This document provides summaries of market conditions and investment outlooks from experts at Telemus Capital Management. It includes the following: - A summary of the global economic outlook and key factors such as inflation, interest rates, currencies, and natural resources from Jim Robinson of Robinson Capital Management. - A summary of the U.S. equity market outlook for 2014 from Timothy Evnin of Evercore Wealth Management, noting that earnings growth will drive market gains rather than further multiple expansion. - A question and response about the municipal bond market's performance in Q4 2013 and how rising rates and isolated credit situations weighed on prices, despite improving fundamentals.

1. WINTER 2014
Message from the
Managing Partner
Telemus 2014 Global
Outlook
Equities
Fixed Income
Fund Spotlight:
Advantage Capital
Management
Telemus Wealth
Advisors
INSIGHTS
Welcome to the next edition of our quarterly newsletter Insights. In
these informative pieces you’ll hear from us, and others, regarding
the current market environment as well as a variety of investment
and financial topics.
In this Winter issue you’ll hear from Jim Robinson with his current
views of the global economy and markets. Our U.S. equity market
commentary is once again from Tim Evnin of Evercore Wealth
Management, the sub-advisor of our core equity strategy. On bonds
you’ll hear from the municipal bond team at Putnam Investments
on how rising bond yields and technical pressures are masking an
improvement in state finances. Our Chief Wealth Officer, Andy
Bass, will discuss financial planning in a digital world. Lastly you’ll
hear from Irvin Schlussel of Advantage Capital Management and
manager of the Advantage Capital Fund.
After the year we had last year and as we start 2014, one of the
things investors need to be reminded of is that the real secret to
investment success isn’t to know the future but to be prepared
for any contingency. How you prepare for any contingency is by
being properly diversified. Diversification is like insurance – you
don’t need it until you need it. Being properly diversified requires
paying attention to what you own and how it reacts with the other
investments in your portfolio. Part of paying attention to what
you own is not having too much money invested in illiquid and

2. 2 | Telemus Capital | Winter 2014
hard to value investments. Correlations between asset classes
can change over time, and investors need to remember that how
an investment acted when you bought it may not be how it acts
now. At Telemus part of our job is to properly diversify our client’s
portfolios so they’re able to achieve their long term goals with the
lowest risk possible.
Another thing investors need to be reminded of is to stick to
their long term investment plan. That means not becoming too
aggressive when times are good and not getting too conservative
when times are bad. Some investors, who feel that they missed
out on last year’s stock market rally, may be tempted to abandon
their current investment plan and get more invested in stocks.
Decisions like that are usually a bad idea and only make achieving
your long term goals that much more difficult.
We hope that you enjoy this most recent edition of Insights. If you
have any questions regarding anything contained herein please
contact us.
A Message From The Managing Partner
Gary Ran
Chairman and Partner

3. Telemus Capital | Winter 2014 | 3
U.S. Overview
Economy
The domestic economy is starting to show broad-
based signs of strength and could be poised for
accelerated growth. Most of the recent economic
data releases have surprised to the upside: 3rd
quarter GDP was revised to 4.1%, automobile
sales are back to their pre-Great Recession levels,
the unemployment rate continues its steady
decline from over 10% in late-2009 to 7% today,
consumer confidence is back to pre-financial
crisis levels, housing starts have more than
doubled in the past four years and the Index of
Leading Economic Indicators is pointing higher.
Despite the recent bipartisan budget agreement
reached in Congress, we remain wary of the
pending debt ceiling showdown between the
two parties and the potential damage it could do
to the economy’s current momentum. However,
short of another dysfunctional Washington
moment we believe the domestic economy is
poised for strong growth in the coming year.
Inflation
One of the few economic indicators that isn’t
pointing higher is the Federal Reserve’s favorite
measure of inflation, the Personal Consumption
Expenditures Index (PCE). The year-over-year
Core PCE Index is barely above 1%, other than
the sub-1% level it hit in mid-1998 and again at
the end of 2010 it stands at its lowest level in
50 years. The Fed’s minimum target for inflation
is 2%. Given the current levels for the Personal
Consumption Expenditures Index and most other
conventional measures of inflation (Consumer
Price Index, Producer Price Index, GDP Deflator),
we don’t believe inflation should be a concern
any time soon. In fact, the low absolute current
readings and the disturbing downward trend
Telemus 2014 Global Outlook
Provided By Jim Robinson, Robinson Capital Management

4. 4 | Telemus Capital | Winter 2014
makes us more concerned about deflation than
inflation.
Interest Rates
Based on the Fed’s most recent forecast, short-
term interest rates will remain anchored near
0% for the next three years. Longer-term US
Treasury yields, which rose over 1% in 2013, will
likely continue rising in 2014. Treasury yields are
comprised of two components: a “real” interest
rate and an inflation expectation. As noted
above, at present we are not concerned about
the inflation expectation component. We are
concerned about the still artificially low “real”
interest rate. In 2013 the “real” interest rate
rose 1.5% and investors’ inflation expectations
actually declined 0.25%. Even with the 1.5% rise
in “real” interest rates, we would need to see an
additional 2% increase to get back to the historic
average “real” interest rate. We believe the Fed’s
tapering of its bond buying activities and then
ultimately the shrinking of its balance sheet ($4
trillion today compared to never ever having
been above $1 trillion prior to the financial crisis)
will continue to drive “real” interest rates higher
in 2014.
Domestic Equity Markets
Stock prices follow corporate earnings and we
believe the corporate earnings environment
remains positive particularly in light of our
optimistic outlook for the domestic economy.
We also believe stocks will continue to benefit
from an overall reallocation from bonds to
stocks by investors. Individual investors have
been woefully underweighted in stocks since the
financial crisis, and institutional pension plans will
have a difficult time achieving 8% actuarial rates
of return with any investments in investment
grade bonds yielding 2.5%. The stock market still
offers comparable yields, far more upside, and
only slightly more downside than the investment
grade taxable bond market. We are approaching
the fifth anniversary of this bull market—it is
typically at this stage we expect to see price-to-
earnings multiple expansion. P/E multiples for
the domestic stock market are about 5% below
their historic average—it is not uncommon in the
late stages of a bull market for those multiples
to expand well past their historic averages. We
believe the combination of stronger corporate
earnings and price-to-earnings multiple
expansion could fuel another double-digit return
for the domestic stock market in 2014.
Domestic Bond Market
As noted above, we believe US Treasury bonds
are a poor investment today as they still offer
historically low yields, little upside and lots of
downside risk as investors experienced this past
year—theworstyearforthedomesticbondmarket
in the past two decades, and only the fourth
calendar year in the past forty in which the bond
market delivered negative returns. Interestingly,
2013 was the only one of those four negative
return years in which the Fed wasn’t pursuing a
tight money policy. While we don’t anticipate
it happening any time soon, an overheating
economy and/or a spike in inflation expectations
would likely lead to an even uglier bond market
environment. Corporate bonds offer some value
in that credit spreads still have some room to
narrow further as the economic environment
will likely be conducive to bolstering corporate
balance sheets. Intermediate investment grade
municipal bonds offer fair value, on an after-tax
basis, versus taxable corporate bonds. Longer
dated tax-exempt bonds, particularly in the
lower ratings categories, offer significant value
versus their taxable corporate bond brethren
on an after tax-basis, and in some cases (10+
year high yield bonds) on a pre-tax basis. Non-
traditional fixed income securities such as senior
bank loans, convertible bonds and preferred
stocks continue to provide the most attractive
risk/reward characteristics.
International Overview
Economy
Much of Continental Europe is still recovering
from recession but most Eurozone economies are
much better today than they were a year ago and
the overall trajectory is encouraging. Likewise,
the United Kingdom, which was at stall speed a
year ago and Japan, which had negative growth
a year ago, are both thriving today. The larger
emerging market economies (Brazil, Russia,
India and China) have seen their growth rates
decline in recent years, but in most instances the
slowdown appears to be at, or near, a bottom.
Inflation
As is the case in the United States, we believe
that deflation may still be a greater risk than
inflation to the overall global economy. There
are a number of emerging market economies
struggling with elevated inflation rates but they
also tend to be the economies with the highest
growth rates.

5. | 5Telemus Capital | Winter 2013
Interest Rates
As with the domestic market, we expect global
short-term interest rates to remain low. Longer-
term interest rates in most major markets are still
near historic lows in large part because the “real”
interest has been kept artificially low for several
years now. We expect those “real” rates to adjust
back to historic levels in the coming years which
should keep upward pressure on most developed
markets’ interest rates.
Currencies
The dollar actually weakened modestly versus
the British Pound and the Euro on the heels of
the Fed’s tapering announcement—we see that
as a short term anomaly tied to profit taking
(buy the rumor and sell the news). To be clear,
the Fed’s tapering announcement does nothing
to reduce its $4 trillion balance sheet, but it does
slow the rate of growth of that balance sheet and
it is a move in the right direction toward shrinking
it. We expect the dollar to stabilize versus the
Pound and Euro and to continue to strengthen
versus the Japanese Yen.
Natural Resources
The three biggest influences on natural resource
prices are: growth in demand from the emerging
markets, the value of the US Dollar, and the rate
of inflation. Specifically, strong growth in the
emerging markets, a weak US Dollar and rising
inflation would all be good for natural resource
prices. Unfortunately, as noted above we see
the dollar stabilizing and/or improving versus
most major currencies; we see very few signs
of inflation; and, we see emerging markets
stemming their rate of slowdown in recent years
but probably not quite poised to take off just yet.
Global Equity Markets
Emergingmarketeconomiesslowedmeaningfully
in the past 2-3 years, but that decline appears
to have bottomed. Not surprisingly, price-to-
earnings multiples for emerging market stocks
declined more than 10% over that same period.
Any stability and/or improvement to earnings,
which one would expect if their economic
slowdown has indeed bottomed, would make
emerging market stocks extremely attractive
going forward. Developed international markets
are more attractively valued than the domestic
market, but we believe P/E multiple expansion
will be more significant in the domestic market
over the near-term. For the most part we are
geographically neutral in our global stock
allocations but are poised to increase our
emerging market exposures should their recent
trend of economic improvement persist. We
continue to favor small- and mid-cap stocks over
large cap stocks in most developed markets.
Global Bond Markets
Theglobalbondmarketfacesthesamechallenges
as the domestic bond market: artificially low
“real” interest rates, and historically low bond
yields. Corporate debt in overseas markets has
more upside than domestic corporate debt, as the
yield spreads have not contracted as much; but,
overseas balance sheets are not as transparent
nor are they as clean as domestic balance sheets.
In addition, an improving US Dollar would not
bode well for the total returns of international
bonds versus domestic bonds.

6. 6 | Telemus Capital | Winter 2014
Equities
It was a terrific fourth quarter and full year in
equity markets most places globally, but the US
really led the way. In the fourth quarter, the S&P
was up 10.5% and finished the year up 32.4%; up
150% from the lows of 2009. The recent excellent
returns have been driven by both multiple
expansion and earnings growth. With the market
trading a bit above 15X forward earnings as we
enter 2014, we do not expect much help from
further multiple expansion. Gains from here will
likely be driven by earnings growth and this puts
the focus on company selection.
The Partners’ Account was up 12.3% in the fourth
quarter and 42.3% for the full year 2013. For the
same time periods, the S&P 500 returned 10.3%
and 32.4%, respectively.
We made several changes to the portfolio in the
last quarter of the year, including swapping Plum
Creek Timber Company for Weyerhaeuser. While
in similar industries, we believe there is more
upside in Weyerhaeuser as the new management
continues to restructure and refocus the
business. We also purchased CBRE Group, the
largest real estate services company in the
world. As companies increasingly outsource
their corporate real estate services, CBRE should
benefit from their global reach and expertise. We
also used the strong run-up in Michael Kors stock
price to harvest gains. We think the company is
well positioned, but the risk reward was no longer
favorable and so we exited the position.
For the year, our largest contributors to
performance were Western Digital, Google,
MasterCard and Blackstone. While there were
some laggards including Enbridge, YUM and
Apple, even these had a positive contribution to
returns.
The goal for this year is to try not to have a
“hangover” from last year, and to make sure there
is potential to generate performance again. As
mentioned above, we do have some new names,
including Weyerhaeuser and CBRE, which have
yet to make a real impact on the portfolios.
Hopefully they will contribute in 2014.
The economy seems to be tracking better and
the equity markets, to date, have absorbed “taper
talk”. Our sense is that the US continues to be in
reasonable shape economically with very exciting
growth in energy production and in related and
supporting industries. Perhaps premature to talk
about a renaissance in manufacturing, but there
is more job growth and optimism among small
businesses than we have seen in some time. As
mentioned though, recent appreciation in the
earnings multiple has probably anticipated some
of this good news, and absolute gains in the
equity market will be driven by earnings growth
rather than further multiple expansion.
Provided By Timothy Evnin, Portfolio Manager, Evercore Equities
The performance results are based upon the returns of a single, fully discretionary account with no material investment
restrictions, are reported gross of fees and assumes all dividends and capital gains are reinvested. Gross returns are gross
of actual management fees and net of transaction costs. For more information on advisory fees, please refer to Part 2
of Form ADV which is available upon request. The account has been invested in EWM’s core equity strategy since its
inception. EWM manages its client portfolios according to each client’s specific investment needs and circumstances.
Performance results for individual accounts may vary due to the timing of investments, additions/withdrawals, length of
relationship, and size of positions, among other reasons. The S&P 500 is the core equity strategy’s benchmark. You cannot
invest directly the in the S&P 500 Index. The S&P 500 is a market-capitalization weighted index that includes the 500
most widely held companies chosen with respect to market size, liquidity and industry. Unlike the S&P 500, EWM may
invest in both US and non-US equities and ETFs. Index results assume the re-investment of all dividends and capital gains
and do not reflect the impact of transaction costs or management fees. In addition, the representative account’s holdings
will differ from the securities that comprise the index. Past performance is no guarantee of future results. All investments
involve risk, including loss of principal.

7. Telemus Capital | Winter 2014 | 7
The future course of the Federal Reserve’s
monetary policy pushed many fixed-income
investors to the sidelines during the fourth
quarter of 2013. How did the municipal bond
market perform?
Even though interest rates remained range-
bound during the quarter, the risk of higher rates
weighed on municipal bond prices. The municipal
bond market enjoyed a brief rally in October, as
lawmakers agreed to extend the U.S. borrowing
authority, avoiding a possible debt default.
Consequently, municipals outperformed
Treasuries during the month, as investors
appeared to recognize the asset class’s relative
value. Municipal bonds lost ground in November
and December, as questions about future Fed
monetary policy and isolated credit situations
— most notably Detroit’s bankruptcy and Puerto
Rico’s credit challenges — distracted investors
from the improving underlying fundamentals of
this asset class.
In the aftermath of the Fed’s surprise decision in
September 2013 to hold off setting a timetable
for scaling back its stimulative bond-buying
program, investors looked to its December
meeting for further guidance in the wake of
employment gains. At that meeting, the Fed
announced that it would gradually end its
bondbuying campaign in 2014, starting with the
first reduction in January. The central bank also
clarified that it would keep short-term interest
rates at current levels (near zero) “well past
the time when the unemployment rate declines
below 6½ percent.” In contrast to the market’s
May–June 2013 reaction to the Fed’s first hint of
the eventual unwinding of the program, this time
there was no sharp sell-off, but interest rates did
gradually move higher throughout December.
With further clarification of its monetary policy,
especially the Fed’s commitment to keep short-
term interest rates low as long as “projected
inflation continues to run below the committee’s
2 percent longer-run goal,” municipal bonds
outperformed Treasuries during the final weeks
of the quarter.
How are you managing the risk posed by higher
interest rates?
We expect continued pressure on interest
rates and yield spreads as investors adjust
their expectations about Fed policy. However,
we believe it is unlikely that rates are going to
suddenly spike as they did in the spring of 2013.
If yields rise more than economic fundamentals
seem to warrant, we may view it as an opportunity
to add attractively valued securities to the
funds. To prepare for this possibility, we slightly
increased our cash level in the portfolios during
the period. The funds also had a slightly shorter
duration, or interest-rate sensitivity, than did
their Lipper peer groups.
Periods of high volatility, although unpleasant for
investors, may offer attractive buying
opportunities. Tax-exempt yields, in our opinion,
are more attractive now given this past year’s
sell-off. In fact, we have not seen yields at this
level since 2011. The municipal bond market is
exceptionally diverse, comprising small issuers,
complex instruments, and an array of market
participants with varying return objectives.
We believe this market dynamic may present
inefficiencies and that our active management
and fundamental research will help to unlock
these opportunities.
Is the default rate in the municipal bond market
still low by historic standards?
Yes. Through November 2013, bankruptcy filings
represented approximately 0.20% of the $3.7
trillion municipal bond market. Furthermore, we
do not believe that the default rate will increase
meaningfully in 2014.
Fixed Income
Provided By Thalia Meehan, CFA, Paul M. Drury, CFA, Susan A. McCormack, CFA
Portfolio Managers, Putnam Investments

8. 8 | Telemus Capital | Winter 2014
In our opinion, the significance of defaults and
downgrades is the headline risk that emerges
from occasional isolated incidents of insolvency.
For example, Puerto Rico, a self-governing
American territory, was downgraded by Standard
& Poor’s this past spring and by Moody’s in 2012.
More recently, Fitch put Puerto Rico on negative
watch. Puerto Rico’s debt is widely held because
of its large issuance and exemption from federal
and local taxes, and the considerable negative
coverage of its strained economy led to a
heavy sell-off. Throughout 2013, Puerto Rico’s
government has taken measures in an attempt
to mend its credit profile, most notably by
introducing proposals for pension reform and
raising tax revenues. Despite these reforms, we
believe Puerto Rico’s credit is likely to remain
pressured due to its struggling economy.
Also, the city of Detroit filed for Chapter 9
bankruptcy in July. Although Detroit’s filing,
the largest Chapter 9 filing in history, was a
large headline event, we continue to believe
that Chapter 9 filings remain isolated and don’t
expect a large impact on the broader municipal
bond market. At the same time, we continue
to monitor the legal proceedings because they
have the potential to set new precedents that
can influence the market.
What are credit conditions like at the state level?
Given improvements in state budget forecasts,
ratings agency Moody’s, after five years of
negative ratings, revised its outlook for U.S.
states in August to “stable.” Credit quality at
the state level remains quite high, with 30 of the
50 states holding either an Aaa or Aa1 rating,
the two highest possible ratings. On balance,
our outlook is for continued stabilization of
states’ economies, given the improvement in
employment, economic growth, and consumer
confidence data — all of which have contributed
to rising tax collections.
How did you position Putnam’s municipal bond
funds during the period?
Weidentifiedwhatweconsideredtobeimproving
fundamentals and still-attractive spreads in
the market and sought to benefit from them.
Revenue credits, which are typically issued by
state and local government entities to finance
specific revenue-generating projects, have been
an overweight position in the portfolios. We
have also maintained an overweight exposure
to municipal bonds rated A and BBB. While we
believed that the budget challenges faced by
many municipalities were significant, we were
confident that conditions would improve as
long as the broader economy did not stall. Our
overweight position in essential service revenue
bonds was offset by the fund’s underweight
positioning in local G.O. [general obligation]
bonds — securities issued at the city or county
level. In terms of sectors, relative to the funds’
Lipper peer universe, we favored airlines, higher
education, utility, and healthcare bonds.
Overall, this credit positioning helped the funds’
performance, but some of the funds’ exposure to
Puerto Rico bonds was a detractor during the
period. The funds’ shorter-duration interest-rate
positioning benefited returns as interest rates
moved higher.
Key takeaways
• Municipal bonds posted positive returns
in October, but the momentum shifted in
November and December despite improving
fundamentals and attractive valuations that
added to the appeal of the asset class.
• We believe that the underlying fundamentals
in the municipal bond market are better than
they have been in years. Interest-rate volatility
and the longer-term prospect of higher rates
reinforced our bias toward a shorter-duration
stance.
• We continue to overweight essential-service
revenue bonds as well as the segments of the
market rated A and BBB, and to underweight
general obligation bonds.

9. Telemus Capital | Winter 2014 | 9
Putnam Tax Exempt Income Fund (PTAEX)
Class A shares
(inception
12/31/76)
Before
sales
charge
After
sales
charge
Barclays
Municipal
Bond
Index
Last quarter 0.20% -3.81% 0.33%
1 year -4.10 -7.93 -2.55
3 years 4.95 3.53 4.83
5 years 6.92 6.05 5.89
10 years 3.86 3.43 4.29
Life of Fund 6.58 6.47 —
Total expense ratio: 0.75%
Putnam Tax-Free High Yield Fund (PTHAX)
Class A shares
(inception
9/20/93)
Before
sales
charge
After
sales
charge
Barclays
Municipal
Bond
Index
Last quarter -0.14% -4.13% 0.33%
1 year -5.41% -9.19 -2.55
3 years 5.75 4.32 4.83
5 years 10.93 10.03 5.89
10 years 4.32 3.90 4.29
Life of Fund 5.99 5.84 6.80
Total expense ratio: 0.80%
The views and opinions expressed here are those of the portfolio managers as of December 31, 2013, are subject to change
with market conditions, and are not meant as investment advice.
Consider these risks before investing: Capital gains, if any, are taxed at the federal and, in most cases, state levels. For
some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-
exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of
bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments).
Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike
bonds, funds that invest in bonds have fees and expenses. The funds may invest significantly in particular segments of
the tax-exempt debt market, making them more vulnerable to fluctuations in the values of the securities they hold than
more broadly invested funds. Interest the funds receive might be taxable. Bond prices may fall or fail to rise over time for
several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can
lose money by investing in the funds.
Request a prospectus or summary prospectus from your financial representative or by calling 1-800-225-1581. The
prospectus includes investment objectives, risks, fees, expenses, and other information that you should read and consider
carefully before investing.
Annualized total return performance as of December 31, 2013
Returns for periods less than one year are not annualized.
Current performance may be lower or higher than the quoted past performance, which cannot
guarantee future results. Share price, principal value, and return will vary, and you may have a gain
or a loss when you sell your shares. Performance of class A shares after sales charge assumes
reinvestment of distributions and does not account for taxes. After-sales-charge returns reflect a
maximum 4.00% load. For Putnam Tax-Free High Yield Fund, the life-of-fund performance for class
A shares is based on the historical performance of class B shares (inception 9/9/85), adjusted for the
applicable sales charge. To obtain the most recent month-end performance, visit putnam.com. The
funds’ expense ratios are based on the most recent prospectus and are subject to change.
The Barclays Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade
tax-exempt bonds. It is not possible to invest directly in an index.

10. Fund Spotlight: Advantage Capital
Management
Advantage Capital Management, LLC’s objective
is to generate excess returns through investment
in special situations that have a low correlation
with the market. We seek to identify companies
that are going through corporate change and
take advantage of mispricing that arises from
confusion related to that change. We express our
viewsthroughacombinationofhedged/arbitrage
related positions and outright investments in
situations where we have conviction and have
done extensive work. The changes we seek to
capitalize upon are bankruptcy/reorganization,
mergers & acquisitions and various re-
capitalizations (tender offers, rights offerings,
stock buy backs & secondary issuance.
The primary area of corporate change we focus
on is bankruptcy or corporate restructuring. We
have developed an extensive network in the
bankruptcy field that allows us to hone in on
the highest return situations. When a company
files or fears of a filing hit the market, there are
often forced sellers. These sellers are reacting
to the uncertainty and holding restrictions of
bankrupt securities. At Advantage Capital, we
have an in-depth understanding of Chapter 11,
and we position ourselves to profit from the
opportunities and confusion that it creates.
Distress may result from financial (too much
debt) or operational (declining industry or poor
management) issues. We target positions in
good companies that have too much debt, but
can thrive with the right capital structure. We
take an active role in the Chapter 11 process
and have sat on several creditor committees
since the founding of our firm. This positioning
gives us an informational advantage and allows
us to assert our rights as a creditor. Chapter 11
can ultimately be beneficial for a corporation, as
many companies have a great core business, but
are either mismanaged or simply have too much
debt.
At Advantage, we view the Chapter 11
reorganization process as a type of “creative
destruction.” In a bankruptcy financial,
operational and legal professionals work together
with the objective of cleaning up a company. The
focus is on reorganizing financial liabilities and
addressing operational challenges. A company
can take advantage of Chapter 11 to shut down
unprofitable units and shed itself of above
market leases and labor contracts so it can then
emerge as a leaner entity. A great example of
this is the recent American Airlines restructuring.
American was the last of the legacy carriers not
to file and Chapter 11 served as a mechanism for
the company to become cost competitive and
terminate onerous labor contracts. American
had labor costs that were significantly in excess
of its peers who had already reorganized. At
Advantage, we have been involved in the various
securities of American and have benefited
from the confusion surrounding the American
bankruptcy and its recent merger with US
Airways.
We continue to find high return investments
amongst the strategies on which we focus.
Companies continually face bankruptcy and
undergo corporate change. We believe this will
present ongoing opportunity in the years to
come.
Provided By Irvin Schlussel, Portfolio Manager, Advantage Capital Management
10 | Telemus Capital | Summer 2013

11. Telemus Capital | Winter 2014 | 11
Telemus Wealth Advisors
Is your family prepared for the dreaded late
night call saying “Dad/Mom has been taken to
the hospital I don’t know what to do”? Sure all
the formal documents are in place but when the
worst happens are you really prepared?
Being prepared goes beyond just having the
proper legal documents in place. It is critical
to have a well-planned short-term strategy and
access to family data. In today’s digital world,
technology requires both businesses as well as
individuals to have a “continuity plan” to control
digital interactions after an illness or death of a
principal or family member.
What bills need to be paid? How do I gain access
to online accounts? Where are critical passwords
kept? Where are time sensitive documents such
durable power of attorney for medical care?
These are just a few issues that arise when there
is a medical crisis let alone a loss.
How does someone ensure that critical
information is available to the proper designees
in a sudden and life-altering event, while also
ensuring that the privacy of such information is
secure and not susceptible to identity theft? The
key to a successful life and data transition is a well
thought out plan that includes a shared strategy
among family members and well understood
and documented financial and electronic
data access points. With so much data now
maintained electronically, access to digital data
needs to be secured in a way that designated
caregivers can easily and seamlessly act when
required. This includes not only financial data
but historical family data that is now often kept
digitally, and without proper planning can be lost.
Family photos, social networking information,
genealogy, and other information could be lost
forever if it is password restricted.
The first step is to identify who your emergency
contacts are and who will be in need of critical
information. Questions to ask yourself include:
Who is your named executor? Who is your
medical advocate or holder of your power of
attorney? Each will have special needs which if
such roles are separated may result in multiple
emergency contact lists, depending on the type
of emergency.
Afterdevelopingyouremergencycontactlists,the
next step is to communicate with such contacts
to ensure they are aware of how to obtain the
required information they will need in the event
of an emergency. There a number of companies
that offer online data services that are kept in an
online “vault” and accessible only by password.
In the alternative, detailed memorandums
can be maintained that are updated regularly
and shared with the appropriate emergency
contacts. The key is updating these sources
every time passwords or digital service providers
are changed.
Telemus can assist in developing a data transition
plan and help find the best way to communicate
and save such information, or direct you to one
of numerous technology service providers that
can help. The following link is to a web site that
is a gateway to a number of different service
providers, but you should judge each service
provider for yourself from both a security
and service capability viewpoint: http://www.
thedigitalbeyond.com/online-services-list/.
Remember that estate planning for many
people should no longer be focused only on
tax minimization, but rather approached as a
life transition event requiring holistic planning
and proper execution to ensure a seamless
and smooth transition during such life-altering
events.
By Andrew Bass, CWM, CPA Chief Wealth Officer and Senior Advisor

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ann arbor, michigan
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