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Latticework Wealth Management, LLC

Monthly Archives: May 2015

Book Promotion on Amazon.com – A New Paradigm for Investing: Can Your Financial Advisor Answer These Questions?

14 Thursday May 2015

Posted by wmosconi in book deals, books, finance, finance books, financial advice, Financial Advisor, financial advisor fees, financial markets, financial planning, financial planning books, financial services industry, investing, investing advice, investing books, investment advice, investment advisory fees, investment books, investments, stock market, stocks

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The original blog post did not make it to all informational outlets. There is a deal on one of my books in the A New Paradigm for Investing series.

Latticework Wealth Management, LLC

Greetings to all my loyal readers of this blog.  How would you like to learn a better way to seek investment advice?  I list and thoroughly discuss questions you can ask prospective Financial Advisors when interviewing them.  Selecting someone to assist you with the process, which is so incredibly important for you, can be a nightmare of complexity.  By reading this book, you will be in the 95th percentile of individual investors in terms of the knowledge necessary to have the tools and information to walk into those Financial Advisor meetings and understand the discussion/jargon and feel confident.  This book on Amazon.com is available for download onto a Kindle.  Additionally, there is a Kindle app for iPhones and Android devices which is free to download.  Please feel free to check out the title below.  I have provided a link to make it easier.   My email address is latticeworkwealth@gmail.com should…

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Book Promotion on Amazon.com – A New Paradigm for Investing: Can Your Financial Advisor Answer These Questions?

14 Thursday May 2015

Posted by wmosconi in book deals, books, business books, finance, finance books, finance theory, financial advice, Financial Advisor, financial advisor fees, financial markets, financial planning, financial services industry, investing, investing advice, investment advice, investment advisory fees, investment books, investments, personal finance, reasonable fees for financial advisor, stock market, stocks

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book deals, books, business, business books, finance, finance books, financial advice, Financial Advisor, financial markets, financial planning, financial services, financial services industry, investing, investing books, investment advisory, investment advisory fees, investment books, investment fees, investments, personal finance, reasonableness of finance advice, stock market, stocks

Greetings to all my loyal readers of this blog.  How would you like to learn a better way to seek investment advice?  I list and thoroughly discuss questions you can ask prospective Financial Advisors when interviewing them.  Selecting someone to assist you with the process, which is so incredibly important for you, can be a nightmare of complexity.  By reading this book, you will be in the 95th percentile of individual investors in terms of the knowledge necessary to have the tools and information to walk into those Financial Advisor meetings and understand the discussion/jargon and feel confident.  This book on Amazon.com is available for download onto a Kindle.  Additionally, there is a Kindle app for iPhones and Android devices which is free to download.  Please feel free to check out the title below.  I have provided a link to make it easier.   My email address is latticeworkwealth@gmail.com should you have any questions/comments/feedback.

The link to the book is as follows:

A New Paradigm for Investing:  Can Your Financial Advisor Answer These Questions?

 

http://www.amazon.com/New-Paradigm-Investing-Financial-Questions-ebook/dp/B00F3BDTHW/ref=sr_1_3?s=books&ie=UTF8&qid=1388595896&sr=1-3&keywords=a+new+paradigm+for+investing+by+william+nelson

The book listed is normally $9.99 but I am offering it for a lower price over the course of the week (May 14, 2015 through May 18, 2015).  For most of the day today, the book is $1.99 which is 81% off.  The price of the book will be gradually increasing during the course of that period.

I would like to thank my international viewers of my blog as well.  The blog can be located at http://www.latticework.com.  I also wanted to especially thank some selected followers of my @NelsonThought and @LatticeworkWlth Twitter accounts (each of whom I would recommend following for the content and insight):

Followers on @NelsonThought:

  • The Wall Street Journal Wealth Report @WSJwealthreport – #wsjexperts
  • The Wall Street Journal Central Banks @WSJCentralBanks – Coverage of the Federal Reserve and other international central banks by @WSJ reporters
  • The Royce Funds @RoyceFunds – Small Cap value investing asset manager
  • Research Magazine @Research_Mag – Latest industry information for wirehouses and ETFs
  • Barron’s Online @BarronsOnline – Weekly financial news magazine of Dow Jones
  • Cleveland Fed Research @ClevFedResearch
  • Pedro da Costa @pdacosta – Central banking and economics reporter at The Wall Street Journal
  • Muriel Siebert & Co. @SiebertCo
  • Roger Wohlner, CFP® @rwohlner – Fee-only Financial Planner for individuals
  • Ed Moldaver @emoldaver – #1 ranked Financial Advisor in New Jersey by Barron’s 2012
  • Muni Credit @MuniCredit – Noted municipal credit arbiter
  • Berni Xiong (shUNG) @BerniXiong – Author, writing coach, and national speaker

Followers on @LatticeworkWlth:

  • Tracy Alloway @tracyalloway – US Financial Correspondent at Financial Times
  • Vanguard FA @Vanguard_FA – Vanguard’s ETF research and education
  • EU External Action @eu_eeas – Latest news from the European External Action Service (EEAS)
  • Charlie Wells @charliewwells – Reporter and Editor at The Wall Street Journal
  • Sri Jegarajah @CNBCSri – CNBC anchor and correspondent for CNBC World
  • Jesse Colombo @TheBubbleBubble – Columnist at Forbes
  • Alastair Winter @AlastairWinter – Chief Economist at Daniel Stewart & Company
  • Investment Advisor @InvestAdvMag – Financial magazine for Financial Advisors
  • Gary Oneil @GaryONeil2 – Noted expert in creating brands for start-ups
  • MJ Gottlieb @MJGottlieb – Co-Founder of hustlebranding.com
  • Bob Burg @BobBurg – Bestselling author of business books
  • Phil Gerbyshak @PhilGerbyshak – Expert in the use of social media for sales

Free Book – A New Paradigm for Investing on 50 year-old Investment Advice Available on Amazon.com

13 Wednesday May 2015

Posted by wmosconi in academia, academics, alpha, asset allocation, beta, books, college finance, finance, finance books, finance theory, financial planning, Free Book Promotion, Individual Investing, investing, investing books, investment advice, investments, Modern Portfolio Theory, MPT, personal finance, risk, stock market, stocks, volatility

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academia, academics, asset allocation, books, business, business books, finance, financial advice, Financial Advisor, Financial Advisors, financial markets, financial planning, financial services industry, Free Book Promotion, free books, individual investing, investing, investing books, investments, long term investing, Modern Portfolio Theory, MPT, personal finance, stock market, stocks

I have decided to make my recently published book FREE for several days, May 13, 2015 through May 17, 2015 (it normally retails for $4.99).  The book is another installment in my A New Paradigm for Investing series.  In this particular book, I focus on the use of Modern Portfolio Theory (MPT) as the primary tool by Financial Advisors to recommend portfolio allocations.  The theory is over 50 years old, and most of its assumptions have been shown to be less and less useful.  I explore the reasons why in my text.  I have tried to write in such a manner that you do not need a degree in mathematics or statistics to understand its contents.  Moreover, you do not need to know about the intricacies of MPT in order to follow my logic.  You would find the same information in a college textbook but in a condensed format here.  It actually is quite surprising how little Financial Advisors know about MPT in general and how the ideas apply to individual investors.

Note that this book is available for download onto a Kindle.  Additionally, there is a Kindle app for iPhones and Android devices which is free to download.  Amazon.com Prime Members can borrow the book for FREE as well. I have provided a link below to make it easier.   My email address is latticeworkwealth@gmail.com should you have any questions/comments/feedback.

The book is:

  • A New Paradigm for Investing: Is Your Financial Advisor Creating Your Portfolio with a 50 Year-Old Theory?:

http://www.amazon.com/New-Paradigm-Investing-Financial-ebook/dp/B00FQQ0CKG/ref=sr_1_1?s=books&ie=UTF8&qid=1381520643&sr=1-1&keywords=a+New+paradigm+for+investing+by+William+Nelson

I would like to thank my international viewers as well of my blog that can be found at https://latticeworkwealth.com/.  I also wanted to especially thank some selected followers of my @NelsonThought and @LatticeworkWlth Twitter accounts (each of whom I would strongly recommend following for their content and insight):

Followers on @NelsonThought:

  • The Wall Street Journal Wealth Report @WSJwealthreport – #wsjexperts
  • The Wall Street Journal Central Banks @WSJCentralBanks – Coverage of the Federal Reserve and other international central banks by @WSJ reporters
  • The Royce Funds @RoyceFunds – Small Cap value investing asset manager
  • Research Magazine @Research_Mag – Latest industry information for wirehouses and ETFs
  • Barron’s Online @BarronsOnline – Weekly financial news magazine of Dow Jones
  • Cleveland Fed Research @ClevFedResearch
  • Pedro da Costa @pdacosta – Central banking and economics reporter at The Wall Street Journal
  • Muriel Siebert & Co. @SiebertCo
  • Roger Wohlner, CFP® @rwohlner – Fee-only Financial Planner for individuals
  • Ed Moldaver @emoldaver – #1 ranked Financial Advisor in New Jersey by Barron’s 2012
  • Muni Credit @MuniCredit – Noted municipal credit arbiter
  • Berni Xiong (shUNG) @BerniXiong – Author, writing coach, and national speaker

Followers on @LatticeworkWlth:

  • Tracy Alloway @tracyalloway – US Financial Correspondent at Financial Times
  • Vanguard FA @Vanguard_FA – Vanguard’s ETF research and education
  • EU External Action @eu_eeas – Latest news from the European External Action Service (EEAS)
  • Charlie Wells @charliewwells – Reporter and Editor at The Wall Street Journal
  • Sri Jegarajah @CNBCSri – CNBC anchor and correspondent for CNBC World
  • Jesse Colombo @TheBubbleBubble – Columnist at Forbes
  • Alastair Winter @AlastairWinter – Chief Economist at Daniel Stewart & Company
  • Investment Advisor @InvestAdvMag – Financial magazine for Financial Advisors
  • Gary Oneil @GaryONeil2 – Noted expert in creating brands for start-ups
  • MJ Gottlieb @MJGottlieb – Co-Founder of hustlebranding.com
  • Bob Burg @BobBurg – Bestselling author of business books
  • Phil Gerbyshak @PhilGerbyshak – Expert in the use of social media for sales

The Hidden Dangers of Active Investing for Individual Investors

04 Monday May 2015

Posted by wmosconi in active investing, active versus passive debate, asset allocation, Consumer Finance, finance, financial planning, investing, investments, passive investing, portfolio, stocks

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active investing, asset allocation, assetallocation, bonds, business, finance, financial advice, financial planning, financial services, financial services industry, investing, investments, passive investing, portfolio, portfolio allocation, portfolio management, stock market, stocks

The typical discussion surrounding active investing relates to a comparison with passive investing.  Active investing is normally defined as investing money with money managers that select individual stocks or bonds with the overall goal of beating the performance of the stock or bond market indexes.  An example might be a large cap stock mutual fund that attempts to have a total return better than the S&P 500 index.  Passive investing is normally defined as investing money in an index mutual fund or ETF that simply selects the individual stocks or bonds within a particular stock or bond index.  There is no attempt to beat that index.  Why would an individual investor choose this route?  While it may seem that settling on a strategy to be only average is “giving up” on great returns, it has been shown in numerous studies that active money managers achieve lower returns than their index over long periods of time.  In fact, if you look up this particular topic on the Internet, there will be a plethora of articles and information that looks at this topic in much greater depth.  However, I would like to look at this topic from a different standpoint.  The topics discussed below still relate to active investing, but the view looks more at an individual investor’s entire portfolio.  Well, let’s dig into the details.

  1. Active money managers may not be fully invested in the stocks or bonds that you expect at all times.

Most individual investors think that the active money managers they choose are always fully invested.  In fact, that is not normally the case when it comes to mutual funds.  Mutual funds will be used for the  purpose of our discussion since they are the most common investment held by individual investors when it comes to active investing.  A lot of portfolio managers decide that the stock or bond market may be poised to decline at any given time.  Since they have this belief in the future direction of the market, they sell stocks or bonds and raise cash in the mutual fund.  Thus, they do not hold 100% of the assets in the mutual fund in the stated investments for the investment strategy.  Why does this matter?  It is easiest to see within the context of an example.

We can examine what happens using a hypothetical portfolio for an individual investor.  Let us assume that an individual investor has a $1,000,000 portfolio.  Further assume that this investor devotes 40% of this total to large cap stocks (i.e. stocks from the S&P 500 index).  That assumption would mean that the total portfolio holds $400,000 ($1,000,000 * 40%) worth of large cap stocks.  Now we assume that the individual investor chooses one active mutual fund to invest with.  What if that active money manager decides that a large decline is coming in large cap stocks, so he/she reduces the exposure of the mutual fund to 70% invested in large cap stocks and 30% invested in cash?  The individual investors’ portfolio now has $280,000 ($400,000 * 70%) invested in large cap stocks and an additional $120,000 ($400,000 * 30%) in cash.  The portfolio is now 28% large cap stocks and 12% more in cash.  Why is this important for the individual investor?

The consequences are enormous.  When this investor initially decides on his/her portfolio allocation and tolerance for risk in relation to achieving financial goals, he/she is assuming that the portfolio will be 40% in large cap stocks.  In the aforementioned example, unbeknownst to this investor, he/she has a lot less exposure to large cap stocks and a lot more of the portfolio in cash.  The important thing to remember here is that when an individual investor embarks upon a passive investment strategy he/she is assured that the exact percentage of any given type of investment is selected.  Another thing to remember is that the individual investor could have chosen to invest only 28% in large cap stocks and an extra 12% in cash to begin with.  The decisions of the active portfolio manager thwart the individual investor’s attempts to build a portfolio of investments that meets his/her needs.  The active portfolio manager is timing the stock or bond market, and the individual investor does not know to what extent that money manager is doing at any given time.

2.  Active money managers have great latitude in the investments they choose and may not be invested in the stocks or bonds an individual investor thinks.

Most individual investors do not look at the prospectus for the mutual fund that they invest in.  The prospectus is a document required by the SEC to be given to all investors.  It includes many pieces of information like expenses of the fund and all sorts of legalese components that are very hard to understand.  One important section of the prospectus is the section that discusses the types of investments the mutual fund may choose.  Since the portfolio manager does not want to be handicapped during times of market turmoil or when unusual investment opportunities present themselves, the types of investments allowed is very broad.  For a stock mutual fund that invests in technology stocks, this section will still include the option to invest in different sectors of the stock market.  This practice is not uncommon in the industry.  What does this mean for your portfolio?

The most important consequence for your portfolio is that you may own stocks or bonds that you do not expect, or you may own the same investment in two or more different active mutual funds.  As it relates to the former, you might own an active stock mutual fund that invests in US stocks.  However, if the portfolio manager decides that an international stock is a great investment, he/she may invest in that stock as long as it has been disclosed in the prospectus as being allowable.  As an investor, you may not want to take on the extra risk of investing in international stocks.  As it relates to the latter, there are times when an active portfolio manager invests in a stock or bond that begins in one category of investment and morphs into another over the holding period of that stock or bond.  An example here would be in the case of a small cap mutual fund.  Most people define a small cap stock as a company with a market capitalization of $1 billion to $5 billion.  There are times when an active mutual fund invests in a larger small cap company that does well over time and becomes a mid cap stock by definition.  Why is this important?  Well, if an individual investor selects the desired percentages of particular stocks or bonds he/she wants to have exposure to, he/she may have overlap between different stocks or bonds in different mutual funds without knowing.  A great way to determine how pervasive this phenomenon is within your portfolio is to use the Instant X-Ray feature of Morningstar.  Here is the link:

http://portfolio.morningstar.com/NewPort/Free/InstantXRayDEntry.aspx

You will be able to see how many stocks or bonds are included in two or more mutual funds that you own.  The great advantage of using a passive investing strategy is that the index mutual funds and ETFs are totally transparent.  Individual investors are able to ensure that they never invest in stocks or bonds they do not want or invest extra amounts in the same investment.

3.  Some active money managers engage in “window dressing” their mutual funds.

The term window dressing is applied whenever an active money manager adds the best performing stocks or bonds to the mutual fund right before the end of the quarter or prior to a report being issued. There are times when an active money manager is underperforming relative to his/her benchmark index. One of the things he/she can do is to add stocks or bonds that have done particularly well during that time period. Thus, the mutual fund did not own that investment for the entire period. However, it looks great to investors because they assume that the portfolio manager is making savvy investment decisions. How does this occur? The main reason this occurs is that mutual funds do not report the purchase date of any stock or bond. They are only required to show how many shares/bonds are owned and the corresponding market value when applied to the closing price at the end of the time period. The only way to check to see if window dressing happens is a messy process. The individual investor must look back at prior reports to see if the stock or bond was actually owned then. Even using this method is imperfect because the portfolio manager may indeed have purchased the security in question at the beginning of the period. The main point is that window dressing is simply a shell game that misrepresents the portfolio manager’s stock or bond selection ability over the time period.

4.  Performance returns presented by mutual funds are only on a gross basis. The taxes an individual investor pays on dividends and capital gains are not reflected which provides a net basis of the actual performance return.

The first thing to point out is that this particular discussion only applies to taxable accounts.  If you have your investment in a 401(k), 403(b), Traditional or Roth IRA, or other tax-exempt accounts, you are not subject to income taxes.  Therefore, there are no tax consequences at this point in time that reduce your gross basis performance returns.  If you only have tax-exempt accounts, you can skip this discussion or read on simply for your own knowledge.

Now it is not the fault of mutual funds for neglecting to present net basis performance returns after tax.  Why?  Well, each individual investor is in a different tax bracket and may have different tax situation.  With that being said, it is important to note that active mutual funds almost always have more taxable items than any passive index mutual fund or ETF.  The reason for this occurrence is due to turnover of the mutual fund.  What is turnover?   The definition of turnover is how many times a mutual fund (or any investment vehicle for that matter) buys and sells the entire grouping of stocks or bonds during any given year.  The simplest example is a turnover of 100%.  A turnover of 100% means that the mutual fund bought and sold all stocks or bonds during the year.  Another way of putting it in more simple terms is that the mutual fund held the stocks or bonds for one year on average prior to selling.  A turnover of 200% means that the average holding period was six months.   A turnover of 50% equates to an average holding period of two years.

Higher turnover in the mutual fund means that there are more capital gains (and capital losses too).  Thus, there are more tax consequences to the individual investor.  Recent studies have shown that the average turnover for an active mutual fund is roughly 80%.  When you contrast that with passive index mutual funds or ETFs, the turnover is low by definition.  The index providers usually only make changes to the members of that index annually.  There are usually only a small number of stocks or bonds added to or deleted from the index.  This means that turnover is very low; it can be 10%-20%.  The main thing to remember for individual investors is that gross returns are all right for a baseline of performance.  However, he/she really should focus on after-tax performance returns of the mutual fund.  It is the money you have left in your brokerage account.

Summary

The hidden dangers of active investing touched on within this article are the main ones.  The importance of these hidden dangers is mainly that, if an individual investor uses active money managers to build his/her investment portfolio, it is nearly impossible to do with any degree of confidence.  When you create an investment portfolio yourself or with the guidance of a financial professional, you are doing two things.  You are looking at your tolerance for risk and determining what your financial goals are for your lifetime.  The second step is deciding what types of investments should be included in your portfolio and what percentages are appropriate to allocate to each type of investment.  As we have seen above (especially in the first three dangers), there are constant forces working against an individual investor when using active money managers to keep the portfolio as designed.  If you choose the passive route to investing via index mutual funds or ETFs, you are assured of obtaining the percentages within each investment category that you desire.

The argument of the merits of active investing or passive investing will go on and on.  However, that discussion usually looks at a single type of investment vehicle choosing stocks or bonds for individual investors.  Did this mutual fund beat its benchmark index this year?  When it comes to individual investors, it is far more important to decide on the proper investment allocation of his/her portfolio in order to achieve one’s financial goals.  The cross currents and confluence of having numerous active mutual funds makes it infinitely more complex to set up a portfolio.  Passive investment vehicles are transparent at all times, so the individual investor is able to choose the exposure to large cap stocks, small cap stocks, international stocks, domestic bonds, international bonds, emerging market stocks, and so on that may be appropriate given his/her risk tolerance and financial goals.  An individual investor can try to establish a portfolio using active managers.  However, the discussion points (hidden dangers) above show the difficulty in this approach.  First, the active money manager may not be fully invested.  Second, the active money manager may invest in stocks or bonds that the individual investor does not intend or replicate holdings by different money managers.  Third, the active money manager may engage in window dressing making it difficult to measure that money manager’s ability to choose the best performing stocks or bonds.

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