Evan Simonoff
Verified- Editor-in-Chief and Editorial Director, Financial Advisor
- Editorial Director, Private Wealth
Shrewsbury
Editor-in-chief and editorial director of Financial Advisor magazine, as well as editorial director of Private Wealth magazine.
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Articles by Evan Simonoff
Morgan Stanley's Wilson: Final Leg Of Bull Market Likely To End In 2029
The secular bull market in equities that began in 2011 is entering its final phase, in the view of Mike Wilson, Morgan Stanley’s chief investment officer and chief U.S. equity strategist. Speaking on a webcast yesterday hosted by Toronto-based Rosenberg Research, Wilson strongly suggested that this bull market would end in 2029, though he didn’t pinpoint a specific date. These “things usually end at the end of a decade,” he said in a clear reference to past bull markets in the 1920s and 1990s.
What Could Possibly Go Wrong?
Probably the two most overused phrases in financial journalism are “This time is different” and “What could possibly go wrong?” As I worked on this year’s RIA survey, it immediately became apparent to me that so many tailwinds are working in favor of today’s advisories—and conditions are so favorable—that it’s downright scary. Only 15 years ago, advisory firms were just a well-kept secret in financial services. It was only a matter of time before private equity would discover the space.
2026 RIA Survey & Ranking: The Stars Are Aligned
Rarely have all the stars aligned to shine on a profession and create an environment as favorable as the universe facing financial advisors today. The demographic and financial market dynamics underpinning the advisory business look so auspicious that an estimated 300 qualified buyers, mostly private equity firms, are banging on the doors and trying to acquire a piece of it.
2026 RIA Survey & Ranking: The Stars Are Aligned
Rarely have all the stars aligned to shine on a profession and create an environment as favorable as the universe facing financial advisors today. The demographic and financial market dynamics underpinning the advisory business look so auspicious that an estimated 300 qualified buyers, mostly private equity firms, are banging on the doors and trying to acquire a piece of it.
GMO Casts Doubt On PE's Claims Of Superior Investment Returns
Ever wondered about all those claims by private equity firms that they earn better returns than public companies. So have the folks at GMO, which put the claims under the microscope and found PE investments have experienced marked changes over the last 45 years and not for the better.
When NextGen Meets Private Equity
The two biggest trends influencing the financial advisory world these days are the generational transition of businesses from founders to younger advisors and the entry of private equity firms into the space as major owners of big RIA firms. It goes without saying that the two trends are closely interconnected. Without private equity investors, the first generation of RIAs wouldn’t be able to realize the full value of their firms.
Liz Ann Sonders Sees 'Wealth Effect' Risks, Parallels To 2001
Never before has the U.S. economy displayed such a high degree of “connectivity between the stock market and consumption,” Schwab Chief Investment Strategist Liz Ann Sonders told attendees at Financial Advisor’s annual Invest In Women conference in Boston this week. For the sake of comparison, the most relevant previous period would be the bursting of the Internet bubble that produced the very mild 2001 recession, she said.
Liz Ann Sonders Sees ‘Wealth Effect' Risks, Parallels To 2001
Never before has the U.S. economy displayed such a high degree of “connectivity between the stock market and consumption,” Schwab Chief Investment Strategist Liz Ann Sonders told attendees at Financial Advisor’s annual Invest In Women conference in Boston this week. For the sake of comparison, the most relevant previous period would be the bursting of the Internet bubble that produced the very mild 2001 recession, she said.
Liz Ann Sonders On Lookout For 2001 Style ‘Wealth Effect' Downturn
Never before has the U.S. economy displayed such a high degree of “connectivity between the stock market and consumption,” Schwab Chief Investment Strategist Liz Ann Sonders told attendees at Financial Advisor’s annual Invest In Women conference in Boston this week. For the sake of comparison, the most relevant previous period would be the bursting of the Internet bubble that produced the very mild 2001 recession, she said.
Schwab Planning To Get Loud About 'Gambler's Blues,' Liz Ann Sonders Says
Two weeks ago on April 8, Schwab’s Liz Ann Sonders and Kevin Gordon authored a piece on the discount brokerage firm’s website called “Gambler’s Blues: Betting Isn’t Investing,” borrowing the title from a B.B. King song. During an interview at Financial Advisor's 11th annual Invest In Women conference in Boston, Sonders elaborated on Schwab's mounting concerns about how some investors were conflating investing with gambling.
Many Safe Havens Failed During The Iran Conflict: Why?
Only one of five traditional safe havens worked during the Iran “excursion” that began on February 28. According to a recent report from Toronto-based Rosenberg Research, only the U.S. dollar was “an effective store of value and a safe haven.” The report, written by Rosenberg Research vice president Robert Embree, says that the other four popular vehicles investors use to seek safety—gold, the Swiss franc, the Japanese yen and U.S. Treasurys—all sold off.
Many Safe Havens Failed During The Iran Conflict: Why?
Only one of five traditional safe havens worked during the Iran “excursion” that began on February 28. According to a recent report from Toronto-based Rosenberg Research, only the U.S. dollar was “an effective store of value and a safe haven.” The report, written by Rosenberg Research vice president Robert Embree, says that the other four popular vehicles investors use to seek safety—gold, the Swiss franc, the Japanese yen and U.S. Treasurys—all sold off.
Merit Buys Former Commonwealth Firm As LPL Conversion Deadline Approaches
Merit Financial Advisors has acquired Billings, Mont.-based Strategic Retirement Plans (SRP), an independent financial advisory firm managing about $590 million in assets for 800 families that was previously affiliated with Commonwealth. Gabe Lapito and Ryan Gomendi, the owners and operators of SRP, are becoming area managers, wealth managers and partners at Atlanta-based Merit. All of their employees are also joining Merit.
Yardeni Suggests Equities Have Hit Bottom
Market strategist Ed Yardeni suggested in a note to clients last night that the stock market may have touched bottom this past Monday, when the S&P 500 had fallen 9.1% from its January 27 high. If he is right, that would place the pullback just short of official correction territory, widely considered to be a 10% decline.
Rich Bernstein: Boring Is Beautiful For 2026, Invest Accordingly
Many advisors and professional investors find themselves confounded by the financial markets in 2026, and are likely asking why equities haven’t plunged even further since the Iran War started, as the conflict is causing global energy shortages and likely triggering another bout of inflation coupled with a global slowdown. But Rich Bernstein isn’t bewildered. To him, there are some first principles that investors should be turning to no matter what the market and economy are doing.
Rich Bernstein: Boring Is Beautiful For 2026, Invest Accordingly
Many advisors and professional investors find themselves confounded by the financial markets in 2026, and are likely asking why equities haven’t plunged even further since the Iran War started, as the conflict is causing global energy shortages and likely triggering another bout of inflation coupled with a global slowdown. But Rich Bernstein isn’t bewildered. To him, there are some first principles that investors should be turning to no matter what the market and economy are doing.
How Does The Private Credit Convulsion Play Out?
The redemption wave confronting the private credit market isn’t likely to abate anytime soon, as one analyst says redemptions are expected to outpace new investments by two-to-one this year. While the comparisons are hardly perfect, some experts see parallels to the rush for the exits that began in late 2022 in the non-traded REIT market. Late yesterday Apollo Global Management capped withdrawals at 5% from its flagship fund, the $25 billion Apollo Debt Solutions.
How Does The Private Credit Convulsion Play Out?
The redemption wave confronting the private credit market isn’t likely to abate anytime soon, as one analyst says redemptions are expected to outpace new investments by two-to-one this year. While the comparisons are hardly perfect, some experts see parallels to the rush for the exits that began in late 2022 in the non-traded REIT market. Late yesterday Apollo Global Management capped withdrawals at 5% from its flagship fund, the $25 billion Apollo Debt Solutions.
How Does The Private Credit Dislocation Play Out?
The redemption wave confronting the private credit isn’t likely to abate anytime soon, as redemptions are expected to outpace new investments by two-to-one this year. While the comparisons are hardly perfect, some experts see parallels to the rush for the exits that began in late 2022 in the non-traded REIT market.
Longevity Challenges Clash With Retirement Spending
It is said that the hardest problem in finance is making somebody's money last for a 30-year retirement when that time span is likely to be characterized by unanticipated twists and turns—in both the financial markets and clients’ lives. Virtually every surprise event—from an extended bear market to a war to a health crisis to a sustained bout of inflation or deflation—may look like an outlier at any given point in time. Yet those things happen.
Longevity Challenges Clash With Retirement Spending
It is said that the hardest problem in finance is making somebody's money last for a 30-year retirement when that time span is likely to be characterized by unanticipated twists and turns—in both the financial markets and clients’ lives. Virtually every surprise event—from an extended bear market to a war to a health crisis to a sustained bout of inflation or deflation—may look like an outlier at any given point in time. Yet those things happen.
Longevity Challenges Clash With Retirement Spending
It is said that the hardest problem in finance is making somebody's money last for a 30-year retirement when that time span is likely to be characterized by unanticipated twists and turns—in both the financial markets and clients’ lives. Virtually every surprise event—from an extended bear market to a war to a health crisis to a sustained bout of inflation or deflation—may look like an outlier at any given point in time. Yet those things happen.
Nothing Lasts Forever
A cold, nasty winter is coming to an end, and for many it can’t end too soon. Nothing lasts forever, and it looks like a season of transition is at hand. As of March 5, the equal weight S&P 500 was up about 4% while its market-cap-weighted version is basically flat. Some cynics already are rechristening the fabled Mag 7 as the Lag 7. Still, it was a great musical score. Diversification once again is working.
Gundlach Says Inflation Could Hit Mid-3% Area This Year
Oil prices have displayed swings of $40 a barrel in the last few days, and DoubleLine CEO Jeffrey Gundlach said on a webcast yesterday that when these prices start showing up in government data the economy could see the inflation rate “go into the mid-3%” area in the coming months. Given the wild gyrations in energy prices in recent days, Gundlach declined to make any specific predictions.
Grantham Explains How The AI Bubble Differs Dramatically From Past Bubbles
The advent of AI is “unique in financial history” because it the only time a new technology emerged just in time to short-circuit a bear market immediately following another the deflation of a previous bubble, GMO co-founder Jeremy Grantham told contrarian Canadian economist David Rosenberg in a webcast this past Wednesday. “Therefore, there is no history to look at,” Grantham said.
Grantham Explains How The AI Bubble Differs Dramatically From Past Bubbles
The advent of AI is “unique in financial history” because it the only time a new technology emerged just in time to short-circuit a bear market immediately following another the deflation of a previous bubble, GMO co-founder Jeremy Grantham told contrarian Canadian economist David Rosenberg in a webcast this past Wednesday. “Therefore, there is no history to look at,” Grantham said.
Blue Owl May Seek An 'Orderly Liquidation' Of Private Credit Fund, Analysts Say
Blue Owl Capital Inc. said it will restrict withdrawals from one of its retail-focused private credit funds, reversing a previous plan to resume redemptions this quarter. However, some analysts believe Blue Owl management ultimately will seek to stop the bleeding before the withdrawals snowball into a full-blown, extended dislocation. Michael Covello, an executive managing director at Robert A. Stanger & Co., said it appears that Blue Owl is aiming to liquidiate the fund in an orderly fashion.
Leading Value Investor See Gold Remaining Strong, Stock Market Nearing Inflection Point
High U.S. equity valuations and narrow credit spreads juxtaposed against the artificial intelligence narrative are a powerful enough combination to prompt First Eagle Investments Matthew McLennan to expect modest returns from domestic investments. That said, the contrarian value investor told reporters at a press event this mornings that markets are expecting a “goldilocks” world of continuing higher corporate profits and lower interest rates.
The AI Boom Cuts Both Ways
When 21 out of 21 Wall Street strategists all issue upbeat forecasts for equities in 2026, advisors could be forgiven for cynically asking what could conceivably go wrong. A closer examination finds that even some of the bulls think market gains will come with volatility triggered by valuation concerns and central banking questions.
The Great Wealth Transition Won't Be Linear
What the financial services industry chooses to call the great wealth transfer is really taking shape as a great wealth transition. Or put another way, all this money in motion is more likely to move over a 20- or 30-year period rather than in the next decade. And there are some questions about exactly how much money will actually transfer to the next generation.
Rich Bernstein: Are Your Clients Ready For A Bear Market Or Serious Fed Blunder?
How many of your clients are ready for a replay of the 2022 bear market? That was one of several questions market strategist Rich Bernstein posed to financial advisors on a webcast yesterday. After all, 2022 may seem like ancient history but it was only four years ago. The S&P 500 experienced a garden variety bear market, falling 22% that year, but the Magnificent 7, which has dominated the bull market in the past three years, declined a painful 44% that year.
Rich Bernstein: Are Your Clients Ready For A Bear Market Or Serious Fed Blunder?
How many of your clients are ready for a replay of the 2022 bear market? That was one of several questions market strategist Rich Bernstein posed to financial advisors on a webcast yesterday. After all, 2022 may seem like ancient history but it was only four years ago. The S&P 500 experienced a garden variety bear market, falling 22% that year, but the Magnificent 7, which has dominated the bull market in the past three years, declined a painful 44% that year.
Gundlach On Mounting Concerns About Big Tech Debt
Junk bonds, or high-yield fixed-income securities, possess better credit quality than many private credit issues because they have been rated by credit agencies, DoubleLine CEO Jeffrey Gundlach said on a webcast yesterday. The high-profile bond manager continued his long-running critique of the private credit boom, which he said had doubled in size over the last five years. Gundlach identified several other problem areas in the broader bond market that could cause more trouble in 2026.
Growth Firms Of The Future
It’s hard to believe another year is coming to a close and we are already halfway through a wild and crazy decade. It’s also tough to see what is likely to change the current reality, one in which great financial markets somehow go hand-in-hand with turbulent social vibes. Whatever comes along to eventually change this cycle, it’s a certainty that it won’t last forever (as nothing does).
Vest Disrupting Margin Loan Market With Portfolio-Based Lending Platform For Advisors
Vest Financial, the fintech company that created buffered or defined-outcome ETFs, is unveiling a so-called “synthetic loan” platform for advisors to offer their clients. The platform, called Synthetic Borrow, allows clients to borrow against their portfolios at much lower rates than traditional margin loans.
A New Regime For The Bond Market
When 2026 begins in about two months, the bond market is likely to have a pretty good idea who President Trump has selected to be the next chair of the Federal Reserve. Whoever the new chief turns out to be, that individual is almost certain to have more of a bias toward lower interest rates than current Chair Jerome Powell does. Still, the selection will matter. Treasury secretary Scott Bessent has narrowed the field down to five possible candidates, though that’s subject to change.
NextGen Moves To Center Stage
Every older generation dating back to Socrates thinks younger people are somehow spoiled, and yet it seems every age group gets tested in different ways by life. This relationship also works in reverse, too, as the young grow older and start to appreciate what their parents went through. It took most baby boomers until they were adults to realize exactly what their parents, the World War II generation, had accomplished.
LPL Slashing Platform Fees After Retaining 80% Of Commonwealth Advisors
LPL Financial said it was reducing fees to advisors on several platforms as it reported a robust increase in assets to $2.3 trillion following its acquisition of Commonwealth Financial Network in a third quarter earnings call. The pricing strategy signals LPL's intent to turn up the competitive heat on rivals in the next year as it seeks to capitalize on its dominant position, now consisting of more than 32,000 reps, in the independent broker-dealer market.
MFO Strategists See Canada, Mexico As Big Winners From Asset Inflation, Trump Policy
Virtually every single major asset class has been appreciating for two years, and gold has been rising for three years as asset price inflation sweeps across the world. It’s a strange and unusual environment when both stocks and gold are simultaneously performing well, but these are the times investors are living in, Rick Pitcairn told reporters at a press event earlier this week.
MFO Strategists See Canada, Mexico As Big Winners From Asset Inflation, Trump Policy
Virtually every single major asset class has been appreciating for two years, and gold has been rising for three years as asset price inflation sweeps across the world. It’s a strange and unusual environment when both stocks and gold are simultaneously performing well, but these are the times investors are living in, Rick Pitcairn told reporters at a press event earlier this week.
David Rosenberg Fears 'Roaring Twenties' Bubble Will End In Hell For Retiree Wave
The explosive stock market boom since the the Covid-19 pandemic has been accurately called a "Roaring Twenties" by long-term market strategist Ed Yardeni. In the years since April, 2020, markets have lived up to that soubriquet, despite a sharp nine-month bear market in 2022, as the Fed initiated an aggressive interest rate hiking cycle. But the rally since October 2022 has left contrarian Canadian economist David Rosenberg looking at another side to the Roaring Twenties.
David Rosenberg Fears 'Roaring Twenties' Bubble Will End In Hell For Retiree Wave
The explosive stock market boom since the the Covid-19 pandemic has been accurately called a "Roaring Twenties" by long-term market strategist Ed Yardeni. In the years since April, 2020, markets have lived up to that soubriquet, despite a sharp nine-month bear market in 2022, as the Fed initiated an aggressive interest rate hiking cycle. But the rally since October 2022 has left contrarian Canadian economist David Rosenberg looking at another side to the Roaring Twenties.
Gundlach Sees Private Credit As Top Candidate To Start Next Financial Crisis
DoubleLine CEO Jeffrey Gundlach said that private credit would be the “leading candidate” to be the cause of the next “financial disruption slash crisis.” Gundlach remarked that “I don’t think anything else is close” in an interview by Toronto-based economist David Rosenberg, the former chief North American economist of Merrill Lynch, in a webcast today. All the classic warning signs are present, he told Rosenberg.
Alternatives Boom Despite Redemption Wave In Non-Traded REITs
More than three years after private non-traded REITs encountered waves of redemptions, the worst fears of Wall Street analysts and well-heeled investors have failed to come to fruition. In fact, sales of these products and other related investments are on pace to surge more than 100% from a soft year in 2023.
Alternatives Grow Despite Redemption Wave In Non-Traded REITs
More than three years after private non-traded REITs encountered waves of redemptions, the worst fears of Wall Street analysts and well-heeled investors have failed to come to fruition. In December 2022, firms including Blackstone Group and Starwood Capital started limiting redemptions on their non-listed REIT vehicles after getting hit with outsized withdrawal requests.
Income Investing In A Falling Rate World
Identifying long-term secular trends is a favorite habit of investment strategists. At the same time, recent history often dominates retail investors’ memories at the expense of perspective and wisdom. Those memories will likely color their attitudes after mid-September, when the Federal Reserve cut interest rates for the first time in months.
The OBBBA Comes Into View
As the ramifications of the One Big Beautiful Bill Act come into view, it’s increasingly clear that the two primary beneficiaries of the legislation are the well off and the not so well off. For egalitarians, that’s something of an improvement from the national trends described by one observer as The Haves and Have-Yachts (the name of a book by Evan Osnos of The New Yorker).
MarketCounsel Falsely Accused In Social Media Wars Over Charlie Kirk Death
Legal and compliance consultant MarketCounsel found itself ensnared in the growing social media controversy over online comments about conservative influencer Charlie Kirk in the wake of his assassination. The Fort Lee, N.J.-based compliance firm said it became “a target” of cyber activists reaching out to its client and the general starting on Thursday in an effort to hurt its business over remarks of an individual never affiliated with the company.
Gundlach On The Gold Boom, ‘Horrible' Consumer Sentiment, 1970s Similarities
The disconnect between healthy unemployment numbers and miserable consumer sentiment remains a striking feature of today’s economy, DoubleLine CEO Jeffrey Gundlach told attendees at a webcast yesterday. He offered several reasons for the continuing discontent and suggested that future employment growth may not be as robust as Americans have come to expect.
Big Change To Workplace Investing
Ordinary Americans are about to see the biggest change to retirement investing perhaps since 401(k) plans replaced traditional pension plans. President Trump’s executive order permitting private equity and private credit plans, presumably along with crypto investments, to be included in qualified plans will democratize the investing world—at least in theory.
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