FINANCIAL ADVISOR INSIGHTS: This Bull Market Doesn't Need Earnings Growth Or The Fed FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. This Bull Market Doesn't' Need Earnings Growth Or Fed Easing (Barron's) Wells Capital's Jim Paulsen writes that the stock market could "evolve into a buy and hold investment, driven in future years by a slow buy steady rise in price-earnings." Neither earnings growth nor Fed easing are necessary to keep the bull market going. This is because the current PE multiple is actually low compared to the average since post-WW II. "Earnings cannot collapse, but as long as the recovery continues and earnings grow in line or even slightly less than nominal GDP, solid total equity returns can be achieved simply by PE multiples returning to levels seen commonly in similar environments of the post-war era. Finally, for the stock market to evolve into a value-driven bull market, it will be paramount to keep inflation under control." Baird Hires New Team From Wells Fargo And UBS For Houston Office (Reuters) Robert W. Baird & Co. hired seven veteran advisors that managed more than $770 million in assets from Wells Fargo. They also hired John Hantak a former UBS Wealth Management advisor. The team will be setting up Baird's new Houston office and will be managed by Hantak. The S&P 500 Is Nowhere Near Its All-Time High When Priced In Eggs (Gluskin Sheff) Stocks hit an all-time high in the first quarter. But in real terms stock market gains are far below their post-recession highs."In egg-adjusted terms, the S&P 500 is more than 20 percent below its pre-recession highs," writes Gluskin Sheff's David Rosenberg. 
What Advisors Need To Know About Managing Millennials (Wealth Management)
The average age of advisors is over 50 according to Cerulli. So, the industry needs to hire more millennials. Susan Konig at WealthManagement.com writes that unlike baby boomers that "value autonomy", millennials are looking for a mentor and "want a structured training process". They also like being part of a team and need "ongoing feedback." 4 Signs That The Stock Market Needs Inspiration (LPL Financial) Since hitting all-time highs at the end of the first quarter, stocks have been losing momentum. Jeff Kleintop at LPL Financial writes that there are four clear signs that markets are looking for inspiration. 1. "Daily push-and-pull action - The S&P 500 has now reversed direction on a daily basis 12 times in a row," which has never happened. 2. "Stronger selling conviction." 3. The risk and safety battle is ongoing with the S&P 500 index and gold trading at the same level, only for stocks to then decline. 4. Defensive, not cyclical stocks are leading the stock market rally. Please follow Money Game on Twitter and Facebook. | 
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