In this presentation, Matthew Lekushoff discusses when business owners and entrepreneurs should incorporate their business. Follow the steps outlined to find out if now is the right time for you.
Matthew is a financial advisor with Raymond James Ltd.'s head office in Toronto. Find more about Matthew at www.matthewlekushoff.ca.
Follow the five investment concepts listed in the slide above to ensure your financial portfolio excels and you achieve financial success!
In this slideshow, Matthew Lekushoff (CIMA), a financial advisor at Raymond James Ltd.'s Toronto head office, shares his investment philosophy with current and prospective clients looking to become financially organized.
In this presentation, Matthew Lekushoff discusses when business owners and entrepreneurs should incorporate their business. Follow the steps outlined to find out if now is the right time for you.
Matthew is a financial advisor with Raymond James Ltd.'s head office in Toronto. Find more about Matthew at www.matthewlekushoff.ca.
Follow the five investment concepts listed in the slide above to ensure your financial portfolio excels and you achieve financial success!
In this slideshow, Matthew Lekushoff (CIMA), a financial advisor at Raymond James Ltd.'s Toronto head office, shares his investment philosophy with current and prospective clients looking to become financially organized.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2017BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a moderated discussion on the Current State of the Capital Markets. Speakers included Matt Anstead with EV Private Equity, Ali Nasser with AltruVista and Bill Pyle with Texas Capital Bank.
Toronto-based financial advisor Matthew Lekushoff provides his tips for staying on track of financial goals. His wealth management practice at Raymond James Ltd. targets doctors and entrepreneurs seeking investing advice.
Follow the steps in the slide and you'll find it easy to stay on track of your financial goals!
14 Outdated Investing 'Rules' You Don't Need To Follow AnymoreScott Tominaga
As the times change, so does the world of finance. Some investors are still stuck on “rules” of investing that have become obsolete, and sticking with these old adages may hurt you in the long run.
The Hidden Champion Fund in listed Asian equities generated positive absolute returns of +15.4% or a S$2.7m investment gain (in SGD terms as at 1 July 2016) since September 2015, outperforming Asian market indexes which decline over the same period.
Mercer Capital's Value Matters™ | Issue No. 2 2018Mercer Capital
Mercer Capital's Value Matters™ addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
Mercer Capital's Value Matters™ | Issue No. 2, 2018Mercer Capital
Mercer Capital's Value Matters™, published 6 times per year, addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
BoyarMiller's State of the Capital Markets eBookBoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller hosted three financial experts for a moderated discussion on The Current State of the Capital Markets 2019. The panelists were: Kamden D. Kanaly, CFP®, Chairman, KDK Private Wealth Management; John Sarvadi, Executive Managing Director, Corporate Banking, Texas Capital Bank; and Scott D. Winship, Managing Director, GulfStar Group Investment Bankers.
Need to Find the Funds? Look no further, Realty411 has the resources and connections you need to make your deals come to life. In this SPECIAL edition, you'll meet the leaders of Real Estate Finance. The Private Lenders.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2017BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a moderated discussion on the Current State of the Capital Markets. Speakers included Matt Anstead with EV Private Equity, Ali Nasser with AltruVista and Bill Pyle with Texas Capital Bank.
Toronto-based financial advisor Matthew Lekushoff provides his tips for staying on track of financial goals. His wealth management practice at Raymond James Ltd. targets doctors and entrepreneurs seeking investing advice.
Follow the steps in the slide and you'll find it easy to stay on track of your financial goals!
14 Outdated Investing 'Rules' You Don't Need To Follow AnymoreScott Tominaga
As the times change, so does the world of finance. Some investors are still stuck on “rules” of investing that have become obsolete, and sticking with these old adages may hurt you in the long run.
The Hidden Champion Fund in listed Asian equities generated positive absolute returns of +15.4% or a S$2.7m investment gain (in SGD terms as at 1 July 2016) since September 2015, outperforming Asian market indexes which decline over the same period.
Mercer Capital's Value Matters™ | Issue No. 2 2018Mercer Capital
Mercer Capital's Value Matters™ addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
Mercer Capital's Value Matters™ | Issue No. 2, 2018Mercer Capital
Mercer Capital's Value Matters™, published 6 times per year, addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
BoyarMiller's State of the Capital Markets eBookBoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller hosted three financial experts for a moderated discussion on The Current State of the Capital Markets 2019. The panelists were: Kamden D. Kanaly, CFP®, Chairman, KDK Private Wealth Management; John Sarvadi, Executive Managing Director, Corporate Banking, Texas Capital Bank; and Scott D. Winship, Managing Director, GulfStar Group Investment Bankers.
Need to Find the Funds? Look no further, Realty411 has the resources and connections you need to make your deals come to life. In this SPECIAL edition, you'll meet the leaders of Real Estate Finance. The Private Lenders.
How Wealthy Families Should Invest in Real Estate - Ted Cronin, Manchester Ca...IFG Network marcus evans
Ted Cronin, Founding Partner & Chief Investment Officer, Manchester Capital Management LLC, discusses what real estate investments provide a consistent revenue stream and wealth transfer advantages. Cronin is a speaker at the IFG Wealth Management Forum 2014.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2016BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included Drew Kanaly with Kanaly Trust, Cliff Atherton with GulfStar Group and John Sarvadi with Texas Capital Bank, LLC.
More online: http://www.boyarmiller.com/news-and-publications/events/breakfast-forum-current-state-capital-markets-2016/
Securities Firms and Investment Banks.docxjeffreye3
Securities Firms and Investment Banks
Securities Firms and Investment Banks (IBs)
Investment banks (IBs) help corporations and governments raise capital through debt and equity security issues in the primary market
Underwriting is assisting in issuing new securities
IBs also advise on mergers and acquisitions (M&As) and corporate restructuring
Securities firms assist in the trading of securities in secondary markets
Broker-dealers assist in the trading of existing securities
2
Investment bankers assist borrowers in raising capital in debt and equity markets and provide advice about mergers and acquisitions, corporate restructuring and general assistance in finance. Bankers also provide many creative over the counter derivative products. Securities firms provide brokerage and market making services. The investment banking and securities industries are complementary and many firms provide a broad range of services. Some specialized entities with advantages in certain market niches remain less diversified. The industry underwent tremendous consolidation in the last decade due to increasing scale and scope economies and the need for greater capital. The face of the industry was changed forever during the financial crisis of 2007-2008 with forced buyouts of Merrill-Lynch and Bear-Stearns, failure of Lehman Brothers and Goldman-Sachs and Morgan Stanley becoming commercial banks. Nevertheless, working for many of these firms is often considered the penultimate finance career, with prestige and remuneration to match. With industry profits down, firms on the Street are having a difficult time maintaining their large salaries and bonuses. A very significant portion of profits are paid out in the form of remuneration to executives. The chapter presents an overview of the size of the industry and the general strategies of the participants, major activities, primary assets and liabilities on the balance sheet, recent in the news events concerning breaches of ethics and the trend toward globalization.
Size, Structure and Composition of Industry
The size of the industry is usually measured by the equity capital of firms rather than total asset size
Equity capital in the industry in 2015 was $235 billion
The number of firms in the industry changed due to economies of scale and scope, losses with the economy, scandals at some firms, and regulations that allowed both inter- and intra-industry mergers
5,248 firms in 1980
9,515 firms in 1987
6,016 firms in 2006
4,115 firms in 2016
As with commercial banks, consolidation has largely occurred through mergers and acquisitions
.
Securities Firms and Investment Banks.docxkenjordan97598
Securities Firms and Investment Banks
Securities Firms and Investment Banks (IBs)
Investment banks (IBs) help corporations and governments raise capital through debt and equity security issues in the primary market
Underwriting is assisting in issuing new securities
IBs also advise on mergers and acquisitions (M&As) and corporate restructuring
Securities firms assist in the trading of securities in secondary markets
Broker-dealers assist in the trading of existing securities
2
Investment bankers assist borrowers in raising capital in debt and equity markets and provide advice about mergers and acquisitions, corporate restructuring and general assistance in finance. Bankers also provide many creative over the counter derivative products. Securities firms provide brokerage and market making services. The investment banking and securities industries are complementary and many firms provide a broad range of services. Some specialized entities with advantages in certain market niches remain less diversified. The industry underwent tremendous consolidation in the last decade due to increasing scale and scope economies and the need for greater capital. The face of the industry was changed forever during the financial crisis of 2007-2008 with forced buyouts of Merrill-Lynch and Bear-Stearns, failure of Lehman Brothers and Goldman-Sachs and Morgan Stanley becoming commercial banks. Nevertheless, working for many of these firms is often considered the penultimate finance career, with prestige and remuneration to match. With industry profits down, firms on the Street are having a difficult time maintaining their large salaries and bonuses. A very significant portion of profits are paid out in the form of remuneration to executives. The chapter presents an overview of the size of the industry and the general strategies of the participants, major activities, primary assets and liabilities on the balance sheet, recent in the news events concerning breaches of ethics and the trend toward globalization.
Size, Structure and Composition of Industry
The size of the industry is usually measured by the equity capital of firms rather than total asset size
Equity capital in the industry in 2015 was $235 billion
The number of firms in the industry changed due to economies of scale and scope, losses with the economy, scandals at some firms, and regulations that allowed both inter- and intra-industry mergers
5,248 firms in 1980
9,515 firms in 1987
6,016 firms in 2006
4,115 firms in 2016
As with commercial banks, consolidation has largely occurred through mergers and acquisitions
.
An investment in TPCM $25,000 9% Convertible Note(s) offers:
Immediate income;
Conversion to common stock or return of your investment in two years;
Upside potential returns (on conversion) of 25% to 112.5% per year (see details toward the end of this presentation);
Likely 5 year Buyout or IPO exit strategy.
For Accredited Investors
Similar to Barron's presents the best of the best advisors 2014 (20)
Articolo su "Il Resto del Carlino"
Ringrazio sopratutto i risparmiatori e i miei Consulenti Finanziari di tutte le MARCHE: senza di voi certi traguardi non si sarebbero potuti raggiungere.
I miei 90 professionisti hanno l'onore di gestire oltre 1.6 miliardi di euro di 25.000 clienti e ogni consulente finanziario ha un patrimonio di circa 18 milioni di euro.
E questo è solo l'inizio della nostra "CRESCITA"....
L'unica cosa negativa: il titolo in alto non mi si addice" Cacciatori di teste"....i colleghi che cerco devono avere spiccate qualità personali e deontologiche che non insidino neppure minimamente il clima di proficua collaborazione e spirito di squadra che in 20 anni sono riuscito a creare nelle Marche.
Articolo su "Il Resto del Carlino"
Ringrazio sopratutto i risparmiatori e i miei Consulenti Finanziari di tutte le MARCHE: senza di voi certi traguardi non si sarebbero potuti raggiungere.
I miei 90 professionisti hanno l'onore di gestire oltre 1.6 miliardi di euro di 25.000 clienti e ogni consulente finanziario ha un patrimonio di circa 18 milioni di euro.
E questo è solo l'inizio della nostra "CRESCITA"....
L'unica cosa negativa: il titolo in alto non mi si addice" Cacciatori di teste"....i colleghi che cerco devono avere spiccate qualità personali e deontologiche che non insidino neppure minimamente il clima di proficua collaborazione e spirito di squadra che in 20 anni sono riuscito a creare nelle Marche.
Il presidente di Consob, Vegas,ieri all'incontro annuale Consob a Palazzo Mezzanotte a Milano, fa le previsioni sul futuro del mondo bancario "Le banche? Tra qualche anno spariranno, spazzate via dal Fintech’" ecco il link dell'articolo https://it.businessinsider.com/le-banche-tra-qualche-anno-…/
Ecco invece come vede la Banca del futuro l'A.D. FinecoBank dott.Foti. sul giornale QN.
Gli ingaggi d'oro per i nuovi Promotori Finanziari sono al termine?
Secondo un'indagine di Mediobanca i costi del reclutamento iniziano a pesare sul conto economico delle principali reti.
E se la Mifid2 non venisse prorogata? Teniamoci pronti.Vincenzo Borchia
E se la Mifid2 non venisse prorogata? Teniamoci pronti.
Secondo Martin Merlin, direttore dei mercati finanziari della Commissione Europea, occorrerebbe posticipare l’avvio della MIFID2 al 2018. Anche Steven Maijoor, presidente dell'Esma, consiglia il rinvio considerate le difficoltà di banche e broker ad adattare i loro sistemi IT alle nuove regole per il 1/1/2017. Ma se la riforma non venisse posticipata? Cosa significa MIFID2?
La Direttiva Mifid2 introdurrà numerosi cambiamenti nella regolamentazione dei servizi di investimento e della consulenza finanziaria.
Si parla di maggiore cultura della consulenza, di più protezione per gli investitori e di nuovi flussi informativi con monitoraggi più severi nella distribuzione dei prodotti.
Trasparenza, è questa la parola chiave.
Tra i punti più importanti della nuova direttiva l’introduzione del servizio di consulenza a parcella remunerato dal cliente del professionista che si affianca all’attuale sistema della consulenza generica basata sulle retrocessioni da parte delle società prodotto.
I clienti avranno una visione chiara e costante dei costi di prodotti e operazioni, con conseguente valorizzazione degli standard di qualità e del ruolo del consulente, in termini di competenze dedicate alla selezione e monitoraggio dei prodotti e all’aggiornamento delle informazioni riservate al cliente.
Il beneficio è chiaro: il rapporto di fiducia si rafforzerà e sarà duraturo.
Noi siamo pronti e tu?
Articoli di giornale: La fine del posto fisso in banca Vincenzo Borchia
La posizione dell'Associazione bancaria è chiara:
«I modelli organizzativi e distributivi cambieranno. Lo sportello fisico non è più centrale, la multicanalità sta facendo saltare tutti i paradigmi”
Le Grandi Truffe finanziarie appartengono solo al passato?Vincenzo Borchia
Da Charles PONZI (NEW YORK 1919) a Gianfranco LANDE (ROMA 2011) ecco le principali truffe finanziarie degli ultimi 150 anni. RISPARMIATORE AVVISATO MEZZO SALVATO…
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...
Barron's presents the best of the best advisors 2014
1. Barron's presents the best of the best advisors 2014
Qui ci sono idee di investimento dei 15 che sono nella Classifica
Top 100 da 10 anni consecutivamente. Guadagnare un posto
nella lista Top 100 di Barron è simile a unirsi alla formazione di
partenza di una squadra sportiva professionista. Ma farci parte
per 10 anni consecutivi?
Meeting of the minds: Four all-stars compare notes at a recent Barron's conference.From left: Raj Sharma, Brian
Pfeifler, Jeff Erdmann, Martin L. Halbfinger. Photo: LILA Photo
2. INTERVISTA ORIGINALE IN INGLESE
Barron's presents the best of the best advisors: Here are investment ideas
from 15 who made our Top 100 list for 10 straight years.
STEVE GARMHAUSEN
• The 15 advisors highlighted in these pages have streaks of excellence to rival those of Derek Jeter.
Their businesses are strong and sustainable, their backgrounds spotless, and their track record of
serving clients superb. Hailing from nine states, many of our advisors are affiliated with marquee
Wall Street firms, but a significant number are from independent shops. Most have spent their
entire careers at a single firm, even if it has been gobbled up by one or more acquirers over time.
That stability has helped them build their businesses, fine-tune their services, and know their
clients extremely well. Jeff Erdmann, for example, started with Merrill Lynch in 1984 as a college
intern. “We're now in the third generation with some of our families,” he says.
• Clients of our 15 all-stars are typically very wealthy, and they demand more than run-of-the-mill
investment ideas. So when we asked the advisors to give us their top recommendations for the
current environment, they responded with some rarefied advice.
• The ideas range from illiquid fixed-income investments to overseas “dividend aristocrat” stocks to
private-equity funds that invest in both equity and fixed income in emerging markets. On the
following pages in this special report, we lay out the single best idea of each advisor.
• Despite recent volatility in the market, the advisors are mostly upbeat about its long-term promise.
“The market is an attractive place to be,” says Morgan Stanley's Alan Whitman, “and it will continue
to be for a while.” If the five-year-old bull market manages to double its age, it, too, would be an all-
star.
3. Ron Carson
Carson Wealth Management
• The housing crisis may be long gone from the
front pages, but investment opportunities in its
wake are still going strong, says Carson.
• In January 2013, he and his team launched a
fund to buy and rehab properties for rent in
cities nationwide, including Minneapolis,
Baltimore, and Dallas. That fund has done so well
that they are putting together another one.
• “New-home sales are up, but a lot of people are
renting, and we're the beneficiaries,” he says,
citing yields (rent revenue divided by the cost of
the property) of 14%. Buying and rehabbing
property currently costs 40% to 50% less than
the cost of building, says Carson, whose team is
partnering with a real estate firm for the
endeavor.
• “Even if all we ever do is collect rent, it's a very
good investment in this low-interest-rate
environment,” he says.
Firm: Carson Wealth
Management
Location: Omaha, Neb.
Team Assets: $4.3 billion
Current Rank: 29
Career Path: Carson started his
advisory career from a dorm
room in 1983, and has been
independent his entire career.
Advice: “True wealth is all you
have that money can't buy and
that death can't take away.”
4. Louis J. Chiavacci
Merrill Lynch Private Banking
& Investment Group
• With cash earning little or nothing these days,
Chiavacci is pointing investors toward short-
duration, high-yield muni bonds. “At today's top
marginal tax rates, the spread of high-yield
munis versus their taxable counterparts makes
them absolutely dirt cheap and attractive,” he
says.
• Chiavacci likes short-term, high-yield munis
(rated BB-plus or below) within well-diversified
mutual funds. Well-managed funds with
relatively low interest-rate risk were recently
yielding roughly 3.5% tax-free, he notes. That's a
tax-equivalent yield of 5.8% for investors in the
39.6% federal tax bracket.
• Chiavacci declined to recommend specific funds
for this article, but Nuveen's Short Duration High
Yield Muni Bond fund appears to fit the bill. It
sports a trailing 12-month yield of 3.43% and an
average duration of a little under four years.
Firm: Merrill Lynch PBIG
Location: Coral Gables, Fla.
Team Assets: $2.7 billion
Current Rank: 69
Career Path: Chiavacci got his
start with Goldman Sachs in 1986
in New York, and joined Merrill
Lynch 11 years later.
Advice: “Investors need a keen
sense of their risk tolerance and a
grasp of what losing money feels
like.”
5. Mark T. Curtis
Graystone Consulting
• As Curtis sees it, now is the time to invest in
Europe.
• The advisor sees opportunity in buying bank
assets as European financial institutions
continue to deleverage following the debt
crisis. And he believes that the region's
stocks could rally broadly as the result of
new stimulus measures. “We think there's
really good value there,” says Curtis.
• As Europe slowly recovers, governments
and regulators have pressed banks to
strengthen their balance sheets—and
they've responded by putting billions of
dollars worth of lower-quality loans up for
sale. Curtis is buying those loans through
investment funds with capital-call
structures. Such funds require a
commitment of capital that their managers
can summon from investors as
opportunities arise.
Firm: Graystone Consulting
(Morgan Stanley)
Location: Palo Alto, Calif.
Team Assets: $27 billion
Current Rank: 3
Career Path: Curtis started at EF
Hutton 33 years ago;three mergers
later, he's with Morgan Stanley's
Graystone Consulting unit.
Advice: “In adding value in portfolio
construction, taxes matter. Look for
tax- managed strategies.”
6. Jeff Erdmann
Merrill Lynch Private Banking
& Investment Group
• Big companies' healthy appetite for acquisitions
is good news for small-cap and microcap
companies—and for nimble investors, says
Erdmann.
• “Large-cap companies have done a great job
building cash flow and fixing their balance
sheets,” he says. “And they're often spending
their cash on acquiring smaller companies.”
• The buyout opportunities are plentiful in both
the US and Europe, says Erdmann.He and his
team play the acquisition theme using two
mutual funds and a hedge fund, which he
declined to name for compliance reasons. The
funds take equity positions in small-cap and
microcap buyout targets in the hopes of big gains
when they're bought at a premium.
• The fact that small-cap stocks are having a weak
year—the Russell 2000 small-company index is
down about 5% since January—only increases
the opportunities, says Erdmann.
Firm: Merrill Lynch PBIG
Location: Greenwich, Conn.
Team Assets: $6 billion
Current Rank: 8
Career Path: Erdmann started with
Merrill as a college intern in 1984 and
has been there ever since.
Advice: “Conversations about legacy
and next-generation planning should
start before and during wealth
creation—not after.”
7. Martin L.
Halbfinger
UBS Financial Services
• Halbfinger's best piece of investment advice
is simple: Take a step back and have a fresh
look at your portfolio.“When you get to this
kind of juncture in the market,” he says, “it's
important to make sure your portfolio is still
aligned with your goals and objectives.”
• That may sound elementary, but five years
into the bull market, many investors have
been swept up in the excitement and have
allowed their portfolios to become too risky,
he says.That's exactly what happened
during the tech and real estate booms of
the past 15 years.
• Not that Halbfinger is expecting an
imminent end to the bull market. “We're
still very constructive on US markets and
getting our long-awaited economic
expansion,” he says.
Firm: UBS Financial Services
Location: New York
Team Assets: $3.7 billion
Current Rank: 43
Career Path: Born and bred in the
Bronx, Halbfinger has been with UBS
and its predecessors for 33 years.
Advice: “Include the next generation in
[investment] conversations so they're
aware of strategies, goals, and risk
tolerance.”
8. Marvin H. McIntyre
Morgan Stanley Wealth
Management
• McIntyre sees plenty of investment fuel in
what he characterizes as the “energy
revolution in North America.”
• Over the past seven years, US natural-gas
production has surged 35%, and oil
production is up nearly 70%. McIntyre and
his colleagues like to play that with master
limited partnerships. MLPs typically offer a
combination of strong yield, growing
distributions, and tax-advantaged income.
• If you can't hack the tax-reporting
headaches that MLPs can involve, McIntyre
recommends exchange-traded funds. The
more prominent ETFs in oil and gas include
the Energy Select Sector SPDR and
Vanguard Energy ETF.
• McIntyre says the energy game is just
getting started. “If I had to guess an inning,”
he says, “I would say the second or third,
with the possibility of extra innings.”
Firm: Morgan Stanley Wealth Mgmt
Location: Washington, DC
Team Assets: $3.6 billion
Current Rank: 16
Career Path: McIntyre started with
Mason & Co. in 1968 and has
remained with the business through
multiple iterations.
Advice: “We love rising dividends:
They signal a strong company, and
they provide a cushion in rising
interest-rate environments.”
9. Joseph W.
Montgomery
Wells Fargo Advisors
• Montgomery's advice: Stop diversifying like
it's 2006.
• Old-school diversification, with stocks,
bonds, and cash, served to pare portfolio
risk for many years. But it failed in the 2008
crash, as most assets swooned in
tandem. Today's investors should diversify
more widely, according to
Montgomery. Specifically, investors should
have a good chunk of “nontraditional”
investments.
• Those include commodities, real estate
investment trusts, emerging-market debt,
and so-called liquid alternatives—mutual
funds and exchange-traded funds that
mimic hedge funds but provide the escape
hatch of daily liquidity.
• Montgomery also likes low-volatility equity
funds, which aim to smooth out market
swings, even at the cost of potentially
underperforming during bull markets.
Firm: Wells Fargo Advisors
Location: Williamsburg, Va.
Team Assets: $15.8 billion
Current Rank: 40
Career Path: The former pro football
player has worked at Wells Fargo and
its predecessors for 40 years.
Advice: “Now more than ever, it's not
what you make but what you keep
that's important.”
10. John D. Olson
Merrill Lynch Wealth
Management
• The market's recent weakness presents a
perfect opportunity to stock up on high-
dividend securities with a history of
increasing their payouts, says Olson.
• “When they come down with the market,
their yield goes up and they become more
attractive,” says Olson, who says these
investments are yielding between 3.5% and
6.5%.
• Olson's shopping list includes master limited
partnerships in energy, selected real-estate
investment trusts, and stocks in areas like
health care and telecommunications. He has
been using price declines to accumulate
positions, he says.
• To raise some of the cash for purchases,
Olson has been trimming excess bond
holdings and rotating clients out of utility
stocks. Both asset types are sensitive to
rising interest rates.
Firm: Merrill Lynch Wealth
Management
Location: New York
Team Assets: $2.3 billion
Current Rank: 72
Career Path: A onetime accountant,
Olson joined Merrill in 1980 and has
been with the firm ever since.
Advice: “ In times of euphoria and
stress, it's important to keep emotion
out of your investing decisions.”
11. Brian Pfeifler
Morgan Stanley Private
Wealth Management
• Five years into the market recovery, mispriced
asset classes have become far harder to find—
but Pfeifler sees a glaring exception in certain
illiquid fixed-income investments. “There is still a
dramatic discrepancy between the potential for
return on illiquid versus liquid investments,” he
says.
• Illiquid fixed-income investments can include
loans to distressed borrowers or to small
companies. But many of the best opportunities
are in Europe, such as assets offloaded by banks
seeking to bolster their balance sheets, says
Pfeifler.
• Private funds that target these assets can
generate returns between 8% and 15%, he
says. Taking the same level of risk in liquid, US-
based investments might return just 5% or 6%,
he says.
• Yes, the investments can be tricky to exit. But,
Pfeifler says, “There are times when illiquidity is
an attractive thing to have in your portfolio.”
Firm: Morgan Stanley PWM
Location: New York
Team Assets: $8.7 billion
Current Rank: 2
Career Path: A 25-year Morgan Stanley
veteran, Pfeifler worked as an analyst
and bond trader before becoming an
advisor.
Advice: “I hate risk, but in a portfolio,
there's a very large difference
between risk and volatility.”
12. John W. Rafal
Essex Financial Services
• Domestic blue-chip stocks with growing
dividends have gotten plenty of attention
over the past few years, but it's their
overseas counterparts that boast
compelling values right now, says Rafal.
Specifically, Rafal is positive on
“international dividend aristocrats,” largely
from Europe and Japan. Although he
expects the US market as a whole to
outperform other developed markets, many
quality, dividend-paying companies abroad
are significantly underpriced.
Such companies' valuations have fallen as
overseas investors, concerned about
stagnation in foreign economies, have
moved money to the US
• Rafal points to two exchange-traded funds:
PowerShares International Dividend
Achievers, which recently had an SEC
yield—which allows for fairer bond-fund
comparisons—of 3.04%, and iShares
International Select Dividend, yielding
4.24%.
Firm: Essex Financial Services
Location: Essex, Conn.
Team Assets: $3.8 billion
Current Rank: 12
Career Path: Rafal spent 14 years with
Raymond James before forming Essex
in 2003 to provide independent
advice.
Advice: “I want to become so close to
a client that if something bad happens,
they call me first.”
13. Raj Sharma
Merrill Lynch Private Banking
& Investment Group
• Sharma takes a long-term view on emerging
markets—and he loves what he sees. “The
potential over the next decade and beyond
is extremely compelling,” he says. “I think
there is an enormous amount of money to
be made in the emerging markets.”
• The economic output of emerging-market
countries, now about $30 trillion, should
double in 10 to 12 years, he says.Countries
like Mexico, India, and China are “creating
deep stock and bond markets for investors,
and that will lead to a lot of opportunities
opening up.”
• The best way to play emerging
markets?Through private-equity funds, says
Sharma. Such funds can scour the world for
the best private and public opportunities,
free from day-to-day performance
pressure. “Patience,” he says, “is the key.”
Firm: Merrill Lynch PBIG
Location: Boston
Team Assets: $10.4 billion
Current Rank: 18
Career Path: Sharma tried out
advertising and filmmaking before
becoming an advisor. He has been
with Merrill for 27 years.
Advice: “Don't look at your money as
one whole: Separating it into buckets
for different objectives reduces
anxiety.”
14. Robert M. Stulberg
Merrill Lynch Wealth
Management
• Stulberg doesn't see any screaming values
in either stocks or bonds, but he does like
selected preferred stocks, which have
characteristics of both.
• He'sa fan of fixed-to-floating-rate preferred
shares. These provide a set dividend yield
for a certain period, then convert to a
floating rate tied to market interest
rates. That provides a measure of protection
against interest-rate increases.
• Stulberg likes to see a relatively high
coupon. For example, he might buy an older
preferred stock, with an 8% coupon, that is
callable in two or three years. In such cases,
Stulberg also requires the bond's yield to
the call date to be above those of
comparable bonds. Issuers typically call
shares when cheaper financing is
available.But even if interest rates shoot up
and the preferred shares aren't called,
Stulberg says he wouldn't be unhappy with
an 8% yield.
Firm: Merrill Lynch Wealth
Management
Location: Bloomfield Hills, Mich.
Team Assets: $2.2 billion
Current Rank: 88
Career Path: Stulberg started in real
estate, then 31 years ago followed his
father to Merrill Lynch.
Advice: “I tell our clients that the only
things they can't buy are health and
time.”
(Stulberg declined to be
photographed.)
15. Gregory Vaughan
Morgan Stanley Private
Wealth Management
• Europe's economies may be troubled, but
investors shouldn't write off the big
companies based there, says Vaughan.
• The reason: Many European large-cap firms
transcend the region's economies.“There's
tons of skepticism around owning European
companies,” says Vaughan, “when often,
they're really global companies that just
happen to be based in Europe.”
• Europe's big companies, including its
“powerhouse exporters,” are attractively
priced versus their US counterparts,
Vaughan says. At a given time, actively
managed separate accounts, exchange-
traded funds, or individual securities may
perform best. Investors, he says, should
consider combining all three approaches. In
all, Vaughan and company recommend
European equities for 5% to 10% of their
typical client's total portfolio.
Firm: Morgan Stanley PWM
Location: Menlo Park, Calif.
Team Assets: $14.6 billion
Current Rank: 1
Career Path: Vaughan has been an
advisor for 35 years, and joined
Morgan Stanley Private Wealth
Management in 1981.
Advice: “ Complexity often does not
lead to great results, whether that's in
investing or in life.”
16. Alan Whitman
Morgan Stanley Wealth
Management
• When it comes to giving investors what they
want, it's hard to beat high-quality,
dividend-paying stocks, says Whitman.
• “People want return down the road, but
they also want cash flow now,” he says.“I
think that's going to cause a lot of these
stocks to perform substantially better over
time.”
• Historically, dividends have accounted for
half of the total return of the Standard &
Poor's 500. That dropped to about 25% in
the 1990s as investors fell in love with
growing tech companies. Now, he says,
“there's been a dramatic shift in the way
people perceive investing and what they
expect. They want to share in the success of
the company right now, and the income
stream gives them that ability.”
• Whitman recommends pharmaceutical
companies, consumer nondurables, and
established tech companies.
Firm: Morgan Stanley Wealth Mgmt
Location: Pasadena, Calif.
Team Assets: $2.3 billion
Current Rank: 84
Career Path: Whitman started with
Dean Witter—now part of Morgan
Stanley—in 1971, “when dinosaurs
roamed,” he says.
Advice: Pay special attention to “great
companies that have the ability to
evolve and change with the world.”
17. Drew Zager
Morgan Stanley Private
Wealth Management
• Zager, an expert in investment-grade bonds,
says municipal bonds are a great value right
now.
• “Intermediate-to-long munis are cheap,” he
says. Historically, longer-term munis yield
around 90% of Treasuries with
corresponding terms. But today, 20-year
munis yield about 3.75%, more than the
2.8% yield for 20-year Treasuries.
• The tax-equivalent yield can be eye-
popping: Investors earning a 3% nominal
yield—and paying close to 50% in federal
and state taxes—enjoy the equivalent of
7%. What's more, muni prices should be
bolstered by a shrinking supply of new
issues, he says. From 2005 to 2010, issuance
averaged about $400 billion. This year, Zager
expects just $290 billion of muni issuance,
compared with demand of $500 billion.
• But, he says, avoid short-term munis. The
Fed is likely to raise rates in the second
quarter, which could deal them a blow.
Firm: Morgan Stanley PWM
Location: Los Angeles
Team Assets: $8.7 billion
Current Rank: 30
Career Path: Zager joined Morgan
Stanley's Private Wealth Management
Group in 1986 and has been there ever
since.
Advice: “People for the most part
don't focus as much on after-tax
[performance] as they should.”