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THE LEAD-LAG ADVISOR BRIEF
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WEEK AHEAD • AUG 10–14
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MON
—
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TUE
CPI Report
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WED
—
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THU
Jobless Claims
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FRI
UMich Sentiment
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NEXT BIG NUMBER
Philadelphia Fed Manufacturing Index
Later this month
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Philly Fed’s monthly manufacturing survey covering the Mid-Atlantic region. Released the third Thursday of each month. Historically correlates well with national manufacturing activity and is a timely leading indicator.
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ADVISOR TIP OF THE DAY • CLIENT ONBOARDING
Research consistently shows that client satisfaction at the 90-day mark predicts long-term retention better than any subsequent metric. Build a formal 90-day onboarding sequence: Week 1 — accounts opened and investment policy statement signed. Week 4 — first full financial plan delivered. Week 8 — ‘settling in’ call. Week 12 — first formal review. Clients who experience a structured onboarding refer at 2x the rate of those who don’t.
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JOB AID FOR YOUR NEXT CLIENT MEETING
The 3-Scenario Client Stress-Test Worksheet
A one-page worksheet you can fill in with a client in 10 minutes — shows portfolio impact under a 20% equity drop, a 100 bps rate shock, and a 6-month flat market, with a talking script for each.
Download the worksheet (PDF)
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REGULATORY RADAR
The SEC has brought its first wave of enforcement actions under the 2022 Marketing Rule. Common violations: testimonials without required disclosures, hypothetical performance without required assumptions, and cherry-picked track records. Audit your website and marketing materials now.
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MARKET SNAPSHOT • FRIDAY CLOSE
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THE NUMBER
36,000
tonnes — total known central bank gold reserves globally
Central banks are hedging against currency debasement at a record pace. When the biggest institutions in the world are buying gold, it’s a macro signal advisors shouldn’t ignore.
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YTD ASSET CLASS TRACKER
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US EQUITIES
+13.39%
SPY
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BONDS
-0.24%
AGG
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GOLD
+0.67%
GLD
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INT’L
+13.15%
EFA
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CASH
+2.13%
BIL
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EARNINGS ON DECK
Alphabet (GOOGL), Microsoft (MSFT), Visa (V)
GOOGL and MSFT AI revenue disclosures — the market wants to see monetization, not just capex. Visa cross-border volume as a global growth indicator.
Mega-cap tech earnings move the index. Together with both Alphabet share classes they represent roughly 11% of the S&P 500.
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ONE CHART
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WHAT YOUR CLIENTS WILL ASK ABOUT
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1
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“Should we be worried about this pullback?”
The S&P 500 closed at 7,728.20 (-0.32%). Pullbacks of 5-10% happen roughly 3 times per year historically. Unless your client’s time horizon changed overnight, the plan hasn’t changed. Use this as a chance to tax-loss harvest where appropriate.
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2
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“Gold is surging — should I own more?”
Gold moved +2.21% to $4,480. Central banks continue accumulating, which supports the long-term thesis. A 5-10% allocation to gold via GLD or IAU serves as portfolio insurance. Don’t size it based on short-term moves.
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3
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“How do I talk to my kids about money?”
This is an underrated planning conversation. Offer to host a family meeting — it positions you as the trusted multi-generational advisor and plants seeds for AUM retention. Clients with engaged heirs are 3x more likely to keep assets with the same advisor across generations.
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ADVISOR STAT OF THE DAY
14%
of advisory firms derive revenue from financial planning fees separate from AUM — but that number has doubled in three years as the industry shifts toward planning-centric models.
Kitces Research, Advisor Compensation Study
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ETF FLOW OF THE DAY
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ESG-labeled ETFs saw $1.1B in outflows for the third consecutive month, continuing the de-labeling trend. Meanwhile, ‘thematic’ ETFs without ESG branding but similar holdings saw inflows.
The ESG label has become politically charged but the underlying investment thesis hasn’t changed. Clean energy, water infrastructure, and resource efficiency themes are finding new packaging.
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WHAT SMART MONEY IS DOING
13F filings show the largest quarterly increase in utility sector exposure since Q3 2022. Bridgewater, Citadel, and Millennium all added positions — a defensive signal worth watching as rate expectations shift.
SEC 13F filings, Q4 2025
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THIS WEEK IN ADVISOR MOVES
Dynasty Financial Partners Secures Growth Capital Round
Dynasty Financial secured fresh growth capital to accelerate its network expansion, now supporting 58 network partner firms with $125B+ in platform assets. The funding signals investor confidence that the RIA channel’s growth is structural, not cyclical.
BusinessWire, February 2026
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MODEL PORTFOLIO WATCH WEEKLY • WEDNESDAYS
WisdomTree Model Portfolios Shift to Equal-Weight Equity
WisdomTree’s flagship model portfolios reduced market-cap-weighted equity exposure (SPY/IVV) in favor of equal-weight (RSP) and fundamental-weighted (FLRN) strategies. The rationale: market cap concentration has reached levels not seen since the 1999-2000 tech bubble, creating asymmetric risk in passive indexing.
WisdomTree Model Portfolio Solutions, March 2026 (via advisor channels)
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SECTOR SNAPSHOT
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TECH
+11.72%
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ENERGY
+3.89%
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FINANCIALS
+1.98%
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UTILITIES
-2.85%
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CLIENT CONVERSATION STARTER
Clients see the headlines. Help them separate hype from investable reality: semiconductor capex is up 40% YoY, but AI revenue at most companies is still pre-profit. Position yourself as the voice of reason with a thematic allocation that’s sized appropriately.
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CLIENT QUESTION OF THE WEEK FROM THE ADVISOR COMMUNITY
“”What about alternatives? My other advisor mentioned hedge funds.””
Alternatives span a wide range: liquid alts (DBMF, QMOM), private equity, hedge funds, real assets, and structured products. For most retail clients, the most practical entry points are liquid alternative ETFs and interval funds — they offer diversification benefits without lock-ups or accredited investor requirements. The key question to answer before recommending any alternative: ‘What problem does this solve in the portfolio?’ If the answer is ‘add return,’ that’s a high bar to meet. If the answer is ‘reduce correlation during equity drawdowns,’ that’s a specific, defensible rationale.
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FROM THE BLOG
A practical checklist for RIAs and advisors using AI in marketing without creating compliance problems—covering claim substantiation, testimonial/endorsement handling, required disclosures, and audit trails before publishing.
Read More →
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THIS WEEK’S LEAD-LAG RESEARCH
Why it matters: A practical checklist for RIAs and advisors using AI in marketing without creating compliance problems—covering claim substantiation, testimonial/endorsement handling, required disclosures, and audit trails before publishing.
Bottom line: Worth the 5-minute read before your next client conversation.
Read the full piece →
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THIS WEEK ON LEAD-LAG LIVE
Lead-Lag Live • Subscribe on YouTube
Why it matters: Direct, unfiltered conversations with the people running money and shaping policy.
Bottom line: Subscribe so you don’t miss the next live recording.
Watch the episode →
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“The time to buy is when there’s blood in the streets, even if the blood is your own.”
— Baron Rothschild (attributed)
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What’s the biggest question your clients are asking this week?
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The Lead-Lag Advisor Brief is a free daily market briefing for financial advisors from Lead-Lag Media.
Created by Michael A. Gayed, CFA • michaelgayed@leadlagmedia.com
Important Disclosures
This newsletter is published by Lead-Lag Media, LLC and is provided for informational and educational purposes only. Nothing contained herein constitutes investment advice, a recommendation, or a solicitation to buy or sell any security or financial product. All opinions expressed are those of the author and do not reflect the views of any affiliated entity.
Michael A. Gayed, CFA is the publisher of The Lead-Lag Report and may hold positions in securities mentioned in this newsletter. Any references to specific securities, ETFs, or investment products are for illustrative purposes only and should not be considered endorsements. ETF Spotlight placements are paid sponsorships and are clearly labeled as such.
Market data is sourced from public data providers and is presented as of the prior trading day’s close. While we strive for accuracy, Lead-Lag Media makes no warranty regarding the completeness or reliability of the data presented. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
Financial advisors should perform their own due diligence and consider their clients’ individual circumstances before acting on any information contained in this publication. Lead-Lag Media is not a registered investment adviser, broker-dealer, or financial planner.
© 2026 Lead-Lag Media, LLC. All rights reserved.
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