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U.S. Housing Shortage Hits Record High

The U.S. housing shortage surged to an all-time high of 4.7 million units, according to a new Zillow analysis of recently released Census data. Despite a boom in home construction, the deepening housing deficit remains the main driver of America’s housing affordability crisis. As a result, 8.1 million families are now “doubling up,” sharing homes with people they’re not related to, often due to financial necessity rather than choice.

While 1.4 million new homes were added to the housing supply last year, they fell short of keeping pace with the 1.8 million newly formed families, resulting in a 159,000-home increase in the housing deficit. Although this marks a slower increase compared to the 257,000-unit jump in 2022, it highlights the persistent gap between supply and demand.

“Construction has helped prevent the housing deficit from ballooning, but it hasn’t begun to close the gap,” said Orphe Divounguy, senior economist at Zillow. “We know what works: lower building restraints to allow for more density and less expensive housing.”

Millennials are most affected by this shortage, making up 38% of households doubling up with nonrelatives, the largest share among any generation. They’re followed by Gen Z (29%), Gen X (17%), and older generations (16%).

The housing crunch is especially severe in major urban centers. Among the 50 largest metro areas, New York, Los Angeles, Boston, San Francisco, and Washington, D.C. have the largest housing deficits. Even though mortgage rates have dipped slightly compared to last year, a median-income family in 2024 would still need an additional $17,000 in income to afford a typical home, a significant jump from affordability levels in 2019.

Vacancy data suggests that available housing isn’t necessarily accessible. Census figures show that 3.4 million homes sat vacant and listed for rent or sale in 2023, yet affordability barriers continue to leave millions without independent living options.

Zillow researchers point to restrictive zoning and building regulations as key obstacles. In cities and states with fewer barriers to construction, developers were able to respond more rapidly to pandemic-era demand, helping to stabilize prices and rents faster. Builders completed 1.45 million units in 2023 and 1.63 million in 2024, the highest totals since 2007.

Experts and housing advocates, including Zillow, are calling for local and state governments to relax zoning laws and encourage higher-density development such as accessory dwelling units (ADUs), duplexes and triplexes. These “middle middle” housing types could significantly increase supply and improve, especially in high-demand urban areas.

“More of these measures at the local level can help get more homes built and begin to ease this outsize financial burden for millions of Americans,” added Divounguy.

Dynasty Launches Investment Banking Primer

| By Marta Rodriguez | 0 Comentarios

Fondos sostenibles crecimiento — Pixabay CC0 Public Domain

Dynasty Financial Partners has released its first-ever Investment Banking Primer. This educational guide, aims to provide RIAs with essential knowledge about investment banking practices-critical as the RIA space sees record levels of mergers, capital raising and succession planning.

“For those RIAs seeking to sell or grow, or secure a transformative investment, there is a lack of resources offering the level of guidance and education necessary to consider that first step,” said Sam Anderson, C-head of Dynasty Investment Bank.

The move comes amid a shift in the independent RIA channel, now one of the fastest-growing segments in the wealth management industry. According to Cerulli’s 2024 Industry Report, the combined hybrid and independent RIA space has expanded at a CAGR of nearly 9% over the past 10 years. Capital investments in RIAs have surged as well, growing at a 45% CAGR in the past five years.

With 37% of financial advisors planning to exit the business in the next decade, the potential transfer of an estimated $3 trillion in assets presents both a challenge and a massive opportunity.

“In addition to an advisor shortage, there is a human capital shortage to support advisors, which is why an M&A deal is many times not just about clients, but also about the talent that comes with it to help provide further scale and support buyers,” said Harris Baltch, co-head of Dynasty Investment Bank.

Launched in 2023, Dynasty Investment Bank specializes in M&A, valuations, capital, underwriting and succession planning for both wealth and asset management firms. The team has advised on 15 transactions, including cross-border deals, recapitalizations and private capital raises.

“The strength of our balance sheet gives us tremendous flexibility in facilitating transactions for our clients and our transition and RIA service team are often great resources to help with onboarding,” said Shirl Penney, Founder and CEO of Dynasty Financial Partners.

As of today, Dynasty’s network includes 55 partner firms with over 500 advisors managing more than $105 billion in assets. Its integrated RIA platform includes transition support, capital solutions, tech infrastructure and marketing services. These offer RIAs the ability to scale without sacrificing their independence.

Santander US Invests $25 Million in Education

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Integración del negocio de alternativas de Santander AM — Pixabay CC0 Public Domain

Santander US has announced a $25 million investment aimed at supporting education, employability and entrepreneurship. This funding includes over $10 million allocated for university grants and national scholarships through its Santander Universities program.

The scholarship applications will be accessible later this year via Santander Open Academy, a global platform that offers free educational resources and professional development tools to learners worldwide.

“Continuous learning is imperative to keep up with the pace of change, and we believe that businesses must be a partner in equipping people with the educational tools and resources they need to thrive in today’s society,” said Christiana Riley, Chief Executive Officer and President of Santader US.

Santander’s latest global workforce report, Tomorrow’s Skills, surveyed 15,000 people across 15 countries and emphasized that while college graduates generally feel prepared for the workforce, many Americans express concerns about keeping pace with changing job market demands.

Nearly 80% of respondents believe lifelong learning is essential, yet cost remains the primary obstacle lifelong learning is essential, yet cost remains the primary obstacle to ongoing education. Over half of those surveyed feel companies should take responsibility for providing continuous education opportunities.

With a 28-year history of supporting education and entrepreneurship, Santander has provided access to learning and job opportunities for more than 2 million students and professionals in 2024 alone.

GAM Investments Forms Alliance with Swiss Re to Strengthen Catastrophe Bond Strategies

| By Marta Rodriguez | 0 Comentarios

GAM Investments and Swiss Re’s insurance-linked securities investment advisor, SRILIAC (Swiss Re Insurance-Linked Investment Advisors Corporation), are now teaming up to offer investors catastrophe bond strategies.

The goal is to offer investors Swiss Re’s deep reinsurance and catastrophe bond investment expertise alongside GAM’s institutional knowledge in the space.

Catastrophe bonds, which transfer natural disaster insurance risk—such as hurricanes and earthquakes—to investors, continue to attract attention for their ability to generate fundamentally uncorrelated returns relative to traditional markets.

“This type of strategy isn’t about chasing big windfalls,” explained Dan Conklin, who leads Americas capital raising for SRILIAC, during the launch event held in Brickell. “It’s about smartly managing risk and mitigating downside. That’s how consistent returns are built over time,” he added.

Swiss Re, a pioneer in the catastrophe bond market since the 1990s and one of the world’s largest reinsurers, brings significant alignment with over USD 1 billion invested in similar strategies. GAM, which has managed catastrophe bonds with a previous partner for nearly two decades, now aims to scale up and deepen its expertise by partnering with Swiss Re’s investment acumen, underwriting capabilities and scientific risk modeling.

The alliance was formally presented during a private luncheon at The Capital Grille in Brickell, Miami, attended by financial professionals and institutional clients. Alejandro Moreno, Head of Business Development at GAM Investments, opened the event by highlighting the firm’s commitment to active and specialized strategies and the value of expanding its catastrophe bond platform with Swiss Re’s expertise.

Mariagiovanna Guatteri, CEO and Chief Investment Officer of SRILIAC shared insights drawn from over 20 years of developing Swiss Re’s catastrophe bond investment strategy, emphasizing the scientific rigor and conservative risk management that underpin the firm’s approach.

Attendees also received books on financial education meant for families, underscoring both firms’ commitment to investor learning. The event fostered open dialogue, with discussions on portfolio structure, risk assessment, and the evolving landscape of ILS investments.

Organizers such as Moreno and Conklin highlighted that catastrophe bonds can be an attractive complement to traditional fixed income and alternatives — especially for pension funds, endowments, and family offices seeking long-term risk-adjusted returns with limited correlation to equities and interest rates.

Distilled Intelligence 3.0 Connects Investors with top Startups

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Inversores startups — Pixabay CC0 Public Domain

Investors will gain exclusive access to high-potential early-stage startups and targeted co-investment opportunities at Distilled Intelligence 3.0 (DI 3.0) from October 13-16, 2025, in an invitation-only summit hosted by Frtify Ventures and Loudon County’s Department of Economic Development.

At the heart of this event is a $1 million SAFE note prize available to one of the approximately 100 handpicked seed to Series A companies pitching across sectors like cybersecurity, health, defense tech, energy and future-of-work.

DI 3.0 is designed to go past traditional pitch competition. In addition to curated one-on-one meetings, attendees will engage in panels, breakout sessions and networking with family offices, VCs and seasoned startup operators. All these in a setting optimized for relationship-building rather than transactional interactions.

Founders accepted to the program receive complimentary lodging and meals to ensure access to top-tier investors without financial burden. Applications are open through September 15, 2025, at DistilledIntelligence.com and are reviewed on a rolling basis.

This year, DI 3.0 also welcomes experienced startup operators who can offer strategic insight and potential collaboration opportunities to both investors and founders.

“Distilled Intelligence 3.0 is more than just another event – it’s a meticulously curated gathering designed to nurture the next generation of transformative businesses,” said Jonathon Perrelli, Managing Partner at Fortify Ventures.

Attendees will enjoy a full agenda that blends structured programming with informal networking, including keynote sessions, industry roundtables, and activities such as tennis, yoga, and fireside chats. The full speaker lineup and selected startups will be announced later this year.

For media or registration inquiries, contact kari@redironpr.com. Investors and partners seeking invitations can email hello@fortify.vc.

1 in 4 U.S. Workers is Functionally Unemployed

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Vanguard fee reduction — Pixabay CC0 Public Domain

Nearly 25% of American workers are now considered functionally unemployed, according to the May True Rate of Unemployment (TRU) report from the Ludwig Institute for Shared Economic Prosperity. The rate rose to 24.3%, up from 24.2% in April, marking a continued start on full-time, living-wage employment.

However, the official Bureau of Labor Statistics unemployment rate remained flat at 4.2%, underscoring the growing gap between traditional job metrics and actual workforce conditions. LISEP’s TRU metric includes the unemployed, underemployed, and those working full-time in poverty-wage positions.

“Wages aren’t keeping up with the rising cost of living, and the shrinking availability of living-wage jobs is compounding the strain. The consequences for working families are becoming increasingly severe,” said LISEP Chair Gene Ludwig.

The report noted mixed outcomes across demographics. Black and Hispanic workers saw modest improvements, with TRU falling to 26% and 27%, respectively. However, white workers experienced an increase to 23.6% and women saw their TRU jump 1.3 points to 29.9%, widening the gender gap once again to 10 percentage points. In contrast, the rate for men dropped 19.3%

The TRU has remained above 24% since February, a level not seen consistently since the pandemic’s economic fallout. Analysts say this trend signals growing inequality in the labor market and deeper structural issues affecting low-and middle-income workers.

“Identifying trends is key in determining the direction of the economy, and unfortunately, for low and middle-income workers, the trends are not encouraging,” said Ludwig.

BBVA Global Wealth Advisors Appoints Juan Carlos de Sousa as Head of Wealth Planning

| By Marta Rodriguez | 0 Comentarios

BBVA Global Wealth Advisors has named Juan Carlos De Sousa as its new Head of Wealth Planning. The first announced the leadership change as an effort to strengthen its commitment to serving ultra-high-net-worth families with cross-border financial needs.

With more than 20 years of experience in global wealth structuring and estate planning, De Sousa brings another perspective to the role. He previously held leadership positions at CISA Latam and Amerant Bank, where he focused on developing strategies for international families.

At BBVA GWA, De Sousa will oversee a Wealth Planning service designed to act as a central coordination hub for UHNW families.

“I am excited to join the BBVA GWA team”, said Juan Carlos De Sousa. “Modern global families face a complex web of financial considerations. Our primary goal is to serve as a central resource, helping clients coordinate with their advisors all the pieces of their financial lives to build a cohesive, multigenerational plan”, he added.

While BBVA GWA’s Wealth Planners provide educational guidance and facilitate collaboration, they do not offer tax or legal advice. Instead, the firm refers clients to a network of independent professionals, referred to as “BBVA’s Allies”, who deliver specialized services directly to clients.

De Sousa’s appointment emphasizes BBVA GWA’s continued focus on offering a structure, client-centered framework for navigating the challenges of global wealth management.

Morningstar Expands Direct Advisory Suite to Bring Clarity to Private Markets

| By Marta Rodriguez | 0 Comentarios

Morningstar has launched a series of new features in its Direct Advisory Suite platform (the next phase of Advisor Workstation) to help financial advisors analyze and integrate private investments into their clients’ portfolios. This is a new service from the firm. These enhancements are now available and will be showcased at the Morningstar Investment Conference, taking place June 25–26 in Chicago, USA.

“Morningstar’s universal investment language has helped advisors and investors bring clarity to complexity for decades,” said Kunal Kapoor, the company’s CEO. “As private investments become part of more portfolios, we are expanding that language to provide the same level of comparison and confidence in private markets as we already offer in public markets,” he added.

The new features in Direct Advisory Suite are designed to help advisors evaluate, compare, and communicate the role of private investments within the broader context of a portfolio. Key features include:

Expanded Investment Research

Advisors now have access to a new universe of private equity funds to filter, compare, and monitor. Access to semi-liquid vehicles, such as interval funds and tender offer funds—has also been improved. Morningstar’s updated classification system integrates private equity vehicles alongside public market securities, allowing for comprehensive investment analysis.

Enhanced Risk Profiling

The Morningstar Risk Model now incorporates private equity funds. The Morningstar Portfolio Risk Score breaks down the percentage of risk driven by volatility and liquidity constraints.

Portfolio Transparency Tools

Advisors can now view what percentage of a portfolio is exposed to private investments.

Proposal-Ready Reports

The investment proposal summary report, reviewed by FINRA, now includes new indicators for risk and liquidity.

Alternative Investments Hub

A new themed page aggregates editorial content and research from Morningstar on alternative investments, supporting advisor education and client conversations.

“As private markets become more accessible, advisors need actionable data, standardized analytics, and unified workflows to evaluate the full spectrum of investment opportunities,” said James Rhodes, President of the Morningstar Direct platform.

“We’re leveraging our history as investor advocates and transparency champions to offer Direct Advisory Suite users the ability to analyze private investments with the same rigor expected in public markets—helping them achieve their clients’ desired outcomes,” he added.

Market Convergence

These new features arrive amid a growing array of investor choices and increased interest in private markets. Morningstar’s Voice of the Investor 2025 study found that 25% of retail investors already hold private equity investments, rising to 35% among those with $500,000 or more in investable assets.

To help investors make informed decisions with clarity and rigorous due diligence, Morningstar is leveraging PitchBook’s extensive private market database and expanding its independent analysis into the fastest-growing sectors of the private and semi-private investment universe. Next quarter, Morningstar analysts will begin publishing qualitative and forward-looking ratings (Medalist Ratings) for semi-liquid funds, including interval funds, tender offer funds, non-traded business development companies (BDCs), and non-traded real estate investment trusts (REITs).

The recently published State of Semiliquid Funds report emphasizes that while access to private markets is expanding, semi-liquid funds are not making these markets more affordable. Though these funds offer greater access and the potential for higher returns, they also carry significant risks, such as fees that average three times higher than traditional open-end funds, increased use of leverage, amplifying both gains and losses, and Potential liquidity restrictions.

Mattatuck Museum Opens The Body Image Exhibit

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The Mattatuck Museum in Waterbury, CT, will host the premiere showing of The Body Imagined: Figurative Art in the Bank of America Collection from June 22 through September 28, 2025.

This curated exhibition features 97 artworks ranging from the late 1960s to the present, exploring diverse interpretations of the human figure by notable artists such as Milton Avery, Nick Cave, Andy Warhol, and Cindy Sherman.

On opening day, Sunday, June 22, the Museum will offer reduced $5 admission and celebrate with remarks at 1 PM.

Organized through Bank of America’s Art in our Communities program, the exhibition is divided into three thematic sections: Body Language, Changing Forms, and Framing the Figure.

Museum Director Bob Burns emphasized the significance of this collaboration, highlighting the shared commitment to making impactful art accessible to the public and fostering dialogue on cultural identity.

Complementing the exhibition, the Museum will offer diverse programs throughout the summer, including artist talks, film screenings, family activities, yoga sessions, and salsa nights, all curated to deepen engagement with the exhibition’s themes.

The Mattatuck Museum, recently expanded and renovated with a $9 million investment, holds over 8,000 objects representing American art and regional history. It is supported by state and federal arts agencies and is part of the Connecticut Art Trial network.

Bank of America credit and debit cardholders enjoy free general admissions the first full weekend of every month through the Museums on Us program.

For more information and a full calendar of events, visit mattmuseum.org.

Certified Financial Planner Board of Standards Leads AI Initiative

| By Marta Rodriguez | 0 Comentarios

The Certified Financial Planner Board of Standards, Inc. hosted an AI Working Group on June 10-11 in Washington, D.C., to explore how artificial intelligence is transforming the financial planning profession and to define the evolving role of human expertise.

As part of its long-term strategy, the Board is developing actionable recommendations to help ensure AI supports, rather than replaces, the human-centered nature of financial advice.

“CFP Board is taking the lead to help the profession harness AI’s potential to elevate financial planning and strengthen engagement,” said CFP Board CEO Kevin R. Keller, CAE.

Led by CFP Board COO K. Dane Snowden and developed in partnership with Heidrick & Struggles, the working group examined real-world applications, regulatory considerations and ethical implications of AI financial planning. The agenda included scenario planning and discussions on how to integrate AI into practice responsibly.

Members of the AI Working Group include:

Andrew Altfest, CFP®, MBA, Founder and CEO, FP Alpha and President, Altfest Personal Wealth Management
Joel Bruckenstein, CFP®, CMFC, CFS, President, T3 Technology
Alan Davidson, former Assistant Secretary of Commerce and Administrator, National Telecommunications and Information Administration
Tristan Fischer, Managing Director, Financial Services Consulting, Ernst & Young LLP
Tim Foley, Head of Artificial Intelligence Accelerator, LPL Financial
David Goldberg, Senior Vice President, Chief Data and Analytics Officer, Edelman Financial Engines
Brooke Juniper, CFA®, CAIA®, Chief Executive Officer, Sage
Trent Mumma, Chief Product Officer, Orion Advisor Solutions
Celeste Revelli, CFP®, BFA™, CSM®, CSPO®, Vice President of Financial Planning Technology, Fidelity Institutional® (FI)
Noah Rosenberg, Chief Financial Officer, Morning Consult
Apoorv Saxena, Managing Director, Head of AI/Data Driven Value Creation, Silver Lake
Megan Shearer, Ph.D., Senior Data Scientist, Janus Henderson
Zar Toolan, General Partner, Head of Data & AI, Edward Jones
Brian Walsh, Ph.D., CFP®, Head of Advice & Planning, SoFi