Barron's Advisor Read More This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Private-Equity Firm Combines Businesses To Form Wealth Management Juggernaut Newly reconstituted Wealthspire will have $580 billion in client assets in private accounts and retirement plans. By Da ...

Product Overview - @cfosilvia aims to democratize access to financial intelligence and insights, typically available to wealthy individuals with dedicated financial teams [1] - @cfosilvia is presented as a free personal finance tool capable of complex calculations, portfolio impact prediction, financial simulation, and tax return analysis [2] Key Features - The tool can predict how current events will affect a user's portfolio in seconds [2] - It can simulate a user's financial life over the next decade [2] - It can analyze tax returns in minutes [2] Target Audience - The tool is designed for the average person who cannot afford to hire a financial team [1]

Investment Philosophy - The key to wealth isn't secret knowledge, but avoiding mistakes [1]

Core Insights - Ghalib Kanji has joined the Global Wealth Solutions Group of Raymond James as Senior Vice President, bringing over 30 years of experience in various financial services [1][2][3] Company Overview - Raymond James Financial, Inc. is a leading diversified financial services company, providing services such as private client group, capital markets, asset management, and banking [4] - The company has approximately 8,700 financial advisors and total client assets amounting to $1.45 trillion [4] Leadership and Team Dynamics - Lisa Detanna, Managing Director of the Global Wealth Solutions Group, emphasizes Ghalib Kanji's extensive industry knowledge and commitment to client service as valuable assets for business growth [2] - Ghalib Kanji expressed excitement about joining the team and contributing fresh perspectives to create meaningful value for clients [3]

A rich life is built on what you can ignore—not what you can afford. ...

Across America, people are budgeting, saving, and doing everything right — yet financial freedom still feels out of reach. Why does progress seem harder than ever? Host Ross Mac speaks with Scott Ford, President of Wealth Management at US Bank. Ford offers his insights and tips on how you can achieve financial success, even when hope in the economy is lost. If you want to find out how we can rebuild our confidence in the "American Dream", check out this episode of Financial Freestyle. Listen and subscribe t ...

Core View - Franklin Financial Services Corporation reported a net income of $5.4 million for Q3 2025, reflecting a 26.9% increase year-over-year, driven by higher interest income from loan growth [2][3] Financial Performance - For the nine months ended September 30, 2025, net income rose 43.1% to $15.2 million, with net interest income for Q3 increasing 24.2% to $18.2 million [3] - Non-interest income for the quarter was $4.8 million, down 0.9% from the previous year, with wealth management fees increasing 8% to $2.3 million [4] - Non-interest expenses increased 8.8% year-over-year to $15.1 million, while the effective tax rate rose to 19.6% from 17.3% [5] Key Business Metrics - Return on average assets (ROA) improved to 0.93% from 0.80%, and return on average equity (ROE) increased to 13.39% from 11.86% [5] - Total net loans increased 11.8% to $1.54 billion, with assets rising 4.5% to $2.30 billion and deposits increasing 4.8% to $1.90 billion [8] Management Commentary - Management highlighted the strength of the core banking franchise and disciplined balance sheet growth, with sustained loan expansion contributing to improved earnings [6] - The decision to redeem $9 million of subordinated notes was seen as a sign of confidence in the capital position, despite a modest impact on quarterly net income [7] Future Outlook - Management expressed confidence in loan demand and expects net interest margin stability, although non-interest expenses may remain elevated due to wage pressures [12] - The company repurchased 12,800 shares in the first nine months of 2025 and declared a quarterly dividend of 33 cents per share, a 3.1% increase from the previous year [13][14]

Core Viewpoint - Industrial Bank reported a slight decline in operating income and a modest increase in net profit for the first three quarters of 2025, indicating a stable yet challenging financial environment [2][5]. Financial Performance - For the first three quarters of 2025, the bank achieved operating income of 161.23 billion yuan, a year-on-year decrease of 1.82% [2][5]. - The net profit attributable to shareholders was 63.08 billion yuan, reflecting a slight increase of 0.12% year-on-year [2][5]. - In Q3 alone, operating income was 50.78 billion yuan, down 0.78% year-on-year, while net profit for the same period was 19.94 billion yuan, a decrease of 0.08% [2][5]. Asset Quality - As of September 2025, the non-performing loan (NPL) ratio stood at 1.08%, an increase of 0.01 percentage points from the end of the previous year [2][8]. - The ratio of special mention loans decreased to 1.67%, down 0.04 percentage points from the end of the previous year [2][8]. - The bank reported a total NPL balance of 64.56 billion yuan, an increase of 3.08 billion yuan compared to the previous year [8]. Loan and Deposit Growth - The total assets of Industrial Bank reached 10.67 trillion yuan, growing by 1.57% from the end of the previous year [5]. - Customer loan balances amounted to 5.99 trillion yuan, reflecting a growth of 4.42% year-on-year [5]. - Customer deposits increased to 5.83 trillion yuan, a rise of 5.47% from the previous year [5]. Non-Interest Income - The bank's net fee and commission income was 20.08 billion yuan, showing a year-on-year increase of 3.79% [6]. - Other non-interest income totaled 30.19 billion yuan, which decreased by 9.28% due to market interest rate fluctuations [6]. Risk Management - The bank has maintained a provision coverage ratio of 227.81%, although this represents a decrease of 9.97 percentage points from the previous year [8]. - The bank has focused on risk management, particularly in the corporate real estate and credit card sectors, where new non-performing loans have decreased year-on-year [8][9]. Strategic Focus - The bank aims to enhance its professional service capabilities and optimize product design and business processes to improve customer experience [9].

Core Insights - Both Futu Holdings Limited (FUTU) and Nu Holdings (NU) are significant players in the fintech sector, with FUTU focusing on digital brokerage in Hong Kong and internationally, while NU serves the Latin American market with banking and financial services [1] Futu Holdings (FUTU) - FUTU achieved a remarkable 69.7% year-over-year revenue growth in Q2 2025, driven by its integration of AI into operations [2] - The company expanded its client base by adding 262,000 funded accounts in Q2 2025, totaling 2.7 million, reflecting a 42% year-over-year increase [3] - Total assets under management for FUTU surged 104.4% year-over-year as of Q2 2025, supported by partnerships with over 80 fund companies [4] - FUTU's strategy includes leveraging AI in its products, with offerings like Futubull AI and moomoo AI enhancing its global reach [6] Nu Holdings (NU) - NU added over 4.1 million customers in Q2 2025, bringing the total to 122.7 million, which represents a 17% year-over-year growth [7] - The company reported $3.7 billion in revenue for Q2 2025, a 29% increase year-over-year, with average revenue per active customer rising 18% to $12 [8] - NU's digital-first model, particularly through its NuBank, has disrupted traditional banking in Brazil and is expanding into Colombia and Mexico [9] - The company demonstrated effective risk management, with a 30-basis point decline in the 15-90-day non-performing loan ratio, indicating improved asset quality [11] Financial Estimates - The Zacks Consensus Estimate for FUTU indicates a 42.9% growth in sales and a 66.9% increase in EPS for 2025 [12] - For NU, the estimates suggest a 32.2% growth in sales and a 24.4% increase in EPS for 2025 [13] Valuation Comparison - NU is trading at a forward price-to-sales multiple of 4.13, lower than its 12-month median of 3.65, while FUTU's forward earnings multiple is 9.82, above its median of 7.24 [15] Conclusion - Both FUTU and NU are strong contenders in the fintech space, but NU is positioned as a more attractive investment due to its rapid customer base expansion and efficient business model [18] - Despite both companies being fundamentally strong, NU's lower valuation compared to FUTU suggests it may offer better long-term returns for investors [19]

Deal Rationale & Market Trends - Private markets are experiencing significant growth, with the average company staying private for 14 years, a substantial increase from 5 years 20 years ago [2] - This trend presents challenges for average investors, limiting their access to wealth creation opportunities primarily available to institutional investors and VCs [3] - Morgan Stanley's acquisition of Equity Zen aims to address the challenges of illiquidity for employees and limited access for average investors in private markets [4] - Other firms are also expanding their reach into private markets through exchanges or data collection, indicating a growing trend [9] Morgan Stanley & Equity Zen Synergies - Morgan Stanley possesses significant demand with $7 trillion in assets and 20 million clients, along with supply through its cap table management of thousands of private market companies and its partnership with Carta [5] - Equity Zen bridges the gap between Morgan Stanley's demand and supply in the private market [6] - The integration of Equity Zen will improve investor protections by professionalizing the private market part of the ecosystem and fitting it into Morgan Stanley's overall risk management framework [8] Investor Protection & Risk Management - Morgan Stanley takes investor protection seriously, leveraging its AML policies, KYC procedures, risk tolerance framework, and asset allocation framework [7] - Integrating private market shares into a holistic asset allocation will address risk, with private market investments not recommended to be 100% of a portfolio [11] - Morgan Stanley is working with its global investment team to ensure that every client participating in the private market does so in a risk-managed fashion [12] Client Demand & Portfolio Allocation - Morgan Stanley has seen "off the charts" demand from clients for private market access [12] - The firm aims to extend access beyond its highest net worth clients to its entire 20 million clients and Equity Zen's nearly 1 million clients [13] - The overall allocation towards alternative investments (alts) in a portfolio is around 10-15%, and private market investments would fit into this category [15]