How can I create guaranteed income that will last for life in retirement?

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How can you create guaranteed lifetime income? Seriously, who doesn’t want guaranteed income! Eighty-four percent of adults polled in a new TIAA-CREF survey want a guaranteed income stream in retirement, and 46% are concerned that they will run out of money, yet only 14% have purchased an annuity to secure a steady stream of lifetime income.

An annuity is not the only way to guaranteed income in your retirement, but it is one of the easiest.

Let’s say that you’re a 65 year old male, and that you need an additional $1,000/month to get by, and you want that income to be guaranteed for your life. By purchasing a Single Premium Immediate Annuity (SPIA) for $179,000, you can get guaranteed payments for $1,000/month, which equals a 6.7% income cash flow. If you die next month, the insurance company would keep the difference, so you can add a cash refund option for $197,000 and your beneficiaries would get the difference lump sum. It drops the cash flow down to 6%, and is still pretty competitive.

Another alternative is that you could buy a joint annuity, that would pay for as long as both you and your spouse were alive, and this would cost $244,000, which reduces the return to 4.9%

Instead of a SPIA, you could buy an indexed annuity for $110,000 at age 56, and structure it to start paying out at age 65 for $1,000/month as well. The benefit of going with the right indexed account is that this $1,000 can cover both you and your wife, and if either one of you were to need at home, assisted, or nursing home care, the $12,000/year income would double to $24,000/year until the money was gone. Once that happened, it would revert back to the original $1,000/month payment for life.

Shop around, because prices, payouts, and special features vary by the insurance company. I like to go to http://www.Sidebysidequotes.com to get instant side by side price comparison options.

If you want to look at your guaranteed income options, give me a call and I can run the numbers for you.

 

 

 

 

Tax Benefits of Investing in Oil and Gas

oil and gas picture

Investing in Oil and Gas provides major tax benefits!

 

Most of you out there are aware that you can reduce your tax bill by contributing to your 401(k) plan, deductible IRA, and Health Savings Account, but do you know about the tax advantages of investing in oil and gas? I am surprised by how many people aren’t aware of the huge tax benefits and total returns that can be available from this unique asset class.

Under Tax Code Section 469(c)(3)(B) investors in a domestic oil and gas drilling program can deduct the intangible drilling costs (IDCs), which are often 40%-90% of the invested amount in the first year. A good diversified oil and gas investment will have a bunch of different wells to spread out your risk, similar to a mutual fund that owns many stocks.

Horizontal shale drilling and hydraulic fracking has changed the game, and is increasing productivity and reducing costs for this incredible investment opportunity. 30 years from now, your grand kids will say, “What did you do with your money when money was so cheap and the oil boom was just getting started?”

In 2012, it cost $12 million dollars to drill a well up in the Bakken, now it is under $8 million to drill the same well!

As a General Partner in an oil well, you can deduct your Intangible Drilling Costs (IDCs) from your ordinary income! Since we’re coming up on the end of the tax year, why look look at oil and gas a a good way to reduce your taxes and increase your net worth?

Be careful, and do your research. There are lots of oil drillers that have sprung up in recent years, and many of them have taken on too much debt, and won’t be able to survive for long if oil stays below $80 for a prolonged period of time. Try to find a driller that is not only drilling in the Bakken, but that also has interests in other hot spots like Piceance basin as well. Also, seek to find a company that will give you the mineral rights to the well. This is where the real value is at, and after you take the initial 200,000 barrels out of the well, you can sell your interest for the remaining 300,0000 barrels of recoverable oil for a discounted price, and do the whole thing all over again. This is true value! Own the mineral rights, and you control your exit strategy!

Remember, The oil in the Bakken is not a new find, it is a 100 year old oil field. Back in 1900’s-1940’s, it was a shallow, vertical drilling, like into a reservoir. It was like sticking your straw down into a milkshake. Once you got the oil out of that one spot, you pulled out, sealed the hole, and moved on. Now, 70 years later, technology has increased that allows you to drill deeper, drill horizontally, micro-fissure, and frack the well. Eco-Pad drilling has increased production as well. Now, with one oil rig, you can drill 4 wells sequentially. Awesome!

For your free report of the top oil and gas opportunities, and send me an email at dave@anthonycap.com!

 

 

 

FBIAS™ for the week ending 10/10/2014

 

 

FBIAS™ Fact Based Investment Allocation Strategies for the week ending 10/10/2014

The very big picture:

In the “decades” timeframe, we have been in a Secular Bear Market which began in 2000 when the P/E ratio (using Shiller’s Cyclically-Adjusted P/E, or “CAPE”) peaked at about 44.  The job of Secular Bear markets is to burn off outrageously high P/E ratios over one or two decades, until finally the P/E ratio arrives back at a single-digit level, from which another Secular Bull Market can emerge.  See graph below  for the 100-year view of this repeating process.

If history is a guide, we may not yet be done with this Secular Bear Market.  The Shiller P/E is at 25.0, down from the prior week’s 26.1, and approximately at the level reached at the pre-crash high in October, 2007.  Even though P/E’s are substantially lower than their crazy peak in 2000, they are nonetheless at the high end of the normal historical range and leave little if any room for expansion.  This means that the stock market is unlikely to make gains greater than corporate profit growth percentage, if that.  (note: all P/E references are to the Shiller P/E values, sometimes called PE10 or CAPE, which are calculated so as to remove shorter-term fluctuations; see robertshiller.com for details).

In fact, since 1881, the average annual returns for all ten year periods that began with a CAPE at this level have been just 3%/yr (see graph below).

This further means that above-average returns will be much more likely to come from the active management of portfolios than from passive buy-and-hold.  Although a mania could come along and cause P/E’s to shoot upward from current levels (such as happened in the late 1920’s and the late 1990’s), in the absence of such a mania, buy-and-hold investors will likely have a long wait until the arrival of returns typical of a Secular Bull Market.

In the big picture:

The “big picture” is the months-to-years timeframe – the timeframe in which Cyclical Bulls and Bears operate.  The US Bull-Bear Indicator (see graph below) is at 55.1, down from the prior week’s 58.8, and continues in cyclical Bull territory.  The current Cyclical Bull has taken the US and some of Europe to new all-time highs, but many of the world’s major indices have yet to top 2007’s levels.  The most widely followed international indexes, the Morgan Stanley EAFE Developed International index and the Morgan Stanley Emerging Markets Index, are both still below their 2007 peaks.

In the intermediate picture:

The intermediate (weeks to months) indicator (see graph below) ended the week at 7, down sharply by 9 from the prior week’s 16, and in Negative status.  Separately, the quarter-by-quarter indicator – based on domestic and international stock trend status at the start of each quarter – gave a positive indication on the first day of October for the prospects for the fourth quarter of 2014.

Timeframe summary:

In the Secular (years to decades) timeframe (Figs. 1 & 2 above), the Secular Bear may still be in force as the long-term valuation of the market is simply too high to sustain a new rip-roaring Secular Bull.  In the Cyclical (months to years) timeframe (Fig. 3 above), all major equity markets are in Cyclical Bull territory.  The Bond market returned to Cyclical Bull territory as of February 28th.  In the Intermediate (weeks to months) timeframe (Fig. 4 above), US equity markets moved to Negative status on October 1st.  The quarter-by-quarter indicator gave a positive signal for the 4th quarter:  US equities were in an uptrend, while International equities were in a downtrend at the start of Q4, and either one being in an uptrend is sufficient to signal a higher likelihood of an up quarter than a down quarter.

In the markets:

The week ending October 10th was the worst week of the year for the US and many other markets.  The Dow lost  -2.7% (and is now negative for the year), the S&P 500 dropped -3.1%, but the other US indices were substantially worse with the Nasdaq and SmallCap Indices shedding -4.5% and -4.7% respectively.  To call the week’s action whippy would be an understatement: Wednesday saw the year’s best one-day gain for the Dow, but then Thursday endured the year’s worst one-day Dow loss.

Canada’s TSX lost -3.8% for the week, and joined the Russell 2000 SmallCap index in having lost ground for 6 weeks in a row.  International indices outside of Europe were less drastic in their losses, perhaps because they have already shed quite a bit more than the US.  Brazil, for example, gained +3.2% for the week, but is already down -22.2% from its highs of the year.  Developed International has shed -12.8% from its highs, and Emerging International -11.6%.  Among US indices, only the Russell 2000 is down double-digits from its early-year highs, at   -12.9%.  Canada’s TSX is not quite to a double-digit decline, either, at -9.1% from this year’s high.  After the dust settled for the week, calmer voices pointed out that the bellwether S&P 500 is still only down -5% from its all-time highs of just a few weeks ago.

In the US, earnings season is in full swing with no major surprises yet save for some negative outlooks from semiconductor companies, with one – Microchip Technology – forecasting a general semiconductor industry slump.  The giant rally on Wednesday was sparked by the Fed minutes revealing that sluggish (or no) global growth has entered into the calculus of the Fed – a new consideration, not heretofore articulated in Fed statements.  Since global growth is at best sluggish, investors took that to mean that low/no global growth will further postpone Fed tightening, and bought furiously…for one whole day.  The 10-year note soared as rates dropped to 2.3%, their lowest level in more than a year.  Unlike the stock rally, the 10-year rally was not reversed and closed the week at their highs.  In other US economic news, initial jobless claims dropped to 287,000 and the 4-week average is now at the lowest level since 2006.  Mortgage rates hit a 4-week low, and refinance applications rose 5% from the prior week.

Canada’s jobless rate fell to 6.8% in September, from 7.0% in August.  74,000 new jobs were added, almost all full-time positions.  The Bank of Canada’s governor Stephen Poloz, however, focused on the lack of a rise in the number of hours worked, which has remained stagnant, saying “An economy that’s actually growing in a self-sustaining way is going to generate quite a bit more draw on the labor market than that.  When you start talking about slack, it’s going to take a substantial, cumulative series of good reports to begin to put a dent in that.”  Canada has evidently had enough with the US’ waffling and endless delays of the XL pipeline project, so the government has recently unveiled the “Energy East” project, which will transport oil all the way from Alberta and Saskatchewan to St. John, New Brunswick, for subsequent export to Europe and points east.  If they can’t take it to the Gulf of Mexico through the US, Canadians are determined that their oil will still find its way to the global market.

Europe continues to worsen as the probabilities of yet another recession continue to rise. September Purchasing Managers Index (“PMI”) data on Eurozone retail sales showed the sharpest fall in 17 months at 44.8, with Germany at 47.1 (a 53-month low) and France at 41.8 (a 18-month low).  Values below 50 indicate contraction.  Phil Smith, economist at Markit (publisher of PMI values), commented “Consumer spending in the euro area looks to be on the downturn, with the latest retail PMI figures showing sales falling for the third month running.”  For the first time since January 2009, Germany reported worse figures than its Eurozone compatriots.  Factory orders fell -5.7% in the month, industrial production was down -4%, and exports declined -5.8%.  France teeters on the brink of recession, or perhaps is already back in recession, yet has not done anything substantive to get its fiscal house in order.  Public spending takes up 57% of France’s GDP – by far the highest in the Eurozone – and France hasn’t had a balanced budget in 40 years.

So, is there anything going up these days?  One area of continued rapid appreciation is…American farmland, especially as expressed in multiples of rental charges.  Here’s an amazing chart showing the unabated rise in farmland values in America’s heartland:

(sources: Reuters, Barron’s, Wall St Journal, Bloomberg.com, ft.com, guggenheimpartners.com, ritholtz.com, markit.com, financialpost.com, Eurostat, Statistics Canada, Yahoo! Finance, stocksandnews.com, wantchinatimes.com, BBC, 361capital.com, S China Morning Post)

The ranking relationship (shown in graph below) between the defensive SHUT sectors (“S”=Staples [a.k.a. consumer non-cyclical], “H”=Healthcare, “U”=Utilities and “T”=Telecom) and the offensive DIME sectors (“D”=Discretionary [a.k.a. Consumer Cyclical], “I”=Industrial, “M”=Materials, “E”=Energy), is one way to gauge institutional investor sentiment in the market.

The average ranking of Defensive SHUT sectors rose to 5.8 from the prior week’s 8, while the average ranking of Offensive DIME sectors fell to 17.3 from the prior week’s 16.3.  Institutional investors remain cautious, and the Defensive SHUT group ranks higher than the Offensive DIME group ranking by the widest margin in more than a year.

Note: these are “ranks”, not “scores”, so smaller numbers are higher ranks and larger numbers are lower ranks.

Summary:

The US has led the worldwide recovery, and continues to be among the strongest of global markets.  However, the over-arching Secular Bear Market may remain in place even as new highs are reached in the US.

Because we may still be in a Secular Bear, we have no expectations of runs of multiple double-digit consecutive years, and we expect poor market conditions to be a frequent occurrence.  Nonetheless, we remain completely open to any eventuality that the market brings, and our strategies, tactics and tools will help us to successfully navigate whatever happens.

 

If you have any questions about the FBIAS™ Fact-Based Investment Allocation Strategy portfolios, feel free to give your Anthony Capital, LLC advisor a call at 303-734-7178 or by scheduling a private virtual meeting/conference call.  We work with clients from all over the country and would be happy to help.

You can also open up an online account by clicking HERE at our preferred custodian, Folio Institutional.

Sincerely,

Dave Anthony, CFP®, RMA®

A New Bull Market, or A Secular Bear?

With the market continuing to hit new highs, my clients frequently ask if I believe that we are now in a “new bull market.” First, I tell them that is is actually an old bull market, because our portfolios been primarily long the market since our months-to-years time frame, the Bull/Bear indicator, told us to get back into the market on May, 15, 2009. This indicator has served us well because it told us to get out of the market back on January 11, 2008, and on October 13, 2000, which allowed investors to miss the market meltdowns of 2001-2001, and the financial collapse of 2009.

Long time followers of FBIAS ™ Fact Based Investment Allocation Strategy portfolios know that predictions are futile, and those who think they can predict the market moves are foolish. We design actively managed risk-adjusted portfolios to profit in bull markets, and protect profits in bull markets. These risk managed approaches make sense to most investors because they know that we stick to our core beliefs about the market:

  1. We don’t know where the market will go, and neither does anyone else
  2. Wherever the market goes, it will get there by trending
  3. Along the way, there will be out-performers and under-performers

These portfolios are based on the market laws of supply and demand, they’re built on academic facts, not theories or some puffed up market hypothesis. With that in mind, let’s answer the question: Are we in a new bull market?

Is this a new bull market or what?

We could be, but history says that it’s doubtful. This is more likely an “or what.” Here’s why:

secular markets

 

The chart clearly shows that the market moves in long term cycles called secular bull and secular bear markets. Notice how the chart changes from bear markets and then to bull markets. Also, take note that they are just about evenly split. These longer term cycles can last for years and decades at a time, and within these secular bull and bear cycles, there are smaller intermediate trends called “cyclical bull and cyclical bears.” This is where the Anthony Capital portfolios make their money, in the cyclical bull and bear cycles that occur inside of longer term secular bull and bear cycles.

Where are we now? Well, as the chart shows, we are in the 14th year of a longer term secular bear market as defined by the CAPE–Cyclically Adjusted Price-Earnings ratio that was developed by Dr. Robert Shiller, professor of economics at Yale University. The current secular bear market began in 2000 when the P/E ratio peaked at around 44. The job or a secular bear market is to burn off outrageously high P/E ratios over one or two decades until the P/E ratio arrives back at a single-digit level, from which another secular bull market can emerge.

If history is a guide, then we’re not done with the secular bear market. The Shiller P/E finished the week at 24, and is approximately at the level that it reached at the pre-crash high in October 2007. Even though P/E’s are substantially lower than their crazy peak in 2000, they are nontheless at the high end of the normal historical range and leave little room for expansion. This means that the stock market is unlikely to make gains greater than the corporate profit growth percentage, if that.

In fact, since 1881, the average annual returns for all rolling ten year periods that began with a CAPE at this level have been just 3%!

 

10 year annualized CAPE P/E returns 1881-2011

Above-average returns (3%) are much more likely to come from the active management of portfolios than from a passive buy-and-hold approach. Although  mania could come along and cause P/E’s to shoot upward from current levels (such as happened in the late 1920’s and the late 1990’s), in the absence of such a mania, buy-and-hold investors will likely have a long wait until the arrival of returns typical of a Secular Bull Market.

So you are bearish right now?

Just because we are in a secular bear market doesn’t mean that you can’t have cyclical bull markets that will fight things out with the cyclical bears. This in where our FBIAS™ Fact Based Investment Allocation portfolios make the most money, capitalizing on the intermediate bull and bear markets that exist inside of longer term secular bull and bear markets. Currently, our US Bull-Bear indicator is at 62.54, and still solidly in cyclical bull territory.

bull

 

For the last three years, the US Bull-Bear indicator has pushed further into Bull territory than other global asset classes, replecting the higher strength of the US market relative to the rest of the world. The current cyclical bull has taken the US to new all-time highs, but most of the world’s major indices have barely matched 2011’s highs, let alone approached the 2007 levels.

Because we may still be in a Secular Bear, we have no expectations of runs of multiple double-digit consecutive years, and we expect poor market conditions to be a frequent occurrence.  Nonetheless, we remain completely open to any eventuality that the market brings, and our strategies, tactics and tools will help us to successfully navigate whatever happens.

Be smart, and have a plan in place to protect your profits.

Sincerely,

 

David M. Anthony, CFP®, RMA

 

FBIAS™ for the week ending 3/21/2014

 

FBIAS™ Fact-Based Investment Allocation Strategies for the week ending 3/21/2014

The very big picture:

In the “decades” timeframe, we are in a Secular Bear Market which began in 2000 when the P/E ratio (using Shiller’s Cyclically-Adjusted P/E, or “CAPE”) peaked at about 44.  The job of Secular Bear markets is to burn off outrageously high P/E ratios over one or two decades, until finally the P/E ratio arrives back at a single-digit level, from which another Secular Bull Market can emerge.  See graph below for the 100-year view of this repeating process.

If history is a guide, we may not yet be done with this Secular Bear Market.  The Shiller P/E finished the week at 25.7, up slightly from the prior week’s 25.5, and approximately at the level reached at the pre-crash high in October, 2007.  Even though P/E’s are substantially lower than their crazy peak in 2000, they are nonetheless at the high end of the normal historical range and leave little if any room for expansion.  This means that the stock market is unlikely to make gains greater than corporate profit growth percentage, if that.  (note: all P/E references are to the Shiller P/E values, sometimes called PE10 or CAPE, which are calculated so as to remove shorter-term fluctuations; see robertshiller.com for details).

In fact, since 1881, the average annual returns for all ten year periods that began with a CAPE at this level have been just 3%/yr (see graph below).

This further means that above-average returns will be much more likely to come from the active management of portfolios than from passive buy-and-hold.  Although a mania could come along and cause P/E’s to shoot upward from current levels (such as happened in the late 1920’s and the late 1990’s), in the absence of such a mania, buy-and-hold investors will likely have a long wait until the arrival of returns typical of a Secular Bull Market.

In the big picture:

The “big picture” is the months-to-years timeframe – the timeframe in which Cyclical Bulls and Bears operate.  The US Bull-Bear Indicator (see graph below) is at 68.8, down slightly from last week’s 69.1, and still solidly in cyclical Bull territory.  For the last three years, the US Bull-Bear Indicator has pushed further into Bull territory than other global asset classes, reflecting the higher strength of the US relative to the rest of the world.  The current Cyclical Bull has taken the US to new all-time highs, exceeding the highs of 2007, but most of the world’s major indices have barely matched 2011’s highs, let alone approached 2007’s levels.

In the intermediate picture:

The intermediate (weeks to months) indicator (see graph below) remains in positive status, ending the week at 26, down from the prior week’s 27.  Separately, the quarter-by-quarter indicator – based on domestic and international stock trend status at the start of each quarter – gave a positive indication on the first day of January for the prospects for the first quarter of 2014.

Timeframe summary:

In the Secular (years to decades) timeframe (Figs. 1 & 2 above), the Secular Bear still is in force as the long-term valuation of the market is too high to sustain a new rip-roaring Secular Bull.  In the Cyclical (months to years) timeframe (Fig. 3 above), all major equity markets are in Cyclical Bull territory, with the US being far stronger than any other major market.  The Bond market returned to Cyclical Bull territory as of February 28th.  In the Intermediate (weeks to months) timeframe (Fig. 4 above), US equity markets remain in positive status.  The quarter-by-quarter indicator gave a positive signal for the 1st quarter:  both US and International equities were in uptrends at the start of Q1, which signals a higher likelihood of an up quarter than a down quarter.

In the markets:

The year-to-date laggards played catch-up and were the leaders for the week.  In the US, the Dow Industrials gained +1.5% to lead all US indices, while the beaten-down Emerging International group gained +1.5% on average, far outstripping Developed International, which was just barely positive for the week.  Brazil, also among negative year-to-date performers, led all major country markets for the week by gaining +6.5%.  The high-flying Nasdaq was hit hard at the end of the week when a number of previously-hot biotechs were sold off aggressively.  Conversely, the previous poor-performing Financials sector got red-hot following the Fed’s release of so-called “Stress Test” results: 29 of 30 major banks met or exceeded the capital required to withstand a near depression.  Canada’s TSX Composite Index gained +0.8% for the week.

In the US, economic news was mostly positive.  Some might say “too positive”, as it may have given rise to Janet Yellen’s off-the-cuff guesstimate that rate tightening could occur as early as “…on the order of around six months or that type of thing.”, which temporarily spooked markets.  U.S. factory output rose +0.8% in February, the biggest gain since August, energy prices fell for the first time in 3 months, building permits jumped +7.7%, the Consumer Price Index (“CPI”) rose just +0.1% in February, in line with expectations, and is up just +1.1% year-over-year.  The Philly Fed survey came in at a robust 9 vs. expectations of just 3.2, although the Empire State manufacturing survey missed its expectations.

Canadian central bankers heaved a sigh of relief as consumer prices were reported to have risen +1.1%, higher than expectations and within the central bank’s target range of +1% to +3% – and easing deflationary fears at least temporarily.  Canadian aircraft manufacturer Bombardier looks to be a victim of collateral damage from the sanctions imposed by the West on Russia over its annexation of Crimea.  The company had been relying on Russian deals worth between $3 and $4 billion over the next few years, but the orders are now in jeopardy as more and more financial sanctions are put in place.  Bombardier’s stock is down -9.5% year-to-date, compared to a higher Canadian market overall.

Although most of Europe has been fixated on the potential of higher energy costs of imports from Russia, at least Europeans have been out buying cars: European car sales rose +7.6% in February, and was the sixth straight month of increasing sales.

China’s growth continues to slow.  Chinese industrial production dropped from +9.7 percent year-over-year to +8.6 percent in February, the lowest since 2009. The weak number calls into question whether China will meet the government’s growth target of 7.5%.  Retail sales growth also fell sharply in February, to +11.8% from a year ago. The growth rate is the lowest in nine years.

Lastly, as a fitting tribute to the mismanagement of Venezuela’s late socialist President Hugo Chavez, annualized inflation in Venezuela was reported by its Central Bank as 57.3% in February; central bank president Nelson Merentes admitted the obvious, that Venezuela is in the midst of an economic crisis.

(sources: Reuters, Barron’s, Wall St Journal, Bloomberg.com, ft.com, guggenheimpartners.com, ritholtz.com, markit.com, financialpost.com, Eurostat, Statistics Canada, Yahoo! Finance, stocksandnews.com)

The ranking relationship (shown in Fig. 5) between the defensive SHUT sectors (“S”=Staples [a.k.a. consumer non-cyclical], “H”=Healthcare, “U”=Utilities and “T”=Telecom) and the offensive DIME sectors (“D”=Discretionary [a.k.a. Consumer Cyclical], “I”=Industrial, “M”=Materials, “E”=Energy), is one way to gauge institutional investor sentiment in the market.

The average ranking of Defensive SHUT sectors rose sharply to 11.0 from the prior week’s 14.8, while the average ranking of Offensive DIME sectors fell to 14.8 from the prior week’s 12.8.  The Defensive SHUT sectors have grabbed a new lead over the Offensive DIME sectors.

Note: these are “ranks”, not “scores”, so smaller numbers are higher and larger numbers are lower.

Summary:

The US led the recovery from 2011’s travails, and continues to be the strongest among all global markets.  However, the over-arching Secular Bear Market may remain in place even as new highs are reached in the US.

Because we may still be in a Secular Bear, we have no expectations of runs of multiple double-digit consecutive years, and we expect poor market conditions to be a frequent occurrence.  Nonetheless, we remain completely open to any eventuality that the market brings, and our strategies, tactics and tools will help us to successfully navigate whatever happens.

 

If you have any questions about the FBIAS™ Fact-Based Investment Allocation Strategy portfolios, feel free to give your Anthony Capital, LLC advisor a call at 303-734-7178 or by scheduling a private virtual meeting/conference call.  We work with clients from all over the country and would be happy to help.

You can also open up an online account by clicking HERE at our preferred custodian, Interactive Brokers, LLC.

Sincerely,

Dave Anthony, CFP®, RMA®