Mike Jones • ProEquities, Inc.
- Bucket investing with risk-managed portfolios by David Varadi, Jerry Wagner, J.D., George Yang, Ph.D. & CFA
- Employment increases set new record
- Referrals fueled by process management (James Franke • Harbour Investments, Inc.)
4 active vs passive advisor insert funds flows dfa (advisor present) p. 1-3, ...Weydert Wealth Management
This excellent article contains three key graphics illustrating how average investors flow into and out of investments at the wrong times and contrasts this with the average DFA investor who remains much more consistent and disciplined.
Steve Redelsperger • Cadaret, Grant & Co., Inc.
- Risky business: How to create a better investor behavioral profile by Kellye Whitney
- October lives up to volatility reputation
- Creating tax-advantaged financial strategies (Gary Strawn, Transamerica Financial Advisors, Inc.)
Bovill briefing - Evidencing Suitability - June 2016bovill
It’s been on the agenda for ages, and yet suitability remains the FCA’s over-riding concern in the Wealth Management and Financial Advice sectors. We’re now five years on from the 2011 ‘Dear CEO’ letter, but it’s clear from recent supervisory activity that the regulator believes the majority of client files are still failing to evidence suitability. The recent spate of s166 skilled person notices, issued in the wake of the 2015 wealth sector suitability review, are a sure sign that patience has run out.
Daniel Namey • H. Beck, Inc.
- The (not so) indomitable investor: 9 reasons most investors lack the discipline to succeed by David Wismer
- Can gold maintain momentum?
- Setting client expectations around active management (Carla Zevnik-Seufzer, The Strategic Financial Alliance)
Making the Most Out of the Independent Sponsor Model - Access Capital Partners Greg Tobben
For most independent sponsors, especially new ones, it’s helpful to get perspective on how different groups have implemented the independent sponsor model and learn what’s working for other groups and what’s not.
As advisors to this expanding group of investors, we speak regularly with both new and long-time sponsors, as well as independent sponsor capital providers. Here are 6 guidelines to help you get the most out of the independent sponsor model:
4 active vs passive advisor insert funds flows dfa (advisor present) p. 1-3, ...Weydert Wealth Management
This excellent article contains three key graphics illustrating how average investors flow into and out of investments at the wrong times and contrasts this with the average DFA investor who remains much more consistent and disciplined.
Steve Redelsperger • Cadaret, Grant & Co., Inc.
- Risky business: How to create a better investor behavioral profile by Kellye Whitney
- October lives up to volatility reputation
- Creating tax-advantaged financial strategies (Gary Strawn, Transamerica Financial Advisors, Inc.)
Bovill briefing - Evidencing Suitability - June 2016bovill
It’s been on the agenda for ages, and yet suitability remains the FCA’s over-riding concern in the Wealth Management and Financial Advice sectors. We’re now five years on from the 2011 ‘Dear CEO’ letter, but it’s clear from recent supervisory activity that the regulator believes the majority of client files are still failing to evidence suitability. The recent spate of s166 skilled person notices, issued in the wake of the 2015 wealth sector suitability review, are a sure sign that patience has run out.
Daniel Namey • H. Beck, Inc.
- The (not so) indomitable investor: 9 reasons most investors lack the discipline to succeed by David Wismer
- Can gold maintain momentum?
- Setting client expectations around active management (Carla Zevnik-Seufzer, The Strategic Financial Alliance)
Making the Most Out of the Independent Sponsor Model - Access Capital Partners Greg Tobben
For most independent sponsors, especially new ones, it’s helpful to get perspective on how different groups have implemented the independent sponsor model and learn what’s working for other groups and what’s not.
As advisors to this expanding group of investors, we speak regularly with both new and long-time sponsors, as well as independent sponsor capital providers. Here are 6 guidelines to help you get the most out of the independent sponsor model:
John McGonagle • EPI Advisors, LLC
- Understanding the relevance of risk-adjusted returns by Dave Walton
- Strongest jobs gain since 2012 surprises markets
- Building stronger visibility for an advisory firm (Rodger Sprouse, Titan Securities)
Risk intelligence: How to reliably mitigate transaction risk and secure clean...Graeme Cross
This risk intelligence white paper is part of a series of publications from Aon Strategic Advisors & Transaction Solutions (ASATS). The series focuses on risk management and mitigation and is specifically created to help:
• Chief executives and corporate management board members pursuing growth strategies through M&A, or divesting
• Corporate tax managers, development officers and legal counsel responsible for planning, overseeing and / or delivering planned value from M&A
• Chief executive and chief financial officers of private-equity backed portfolio companies
• Private equity executives, portfolio managers and risk officers
• Corporate finance, accounting, tax and legal advisors servicing corporate and private
equity clients
The Coordinating Impact Capital report by the Center for Science, Technology, and Society encompasses over 10 months of surveys and analysis with more than 45 investment organizations currently working in the field of impact investing. The intent of this project was to unearth actionable suggestions for the social impact community, and identify market mechanisms that can increase the efficiency of invested capital, resulting in greater liquidity opportunities for investors. The project was generously supported by the Aspen Network of Development Entrepreneurs. The lead authors and guest experts will discuss the landscape of impact investing and a foundation for vetting future social impact investment opportunities.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses!
http://www.openbusinesscouncil.org/
Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them.
Venture Financings 101 (SAFEs, Convertible Notes, Seed and Series A) | Bardia...UCICove
An introductory crash course on the typical legal and business terms involved with, and negotiated in, venture capital fundraising including SAFE, Convertible Note, Series Seed and Series A financings.
As part of management, approval processes must also adapt to the increasing pace of change in Demand. Otherwise, opportunities risk being orphaned by weak decisioning more than benefiting from developmental support.
This is a primer guide on angel investment clubs developed for CBEiD, Center for Business Education, Innovation and Development. The goal of this document is to educate Chicago area people of business, educational and government affluence on the benefits, methods and organizational benefits of angel investment clubs. The goal is to encourage people of wealth and influence to participate and support angel investment clubs in order to help spur entrepreneurial endeavors in the Chicago area.
What's New with Corporate Retirement Plans? More Than You ThinkSkoda Minotti
This presentation discusses the rapidly changing (and litigious) landscape of corporate retirement plans and the best practices top companies are implementing to maintain a quality benefit offering, reduce risk exposures, and retain top talent.
Victor Gadoury, CLU, ChFC • LPL Financial
- Active investment managers at NAAIM believe their way is better by Susan Baber and David Wismer
- NASDAQ Composite poised to break all-time levels
- The trend-following play by Dave Landry
- Marketing in a multi-target sales process (Katie Williams, LPL Financial)
Nancy Hairsine • Foresters Equity Services, Inc.
- How do you anticipate the unexpected? by Jerry Wagner
- Record-setting Fed funds rate policy continues
- Building 360-degree relationships with clients and prospects (James Hamer, Global View Capital Management)
John McGonagle • EPI Advisors, LLC
- Understanding the relevance of risk-adjusted returns by Dave Walton
- Strongest jobs gain since 2012 surprises markets
- Building stronger visibility for an advisory firm (Rodger Sprouse, Titan Securities)
Risk intelligence: How to reliably mitigate transaction risk and secure clean...Graeme Cross
This risk intelligence white paper is part of a series of publications from Aon Strategic Advisors & Transaction Solutions (ASATS). The series focuses on risk management and mitigation and is specifically created to help:
• Chief executives and corporate management board members pursuing growth strategies through M&A, or divesting
• Corporate tax managers, development officers and legal counsel responsible for planning, overseeing and / or delivering planned value from M&A
• Chief executive and chief financial officers of private-equity backed portfolio companies
• Private equity executives, portfolio managers and risk officers
• Corporate finance, accounting, tax and legal advisors servicing corporate and private
equity clients
The Coordinating Impact Capital report by the Center for Science, Technology, and Society encompasses over 10 months of surveys and analysis with more than 45 investment organizations currently working in the field of impact investing. The intent of this project was to unearth actionable suggestions for the social impact community, and identify market mechanisms that can increase the efficiency of invested capital, resulting in greater liquidity opportunities for investors. The project was generously supported by the Aspen Network of Development Entrepreneurs. The lead authors and guest experts will discuss the landscape of impact investing and a foundation for vetting future social impact investment opportunities.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses!
http://www.openbusinesscouncil.org/
Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them.
Venture Financings 101 (SAFEs, Convertible Notes, Seed and Series A) | Bardia...UCICove
An introductory crash course on the typical legal and business terms involved with, and negotiated in, venture capital fundraising including SAFE, Convertible Note, Series Seed and Series A financings.
As part of management, approval processes must also adapt to the increasing pace of change in Demand. Otherwise, opportunities risk being orphaned by weak decisioning more than benefiting from developmental support.
This is a primer guide on angel investment clubs developed for CBEiD, Center for Business Education, Innovation and Development. The goal of this document is to educate Chicago area people of business, educational and government affluence on the benefits, methods and organizational benefits of angel investment clubs. The goal is to encourage people of wealth and influence to participate and support angel investment clubs in order to help spur entrepreneurial endeavors in the Chicago area.
What's New with Corporate Retirement Plans? More Than You ThinkSkoda Minotti
This presentation discusses the rapidly changing (and litigious) landscape of corporate retirement plans and the best practices top companies are implementing to maintain a quality benefit offering, reduce risk exposures, and retain top talent.
Victor Gadoury, CLU, ChFC • LPL Financial
- Active investment managers at NAAIM believe their way is better by Susan Baber and David Wismer
- NASDAQ Composite poised to break all-time levels
- The trend-following play by Dave Landry
- Marketing in a multi-target sales process (Katie Williams, LPL Financial)
Nancy Hairsine • Foresters Equity Services, Inc.
- How do you anticipate the unexpected? by Jerry Wagner
- Record-setting Fed funds rate policy continues
- Building 360-degree relationships with clients and prospects (James Hamer, Global View Capital Management)
Steve Miller • Transamerica Financial Advisors
- Active management in plain English: An advisor's perspective by Greg Gann
- Spike in VIX briefly shatters market calm
- Making a 10-year succession plan work (John Gutfranski & Debra White Stephens, Cetera Advisor Networks LLC)
James Hamer • Global View Capital Management, LTD
- What does alpha have to do with the weather? Understanding the "seasonal performance" of actively managed strategies using market type by Dave Witkin
- Conflicting data continues to present mixed economic picture
- Active management: a good fit for cultural attitudes (Jong Oh, FSC Securities Corporation)
Jong Oh • FSC Securities Corporation
- Market philosophy: where active management begins by Linda Ferentchak
- U.S. bull market "long-in-the-tooth" - or is it?
- Technology enhances firm and client communications (Rich Ralston, WRP Investments, Inc.)
Kimble Johnson • LPL Financial
- Does your investing suffer from a lack of dimensionality? by Jerry Wagner
- Bright spots on the housing front
- Opening the 401(k) door (Daniel Namey, H. Beck, Inc.)
Chuck Bigbie • Geneos Wealth Management
- Investor confusion about passive investing: three common misconceptions about passive investing by Jerry Wagner
- Second quarter earnings in focus
- Simple is better for client reviews (Kimble Johnson, LPL Financial)
Robert Kinnun • Madison Avenue Securities, Inc. (“MAS”)
- Growth of passive index investing increases the need for active management by Linda Ferentchak
- Technology sector tops Q3 earnings season
- Brokerage options: an "instrument-rated" approach to 401(k) plans (Mike Jones, ProEquities, Inc.)
Rodger Sprouse • Titan Securities
- Swimming with the sharks by Linda Ferentchak
- Oil price decline has divergent impact on stock sectors
- Adapting business practices for the next generation of clients (Robert Kinnun, Madison Avenue Securities, Inc.)
John Gutfranski, CFP, AIF, CRPC & Debra White Stephens, CFP – Proactive Advis...Proactive Advisor Magazine
John Gutfranski & Debra White Stephens • Cetera Advisor Networks LLC
- Is modern portfolio theory seriously flawed? by Linda Ferentchak
- Budget deficit on track for six-year low
- Three approaches to client acquisition (Chuck Bigbie, Geneos Wealth Management)
Randy Kerns, CIC, ChFC • Voya Financial Advisors Inc.
- Why passive investors get hammered by Mike Posey
- Can it really be earnings season already?
- What oil's plunge and the strong Dollar may mean for 2015 by Jeanette Schwarz Young
- Active management as a practice differentiator (John McGonagle, CFP, CRPC, Asset Architects LLC)
Jerry Ganz • Packerland Brokerage Services
- Can lower returns lead to more money in retirement? The impact of sequencing and volatility on portfolio value by David Witkin
- Jump in Swiss franc triggers short-term losses and long-term uncertainty
- Crude oil’s message for the stock market by Tom McClellan
- Growing a referral network (Trish Beine, The Strategic Financial Alliance)
Trish Beine • The Strategic Financial Alliance
- Dissing the investor by Linda Ferentchak
- Ratio of gold to oil hits levels of the 1990s
- What will the next bear market look like: Grizzly or Teddy? by Marshall Schield
- Frequency of client touches leads to referrals (Randy Kerns, Voya Financial Advisors, Inc.)
Chris Gurnee • Foresters Equity Services Inc.
- 85,000 on the Dow: Pipedream or realistic possibility? Book review by David Wismer
- European stocks continue on torrid pace
- Risk on, until it isn’t by Jeanette Schwarz Young
- Managing 403(b) referrals in a tight-knit academic setting (Johnathon Davis, Retirement Tax Advisory Group)
Bob Pearson • Transamerica Financial Advisors Inc.
- Experts need experts: 10 questions to ask third-party money managers by Kellye Whitney
- Do record margins pose market threat?
- “Rule of 240” compounding by Ron Rowland
- Hot-button topics drive seminar attendance (Matthew Gaude, FSC Securities)
Johnathon Davis • Retirement Tax Advisory Group Inc.
- Profiling ultra-high-net-worth clients by Katie Kuehner-Hebert
- Will weak jobs numbers delay Fed rate hike?
- Why you have way too much invested in U.S. stocks by Meb Faber
- Building a “niche” into a practice focus (Phylyp Wagner, Matt Quattlebaum, H. Beck)
Ryan Finnell • Retirement Tax Advisory Group
- A "living in the moment" guide to investing by Jerry Wagner
- Sell in June and go away?
- Market “truths” subject to change by Rob Hanna
- Client appreciation: A sound investment (Jim Bowen, LPL Financial)
Don Meredith • Lincoln Financial Advisors Corp.
- The Millennial obsession by David Wismer
- Global decline in oil prices leads to “Fracklog”
- VIX ETFs not right for investors by Tom McClellan
- A generational shift in target marketing (Bryce Winkel, Transamerica Financial Advisors Inc.)
Phylyp Wagner & Matt Quattlebaum • H. Beck
- How often should you review your investment returns? The results may surprise you by Jerry Wagner
- The most scrutinized Fed rate hike ever?
- Recent Q1 highs lacked “oomph” by Tony Dwyer
- Expanding the family business tradition (Jeff Pesta, LPL Financial)
A simple overview of BeManaged, a plug in fiduciary 401k advice program companies can "plug in" to their existing plan and investment options on fee-for-service basis.
Joe Wirbick • J.W. Cole Financial, Inc.
- Diversification and the active manager by Linda Ferentchak
- Germany 2-year bond yield falls to negative territory
- Balancing active and passive investment strategies (Gary Ziegler, Transamerica Financial Advisors, Inc.)
A) Portfolio Management – An Introduction Investment - Meaning, Characteristics, Objectives, Investment V/s Speculation, Investment V/s Gambling and Types of Investors Portfolio Management – Meaning, Evolution, Phases, Role of Portfolio Managers, Advantages of Portfolio Management. Investment Environment in India and factors conducive for investment in India.
B) Portfolio Analysis and Selection Portfolio Analysis – Meaning and its Components, Calculation of Expected Return and Risk, Calculation of Covariance, Risk – Return Trade off. Portfolio Selection – Meaning, Feasible Set of Portfolios, Efficient Set of Portfolios, Selection of Optimal Portfolio, Markowitz Model, Limitations of Markowitz Model, Measuring Security Return and Portfolio Return and Risk under Single Index Model and Multi Index Model
Study on Mutual Fund is the Better Investment PlanProjects Kart
Mutual funds have become a hot favorite of millions of people all over the world. The driving force of mutual fund is the ‘safety of the principal’ guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest or dividend. People prefer Mutual Funds to bank deposits, life insurance and even bond because with a little money, they can get into the investment game. One can own string blue chips like ITC, TISCO, Reliance etc., through mutual funds. Thus, mutual funds act as a gateway to enter into big companies hitherto inaccessible to an ordinary investor with his small investment.
Retirement Plan Consulting services by HORAN-Dayton-OH.pptxHORAN
HORAN provides legendary service, employee benefits consulting, wealth management and life insurance for both corporate and individual clients.
We understand the critical need for a well-managed retirement plan that maximizes the opportunity for employees to build a future. Our dedicated team of retirement planning experts provide insights rooted in industry best-practices throughout each stage of the process, from plan design to ongoing plan participant education and engagement.
From implementing plans that drive healthy savings among employees to providing personalized advisory services to individuals approaching retirement readiness, HORAN’s dedicated team is with you every step of the way.
As advisor, our role is clear—we work with your committee, your plan participants and your chosen recordkeeper to build a well-designed and well-run plan that best meets the needs of your workplace culture.
If this book were a fairy tale, perhaps it would have a happier en.docxwilcockiris
If this book were a fairy tale, perhaps it would have a happier ending. The unfortunate fact is that the individual investor has few, if any, attractive investment alternatives. Investing, it should be clear by now, is a full-time job. Given the vast amount of information available for review and analysis and the complexity of the investment task, a part-time or sporadic effort by an individual investor has little chance of achieving long-term success. It is not necessary, or even desirable, to be a professional investor, but a significant, ongoing commitment of time is a prerequisite. Individuals who cannot devote substantial time to their own investment activities have three alternatives: mutual funds, discretionary stockbrokers, or money managers.
Mutual Funds
Mutual funds are, in theory, an attractive alternative for the individual investor, combining professional management, low transaction costs, immediate liquidity, and reasonable diversification. In practice, they mostly do a mediocre job of managing money. There are, however, a few exceptions to this rule.
For one thing, investors should certainly prefer no-load over load funds; the latter charge a sizable up-front fee, which is used to pay commissions to salespeople. Unlike closed-end funds, which have a fixed number of shares that fluctuate in price according to supply and demand, open-end funds issue new shares and redeem shares in response to investor interest. The share price of open-end funds is always equal to net asset value, which is based on the current market prices of the underlying holdings. Because of the redemption feature that ensures both liquidity and the ability to realize current net asset value, open-end funds are generally more attractive for investors than closed-end funds.1
Unfortunately for their shareholders, because open-end mutual funds attract and lose assets in accordance with recent results, many fund managers are participants in the short-term relative-performance derby. Like other institutional investors, mutual fund organizations profit from management fees charged as a percentage of the assets under management; their fees are not based directly on results. Consequently, the fear of asset outflows resulting from poor relative performance generates considerable pressure to go along with the investment crowd.
Another problem is that open-end mutual funds have in recent years attracted (and even encouraged) "hot" money from speculators looking to earn quick profits without the risk or bother of direct stock ownership. Many highly specialized mutual funds (e.g., biotechnology, environmental, Third World)
have been established in order to exploit investors' interests in the latest market fad. Mutual-fund-marketing organizations have gone out of their way to encourage and even incite investor enthusiasm, setting up retail mutual fund stores, providing hourly fund pricing, and authorizing switching among their funds by telephone. They do not discourage the .
Katie Williams, AIF, CRPC, CRPS, CFP • LPL Financial
- Women & investing: Is this time different? Why the message of active investment management should resonate with female prospects by Greg Gann
- Dow Theory says market divergence is troubling
- Sentiment readings as a market indicator by Jeanette Schwarz Young
- The soft sell of cross-marketing (Rod Smith, National Planning Corporation)
Sociology in Motion_ Interactive Exploration of Society's Dynamics and Patter...Do My Assignment
Envision traveling this route with a trustworthy guide by your side. Now let's examine the domain of portfolio management. Additionally, discover how using assignment help services may aid in understanding and managing investment portfolios.
Do you need to secure financing? Do you need to improve profitability? Do you need to protect wealth?
Financing decisions can become competitive advantages or disadvantages for a company and chances and risks for their owners. A suitable capital and wealth structure to reach your objectives requires business and financial planning, cash flow modeling, risk-management, legal structuring, and adequate finance sources.
Matthew Gaude • FSC Securities
- Gaining the peer-to-peer advantage: The 2015 NAAIM annual conference highlighted the importance of collaboration by Linda Ferentchak
- Debate over valuations heats up
- Fundamentalists vs. technical analysts by Martha Stokes, CMT
- Marketing the unrealized potential of 403(b) plans (Ryan Finnell, Retirement Tax Advisory Group)
Damon Ridley • FSC Securities Corp.
- The efficient frontier fails the test of time by Linda Ferentchak
- Wage growth mixed amid “just right” employment report
- Market high? Pie in the sky by Ian Naismith
- Maintaining a high-profile practice (Marlow Felton, Chris Felton, Transamerica Financial Advisors Inc.)
Marlow Felton, Chris Felton • Transamerica Financial Advisors Inc.
- A Millennial’s perspective: How we really feel about money and investing by Nick Halle
- The continuous bid under the market
- The force of Supply at major tops in the U.S. equity market by Tracy L. Knudsen, CMT
- Working a structured referral process (Don Meredith, Lincoln Financial Advisors Corp.)
Jeff Pesta • LPL Financial
- Is it time to retire your strategy, manager, fund, or ETF? by Dave Moenning
- Dollar strength has uncertain implications
- The Anchored Momentum Indicator by Ron Rowland
- Converting positive feedback into new business (Steve Molesky, Kalos Capital Inc.)
Brian Glaze & Larry Ware, CRPC, CLTC – Proactive Advisor Magazine – Volume 5 ...Proactive Advisor Magazine
Brian Glaze & Larry Ware • LPL Financial
- Why hasn’t the Efficient Market Hypothesis disappeared? by Linda Ferentchak
- Climbing U.S. dollar makes exports less competitive
- The seasons of the stock market by Paul Desmond
- Selling proposition: "Plan-based investing" (Jerry Ganz, Packerland Brokerage Services)
Rod Smith • National Planning Corporation
- What is your investment style? by Ron Rowland
- Solid, if unspectacular, full-year 2014 GDP—even as Q4 disappoints
- What volatility derivatives can tell you about the stock market by Lawrence G. McMillan
- Promoting a partnership approach (Brian Glaze & Larry Ware, LPL Financial)
Tu Bui • Transamerica Financial Advisors, Inc.
- Millennials and risk management by Katie Kuehner-Hebert
- High yield sector shows divergences
- Passionate about paying it forward (Nancy Hairsine, Foresters Equity Services, Inc.)
Rich Ralston • WRP Investments, Inc.
- The perils of predictions by David Wismer
- Will September be the cruelest month?
- Why fee-based active management works (Jim Mardock, Transamerica Financial Advisors, Inc.)
Jay Blanchard • NEXT Financial Group, Inc.
- Tackling the herd through sentiment indicators by Linda Ferentchak
- Conflicting data adds to market uncertainty
- Social Security strategies as prospect "hot buttons" (Richard D'Ambola, Questar Capital Corporation)
Richard D'Ambola • Questar Capital Corporation (QCC)
- When history rhymes: Identifying realistic estimates of future investment strategy performance by Dave Walton
- Buybacks slowing while CEO confidence remains high
- Outsourcing to increase productivity (Steve Miller, Transamerica Financial Advisors)
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
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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
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
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 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
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
1. Mike Jones
ASSET
MANAGEMENT
ON “AUTOPILOT”
Pg.8
Jobs streak
sets record • pg. 7
Fuel referrals with
process management
• pg. 3
November 13, 2014 | Volume 4 | Issue 8
First magazine focused on active investment management
Risk management for
bucket investing • pg. 4
2. TAX ALPHA
THE POWER OF
How can advisors level the playing field
in a rising tax environment?
For Financial Professional Use Only. Services are offered through Security Distributors, Inc., a subsidiary of Security Benefit Corporation (“Security Benefit”).
99-00471-50 2014/09/09
Download our white paper today to learn more:
The Power of Tax Alpha: Adding Value by Subtracting Tax
PowerOfTaxAlpha.com
4. David Varadi
Jerry Wagner, J.D.
George Yang, Ph.D. & CFA
By
Read text only
Bucket investing with
risk-managed portfolios
The “bucket” approach to asset allocation
by wealth advisors has deservedly grown in
popularity for retirement planning. It can be
enhanced through the use of actively managed
investment strategies.
Designing an asset allocation approach
to meet a client’s financial objectives often
is cited as the most important component of
the investment advisory process. Despite the
advent of Markowitz and Modern Portfolio
Theory, this process cannot be easily reduced
to a financial engineering problem. Economists
have long made a key assumption within their
models that is highly flawed for the purposes of
simplifying the mathematical implementation:
they assume that human beings only make
rational decisions.
Empirical evidence has shown that investors
are indeed far from rational. In a classic study
by DALBAR, the average equity mutual fund
investor made a return of 5.02%, while the
S&P 500 made 9.22% over the same 20-year
period. The 4.20% return differential could
not be explained by financial theory, and was
famously dubbed “the behavior gap.” Investors
lost over 60% of the returns available to them
through poor market timing that was driven by
emotional decision-making.
It can be argued that the most important job
for an investment advisor or financial planner
is simply to protect investors from themselves.
Creating an asset allocation approach that can
proactiveadvisormagazine.com | November 13, 20144
5. continue on pg. 11
keep them invested and avoid selling risky
investments at the wrong time is a difficult
challenge. The “bucket” approach to invest-
ing has emerged as a popular asset allocation
methodology in the financial planning and
advisory community because it is specifically
designed to account for actual investor behav-
ior. Furthermore, it is highly compatible with
the traditional financial planning objectives
which require matching assets to meet future
liabilities.
The essence of the bucket approach is to
divide a client’s portfolio assets into several
pools, or “buckets,” each with different
planned goals, needs, or time horizons, and
then design a separate asset allocation policy
for each “bucket.” For different investors,
an individualized bucketing approach also
reflects financial planners’ and advisors’
emphasis on case-by-case tailored solutions for
their fee-paying clients. Asset allocation using the bucket approach
utilizes discrete “buckets” assigned to asset type,
such as bonds for income and capital preserva-
tion, or equities/stocks for capital appreciation.
The simplest implementation of bucket invest-
ing would use only two buckets: bonds or cash
to meet short-term expenses, and stocks for
long-term growth.
There are also more complicated “buck-
eting” strategies that use three to six buckets.
Intermediate “buffer buckets” can have more
refined planning time horizons designed for
growth or spending goals and thus be targeted
at layered return objectives. From an invest-
ment management standpoint, a more complex
bucket approach could use different portfolios
for each bucket, and these portfolios could be
formed using either assets or strategies (or both)
with either a passive or active management
overlay.
There are many reasons why a distinct
bucketing strategy design might be appropriate
for different investors, such as different tax
brackets and/or opportunities to shelter income
from taxation, or different planning objectives.
For example, some investors have relatively
short term objectives, while others may have
longer-term goals like saving for college tui-
tion payments, retirement spending, or estate
planning.
In addition, part of the reason the bucket
approach has gained popularity in the in-
vestment advisory and planning community
is the anecdotal evidence from peers that it
improves client communication and retention.
Behavioral finance proponents attribute this
success mainly to the fact that most investors
have a “mental accounting” bias. “Mental
accounting” describes a person’s tendency to
categorize and evaluate economic outcomes by
grouping their assets into a number of non-fun-
gible (non-interchangeable) “mental accounts.”
A time-horizon-based “bucketing” approach
for wealth management was designed to address
psychologically both the safety of near-term li-
quidity need and the goal of long-term growth
of wealth. In practice, a floor level of assets
designated as a short-term “spending bucket”
is often kept as cash or in short-term securities
that have little or no investment risk. Further,
from a portfolio management perspective, plan-
ning “buckets” of capital under the framework
of “goals-based investing” does institute benefi-
cial risk discipline into the investment process.
The 3-bucket strategy
income for life
+
70% of
investments
Cash Bonds
Keep enough
cash for that
year’s bills.
Sell bonds
to replenish
cash for the
first 15 years.
30% of
investments
Stocks
Let your stocks
grow for the
first 10-15 years
of retirement.
Waterfall bucket approach
Corporate,
muni bonds,
preferred stock
Money
Markets
5%
Near
Cash
25%FixedIncome
70%Risk
Assets
U.S. & international
stocks and commodities
Monthly
spending
bucket
to retirement income
November 13, 2014 | proactiveadvisormagazine.com 5
6.
7. 0
600k
400
200
-200
-400
-600
-800
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
{
Longest streak of monthly job gains
since WWII: 49 months.
Previous best was 48 months
ending June 1990.
Employment increases set new record
hile last week’s employment
report was somewhat below
expectations (214,000 jobs added versus
235,000 expected), the 49th consecutive
month of job increases hit a significant
milestone.
According to Bespoke Investment
Group, the current expansion in the job
market (as measured by months in a row
with increases in total Nonfarm Payrolls) is
currently the longest since World War II,
eclipsing the streak of 48 straight months
of higher payrolls achieved in the four years
ending in June 1990. Payroll increases, says
Bespoke, have bounced between 140,000
and 300,000 since the start of 2012 and
show “no signs of slowing (or accelerating
above) that performance for the time
being.”
There were both positives and negatives
within the internals of this month’s report.
The unemployment rate dipped to 5.8%
in October from 5.9% in September,
hitting a new 6-year low. The labor force
participation rate, although still at low
levels not seen since the 1970s, shows
some signs of stabilizing and has trended
sideways for months now, bouncing around
W
Source: Bespoke Investment Group
the 62.8% level. A steadying in levels for
the labor force participation rate may be
contributing to the slightly more positive
trend of hiring among part-time workers
and the long-term unemployed.
Total hours worked and wage growth also
are showing some signs of improvement,
albeit at a slow pace. However, wage
growth is still relatively soft, essentially
just maintaining a breakeven pace with
inflation. Average hourly private-sector
wages rose a mere 0.1% in October and
over the past year have risen about 2%.
But the overall good news remains a
stream of consistent monthly job additions
to the total labor picture. Says the NY
Times, with the 3-, 6-, and 12-month
average monthly job gains all in the
220,000 to 235,000 range, “that is about as
steady as it gets.”
Read text only
The significance of a secular
market should not be
underestimated
Several factors point to a new secular bull market
that could run for many years.
How to get prospects off
the fence
Incorporate a “value trigger” into prospect
communications.
Primal fear: Thinking differently
about risk tolerance
Advice on thinking differently about clients’ risk
tolerance and debunking some common myths.
CHANGE IN NONFARM PAYROLLS
7November 13, 2014 | proactiveadvisormagazine.com
TOPPING THE CHARTS
L NKS WEEK
8. By David Wismer
Photography by Chris Winton-Stahle
Mike Jones, CRPC®
Virginia Beach, VA
Patriot Strategic Investments
Broker-Dealer: ProEquities, Inc.
Nine years active duty, United States Marine Corps
Lieutenant Colonel, Marine Reserves
20 years as an airline pilot
While flying as a commercial
airline pilot, Mike Jones built
an investment advisory practice.
Third-party active managers
provide him and a growing
number of financial advisors
with research-driven strategies
—a controlled and systematic
approach to portfolio management.
ASSET
MANAGEMENT
ON “AUTOPILOT”
8 proactiveadvisormagazine.com | November 13, 2014
9. Proactive Advisor Magazine: Mike, how
would you describe your client base?
Mike Jones: I think I have a fairly unique
perspective and different career path from most
advisors. I have been a financial advisor since
the early 2000s and have received my Chartered
Retirement Planning Counselor designation.
But I also spent nine years on active duty in
the Marine Corps, was a Lieutenant Colonel
in the Marines Reserves, and now have over
20 years as an airline pilot. During all of those
career phases, I have built up a large network
of friends and colleagues, many of whom have
employed my services as a financial advisor.
My clients vary in terms of income, assets,
and financial sophistication. No matter what
their income level, whether it is $50,000 or
$500,000, I see the same issues over and over
when I first sit down with a client. People tend
to spend up to their income level, often neglect-
ing to “pay themselves” first, especially when it
comes to how they approach their retirement
savings. My number-one priority is trying to
bring discipline to the retirement planning pro-
cess and to show clients how they might grow
their assets in a risk-managed fashion.
What are those retirement issues?
The biggest problem for most people—and
it is well-documented in financial studies—is
that they will not have enough money for the
kind of retirement they envisioned, especially
with increased life expectancies and health
care needs. The reasons are all over the place,
from job layoffs to lower salaries coming out of
the recession, to the housing crisis, to simply
not having developed a good plan at an early
enough age.
Others may have lost a lot of money in
2008-09 and bailed out at the wrong time, or
they did not have an advisor who might have
been able to put them into active investment
strategies with a defensive plan for the crash.
Some who used a buy-and-hold approach may
have recovered by now, but look at how long it
has taken. Many people were not as fortunate
and just left the market with their losses and
have not returned to equities.
Consequently, a lot of people will have to
work longer than they planned and rely on
Social Security as an important part of their
retirement. But I also think it is never too late
to get things back on track and that is what I
focus on for each individual or couple.
How were you introduced to active
money management?
My real mentor in the business, whom I still
work with today, was investigating third-party
money managers when we were first intro-
duced. The timing was just about perfect and
I have been able to work with him through
the due diligence process of vetting a variety of
third-party managers. We both have endorsed
the concept of trying to find a better way for
managing clients’ money, putting a strong
emphasis on risk management. I have to say,
with my military and flying background, this
makes sense to me on so many levels—the
idea of having a solid plan in place for emer-
gencies and worst-case scenarios. Active money
management is a disciplined approach to in-
vesting with advanced mathematical tools and
models, which is something that inherently
appeals to me.
How do you approach clients about
planning?
It is a very holistic process grounded in my
training. I want to develop the big picture of
where they are in their lives financially and
where they want to go. I focus on the major
items that can really have an impact: how have
they been deploying their assets, how are their
protection needs being handled, what is their
basic cash flow picture, and how have they been
planning for things like their estate, college
education, and health care needs. Once I have
that picture and a thorough understanding of
their goals, I work with the client to develop a
plan and recommendations that can move them
toward achieving those goals.
What about the investment piece?
It obviously depends on the client and their
objectives, but for most clients the goal is to
grow assets to meet their retirement needs. I
think that growth can best be achieved through
active money management and strategic diver-
sification. Equities are just one part of the pic-
ture. I like to take a look at a variety of things
such as high yield fixed income, real estate, oil
and gas partnerships … the whole gamut of
alternatives.
What client benefits do you look for from
third-party active managers?
It starts with the fact that I think every
professional has their role and area of expertise.
My proficiency is putting together a financial
plan with all of the elements working together.
While I love the financial markets and always
have, there is no conceivable way I can develop
the models or systems that the best money
continue on pg. 10
November 13, 2014 | proactiveadvisormagazine.com 9
10. Show your clients a
friendlier
bear market
800-347-3539 | flexibleplan.com
Past performance does not guarantee future results.
The opportunity for profits
carries with it the possibility of losses.
800-347-3539 | flexibleplan.com
A complete list of all of our recommendations over the last 12 months and Brochure Form ADV Part 2A are available upon request.
L E A R N M O R E
managers have or employ the staff to monitor
and analyze market developments the way our
managers do.
Second, the emphasis on risk management
is critical. As my clients approach retirement,
they really cannot afford to take a hit to their
assets the way the market crashes of the early
2000s or 2008 played out. It simply depletes
the working and productive assets too much at
a point when they may not have the luxury of
time to recover. A risk-first approach may not
produce the highest returns in all markets, but
it can produce more consistent and sustainable
returns.
Third, the active managers I use have the
ability to utilize strategies that can work with
any risk profile—from the most conservative
investor to aggressive. But no matter what
the risk profile, the strategies we use have an
emphasis on risk management, a defensive
capability, and typically have multiple strategies
within a client portfolio. Having a “strategy
of strategies,” if you will, allows for increased
diversification and the ability to emphasize or
deemphasize the sectors or asset classes that are
working or not working.
Finally, there is the concept of discipline. I
am trying to bring a disciplined approach to my
clients’ overall financial lives, and that needs to
apply to their investments as well. Active money
managers apply that discipline to their strategy
development and execution, driving emotion
and bias out of the process.
Once well-orchestrated strategies are in
place, we need to let them work for clients
as they are intended to do. This is consistent
with my overall client philosophy of creating
a plan and then faithfully executing the plan,
which is really what works best over the long
term.
continued from pg. 9
Mike Jones is an Investment Advisory Representative with Patriot Strategic Investments in Virginia Beach,Virginia.Advisory services offered through Investment Advisors, a division of ProEquities, Inc.,
a Registered Investment Advisor. Securities offered through ProEquities, Inc., a Registered Broker-Dealer, Member, FINRA & SIPC. Patriot Strategic Investments is independent of ProEquities, Inc.
10 proactiveadvisormagazine.com | November 13, 2014
11. There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market
risk. The investment return and principal value of any investment product will fluctuate with changes in market conditions. Guggenheim Investments represents the investment management businesses of Gug-
genheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim Partners, LLC. x0515 #12526
Uncover the True Cost of Trading Mutual Funds
and ETFs
The reflexive perception that ETFs cost less, simply based on their low expense
ratios, and are more cost-effective than mutual funds, is not entirely true. In
addition to an expense ratio, there are additional considerations that should
be considered when making an informed choice between ETFs and funds—
including spreads and commissions. This informative white paper from Rydex
Funds provides an in-depth look at the cost of ownership of no-transaction-fee
(NTF) mutual funds and ETFs—with a focus on active investing strategies.
Request your free copy.
Call 630.505.3749 or visit guggenheiminvestments.com/rydex
Chicago | New York City | Santa Monica
Rydex Funds
A Comparison of ETFs and
Mutual Funds—The True
Cost of Investing
continued from pg. 5
The “bucket approach” and
active management
One of the key failures of static asset alloca-
tion approaches is that all of them fail to follow
trends in both returns and risk. As we have seen,
bear markets have been devastating to all forms
of static allocation—especially if they happen
at the wrong time. This is true regardless of
whether one employs a constantly rebalanced
approach (nearly impossible to implement) or
the bucket approach.
The key difference between these two
methods is that when buying and holding
traditional asset classes, the bucket approach
is most affected by bear markets that occur
toward the end of the investor’s time horizon,
while the constantly rebalanced approach (with
systematic withdrawal) is most impacted by
bear markets that occur at the beginning.
From a practical perspective, since both of
these methods were designed for retirement
planning, the bucket approach has more psy-
chological appeal. In theory, people that have
just retired are most sensitive to their nest egg
and may make rash decisions if they encounter
a bear market early on. It is harder for them to
be concerned about what may happen if they
run out of money at some point in the very
distant future. Human nature is to focus on the
shorter term.
However, the cost of running out of
money can be severe—this can mean having
no financial options at a point when the
client is unlikely to be able to return to work.
The bucket approach is more sensitive to this
outcome, especially when employing a tradi-
tional buy-and-hold approach. Yet bucketing
cannot bail you out of a sequence of poor
returns.
Active management, in contrast to tradi-
tional buy-and-hold investing which penalizes
the bucket approach for “bad luck” in the later
years, may provide an excellent solution. It
focuses on responding to trends in return and
volatility by shifting asset allocation throughout
the holding period. Most active management
approaches that are trend-following based will
outperform buy-and-hold in an extended bear
market. As a tradeoff, they may trail on the
upside in bull markets. However, in aggregate
they produce the smoother return profile that is
ideal for financial planning since it typically is
not as sensitive to “bad luck.”
By using active management with the
bucket approach, it is possible to produce a
nearly ideal scenario that is designed to keep
investors invested for the long term while pro-
tecting them from events in the future that may
devastate their portfolios.
(Editor’s Note: This article presents an excerpt from a Flexible Plan Investments, Ltd. white paper,
by authors David Varadi, Jerry Wagner, and Dr. George Yang. The white paper in its entirety can be
downloaded at http://goto.flexibleplan.com/download/whitepaper-bucket-investing.pdf)
11November 13, 2014 | proactiveadvisormagazine.com