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THE LEAD-LAG ADVISOR BRIEF
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WEEK AHEAD • AUG 17–21
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MON
—
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TUE
Retail Sales
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WED
—
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THU
Philly Fed + Claims
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FRI
Existing Home Sales
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NEXT BIG NUMBER
Chicago PMI (Business Barometer)
Later this month
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Monthly business activity gauge for the Chicago region, released on the last business day of each month. One of the most closely watched regional indicators because it precedes the national ISM Manufacturing report by one day.
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ADVISOR TIP OF THE DAY • SUCCESSION PLANNING
Over 40% of financial advisors have no written succession plan, according to industry surveys — despite managing millions in client assets. Start with these three documents: (1) A client continuity letter naming your backup advisor, (2) A written business valuation method, and (3) A key employee retention agreement. These three documents increase your firm’s acquisition value and protect your clients’ assets if anything happens to you.
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JOB AID FOR YOUR NEXT CLIENT MEETING
The 5-Question Concentration Risk Conversation
For clients with 20%+ in a single stock, sector, or employer position — a 5-question script that goes from framing the exposure to setting a diversification trigger, without leading with the tax bill.
Download the guide (PDF)
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REGULATORY RADAR
SEC examiners are prioritizing Regulation Best Interest compliance in 2026 examinations. Key focus areas: cost-to-service analysis for complex products, documentation of alternatives considered, and evidence that reasonably available alternatives were evaluated.
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MARKET SNAPSHOT • FRIDAY CLOSE
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THE NUMBER
56%
of US households now own mutual funds or ETFs
Record participation — per 2024 ICI data — means record sensitivity to market volatility. More of your clients’ friends and family are watching their portfolios — which means more emotional conversations during drawdowns. Be proactive.
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YTD ASSET CLASS TRACKER
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US EQUITIES
+14.45%
SPY
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BONDS
+0.10%
AGG
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GOLD
+1.57%
GLD
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INT’L
+18.20%
EFA
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CASH
+3.10%
BIL
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EARNINGS ON DECK
Nvidia (NVDA), Advanced Micro Devices (AMD)
NVDA data center revenue and gross margin — the number that moves everything AI-related. AMD’s server CPU share gains and GPU roadmap progress.
Nvidia alone represents a significant portion of the S&P 500’s earnings growth this cycle. Its guidance is the market’s most watched forward indicator for the AI capex supercycle.
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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 7,785.76 (-0.17%). 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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“Markets seem calm — is now a good time to invest?”
The VIX dropped to 14.25 (-2.60%), reflecting lower expected volatility. Low-VIX periods are actually favorable for systematic deployment — dollar-cost averaging works best when markets aren’t whipsawing.
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3
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“What are you doing differently than a robo-advisor?”
Robo-advisors optimize portfolios. You optimize financial lives. Tax-loss harvesting, Roth conversion timing, charitable giving strategies, behavioral coaching during drawdowns — these are human-judgment calls that compound over decades. Quantify the value: Vanguard estimates advisor alpha at about 3% over time.
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ADVISOR STAT OF THE DAY
78%
of clients rank ‘proactive communication’ as the single most important trait in an advisor — above investment performance, fee transparency, or credential quality.
YCharts, Advisor-Client Communication Study
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ETF FLOW OF THE DAY
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Treasury Inflation-Protected Securities (TIPS) ETFs saw $1.3B in inflows as breakeven inflation rates ticked higher. TIP and VTIP led flows.
TIPS provide real return certainty — useful for clients with specific inflation-adjusted spending needs in retirement. Current real yields above 2% make TIPS attractive relative to the past decade.
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WHAT SMART MONEY IS DOING
Warren Buffett continues to sell equities and accumulate short-term Treasuries. Berkshire’s cash position is the highest in the company’s history — a possible signal that the Oracle of Omaha sees limited value in today’s market.
Berkshire Hathaway 10-K, 2025
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THIS WEEK IN ADVISOR MOVES
Orion Advisor Solutions Reports Record Advisor Onboarding
Orion Advisor Solutions reported record new advisor onboarding in Q1 2026, driven by demand for its integrated tech stack combining portfolio management, financial planning, and CRM. The firm now supports over 2,400 advisory firms managing $3T+ in combined AUM on its platform.
Orion Advisor Solutions, Q1 2026 Update
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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
+4.10%
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ENERGY
+7.00%
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FINANCIALS
+3.20%
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UTILITIES
+0.60%
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CLIENT CONVERSATION STARTER
Because your portfolio isn’t 100% US large-cap growth — and that’s intentional. Walk clients through the diversification benefit: international, small-cap, bonds, and alternatives all serve a purpose. The S&P 500 isn’t a benchmark for a diversified portfolio.
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CLIENT QUESTION OF THE WEEK FROM THE ADVISOR COMMUNITY
“”What is tax-loss harvesting and should we be doing it?””
Tax-loss harvesting means selling positions at a loss to offset realized gains elsewhere in the portfolio — reducing your tax bill without materially changing your investment exposure (using the ‘wash sale’ rule carefully to stay invested). The strategy is most valuable for: (1) high-income clients in the 20%+ capital gains bracket, (2) clients with large gains from stock options or business sales, and (3) clients in volatile years where dips provide harvesting opportunities. Direct indexing platforms have made tax-loss harvesting even more powerful, generating losses at the individual stock level within an index strategy.
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FROM THE BLOG
A comprehensive guide to using AI for financial advisor prospecting, content production, GEO/search visibility, client retention, compliance management, and multi-channel orchestration. It covers practical frameworks, workflows, specialty use cases, and Lead-Lag Media’s network of more than 80 AI agents.
Read More →
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THIS WEEK’S LEAD-LAG RESEARCH
Why it matters: A comprehensive guide to using AI for financial advisor prospecting, content production, GEO/search visibility, client retention, compliance management, and multi-channel orchestration. It covers practical frameworks, workflows, specialty use cases, and Lead-Lag Media’s network of more than 80 AI agents.
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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“Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.”
— Warren Buffett
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FREE FOR ADVISORS IN OUR NETWORK
Grow your practice with 19 free services from Lead-Lag Media
Advisors in our network get complimentary access to white-labeled market commentary, social media management, website development, cold email campaigns, video editing, SEO, CE credit webinars, and more — all at no cost. The only ask: take occasional intro calls with fund sponsors.
Market Commentary
Social Media
Email Campaigns
Website Dev
Video Editing
SEO
CE Webinars
+ more
15 minutes with our team • No obligation
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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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