About
Education & Experience
A B.S. from Wharton, an MBA from the University of Michigan, and 18 years
of audit experience in Price Waterhouse--9 years as a partner--have allowed
me to see the inner workings of virtually all types of businesses. I have
had an interest in mutual funds for more than 50 years, having received
my first mutual fund shares for boarding my aunt's dog one summer. In
1989 I began assisting individuals with their investments.
Professional Affiliations
I am a member of NAPFA, the National Association of Personal Financial Advisors
(the "fee-only" association). I am also a member of the Tennessee Society
of CPAs. I am a Registered Investment Advisor with the State of Tennessee.
My Investment Maxims
- Asset Allocation:
One’s investments ought to both (a) fit one’s ability to
accept investment risks, and (b) make reaching one’s financial
goals highly probable.
- Broad Diversification:
The broader investments are diversified (among mutual funds (or ETFs)
containing stocks and bonds), the lower the amount of risk (of adverse
short term fluctuations).
- Cost minimization:
Over very long periods of years, in rough averages, stocks have provided
an after inflation annual return of 6.8%, good quality (federal and
corporate) bonds – 3%, and money market funds, CD’s, etc.
– 2%, less all costs.
Examples of Costs |
How to Minimize Costs |
| Sales commissions |
Don’t buy from salespersons |
| Mutual fund operating costs |
Use low cost index funds and ETFs |
| PTO – Portfolio turnover costs |
Use broadly diversified index funds |
| Asset management costs |
I charge only ½% per year, not 1% per year (as is typical) |
| Income tax costs |
Decrease and/or defer by (1) using tax-managed mutual funds
and ETFs and by (2) owning assets in their best format (e.g. own
bonds in a 401k or IRA, own stock in a currently taxed account) |
Further Disclosure of How I Operate
As I begin to assist each client, the state of Tennessee requires that
I provide you with information about my experience, education, and how
I charge for my services. Please click here to view my Required
Disclosure. At least annually, I post a very detailed disclosure of
the facts of my professional practice. To view this disclosure, first
click
here, then enter the number 112292 in the "Firm IARD/CRD Number"
field. Click the Go button, click the FINANCIAL COUNSELING & ADMINISTRATION
link, then click the Tennessee link. If you have any questions, please
send me an email.
2011 © Financial Counseling & Administration. All Rights Reserved.
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