RNMKRS, a company based in Larchmont, New York, leverages artificial intelligence (AI) to enhance sales training. By creating an AI persona called Alex, the system simulates customer interactions and provides feedback to sales representatives, helping them improve their communication and selling skills. 

Since its inception, RNMKRS has trained around 30,000 sales professionals from over 100 companies. Co-founded by Stefanie Boyer, a marketing professor at Bryant University, the platform is grounded in her extensive research on learning science and sales performance. 

The AI-driven system has role-played over 500,000 conversations, refining its ability to give consistent, data-backed feedback. Boyer believes AI has the potential to transform human-to-human communication by offering non-judgmental, constructive criticism.

Finsum: Advisors really need to utilize the full capabilities of artificial intelligence to grow and expand their business, and sales training could be a very valuable addition. 

Gold prices retreated slightly after hitting a record high in response to the Federal Reserve's half-point interest rate cut. Spot gold fell 0.4% to $2,560.29 per ounce after briefly reaching $2,592.39 earlier in the day, while U.S. gold futures closed up 0.2%. 

The Fed's decision to lower rates, which is expected to continue into next year, has pushed gold prices higher due to its reduced opportunity cost compared to interest-bearing assets. As bond yields rise and the dollar weakens, the demand for gold strengthens. Investors are awaiting further insights from Fed Chair Jerome Powell on the future direction of monetary policy. 

Meanwhile, with inflation still elevated, many are turning to gold as a hedge against eroding purchasing power. Silver prices rose 0.6%, while platinum remained steady, and palladium dropped 3.2%.

Finsum: Gold could be an important hedge if inflation comes back from the grave with interest rates quickly falling. 

With 2024 coming to an end, financial advisors contemplating a switch to a new broker-dealer may wonder if there’s still time to make the move. While possible, the process can take several months depending on the complexity of the transition and level of support available. 

Advisors looking to act quickly may benefit from financial incentives and smoother tax records by completing the transition before the new year. However, rushing such an important decision isn’t advisable, so careful planning and blocking time for key discussions is essential.

Transition consultants can help expedite the process by securing offers and guiding advisors through the logistics. Ultimately, those who begin the process now may still be able to switch broker-dealers by the end of 2024, but many may find it more practical to plan for early 2025.

Finsum: While it’s certainly late in the year these services could help optimize time in order for a smooth transition.

An unprecedented number of American households are uncertain about the economic future, with many expecting inflation to take a larger portion of their income. Financial stress from the high cost of living and rising borrowing costs has added to the uncertainty, especially in an election year. 

Though consumer sentiment slightly improved in September due to expectations of lower inflation and potential interest rate cuts, the overall view of current conditions remains near record lows. Prices are still significantly higher than before the pandemic, despite inflation slowing.

 A growing number of Americans expect no real income growth over the next five years. Additionally, confidence in achieving a comfortable retirement is at its lowest point since 2013.

Finsum: Inflation hasn’t been a strong concern for retirement in nearly 40 years, but suddenly it is having a critical impact, and investors should consider options accordingly.

Hedge fund billionaire John Paulson, known for his profitable bet against the housing market during the financial crisis, warned of a potential market collapse if Vice President Kamala Harris' proposed tax plans are implemented. 

In an interview on CNBC, Paulson criticized Harris' endorsement of raising the corporate tax rate to 28%, increasing the capital gains tax to 39%, and taxing unrealized gains, predicting these measures would trigger a financial downturn. While Harris has supported tax hikes proposed by President Biden, insiders suggest she may not pursue taxing unrealized gains. 

Paulson believes such policies would lead to massive asset sell-offs and a recession. Some economists agree higher corporate taxes could impact earnings but don't foresee the drastic crash Paulson predicts. 

Finsum: The impacts of the taxes on unrealized capital gains are overblown, they affect a very small unmeasurable margin.

Navigating a lengthy wine list can feel overwhelming, but with some tips from a sommelier, it becomes a lot easier. 

• One common mistake is ordering a wine you could easily buy at your local store—dining out is a chance to try something new and unique. 

• Wines from popular regions like Napa Valley and Bordeaux are often overpriced, so consider exploring lesser-known areas nearby for more affordable, quality options. For example, wines from Cahors or Anderson Valley are great alternatives.

• Sticking to familiar white wines like chardonnay or sauvignon blanc can limit your experience; instead, try venturing into Italian regions like Sicily, Collio, or Lugana for fresh and interesting varieties. These lesser-known regions offer hidden gems that can elevate your wine journey.

Finsum: These are excellent tips to maximize your dining experience when it comes to wine tasting

Nvidia's stock surge has had an outsized influence on the S&P 500 this year, accounting for nearly a quarter of the index's 17% gain. The company's 140% rise, driven by strong demand for its AI chips, has been a key market driver, with a single-day 8.2% rally lifting the S&P 500 to its biggest gain in almost two years. 

Investors are concerned that a downturn in Nvidia could drag the broader market down, as the index has struggled to rise on days when the chipmaker's shares decline. 

Nvidia’s dominance in the options market, where it accounts for up to 30% of daily stock options volume, has further amplified its stock movements. Analysts warn that if demand for Nvidia's products weakens, it could trigger a broader market sell-off.

Finsum: Investors need to consider how options plays can lead to better outcomes for their portfolios, and situational plays that compliment their current book.

The 2024 NFL season is already in full swing, but it’s the growing emphasis on international games that is catching people’s eye. The season kicked off internationally in São Paulo on Sept. 6, when the Philadelphia Eagles defeated the Green Bay Packers week one. 

On Oct. 6, the NFL returns to London with the Minnesota Vikings playing the New York Jets at Tottenham Hotspur Stadium, the only NFL-specific stadium outside the U.S. The following week, the Chicago Bears meet the Jacksonville Jaguars, also at Tottenham. London's Wembley Stadium will then host the Jaguars and New England Patriots on Oct. 20, with the Jaguars playing two consecutive U.K. games. 

Germany’s Allianz Arena in Munich will feature the Carolina Panthers versus the New York Giants on Nov. 10, continuing the league's commitment to German fans. In recent years, the NFL has pushed to broaden its reach overseas, with growing interest and potential for more games in new markets beyond these established locations.

Finsum: This coupled with the NFL pathway program begs the question as to whether the NFL is going to have a team located in Europe in the coming years.

Many financial advisors struggle with the idea of their own retirement due to a fear of losing identity and purpose, leading to delayed succession planning. Casey Jorgensen, head of the Dynasty Institute for Adaptive Leadership, emphasizes the psychological barriers that keep advisors working past their prime. 

Advisors often fear losing their sense of self and purpose, contributing to delayed transitions and frustrated potential successors. Dynasty Financial Partners focuses on the emotional aspects of retirement in its advisor succession planning efforts, encouraging advisors to plan not just for what they’re leaving behind, but for what lies ahead. 

Failure to prepare adequately for retirement can negatively impact a firm’s growth and valuation as aging clients distribute assets. Jorgensen encourages advisors to develop a post-career plan to maintain a sense of purpose after stepping down from their careers.

Finsum: A successful succession plan is not only fruitful for the company but for advisors as well and can give other clients confidence. 

As fashion trends evolve, formalwear has become less of a staple in closets, with many preferring suits that reflect personal style rather than uniformity. Bespoke suits offer full customization but are highly expensive, whereas made-to-measure suits strike a balance by tailoring standard patterns to an individual's measurements. 

This option provides flexibility in materials, colors, and accessories while being more cost-effective. Ordering made-to-measure suits online is convenient but lacks the precision of in-person fittings. Understanding the construction of suits, from fused to full canvas, is crucial in selecting one that will age well and maintain its shape. 

Additionally, suiting fabrics like wool, cotton, and linen offer different benefits in breathability, durability, and seasonal suitability, while polyester blends remain a budget-friendly choice.

Finsum: Our favorite made-to-measure option is J. Mueser, but there are great options at a variety of price points in most metropolitan markets.