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US equity markets mixed after resuming trading following the holiday long weekend, with mega-capitalisation technology stocks a key drag – Dow added +148-points or +0.29%. Caterpillar Inc (up +3.7%) was the leading performer in the 30-stock index for a second consecutive session. [Unlike most major stock indexes, which weigh components based on market capitalization (or a modified version of it), the Dow weighs its 30 stocks by share price. Caterpillar is the Dow's second-highest priced stock, only behind Goldman Sachs Group Inc (+0.89%)]. Amazon.com Inc (down -4.75%) and Nike Inc (-4.45%) fell over >4%, while Microsoft Corp (-3.18%) and McDonald's Corp (-3.05%) lost over >3%. International Business Machines (IBM) Corp rose ~4% in extended trading (after rising +1.25% in the regular session) after President Trump signed executive orders aimed at accelerating quantum research, laying the groundwork for federal agencies to adopt the technology and strengthen US defences against cyberattacks.

US equity markets and bond markets were CLOSED on Friday (19 June) for Juneteenth. The US corporate calendar this week sees cruise operator Carnival Corp, semiconductor group Cerebras Systems Inc, FedEx Corp and KB Home Inc release quarterly results on Tuesday night AEST (23 June)., Micron Technology Inc and PayChex release quarterly results on Wednesday night AEST (24 June). Darden Restaurants and Winnebago Industries release quarterly results on Thursday night AEST (25 June).

Michael Smith—Managing Partner and Founder, Emerald Advisors Michael Smith shares how a client-first philosophy, niche specialization, and independence helped Emerald Advisors grow from $385mm to more than $1B in assets. In Summary What happens when an advisor builds a business around client service rather than operational efficiency? Jason Diamond speaks with Michael Smith, Founder and Managing Partner of Emerald Advisors, about the path from a successful Merrill practice to an independent RIA that has grown from approximately $385mm to more than $1B in assets. Along the way, Michael shares the story of being told he was “overservicing” clients, why that moment became a catalyst for independence, and how a highly specialized service model fueled the firm's growth. Drawing on lessons from a 24-year Navy career, Michael offers a perspective on leadership, specialization, client care, and what it takes to build a durable business in today's wealth management landscape. The Storyline Growth is often viewed as the result of marketing, referrals, acquisitions, or scale. Michael Smith sees it differently. After building a successful practice at Merrill, Michael found himself at odds with the constraints of the traditional wirehouse model. What ultimately stood out wasn't compensation, technology, or platform capabilities. It was a philosophical difference around client service. When he was told he was spending too much time helping clients navigate tax planning, equity compensation, and other financial decisions outside the traditional scope of investment management, he began to question whether the model aligned with the way he wanted to serve families. That realization eventually led him to launch Emerald Advisors in late 2019. The firm started with roughly 85 clients and approximately $385mm in assets. Today, Emerald serves more than 225 families and oversees more than $1B in assets. Throughout the conversation, Michael reflects on the lessons learned from building an independent firm, developing a niche around concentrated stock positions and executive compensation, navigating custodial and technology decisions, and creating a culture rooted in accountability and service. Underlying it all is a simple belief: when firms become highly intentional about who they serve and how they serve them, growth often becomes the outcome rather than the objective. Topics Covered Merrill breakaways and independence Client service as a growth driver Building an RIA RIA growth and scalability Organic growth strategies Concentrated stock positions and equity compensation planning Ideal client personas and niche specialization Schwab and Fidelity custody relationships Advisor succession and enterprise value Navy leadership principles in wealth management The rise of mega RIAs Advisor technology and infrastructure > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did being accused of “overservicing” clients become a turning point? (08:15)Michael explains how a conversation with management revealed a deeper misalignment between his client-service philosophy and the wirehouse model. What does client service look like beyond portfolio management? (11:30)The discussion explores how tax planning, equity compensation guidance, and proactive coordination can deepen client relationships. Why can specialization accelerate growth? (15:45)Michael shares why serving a defined niche often creates stronger referrals, greater expertise, and clearer positioning. How has the RIA landscape evolved since 2019? (20:30)Michael reflects on the rise of mega RIAs, changing technology capabilities, and why he believes independent firms still have significant advantages. What role do custodians really play in an independent business? (23:15)Michael discusses his experience working with Schwab and Fidelity and why he views custodians as strategic partners rather than competitors. Is the wirehouse model still the right fit for some advisors? (26:45)The conversation challenges the assumption that independence is the best path for everyone and explores the realities of running a business. Does reaching $1 billion in assets actually change anything? (32:45)Michael offers a practical perspective on growth, success, and why asset milestones can be misleading. What can advisors learn from the “steamboat” philosophy? (37:15)Drawing on his Navy experience, Michael shares a leadership framework that continues to shape how he approaches business building and decision-making. Key Takeaways Exceptional client service can become a meaningful competitive advantage when it extends beyond investment management. Independence gave Michael the flexibility to build a service model that aligned with his philosophy rather than adapting his philosophy to fit the platform. Developing a niche around executive compensation and concentrated stock positions helped accelerate Emerald's growth. The ability to make technology, custodial, and operational decisions quickly remains a significant advantage for independent firms. Not every advisor should be independent. Running a business requires a different set of skills and responsibilities than serving clients alone. Growth milestones are useful, but they do not define success. Michael believes success existed long before Emerald reached $1 billion in assets. High-performing teams with a clear client focus often find that growth becomes a natural byproduct of execution. https://youtu.be/RjzsMcC2DnY Quotable Moments “I literally had to go back and Google the word overservicing.” “Servicing the client is the most important thing that we can do today.” “If you serve a niche and you're very good at that niche, that word gets around.” “Growth becomes the outcome.” FAQs Can an advisor really “over-service” clients? The discussion explores the tension between efficiency and depth of service. While some business models prioritize scale and consistency, others are built around solving a broader range of client problems. The right answer often depends on the advisor's philosophy and business model. Does specialization still matter in a relationship business? Michael argues that developing expertise in a specific area can accelerate growth by making referrals easier and helping advisors become known for solving a particular set of problems. What actually changes when an advisor becomes independent? Beyond economics, independence often creates more flexibility around client service, technology, processes, and business decisions. At the same time, advisors assume responsibility for running the business itself. Is full independence the right path for every advisor? No. Michael acknowledges that many advisors benefit from the structure, support, and resources available within traditional firms. Independence offers flexibility, but it also introduces complexity and responsibility. How should advisors think about the $1 billion milestone? Michael views asset milestones as useful benchmarks but not measures of success. In his view, business quality, client outcomes, and sustainability matter more than any specific asset number. What role does an ideal client persona play in growth? Rather than trying to serve everyone, Emerald built its business around a clearly defined client profile. Michael believes that focus improves service, creates operational consistency, and supports organic growth. How can advisors balance growth with client service? One of the central themes of the episode is that growth and service are not necessarily competing objectives. In some cases, a differentiated service model becomes the reason a business grows. The discussion explores the tension between efficiency and depth of service. While some business models prioritize scale and consistency, others are built around solving a broader range of client problems. The right answer often depends on the advisor's philosophy and business model. Michael argues that developing expertise in a specific area can accelerate growth by making referrals easier and helping advisors become known for solving a particular set of problems. Beyond economics, independence often creates more flexibility around client service, technology, processes, and business decisions. At the same time, advisors assume responsibility for running the business itself. No. Michael acknowledges that many advisors benefit from the structure, support, and resources available within traditional firms. Independence offers flexibility, but it also introduces complexity and responsibility. Michael views asset milestones as useful benchmarks but not measures of success. In his view, business quality, client outcomes, and sustainability matter more than any specific asset number. Rather than trying to serve everyone, Emerald built its business around a clearly defined client profile. Michael believes that focus improves service, creates operational consistency, and supports organic growth. One of the central themes of the episode is that growth and service are not necessarily competing objectives. In some cases, a differentiated service model becomes the reason a business grows. Related Resources The Transitioning Advisor's Lament: Things I Wish I Knew Before Freedom vs. Familiarity: Is it Worth Disrupting Comfort for Something That Might Be Better? IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider Advisor Transition Report 2026 Guest Bio Michael Smith, CPWA® is the Founder and Managing Partner of Emerald Advisors, an independent wealth management firm overseeing more than $1 billion in assets for affluent families, executives, and business owners with complex planning needs. Mike entered the wealth management industry in 2005 after a distinguished 24-year career in the United States Navy, where he served both as an enlisted sailor in the Submarine Force and later as a Limited Duty Officer aboard USS Abraham Lincoln and on major staffs around the world. He earned a Bachelor of Science in Management and an MBA with dual emphases in Finance & Accounting and International Business. Throughout his career, Mike has been known for his commitment to comprehensive planning, helping clients navigate complex issues involving concentrated stock positions, executive compensation, tax strategy, estate planning, philanthropy, and multi-generational wealth transfer. His client-first approach and passion for education have helped Emerald Advisors grow from a startup firm in 2019 to a nationally recognized RIA serving more than 225 families. Outside of the office, Mike is an avid ultrarunner, golfer, lifelong learner, and dedicated advocate for children’s health initiatives. He is a current member of the Legacy Council at Seattle Children’s Hospital and has served in leadership and board roles supporting the Juvenile Diabetes Research Foundation, the Barbara Davis Center for Diabetes, the ALS Association, and the Alyssa Burnett Adult Life Center. He is also the proud father of Kat Smith. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story A conversation with Jason Diamond and Michael Smith, Managing Partner and Founder of Emerald Advisors.      Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story. It’s a conversation with Michael Smith, managing partner and founder of Emerald Advisors. I’m Jason Diamond and this is the Diamond Podcast for financial advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Growth is often viewed as the result of better marketing, stronger referrals, a larger team and even acquisition and that’s all true yet growth can be the byproduct of something else entirely. For example, Michael Smith built a successful practice at Merrill then, one day, he was told he was spending too much time with his clients, or his management put it over-servicing clients. For Michael, that wasn’t a warning sign about his approach, it was a signal that he might have outgrown the firm and the model. Today, Michael is the founder and managing partner of Emerald Advisors, the independent RIA he launched in late 2019 with roughly 385 million in assets and 85 client relationships. Less than seven years later, the firm has grown to more than a billion in assets while remaining deeply focused on a highly-specialized client base and an unusually hands-on service model. What makes this story particularly interesting isn’t just the growth, it’s the thinking behind it. Michael’s perspective was shaped long before he entered wealth management. After serving more than two decades in the Navy, he brought a leadership philosophy centered on accountability, discipline and what he calls steamboat people, those who keep moving forward regardless of conditions, that mindset continues to influence how he builds his team, serves clients and evaluates opportunities. In this episode, we discuss the decision to leave Merrill, the realities of launching a fully independent RIA, why specialization can accelerate growth, the evolving role of custodians and technology and why he believes exceptional client service remains one of the industry’s most durable competitive advantages. Because Michael’s experience suggests that growth isn’t always the result of finding more opportunities, sometimes it’s the result of creating the freedom to execute the vision you already had so let’s jump in. Michael, thank you so much for joining us today. For starters, can you walk us through your background and what brought you to the world of wealth management? Michael Smith: Jason, thank you so much for the opportunity to be here today, I do listen to the podcast a lot especially before I left Mother Merrill. But my background and how I got into financial services is really distinct because I was on the board of JDRF back in the day and the national sponsor for JDRF was UBS PaineWebber and they’re like, “Mike, why don’t you be a financial advisor?” And my master’s degree was actually a finance and accounting in portfolio management because I’ve managed my own portfolio for years and years and so, when I couldn’t get a job, I just fell into it because I couldn’t get a job and I needed a job. That was 21 years ago, Memorial Day so that’s how I got into this industry. Jason Diamond: It’s a unique background, it’s super interesting and I want to talk more about it. You mentioned Mother Merrill, we’ll certainly get there. Before we do, give us a little bit of context on the current business you operate, Emerald Advisors, any context you can share on size, number of staff, types of clients you serve would be great. Michael Smith: Sure. So, we launched Emerald in 2019, November 2019 with about 85 clients and you always talk about this on the podcast how scared it is to launch and go independent. And I would say we took over about 95% of our clients that we wanted to bring over and today we’re at about 230 clients, I think we have some onboarding right now, we have just over a billion of assets. So, we launched with the 85 clients and around 350, 385 million, now we’re over a billion. Jason Diamond: Good for you. Michael Smith: Thank you. And I launched with four employees and we’re now at 11. And I would give a shout-out to one of my key employees because, when I launched, I actually hired somebody that had no experience with us and that was really a good thing because that allowed that person to really focus on operations and back office stuff while my business partner Emily and I were able to focus on bringing on the clients and alleviating any issues that they may have or thought. Jason Diamond: So, meaning you hired somebody basically immediately upon launch to help you with the transition and with this next chapter? Michael Smith: Correct. I hired them before but they started the day we launched. Jason Diamond: Brilliant, I love it. Oh, let’s definitely talk more about that because I think that’s a great strategy for … You’re right, you said it in a joking manner now because you’re seven years past but it’s a very real fear that advisors have and I think it’s worth talking more about. I want to mention too you have, obviously, built this business and grown this business dramatically. I don’t want to make this episode about the pandemic but you moved the business at a, certainly, a unique time. Did it impact your growth at all? Did you feel like you hit a brick wall? Just curious about your thoughts. Michael Smith: No, Jason, that’s a great observation. I would venture to say that the pandemic was actually a good thing for us. Jason Diamond: Interesting. Michael Smith: And I say that because, all of a sudden, you could hit pause because everyone was relearning how to do business, how do we do client reviews, how do we communicate with clients in a environment. So, I think the pandemic allowed us to just really reset our expectations visiting with clients because I used to fly a lot because I have clients in 38 different states so this has actually been, not just good for me, but good for the industry because I think it’s reset our expectations that we don’t have to be every day with a client facing. Jason Diamond: I agree with that largely and it’s true of our business too, by the way, it’s certainly reshaped the way people expect to be communicated with. I think Zoom has become much more mainstream, phone calls and we’ve heard from many other advisors who say something similar. I was just curious because you moved so close to or if there was an impact but I get, honestly, I think you’re right, it allowed you to have this nice natural inflection point and almost like flipping a switch of a clean slate. Michael Smith: It allowed us to learn the processes too. So, we launched in November 1st, by March we were in lockdown and so it gave us the opportunity to take several months of just learning the processes of how to be an RIA, it was pretty good. Jason Diamond: Absolutely. So, one of the things you mentioned in that was the way in which you serve clients and I’d read something funny and I think it was around the time of your move. You were talking about that, Merrill, you had a manager who spoke about that you would overserve your clients, you serve clients too much, tell me about that. Michael Smith: That was such an interesting topic because I got called down to the ops officer’s office and they’re like, “Ugh, Mike.” And it brought my admin down with me and they’re like, “Mike, these reports that you’re taking care of your clients too much,” and I’m like, “What do you mean?” “Well, you’re overservicing them.” Jason, I literally had to go back and Google the word overservicing because I was like, “How do you overservice the client? I’m not making their bed.” It was just so funny to me that I got counsel for overservicing clients when we’re in a client-facing job and I think that was part of the catalyst. Jason Diamond: Tell me more about what they meant, you think. Michael Smith: Hindsight, I think they … I like to take care of people which means I’m very intuitive towards taxes, I understand how the tax code works, I understand how everything impacts their bottom line. So, when we’re doing deferred comp enrollments or 401(k) enrollments or I’m a big believer in Roth 401(k)s and backdoor Roths and I’ve been doing them for years, I think what Mother Merrill wanted at that time was us not to do that. And, again, nothing against Merrill, I get it but this is how they wanted us to act and I wasn’t in that mold, I was taking care of clients to a much deeper depth is how I would say it. Jason Diamond: And I think that speaks to you outgrew the model not necessarily the firm. I think Merrill does a lot of things really well, you would agree with that, I think given that you built 85 clients and 350 million in assets is nothing to sneeze at. But the model that it seems like you value client service and an integrated client service experience of that and the wirehouse model oftentimes doesn’t put a premium on that. Tell me about your ethos or your thoughts around client service today and what being independent enables you to do. Michael Smith: So, that’s an interesting observation because one of my clients actually just mentioned to me that the reason we’re growing so much is because of our service model and the fact that we deliver a tremendous amount of value over just portfolio management. I said my managers is in portfolio management, I don’t do that any longer, I have a staff that handles that for me but it’s really the servicing of the clients because they don’t know what we know and I think servicing the client is the most important thing that we can do today. Jason Diamond: Give me some examples of what you mean by servicing the client in a more holistic way. I agree with you, by the way, portfolio management, table stakes, financial planning, table stakes, tell me more about what you mean. Michael Smith: By that I mean we do a quarterly review on tax. So, a lot of people don’t understand how taxes work and how estimated taxes work. So, estimated taxes are January 1st to March 31st, January 1st to May 31st, January 1st to August 31st, that’s how you do your estimated tax payments, you figure out what that is. And for compensated employees where they have RSUs that come in at different times of the year or different grants or exercise their options at a different time, that can affect their estimated tax liability and I’m not big on giving Uncle Sam any more money than they have to have until they need it. And then everyone doesn’t understand how the penalties and interest works on the IRS. And I’m big on the tax payments because that’s where we can add a lot of value for not a lot of time and we integrate it with our portfolio so we know what we’re doing with our gains. And I happen to reside in Washington State which has a long-term capital gains tax rate once you surpass about 270,000 of long-term capital gains. So, it’s super important for us to be aware of this and that’s how we service them. We also help them with their rebalancing of their 401(k)s, things that wirehouses cannot supposed to do, we are not supposed to be helping them with some of their aspects of life. Jason Diamond: Yup. That’s what I was alluding to earlier, it’s limitations on the model, not because they’re bad models, it’s just a different way, a different ethos around client service. You mentioned RSUs and corporate employees, I know that’s a niche you have is around concentrated stock positions and equity comp plans. I guess let me ask you two different questions around this. First of all, why that niche? Interested. And then, second of all, do you think a team needs to have a specialization to be competitive these days or do you think it’s okay just to be like, “My job is to be the best advisor and I want to service assets wherever those assets may come from?” Michael Smith: Another great observation. I’m going to address the niche first and foremost. I think, and I talked to R.J. Shook’s staff just recently, and having a niche gives you a specialization and it also accelerates your growth factor. If you serve a niche and you’re very good at that niche, then that word gets around. If you’re a jack of all trades, you can do lots of things but I don’t think you’re focused and you’re not hitting the right numbers that I like to see. And I think that would be my theme is the niche allows you to focus on a very specific type of ideal client, that’s a Schwab thing where you have an ideal client persona and our firm has an ideal client persona. As far as having the equity comp, I absolutely was one of the teams at Merrill Lynch that was equity compensation designated, I managed a couple of plans. My exposure to that, Jason, I haven’t thought about this in a very long time, came from UBS where I had team members that were colleagues that were associated with the Nextel Sprint plan. And I always thought that you’re taking care of the top executives but, really, my background being in the military was how do we take care of the troops, the troops, I call them sailors, and how do we educate those sailors. And one of the things I’ve always said in my entire career in the military and I still say to this day is 50% of every bonus or a promotion or something like that should go to long-term savings. So, I use that same mentality with RSUs, with stock options, with bonuses. Set that aside, let that grow because you’re not used to spending it and you will learn to spend what you make. Jason Diamond: I think that’s a great reason, it’s super smart and I love your explanation, it was a very simplistic way. Honestly, even I hadn’t thought about that around your niche, I think, becomes almost like a force multiplier for your own growth because it’s much easier to become the guy in X, Y, Z vertical than to be the guy in every financial advisor of America, across America. Let me ask you a follow-up question, you mentioned the ideal client persona. I spend a lot of time at our firm thinking about this as well, what does your ideal client persona look like. How do you think about an opportunity though that differs from that persona? So, it’s great. Obviously, everybody, it’s easy, you get somebody who’s your perfect prospect, they walk in the front door, sign me up. But when you get something that’s not down the fairway for you, is it just I evaluate it on a one-off basis or are you super disciplined to that approach because it’s who your firm is? Michael Smith: I truly haven’t given that a whole lot of thought but I will tell you how I would handle that because I am handling it with some one-offs. I like the opportunity because you’re stretching your brain in that you’re thinking about how somebody else is reacting so you’d never know. So, I like it from a learning perspective but I also know it comes with a lot of other baggage, I’ll call it baggage, because, all of a sudden, they want to short the market, they want to go long-short strategies. So, all of a sudden, they’re not in our niche and, all of a sudden, they’re taking a lot of time, they’re draining our time so I think you got to be very careful about what you wish for. And there’s a lot of great advisors out there that will walk circles around these topics that I’m like, “Okay, I would rather refer somebody so they get the right experience than give them the wrong experience.” Jason Diamond: I absolutely love that answer. The bow you just put on it, I think, is the appropriate way in my mind to put a bow. At the end of the day, wouldn’t you rather service somebody more optimally even if you don’t believe it’s yourself, I agree with that. I want to ask you one more point on the client service piece. I was playing around on your website and, on your service model, you have health as a component of the client experience of your diagram. Why do you think health matters in a financial context? Michael Smith: I always believed in a healthy mind and a healthy body will bring so much joy to you and I think health is just part of your persona. If you don’t take care of yourself and your body and your mind, then it doesn’t matter what I do, I think you got to start with health. So, I’m very big on the executive physicals, I routinely require all of our staff to have an annual physical. And, again, they’re young people but you got to have these annual … I live and breathe going to see a doctor every year to do my annual physical, not because I think I’m pretty good health, I still run, I do a lot of things but I think your life starts with being healthy. Jason Diamond: Yeah, it’s refreshing to hear that, no doubt. It’s funny to think about but 2019 is a long time ago now and, in RIA world, I almost think of it like dog years. You’ve been around the block now for a little while so I’m curious how have you seen this space change since you launched in 2019? Michael Smith: In 2019, I didn’t know what I was doing, I could barely get out a wet paper bag but I do think it’s changed dramatically. I would say the biggest thing I’ve seen in just the six and a half, almost seven years is the rise of the mega RIAs and how they’re going to shape the industry. Everyone talked about fee compression at Merrill Lynch. When I was at Merrill, we talked about fee compression, then they talked about robo-advisors and now they’re talking about artificial intelligence replacing advisors, I don’t believe that and I don’t think that’s going to happen in the RIA space. What I see the RIA space maturing is into these very big mega firms as well as these independent RIAs like myself that serve a very niche market where we can walk in our lane. The ability to transact today is so much easier as an RIA than it was at a wirehouse as well because we have instant access to technology. My military background, my Navy background says make a decision right, wrong or different, if you don’t like it afterwards or you get new data, course change. So, in our industry, we can change on a notice. I hired a tech firm last year, I didn’t like the experience nine months into it, guess what, they’re not coming back. So, I can do that but you can’t do that at the bigger firms and even the bigger mega firms would have a hard time navigating a change just like that on a dime. Jason Diamond: You bring up an interesting point. To the extent you face competition, do you find yourself competing more against traditional wirehouse type firms or RIAs like yourself, mega caps RIAs? Are your clients attuned to any of this? Michael Smith: That’s an observation I haven’t thought of either there, Jason. I would say I don’t feel that I have a … I know there’s competition out there but we have a growth issue more than we have anything else so I don’t … I can’t take on the clients that want to become my clients so I’m not competing with people too much. Jason Diamond: A capacity issue, you mean? Michael Smith: Yeah, I have a capacity issue. Jason Diamond: I think you’re not alone in that. How can I even think about competition and the like when … A lot of advisors would probably say that. I want to talk more about the capacity situation but, before I do, let’s talk a little more about the RIA setup. Who do you custody with, remind us, and why or how did you arrive at that decision? Michael Smith: Yeah. So, when I launched, I went with Schwab, Schwab is a phenomenal partner, they helped me get a lot of stuff done, I couldn’t have done it without Schwab. During the pandemic, I realized that I should probably … So, remember, during the pandemic, we had a lot of issues with the banking industry, it was almost like a financial crisis but in a very compressed time. So, during the COVID, I decided to add Fidelity as another custodian so now I have two custodians and I opened accounts on both sides of the house but I like the custodians that are there to help you, they’re very good at what they do. I don’t even consider them a competitor and they aren’t competitors, they have their own branch so I don’t consider them competitors, I think they’re my partners and both Charles Schwab and Fidelity are good partners. Jason Diamond: Yeah, I think that’s the healthy way to look at the custody relationship. That’s a very common approach, I think, is launching with one custodian and then adding a secondary custodian or a tertiary custodian down the line for one reason or another so I appreciate you sharing that because we get those types of nuts and bolts questions a lot so I figured I’d ask you. One last question on the setup and then we’ll shift gears. Has anything been a negative? So, you talked about leaving Mother Merrill behind and, Mother Merrill, we use it facetiously but obviously it implies a degree of comfort and the homeland so I’m curious if you miss anything. Michael Smith: I miss the camaraderie of being with a bunch of other folks. I mentioned this when I first launched, I mentioned it year over year with my team, the one thing that we miss as an RIA and, again, Dynasty has their benefits as well and the mega RIAs have their benefits but, if you’re a true independent like myself, we get to go to conferences that we want to and that’s a timing issue, really, a time constraint. But one thing Merrill and Morgan, JPMorgan, and the other big wirehouses have as well as the megas, they have the ability to put conferences together for their advisors or their administrators and have this education. That’s the one thing that, I think, would evolve in the RIA industry in the future as well. They’re not my competitors, they’re my business colleagues. And if we think of them as competitors, and a lot of people do because I don’t want to share my client information or what I do with my competitor because they may steal them, if you’re that insecure, then you’re probably not the right advisor in the first place. Jason Diamond: I don’t disagree with that. It’s interesting too, I hear two common answers to that question, not about Merrill but just about somebody who’s broken away, what do you miss about the captive firm world. Either on this podcast or just in conversations with advisors, brand comes up a lot and then the point you just raised. I’ll even hear like, “Hey, forget the conferences and the trainings, just being able to have an office where I’ve got eight other advisors on a row for me, it’s a little bit of a different setup than in the independent space,” and I think that’s just a reality of you take the good with the bad. And for other advisors, by the way, one of the things I want to ask you about to this point is do you believe that there are advisors that are just better served in the W2 traditional firm world or do you think that every advisor should be looking at the RIA space? Michael Smith: I think that wirehouse serves a great purpose and- Jason Diamond: Okay, me too. Michael Smith: … there’s a lot of great people that are great advisors in that wirehouse, they need the structure. What I hadn’t alluded to is, and I mentioned this to a former manager from Merrill Lynch of mine just recently, actually, I was like, “I don’t think advisors realize what it takes to run a business.” I’m not trying to sugarcoat it, running an RIA is hard work, it takes a lot of your time day in and day out to run a business as well as taking care of and servicing your clients so I do think the wirehouse venue is the right way to go. And, Jason, I want to go back to one other thing about your identity. I launched as the Smith Group because that’s what I was known at Merrill Lynch. Within three or four months, I changed that name to a firm because I did not want to be associated with it. So, when you’re at one of the wirehouses, you’re known as your team name or something of that sort, I didn’t want to be known as that, I wanted to be known as Emerald Advisors not the Smith Group because, all of a sudden, you have a single point of failure. So, brand identity, it’s not so unique inside the wirehouse because it’s a team name versus Merrill or Morgan Stanley or something like that. Jason Diamond: It’s a good segue because I’ll tell you where my mind goes when you bring that up. My mind goes is you’re smart in a way that you might not even realize or maybe you do realize which is that, if and when it ever comes time to sell this business, it is probably more valuable without your name attached to it or maybe not. But in some way, shape or form, as an RIA, you have an obligation to be thinking about that or it’s probably on your radar, maybe not an obligation. Have you given an ounce of thought to M&A either acquiring businesses, growing in that way or, ultimately, when you succeed out of this business and what the RIA space enables you to do? Michael Smith: To answer that question, yes. Everyone’s thinking about merger and acquisition, I think about succession planning from day one. I actually thought about I’m a big team person, I come from the submarine force where everyone is a key player on a submarine, every single person has a job and responsibility on a nuclear submarine. So, inside the financial services industry, I know Merrill Lynch was very big on teaming, I understand Morgan Stanley is as well because teaming gives them a breadth of responsibility where the responsibilities are shared. So, mergers and acquisitions or selling my business, I think, if you’re not thinking about that … And I’m not thinking about selling my business because that’s a distraction to me. If I needed the money, then I would’ve went to a wirehouse and that’s okay, you monetize your life’s work. Today, I’m all about what’s right for the client, what’s right for my team and what’s right for where I want to be in the next 10 to 20 years. So, I am growing, I do want to grow, I’m looking at opening offices in probably three locations in the next 24 months or so. Jason Diamond: Well, that’s what I was going to say, plenty of advisors I think would say the same, I have a lot of runway. But what about the other side of this equation which is you’ve had tremendous organic growth, you’ve tripled your client base, you’ve more than tripled the asset base, have you thought about acquisition as a mean to jet fuel the inorganic growth side of things? Michael Smith: I have but not in the typical sense that you’re looking at as buying a book of business. I want to partner with like-minded advisors that share that common thread of taking care of clients where you can serve as their trusted counsel and sit in the meetings with their attorneys and sit in the meetings with the accountants and give them sage counsel that you can only do because you’ve been with the family for 20 years. You know this family and that, not always, but I think that’s missed a lot in other firms. Jason Diamond: Yeah, I think that’s fair. I just thought of something else that you brought up. You brought Dynasty so I’m going to ask … I’m going to pull on this thread. That implies to me that you’re at least loosely aware of the supportive independence models that are out there yet you chose a very independent, autonomous path, why? Michael Smith: Because I didn’t know what I was doing. Jason Diamond: Fair. Michael Smith: Let’s be honest, I like Dynasty, I talked with Dynasty when I left. I talked to them all, I talked to Rockefeller, I talked to Morgan, I talked to Dynasty and then, when push came to shove, I wanted to be Mike Smith and launch my own firm and learn. And I will tell you, you learn drinking through a fire hose and we did that, we learned, I know the mistakes. What I didn’t want to do is just go to someplace where this is the stuff you’re going to have to use. So, I think Dynasty is a great launching platform, I think there’s other ones out there that are similar to Dynasty or the Rockefellers or the Morgans, it’s truly what you’re trying to achieve in life. What do you want for you and your clients and I always put my clients before me because I’ve always had this lifelong thing of, you do the right thing, you’re going to get taken care of. Jason Diamond: Yeah. And that’s a very common analysis, by the way, and it’s very common too for big advisors like yourself to say I did my homework across all of those different categories. I looked at the traditional wirehouses and regional firms and boutique firms, I looked at the independent broker dealers, I looked at the support platforms and the aggregators and the roll-ups and here’s ultimately what I landed on and why. Did you always know that though or was that something that it took you a diligence process to figure out? There was plenty of advisors, by the way, who come to us and they’re like, “I knew for the last five years that I was sitting there I was launching an RIA someday.” Michael Smith: Yeah. I did not know that and, to be honest with you, hindsight, I think one of those partners probably could have made me a little bit better at first because then I could have focused on clients versus focusing on, hey, how to open a business, who’s your technology … We talked about custodians and some other things but we didn’t talk about technology, how do you go find that technology. Where’s your email address come from? Who’s your chief compliance officer? When it resides on you, you got to look in the mirror. So, I think those parties out there that provide that for brand-new advisors launching could be very beneficial. I had in my mind what I needed to do and I knew I’m very frugal so mine boiled down to how much money I wanted to spend, to be honest with you. Jason Diamond: I think it is a cost benefit analysis, it is. It’s absolutely … Because if you list the functions of a support platform on paper and you showed it to somebody who didn’t know the industry, they would say, “Why on earth wouldn’t you do this? They’re taking off your plate compliance and tech and custody and the like,” and the answer is because there’s a cost associated with it and plenty of advisors decide what you decide, I wanted … Or I just wanted a greater degree of autonomy and freedom, to your point, the name on the door piece, I wanted this to be mine. Michael Smith: And, Jason, I think it also goes to the uncertainty. I had never done anything since Navy, financial advising and then launching. So, for me, I was launching with four employees I had to take care of and here I was going to hire a third party that I was going to have to spend X amount on and I didn’t even know what my income was going to be. That’s different if you’re a multi-billion dollar FA coming out of a wirehouse, the monetary dynamics are different. Jason Diamond: Agreed. Okay, here’s a good one for you. We get this concept from advisors, from firms, from private equity that a billion dollars in assets is like this magic number in our industry. Do you feel like anything’s changed now that you’re at a billion and what’s the next chapter for Emerald Advisors? Is it just continuing on this steady trajectory and serving clients and trust that everything else comes with that? Michael Smith: I go back and forth on a billion, everyone thinks that’s the right number, the biggest number that you need but I think it’s just an arbitrary numbers because it didn’t define who I was. And a lot of people define success at a billion, they define success that you’re a successful firm at a billion. I think I was a successful firm at 300 million, I was a successful financial advisor with 20 clients in 2005. I would say a billion is a multiplier, what I would tell new advisors out there today is gather assets. The more assets you have, the more revenue you generate. The more revenue you generate, the more money you can put in your pocket which means the longer you can stay in the industry. The problem with the industry is an attrition problem, not anything else. So, assets just give us the ability to have revenue which gives us the ability to grow. Jason Diamond: And is that the plan? Keep adding assets, keep growing one client at a time with the focus though, obviously, on what makes you which is a very client-centric service model. Michael Smith: Correct. There’s a lot of things I want to do in the next couple of years and expanding our footprint is our biggest one with the right partners and then just keep adding. I have a business development officer that I’m probably offer a job to here pretty soon and things are going well. Jason Diamond: Yeah, that’s great. You mentioned the tech stack and the other components of the business and I hear you on the frugal cost-benefit analysis. But who did you turn to for some of those early decisions, was it Schwab primarily who helped hold your hand through that? Michael Smith: Schwab was very good at helping me identify the tech stack at first and the tech stack is actually the one consistent, there’s a lot of things I’ve been consistent on but tech is one that I’ve stayed with them. I launched with RightSize, now they’re Advisory, they’re very good, they do the right job for us and I’m big on cybersecurity. So, tech was helpful from Schwab, Schwab helped us with that. Jason Diamond: So, we spoke a little bit about your naval experience but, I’m curious, can you tell us how has your naval experience shaped your perception or your experience in wealth management? Michael Smith: My Navy path was a lot different than many officers. I served 12 years as an enlisted person before I got my direct commission as a Mustang officer, typically called limited duty officers or loud, dumb and obnoxious as I like to say. But that experience gave me a unique perspective because I was able to be the enlisted side and officer which are the workers and then the management side so I had both experiences which was unique. When I was commissioned, Admiral Jerry Ellis, a submarine admiral that commissioned me, heard this lesson to the podium, he was just talking about me in this point but he said, “There are three kinds of people in every organization. You have rowboat people who need to be pushed, you have sailboat people who move whenever the conditions are favorable and then there’s steamboat people, they move continuously through calm or storm.” And he said, “This is Ensign Michael Smith,” he said, “Make your course.” And that’s always stood with me because you do have those three types of people in life. You got people that are just … They’re robo people, they go until they get tired. You got sailboat people that go wherever the wind blows them and then you got steamboat people that chart their own course. I would say for advisors out there make your course or just be happy with what you’re doing. But for some of us hard chargers, I think that analogy has stayed with me my entire career. Jason Diamond: It’s fantastic. I love the analogy, great naval tie in also. Thanks for sharing that. We got time for one more question. You have a fascinating background, a fascinating path to the industry, obviously, an incredibly disciplined approach around client service, any parting thoughts, words of wisdom especially as it relates to growth? That’s what strikes me most about your story is the growth that your move unlocked and that’s what every advisor who listens to our show is looking for. Michael Smith: I’m going to give another plug to Schwab on this. We actually were fortunate and I got their consulting group to come in right afterwards and I’m a big believer in having offsite. So, I’ve had an offsite, two offsites a year for my team and it’s the entire team unlike the wirehouses where you don’t take your admins and stuff like that. I take my entire team to an offsite and we group up on what we’re trying to achieve and have goals and objectives for the year. Schwab allowed us to use their consultants and we came up with our ideal client persona. Teams or firms that have this model become high performing. When you become high performing, growth becomes the outcome. I couldn’t do anything but grow. Jason, I couldn’t not grow because I had this ideal client persona, I knew how I was going to do it, it was measurable. So, growth becomes the outcome and, if you hold people responsible, then we’re all going to grow together and it’s a fun outcome. Jason Diamond: Fantastic, it’s a great place to end. Thank you so much for sharing your expertise with us, I can’t wait to see what the next chapter holds for Emerald, this has been a lot of fun. Michael Smith: Jason, thank you so much. I appreciate everything you do for the industry as well. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? Is a book written with you in mind? It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story A conversation with Jason Diamond and Michael Smith, Managing Partner and Founder of Emerald Advisors.      Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story. It’s a conversation with Michael Smith, managing partner and founder of Emerald Advisors. I’m Jason Diamond and this is the Diamond Podcast for financial advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Growth is often viewed as the result of better marketing, stronger referrals, a larger team and even acquisition and that’s all true yet growth can be the byproduct of something else entirely. For example, Michael Smith built a successful practice at Merrill then, one day, he was told he was spending too much time with his clients, or his management put it over-servicing clients. For Michael, that wasn’t a warning sign about his approach, it was a signal that he might have outgrown the firm and the model. Today, Michael is the founder and managing partner of Emerald Advisors, the independent RIA he launched in late 2019 with roughly 385 million in assets and 85 client relationships. Less than seven years later, the firm has grown to more than a billion in assets while remaining deeply focused on a highly-specialized client base and an unusually hands-on service model. What makes this story particularly interesting isn’t just the growth, it’s the thinking behind it. Michael’s perspective was shaped long before he entered wealth management. After serving more than two decades in the Navy, he brought a leadership philosophy centered on accountability, discipline and what he calls steamboat people, those who keep moving forward regardless of conditions, that mindset continues to influence how he builds his team, serves clients and evaluates opportunities. In this episode, we discuss the decision to leave Merrill, the realities of launching a fully independent RIA, why specialization can accelerate growth, the evolving role of custodians and technology and why he believes exceptional client service remains one of the industry’s most durable competitive advantages. Because Michael’s experience suggests that growth isn’t always the result of finding more opportunities, sometimes it’s the result of creating the freedom to execute the vision you already had so let’s jump in. Michael, thank you so much for joining us today. For starters, can you walk us through your background and what brought you to the world of wealth management? Michael Smith: Jason, thank you so much for the opportunity to be here today, I do listen to the podcast a lot especially before I left Mother Merrill. But my background and how I got into financial services is really distinct because I was on the board of JDRF back in the day and the national sponsor for JDRF was UBS PaineWebber and they’re like, “Mike, why don’t you be a financial advisor?” And my master’s degree was actually a finance and accounting in portfolio management because I’ve managed my own portfolio for years and years and so, when I couldn’t get a job, I just fell into it because I couldn’t get a job and I needed a job. That was 21 years ago, Memorial Day so that’s how I got into this industry. Jason Diamond: It’s a unique background, it’s super interesting and I want to talk more about it. You mentioned Mother Merrill, we’ll certainly get there. Before we do, give us a little bit of context on the current business you operate, Emerald Advisors, any context you can share on size, number of staff, types of clients you serve would be great. Michael Smith: Sure. So, we launched Emerald in 2019, November 2019 with about 85 clients and you always talk about this on the podcast how scared it is to launch and go independent. And I would say we took over about 95% of our clients that we wanted to bring over and today we’re at about 230 clients, I think we have some onboarding right now, we have just over a billion of assets. So, we launched with the 85 clients and around 350, 385 million, now we’re over a billion. Jason Diamond: Good for you. Michael Smith: Thank you. And I launched with four employees and we’re now at 11. And I would give a shout-out to one of my key employees because, when I launched, I actually hired somebody that had no experience with us and that was really a good thing because that allowed that person to really focus on operations and back office stuff while my business partner Emily and I were able to focus on bringing on the clients and alleviating any issues that they may have or thought. Jason Diamond: So, meaning you hired somebody basically immediately upon launch to help you with the transition and with this next chapter? Michael Smith: Correct. I hired them before but they started the day we launched. Jason Diamond: Brilliant, I love it. Oh, let’s definitely talk more about that because I think that’s a great strategy for … You’re right, you said it in a joking manner now because you’re seven years past but it’s a very real fear that advisors have and I think it’s worth talking more about. I want to mention too you have, obviously, built this business and grown this business dramatically. I don’t want to make this episode about the pandemic but you moved the business at a, certainly, a unique time. Did it impact your growth at all? Did you feel like you hit a brick wall? Just curious about your thoughts. Michael Smith: No, Jason, that’s a great observation. I would venture to say that the pandemic was actually a good thing for us. Jason Diamond: Interesting. Michael Smith: And I say that because, all of a sudden, you could hit pause because everyone was relearning how to do business, how do we do client reviews, how do we communicate with clients in a environment. So, I think the pandemic allowed us to just really reset our expectations visiting with clients because I used to fly a lot because I have clients in 38 different states so this has actually been, not just good for me, but good for the industry because I think it’s reset our expectations that we don’t have to be every day with a client facing. Jason Diamond: I agree with that largely and it’s true of our business too, by the way, it’s certainly reshaped the way people expect to be communicated with. I think Zoom has become much more mainstream, phone calls and we’ve heard from many other advisors who say something similar. I was just curious because you moved so close to or if there was an impact but I get, honestly, I think you’re right, it allowed you to have this nice natural inflection point and almost like flipping a switch of a clean slate. Michael Smith: It allowed us to learn the processes too. So, we launched in November 1st, by March we were in lockdown and so it gave us the opportunity to take several months of just learning the processes of how to be an RIA, it was pretty good. Jason Diamond: Absolutely. So, one of the things you mentioned in that was the way in which you serve clients and I’d read something funny and I think it was around the time of your move. You were talking about that, Merrill, you had a manager who spoke about that you would overserve your clients, you serve clients too much, tell me about that. Michael Smith: That was such an interesting topic because I got called down to the ops officer’s office and they’re like, “Ugh, Mike.” And it brought my admin down with me and they’re like, “Mike, these reports that you’re taking care of your clients too much,” and I’m like, “What do you mean?” “Well, you’re overservicing them.” Jason, I literally had to go back and Google the word overservicing because I was like, “How do you overservice the client? I’m not making their bed.” It was just so funny to me that I got counsel for overservicing clients when we’re in a client-facing job and I think that was part of the catalyst. Jason Diamond: Tell me more about what they meant, you think. Michael Smith: Hindsight, I think they … I like to take care of people which means I’m very intuitive towards taxes, I understand how the tax code works, I understand how everything impacts their bottom line. So, when we’re doing deferred comp enrollments or 401(k) enrollments or I’m a big believer in Roth 401(k)s and backdoor Roths and I’ve been doing them for years, I think what Mother Merrill wanted at that time was us not to do that. And, again, nothing against Merrill, I get it but this is how they wanted us to act and I wasn’t in that mold, I was taking care of clients to a much deeper depth is how I would say it. Jason Diamond: And I think that speaks to you outgrew the model not necessarily the firm. I think Merrill does a lot of things really well, you would agree with that, I think given that you built 85 clients and 350 million in assets is nothing to sneeze at. But the model that it seems like you value client service and an integrated client service experience of that and the wirehouse model oftentimes doesn’t put a premium on that. Tell me about your ethos or your thoughts around client service today and what being independent enables you to do. Michael Smith: So, that’s an interesting observation because one of my clients actually just mentioned to me that the reason we’re growing so much is because of our service model and the fact that we deliver a tremendous amount of value over just portfolio management. I said my managers is in portfolio management, I don’t do that any longer, I have a staff that handles that for me but it’s really the servicing of the clients because they don’t know what we know and I think servicing the client is the most important thing that we can do today. Jason Diamond: Give me some examples of what you mean by servicing the client in a more holistic way. I agree with you, by the way, portfolio management, table stakes, financial planning, table stakes, tell me more about what you mean. Michael Smith: By that I mean we do a quarterly review on tax. So, a lot of people don’t understand how taxes work and how estimated taxes work. So, estimated taxes are January 1st to March 31st, January 1st to May 31st, January 1st to August 31st, that’s how you do your estimated tax payments, you figure out what that is. And for compensated employees where they have RSUs that come in at different times of the year or different grants or exercise their options at a different time, that can affect their estimated tax liability and I’m not big on giving Uncle Sam any more money than they have to have until they need it. And then everyone doesn’t understand how the penalties and interest works on the IRS. And I’m big on the tax payments because that’s where we can add a lot of value for not a lot of time and we integrate it with our portfolio so we know what we’re doing with our gains. And I happen to reside in Washington State which has a long-term capital gains tax rate once you surpass about 270,000 of long-term capital gains. So, it’s super important for us to be aware of this and that’s how we service them. We also help them with their rebalancing of their 401(k)s, things that wirehouses cannot supposed to do, we are not supposed to be helping them with some of their aspects of life. Jason Diamond: Yup. That’s what I was alluding to earlier, it’s limitations on the model, not because they’re bad models, it’s just a different way, a different ethos around client service. You mentioned RSUs and corporate employees, I know that’s a niche you have is around concentrated stock positions and equity comp plans. I guess let me ask you two different questions around this. First of all, why that niche? Interested. And then, second of all, do you think

US equity markets rallied sharply ahead of the holiday long weekend, underpinned by fresh gains for semiconductor stocks and as investors shrugged off concerns around rising interest rates following the Federal Reserve's latest monetary policy meeting – Dow added +72-points or +0.14%, with Caterpillar Inc (up +3.13%) the leading performer in the 30-stock index. International Business Machines (IBM) Corp lost -5.05%. Salesforce Inc fell -2.09% to extend the client relationship management software company's losing streak into a 13th consecutive session.

US equity markets fell sharply as investors digested the latest monetary policy pronouncements from the Federal Reserve – Dow lost -507-points or -0.98% to 51,492.55 after logging two consecutive record closing highs. The 30-stock index did hit a fresh record intra-day high (52,281.19) for a third day running earlier in the session after rising ~0.5% in early trading. Salesforce Inc fell -4.14% to be the worst performer in the Dow overnight and recording its 12th straight session decline to extend its longest losing streak on record. Amazon.com Inc (-3.46%), International Business Machines Corp (down -3.12%) and Microsoft Corp (-3.79%) all fell over >3%.

US equity markets closed mixed overnight– Dow rallied +329-points or +0.64% to a fresh record closing high of 51,999.67 after scaling a record intra-day peak of 52,190.29.

US equity markets rallied for third straight session and oil prices tumbled to open the holiday-shortened week a day after the U.S. and Iran reached a preliminary deal to end their months-long war and reopen the Strait of Hormuz – Dow climbed +469-points or +0.92% to a record closing high of 51,671.03. Boeing Co gained +4.52%, while Amazon.com Inc (+3.13%), American Express Co (+3.05%), Honeywell International Inc (+3.22%) and Nvidia Corp (+3.54%) all rallied over >3%. According to a preliminary filing with the Securities and Exchange Commission (SEC), Nvidia plans to raise debt across seven tranches, with maturities between 2028 and 2056. Reuters reported that the chip maker is looking to issue US$20B worth of bonds, which would mark Nvidia's first corporate bond sale since 2021, when the company raised US$5B.

US equity markets rallied on Friday (12 June) as investors held out hope for a peace deal between Iran and the United States and as Space Exploration Technologies Corp - or SpaceX – made an impressive debut on the Nasdaq exchange – Dow rose +354-points or +0.70%. American Express Co (+2.31%), investment banks Goldman Sachs Group Inc (+2.62%) and JPMorgan Chase & Co (+2.31%), and Verizon Communications Inc (+2.49%) all rose over >2%.

US equity markets rebounded sharply, booking their biggest single session percentage gains since 8 April (when the U.S. and Iran agreed to a temporary ceasefire) after President Trump cancelled planned strikes against Iran, and on the eve of the ‌market debut of SpaceX – Dow climbed +930-points or +1.86%, with Boeing Co (+6.04%) and Honeywell International Inc (6.43%) jumping over >6%. Amgen Inc (+4.84%), Caterpillar Inc (+4.84%), Nike Inc (+4.55%) and Sherwin-Williams Co (+4.27%) all rallied over >4%.

US equity markets fell sharply as heightened geopolitical conflict in the Middle East and concerns about rising inflationary pressures hit investor sentiment – Dow dropped -953-points or -1.87% to 49,918.78, booking its first close below 2.5%.

The Nobel family (which are the namesake of the Nobel prize), had a rags-to-riches story bigger than the Rockefellers or Morgans. The Nobel patriarch Emanuel fled debtor’s prison in 1837. He then travelled east and built a foundation for the largest oil empire in Russian history. Three generations of Nobels invented the world's first oil tanker, stopped the Royal Navy cold with undersea mines during the Crimean War, and outmaneuvered both Rockefeller and the Rothschilds in the world's first great corporate oil war. Then the Bolsheviks arrived. Lenin nationalized everything overnight, Stalin personally targeted the family patriarch for arrest, and the man who quietly made the Nobel Prize a reality had to escape revolutionary Russia in a horse-drawn cart wearing a disguise, with forged papers and three borrowed children to complete the ruse. It is one of the great lost stories of the nineteenth and twentieth centuries, overshadowing the very prizes that bear the family name. Today's guest is Douglas Brunt, author of The Lost Empire of Emanuel Nobel. We discuss how capitalism and Marxism grew up in the same Russian cities before their catastrophic collision, why Emanuel Nobel defied the King of Sweden to ensure his uncle Alfred's will was honored, and what it actually looked like when Lenin's pen stroke erased three generations of Nobel engineering genius in a single day. We explore this story of oil, revolution, and a dynasty that fueled the world and then vanished.See omnystudio.com/listener for privacy information.

US equity markets mixed amid a fresh rotation out of technology stocks into more defensive sectors and following another night of erratic headlines around the Middle East conflict – Dow edged +86-points or +0.17% higher, with Home Depot Inc (+3.75%), Nike Inc (+3.28%) and Sherwin-Williams Co (+3.67%) all rallying over >3%. Salesforce Inc (down -3.94%) was the worst performer in the 30-stock index. Apple Inc fell -3.64% a day after the company's annual Worldwide Developers Conference kicked off. Cisco Systems Inc (-3.05%) also fell over >3%.

US equity markets firmer amid yet another bout of optimism around a resolution to the US-Iran conflict, while there was also a pivot from certain technology stocks into more defensive sectors – Dow rallied +875-points or +1.73% to a record closing high of 51,561.93. UnitedHealth Group Inc rose +5.16% to be the leading Dow component, with analysts at Bank of America upgrading their recommendation in the health insurer to ‘Buy' and lifting their price target to US$450 (from US$420 previously), citing expectations of improving margins as a result of more favourable medical cost trends. Goldman Sachs Group Inc (+4.96%) and Merck & Co Inc (+4.85%) also gained ~5%.

US equity markets retreated, breaking a five session stretch of record closing highs for the three benchmark indices as oil prices and bond yields climbed. Dow was down 621 points or 1.2%. IBM down 7.2% to be the worst performer in the 30 stock index. Honeywell and Salesforce both fell 5.1%, while all of American Express, Boeing, Microsoft, and Nvidia fell over 3%. On the upside, Amgen and Walmart both gained over 3%. US Central Command, or CENTCOM, said that Iranian drones unsuccessfully attempted to attack American forces in Kuwait.

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• US equity markets settled with modest gains that lifted the three (3) main US equity benchmarks to fresh record closing highs as investors continued to shrug off ongoing uncertainty around the US-Iran peace negotiations – Dow rallied +229-points or +0.45% to 51,307.79. Cisco Systems Inc (up +5.5%) and Caterpillar Inc (+5.14%) rallied over >5%, while Apple Inc (+2.9%) and International Business Machines (IBM) Corp (+2.75%) gained over >2.5%.. Nvidia Corp eased -0.69%, handing back some of the previous session's +6.26% rally that came after the world's most valuable company by market capitalisation unveiled its new RTX Spark superchip at COMPUTEX Taipei, an expo on artificial intelligence (AI), computing, and robotics. Nvidia is also slated to present at the Bank of America Securities 2026 Global Technology Conference on Thursday night AEST (4 June). Microsoft Corp (down -4.17%), Nike Inc (-4.79%) and Salesforce Inc (-4.18%) all declined over >4%.

The three (3) main US equity benchmarks opened the new week and month with fresh record closing highs despite a fresh jump in oil prices, with technology stocks (particularly software names) continuing to drive the gains – Dow inched +46-points or +0.09% higher to 51,078.88. Salesforce Inc (up +9.68%) and International Business Machines (IBM) Corp (+7.60%) were the leading performer in the 30-stock index for a second session running. 

The three (3) main US equity benchmarks opened the new week and month with fresh record closing highs despite a fresh jump in oil prices, with technology stocks (particularly software names) continuing to drive the gains – Dow inched +46-points or +0.09% higher to 51,078.88. Salesforce Inc (up +9.68%) and International Business Machines (IBM) Corp (+7.60%) were the leading performer in the 30-stock index for a second session running.

The three (3) main US equity benchmarks climbed to fresh record intra-day and closing highs for a third straight session on Friday (29 May) to cap another strong month as technology shares continued to lead the market higher and crude prices eased – Dow rallied +363-points or +0.72% to 51,032.46.

Benchmark US equity indices climbed and booked record highs after the U.S. and Iran agreed to extend their ceasefire, while investors also digested the latest U.S. inflation and revised economic growth figures – Dow added +25-points or +0.05% to a record closing peak of 50,668.97. Microsoft Corp +3.47% after news website The Information reported that the company would release a new coding model next week. International Business Machines (IBM) Corp (+3.53%) and Nike Inc +3.02% also gained over >3%. Caterpillar Inc (down -2.45%) was the worst performer in the 30-stock index.

• US equity markets recorded modest gains that lifted the S&P500 and Nasdaq to fresh record closing highs for a second straight session – Dow rose +183-points or +0.36%. Procter & Gamble Co +3.17% was the leading Dow component amid a rotation into healthcare and consumer stocks. Amazon.com Inc (+2.47%), Boeing Co (+2.47%), Home Depot Inc (+2.35%) and Nike Inc (+2.31%) all rose over >2%. JPMorgan Chase & Co -2.43% after Chief Executive Officer (CEO) Jamie Dimon warned that expenses this year could be US$1B higher than estimated. Nvidia Corp -1.05%

US equity and bond markets were CLOSED overnight for Memorial Day. S&P500 and Nasdaq futures are trading over >1% higher this morning AEST amid building optimism around a resolution to the US-Iran conflict and a re-opening of the Straight of Hormuz.

The S&P500 and Nasdaq booked fresh record closing highs as equity and bond markets resumed trading following the Memorial Day long weekend, with a rally in memory-chip companies overshadowing fresh uncertainty around the Middle East peace negotiations – Dow eased -118-points or -0.23%. Chevron Corp (down -3.51%) and UnitedHealth Group Inc (-2.99%) were the worst performers in the 30-stock index. Caterpillar Inc rallied +3.26%.

Submit your stock picks here: ausbiz.co/callpicksRaymond Chan from Morgans and David Lane from Ord Minnett go in-depth and stock specific on ‘the call.'Rio Tinto (RIO)Fortescue (FMG)Woodside (WDS)Origin Energy (ORG)CommBank (CBA)ResMed (RMD)Pro Medicus (PME)QBE Insurance (QBE)Coles (COL)Wesfarmers (WES)Stock of the day: Fortescue (FMG) to listen go to https://ausbiz.co/STODGet your stock pick to the front of the queue by becoming an ausbiz contributor: https://ausbiz.co/contributorsAnd we'd love it if you could leave us a review below! Hosted on Acast. See acast.com/privacy for more information.

US equity markets rallied on Friday (22 May) ahead of the holiday long weekend albeit finished off their best levels of the session – Dow rose +294-points or +0.58% to log a fresh record closing high of 50,579.70 for a second consecutive session after scaling a record intra-day peak (50,830.24). Merck & Co rallied +5.64% to be the leading performer in the 30-stock index following a report by STAT News that its lung cancer treatment being developed with China-based Kelun-Biotech, sacituzumab tirumotecan, cut tumour progression risk by 65% and also yielded a survival benefit in a Phase 3 study conducted in China. The drug was used on patients in combination with Merck's Keytruda, the company's immunotherapy used to treat a wide variety of cancers. However, Nvidia Corp (down -1.9%) declined for a second session running following the release of its first quarter result after the close last Wednesday (20 May).

In this episode of the Woodpreneur Podcast, host Jennifer Alger sits down with Marty Parsons of the Wood-Mizer Pennsylvania Authorized Sales Center. What started as a side hustle while Marty worked as a diesel mechanic at PennDOT quickly exploded when he and his wife Lisa sold 65 mills in their very first year. A quarter century later, Marty has built a family-run operation known across the East Coast for its hands-on training, free tech support, and the kind of honest, no-nonsense advice that has made him a go-to voice in the sawmill community. You'll hear about how the authorized sales center model got off the ground, the early pushback from within Wood-Mizer, and how Marty earned respect one perfectly aligned mill at a time. You'll hear about the real reasons sawyers get wavy cuts, why Marty swears by the 747 blade profile for mills of all sizes, and the fuel maintenance mistake that ruins more engines than most people realize. Marty also walks through common calls he gets from customers, from thick-and-thin lumber issues to power feed rebuilds on older mills, and explains why a simple phone call before you start wrenching can save you hundreds of dollars. You'll also hear about the people behind the scenes who make it all work: Lisa, who keeps the books and the business running, son Nick who handles technical calls and wiring, Andrew and Tristan who are learning the trade hands-on, and the Resharp team keeping four grinders and two setters humming. Marty talks about the shift from doing 25 trade shows a year to reaching thousands through social media reels, his collaboration with channels like Outdoors with the Morgans, and what it was like to bring the second WM5500 in the United States to his region. Whether you're a new sawyer trying to figure out why your boards aren't coming off flat, a seasoned mill owner looking for better blade performance, or someone considering getting into the sawmill business, this episode is packed with practical wisdom and real-world experience. Tune in, take notes, and don't forget to follow the Woodpreneur Podcast. New episodes drop every Thursday morning wherever you consume your podcasts. Chapters 00:00 Introducing Marty Parsons and Wood-Mizer Pennsylvania 01:54 The Origin Story: From Auction Mill to Authorized Sales Center 06:31 The Resharp Program and Building a Service Team 09:13 Social Media, Reels, and Reaching Sawyers Nationwide 17:23 Top Service Calls and Troubleshooting Tips for Sawyers 27:03 Fuel, Maintenance, and the Myths That Cost You Money 42:53 Advice for Sawyers and Supporting Your Local Sales Center The Woodpreneur Podcast brings stories of woodworkers, makers, and entrepreneurs turning their passion for wood into successful businesses - from inspiration to education to actionable advice. Hosted by Steve Larosiliere and Jennifer Alger  For blog posts and updates: woodpreneur.com See how we helped woodworkers, furniture-makers, millwork and lumber businesses grow to the next level: woodpreneurnetwork.com Empowering woodpreneurs and building companies to grow and scale: buildergrowth.io Connect with us at:  Instagram: https://www.instagram.com/sawmillsnearme/ Facebook: https://www.facebook.com/woodpreneurnetwork/ Join Our Facebook Group! https://www.facebook.com/groups/woodpreneurnetwork Join our newsletter: https://substack.com/@woodpreneurnetwork You can connect with Marty at: https://woodmizer.com/us/contact-us/wood-mizer-pennsylvania?srsltid=AfmBOorEGprvw8Tv3RRFSIRoJokqHO6T89kfnMNqC6wFrfq93nnDaGxG https://www.facebook.com/marty.parsons.50/

US equity markets advanced and shaped to cap another strong week ahead of the holiday long weekend despite heightened volatility – Dow gained +276-points or +0.55% to a record closing high of 50,285.66. International Business Machines (IBM) Corp soared +12.43% after the company said it would receive a US$1B CHIPS and Science Act award from the Commerce Department to build a quantum chip foundry. The Wall Street Journal reported that the U.S. government will award US$2B in grants to nine firms operating in the quantum computing space, lifting a host of companies in the wider sector. Nvidia Corp fell -1.77% despite the world's largest market capitalisation reporting better-than-expected headline numbers for the first quarter after the close of the previous session. Part of the drag on Nvidia's shares was attributed to investors seeking to build cash reserves ahead of pending initial public offerings (IPO) by SpaceX, OpenAI and Anthropic

US equity markets rallied as oil prices and Treasury yields fell sharply amid fresh optimism that the conflict in the Middle East could soon be resolved – Dow gained +645-points or +1.31%. Goldman Sachs Group Inc +5.75% was the leading performer in the 30-stock index, while Boeing Co (+3.34%) and Nike Inc (+4.17%) were among the leading components.

A fresh jump in bond yields weighed on US equity markets, with the S&P500 and Nasdaq booking a third straight session of declines – Dow lost -322-points or -0.65%. Cisco Systems Inc (down -2.94%) and Boeing Co (-2.54%) fell over >2.5%, while Amazon.com Inc (-2.08%) and 3M Co (-2.08%) fell over >2%. Walmart Inc (up +0.64% to US$134.20) set record intra-day (US$135.155) and closing highs, with the world's largest retailer skated to post its first quarter result on Thursday night AEST (21 May).

• US equity markets weaker but pared earlier, steeper losses after President Trump said he wanted to give “serious negotiations” a chance, hours after threatening to resume bombing and hours after both the US and Iran dismissed each other's latest peace proposals – Dow added +160-points or +0.32%, with 3M Co (up +4.32%) the leading performer in the 30-stock index. Salesforce Inc (up +3.44) rallied over >3% for a second consecutive session. On the downside, Caterpillar Inc fell -2.74%. Nvidia Corp (down -1.33%), with Chief Executive Officer (CEO) Jensen Huang conducting an interview with Bloomberg Television days after he joined President Trump's for a two-day summit in Beijing. Mr Huang said that his sense is that “over time the [China] market will open,” and noting that he didn't discuss directly with Chinese officials the company's effort to sell its H200 AI chips to customers in China. Nvidia is slated to post its first quarter result after the close of trading on Wednesday (20 May).

US equity markets fell on Friday (15 May) as oil prices and bond yields climbed – Dow fell -537-points or -1.07%. Nvidia Corp (down 4.42%) was the worst performer in the 30-stock index on Friday (15 May). Chief Executive Officer (CEO) Jensen Huang is slated to address the Dell Technologies World annual convention in Las Vegas tonight AEST, having Caterpillar Inc shed -3.47%. Microsoft Corp up +3.05% with Bill Ackman posting on the X platform that his Pershing Square had taken a new stake in the company. Salesforce Inc (+3.54%) also rallied over >3%.

Wall Street extended its rally, with the S&P500 and Nasdaq booking fresh record intra-day and closing highs for a second consecutive session amid fresh gains for technology stocks – Dow rallied +370-points or +0.75%, climbing back above >50,000 for the first time since 11 February and settling just shy of its all-time closing high reached on 10 February (50,115.67). Cisco Systems Inc jumped +13.41% to be the leading performer in the 30-stock index after the networking giant reported better-than-expected adjusted earnings per share (EPS) and revenue for the fiscal third quarter after the close of the previous session and provided upbeat guidance for the current quarter. Nvidia Corp rallied +4.39% to a fresh record closing high of US$235.74 after Reuters reported that the U.S. has cleared about 10 Chinese firms to purchase Nvidia's H200 chip, though no deliveries have been made yet. Nvidia Chief Executive Officer (CEO) Jensen Huang is among US corporate executives attending a summit in China with President Trump. Boeing Co after President Trump told Fox News that China has agreed to buy 200 Boeing jets, disappointing analysts who were expecting up a larger order.

The S&P500 and Nasdaq scaled fresh record intra-day and closing highs as chip stocks powered higher and overshadowed hotter-than-expected wholesale inflation figures – Dow slipped -67-points or -0.14%, with Salesforce Inc (down -3.19%) the worst performer in the 30-stock index for a second straight session. Home Depot Inc (down -2.55%) and International Business Machines (IBM) Corp (-2.09%) fell over >2%. Apple Inc (up +1.38% to US$298.87) touched US$300 for the first time, hitting a record intra-day high of US$300.92. Walmart Inc rose +0.86% after The Wall Street Journal reported, citing people familiar with the situation, that the retail giant - the largest private employer in the U.S. - "would cut or relocate about 1,000 corporate workers as it looks to combine more of its global-technology and product teams." A source familiar with the matter confirmed the figure was accurate.

US equity markets retreated as hotter-than-expected inflation figures punctured a rally in chip stocks – Dow added +56-points or +0.11%. UnitedHealth Group Inc (up +3.11%) the leading component in the 30-stock index. Apple Inc +0.72% Salesforce Inc fell -3.48%, while Caterpillar Inc (down -1.58%) and International Business Machines (IBM) Corp (-1.94%) both fell over >1.5%.

• Technology stocks again lifted the S&P500 and Nasdaq to back-to-back intraday and closing peaks despite oil prices advancing and ahead of inflation figures tonight AEST – Dow rose +95-points or +0.19%. Caterpillar Inc (up +3.27%) was the leading performer in the 30-stock index, while Honeywell International Inc (+2.81%) and Cisco Systems Inc +2.23%) gained over >2%. Nvidia Corp rose +1.97% to a fresh record closing high US$219.44, extending its 4-day rally to +11.26% that has seen the chip giant add ~US$591B in market capitalisation – more than the total market capitalisation of Oracle Corp (down -1.08%). Nike Inc (down -3.96%) and Walt Disney Co (-3.05%) dropped over >3%.

• The S&P500 and Nasdaq booked fresh record intra-day and closing highs to cap another strong week as chip stocks soared and investors digested stronger-than-expected jobs data – Dow inched +12-points or +0.02% higher. Salesforce Inc -2.43% Nvidia Corp +1.75% following news after the close of the previous session of a strategic partnership with data centre operator IREN Ltd (+7.65%) to accelerate the deployment of large-scale AI infrastructure, including a potential investment of up to US$2.1B in IREN. "AI factories are becoming foundational infrastructure for the global economy," said Nvidia founder and Chief Executive Officer (CEO) Jensen Huang.

US equity markets retreated, with the recent rally that has lifted the S&P500 and Nasdaq to record highs faltering amid uncertainty about talks between the US and Iran, and whether a formal peace accord will be reached anytime soon – Dow fell -314-points or -0.63%. Caterpillar Inc (down -3.37%) and JPMorgan Chase & Co (-2.74%) were the weakest Dow components. Salesforce Inc (up +2.84%) and International Business Machines (IBM) Corp (+2.47%) rallied over >2%, while Microsoft Corp +1.65% and Nvidia Corp +1.77% gained over >1.5%. Walt Disney Co added +0.56% a day after after posting a better-than-expected first quarter result, underpinned by a strong performance from the company's streaming and theme park businesses.

The S&P500 and Nasdaq booked fresh record intra-day and closing highs for a second consecutive session following reports that the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict – Dow rallied +612-points or +1.24%, with 10 of the index's 30 component recording gains of over >2%.

• The S&P500 and Nasdaq booked fresh record intra-day and closing highs amid a fresh rally for technology stocks and as oil prices retreated – Dow rose +356-points or +0.73%. Caterpillar Inc (+3.41%) was the leading performer in the 30-stock index and touched a record high along with Amazon.com Inc (up +0.55%).

The S&P500 and Nasdaq retreated from record highs as oil prices soared after the United Arab Emirates said it had successfully intercepted Iranian missiles – Dow fell -557-points or -1.13%, with Home Depot Inc down -3.54%, while Boeing Co (-2.67%), Nike Inc (-2.95%) and Procter & Gamble Co (-2.61%) fell over >2.5%.

The S&P500 and Nasdaq ushered in May with fresh record intra-day and closing highs – Dow eased -153-points or -0.31%, with Amgen Inc down -4.75% a day after the biotechnology stock posted stronger-than-expected adjusted earnings per share (EPS) and revenue for the first quarter. 3M Co (-2.74%) McDonald's Corp (-2.37%) fell over >2%. Salesforce Inc rallied +4.13% to be the leading performer in the 30-stock index on Friday (1 May). Apple Inc +3.24% after the technology giant's first quarter result released after the close of the previous session topped Wall Street forecasts, thanks in part to strong sales of its iPhone 17.

Morgans AM - Friday, 1 May 2026 by Morgans Financial

The ASX slips to a three week low ahead of a pivotal week for global markets, with Raymond Chan from Morgans breaking down what to watch as central banks meet, US tech giants report earnings and fresh inflation data lands. At the same time, the countdown to tax time begins, with Assistant Commissioner Anita Challen outlining the ATO's focus on work related deductions, side hustles and misleading advice circulating online.

The ACOG 2025 guideline specifically recommends either oral or vaginal misoprostol for cervical ripening; it does not include buccal administration among its endorsed routes. With the rising rates of both obesity and labor induction, understanding the optimal agents for induction in obese patients is crucial. In a new study released ahead of print on March 4, 2026, in the AJOG, investigators from Indianapolis released findings from a secondary analysis of the IMPROVE trial (2019, AJOG) looking at the effect of obesity on buccal vs vaginal doses of misoprostol for cervical ripening. Listen in for details.1. Haas DM, Daggy J, Flannery KM, Dorr ML, Bonsack C, Bhamidipalli SS, Pierson RC, Lathrop A, Towns R, Ngo N, Head A, Morgan S, Quinney SK. A comparison of vaginal versus buccal misoprostol for cervical ripening in women for labor induction at term (the IMPROVE trial): a triple-masked randomized controlled trial. Am J Obstet Gynecol. 2019 Sep;221(3):259.e1-259.e16. doi: 10.1016/j.ajog.2019.04.037. Epub 2019 May 7. PMID: 31075246; PMCID: PMC7692024.2. ACOG July 2025: Cervical Ripening in Pregnancy, ACOG Clinical Practice Guideline No. 93. Bynarowicz, Taylor M. et al. The impact of body mass index on misoprostol dosing for labor induction: a comparison of vaginal and buccal dosage formsAmerican Journal of Obstetrics & Gynecology, Volume 0, Issue 0: https://www.ajog.org/article/S0002-9378(26)00126-2/fulltext4. Etrusco A, Sfregola G, Zendoli F, et al. Effect of Maternal Age and Body Mass Index on Induction of Labor Using Oral Misoprostol in Late-Term Pregnancies: A Retrospective Cross-Sectional Study. Gynecologic and Obstetric Investigation. 2024. 5. Prostaglandin Versus Mechanical Dilation and the Effect of Maternal Obesity on Failure to Achieve Active Labor: A Cohort Study.6. Beckwith L, Magner K, Kritzer S, Warshak CR. The Journal of Maternal-Fetal & Neonatal Medicine : The Official Journal of the European Association of Perinatal Medicine, the Federation of Asia and Oceania Perinatal Societies, the International Society of Perinatal Obstetricians. 2017.

This content has been developed for healthcare professionals only. Patients who seek health information should consult with their physician or relevant patient advocacy groups.For the full presentation, downloadable Practice Aids, slides, and complete CME/NCPD/CPE/AAPA/IPCE information, and to apply for credit, please visit us at PeerView.com/DBK865. CME/NCPD/CPE/AAPA/IPCE credit will be available until February 8, 2027.Paving the Path for Optimal Prostate Cancer Care: Preparing Advanced Practice Providers to Integrate Modern Therapies Into Tailored Treatment Plans In support of improving patient care, PVI, PeerView Institute for Medical Education, is jointly accredited by the Accreditation Council for Continuing Medical Education (ACCME), the Accreditation Council for Pharmacy Education (ACPE), and the American Nurses Credentialing Center (ANCC), to provide continuing education for the healthcare team.SupportThis activity is supported by educational grants from Astellas and Pfizer, Inc.Disclosure information is available at the beginning of the video presentation.

This content has been developed for healthcare professionals only. Patients who seek health information should consult with their physician or relevant patient advocacy groups.For the full presentation, downloadable Practice Aids, slides, and complete CME/NCPD/CPE/AAPA/IPCE information, and to apply for credit, please visit us at PeerView.com/DBK865. CME/NCPD/CPE/AAPA/IPCE credit will be available until February 8, 2027.Paving the Path for Optimal Prostate Cancer Care: Preparing Advanced Practice Providers to Integrate Modern Therapies Into Tailored Treatment Plans In support of improving patient care, PVI, PeerView Institute for Medical Education, is jointly accredited by the Accreditation Council for Continuing Medical Education (ACCME), the Accreditation Council for Pharmacy Education (ACPE), and the American Nurses Credentialing Center (ANCC), to provide continuing education for the healthcare team.SupportThis activity is supported by educational grants from Astellas and Pfizer, Inc.Disclosure information is available at the beginning of the video presentation.

This content has been developed for healthcare professionals only. Patients who seek health information should consult with their physician or relevant patient advocacy groups.For the full presentation, downloadable Practice Aids, slides, and complete CME/NCPD/CPE/AAPA/IPCE information, and to apply for credit, please visit us at PeerView.com/DBK865. CME/NCPD/CPE/AAPA/IPCE credit will be available until February 8, 2027.Paving the Path for Optimal Prostate Cancer Care: Preparing Advanced Practice Providers to Integrate Modern Therapies Into Tailored Treatment Plans In support of improving patient care, PVI, PeerView Institute for Medical Education, is jointly accredited by the Accreditation Council for Continuing Medical Education (ACCME), the Accreditation Council for Pharmacy Education (ACPE), and the American Nurses Credentialing Center (ANCC), to provide continuing education for the healthcare team.SupportThis activity is supported by educational grants from Astellas and Pfizer, Inc.Disclosure information is available at the beginning of the video presentation.

This content has been developed for healthcare professionals only. Patients who seek health information should consult with their physician or relevant patient advocacy groups.For the full presentation, downloadable Practice Aids, slides, and complete CME/NCPD/CPE/AAPA/IPCE information, and to apply for credit, please visit us at PeerView.com/DBK865. CME/NCPD/CPE/AAPA/IPCE credit will be available until February 8, 2027.Paving the Path for Optimal Prostate Cancer Care: Preparing Advanced Practice Providers to Integrate Modern Therapies Into Tailored Treatment Plans In support of improving patient care, PVI, PeerView Institute for Medical Education, is jointly accredited by the Accreditation Council for Continuing Medical Education (ACCME), the Accreditation Council for Pharmacy Education (ACPE), and the American Nurses Credentialing Center (ANCC), to provide continuing education for the healthcare team.SupportThis activity is supported by educational grants from Astellas and Pfizer, Inc.Disclosure information is available at the beginning of the video presentation.

This content has been developed for healthcare professionals only. Patients who seek health information should consult with their physician or relevant patient advocacy groups.For the full presentation, downloadable Practice Aids, slides, and complete CME/NCPD/CPE/AAPA/IPCE information, and to apply for credit, please visit us at PeerView.com/DBK865. CME/NCPD/CPE/AAPA/IPCE credit will be available until February 8, 2027.Paving the Path for Optimal Prostate Cancer Care: Preparing Advanced Practice Providers to Integrate Modern Therapies Into Tailored Treatment Plans In support of improving patient care, PVI, PeerView Institute for Medical Education, is jointly accredited by the Accreditation Council for Continuing Medical Education (ACCME), the Accreditation Council for Pharmacy Education (ACPE), and the American Nurses Credentialing Center (ANCC), to provide continuing education for the healthcare team.SupportThis activity is supported by educational grants from Astellas and Pfizer, Inc.Disclosure information is available at the beginning of the video presentation.

SBS Finance Editor Ricardo Gonçalves speaks with Canstar's Sally Tindall to find out if it is too late to fix your home loan interest rate ahead of what's expected to be a rise in official interest rates next week; plus Dianne Colledge from Morgans goes through the day's share market action including a preview of Donald Trump's pick of US Federal Reserve governor which is expected to be made at the weekend.