23
25
28 The‘ Game Over’ Cyberattack Has Arrived This novel intrusion should have all firms worried. By Mark Hurley and Carmine Cicalese
35
38
44 Big Beautiful End-Of- Year Tax Strategies Now is the time to minimize clients’ chances of losing tax breaks. By Eric L. Reiner
46 Who Will Care For Aging Clients? Even wealthy clients shouldn’ t underestimate the cost of caregiving. By Ben Mattlin
49
52 The Time Is Right For Annuities New products, technology, access and awareness have created a new way of thinking about guaranteed lifetime income. By Jacqueline Sergeant
60 Healthcare Costs Are Destroying Social Security Social Security’ s purchasing power is being eroded from within. By Travis Stanley
40 A Twist On Yield Investing The Cambria Emerging Shareholder Yield ETF expands the scope of yield. By Jeff Schlegel
Business Management
YOUR BUSINESS
23
25
Two Firms, Same AUM, Very Different Valuations? Private equity buyers are no longer rewarding scale alone. By Neil Turner
How Advisors Can Win In The Great Wealth Transfer Private equity buyers are no longer rewarding scale alone. By Scott Winters
TECHNOLOGY
28 The‘ Game Over’ Cyberattack Has Arrived This novel intrusion should have all firms worried. By Mark Hurley and Carmine Cicalese
Wealth Management
INVESTING
35
38
A New Regime For The Bond Market How are bonds faring in a world where the rules are changing? By Evan Simonoff
Does Portfolio Overlap Hold Answers? A new paper looks at how much a fund’ s overlap with others predicts its performance. Is it a breakthrough or false hope? By Larry Swedroe
23
28
TAX PLANNING
44 Big Beautiful End-Of- Year Tax Strategies Now is the time to minimize clients’ chances of losing tax breaks. By Eric L. Reiner
RETIREMENT PLANNING
46 Who Will Care For Aging Clients? Even wealthy clients shouldn’ t underestimate the cost of caregiving. By Ben Mattlin
49
What To Tell Yield- Hungry Clients If Rates Fall? The worst thing clients can do in response to interest rate cuts is make drastic asset allocation changes, advisors say. By Ben Mattlin
ANNUITY STRATEGIES
52 The Time Is Right For Annuities New products, technology, access and awareness have created a new way of thinking about guaranteed lifetime income. By Jacqueline Sergeant
PARTING SHOT
60 Healthcare Costs Are Destroying Social Security Social Security’ s purchasing power is being eroded from within. By Travis Stanley
PORTFOLIO SPOTLIGHT
40 A Twist On Yield Investing The Cambria Emerging Shareholder Yield ETF expands the scope of yield. By Jeff Schlegel
46
I & WI ®, CFP ® and CFFP ® CE credit exams are on page 56.
CE exams are online at fa-mag. com / ce _ center
2 | FINANCIAL ADVISOR MAGAZINE | NOVEMBER 2025 WWW. FA-MAG. COM