Investment research and education for financial advisors

Newest research

1. Can stocks stay resilient with higher Treasury yields?

   Invesco · Research from an asset manager · Oct 5, 2026

   Invesco's chief global market strategist asks whether stocks can hold up as Treasury yields approach 5%. He attributes the rise mainly to solid economic growth rather than inflation or deficits, flags strain in lower-quality credit and narrowing market leadership, and concludes stocks can stay resilient if earnings and nominal growth hold.

2. Guide to the Markets U.S. 4Q 2026

   J.P. Morgan Asset Management · Research from an asset manager · Oct 1, 2026

   J.P. Morgan's quarterly chartbook on the economy, equities, fixed income and other asset classes, with data as of September 30, 2026. It shows US large-cap stocks trading above long-run average valuations, with a forward price-to-earnings ratio of 19.0 against a 30-year average of 17.2, alongside a 10-year Treasury yield above 5%.

3. The Impact of Tariffs on the Cost of Capital in the US

   American Enterprise Institute · Think tank · Sep 30, 2026

   AEI economists build tariffs into the standard measure of the tax burden on new investment. They estimate tariffs in place before the February 2026 court ruling raised the economy-wide cost of capital by up to 2.7%, enough to offset the investment tax cut in the 2025 law, with the largest effect on equipment.

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Upcoming webinars

1. Mon Nov 24:00 PM ET

   November RIA Power Half-Hour Webinar

   Invesco · Asset manager

   CE not stated by the host

2. Wed Nov 411:00 AM ET

   How are family offices changing the investment landscape?

   CFA Institute · Designation body · 60 min

   CE, as the host states it: CFA Institute members can self-report 1 PL credit

3. Thu Nov 52:00 PM ET

   Midterms and markets: Implications for investors

   Capital Group · Asset manager

   CE, as the host states it: 1 hour CE credit for CFP and IWI

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Newest research

1. Ten Lessons on Managing Concentrated Wealth

   AQR Capital Management · Research from an asset manager · Aug 11, 2026

   AQR distills ten lessons from recent academic and practitioner research on clients who hold a large single stock or business stake. It argues the portfolio that replaces the position matters as much as the sale itself, and that tax, estate, philanthropic and behavioral questions should be planned together and revisited over time.

2. What the One Big Beautiful Bill Act could mean for your taxes

   Fidelity Investments · Research from an asset manager · Aug 7, 2026

   Fidelity's one-year review of the 2025 federal tax law sorts its permanent provisions, such as brackets, the standard deduction and higher estate exclusions, from temporary ones that expire after 2028. It also explains the higher SALT cap and its phase-out, the senior deduction and the new floor on charitable deductions for itemizers.

3. New Approaches to Social Security Benefit Taxation

   Committee for a Responsible Federal Budget · Think tank · Jul 30, 2026

   CRFB explains how Social Security benefits are taxed today, with income thresholds that have never been indexed, and scores options to streamline, expand, repeal or replace that tax. Benefit taxation raised $99 billion in 2025, and the paper estimates full repeal would widen Social Security's long-run gap by about a fifth.

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Upcoming webinars

1. Thu Oct 294:00 PM ET

   Assess. Recalibrate. Advance: A year-end action plan for high net worth portfolios

   Nuveen · Asset manager

   CE, as the host states it: 1 CE credit

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Newest research

1. Restoring lifetime income to retirement plans as the default

   Brookings Institution · Think tank · Sep 30, 2026

   The authors propose making partial annuitization the default payout in defined contribution plans, converting a share of larger balances into lifetime income unless the retiree opts out. They note only about 10% of such plans offer lifetime income options, and discuss why employers and retirees rarely choose it today.

2. The Latest Projections from the Congressional Budget Office on Social Security Finances and Distribution of Benefits and Taxes

   American Enterprise Institute · Think tank · Sep 25, 2026

   An AEI scholar summarizes CBO's 2026 long-term Social Security projections, which put the cut needed at trust fund exhaustion in 2032 at 26%, larger than the Trustees' 22%. He walks through CBO's lifetime benefit-to-tax ratios by birth year and earnings, and discusses means-testing benefits as one possible response.

3. A behavioral case for annuities

   T. Rowe Price · Research from an asset manager · Aug 21, 2026

   T. Rowe Price researchers look at how retirees actually spend and find most try to preserve their savings: 78% say keeping a certain account balance matters, and real spending falls about 2.3% a year on average. They argue annuities may be better received when framed as a way to protect assets and lifestyle rather than only as longevity insurance.

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Upcoming webinars

1. Wed Oct 282:00 PM ET

   Beneficiary Options After SECURE 1.0 and 2.0: What We Have Learned and How Advisors Should Adjust

   Financial Planning Association · Industry association · 60 min

   CE, as the host states it: 1.0 CFP CE credit

2. Wed Nov 42:00 PM ET

   Where You Live Matters: Housing and Retirement Planning

   Financial Planning Association · Industry association · 60 min

   CE, as the host states it: 1.0 CFP CE credit

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Newest research

1. As Advisors Move Upmarket, Tax and Estate Planning Technology Gain Momentum

   Cerulli Associates · Research firm · Sep 1, 2026

   Cerulli finds that as advisors serve wealthier clients, demand is rising for tools that support tax and estate planning. More than half of advisors, 55%, already offer trust and estate planning, and many who lack specialized estate planning software expect to adopt it within a year.

2. SLATs: An Estate-Planning Strategy for Couples

   SCSchwab Center for Financial Research · Research from an asset manager · Jul 21, 2026

   Schwab explains how a spousal lifetime access trust moves assets and their future growth out of a taxable estate while the other spouse keeps indirect access. It covers who these trusts suit, funding and trustee choices, and the drawbacks, including lost access on death or divorce and no step-up in basis.

3. How Much Financial Help Do People Give and Receive? Evidence from the Understanding America Survey

   Federal Reserve Bank of Richmond · Central bank · Jun 19, 2026

   Richmond Fed economists present new survey data on money passed between family members. Transfers are common but usually small and flow mostly from parents to adult children: 42% of respondents gave help and 21% received it, while inheritances and help with housing or education account for the largest sums.

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Newest research

1. Portfolio Rebalancing: All at Once or Little by Little?

   Dimensional Fund Advisors · Research from an asset manager · Sep 23, 2026

   Dimensional tests whether it matters how quickly a portfolio is traded back to target once a rebalance is triggered. Across hypothetical 60/40 portfolios from 1989 to 2025, spreading trades over several days produced returns within 4 basis points of trading at once, with lower turnover.

2. Exponential Wealth: Centuries of Stock and Bond Returns

   CFA Institute Research Foundation · Industry association · Sep 21, 2026

   A long-horizon study of stock and bond returns that updates a classic US market history through 2025 and adds earlier and global data. From 1926 to 2025, $1 in US large-cap stocks grew to $14,751, and the book shows how reinvested income, diversification, costs and inflation decide how much of that investors keep.

3. Welcome Back, Balanced Portfolio

   PIMCO · Research from an asset manager · Sep 8, 2026

   PIMCO argues that higher bond yields, about 5% on the broad US bond index in September 2026, have restored bonds' role as both an income source and a diversifier next to stocks. It explains why 2022 is the wrong baseline for judging bonds as a hedge, and notes that household stock allocations are at a record high.

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Upcoming webinars

1. Wed Oct 2811:00 AM ET

   Building portfolios for the next decade: What's changing and what still works?

   CFA Institute · Designation body · 60 min

   CE, as the host states it: CFA Institute members can self-report 1 PL credit

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Newest research

1. California designs its fiscal comeback built to last

   Nuveen · Research from an asset manager · Sep 22, 2026

   A Nuveen municipal credit analyst reviews how California rebuilt its finances after the 2009 crisis through budget, reserve and tax reforms. The state enters fiscal 2027 with $35.2 billion in reserves, and the analyst sees its general obligation credit as far stronger, though heavy reliance on income taxes tied to the stock market remains a risk.

2. Trading US Corporate Bonds: It Pays to Be Flexible

   Dimensional Fund Advisors · Research from an asset manager · Sep 17, 2026

   Dimensional researchers study 159 million trades in US corporate bonds to see whether flexibility in which bonds to buy pays off. From 2013 to 2024, bonds that were expensive to trade lagged cheaper substitutes with similar quality, duration and yield by 20 basis points on average over three months, net of costs, across credit tiers.

3. What's Pushing Long-Term Bond Yields Higher?

   PIMCO · Research from an asset manager · Aug 21, 2026

   PIMCO examines why long-dated government bond yields in the US and abroad reached their highest levels in nearly two decades, with the 30-year Treasury near 5.3%. It points to heavy government borrowing, long-dated AI-related corporate issuance and inflation worries, and argues the move is mostly about real yields rather than inflation expectations.

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Newest research

1. Financial Advisors Receptive to Outsourced Models, Lean Into Diversification

   Escalent · Research firm · Sep 9, 2026

   Escalent's 2026 survey of advisors finds 54% use model portfolios from asset managers, with frequent use rising fastest among advisors under 45. Average ETF allocations fell to 27.5% from 32.6% a year earlier while separately managed account use rose, and allocations to alternatives are expected to grow by 2028.

2. Summer road trip: Resilient fundamentals remain in the driver's seat for ETF flows

   State Street Investment Management · Research from an asset manager · Aug 4, 2026

   State Street reviews US ETF flows for July 2026, when ETFs gathered $189 billion and year-to-date inflows reached $1.2 trillion. Investors kept a clear risk-on posture, with more than 70% of inflows going to equities, a record $25 billion into sector funds and record demand for leveraged long exposure.

3. ETF inflows set records in first half

   State Street Investment Management · Research from an asset manager · Jul 6, 2026

   A midyear review of US ETF flows, which passed $1 trillion in the first half of 2026 for the first time, with total ETF assets at $15.8 trillion. Low-cost core funds took 49% of inflows and active ETFs 39%, bond ETFs drew $300 billion, and flows were concentrated, with many smaller funds seeing outflows.

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Newest research

1. The Window Narrows: Evergreen Funds and the Choice Before the Industry

   CAIA Association · Industry association · Sep 24, 2026

   CAIA examines the rapid growth of evergreen private market funds sold through wealth channels, which held $534.6 billion at the end of 2025. It finds redemption terms work as written but get simplified on the way to clients, and urges clearer language, such as capped liquidity, and more adviser diligence while markets are calm.

2. Inflation Redux?

   AQR Capital Management · Research from an asset manager · Sep 15, 2026

   AQR revisits how exposed typical portfolios are to an inflation shock now that stock and bond correlations have reached multi-decade highs. Its review of more than 50 years of data finds that commodities and trend-following strategies have tended to do well when inflation rises, including in 2022, while private assets are unlikely to be immune.

3. Private Credit Funds and the Retail Shift: Structural Vulnerabilities and Policy Responses

   CFA Institute · Industry association · Aug 24, 2026

   CFA Institute analyzes what changes when private credit is sold to individual investors through semiliquid and nontraded vehicles. The report argues retail access reshapes rather than removes the asset class's risks, pointing to redemption mismatches, model-based valuations, leverage and weaker loan covenants, and sets out possible safeguards.

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