The Diversified Blog

A wealth management blog dedicated to creating a long lasting sustainable retirement.

New Market Highs and Positive Expected Returns

Here is a nice article provided by Dimensional Fund Advisors:


There has been much discussion in the news recently about new nominal highs in stock indices like the Dow Jones Industrial Average and the S&P 500. When markets hit new highs, is that an indication that it’s time for investors to cash out?
CLICK HERE TO READ MORE:

New Market Highs and Positive Expected Returns.pdf


Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail i This email address is being protected from spambots. You need JavaScript enabled to view it. .

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

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10 Reasons You Will Never Make $1 Million Dollars

Here is a nice article provided by Stacy Rapacon of Kiplinger:


Wealthy people usually aren't born that way. Most spend their lives amassing their fortunes by working hard, spending little, saving a lot and investing wisely. It may sound like a simple strategy, but the fact that the vast majority of Americans fall short of millionaire status proves that it's easier said than done.

Then again, 10.4 million households in the U.S. have $1 million or more in investable assets, according to market research and consulting firm Spectrem Group, and their ranks are growing. So it's not impossible.

Read on to learn what you might be doing to keep yourself out of the millionaire's club. More importantly, find out how you can change your ways and build your own seven-figure nest egg.

1.  You Picked the Wrong Profession

Accumulating wealth starts with your first paycheck, and some jobs can get you going faster than others. According to consulting firm Capgemini's World Wealth Report, many wealthy people today work in technology, finance and medicine—fields that are well represented in our list of the best jobs for the future. Positions in these areas have generous salaries and are in high demand. For example, among our top jobs is nurse practitioner, which has a median salary of more than $97,000 a year. In contrast, a door-to-door sales worker, among our worst jobs for the future, can expect to make about $20,700 a year. Of course, given enough time and the right saving and spending habits, you can build a fortune even with a small salary. But a higher income can certainly make it easier to save more, faster.

What you can do about it

If you're still in school, majoring in a promising field can put you on the path to a lucrative career and help make you a millionaire. But remember: You'll have an easier time working hard for the rest of your life if you have a legitimate interest in your chosen profession.

If you're past your college days, you can still learn some skills to advance your career and increase your earning potential with free online courses.

2.  You Fear the Stock Market

Cash stuffed under your mattress or even deposited in a savings account won't keep up with inflation, much less grow into $1 million. In order to maximize your gains, you need to invest your money wisely. In many cases, that means putting your money mostly in stocks.

Consider the math: According to Bankrate.com, the highest yield you can expect from a money market account right now is 1.26%. If you put away $10,000 in one and added nothing else, in 10 years, with monthly compounding, you'd have about $11,340 total. But if you invested that $10,000 and earned a 6% return, you'd have almost $18,200, or $6,860 more.

What you can do about it

There's no denying that the stock market can take you on a bumpy ride, so your fears are understandable. But steeling yourself and diving in is well worth it. Over the long term, stocks have marched upward and proved to be the investment of choice for expanding wealth.

Savings earmarked for retirement are particularly well suited for the stock market. With a long time horizon, you have time to recover from market dips.

3.  You Don’t Save Enough

If you don't save money, you're never going to be rich. It's hard to get around that obvious (but often ignored) principle. Even if you earn seven figures, if you spend it all, you still net zero.

What you can do about it

Begin saving as soon as possible. The sooner you start putting your money to work, the less you actually have to save. If you start saving at age 35, you'll need to put away $671 each month in order to reach $1 million by the time you turn 65, assuming you earn an 8% annual return. If you wait until you're 45 years old to start saving, you'll have to save $1,698 a month to hit $1 million in 20 years.

How can you start saving? First, you need a budget (more on budgeting later). Lay out all of your expenses to see where your money is going. Then, you can figure out where you can trim costs and save. Any little bit you can muster is a good start. And whenever you get a bonus or some extra cash—for example, after selling some belongings or getting a generous birthday gift—add it to your savings before you have time to think of ways you can spend it.

4.  You Live Beyond Your Means

Spending more than you earn can put you in a dangerous hole of debt. On the bright side, you won't be in there alone: According to the National Foundation for Credit Counseling, one in three American households carries credit card debt from month to month. And among those balance-carrying households, the average credit-card debt is $16,048, according to financial research firm ValuePenguin.

What you can do about it

Again, you need to have a budget to make sure you have more money coming in than going out. With the availability of credit, it's easy to fall into thinking you can afford more than you actually can. But, as Knight Kiplinger has pointed out, "the biggest barrier to becoming rich is living like you're rich before you are."

Even once you are rich, you may still want to live like you're not. According to U.S. Trust's Insights on Wealth and Worth survey, the majority of millionaires don't actually consider themselves "wealthy." If you don't think of yourself as well off, and you maintain the same lifestyle after your income and savings increase, you can put away even more for your short- and long-term goals without losing an ounce of comfort.

5.  You overlook the value of nickels and dimes

No, we're not suggesting that you search for loose change under your sofa cushions. Rather, cutting seemingly insignificant expenses—such as baggage charges on your flights, late-payment penalties on your bills and out-of-network ATM fees on your cash withdrawals—can add up to substantial savings.

Investing fees attached to mutual funds and 401(k) plans can be especially detrimental. For example, let's assume you currently have $25,000 saved in your 401(k) and earn 7% a year, on average. If you pay fees and expenses of 0.5% a year, your account would grow to $227,000 after 35 years. But increasing the extra charges to 1.5% annually would mean your account would grow to just $163,000 over that time.

What you can do about it

More than you realize. Pay attention to the fine print, and avoid those sneaky extra charges. You can skip airline baggage fees by packing lightly and bringing only a carry-on or by flying Southwest Airlines, which allows you to check two bags free. If you make a late payment on a credit card, ask the issuer to waive the fee. Long-time customers who usually pay on time are often given a pass. For more, see How to Avoid Paying 21 Annoying Fees.

For your 401(k), you can see how it rates with other plans at www.brightscope.com. You can select low-cost mutual funds to lower your investing costs. (Check out the Kiplinger 25, a list of our favorite no-load funds.) Also consider talking to your employer about the possibility of lowering the plan's fees.

6.  You are drowning in debt

Again, debt can be a danger to your financial well-being. If you're constantly paying credit card bills and racking up interest, you won't have a chance to save any money.

But not all debt is bad. Borrowing to go to school, to get professional training or to start your own business can help boost your career and income potential. Especially in a low-interest-rate environment, the investment can be well worth it. In fact, borrowing funds is one of the most preferred funding strategies used by high-net-worth individuals with 60% opting to use bank credit before tapping their own holdings for quick cash, according to U.S. Trust.

What you can do about it

If you already have some debt troubles, be sure to devise a repayment plan. One strategy is to pay off the debt with the highest interest rate first. The sooner you clear that away, the more you save on interest. Another strategy is to pay off the smallest debt first to give yourself a psychological boost and encourage you to keep chipping away.

If you're considering taking out new loans—to go back to school or seed your business, for example—make sure you understand all the terms, including your interest rate and repayment details, so you can decide whether it's truly worth it.

7.  You neglect your health

You need to work to make money, and you need to be healthy in order to work. The rich understand that, and 98% of millionaires consider good health to be their most important personal asset, according to U.S. Trust.

What you can do about it

Take care of yourself—and do it on the cheap. You can take advantage of free wellness programs offered by your employer, as well as free preventive-care services guaranteed by federal law, such as blood pressure screenings, mammograms for women older than 40 and routine vaccinations for children. Also try to quit any bad health habits, such as smoking or excessive drinking, that can cost you dearly.

8.  You don't have a budget

Without a budget, it's easy to lose track of how much you're spending and live beyond your means. Working toward financial goals, such as saving for a vacation, buying a house or funding your retirement, can also prove difficult if you don't have a well-thought-out plan.

What you can do about it

Do what the majority of millionaires do: Establish a budget. Knowing where your money is going helps you identify ways to keep more in your pocket. Break out the pencil, paper and calculator to lay out your income and expenses.

Or go digital with your finances by using a budgeting Web site such as Mint or BudgetPulse to help you track your spending. With Mint, you provide your usernames and passwords for bank accounts, credit cards and other financial accounts, and the site organizes your money movement for you. Your bank or credit card issuer might offer similar tools to help you analyze your spending habits.

9.  You pay too much in taxes

Did you get a tax refund this year? Receiving that lump-sum payment from Uncle Sam may seem like a good thing. But it actually means that you've loaned the government money without earning any interest.

What you can do about it

Adjust your tax withholding. You can use our tax-withholding calculator to see how much you can fatten your paycheck by doing so. If you got a $3,000 refund (about average for 2015), claiming an additional three allowances on your Form W-4 can boost your monthly take-home pay by $250. The extra money, which can be invested in stocks or deposited in an interest-bearing account, should start showing up in your next paycheck.

Such a sum may not lend itself to millionaire status on its own, but being mindful of taxes is important to increasing—and keeping—your wealth. Indeed, 55% of high-net-worth investors prioritize minimizing taxes when it comes to investment decisions. A couple of smart tax-planning strategies you should consider: picking the right tax-deferred retirement savings accounts and holding investments long enough to qualify for the lower, long-term capital gains tax. Even choosing the right state to live in can have a big impact on your finances when it comes to taxes.

10.  You lack purpose in your life

There's more to life than money, and wealthy people know it. According to U.S. Trust, 94% of millionaires say they have a clear sense of purpose in their lives. "Whatever that purpose or direction happens to be—whether it's their family, their family legacy, philanthropy or stewardship of a business—[knowing their purpose means] they have the emotional maturity to focus on it and make decisions in the context of what's most important to them," says Paul Stavig, managing director and wealth strategist of U.S. Trust.

What you can do about it

Entire religions and philosophies are dedicated to helping people figure out what they're meant to do in this life. We won't try to compete. But we will note that a clear purpose can help motivate you to make and save more. Indeed, 76% of millionaires recognize that money can give you the opportunity to create change and fulfill your life's purpose.


Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. .

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

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Business Owner or Corporate Exec: Are You On Track to Retire (Someday)?

If you are a business owner, corporate executive or similar professional, “success” often means at least two things. There’s the career satisfaction you’ve worked your tail off for. Then there’s that question that starts whispering in your ear early on, growing louder over time:

Am I on track to retire on my own terms and timeline? (And if not, what should I do about it?)

While every family’s circumstances are unique and personalized retirement planning is advised, the ballpark reference below can help you consider how your current nest eggs stack up. It shows the savings you’ll want to have accumulated, assuming the following:

•  You’re saving 10–16% of your salary (or equivalent income) and receiving an annual raise of 3%.

•  Your annual investment return is 6%.

•  At retirement (age 65) you want to spend 40% of your final salary (with Social Security making up an additional 20–40% of the same).

•  You plan to withdraw 4% annually from your portfolio.

Salary vs. Age vs. Desired Savings Today (To Retire at 65)



Still feeling a little overwhelmed by the size of the chart? Let’s look at some plausible scenarios.

Let’s say you are a 40-year-old couple earning $100,000 annually. The table suggests you should have saved about $317,000 by now. If you continue to save 10–16% of your salary every year and the other assumptions above hold true as well, you should be on track to retire at age 65 and replace 40% of your final paychecks by withdrawing 4% of your portfolio each year. If you’re already 50 and pulling in $200,000, your savings should be right around $1.067 million to be on track in the same manner.

Do your numbers not add up as well as you’d like? No need to panic, but it’s likely you’ll want to get planning for how you can make up the gap. That may mean saving more, retiring later in life, investing more aggressively or employing a judicious combination of all of the above.

If you’re not sure how to get started, I recommend turning to a professional, fee-only advisor who you’re comfortable working with. He or she should be able to offer you an objective perspective to help you decide and implement your next steps. In the meantime, here is one tip to consider.

How To Channel Your Salary Increases Into Retirement Assets

As you approach retirement, many business owners’ or corporate executives’ salaries tend to increase, while some of their expenses (such as the mortgage) remain level. If that’s the case and you’re behind on your retirement savings, you may be able to direct your annual salary increases into increased saving.

For example let’s say you’ve been saving 7% of your salary, or $10,500/year, and you receive a 3% raise.  Take that extra 3% ($4,500) and direct it into savings. Without having to alter your current spending, you’re now saving 9.7% of your salary or $15,000 total.  If you get another 3% raise the following year, do it again and you’ll be saving $19,635 or about 12.3% of your $159,135 salary.

And so on. If you can’t allocate all of every raise every year to increased savings, do as much as you’re able and the numbers should start adding up, without having to significantly tighten your belt. Who knows, as you and your spouse see the numbers grow, you may even begin to enjoy the exercise.

One repeated caveat before we go: Remember that the table above offers only rough saving guidelines. It’s certainly not the final word, and should not be taken as such. In addition to saving for retirement, you’ll want to ensure that the rest of your financial house is in order, so your plans won’t be knocked off course by life’s many surprises.

Again, a financial professional can assist. He or she can help ensure that your investment portfolio is well diversified (to manage investment risk), your estate plan is current, your advance directives and insurance policies are in place, and your tax strategies are thoughtfully prepared. 

So, start with the chart, and give us a call if we can tell you more.


Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. .

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.



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How Survivorship Bias Can Skew Your Views on Mutual Fund Performance

It’s important to avoid treating the market like a popularity contest by chasing out-performers or running away from the underdogs. But neither do most investors want to go into the market entirely blind. For that, there are database services that track and report on how various fund managers and their offerings have performed.

Besides ample evidence that past performance does not predict future returns, there is another reason we advise investors to proceed with caution when considering past performance: Many returns databases are weakened by survivorship bias.

With respect to mutual funds and similar investment vehicles, survivorship bias creeps in when only the returns from surviving funds are included in the historical returns data you are viewing.

Here is what happens: As you might expect, there is a tendency for outperforming funds to survive, and for under-performers to disappear. When a fund is liquidated or merged out of existence, if its poor returns data disappears as well, overall historic returns tend to tick upward.

As such, you may end up depending on past performance data that is optimistically inaccurate.

Here is an article that further explains how survivorship bias works. In addition, consider the following illustration from Dimensional Fund Advisors’ report, The US Mutual Fund Landscape 2016. It illustrates how survivorship bias can skew your view on fund performance. This video also explains their research report.






In the beginning – in this case January 1, 2001 – there were 2,758 US equity mutual funds. Now fast-forward 15 years to December 31, 2015. By then, only 43% of those funds (roughly 1,186 funds) had survived the period. Out of the survivors, only 17% (about 469 funds) had both survived and outperformed their benchmark over the 15-year time-frame.1

In the illustration above, you can readily see that the small blue box in the lower-right corner represents relatively low, less than 1:5 odds that any given fund in January 2001 went on to outperform its peers by the end of the 15 years.

If a database instead eliminates the “disappeared” funds from its performance data, the larger gray box disappears from view as well, as in the illustration below. Without this critical larger context, you may conclude that those 469 outperforming funds only had to compete against the 1,186 survivors, versus the actual universe of 2,758 funds. While it may seem as if nearly half of the fund universe has done well, in reality, the less than 1:5 odds have remained unchanged.




But wait, maybe you could “take a look at the past performance, pick the funds that have outperformed after the first 10 years, and pile up on those seeming winners. Dimensional’s report also shares the results from that exercise:




The left-hand side of this diagram shows the funds that outperformed (in blue) and under-performed (in gray) during the first 10 years of the 15-year analysis.2 You can see that 20% outperformed their respective benchmark then. The right-hand side of the diagram shows what happened to that outperforming subset during the next five years. Only 37% of the initial “winners” continued to outperform. This demonstrates that is it is extremely hard to predict “winning” mutual funds based on past performance. Your odds are even worse than what you can expect from a basic coin toss!

So let’s take a moment to reinforce our ongoing advice: Invest for the long-term. Instead of fixating on past performance, focus on capturing future available returns within your risk tolerances and according to the best available evidence. Aggressively manage the factors you can expect to control (such as managing expenses) and disregard the ones that you cannot (such as picking future winners based on recent past performance).

These principles guide the actions we’ve advised all along. We will continue to embrace them unless compelling evidence were ever to inform us otherwise. They are the ones that serve your highest financial interests, which is our highest priority as your advisor. 


1.  Beginning sample includes funds as of the beginning of the 15-year period ending December 31, 2015. The number of beginners is indicated below the period label. Survivors are funds that were still in existence as of December 31, 2015. Non-survivors include funds that were either liquidated or merged. Out-performers (winners) are funds that survived and beat their respective benchmarks over the period. Past performance is no guarantee of future results. See Mutual Fund Landscape paper for more information. US-domiciled mutual fund data is from the CRSP Survivor-Bias-Free US Mutual Fund Database, provided by the Center for Research in Security Prices, University of Chicago.

2.  The graph shows the proportion of US equity mutual funds that outperformed and under-performed their respective benchmarks (i.e., winners and losers) during the initial 10-year period ending December 31, 2010. Winning funds were re-evaluated in the subsequent five-year period from 2011 through 2015, with the graph showing winners (out-performers) and losers (under-performers). The sample includes funds at the beginning of the 10-year period, ending in December 2010. The graph shows the proportion of funds that outperformed and under-performed their respective benchmarks (i.e., winners and losers) during the initial periods. Winning funds were re-evaluated in the subsequent period from 2011 through 2015, with the graph showing the proportion of out-performance and under-performance among past winners. (Fund counts and percentages may not correspond due to rounding.) Past performance is no guarantee of future results. See Data appendix for more information. US-domiciled mutual fund data is from the CRSP Survivor-Bias-Free US Mutual Fund Database, provided by the Center for Research in Security Prices, University of Chicago.


Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. .

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

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Wine Lovers Guide to Investing

Here is a nice article provided by Jim Parker of Dimensional Fund Advisors:

Savoring a vintage wine is one of life's great pleasures. But often overlooked in the joy of consumption is the carefully calibrated journey from grape to glass. Similar levels of care are critical to good investment outcomes.  CLICK HERE TO READ MORE:

Wine Lovers Guide to Investing.pdf


Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. .

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

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Finding Positive Expected Returns in a Negative Rate Environment

Here is a nice article written by Dimensional Fund Advisors:

Economic conditions and market forces have pushed nominal interest rates on many bonds below zero. This is not a reason for investors to abandon a globally diversified bond portfolio.  Click here to read more: 

 

Finding Positive Expected Returns in a Negative Rate Environment.pdf


Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. .

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

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