay. Boomers who are selling their last home and are now downsizing or moving into a rental / retirement community. We should be encouraged to see prices fall, not rise.

The same goes for stocks. Most of you reading this post belong to the same category as me: FORCED BUYER. You’ll invest $ 20,000 a year in a 401 (k), SEP, Roth, traditional IRA, or whatever. Those dollars cannot be invested long-term in cash or bonds, it will lag behind the rate of inflation. This is how you become a required buyer of stocks. So if that’s your situation, for the next several decades, why the heck would you be supporting all-time highs? You are a buyer, it doesn’t make sense. We’ve had nearly 50 days this year of record S&P 500 closings. How good is that? How does that benefit you? Unless you are actively reducing your holdings and living off the earnings in retirement, it is not a good thing. Nothing would be better than flat or even lower prices, as you continue to buy stocks every two weeks with a portion of your paycheck.

The media is talking to your parents. I’m talking to you.

If you are under 50 years old and you are working, you are the beneficiary of drops, fixes, panics and crashes. Even if you have already invested a lot. Because you are obliged to buy more.

Conferences

I see that the financial adviser conference calendar is starting to pick up. Cold. I only speak at two this year. Both free appearances, to support my friends and have fun. I will moderate a panel or sit in a panel at the SALT Conference in New York City next month, I’m still not sure which one. I was very happy to see my friend Anthony Scaramucci bring this event, which normally takes place in Las Vegas, to Manhattan, where we need all the help we can. If you go, be sure to say hello!

I’ll also be in Nashville this November for the Dynasty Financial Partners Investment Forum. I am interviewing Cathy Wood from ARK Invest live on stage and have so many questions I want to ask her about portfolio holdings, investing in the future, building an asset management business, her top fintech ideas, etc. It’s going to be great. I was thrilled when my friend Shirl Penney asked me to do it.

TCAF

Lastly, This week’s The Compound and Friends is going to be amazing based on the songs and the friend we’ve come to record. One of my favorite ancillary benefits of doing this program is that it forces us to be smarter and better at our jobs. There is a lot of research and thought about the shots. Especially if we want to keep up with our co-stars. Subscribe here for apple or here for Spotify and you’ll have it first thing tomorrow.

Okay, it’s probably from me for a while. I hope you are having an amazing summer and enjoying yourself. Don’t spend too much time looking at the tape. Whatever it is will be.



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