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New on the Pod
Michael Batnick spoke with Jason Wenk, founder and CEO of Altruist, the modern custodian built exclusively for RIAs that's grown into one of the largest custodians in the country. They discussed how Altruist stacks up against the industry’s custody duopoly, Altruist’s plans for Hazel and why AI empowers advisors rather than replacing them. (Listen)
Good Stuff This Week
Advisors are by now fully aware of how direct indexing works and its ability to harvest tax losses. In the meantime, tax-aware long-short investing has taken off. So much so that custodians have felt the need to throttle demand. TALS is not simply direct indexing on steroids. It is something altogether different an active investment with a new set of costs, risks and operational complexity.
Blanchett’s research looks at the factors behind those people say they have a ‘very satisfying’ retirement. A couple things jump out. First is that financial, health and social aspects all have an impact on retirement satisfaction. Second, is that a negative outcome in any of these categories can have a notable impact. It goes without saying that holistic retirement advice is necessary and important.
The Rest of the Story
Social Security is facing a long-term financing shortfall and needs to be fixed. (Center for Retirement Research)
The fix is benefit cuts and higher taxes. (Allison Schrager)
The fault lines between young and old in America are real. (Joshua Rothman)
Peter Lazaroff talks with Cameron Passmore about how financial advice scales. (The Long Term Investor)
Summer reading list of the “best books” for financial advisors - 2026 edition. (Kitces)
What I learned about wealthy people working as a private banker. (Elizabeth George)
Americans are pursuing health optimization and making ourselves miserable in the process. (Derek Thompson)
Life is radical insecurity. The great news is that you’re already coping with it. (Oliver Burkeman)