Core Insights - Codie Sanchez, founder of Contrarian Thinking, presents a four-step formula for beginners to transition from investing $1,000 to building significant wealth [1][2] Group 1: Stages of Investing - **Stage 1: Invest in Yourself** The highest returning asset class is oneself, emphasizing the importance of acquiring high-income skills, financial knowledge, and networking [3][4] - **Stage 2: Add Low-Cost Index Funds** Recommended to invest in low-cost, low-risk index funds, particularly through diversified portfolios like those offered by Vanguard, tailored to age and risk tolerance [5][6] - **Stage 3: Explore Private Equity and Alternatives** This stage is for experienced investors, focusing on private equity and alternative investments such as real estate, commodities, and options, which are not suitable for everyone [7]

Summary of Raymond James Financial Conference Call Company Overview - **Company**: Raymond James Financial (NYSE:RJF) - **Event**: 2026 Conference held on November 13, 2025 Key Points Strategic Priorities - The firm aims to be the best partner for financial professionals and their clients, with a focus on technology and AI to enhance efficiency and service delivery [2][3][4] - Investment in technology is approximately $1 billion annually, with a significant emphasis on AI to improve back-office operations and client interactions [3][4] AI and Technology Initiatives - A new Chief AI Officer has been appointed to lead AI strategy, focusing on enhancing advisor-client interactions rather than disintermediating advisors [4] - AI is expected to help advisors save time and provide more personalized services [3][4] Product Offerings and Alternatives - The firm is expanding its product offerings, particularly in alternative investments, while being cautious about their liquidity and suitability for clients [5][6] - There is no firm-wide allocation target for alternatives, as they are tailored to individual investor needs [5] Recruitment and Retention - In the past year, Raymond James recruited advisors with a total production of $421 million, a 21% increase from the previous year [6][7] - Advisor satisfaction is at 98%, the highest since 2014, indicating strong morale and interest from prospective advisors [7][8] Market Sentiment and Economic Outlook - Advisors report strong client satisfaction, with 97% of clients pleased with their service [9] - The firm anticipates 2% GDP growth for 2026, supported by lower rates and tax cuts, while acknowledging potential market disruptions [10] Organic Growth and Financial Performance - The firm has consistently been a leading grower in the industry, focusing on advisor retention and recruitment across various affiliation options [11][12] - The enhanced savings program grew to $14 billion during the California banking crisis, reflecting strong client engagement [12] Competitive Landscape - The firm faces competition from private equity-backed roll-ups but remains optimistic about its growth quality and stability [13][14] - Advisors are increasingly seeking stable firms with permanent capital, which positions Raymond James favorably [14][15] Capital Markets and M&A Outlook - The investment banking pipeline is strong, with a significant portion of M&A activity being financial sponsor-driven [35][36] - The firm is optimistic about M&A activity in fiscal 2026, with motivated buyers and sellers in the market [36] Financial Metrics and Future Aspirations - The firm aims to maintain a pre-tax margin north of 20%, despite potential rate cuts [38] - Raymond James has achieved five consecutive years of record revenues and earnings, showcasing its resilience across different market environments [41][42] Long-term Vision - The leadership emphasizes a long-term partnership approach with advisors, aiming for lasting relationships rather than short-term gains [20][46] - Success is defined by continued advisor satisfaction and retention over the next five years [48] Additional Insights - The firm prioritizes quality over quantity in recruitment and acquisitions, focusing on cultural and strategic fit [46][47] - The unique value proposition of Raymond James lies in its long-term stability and advisor-centric approach, contrasting with the transactional focus of many competitors [24][25]

Core Insights - Victory Capital Holdings, Inc. (VCTR) reported assets under management (AUM) of $313 billion for October 2025, reflecting an increase of nearly 1% from September 2025 [1][8] - The performance of U.S. large-cap and global equity assets grew, while mid-cap and small-cap segments experienced declines [8] - The company’s integrated multi-boutique business model and effective distribution platform are expected to enhance performance in the near term [3] AUM Breakdown - U.S. mid-cap equity AUM decreased by 3.7% to $30.7 billion [1] - U.S. small-cap equity AUM declined by 3.9% to $12.2 billion [1] - Global/non-U.S. equity AUM increased by 2.6% to $29.7 billion [1] - U.S. large-cap equity AUM rose by 2.1% to $61.9 billion [1] - Solutions AUM increased by 2% to $88.7 billion [2] - Fixed-income AUM totaled $80.5 billion, showing a marginal increase [2] - Money market/short-term assets rose by 2.3% to $3.7 billion [2] Market Performance - Over the past six months, VCTR shares have lost 3.7%, compared to the industry's decline of 2.1% [4] - Victory Capital currently holds a Zacks Rank 3 (Hold) [5] Comparison with Peers - Franklin Resources, Inc. (BEN) reported preliminary AUM of $1.69 trillion as of October 31, 2025, which increased by 1.7% from the prior month [6][9]

Core Insights - Victory Capital Holdings, Inc. (VCTR) reported assets under management (AUM) of $299.8 billion for July 2025, reflecting a marginal increase from June 30, 2025 [1][8] - The U.S. mid-cap equity AUM increased by 1% to $31.9 billion, while U.S. small-cap equity AUM declined by 4.4% to $12.6 billion [1][8] - The global/non-U.S. equity AUM rose slightly to $25.8 billion, and U.S. large-cap equity AUM increased marginally to $62.3 billion [1][8] Asset Class Performance - Victory Capital recorded $80.8 billion in Solutions, up 1.1% from June 2025 [2] - Alternative investments asset balance increased slightly to $2.9 billion, while fixed-income AUM totaled $79.7 billion, showing a marginal decrease [2] - Money market/short-term assets rose by 2.3% to $3.7 billion [2] Business Model and Market Position - The strong positioning of VCTR's integrated multi-boutique business model in a fast-expanding market is expected to enhance its performance in the near term [3] Stock Performance - Over the past six months, VCTR shares have gained 3.7%, outperforming the industry's growth of 1.8% [4] Comparison with Other Asset Managers - Franklin Resources, Inc. (BEN) reported preliminary AUM of $1.62 trillion as of July 31, 2025, which increased slightly from the prior month [6] - Invesco (IVZ) reported AUM of $2,024.5 billion as of July 31, 2025, reflecting a 1.2% increase from the previous month [9]

Group 1: Company Performance - Victory Capital Holdings, Inc. (VCTR) reported assets under management (AUM) of $298.6 billion for June 2025, reflecting a 3.2% increase from May 31, 2025 [1][8] - U.S. large-cap equity AUM rose 4.9% to $61.8 billion, while U.S. mid-cap equity AUM increased 1.8% to $31.6 billion [1][8] - Solutions assets reached $79.9 billion, up 4.7% from May 2025, and fixed-income AUM totaled $79.7 billion, representing a 1% increase [2][8] Group 2: Market Positioning - The strong positioning of VCTR's integrated multi-boutique business model in a fast-expanding market is expected to boost its performance in the near term [3] - Over the past six months, VCTR shares have gained 29.9%, outperforming the industry's growth of 21.7% [4] Group 3: Comparison with Other Asset Managers - Franklin Resources, Inc. (BEN) reported preliminary AUM of $1.61 trillion as of June 30, 2025, which increased 2.1% from the prior month [7] - Invesco (IVZ) reported AUM of $2 trillion as of June 30, 2025, increasing 3% from the previous month, with strong market returns contributing to a $58 billion increase [9][10]