ETF liquidity messaging for advisors requires a sophisticated understanding of how exchange-traded funds actually trade and what drives their liquidity characteristics. Unlike mutual funds that price once daily, ETFs trade continuously throughout market hours with liquidity that extends far beyond the shares trading on exchanges through a unique creation and redemption mechanism.
Key Summary: ETF liquidity messaging must educate advisors on both primary market liquidity (creation/redemption) and secondary market trading, emphasizing that true ETF liquidity depends on underlying holdings rather than just trading volume.
Key Takeaways:
- ETF liquidity has two components: secondary market trading and primary market creation/redemption processes
- Underlying asset liquidity matters more than ETF share trading volume for large transactions
- Authorized participants provide crucial liquidity infrastructure that differs fundamentally from stock trading
- Bid-ask spreads and premium/discount patterns reveal true ETF liquidity health
- Compliance messaging must avoid misleading liquidity comparisons with other investment vehicles
- Advisor education should focus on practical trading considerations rather than theoretical mechanisms
- Real-time transparency tools help advisors assess liquidity conditions before trading
Understanding ETF Liquidity Fundamentals
ETF liquidity operates through a dual-market structure that most advisors don't fully understand, creating opportunities for asset managers to provide valuable education. The secondary market represents the familiar exchange trading of ETF shares, while the primary market involves creation and redemption of ETF shares directly with the fund company.
Exchange-Traded Fund (ETF): An investment fund that holds a basket of securities and trades on stock exchanges like individual stocks, combining features of mutual funds and stocks with unique liquidity mechanisms. SEC ETF Guide
The creation and redemption mechanism allows authorized participants to create new ETF shares or redeem existing ones by exchanging baskets of underlying securities. This process provides virtually unlimited liquidity for ETFs holding liquid underlying assets, regardless of how many shares trade on exchanges daily.
Most advisors focus exclusively on daily trading volume when assessing ETF liquidity, but this metric tells only part of the story. An ETF tracking large-cap U.S. stocks maintains high liquidity even with modest daily volume because authorized participants can easily create or redeem shares using the underlying stocks.
Key liquidity factors advisors should understand:
- Underlying asset liquidity and market depth
- Number and quality of authorized participants
- Market maker participation and competition
- Fund size and assets under management
- Tracking accuracy and operational efficiency
- Market conditions and volatility levels
Primary vs. Secondary Market Liquidity
Secondary market liquidity reflects the normal buying and selling of ETF shares between investors on exchanges. Primary market liquidity involves the creation and redemption process that keeps ETF prices aligned with net asset value and provides the underlying liquidity source.
When advisor clients place large orders, understanding this distinction becomes crucial. A $10 million ETF purchase might impact secondary market pricing if executed poorly, but authorized participants can create new shares to meet demand without affecting underlying security prices in most cases.
What Drives ETF Bid-Ask Spreads?
Bid-ask spreads represent the most practical liquidity measure for advisors executing ETF trades. Spreads reflect the cost of immediacy and reveal how efficiently the ETF's arbitrage mechanism functions under current market conditions.
ETF spreads typically incorporate several components: underlying security bid-ask spreads, market maker profit margins, operational costs, and risk premiums for holding inventory. Asset managers should help advisors understand that wider spreads don't necessarily indicate poor liquidity if they reflect underlying market conditions.
Factors influencing ETF bid-ask spreads:
- Underlying security spreads and trading costs
- ETF trading volume and market maker competition
- Market volatility and uncertainty levels
- Time of day and market session characteristics
- Fund complexity and operational efficiency
- Available hedging instruments and derivatives
During market stress, ETF spreads may widen significantly even for funds holding liquid securities. This reflects increased uncertainty and risk rather than fundamental liquidity problems, though the distinction matters for advisor communication and client expectations.
Bid-Ask Spread: The difference between the highest price a buyer will pay (bid) and the lowest price a seller will accept (ask), representing the immediate cost of trading and reflecting market liquidity conditions. Investor.gov Definition
How Should Advisors Evaluate ETF Liquidity?
Advisors need practical frameworks for assessing ETF liquidity that go beyond simple volume metrics. Asset managers should provide tools and education that help advisors make informed trading decisions based on comprehensive liquidity analysis.
The most effective approach combines multiple liquidity indicators with consideration of client-specific factors like trade size, timing flexibility, and market conditions. This multifaceted analysis provides better outcomes than relying on any single metric.
Comprehensive ETF liquidity assessment framework:
- Average daily trading volume over multiple time periods
- Typical bid-ask spreads during different market conditions
- Underlying asset liquidity and market depth
- Number of active authorized participants
- Historical premium/discount patterns
- Market maker participation and competition levels
- Fund operational efficiency and tracking accuracy
- Available real-time liquidity data and tools
Real-Time Liquidity Assessment Tools
Modern ETF trading requires access to real-time liquidity data beyond basic bid-ask quotes. Many asset managers now provide advisors with tools showing estimated trading costs, market depth, and optimal execution strategies for different order sizes.
These tools help advisors understand the likely market impact of trades before execution, enabling better timing and sizing decisions. The most sophisticated platforms integrate multiple data sources to provide comprehensive liquidity pictures.
Why Traditional Volume Metrics Mislead Advisors
Daily trading volume represents one of the most misunderstood aspects of ETF liquidity among financial advisors. Many advisors avoid ETFs with lower trading volumes, missing opportunities in funds with excellent underlying liquidity characteristics.
An ETF holding large-cap stocks might trade only $5 million daily but still accommodate much larger transactions through the creation/redemption mechanism. Conversely, an ETF holding illiquid bonds might show higher daily volume but struggle with large redemptions during market stress.
Authorized Participants: Financial institutions with agreements to create and redeem ETF shares directly with fund companies using baskets of underlying securities, providing the crucial arbitrage mechanism that maintains ETF liquidity and price efficiency. SEC ETF Investor Bulletin
Asset managers should emphasize that ETF liquidity ultimately derives from the underlying securities rather than secondary market trading activity. This fundamental concept helps advisors evaluate funds more effectively and avoid common misconceptions.
Common volume-based misconceptions:
- Low daily volume indicates poor liquidity
- High volume guarantees easy trade execution
- Volume patterns predict future liquidity
- Older ETFs always have better liquidity than newer ones
- Larger funds automatically provide better liquidity
What Are the Regulatory Requirements for ETF Liquidity Messaging?
FINRA Rule 2210 and SEC advertising regulations apply to all ETF liquidity communications, requiring balanced presentations that don't mislead advisors about trading characteristics or risks. Asset managers must avoid implying guaranteed liquidity or making comparisons that could mislead about relative liquidity advantages.
Compliance teams should review liquidity messaging for accuracy, balance, and appropriate risk disclosures. Claims about liquidity advantages require substantiation and context about market conditions where those advantages might not apply.
Regulatory compliance considerations:
- Avoid absolute statements about liquidity guarantees
- Include appropriate risk disclosures about market stress scenarios
- Substantiate comparative claims with objective data
- Disclose limitations of liquidity metrics and tools
- Update materials when market conditions change significantly
- Maintain documentation supporting liquidity representations
Agencies specializing in financial marketing compliance, such as WOLF Financial, integrate regulatory review into every campaign to ensure ETF liquidity messaging meets FINRA and SEC requirements while remaining educational and useful for advisors.
Balanced Risk Disclosure Requirements
ETF liquidity communications must acknowledge scenarios where normal liquidity mechanisms might face stress or disruption. Market events like the 2020 pandemic onset or 2008 financial crisis provide important context for realistic liquidity expectations.
Effective disclosures educate advisors about factors that could impact ETF liquidity without undermining confidence in normal market functioning. This balanced approach builds trust and helps advisors set appropriate client expectations.
How Do Market Conditions Affect ETF Liquidity Messaging?
ETF liquidity characteristics change significantly based on market conditions, volatility levels, and overall market functioning. Asset managers should help advisors understand these dynamics rather than presenting static liquidity assessments.
During normal market conditions, most ETFs demonstrate excellent liquidity with tight spreads and efficient price discovery. Market stress can widen spreads, increase premiums/discounts, and create temporary liquidity challenges even for funds holding liquid assets.
Market condition impacts on ETF liquidity:
- Volatility increases bid-ask spreads across all ETFs
- Market stress can temporarily disrupt arbitrage mechanisms
- Different asset classes respond differently to market conditions
- International ETFs face additional complexity during overseas market closures
- Fixed income ETFs may show different patterns than equity ETFs
- Leveraged and inverse ETFs exhibit magnified liquidity sensitivity
Successful advisor education acknowledges these realities while maintaining perspective on typical market functioning. This approach builds credibility and helps advisors make better decisions across different market environments.
What Tools Help Advisors Execute ETF Trades Efficiently?
Modern trading platforms provide sophisticated tools for ETF execution that go far beyond simple market orders. Asset managers should educate advisors about available tools and best practices for different trading scenarios and client needs.
Limit orders, time-weighted strategies, and algorithmic execution can significantly improve outcomes for larger ETF trades. Understanding when and how to use these tools becomes increasingly important as advisor practices grow and trade sizes increase.
ETF trading tools and strategies:
- Real-time indicative net asset value (iNAV) feeds
- Market depth and order book visualization
- Estimated trading cost calculators
- Volume-weighted average price (VWAP) algorithms
- Time-weighted execution strategies
- Cross-trading networks and dark pools
- Direct market maker communication channels
Optimal Order Types for Different Scenarios
Market orders provide immediate execution but may result in poor pricing during volatile periods or for larger trades. Limit orders offer price protection but risk non-execution if markets move away from the specified price.
Asset managers should provide guidance on order type selection based on factors like trade urgency, size, market conditions, and client risk tolerance. This practical education improves advisor outcomes and client satisfaction.
How Should Asset Managers Communicate ETF Liquidity to Different Advisor Segments?
Registered investment advisors, wirehouse brokers, and independent broker-dealers have different knowledge levels, client bases, and operational constraints that affect how they approach ETF liquidity considerations.
High-net-worth focused advisors typically execute larger trades and need more sophisticated liquidity analysis, while mass-market advisors might focus on cost-effective execution for smaller positions. Tailoring liquidity messaging to these different needs improves advisor adoption and satisfaction.
Advisor segment considerations:
- RIAs often have more flexibility in trade execution timing and methods
- Wirehouse advisors may have access to institutional trading desks and tools
- Independent broker-dealers might rely more on third-party platforms
- Fee-only advisors particularly focus on all-in trading costs
- High-net-worth specialists need sophisticated liquidity analysis capabilities
- Retirement plan advisors face different liquidity timing requirements
Analysis of institutional marketing campaigns reveals that segmented liquidity education typically achieves higher advisor engagement rates compared to generic educational content, according to agencies managing extensive financial creator networks.
What Are Common ETF Liquidity Myths Advisors Believe?
Several persistent misconceptions about ETF liquidity continue to influence advisor behavior and client recommendations. Asset managers have opportunities to provide valuable education by addressing these myths directly with factual explanations.
The most common myth involves equating daily trading volume with overall fund liquidity, leading advisors to avoid perfectly suitable ETFs with lower secondary market activity. Other misconceptions relate to ETF behavior during market stress and comparisons with mutual fund liquidity.
Net Asset Value (NAV): The per-share value of an ETF calculated by dividing total fund assets minus liabilities by the number of outstanding shares, serving as the fundamental pricing reference for ETF creation and redemption. SEC Mutual Fund Guide
Common ETF liquidity myths to address:
- ETFs are less liquid than mutual funds because they trade on exchanges
- New ETFs automatically have poor liquidity until they grow larger
- ETF prices can diverge significantly from NAV without correction
- High daily volume guarantees better execution for all trade sizes
- ETFs holding illiquid assets can't provide daily liquidity
- Market makers manipulate ETF prices for profit
- ETF liquidity disappears completely during market crashes
Addressing Misconceptions Through Education
Effective myth-busting requires specific examples and clear explanations rather than generic statements. Case studies showing how ETF liquidity actually functioned during historical market events provide powerful educational tools.
Asset managers should acknowledge legitimate concerns while correcting factual misunderstandings. This balanced approach builds credibility and encourages advisors to reconsider preconceptions about ETF liquidity characteristics.
How Do Different Asset Classes Affect ETF Liquidity Messaging?
Equity ETFs, fixed income ETFs, commodity ETFs, and alternative strategy ETFs each present unique liquidity characteristics that require tailored messaging approaches. Advisors need to understand these differences to set appropriate expectations and make suitable recommendations.
Large-cap equity ETFs typically offer the most straightforward liquidity story with highly liquid underlying markets and robust arbitrage mechanisms. Fixed income ETFs require more nuanced explanations about how bond market liquidity translates to ETF share liquidity.
Asset class liquidity considerations:
- Equity ETFs benefit from continuous stock market pricing and deep liquidity
- Bond ETFs provide liquidity advantages over individual bond ownership
- International ETFs face time zone and currency considerations
- Commodity ETFs may use derivatives that affect liquidity patterns
- Alternative strategy ETFs often have more complex liquidity profiles
- Sector and thematic ETFs depend on underlying market segment liquidity
Fixed Income ETF Liquidity Messaging
Bond ETFs present unique messaging challenges because they often provide better liquidity than the underlying bonds themselves. This counterintuitive concept requires careful explanation to help advisors understand the value proposition.
During bond market stress, ETF shares might trade at discounts to NAV temporarily, but this typically represents efficient price discovery rather than liquidity problems. Educating advisors about these dynamics prevents misinterpretation of temporary market conditions.
What Metrics Should Advisors Track for ETF Liquidity Monitoring?
Ongoing liquidity monitoring helps advisors identify changes in ETF characteristics and adjust their usage accordingly. Asset managers should provide frameworks and tools that make this monitoring practical rather than overwhelming.
Key metrics include tracking error, bid-ask spreads, premium/discount patterns, and underlying market conditions. Regular monitoring helps advisors spot potential issues before they affect client portfolios.
Essential ETF liquidity monitoring metrics:
- 30-day average bid-ask spreads during market hours
- Premium/discount frequency and magnitude
- Daily trading volume trends and patterns
- Tracking error relative to benchmark or NAV
- Creation and redemption activity levels
- Authorized participant count and stability
- Underlying asset market conditions
- Fund flows and asset growth trends
Technology Solutions for Liquidity Monitoring
Many asset managers now provide digital dashboards and alerts that help advisors monitor ETF liquidity conditions without manual analysis. These tools integrate multiple data sources to provide comprehensive monitoring capabilities.
Automated alerts can notify advisors when liquidity conditions change significantly, enabling proactive portfolio management decisions. The most effective systems balance comprehensive data with usable interfaces that don't overwhelm busy advisors.
How Should Crisis Communication Address ETF Liquidity Concerns?
During market stress events, advisors receive numerous client questions about ETF liquidity and safety. Asset managers should prepare proactive communication strategies that address common concerns while maintaining perspective on temporary market conditions.
Effective crisis communication acknowledges current market realities while explaining why temporary disruptions don't indicate fundamental ETF problems. Historical context and specific data help advisors respond confidently to client concerns.
Crisis communication best practices:
- Acknowledge current market conditions without minimizing concerns
- Provide specific data about fund liquidity and operations
- Explain temporary market dynamics vs. permanent structural issues
- Offer practical guidance for current trading decisions
- Share historical context from previous market stress events
- Maintain regular communication cadence during volatile periods
When institutional brands face market stress communications, specialized agencies with regulatory expertise help ensure messaging remains compliant while addressing legitimate advisor and investor concerns effectively.
What Role Do Market Makers Play in ETF Liquidity?
Market makers provide crucial liquidity services for ETFs by maintaining continuous bid and ask quotes, facilitating trades, and participating in the arbitrage process that keeps ETF prices aligned with underlying asset values.
Multiple market makers typically compete to provide liquidity for popular ETFs, resulting in tighter spreads and better execution quality. Understanding market maker economics helps advisors appreciate the infrastructure supporting ETF liquidity.
Market Maker: Financial firms that provide liquidity to markets by continuously quoting bid and ask prices for securities, facilitating trading and helping maintain orderly market conditions through their willingness to buy and sell. SEC Trading Execution Guide
Market maker contributions to ETF liquidity:
- Continuous bid-ask quote maintenance during market hours
- Inventory management to facilitate immediate trade execution
- Arbitrage activities that maintain price efficiency
- Competition that drives spread tightening and service improvement
- Risk management that maintains market stability
- Technology infrastructure supporting high-frequency trading
Frequently Asked Questions
Basics
1. What makes ETF liquidity different from stock liquidity?
ETF liquidity operates through a dual-market structure combining secondary market trading with primary market creation and redemption mechanisms. While stocks rely primarily on trading between investors, ETFs can create new shares or eliminate existing shares based on demand through authorized participants.
2. How do I know if an ETF has good liquidity?
Look beyond daily trading volume to consider underlying asset liquidity, bid-ask spreads, number of authorized participants, and historical premium/discount patterns. The liquidity of underlying securities matters more than ETF share volume for most trading decisions.
3. Can ETF liquidity disappear completely?
ETF liquidity can become stressed during extreme market conditions but rarely disappears completely. The creation and redemption mechanism provides structural liquidity as long as underlying markets remain functional, though costs may increase during volatile periods.
4. Why do some ETFs with low volume still trade easily?
ETFs holding liquid underlying securities can accommodate large trades through the creation/redemption process regardless of secondary market volume. Market makers can create or redeem shares as needed to meet trading demand.
5. What's the difference between ETF liquidity and mutual fund liquidity?
ETFs provide intraday liquidity through continuous exchange trading, while mutual funds offer end-of-day liquidity at NAV. ETFs can trade at small premiums or discounts to NAV, while mutual fund transactions always occur at NAV.
How-To
6. How should I execute large ETF trades?
Use limit orders, consider time-weighted execution strategies, and break large orders into smaller sizes when appropriate. Contact market makers directly for very large trades, and avoid market orders during volatile periods or market opens/closes.
7. When is the best time of day to trade ETFs?
Generally avoid the first 30 minutes after market open and the last 30 minutes before close when spreads tend to be wider. Mid-morning through mid-afternoon typically offers the best combination of liquidity and tight spreads.
8. How do I monitor ETF liquidity conditions?
Track bid-ask spreads, premium/discount patterns, underlying asset market conditions, and creation/redemption activity. Many brokers and asset managers provide tools showing real-time liquidity metrics and estimated trading costs.
9. What should I do if an ETF shows a large premium or discount?
Understand the cause before trading - premiums/discounts during market stress may be temporary and self-correcting. For persistent deviations, consider using limit orders or contacting the asset manager for guidance on current market conditions.
10. How do I explain ETF liquidity to concerned clients?
Focus on the structural features that provide liquidity (creation/redemption mechanism) rather than daily volume statistics. Use analogies and emphasize that underlying asset liquidity drives ETF liquidity, with specific examples relevant to their holdings.
Comparison
11. Are newer ETFs less liquid than established ones?
Not necessarily - new ETFs tracking liquid underlying assets can offer excellent liquidity immediately. Fund age matters less than underlying asset liquidity, authorized participant support, and market maker participation.
12. Which is more liquid during market stress - ETFs or individual stocks?
It depends on the specific securities and market conditions. ETFs holding diversified portfolios often maintain better liquidity than individual small-cap stocks during stress, but may show wider spreads than large-cap stocks with active market making.
13. How does international ETF liquidity compare to domestic ETFs?
International ETFs face additional complexity from time zone differences, currency considerations, and foreign market holidays. Spreads are typically wider, and premium/discount patterns may be more pronounced, especially when underlying markets are closed.
14. Are bond ETFs more or less liquid than individual bonds?
Bond ETFs typically provide superior liquidity compared to individual bonds, especially for retail and smaller institutional investors. ETFs offer continuous trading while individual bonds may have limited dealer markets and higher transaction costs.
Troubleshooting
15. Why did my ETF order not fill at the displayed price?
Displayed prices may represent small order sizes, and your order size might have exceeded available liquidity at that price level. Market conditions can change rapidly, and some displayed quotes may not be firm for all order sizes.
16. What causes unusually wide ETF bid-ask spreads?
Market volatility, underlying asset illiquidity, operational disruptions, low market maker competition, or unusual market conditions can all contribute to wider spreads. Check underlying market conditions and consider timing trades differently.
17. How do I handle client concerns about ETF liquidity during market crashes?
Acknowledge that temporary disruptions are normal during extreme market stress while explaining the structural features that maintain long-term liquidity. Provide historical context and focus on the fund's underlying asset quality and operational track record.
18. What should I do if an ETF consistently trades at premiums or discounts?
Investigate potential causes such as underlying asset illiquidity, operational issues, or structural problems with the fund. Contact the asset manager for explanation and consider alternative ETF options if the situation persists without reasonable explanation.
Advanced
19. How do leveraged ETFs affect liquidity considerations?
Leveraged ETFs require daily rebalancing that can create additional trading activity and complexity. Liquidity patterns may differ from unleveraged ETFs, and the underlying derivatives markets become important liquidity considerations.
20. What happens to ETF liquidity when authorized participants withdraw?
Reduced authorized participant participation can impact liquidity quality through wider spreads and less efficient arbitrage. However, economic incentives typically attract new participants when profitable arbitrage opportunities arise.
21. How do currency hedged ETFs impact liquidity analysis?
Currency hedging adds derivatives exposure that can affect liquidity patterns, especially during periods of currency market stress. The hedging mechanism requires additional operational complexity that may impact bid-ask spreads and trading efficiency.
Compliance/Risk
22. What compliance issues arise when discussing ETF liquidity with clients?
Avoid guaranteeing liquidity or making absolute statements about trading characteristics. Include appropriate risk disclosures about market stress scenarios and avoid misleading comparisons with other investment vehicles. Document the basis for liquidity representations.
23. How should I disclose ETF liquidity risks to clients?
Explain that liquidity can vary based on market conditions, underlying asset characteristics, and operational factors. Disclose that premiums/discounts may occur and that trading costs can increase during volatile periods. Avoid suggesting that ETFs provide unlimited liquidity.
24. What records should I maintain regarding ETF liquidity analysis?
Document your analysis methodology, data sources used, and the basis for liquidity assessments provided to clients. Maintain records of any representations made about ETF liquidity characteristics and the supporting evidence for those statements.
Conclusion
Effective ETF liquidity messaging requires educating advisors about the fundamental mechanisms that drive ETF liquidity while addressing common misconceptions about volume-based liquidity assessment. The dual-market structure combining secondary trading with primary market creation and redemption provides the foundation for understanding true ETF liquidity characteristics. Asset managers who provide comprehensive education about underlying asset liquidity, authorized participant roles, and practical trading considerations help advisors make better decisions and serve clients more effectively.
When developing ETF liquidity messaging strategies, consider these essential elements:
- Focus on underlying asset liquidity rather than secondary market volume statistics
- Provide practical tools for assessing real-time liquidity conditions and trading costs
- Address common misconceptions through specific examples and historical context
- Tailor messaging complexity to different advisor segments and their client needs
- Maintain regulatory compliance while providing genuinely useful educational content
For ETF issuers seeking to build advisor confidence through comprehensive liquidity education and compliant marketing strategies, explore WOLF Financial's institutional marketing services that combine deep ETF expertise with regulatory compliance oversight.
References
- U.S. Securities and Exchange Commission. "Exchange-Traded Funds (ETFs)." SEC.gov. https://www.sec.gov/investor/pubs/etf.htm
- U.S. Securities and Exchange Commission. "ETF Investor Bulletin." SEC.gov. https://www.sec.gov/investor/alerts/etfs.pdf
- Investor.gov. "Bid-Ask Spread." U.S. Securities and Exchange Commission. https://www.investor.gov/introduction-investing/investing-basics/glossary/bid-ask-spread
- U.S. Securities and Exchange Commission. "Mutual Fund Investing: Look at More Than a Fund's Past Performance." SEC.gov. https://www.sec.gov/investor/pubs/inwsmf.htm
- U.S. Securities and Exchange Commission. "Trade Execution: What Every Investor Should Know." SEC.gov. https://www.sec.gov/investor/pubs/tradexec.htm
- FINRA. "Communications with the Public Rule 2210." FINRA.org. https://www.finra.org/rules-guidance/rulebooks/finra-rules/2210
- BlackRock. "ETF Liquidity: Understanding the Fundamentals." BlackRock.com
- Vanguard. "ETF Liquidity Provisions and Market Structure." Vanguard.com
- State Street Global Advisors. "ETF Liquidity: Seeing Around Corners." SSGA.com
- CFA Institute. "Exchange-Traded Funds: Mechanics and Applications." CFA Institute Research Foundation
- Federal Reserve Bank of St. Louis. "ETF Arbitrage Mechanisms and Market Quality." FRED Economic Data
- Investment Company Institute. "ETF Liquidity and Trading." ICI.org
Important Disclaimers
Disclaimer: Educational information only. Not financial, legal, medical, or tax advice.
Risk Warnings: All investments carry risk, including loss of principal. Past performance is not indicative of future results.
Conflicts of Interest: This article may contain affiliate links; see our disclosures.
Publication Information: Published: 2025-01-27 · Last updated: 2025-01-27T00:00:00Z
About the Author
Author: Gav Blaxberg, Founder, WOLF Financial
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