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Some have called this the weirdest housing market in recent history due to the unusual mix of high interest rates and declining affordability. And yet, we still have record high home prices across the 20 largest housing markets in the country. This month, we're diving into the U.S. housing market, a topic very relevant to many investors given a house is often the largest single asset one owns.
In this episode, we're excited to shed light on the US housing market, what makes it challenging, what makes it unusual, and what needs to change for it to improve. We're joined by Preston Caldwell, Morningstar's Chief US Economist and Brian Bernard, Director of Equity Research specializing in the industrial sector, which includes homebuilders. -
Welcome back to Simple But Not Easy. We hope you had an enjoyable summer and are ready to finish the year on a high note. In today's episode, we're excited to dive deep into the world of investing, market strategies, and the future of wealth management. We'll start by getting to know Philip Straehl, Morningstar's new Chief Investment Officer of the Americas, as he shares insights from his career journey and a wealth of knowledge on the evolving market landscape. From there, we'll explore Morningstar's mission and investment philosophy, and importantly, what sets it apart in an ever-evolving financial world. Wealth management industry trends are also on the agenda, and we'll close with some investing themes that everyone should be thinking about.
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A special live episode from the Morningstar Investment Conference. Two of Morningstar Wealth’s investment leaders—Matt Wacher and Ricky Williamson—joined the show to help us dig into what’s already happened this year and where we may be headed.
The topics covered included:
• The Fed and where rates may be headed
• Further discussion on fixed-income
• US stocks are off to another hot start this year. Can outperformance continue?
• Every business is thinking about AI. How is it impacting markets?
• And how should investors be preparing for a presidential election?
And as always, we address the implications on client portfolios and help consider action items. -
The evolution of financial advice in a few decades time has been nothing short of revolutionary. The industry's transformation has been driven by technological advancements, regulatory changes and evolving investor preferences. Traditional methods of in-person advice have been expanded to include digital platforms, providing investors with greater accessibility and customization. And we've all observed an evolution in financial planning journeys and an increase in the number of advisors making financial planning core to their value proposition. But we still have to ask, is there room for improvement?
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Much of the discussion around financial advice tends to be around asset allocation, product selection, and fund structures. These are all worthy conversations and topics we’ve enjoyed discussing previously on this show. But one topic that feels underexplored: how do advisors deliver financial advice to clients across generations? A retired client in their 70s needs a much different advice offering than a 40-year-old client in their prime work years. In this episode, we are diving into the fascinating intergenerational dynamics of financial advice.
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The Magnificent Seven continue to capture the attention of advisors and investors, dominating U.S. equity performance over the last year. Will this trend continue throughout 2024? Will growth stocks continue to beat value? What about large versus small? And what is 2023's signal about where markets are headed this year? We're delighted to be joined by John Owens, Senior Portfolio Manager for Morningstar's Select Equity Strategies, and Paul Tait, Portfolio Specialist at Morningstar Wealth. Together, they help unpack the landscape for U.S. stocks in a digestible manner.
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The topics we're discussing today align with the recent release of Morningstar Wealth's 2024 Market Outlook.
A recession seemed to be the consensus view entering the year, but markets love to fool the masses, and a stock market rally followed. However, the rally was not evenly distributed. Bonds, for example, remain in a multi-year drawdown, and many investors are questioning their role in a portfolio. With this as the backdrop, what actions make sense to support clients?
In today's episode, we're delighted to have Morningstar Wealth's CIO of the Americas, Marta Norton, and Chief U.S. Economist, Preston Caldwell with us to dig into the outlook, share their perspectives, and, as always, be sure to address the implications on client portfolios and any suggested actions to take -
A lot has already been said about the potential of artificial intelligence, or AI, but how are people actually engaging with it? And how should investors think about their AI exposure in a portfolio? Morningstar has invested heavily in generative AI, with Morningstar Mo taking the stage at our investment conference, and in a first, we're delighted to be joined by a special guest: Mo the AI character. We’ll also be joined by Adley Bowden, Head of Individual Investor and Grady Burkett, Portfolio Manager of the Hare strategy. This marks the start of a new season of Simple But Not Easy, with Nick VanDerSchie taking the mic from Jonathan Linstra, whom we thank for his fabulous insights. Together, let's turn AI speculation into real-world application.
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Financial technology is going through a new wave of change, with artificial intelligence – or AI – taking the world by storm. But the wealth tech space is already incredibly complex, with literally hundreds of tech providers battling for market share across the advisor workflow. So, what does Ezra Group, a prominent WealthTech consultant, have to say about this? How can we get ahead of this change? We're delighted to be joined by Craig Iskowitz, Founder of Ezra Group. Together, we’ll dig into his latest technology predictions, covering AI, integration opportunities, fractional outsourcing, and more. A key takeaway: "Meet once a year with your team and talk about your technology."
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The need for great financial advice continues to grow, with a landscape we haven’t witnessed in 15 years. So, what does BlackRock, the world’s largest asset manager, have to say about this? What might we expect from here? In this episode, we’ll dig into the latest advice trends, covering the use of models, behavioral application, and evolving investors’ needs. We're delighted to be joined by Liz Koehler, Managing Director and Head of Advisor Engagement from BlackRock.
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The complexity of operating a successful financial advice practice continues to grow and significant challenges still exist in operating an effective practice. So, in this episode, we take a 30,000-foot view of financial advisor challenges and dig into the importance of data and regulations in overcoming these challenges. Whether it is growing or defending your practice, we share expert opinions on how to navigate it. In this episode, we are joined by Nick VanDerSchie, Head of Strategy and Execution at Morningstar Wealth, and Brian Costello, our Head of Data Aggregation Strategy and Governance.
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Warren Buffet readily admits “I make many mistakes” when referencing his own investment portfolio. This begs the question, where does that leave the rest of us? We know that today's market uncertainty can surface the best and worst of our investing behaviors. For financial advisors, what are some of the behavioral pitfalls to avoid for clients? And what opportunities can you seize? We're joined by two experts to help us dig into these important questions - Michael Laughlin, Head of Portfolio Specialists, and Samantha Lamas, Senior Behavioral Researcher at Morningstar.
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What are the positive client messages we can share leading into 2023? With inflation and a recession on everyone’s minds, what actions make sense to support clients? The topics we’re discussing today align with the recent release of Morningstar Investment Management’s 2023 outlook titled “the positives of investing in this environment”. In today’s episode, I’m delighted to have Marta Norton and Philip Straehl with us to dig into the outlook, share their perspective, and as always, be sure to address the implications on client portfolios and any suggested actions to be taken.
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Direct indexing is becoming a key addition to financial advisors’ toolkits. It provides the ability to tailor an index, like removing a stock or even industry, which can bring the fun back to investing and help with after-tax outcomes. In 2022, Morningstar launched a direct indexing offering for financial advisors and joined the ‘fun’. So, what’s all the fuss about? What are the salient points you need to know? Who’s it right for? And what are the thorny issues to weigh? We're joined by Sheryl Rowling, Editorial Director, and Andy Kunzweiler, Portfolio Manager for Morningstar’s direct indexing proposition.
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Stagflation is now on the radar for financial advisors and the investors they serve. At the same time, our latest research shows that investor sentiment is plummeting. With this in mind, we are delighted to have two of our most senior researchers who will help us unpack the news headlines, where we are joined by Philip Straehl, Morningstar’s Global Head of Research for Investment Management, and Tyler Dann, our Head of Research for the Americas.
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Investors can become confused in today’s challenging climate, and understandably so. It can be difficult for advisors and investors of all types and sizes. In this new season of Simple but Not Easy, we welcome Jonathan Linstra as your new host, along with two of Morningstar’s investment chiefs, Dan Kemp and Marta Norton, who offer straight talk to help navigate this difficult environment. They also shed light on investment lessons and what they look for. We hope you enjoy the episode, from the team at Morningstar Wealth.
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Stay tuned for our 100th episode up next! We are reinvigorating the podcast going forward, seeking to equip financial advisors with ideas to remove friction and help clients achieve goals. But before we do, we'd also like to thank everyone who contributed to the first 100 episodes, delivering value for our listeners through both calm and stormy waters. To that end, in this episode we showcase the most downloaded so far, which still has special relevance today - investing amidst uncertainty. It covers inflation, interest rates, and context on how to navigate it all.
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"The most important quality for an investor is temperament, not intellect". Investing is therefore a matter of good behavior. So what behaviors give advisors and their investors an edge? What behaviors are destructive? In this episode, which recycles evergreen behavioral messages and cites specific studies, Sarah Newcomb, director of financial psychology at Morningstar, Inc., and Ryan Murphy, global head of behavioral insights, discuss all things relating to behavioral science. They cover emotions brought on by market loss, how they can affect decisions, cognitive biases to watch out for and ways investors can make better decisions using behavioral science.
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