Wealth Management

Non-compete agreements are rare among wirehouse advisors but more common in the employee RIA space. However, non-solicitation pacts are more prevalent and are different in nature, allowing advisors to move to competitors but restricting direct client solicitation. The FTC's recent rule banning most non-compete agreements has stirred discussions in the financial services industry, particularly regarding its potential impact on advisor movement.


Despite concerns, many advisors already operate without non-competes, and the rule's long-term impact remains uncertain due to expected legal challenges. The financial advisory industry is currently experiencing high levels of recruiting and acquisition activity, driven by advisors seeking better fits for their practices and firms enhancing services to retain talent. 


Non-solicitation agreements allow advisors to announce their moves indirectly, hoping clients will follow, but moving firms still entails significant effort. 

Finsum: These legislative changes are something to keep in mind in recruiting and changing firms, but also when it comes to selecting a new firm. 

National Park lodges like the Old Faithful Inn in Yellowstone captivate visitors with their historical charm and breathtaking views, often making reservations hard to come by. However, several alternatives outside park boundaries offer similar scenic beauty and unique experiences.


  • At Blackberry Mountain in Tennessee, guests can enjoy luxurious treehouses with panoramic views of the Great Smoky Mountains, complemented by gourmet dining and wellness activities. 


  • Flathead Lake Lodge in Montana provides a ranch experience with horseback riding and access to the largest freshwater lake west of the Mississippi, offering an exciting alternative to Glacier National Park’s Many Glacier Hotel.

  • In Hawaii, the serene Volcano Village Estates features charming bungalows and cottages surrounded by a Japanese garden, offering a peaceful retreat near Hawaii Volcanoes National Park. These accommodations provide unique ways to experience the natural splendor and adventure of national parks without the crowds.

Finsum: We’ve already previewed some summer parks but these destinations could up the luxury of the experience. 

Since 2012, high-yield income stocks and ETFs have declined in value as rising interest rates have made bonds, Treasury bills, and CDs more attractive. However, buying high-yield ETFs now could be advantageous if interest rates decline in the future. Notable high-yield options include the JPMorgan Equity Premium Income ETF (NYSE: JEPI) and the JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ: JEPQ). Both ETFs use equity-linked notes (ELNs) tied to covered calls and have low expense ratios of 0.35%.


JEPI comprises 130 equities and routinely writes monthly calls on the S&P 500, yielding 7.5% annually. In contrast, JEPQ includes 98 equities and writes monthly calls on the Nasdaq-100, yielding 10.9% annually due to the Nasdaq 100’s higher volatility.


 Both ETFs offer steady monthly payments that are higher and less volatile than those from other dividend-focused ETFs, despite limited gains in strong markets due to their covered call strategies.

Finsum: As interest rates fall underlying bond prices could help boost the performance of these funds. 

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