You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Financial advisors to high-net-worth investors spend a lot of time on estate planning, but might be overlooking the tax planning services their clients want, according to the inaugural “Advisor Trends Survey” from asset management firm BlackRock. The survey, which included 1,000 advisors working across multiple channels, found that estate planning (67%), customized retirement planning (64%), ch ...

Core Insights - Goldman Sachs Asset Management and T. Rowe Price have launched four co-branded model portfolios aimed at mass affluent and high-net-worth investors, marking the beginning of a strategic alliance announced in September [1][2] - The model portfolios include a mix of mutual funds and ETFs, specifically the Goldman Sachs T. Rowe Price Dynamic ETF Portfolio, Tax-Aware Dynamic ETF Portfolio, Dynamic Hybrid Portfolio, and Tax-Aware Dynamic Hybrid Portfolio [2] - A fifth model, the Goldman Sachs T. Rowe Price High Net Worth Portfolio, is planned for launch in the first half of 2026, focusing on high-net-worth investors [3] Company Strategy - The collaboration aims to leverage the expertise of both firms to enhance offerings in the wealth management channel, assisting investors in achieving long-term financial goals [4] - Advisors utilizing these model portfolios will benefit from coordinated support and resources from both companies, including wholesalers and dedicated model specialists [5] Market Context - The model portfolio market is valued at $7.7 trillion, with third-party models accounting for 24% of this total as of Q3 2025, indicating a growing reliance on such products by advisors [6] - There is a trend among asset managers to launch new model portfolios, often in partnership, to combine public and private assets [6]

Advisors need to be unbiased, but what about the model portfolios they choose? Not surprisingly, when issuers create a model portfolio, they’re incentivized to include their own ETFs. But more and more funds with meager assets are suddenly spiking to reach hundreds of millions of dollars in AUM in just a few days, all because they were added to a major issuer’s model. The consequences could be significant for advisors who are increasingly relying on model portfolios, and who want to provide unbiased fiduc ...

Model Portfolios Overview - Model portfolios are pre-built stock collections based on specific investment strategies, goals, or risk levels [1] - They offer insights into real-world applications of investment strategies and provide specific stock ideas [1] GuruFocus Model Portfolios - GuruFocus offers model portfolios, including the most broadly held portfolio and the top 25 GF Score portfolio [2] - The most broadly held portfolio is constructed by analyzing the holdings of successful institutional investors [2] - The top 25 GF Score portfolio comprises the 25 companies with the highest GF Scores each year [3] Benefits of Using Model Portfolios - Model portfolios can help understand techniques associated with different investment strategies [2] - They provide a time-tested view of investment outcomes [2] - Users can find opportunities vetted by top investors by examining the holdings of the most broadly held portfolio [3] - The top 25 GF Score portfolio offers a short list of candidates with high outperformance potential [3] - Users can historically see how stocks with high GF Scores have performed relative to the overall market [4] Accessing Model Portfolios - Model portfolios can be accessed on gurufocus.com under the "tools" category [4]

Economic Overview - The US economy is currently growing at approximately 2%, with GDP for the first half of the year reported at 1.5% and GDI at about 2% [4][5][6] - Recent earnings reporting season provided insights into market dispersion, highlighting the differences in performance between US and non-US stocks [9][11] Earnings Growth Expectations - Analysts initially expected a 12% year-over-year growth rate for US equity earnings in 2025, which has been downgraded to 9% [11] - For developed non-US stocks, the expected growth rate has shifted from 9% to a negative 3% for 2025, indicating a worsening outlook [12][13] Investment Strategies - High dispersion in returns across stocks and sectors suggests that active investment strategies may yield better results than passive approaches [8][10] - Model portfolios are increasingly being adopted by financial advisors to provide a scalable and consistent investment experience [25][29] Gold Market Insights - Central banks purchased 1,045 tons of gold in 2024, marking the third consecutive year of purchases exceeding 1,000 tons, which has contributed to gold's appreciation [32][33] - Gold's supply is inelastic, making it responsive to changes in demand, particularly from central bank purchases [34][35] AI Investment Landscape - The AI sector is characterized by volatility, with companies like Nvidia leading the charge, but there are opportunities across various industries including utilities and software [20][30] - Active exposure to AI through ETFs is recommended due to the fast-moving nature of the sector [21][50] Crypto and Digital Assets - Bitcoin is viewed favorably as a digital gold, serving as a store of value, although it remains volatile [41][43] - The correlation between Bitcoin and gold ETFs indicates a potential interchange in investor preferences between these assets [46]

Core Insights - BlackRock Inc. has launched a bitcoin exchange-traded product (ETP), iShares Bitcoin, in Europe following the success of its $48 billion U.S. fund tracking cryptocurrency [1] Group 1: Product Details - The iShares Bitcoin ETP was listed on Xetra and Euronext Paris under the ticker IB1T, and on Euronext Amsterdam under the ticker BTCN, with a temporary fee waiver of 10 basis points, reducing its expense ratio to 0.15% until the end of 2025 [2] - The fee waiver positions IB1T as one of the cheapest options at launch, compared to CoinShares International Ltd.'s $1.3 billion physical Bitcoin product, which charges a 0.25% fee [3] - IB1T is accessible to both institutional and informed retail investors and was issued by a special-purpose vehicle registered in Switzerland [3] Group 2: Strategic Rationale - The launch aims to leverage the increasing demand for cryptocurrency exposure in markets outside the United States, aligning with BlackRock's strategy to enhance offerings and grow assets under management [4] - Manuela Sperandeo, head of Europe & Middle East iShares product at BlackRock, indicated that this launch reflects a significant shift in the industry, driven by established retail demand and increasing professional interest [5] Group 3: Market Performance - BlackRock's shares have increased by 2% over the past six months, compared to the industry's growth of 2.4% [6]