Philosophy

Photo by: The Nature Conservancy

We Believe

Lower fees don't mean lower performance, or less client attention.

— ETFs make up the core of our portfolios.

Fee-only advice aligns with our fiduciary responsibility.

— Transparency without conflict of interest.

Asset allocation and indexing is the best long-term strategy.

— Using quantitative analysis and qualitative judgments.

Judicious use of individual stocks and bonds makes sense.

— As a complement to an indexing strategy.

Trying to “beat the market” is risky and ineffective.

— The research is very compelling.

Market timing is for suckers.

— Studies prove it rarely works.

Educating clients is a privilege.

— Teaching is in our blood.

Goal-based portfolio construction is wise.

— Take only the risk needed to achieve the goal.

Photo by: The Nature Conservancy

Investment Approach

We’re fiduciaries, not pitch-men. A Fiduciary is bound by a legal, moral and ethical obligation to put the client’s interests first.

We’re asset allocators, not stock pickers. Stock pickers set out to beat the market average in a given asset class.

There is no data to support this is a superior strategy compared to a well-diversified portfolio of low cost indexing using exchange traded (ETFs) and mutual funds. We judiciously use individual stocks and fixed income instruments in client accounts, where it makes sense.

Statistics show, over longer time horizons (i.e. 5 years or more) very few money managers beat the performance of the index matching their investment style. We don’t see the value in paying higher fees for the likelihood of lower performance. We shun high expense structure assets, and don’t see a reason to ever pay a sales commission (or load) to purchase or sell an asset.

We’re educators, not lecturers. As an independent advisory firm we can spend as much time with clients as we wish. We have no pressure to achieve sales quotas, push certain products, or pursue other metrics as dictated by “upper management”.

We love to explain the markets and the decisions we make in client portfolios.