Financial Advisor

When it comes to estimating price targets for the S&P 500, Bank of America’s Savita Subramanian usually takes a bearish position while Edward Yardeni of Yardeni Research is considered a bull. But even if the noted market strategists usually occupy opposite corners, they have come together in their bullish recommendation of the surging energy sector. With a 39% year-to-date return, energy is among the top-performing sectors and is well ahead of the 12% gain for the benchmark index.

The Treasury market recovered most of the losses caused by hotter-than-expected inflation data as a slump in U.S. stocks kindled investor appetite for bond yields near multiyear highs. The selloff stalled as an increase in expectations for Federal Reserve interest-rate hikes sparked declines for U.S. equity benchmarks, sending the S&P 500 Index to its lowest level in more than a week.

Social Security’s 3.6% cost-of-living increase should help seniors cope with rising prices, but September consumer price data shows that even well-off consumers are being impacted by rising inflation. Energy and medical costs are two areas that are particular for seniors. Energy costs are surging as a result of fuel and energy shortages created by the war in Iran.

Private credit has become the financial market’s favorite source of anxiety. Concerns about its rapid growth, relatively less liquid nature when compared to public credit and a handful of high-profile corporate failures have compounded to lead some to conclude that the next systemic problem must be lurking in non-bank lending. That concern is understandable. But it is also overdone and rests on several misconceptions. The first is that private credit is new. This is simply not true.

Imagine that a family sells a successful business and establishes a U.S. trust for the proceeds and other family assets. The trust is thoughtfully drafted. Experienced attorneys handle the legal work. The family engages a capable CPA. The trustee is respected and trusted by everyone involved. For years, the structure functions exactly as intended. Then one of the children accepts a job overseas.

Minnesota RIA giant Wealth Enhancement has sued one of its former New York-based advisors, alleging that he has solicited its clients to join him at his new affiliate, RFG Advisory. The lawsuit against Christopher Porpiglia was initially filed in Minnesota state court last week. It was transferred to federal court on Monday.

The average 50-something American is now worth $1.5 million. Older and more affluent Americans keep getting wealthier, according to new data from the federal Survey of Consumer Finances. Average net worth hit $876,091 in 2025 for Americans ages 40 to 49, up from $742,568 in 2022. And that’s in “real” dollars, adjusted for inflation. The average 60-something American is now worth an eye-popping $1.96 million. Seventy-somethings are worth $1.88 million.

Happy Anniversary bull market! October 12 marked the fourth anniversary of the bull market that began at the S&P 500’s closing low of 3,577 on October 12, 2022. Four years later, the index has more than doubled, an impressive run considering everything investors have endured along the way. The gain in the first four years on a price basis was 118%. When we celebrated this bull market’s third birthday a year ago, we noted that history suggested the advance probably had more room to run.

Millions of Social Security beneficiaries will receive a 3.6% cost-of-living bump in benefits next year, according to the Social Security Administration. The COLA increase will be effective with benefits payable in January to 72 million Social Security beneficiaries. It also means increased payments to the roughly 7.3 million people receiving Supplemental Security Income, the program for those with disabilities and older adults with cash needs, which will begin on December 31.

Regulators were on edge. After they’d pushed Bank of America Corp. to tweak a key compliance system to flag more suspicious transactions, the bank found it had missed a staggering amount: thousands of payments totaling $4 billion of activity. The bank had also failed to report potential money laundering involving companies that auction salvaged cars. Its team of investigators responsible for digging into suspicious activity was so overwhelmed that a backlog of cases had peaked at nearly 200,000.