It’s sometimes hard to tell whether Steve Lockshin is running an advisory firm or a proving grounds for technology. The principal and co-founder of Los Angeles-based RIA AdvicePeriod actually refers to his ultra-affluent-client team as “The Lab,” because it’s continually experimenting with new technology and processes to simplify and improve client outcomes.

Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.



The Smart Ways to Be a Tax-Savvy Investor: Investment pros often remind clients: It’s not how much you make that counts. It’s how much you take home after tax collectors grab their share.

MARKET TALK From Dow Jones Newswires

Increased bond supply and falling WTI oil prices could bring the recent strong performance of U.S. high-yield corporate debt to an painful end. Buoyant market conditions could ramp up bond supply, which could become a headwind for returns, says Andrea Iannelli, investment director at Fidelity International. Similarly, oil-price volatility could hurt the energy sector, putting pressure on U.S. high-yield indices as they are largely made up of energy firms’ debt. The U.S. Federal Reserve’s pause in rising interest rates combined with a rebound in oil prices drove up U.S. high-yield debt’s performance to a 3-year high in January, with monthly total returns hitting 4.5%, Mr. Iannelli says. ([email protected]; @lorena_rbal)

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As the bull market has aged, several companies have recommended that investors shift their money into shares of businesses with strong balance sheets, but Goldman Sachs says it’s no longer on that boat. “We no longer have conviction that the relative outperformance of strong balance-sheet stocks will continue in the near term,” the bank’s analysts write. Signs that the Federal Reserve may have finished its rate increases for now should help ease financial conditions, providing reprieve to companies with weaker balance sheets. Strong balance-sheet stocks have outperformed their weaker counterparts for 23 straight months, far longer than the median cycle of 18 months. And valuations for strong balance-sheet stocks compared with their weaker counterparts now rank in the top quintile in GS’s data. “We believe the risk-reward has shifted in favor of closing this recommendation.” ([email protected])

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Morgan Stanley, in Its Biggest Deal Since Crisis, Courts Future Millionaires: The Wall Street bank will pay $900 million to acquire Solium Capital, which manages the stock that corporate employees receive as part of their pay. The deal is the bank’s largest acquisition since the financial crisis.


Calstrs Begins Redeeming $236M Investment in SHE ETF: The California State Teachers’ Retirement System has begun redeeming its $236 million investment in the SPDR SSGA Gender Diversity Index ETF (SHE).


Forget the 401(k). Let’s Invent a New Retirement Plan: The reimagined plan, for one thing, would blend the stable income for life of old-fashioned defined-benefit pension plans with the favorable tax treatment of the contemporary 401(k).

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Art Donors Increasingly Look to University Museums: College art museums are more likely to display donated works, keep collections together and incorporate them into the academic curriculum.


The Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. The content is curated by the Dow Jones Newswires team using articles from the Newswires, Barron’s, MarketWatch and The Wall Street Journal. The briefing is delivered to subscribers by email each workday morning at 6:30 a.m. ET. You can sign up here for email delivery.

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