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Wall Street Gone Mad (Or Glad)
Got Trout?
Stock market indexes are rocketing ever upward, speeding away from the economic debris down below in the land where historically high unemployment, retail apocalypse and exploding national debt live. We have long said that the stock market is not the economy, but really the indexes are not the stock market either. The top 10 companies in the S&P 500 make up 29% of the value, leaving the other 490 in the remaining two-thirds. But perhaps not for long. The companies within that top 10 are domi10 S&P 500 nated by tech, which has shed all earthly bonds Heavyweights in value. Zoom, for example, lived up to its 6.4% Apple name by zooming 41% in price after its secondquarter earnings report on Sept. 1, which was the best 5.8% Microsoft September start for the stock indexes in decades, fol4.9% Amazon lowing the best August in more than 30 years.
2.3% Facebook 1.7% Alphabet A 1.6% Alphabet C 1.4% Johnson & Johnson 1.4% Berkshire Hathaway 1.2% Procter & Gamble 1.2% Visa
Those massive tech companies are poised to get bigger. The stock splits in Apple and Tesla, for
example, have likely set them up for price acceleration. And where is just about every consumer dollar going? Amazon. So, that company has nowhere to go but up and out and, well, everywhere. It all leaves us with this nagging sense of déjà vu from all the other times when Americans threw all their available dollars at a particular portion of the stock market, closed their eyes and hoped it all worked out in the end. And, hey, sometimes it did.
Advisors Win With Tech
If you needed another reason to get comfortable with technology, here it is: more money. Financial advisors who manage more than $500 million in assets are taking advantage of the digital tools and solutions made available to them by their firm
at higher rates than their peers, according to research from the Money Management Institute and Aon. These advisors also have a more positive perception of their firm as a digital leader and are regularly advocating the firm’s digital offerings to their clients, according to the report. “Advisors have been evolving toward more holistic wealth planning by incorporating digital tools to quickly and efficiently address broader financial planning needs. There has been an accelerated rate of adoption in the COVID-19 era,” said Craig Pfeiffer, CEO of MMI. The most effective advisors over 55 years old were the most comfortable and confident using tech. Younger advisors, under 45, were interested in using
Do you happen to have one of these tucked away in a drawer somewhere? Maybe it surfaced during quarantine cleaning? No, you do not. There is only one. And a few wealthy people or syndicates really, really wanted it. Like a record-setting $3.93 million worth of want.
That is how much this Mike Trout 2009 Bowman Chrome Draft Prospects Superfractor card fetched at an auction on Aug. 22. It is all about rarity — only one was made. It was a card whose time had come because it is not only rare, but it also came up for sale during a red-hot sports collectibles market. Nobody’s watching sports, so they’re buying them. So, if you were hanging your head in shame because all you have is a lousy 1909 T206 Honus Wagner card, well, this might be the time to put that bad boy on the block.
tools that help them understand their clients’ values and take a more holistic approach to the financial planning experience. Younger advisors managing large books are far more likely than their less-successful peers to adopt more advanced goals-based financial planning tools, enabling better conversations, according to the study.
Advisor usage of and satisfaction with critical tools is limited
Source: MMI and Aon, Advisory Solutions: Expectations and Experiences
October 2020 » InsuranceNewsNet Magazine
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