Understanding Market Volatility
|
|
- Damian Hoover
- 8 years ago
- Views:
Transcription
1 Understanding Market Volatility The inherent nature of capital markets is that they are volatile to varying degrees. Understandably, whipsaw market conditions are a source of investor anxiety. In such environments, the natural bias is to limit volatility, which can help prevent a loss in portfolio value and preserve capital.
2 Your objectives and the amount of risk you are willing to tolerate to achieve them are at the heart of our philosophy as fiduciaries. What is volatility and how is it defined? Volatility, or risk, is an inherent aspect of capital markets and typically is defined as standard deviation. deviation is a mathematical representation of how much variation exists from an average. A small standard deviation means that a set of data points are tightly knit. A large standard deviation means that a set of data points are spread out over a broad range. Visually, you may know standard deviation as the bell curve. Dispersion and variance are also common financial terms used to define volatility in capital markets. Why would volatility influence your portfolio decisions? Volatility is a useful tool that can help you set expectations for possible outcomes. For example, since 1926 and using annual data points, the S&P 500 has experienced 20% volatility. 1 If we use a long-term average return on the S&P 500 of 12%, you can reasonably anticipate a range of outcomes from an 8% loss to a 32% appreciation over a one-year period and approximately two thirds of the time. Put another way, this represents a range of returns +/- 20 percentage points over or under the average, or, within one standard deviation of the series average. The given range of possible outcomes is an important variable in determining risk tolerances. How can volatility affect the outcome of your portfolio? Another way of looking at the problem is by demonstrating how volatility can erode wealth over time. The table below depicts two portfolios with a beginning value of $10 million, and both averaging an 8% return annually, over a 10-year time horizon. As you can see, Portfolio 1 generates approximately $2.2 million more than Portfolio 2 due to the consistency of returns. Volatility Can Diminish Wealth Portfolio 1 Balance ($ Millions) Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Avg. Annual $10.0 $10.8 $11.7 $12.6 $13.6 $14.7 $15.9 $17.1 $18.5 $20.0 $ % Portfolio 1 s N/A 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Portfolio 2 Balance ($ Millions) $10.0 $11.2 $11.7 $11.7 $13.5 $12.2 $15.3 $15.6 $17.8 $14.3 $ % Portfolio 2 s N/A 12.0% 4.0% 0.0% 16.0% -10.0% 26.0% 2.0% 14.0% -20.0% 36.0% For Illustrative purposes only. 1 Strategas, as of December 31, Past performance does not guarantee future results. You cannot invest directly into an index.
3 Volatility Can Diminish Wealth $25 Portfolio 1 Portfolio 2 $22 $19 $21.6 $19.4 $16 $13 $10 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Source: Strategas, December 31, For illustrative purposes only. Are investments worth the volatility? Typically speaking, the more volatility an asset class experiences, the more return is expected from that asset class over time. As you can see below, the long-term returns of equities have outpaced those of cash, corporate bonds and government bonds. However, it is important to note that the equity returns are not without excess volatility. For instance, large-cap stocks on average have nearly double the annual return of corporate bonds. By comparison, large-cap stocks have also nearly twice the volatility. Similarly, small-cap stocks have averaged annual returns nearly three times that of corporate bonds but, comparatively, have almost four times the volatility. Typically, the investment can be worth the volatility, but the time horizon is equally as important as the expected gains. Meaningful appreciation over longer time horizons has proven to offset short periods of volatility and loss of portfolio value. Asset Class Breakdown (%) Since Inception* Last 30 Years Last 20 Years Last 10 Years Last 5 Years Average 30-Year 20-Year 10-Year 5-Year Large-Cap Stocks Small-Cap Stocks Corporate For Illustrative purposes 6.4 Bonds only Government Bonds Cash (T-Bills) Source: Strategas, December 31, Past performance is not a guarantee of future results. An investment cannot be made directly into an index. *Since Inception date of December 31, Average and are comprised of 86 annual observations. Page 3 Understanding Market Volatility
4 Investments in the U.S. Capital Markets Year-end 1925 = $1.00, through year-end 2011 $100,000 $10,000 Small-Cap Stocks $1,000 $100 $10 Large-Cap Stocks Corporate Bonds Gov't Bonds T-Bills (Cash) $1 $ Source: Strategas, December 31, This is a logarithmic chart and may be more effective than other types of charts in illustrating changes in value during the early years shown in the chart. The vertical axis, the one that indicates the dollar value of an investment, is constructed with each segment representing a percent change in the value of the investment. In other words, the space between $1 and $10 is the same size as the space between $10 and $100, and so on. Should you use volatility to time the market? While anticipating volatility is common, using volatility to predict market behavior is difficult, because information is typically imperfect and idiosyncratic. As an example, just because a market falls 10% doesn t mean it won t fall another 10%. Similarly, waiting for a better entry point because a market has appreciated can work against you, because the market can appreciate further. Ideally, you will take advantage of mispricing events in capital markets to add value over time. However, attempting to time the market in the short term is a risky proposition where the opportunity cost is quantifiable and not likely to be in your favor. The following graph illustrates the risk of trying to time the market: S&P 500 Index s S&P Calendar Year Top Ten Up Days (Sum) Top Ten Down Days (Sum) 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% * Source: Strategas, December 4, *Estimate. Past performance is not a guarantee of future results. An investment cannot be made directly into an index. As you can see, fewer than 10% of the trading days account for a significant amount of upside and downside in a given calendar year. Put another way, you have a 20-in Page 4 Understanding Market Volatility
5 (trading days) chance that you ll pick the direction and timing accurately when the impact is greatest. The odds are heavily stacked against you if that is your discipline. While it is tempting to think you can accurately predict this behavior through past experiences, the reality is that investing in such a manner is irrational. What can you do to harness volatility? Atlantic Trust s philosophy is that discipline and diversification are critical building blocks in any investment process. Without a framework for a long-term investment program, the chances of success are relatively small. Constructing a portfolio with a broad array of asset classes is critical to generating consistent, less volatile returns, which can facilitate capital growth and preservation in the long term. However, even the most diversified and well thought out portfolios are subject to volatile markets. Our investment professionals and relationship managers ensure they maintain an active management bias. This bias provides us with the flexibility to manage asset allocation and manager selection within the constraints of client guidelines as opportunities present themselves. Ultimately, creating the proper balance between risk and return through diversification takes careful decision making and important discussions between you and your Atlantic Trust relationship manager. Your objectives and amount of risk you are willing to tolerate to achieve them are at the heart of our philosophy as fiduciaries. We appreciate that volatility can foster anxiety, but in heightened periods of volatility, we believe adhering to a long-term strategy and maintaining a disciplined investment approach are essential aspects to investment success. n Page 5 Understanding Market Volatility
6 Atlanta Austin Baltimore Boston Chicago Denver Houston Newport Beach New York San Francisco Washington, D.C Wilmington Follow us on Facebook: AtlanticTrustPWM, and LinkedIn: Atlantic Trust Private Wealth Management, a CIBC company, includes Atlantic Trust Company, N.A. (a limited-purpose national trust company) and AT Investment Advisers, Inc. (a registered investment adviser), both of which are wholly-owned subsidiaries of Atlantic Trust Group, LLC. This document is intended for informational purposes only, and the material presented should not be construed as an offer or recommendation to buy or sell any security. Concepts expressed are current as of the date of this document only and may change without notice. Such concepts are the opinions of our investment professionals, many of whom are Chartered Financial Analyst (CFA ) charterholders or CFP professionals. Chartered Financial Analyst and CFA are trademarks owned by CFA Institute. The Chartered Financial Analyst (CFA ) designation is a globally recognized standard for measuring the competence and integrity of investment professionals. Certified Financial Planner Board of s Inc. owns the certification marks CFP and CERTIFIED FINANCIAL PLANNER in the U.S., which it awards to individuals who successfully complete CFP Board s initial and ongoing certification requirements. There is no guarantee that these views will come to pass. Past performance does not guarantee future comparable results. The tax information contained herein is general and for informational purposes only. Atlantic Trust does not provide legal or tax advice, and the information contained herein should only be used in consultation with your legal, accounting and tax advisers. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. To the extent that information contained herein is derived from third-party sources, although we believe the sources to be reliable, we cannot guarantee their accuracy. Approved T For Public Use. Investment Products Offered are Not FDIC-Insured, May Lose Value and are Not Bank Guaranteed. Page 6 Understanding Market Volatility
Mutual Funds Page 1 MUTUAL FUND BASICS
Mutual Funds Page 1 MUTUAL FUND BASICS CHOOSING A MUTUAL FUND REQUIRES CAREFUL THINKING ABOUT NUMEROUS FACTORS. THE MOST IMPORTANT OF THESE TO CONSIDER INCLUDE YOUR INVESTMENT OBJECTIVES, RISK TOLERANCE
More informationInvesting in Bonds Page 1 INVESTING IN BONDS
Investing in Bonds Page 1 INVESTING IN BONDS WHEN BUYING A BOND, YOU ARE LOANING MONEY TO A BOND ISSUER IN NEED OF CASH TO FINANCE A VENTURE OR FUND A PROGRAM, SUCH AS A CORPORATION OR GOVERNMENT AGENCY.
More informationAlternative Asset Classes Page 1 ALTERNATIVE ASSET CLASSES: AN INTRODUCTION
Alternative Asset Classes Page 1 ALTERNATIVE ASSET CLASSES: AN INTRODUCTION PART OF SOUND PORTFOLIO MANAGEMENT IS DIVERSIFYING INVESTMENTS SO THAT IF ONE TYPE OF INVESTMENT IS PERFORMING POORLY, ANOTHER
More informationUNDERSTANDING YOUR CREDIT REPORT. Understanding Your Credit Report Page 1
UNDERSTANDING YOUR CREDIT REPORT Understanding Your Credit Report Page 1 SO YOU RE ABOUT TO APPLY FOR CREDIT, THE FIRST THING YOU LL WANT TO GET IS YOUR CREDIT REPORT FOR REVIEW ESPECIALLY FOR SOMETHING
More informationMortgage Basics Page 1 MORTGAGE BASICS
Mortgage Basics Page 1 MORTGAGE BASICS WHEN APPLYING FOR A MORTGAGE, DO SOME HOMEWORK. KNOW HOW LARGE A MORTGAGE PAYMENT YOUR BUDGET WILL ALLOW, AND RESEARCH THE VARIOUS TYPES OF MORTGAGES THAT ARE AVAILABLE.
More informationMortgage Clauses Page 1 MORTGAGE CLAUSES
Mortgage Clauses Page 1 MORTGAGE CLAUSES IF YOU REQUIRED MORTGAGE FINANCING TO PURCHASE YOUR PROPERTY, ONE OF THE MOST IMPORTANT DOCUMENTS YOU LL SIGN IS THE MORTGAGE CONTRACT. THERE ARE MANY DIFFERENT
More informationMoving to Florida. Sun, sand, and the beach might be enough
Moving to Florida Sun, sand, and the beach might be enough to lure you to move to the Sunshine state. Add in no state income tax, state estate tax and the repeal of the Florida Intangibles Tax, and Florida
More informationMutual Fund Basics TYPES OF MUTUAL FUNDS WHAT ARE THE BENEFITS OF INVESTING IN A MUTUAL FUND?
Mutual Fund Basics A mutual fund pools the money of many investors to purchase securities. The fund s manager buys securities to pursue a stated investment strategy. By investing in the fund, you ll own
More informationPREVENTING CREDIT CARD FRAUD. Preventing Credit Card Fraud. Page 1
PREVENTING CREDIT CARD FRAUD Preventing Credit Card Fraud Page 1 WHILE IT IS EASY TO BECOME THE VICTIM OF CREDIT CARD FRAUD, THERE ARE MANY SIMPLE WAYS TO PROTECT YOURSELF AGAINST THIS LOSS. LEARN HOW
More informationA Culture of Care: What Does Being a Fiduciary Mean?
A Culture of Care: What Does Being a Fiduciary Mean? Atlantic Trust explores what it means to be a fiduciary, with parameters of care and responsibility for our client assets and a duty to act in our clients
More informationWisdom and Wealth: There are specific financial planning. A Workbook for Wealth Creation
Wisdom and Wealth: A Workbook for Wealth Creation There are specific financial planning goals that should be considered during each decade of life. This workbook presents a series of questions meant to
More informationMid-Cap Growth Equity: Pulling Ahead of the Pack. We believe the case for consistent ownership
Mid-Cap Growth Equity: Pulling Ahead of the Pack We believe the case for consistent ownership of mid-cap stocks is stronger than ever. But the case for ownership of the Atlantic Trust Mid-Cap Growth Equity
More informationFinancial Self-Defense Part 2: Reputation Risk
Financial Self-Defense Part 2: Reputation Risk W hat s in your Google search results? (And who put it there?) Which small lifestyle changes can lead to better management of your family s personal security?
More informationCHOOSING YOUR INVESTMENTS
CHOOSING YOUR INVESTMENTS FOR ASSISTANCE GO ONLINE For more information on your retirement plan, investment education, retirement planning tools and more, please go to www.tiaa-cref.org/carnegiemellon.
More informationWhy invest in stocks?
Joseph E. Buffa, Equity Generalist Kent A. Newcomb, CFA, Equity Generalist Why invest in stocks? 2013 Why should someone invest in stocks? Because historically, stocks have performed well when compared
More informationCHOOSING YOUR INVESTMENTS
CHOOSING YOUR INVESTMENTS FOR ASSISTANCE CONTACT US TODAY FOR MORE INFORMATION, ADVICE OR HELP OPENING AN ACCOUNT, IT S EASY TO REACH US: BY PHONE Call us at 800 TIAA-CREF (800 842-2273) to speak with
More informationSEI Aggressive Global Equity Portfolio
SEI Aggressive Global Equity Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet
More informationMid-Cap Stocks: Opportunities in the Heart of the Market
APRIL 212 Mid-Cap Stocks: Opportunities in the Heart of the Market by Jonathan R. Cain, CFA, David J. Gullen, CFA, and Steven L. Pollack, CFA The John Hancock White Paper Series provides in-depth commentary
More informationWhy invest in stocks?
Joseph E. Buffa, Equity Sector Analyst Kent A. Newcomb, CFA, Equity Sector Analyst Why invest in stocks? 2014 Why should someone invest in stocks? Because historically, stocks have performed well when
More informationGlossary of Investment Terms
online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt
More informationFinancial Wellness & Education. Understanding mutual funds
Financial Wellness & Education Understanding mutual funds Benefits of mutual funds Foresters Financial Services provides everyday families and individuals with financial solutions, guidance and tools,
More informationPRINCIPAL ASSET ALLOCATION QUESTIONNAIRES
PRINCIPAL ASSET ALLOCATION QUESTIONNAIRES FOR GROWTH OR INCOME INVESTORS ASSET ALLOCATION PRINCIPAL ASSET ALLOCATION FOR GROWTH OR INCOME INVESTORS Many ingredients go into the making of an effective investment
More informationO Shaughnessy Screens
O Shaughnessy Screens Andy Prophet SI-Pro UG: April 2007 O Shaughnessy Strategy Newest book: Predicting the Markets of Tomorrow: A Contrarian Investment Strategy for the Next Twenty Years, James O Shaughnessy,
More informationTAKE THE W HEE L. Retirement Savings Plan
TAKE THE W HEE L Retirement Savings Plan PG 1 The road to retirement is calling your name Retirement. For many people, it s a dream destination. But getting there can be a challenge. Financial experts
More informationFinancial Self-Defense Part 3: Personal Safety Risk
Financial Self-Defense Part 3: Personal Safety Risk I nadequate travel intelligence, workplace violence, political unrest, extortion, kidnapping these are the things that keep personal security experts
More informationTD Wealth Private Investment Advice PERFORMANCE UPDATE 03. 31. 2013
PERFORMANCE UPDATE 03. 31. 2013 Krygier Wealth Management: Who are we? Directly managing over $140 million of individual client portfolios Portfolio Manager: Mark J. Krygier, LL.B, CFP Vice President TD
More informationWhy invest in stocks?
Joseph E. Buffa, Equity Sector Analyst Kent A. Newcomb, CFA, Equity Sector Analyst Why invest in stocks? 2015 Why should someone invest in stocks? Historically, stocks have performed well when compared
More informationNavigating Rising Rates with Active, Multi-Sector Fixed Income Management
Navigating Rising Rates with Active, Multi-Sector Fixed Income Management With bond yields near 6-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate interest
More informationAdvanced Strategies for Managing Volatility
Advanced Strategies for Managing Volatility Description: Investment portfolios are generally exposed to volatility through company-specific risk and through market risk. Long-term investors can reduce
More informationStonegate Wealth Management. Registered Investment Advisor 17-17 Route 208 Fair Lawn, N.J. 07410 (201) 791-0085 www.stonegatewealth.
Stonegate Wealth Management Registered Investment Advisor 17-17 Route 208 Fair Lawn, N.J. 07410 (201) 791-0085 www.stonegatewealth.com Stonegate Wealth Management $200 Million in assets under management.
More informationInvestment Portfolio Construction
Investment Portfolio Construction CLA Local Government Conference May 2014 CLAconnect.com/privateclient Steven D. Jones, CFA, CFP, CAIA Director, Institutional Investment Services Disclosures CliftonLarsonAllen
More informationDSIP List (Diversified Stock Income Plan)
Kent A. Newcomb, CFA, Equity Sector Analyst Joseph E. Buffa, Equity Sector Analyst DSIP List (Diversified Stock Income Plan) Commentary from ASG's Equity Sector Analysts January 2014 Concept Review The
More informationManaged Money, Foolishly
Managed Money, Foolishly Nick Crow, CFA Ross Anderson, CFP registered with the U.S. Securities and Exchange Commission. MFWM is a separate entity, and all investment decisions for client portfolios are
More informationExchange Traded Funds A Brief Introduction
Exchange Traded Funds A Brief Introduction spdrs.com What You Need to Know about ETFs ETF Basics Potential Benefits of ETFs ETFs versus Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Frequently
More informationBUILDING YOUR RETIREMENT PORTFOLIO WITH TIAA-CREF
BUILDING YOUR RETIREMENT PORTFOLIO WITH TIAA-CREF TIAA-CREF: FINANCIAL SERVICES FOR THE GREATER GOOD FOR MORE THAN 85 YEARS, we have been helping millions of people working in the academic, medical and
More informationThe Case for Active Management in the Large Cap Growth Equity Universe
The Case for Active Management in the Large Cap Growth Equity Universe Pioneer US Concentrated Growth Strategy This case for active management examines risk-adjusted returns among large cap growth managers
More informationBuilding Your Retirement Portfolio
Building Your Retirement Portfolio With the Help of TIAA-CREF 111075_L01.indd 1 ABOUT TIAA-CREF: For more than 90 years, we at TIAA-CREF have dedicated ourselves to helping those who serve the greater
More informationSEI Income Portfolio. Investment Policy Statement
SEI Income Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet your long-term investment
More informationComplete Overview. The Value Line Selection & Opinion
Complete Overview The Value Line Selection & Opinion 2014, Value Line, Inc. All Rights Reserved. Value Line, the Value Line logo, the Value Line Investment Survey, Timeliness and Safety are trademarks
More informationBeginners Guide to Asset Allocation, Diversification, and Rebalancing
Beginners Guide to Asset Allocation, Diversification, and Rebalancing Even if you are new to investing, you may already know some of the most fundamental principles of sound investing. How did you learn
More informationPH&N LifeTime Funds. Frequently Asked Questions
Frequently Asked Questions PH&N LIFETIME FUNDS Your One-Fund Retirement Solution 1. What are target date funds? Target date funds offer a single-fund investment solution to help investors manage their
More informationWith Scholar s Edge, New Mexico s 529 College Savings Plan,
With Scholar s Edge, New Mexico s 529 College Savings Plan, You Can Get an Edge When You Save for College Table of Contents 1 3 EDGE 1 A 529 Plan that s almost as smart as your child EDGE 2 Potentially
More informationAtlantic Trust Disclosure
Atlantic Trust Disclosure Atlantic Trust Private Wealth Management includes Atlantic Trust Company, a division of Invesco National Trust Company (a limited-purpose national trust company), and Stein Roe
More informationThis brochure has not been approved by the Securities and Exchange Commission (SEC), nor any state securities authority.
The Program Works, Inc. (dba TPW Financial, Inc.) 450 Lexington Street, Suite 203 Newton, MA 02466 Contact: Chitra R. Staley, CEO&CIO 617-614-9889 cstaley@tpwfinancial.com www.tpwfinancial.com Date of
More informationStrategic Advisers Fundamental Research Process: A Unique, Style-Based Approach
STRATEGIC ADVISERS, INC. Strategic Advisers Fundamental Research Process: A Unique, Style-Based Approach By Jeff Mitchell, Senior Vice President, Director of Research, Strategic Advisers, Inc. KEY TAKEAWAYS
More informationSophisticated investments. Simple to use.
Russell LifePoints INSTITUTIONAL TARGET DATE FUNDS Sophisticated investments. Simple to use. INVESTED. TOGETHER. Now your default option can be your best option. If your target date funds are projected
More informationBMO NESBITT BURNS. H&K Advisory Group. Sustainable wealth management goes the distance
BMO NESBITT BURNS H&K Advisory Group Sustainable wealth management goes the distance Who We Are Our Team Our team, more than its individual members, defines us. We are a team of professionals who built
More informationAssessing the Risks of a Yield-Tilted Equity Portfolio
Engineered Portfolio Solutions RESEARCH BRIEF Summer 2011 Update 2014: This Parametric study from 2011 is intended to illustrate common risks and characteristics associated with dividendtilted equity portfolios,
More informationIndex investing. A simple, low-cost solution for retirement plans
Index investing A simple, low-cost solution for retirement plans Index investing: A simple, low-cost solution for retirement plans Despite the challenging economic conditions of the last few years, employers
More informationNew Horizons Fund PRNHX. T. Rowe Price SUMMARY PROSPECTUS
SUMMARY PROSPECTUS PRNHX May 1, 2015 T. Rowe Price New Horizons Fund An aggressive stock fund seeking long-term capital growth primarily through investments in small, rapidly growing companies. Before
More informationWhat is an Investment Adviser?
What is an Investment Adviser? Legal Definition. Investment adviser is a legal term that appears in the Investment Advisers Act of 1940, the federal law that governs investment advisers. Generally, this
More informationYour Guide to Investing in the UNC Retirement Programs
Your Guide to in the UNC Retirement Programs > Appalachian State University East Carolina University Elizabeth City State University Fayetteville State University North Carolina A&T State University North
More informationSSgA CAPITAL INSIGHTS
SSgA CAPITAL INSIGHTS viewpoints Part of State Street s Vision thought leadership series A Stratified Sampling Approach to Generating Fixed Income Beta PHOTO by Mathias Marta Senior Investment Manager,
More informationUnder the Radar: the value of hedged equity in a diversified portfolio
Under the Radar: the value of hedged equity in a diversified portfolio By Emmett Maguire III, CFA Lake Street Advisors, LLC Investment Analyst As hedged equity strategies have underperformed their long
More informationAre Publicly-Traded REITs Real Estate or Stocks?
Bailard Research Are Publicly-Traded REITs Real Estate or Stocks? It Depends on Your Investment Horizon (And Who Wins: Public or Private Real Estate?) Ronald W. Kaiser, CRE Henry S. Newhall Bailard, Inc.,
More informationto Wealth Management resources of one of the world s largest financial services firms. The Caribbean Group
A Defined Approach to Wealth Management Giving UWI access to the combined resources of one of the world s largest financial services firms. The Caribbean Group The information in this presentation is intended
More informationHow To Plan For Retirement
The Morningstar Investment Management Group Why Human Capital Matters to Retirement Plan Participants Whether your participants are web developers in California or cattle ranchers in Wyoming, vocation
More informationWhen Judging Financial Advisers, Look Beyond the Annual Return
When Judging Financial Advisers, Look Beyond the Annual Return Susan Fulton, founder of FBB Capital Partners, at her office in Bethesda, Md., on Thursday. She uses software that tracks how often her clients
More informationSIMPLE IRA PLAN. Employee Guidebook. Welcome Building retirement savings Convenient way to invest You have control Open your account.
SIMPLE IRA PLAN Contents Employee Guidebook WELCOME. Your employer is offering a SIMPLE IRA plan through T. Rowe Price, one of the country s leading investment firms. We ll help you build a well-balanced
More informationTHE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES
Morgan Stanley 20 Linden Place Red Bank, NJ 07701 (732) 936-3400 THE DURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY THE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES
More informationMutual Fund Investing Exam Study Guide
Mutual Fund Investing Exam Study Guide This document contains the questions that will be included in the final exam, in the order that they will be asked. When you have studied the course materials, reviewed
More informationConcentrated Stock Overlay INCREMENTAL INCOME FROM CONCENTRATED WEALTH
Concentrated Stock Overlay INCREMENTAL INCOME FROM CONCENTRATED WEALTH INTRODUCING RAMPART CONCENTRATED STOCK OVERLAY STRATEGY When a portfolio includes a concentrated equity position, the risk created
More informationOverview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services
Equity Risk Management Strategy Overview Approved for public distribution October 2013 Services Portfolios & Products Equity Risk Management Strategy* Tactical allocation strategy that seeks to adjust
More informationFinancial Strategies for the 21st Century
2 The Life Cycle 2 The Wealth Management Model 3 Putting the Pieces Together online report consulting group Strategies for the 21st Century summary a brief introduction to managing your wealth While individuals
More informationThe Dual Advantage of Long/Short Equity
July 2014 The Dual Advantage of Long/Short Equity Adding an allocation to this liquid alternative strategy can help investors boost their returns while lowering total portfolio risk. Author Charles Cook,
More informationANNUITIES VARIABLE. MetLife Retirement Perspectives. asset allocation questionnaire
LINE BAN ANNUITIES VARIABLE MetLife Retirement Perspectives asset allocation questionnaire Asset Allocation Questionnaire The following questions will enable you to determine your time horizon and risk
More informationHelping to Understand the Thrift Savings Plan, the New Roth TSP, & the TSP in Retirement
Helping to Understand the Thrift Savings Plan, the New Roth TSP, & the TSP in Retirement Michael Nakashima, CFP Certified Financial Planner with Transamerica Financial Advisors, Inc. Chartered Federal
More informationInvesting In Volatility
Investing In Volatility By: Anish Parvataneni, CFA Portfolio Manager LJM Partners Ltd. LJM Partners, Ltd. is issuing a series a white papers on the subject of investing in volatility as an asset class.
More informationPNC Target Date Funds. Making Saving for Retirement Simpler for You
PNC Target Date Funds Making Saving for Retirement Simpler for You Walking With You on the Path to Retirement We understand that with the number and variety of retirement savings options available to you,
More informationPreparing Your Savings for Retirement
Preparing Your Savings for Retirement The Retirement Income Series Part 1: Preparing Your Savings for Retirement Identify sources of income, including Social Security Assess the impact of future health
More informationINVESTMENT POLICY STATEMENT Valued Client
INVESTMENT POLICY STATEMENT Valued Client August 17, 2010 PREPARED BY: John Ohl Bay Colony Advisors 91 Main St STE 308 Concord, Massachusetts 01742 (978) 369-7200 John@baycolonyadvisors.com www.baycolonyadvisors.com
More informationVALUE ADDED INDEXING SM PERSPECTIVES. Top Ten List: Why Passive Investing Wins SUMMARY:
VALUE ADDED INDEXING SM PERSPECTIVES Top Ten List: Why Passive Investing Wins SUMMARY: Too often the active vs. passive investing debate focuses only on performance. While research shows passive strategies
More informationFIXED INCOME SOLUTIONS
FIXED INCOME SOLUTIONS OCTOBER, 2013 John Donovan, Head of Fixed Income and Trading Chris Gunster, Head of Fixed Income Portfolio Management David Litvack, Head of Tax-Exempt Fixed Income Research Jessie
More informationNon-FDIC Insured May Lose Value No Bank Guarantee. Time-Tested Investment Strategies for the Long Term
Non-FDIC Insured May Lose Value No Bank Guarantee Time-Tested Investment Strategies for the Long Term Rely on These Four Time-Tested Strategies to Keep You on Course. Buy Right and Sit Tight Keep Your
More informationHarnessing Innovation and Growth Within Tech
SPDR SPOTLIGHT Harnessing Innovation and Growth Within Tech by David B. Mazza, Head of ETF and Mutual Fund Research, Matthew Bartolini, CFA, Research Strategist, and Jared Rowley, CFA, Research Strategist,
More informationInvestment Management
Investment Management Preserving and Growing Your Wealth Investment Management 1 A Fiduciary Standard of Care: Why It Matters 2 Not a Game Plan. A Life Plan. What Is Effective Investment Management? 2
More informationCOMPREHENSIVE WEALTH MANAGEMENT
PRIVATE CLIENT TM COMPREHENSIVE WEALTH MANAGEMENT ASSANTE A OUR GOAL is to simplify and enhance the lives of our clients by serving as their financial advisor managing their assets and lifestyle needs
More informationEnjoy the Benefits of Professional Wealth Management Quantitative InnovationsSM Investment Advisory Program
Enjoy the Benefits of Professional Wealth Management Quantitative InnovationsSM Investment Advisory Program As an individual investor, you have access to more investment options than ever. With these choices,
More informationSix Keys to More Successful Investing
EBNY Financial, LLC Kevin Kautzmann, CFP Certified Financial Planner 80 Fifth Avenue #1403 New York, NY 212-269-2625 kevin@ebnyfinancial.com www.ebnyfinancial.com Six Keys to More Successful Investing
More informationEffective downside risk management
Effective downside risk management Aymeric Forest, Fund Manager, Multi-Asset Investments November 2012 Since 2008, the desire to avoid significant portfolio losses has, more than ever, been at the front
More informationProtected Growth Strategies SM
Protected Growth Strategies SM CLIENT GUIDE I can seek more consistent returns over time. ISSUED BY METLIFE INSURANCE COMPANY USA, METROPOLITAN LIFE INSURANCE COMPANY AND IN NEW YORK, ISSUED BY FIRST METLIFE
More informationShe received her BA from the College of Charleston and attended Hatfield College in Durham, England. Welcome, Alyssa.
Wi$e Up Teleconference Call April 28, 2006 Invest for Your Success Speaker 2 Alyssa Rakovich Angela Rizzolo: Okay. Our next Women s Bureau person to introduce our next speaker will be Frances Jefferson,
More informationOur time-tested approach to investing is very straightforward. And we re ready to make it work for you.
What Works Our time-tested approach to investing is very straightforward. And we re ready to make it work for you. Three important steps. Ten effective principles. Three important steps. Ten effective
More informationFinancial Advisor Interview Questionnaire
Financial Advisor Interview Questionnaire Advisor name: Company Name: Cyril S. White White House Financial & Investment Solutions, LLC Date: May 30, 2013 Why did you become a financial advisor? I became
More informationKeeping it Simple: White Paper. Lifestyle Funds: A Streamlined Approach
Keeping it Simple: Lifestyle Funds for Retirement Planning Retirement investors who suspect that things are more complicated than they used to be can take heart from the findings of a new study by American
More informationThoughtCapital. Investment Strength and Flexibility
Investment Strength and Flexibility Principal Trust SM Target Date Funds The Principal Trust SM Target Date Funds (Target Date Funds) are designed to capitalize on the growing popularity of Do-It-For-Me
More informationGetting the Most Out of Your Investment Committee
Getting the Most Out of Your Investment Committee August 2011 Campion Wealth Management 1934 Old Gallows Road, Suite 402 Vienna, Virginia (703) 848-0344 www.campionwealth.com Who We Are and What We Do
More information10 STEPS TO A GREAT INVESTMENT PORTFOLIO
10 STEPS TO A GREAT INVESTMENT PORTFOLIO T he best portfolio is the one that accomplishes your long-term financial goals with as little risk as possible. We have outlined the 10 steps that we follow at
More informationPrivate Asset Management
TIAA-CREF Trust Company, FSB Private Asset Management Customized investment solutions to meet your unique needs over time About TIAA-CREF Trust Company s Private Asset Management TIAA-CREF Trust Company
More informationRETIREMENT PLANNING GUIDE. Getting you on the right track
RETIREMENT PLANNING GUIDE Getting you on the right track Table of Contents Why is a retirement plan important? 2 How much will you need? 4 How can your retirement plan help? 6 Where should you invest?
More informationThe US Mutual Fund Landscape
The US Mutual Fund Landscape 2015 THE US MUTUAL FUND INDUSTRY COMPRISES A LARGE UNIVERSE OF FUNDS COVERING SECURITIES MARKETS AROUND THE WORLD. THESE FUNDS REFLECT DIVERSE PHILOSOPHIES AND APPROACHES.
More informationInvestment Fund Summary
Investment Fund Summary If you choose the FRS Investment Plan, you need to make decisions about how your retirement plan account balance will be invested. Reading this brochure is a great way to start
More informationDiversified Managed Allocations
Diversified Managed Allocations Multi-strategy portfolios with a focus on flexibility Is this program right for you? DMA is designed for investors who: Want experienced, professional money managers to
More informationFinancial Planning Relationship Disclosure
Financial Planning Relationship Disclosure Thank you for choosing TD Wealth Financial Planning as your wealth management provider. At TD Wealth we are committed to helping our clients meet their financial
More informationINVESTING FOR LIFE S GOALS
TIAA-CREF LIFE GOALS SERIES INVESTING FOR LIFE S GOALS SAVING FOR MAJOR PURCHASES AND OBJECTIVES TIAA-CREF: FINANCIAL SERVICES FOR THE GREATER GOOD OUR COMMITMENT TIAA-CREF is dedicated to serving the
More informationInvestment Objective. Expense Example
The Gabelli ABC Fund A series of Gabelli Investor Funds, Inc. SUMMARY PROSPECTUS April 29, 2016 Class AAA (GABCX), Advisor Class (GADVX) Before you invest, you may want to review the Fund s Prospectus
More informationVanguard Financial Education Series investing. How to invest your retirement savings
Vanguard Financial Education Series investing How to invest your retirement savings During your working life, you ve saved and invested for retirement. Now that you re finally reaching retirement, consider
More informationAssessing Risk Tolerance for Asset Allocation
Contributions Droms Assessing Risk Tolerance for Asset Allocation by William G. Droms, DBA, CFA, and Steven N. Strauss, CPA/PFS William G. Droms, DBA, CFA, is the Powers Professor of Finance in the McDonough
More information