The Wealth Advisor

Ritik Malhotra had already made more than $20 million when managing his new wealth sent him sprinting through a San Francisco rainstorm to mail paperwork to his financial advisor. More than a decade later, the company he built out of that frustration has roughly 150 advisors managing more than $8 billion, one of several firms betting that artificial intelligence won’t replace financial advisors so much as strip away the work that keeps them from advising.

Transamerica Asset Management is expanding its relationship with Great Lakes Advisors through a new solicitation agreement that will bring the manager’s Large Cap Value strategy to Transamerica’s advisor network through separately managed accounts and unified managed accounts. The Sept.

The manager of Norway’s $2.3 trillion sovereign wealth fund wants to cut nearly $80 billion from its U.S. Treasury holdings, reducing government debt across its bond portfolio in favor of securities carrying more risk and potentially higher returns. Norges Bank Investment Management isn’t abandoning America or the dollar. It has decided that owning quite so much government debt is no longer the best use of one of the world’s largest pools of capital.

Friday’s jobs report will give investors their first major test of Kevin Warsh’s attempt to change the relationship between the Federal Reserve and financial markets. The new Fed chairman wants traders responding to economic data rather than trying to anticipate how the central bank will respond to it. That sounds like a subtle distinction until a report capable of moving trillions of dollars lands at 8:30 a.m. ET.

The 10-year Treasury yield climbed as high as 4.814% this week, its highest level since November 2023, while the 30-year pushed above 5%. The move itself is striking enough. What’s more interesting is that Federal Reserve officials and Wall Street increasingly disagree about what the bond market is trying to say. New York Fed President John Williams sees something relatively healthy beneath the higher yields: a stronger economy that needs more capital.

Robert Kiyosaki has spent nearly three decades telling readers that debt can make them rich. Now the Rich Dad Poor Dad author is putting an unusually large number behind the argument: $1.2 billion. Kiyosaki, 79, has been publicly claiming since 2025 that he carries roughly that much debt, a figure newly attracting attention after a Vanity Fair profile examined the financial empire behind one of personal finance’s most enduring provocateurs.

Disclosure: AdvisorEngine Portfolio Solutions (“AEPS”) is included in The Wealth Advisor’s 2026 America’s Best TAMPs publication. America’s Best TAMPs is a directory of investment outsourcing organizations catering to financial intermediaries. The Wealth Advisor, an independent third party, created and administers this publication. AEPS provided compensation in connection with its inclusion.

Fidelity counted 769,000 401(k) millionaires at the end of June, up from 654,000 just three months earlier, as a powerful stock-market rebound pushed retirement balances to records. The milestone is striking, but the people reaching it look considerably less exotic: the average member of the club is 58 years old and has been saving for 25 years. The second quarter did plenty of the immediate work.

Scott Bessent has spent weeks trying to calm the long end of the Treasury market. Now a threat is emerging from somewhere he can’t control: Japan, America’s largest foreign creditor, suddenly has attractive bonds of its own, giving Japanese institutions less reason to keep sending money into U.S. government debt just as Washington needs buyers badly.

Corporate America has become remarkably comfortable talking about artificial intelligence and considerably less comfortable putting a number on what it has accomplished. Barclays strategist Venu Krishna found that nearly half of companies discussed AI on recent earnings calls, but only 12% quantified the value they were capturing from it, leaving an enormous gap between adopting the technology and demonstrating that it is improving the economics of the business.