Wealth Management
Structured notes are often pitched as sophisticated tools for yield and downside protection, but they carry layers of risks that can outweigh their potential benefits. Because they are debt obligations of the issuing bank, their value hinges on the issuer’s creditworthiness, leaving investors vulnerable in the event of a default.
High, often hidden, fees further erode returns, with some products charging over 2% annually on top of advisor commissions. Liquidity is another concern, as structured notes rarely trade in active markets, forcing early sellers to accept steep discounts.
Their complex payoff structures can also mislead investors into believing they hold principal protection when in reality protections are conditional and limited. Tax treatment is murky as well, with many products generating taxable “phantom income,” creating unexpected burdens that make structured notes a risky choice for most retail investors.
Finsum: While structured notes are perfect for lots of investors illiquidity and complexity that may leave investors worse off than with simpler, more transparent options.
Large-cap blend mutual funds offer investors a balance of growth and value stocks, providing diversification and stability compared to small- or mid-cap funds.
Among the top picks are Ultrabull Profund Investor Shares (ULPIX), Vanguard Growth and Income Fund (VQNPX), and JPMorgan U.S. Research Enhanced Equity Fund (JDEAX), all carrying a strong buy. ULPIX aims to double the daily performance of the S&P 500, posting impressive three-year annualized returns of 29.5%.
VQNPX focuses on capital appreciation plus dividend income, with three-year annualized returns of 19.7% and a low expense ratio of 0.38%. JDEAX delivers consistent returns by investing in a diversified mix of S&P 500 companies, achieving three-year annualized returns of 19.6% under the steady management of Raffaele Zingone.
Finsum: These funds typically invest in companies with market capitalizations above $10 billion, making them attractive for risk-averse investors seeking long-term performance.
Separately managed accounts (SMAs) are gaining traction among financial advisors, with Cerulli Associates projecting assets in these programs to surpass $2 trillion in 2025. Assets grew 12% in 2023 and are expected to rise another 15% this year, boosted by the popularity of unified managed accounts (UMAs) that combine SMAs, mutual funds, and ETFs for tax efficiency and personalization.
Advances in technology have made SMAs easier to manage, lowering minimums from millions to as little as $100,000 and expanding access beyond just high-net-worth clients.
Advisors now use SMAs to tailor portfolios for tax management, ESG preferences, or concentrated stock positions, while UMAs provide a holistic view for strategies like tax-loss harvesting. The shift from commission-based brokerage accounts to fee-based managed accounts reflects investor demand for fiduciary oversight, transparency, and control.
Finsum: With features like fractional share trading and portfolio-wide tax optimization, SMAs are increasingly seen as a flexible and efficient tool for personalized wealth management.
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The 2025 NFL season is nearly here, and ESPN has released its final offseason Power Rankings, weighing holdouts, injuries, and breakout performances ahead of Week 1.
- The Philadelphia Eagles top the list at No. 1, with new offensive coordinator Kevin Patullo under pressure to keep the team’s high-powered offense running smoothly after last year’s Super Bowl win.
- The Kansas City Chiefs come in at No. 2, where wide receiver Rashee Rice faces expectations to prove he can be the go-to option alongside veteran Travis Kelce.
- Ranked third, the Buffalo Bills are counting on Joey Bosa to stay healthy and anchor the pass rush after signing a one-year deal.
- The Baltimore Ravens take the fourth spot, with tight end Mark Andrews needing to bounce back in a contract year after an uneven 2024 season.
Finsum: Overall, the rankings highlight both team depth and the individuals most under the microscope as the new season kicks off.
Financial advisors often focus on younger investors, but women over 60 are becoming a powerful and growing segment of primary asset holders. Many acquire wealth through widowhood, divorce, or lifelong independence, and they bring unique priorities to financial planning, including legacy, caregiving roles, and family impact.
According to Jen Hollers of LPL Financial, these women value personalized, relationship-based advice and often seek to align their financial decisions with personal values rather than focusing only on performance.
A challenge for advisors is that many older women are new to active wealth management, having been excluded from earlier financial conversations, and may feel overwhelmed when suddenly in charge. Hollers urges advisors to lead with listening, avoid jargon, and embrace a holistic model that blends estate planning, family dynamics, and legacy goals into a cohesive plan.
Finsum: By fostering transparency, empathy, and family involvement, advisors can help ensure these clients’ intentions are honored while also building lasting relationships with the next generation.
President Donald Trump has signed an executive order that could reshape 401(k) investing by allowing retirement savers broader access to private equity, cryptocurrency, real estate, and other alternative assets.
Proponents argue the change could improve diversification and expand opportunities, particularly as more companies remain private, while critics warn of higher risks, limited transparency, and steep fees compared to traditional mutual funds and ETFs. The order directs the Department of Labor and SEC to review guidance and consider rules that would make these investments more accessible within 180 days, potentially encouraging more employers to offer them.
Supporters in the asset management industry see this as a democratization of private markets, but fiduciary advocates caution that inexperienced investors could suffer devastating losses without strict safeguards. Experts recommend limits—such as capping exposure to 5%–10% of a portfolio—and robust investor education to mitigate risks.
Finsum: Even if changes take months to materialize, the move signals a major shift in U.S. retirement policy, one that could expand investment menus while also amplifying the stakes for 401(k) participants.