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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
Existing Home Sales
Later this month
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Monthly count of closed transactions for previously owned homes. With over 6 million homes sold per year in a normal market, this is the most comprehensive read on housing activity. The median sales price is the key number for client conversations about real estate.
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ADVISOR TIP OF THE DAY • FEE CONVERSATIONS
The biggest mistake in fee conversations: stating your fee before demonstrating your value. Frame every fee discussion around the three things clients actually pay for: avoiding expensive mistakes, tax optimization, and peace of mind. Walk through a concrete example — ‘A client I helped last year avoided a $40K tax hit by timing a Roth conversion. My annual fee was a fraction of that.’ Value first, number second.
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JOB AID FOR YOUR NEXT CLIENT MEETING
Cash on the Sidelines: The 4-Question Framework
For the client sitting in cash ‘until things calm down’ — walk them through the four questions in order and let their own answers make the case for getting back in.
Download the framework (PDF)
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REGULATORY RADAR
The IRS finalized rules requiring annual RMDs from inherited IRAs for non-spouse beneficiaries who are not eligible designated beneficiaries. The 10-year depletion rule now requires distributions in each of the 10 years. Update client plans accordingly.
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MARKET SNAPSHOT • FRIDAY CLOSE
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THE NUMBER
~6.4%
Average all-in cost of a 30-year fixed mortgage this week
Housing affordability remains severely constrained. Clients asking about real estate need to hear the math — monthly payments on a $400K home at 6.4% are roughly $800/month higher than at the ~3% rates of 2021.
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YTD ASSET CLASS TRACKER
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US EQUITIES
+13.68%
SPY
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BONDS
-0.13%
AGG
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GOLD
+1.67%
GLD
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INT’L
+13.58%
EFA
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CASH
+2.15%
BIL
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EARNINGS ON DECK
Meta Platforms (META), ServiceNow (NOW), Boeing (BA)
META ad revenue growth and Reality Labs losses. NOW enterprise software demand as a corporate spending proxy. BA delivery cadence and quality metrics.
Meta’s ad revenue is the best single indicator of SMB business confidence in America.
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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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“The market isn’t doing much — should we make changes?”
The S&P 500 closed at 7,748.50, essentially flat. Low-volatility periods are actually ideal for portfolio maintenance: review asset location, harvest small losses, rebalance drift. The best advisor moves happen when markets are quiet.
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2
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“Why is oil falling? Does it affect my portfolio?”
Crude oil moved -1.73% to $81.83. Energy exposure matters — check if clients hold XLE, energy MLPs, or oil-linked commodities. For most diversified portfolios, the bigger impact is on inflation expectations and consumer sentiment.
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3
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“Is now a good time to do a Roth conversion?”
If the client is in a temporarily low tax bracket (between jobs, early retirement, sabbatical), the answer is almost always yes. Quantify the tax cost vs. future tax-free growth. Even in normal years, partial conversions that fill up the current bracket are usually worth modeling.
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ADVISOR STAT OF THE DAY
5.7 hrs
per week — the average time advisors spend on compliance and regulatory tasks, up from 4.1 hours in 2020. Automation adoption cuts this by nearly 40%.
InvestmentNews, Advisor Productivity Report
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ETF FLOW OF THE DAY
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Leveraged and inverse ETFs saw $3.8B in inflows, with ProShares’ 3x S&P bull fund (UPRO) leading. Retail speculation metrics are approaching late-2021 levels.
When leveraged ETF flows spike, it’s often a late-cycle signal. These products are suitable for short-term tactical positioning, not core allocations. Ensure clients understand the daily reset risk.
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WHAT SMART MONEY IS DOING
Director and officer purchases at regional banks hit a 2-year high last week, with 23 separate filings across community and mid-cap banks. Historically, clustered insider buying in financials has preceded sector outperformance by 3-6 months.
SEC Form 4 filings
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THIS WEEK IN ADVISOR MOVES
Cetera Financial Group Completes Major Technology Transformation
Cetera completed a significant technology transformation, rolling out an integrated platform combining financial planning, CRM, and portfolio management. The multi-year investment in advisor technology is part of the broader industry arms race to attract and retain advisors through superior digital tools.
WealthManagement.com, 2026
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MODEL PORTFOLIO WATCH WEEKLY • WEDNESDAYS
Updated Every Wednesday
Model portfolio allocation changes are published each Wednesday.
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SECTOR SNAPSHOT
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TECH
+7.47%
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ENERGY
+3.51%
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FINANCIALS
+1.61%
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UTILITIES
-1.84%
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CLIENT CONVERSATION STARTER
The perennial question. Show clients the data: since 1950, the S&P 500 has been positive in 73% of calendar years. Missing the 10 best days over 20 years cuts returns in half. Cash feels safe but has its own cost — help them see it.
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CLIENT QUESTION OF THE WEEK FROM THE ADVISOR COMMUNITY
“”My accountant says I should do a Roth conversion. What do you think?””
Roth conversions are a powerful tool — but only if the math works. The ideal candidate: a client in a temporarily low-income year (early retirement, business loss, gap year before Social Security) who can pay the conversion tax at a lower rate than their expected future rate. The break-even analysis matters: how many years until the Roth account’s tax-free growth offsets the taxes paid today? For clients with decades of compound growth ahead and current marginal rates below 32%, a partial conversion is almost always worth modeling. Your accountant and advisor should be doing this together.
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FROM THE BLOG
The complete 2026 guide to building a social media presence that attracts high-net-worth clients and earns referrals.
Read More →
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THIS WEEK’S LEAD-LAG RESEARCH
Why it matters: The complete 2026 guide to building a social media presence that attracts high-net-worth clients and earns referrals.
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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“An investment in knowledge pays the best interest.”
— Benjamin Franklin
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What’s the biggest question your clients are asking this week?
Reply & Tell Us
Your replies shape tomorrow’s edition.
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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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