Wealth Management

In a recent Business Insider article, Charles Schwab is warning that stocks could see more volatility through the rest of this year, as we head into what the firm considers a weak earnings season. The company believes that more companies could miss earnings estimates in the following quarter, using FedEx as an example. The transportation firm slashed its earnings guidance last week in what is expected to be a sign of things to come for the rest of the S&P 500. In a note on Monday, analysts stated, "We believe the weakness in expected earnings growth is early in its trip to an ultimate negative (year-over-year decline) destination." Analysts also noted that the rate at which S&P 500 companies beat earnings expectations fell to 5% last quarter. This compares to over 20% in the middle of 2021. The company noted that the trend could be even lower in the third quarter as earnings reports come in. Excluding the energy sector, Schwab estimates that earnings growth in the S&P 500 will shrink by 2% over the third quarter, down over 11% from June.

Finsum:Analysts atCharles Schwab are warning of more stock volatility as we head into a weak earnings season.

The Carson Group recently announced several new developments during a Partner Summit, including a new model portfolio hub. The company, which was founded in 1983, is made up of three related businesses including a wealth management firm, a coaching network, and a partnership established in 2012 with approximately 120 affiliated firms. The firm’s announcements included updates and additions to its rapidly growing platform, including a lead generation program, a new investment research portal, additional alternative investment options, and a “model hub” to let advisors administer multiple accounts simultaneously. Burt White, Chief Strategy Office of Carson said this of the new model portfolio hub, “What it allows you to do is to create a model and tie multiple clients to that model. One, two, 15, or a hundred. And then every time you change the model, it goes through and does it for all 100 of those clients that are tied to the model, as opposed to today, where you have to go into every single one.” The model portfolio hub is expected to launch early next year.

Finsum:Carson Group announced several new additions to its platform, including a model portfolio hub that lets advisors administer multiple accounts simultaneously.

The Department of Labor has asked a Texas federal judge to toss a fiduciary rule lawsuit brought by a group of licensed independent insurance agents and the trade group Federation of Americans for Consumer Choice Inc. The agents and the trade group had sued the agency in February arguing that a December 2020 DOL regulation advances policies that the Fifth Circuit invalidated in 2016. Their complaint alleges that the 2020 rule illegally expands the definition of an Employee Retirement Income Security Act fiduciary. The plaintiffs moved for summary judgment in July asking the court to vacate the new interpretation of the law. They reasoned that the rule allows the DOL to "rewrite and expand" the definition of a fiduciary, much in the same way that the Fifth Circuit had ruled against it. The DOL, in a recent memorandum, said the plaintiffs adopted "several extreme positions" to conflate a 2016 agency rule with a newer version from 2020 and that they distorted Fifth Circuit precedent.

Finsum:The DOL asked a federal judge in Texas to toss a fiduciary rule lawsuit against the agency that claims its 2020 regulation advances the same policies that the Fifth Circuit invalidated in 2016.

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