Brad McMillan, CFA, CAIA, MAI

Brad McMillan, CFA®, CAIA, MAI, is chief investment officer at Commonwealth Financial Network®, member FINRA/SIPC, the nation's largest privately held Registered Investment Adviser–independent broker/dealer. As CIO, Brad chairs the investment committee and is the primary spokesperson for Commonwealth’s investment divisions. Brad received his BA from Dartmouth College, an MS from MIT, and an MS from Boston College. He has worked as a real estate developer, consultant, and lender; as an investment analyst, manager, and consultant; and as a start-up executive. His professional qualifications include designated membership in the Appraisal Institute (MAI), the CFA Institute, and the CAIA Association. Brad speaks around the country on investment issues and writes for industry publications, as well as for this blog.
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Recent Posts

Quick Takes: The Trade War, the Fed, and More

September 20, 2019

I was just in North Carolina speaking to clients and got home after midnight. Frankly, it has been a slow morning! So, I thought I would provide some quick takes about points that don’t warrant a full post but are still worth talking about.

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What Does the Fed Rate Cut Tell Us?

September 19, 2019

Yesterday, the FOMC decided to reduce the target range for the federal funds rate from 2–2.25 percent to 1.75–2 percent. As the headlines put it, the Fed cut rates by one-quarter of a percent. The headline version is certainly pithier, but the first version is more accurate—and gives a better sense of what actually happened: the Fed did not lower rates (contrary to the headlines), but it did lower the target range for its own lending operations.

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Oil Spikes on Saudi Attack, But What’s the Damage?

September 17, 2019

The big news over the weekend was the drone attack on the main oil processing facility in Saudi Arabia. Apparently, the attack significantly affected the nation’s ability to deliver oil, knocking production down by half or more according to some estimates (more than 4 million barrels per day). As I write this, no one knows when the damage will be repaired or when Saudi production will return to normal.

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Markets Approaching New Highs Again: What’s Next?

September 13, 2019

As U.S. markets once again approach new highs—after all the drama and the three separate pullbacks last month—I think it makes sense to try to gain some perspective about what is really going on. Immediately after the markets hit new highs last time around, we had quite a bit of volatility. So, it’s reasonable to wonder what will happen next as we approach these highs once again.

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Do We Need Negative Interest Rates in the U.S.?

September 12, 2019

I am working on my talk for Commonwealth’s upcoming National Conference, all about interest rates in the new world. The tagline is going to be “Less Than Zero.” Yesterday, I got an endorsement (sort of) from the president, who tweeted that the Fed should lower rates to zero or even below. Clearly, I got the hot topic right this year!

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Appearance on CNBC’s Power Lunch, September 11, 2019 [Video]

September 11, 2019

Today I appeared on CNBC’s Power Lunch to discuss this year’s IPO market. Listen in to learn more.

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Monthly Market Risk Update: September 2019

September 11, 2019

My colleague Sam Millette, senior investment research analyst on Commonwealth’s Investment Management and Research team, has helped me put together this month’s Market Risk Update. Thanks for the assist, Sam!

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Upcoming Appearances

Are you attending the 2019 FPA Annual Conference in Minneapolis, Minnesota? Be sure to join my “Economic and Market Update” during the Educational Breakout Sessions on Friday, October 18, from 7:45 A.M. to 8:45 A.M. CT. To learn more, visit

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