After a sharp stock rally this year on the back of resilient economic growth, investors now have a more negative outlook for risk assets in 2024, according to Morgan Stanley’s Michael Wilson.
The strategist — who has retained his bearish view on equities in 2023 despite a 16% advance for the S&P 500 — said there’s a growing debate among clients about whether a recession has been avoided altogether or if it has just been delayed until 2024.
“The majority of investors we’ve spoken with are in the ‘pushed out’ camp and are of the view that 2024 is now looking like a more challenging year for risk assets relative to 2023,” Wilson wrote in a note.
The rally in U.S. stocks in 2023, driven by bets of peaking interest rates and better-than-expected economic growth, defied bearish forecasts coming into the year. A slate of strategists including Societe Generale’s Manish Kabra and BNP Paribas SA’s Greg Boutle recently boosted their year-end targets for the S&P 500. Wilson’s latest year-end target still implies a more than 10% drop for the benchmark.
For service-focused financial advisors who might take their well-being for granted, regular check-ins and active listening from the top can provide a powerful recharge.
With Parkworth Wealth Management and its Silicon Valley tech industry client base now onboard, Savant accelerates its vision of housing 10 to 12 specialty practices under its national RIA.
Meanwhile, $34 billion independent First Manhattan welcomed New Jersey-based Roanoke Asset Management, an RIA firm with more than 40 years of history.
Most notably, two chief compliance officers have also recently left the firm.
The latest team to join Cetera, led by a 29-year veteran professional, arrives with roughly $380 million in AUA from OSJ Private Advisor Group.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
