The Portfolio Desk 18 stories this week · 103 total

The three proposals, each open to 60 days of public comment, would also add CPAs and chartered financial analysts to the credentials that qualify an individual as an accredited investor.

The amendments would let advisers to regulated funds share in a strategy's returns; a separate request asks whether a FINRA exam could count toward accredited-investor status.

The September 29 Form D batch carried two secondaries vehicles, a direct lending fund and a credit risk sharing fund, with three of the four reporting no capital raised.

The revenue ruling says a prearranged conversion that quickly and materially changes a portfolio can be recharacterized, leaving the holding period and the size of the shift open.

The draft replaces March rules and would open a tax-advantaged account for an eligible child before a family makes any funding decision.

The Generating Retirement Ownership Through Long-Term Holding Act would let investors postpone capital gains tax on qualifying reinvested distributions until they sell shares, narrowing a gap the Tax Foundation says separates funds from ETFs.

The wirehouse's updated Form ADV filings tell clients that paying for data analytics gives it a financial incentive to recommend third-party managers' products over those that do not pay.

Cerulli found 57% of asset managers now prioritize broader access to semiliquid and illiquid alternatives, up 17 points from last year.

The staff statement names interval funds, tender offer funds and BDCs, and pairs valuation judgment with what investors are told.

The joint notice adds no new rules but names non-accruals, payment-in-kind interest and fair value judgments among the disclosure items clients will ask about.

Advisors face a duration decision as federal debt exceeds $40 trillion and AI-linked issuers add more than $400 billion of bonds in 2026.

Putting the crypto sleeve on the same rebalancing schedule and tax treatment as the rest of the book is the unglamorous version of mainstreaming digital assets — and the one that scales.

Climate Week's panel handed advisors one practical instruction: underwrite climate risk inside the managers clients already own.

Save's Market Savings puts principal-protected yield in front of more than 16,000 RIAs on Schwab's platform, and turns the sweep into something advisers can shop.

Goldman strategists expect the AI buildout that delivered the gain to start charging for itself, leaving the trailing four quarters a poor basis for planning.

A mechanical 10% raise whenever the portfolio clears 150% of its starting value would let clients spend the upside the 4% rule leaves behind — if the trigger gets written down in advance.

Treat climate as a fund-selection question and you miss the planning decisions clients are about to make: where they live, whether to move, and whether the plan survives the answer.

The seven considerations are sound; the sequence most advisors inherit keeps a concentrated client holding.

A 2013 paper's challenge to the safe withdrawal rate still frames retirement-income conversations, and explains why a round number is the wrong thing to promise.

Series vehicles that fill in five days are making master structures and administrators, not deal flow, the gate that controls alternatives in advisor accounts.

Natixis's Global Retirement Index hands advisors a client-facing reason to put a benefit-cut line inside every income plan they write.

Hyperscaler issuance is projected at a record $420 billion next year, and the extra 37 basis points on AI debt is compensation for supply crowding rather than credit risk.

Citi's survey of 350 family offices puts inflation first while public equities stay the preferred allocation, handing advisors a client-ranked agenda for the next hedge review.

Investment-grade credit can hold on healthy balance sheets, but the AI-financed high-yield supply arriving beside it is where the underwriting actually happens.

Clients want in on event contracts, but the tokens that stand in for the theme earn their fees somewhere else entirely.

Most of the quarter's gain came from equity prices, which leaves the $4.9 trillion IRA-over-401(k) spread as the figure advisors can put to work in an income conversation.

BofA counted $63.8 billion into U.S. stocks in the fastest week in three months while $1 billion left investment-grade credit and $2.5 billion left high yield, which makes a drift check the cheapest trade on the desk.

A two-dimensional read of willingness and capacity gives an advisor a ceiling to build against; the composite score gives a number that hides it.

If adopted, the SEC's proposal moves the gatekeeping of shareholder proposals to state law, and advisors who vote client proxies will feel it in every ESG engagement.

Four of Financial Planning's five tax strategies presuppose a concentrated position, while the 1% drag everyone else pays is the harder problem to sell against.

If a plan's default already carries guaranteed income and private assets, the rollover stops being where the decumulation conversation starts.

The September 15 Form D batch holds both ends of the private market, and the diligence that matters now sits on the wrapper, not the manager.

A 50-49 cloture loss kills the only bill that would have drawn a statutory line between digital commodities and digital securities, and the 403(b) trust-access rider that was riding on it needs a new vehicle.

With global benchmark yields at their highest since 2008, the default client allocation has become a duration position advisors have to defend.

Managers buying the same models and the same datasets leave advisors holding one bet under five tickers, and the overlap check is now the job.

LIMRA's final second-quarter tally cut $2.7 billion from the preliminary total, and the product-level split should anchor retirement-income conversations.