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plan participants

Market Volatility for Retirement Plan Participants

By Blog
How you should think about recent stock market activity In recent years, U.S. Stocks have experienced the longest bull market on record, and investors have become accustomed to portfolio returns that are higher than what has been historically expected. But with some volatility returning to markets in early 2018, followed by several notable drawdowns in the last few months of the year, many Americans are increasingly revisiting their 401(k) holdings with some level of anxiety. If you, like many Americans, are a 401(k) participant, should you be doing anything? We’ve answered a lot of questions for our clients recently, so…
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investment letter

2018 Year-End Investment Letter

Market Commentary
Few asset classes were positive in 2018 – the one “bright” spot among the asset classes we allocate to was Municipal Bonds, up .50% to 1.25% in 2018 depending on the strategy Equity and fixed income markets now offer more attractive valuations – the S&P 500 P/E is now at a reasonable 16.5x (lowest since 2014) after peaking at 23x earlier in 2018; fixed income yields are off the November highs  still materially higher than this time last year The underlying economy looks OK to good – corporate earnings were up over 20% in 2018, banks are lending and have…
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Opportunity Zones: Tax-Advantaged Investments to Bring Capital to Disadvantaged Communities

By Blog
The Tax Cuts and Jobs Act of 2017 created a new tax-preferred opportunity that seeks to reinvigorate certain depressed communities while providing tax incentives to investors. According to the IRS, an Opportunity Zone, popularly dubbed “O-Zone,” is an “economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.” Localities qualify as Opportunity Zones if they have been nominated for that designation by the state, and that nomination has been certified by the U.S. Secretary of the Treasury. Investing in an Opportunity Zone through “Qualified Opportunity Funds,” or business entities that invest in tangible property within…
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investment letter

Recent Market Volatility: Our Investment Committee’s Take

By and Blog
October 2018 was a volatile month for markets. When there was similar market volatility in February 2018, we reached out to clients to provide perspective on what we viewed as a healthy pause in an otherwise lengthy bull market. The decline in February caused mild concern amongst investors, but the speed and precipitous nature of the more recent decline has caused a great number of investors to feel unsettled. Prior to this year, we discussed how common it is to experience drawdowns of varying depth, as shown in the following table: While we can share plentiful data on the commonality…
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investments taxed

Do You Know How Your Investments are Taxed?

By Blog
Investors generally pay close attention to portfolio allocation, performance, strategy and even fees.  The impact of taxes, however, is often overlooked when evaluating an investment portfolio. This blog post will highlight various ways that investors are taxed, including the capital gains tax, capital gain distributions, net investment income tax, and what the difference is between qualified and non-qualified dividends. There are a few quiz questions along the way so pay attention! Capital Gains and Losses When you sell an asset for more than you paid to acquire it (i.e. your cost basis), the government shares in your appreciation. An asset…
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investments note

2018 Q3 Investments Note

Market Commentary
Third quarter 2018 saw US equities continue their upward march. At +7.65% the S&P 500 had its best quarterly gain since Q4 2013. Large Cap US equities are now up more than 10% YTD. The difference between US equities and our typical portfolios is explained by the fact that international equities, fixed income, and alternatives are all negative YTD. While we of course always want all of our investments to do well, that is unreasonable for a diversified portfolio. Looking at each of these negative asset classes in more detail, the performance of our managers is consistent with their respective…
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diversified portfolio

2018 3rd Quarter Review: “The Taming of the Diversified Portfolio”

Market Commentary
The concept we discuss here goes back to before the advent of the written word, living in parables echoed in religious and secular texts alike.  The precise wording has evolved, but the message has not changed materially over time.  Cervantes put it on paper more than 400 years ago through the lips of Sancho Panza, and we still use a translated version of it to teach our kids: “It is the part of a wise man to keep himself to-day for to-morrow, and not to venture all his eggs in one basket.” To be more succinct, diversify.  Investors have leaned…
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margin borrowing

The Lesser-Known Benefits of Margin Borrowing

By Guides & Whitepapers
It is often surprising to find so few investors and financial professionals that are aware of the possibilities and advantages of borrowing on margin (a practice I will refer to here as “margin”). Some consider margin taboo, or do not have a clear understanding of benefits, risks, drawbacks or mechanics. This will discuss the basics of the margin process for those looking for new ideas to manage cash flow. What is margin and what are the benefits? Margin is the act of borrowing cash from a financial custodian by using current portfolio assets as collateral. The major benefits, if used…
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Wealthspire Advisors Predecessor Bronfman Rothschild Expands Investment Team with Hire of Christopher Maxey

In the News
Rockville, MD, September 20, 2018 – Bronfman Rothschild, an independent investment advisor based in Rockville, Maryland, announced today that Christopher Maxey has joined the firm’s investment team as Director of Investment Research. Maxey will work closely with Bronfman Rothschild Chief Investment Officer, Dmitriy Katsnelson, providing portfolio construction and asset allocation insight alongside money manager research and due diligence. “Chris brings a wealth of subject-matter expertise in both the traditional and alternative investment spaces. His deep knowledge of financial markets makes him a tremendous asset to our investment team and the clients we serve,” said Dmitriy Katsnelson, Bronfman Rothschild Chief Investment…
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Millennial Savings Goals Infographic

Three Financial Skills Millennials Can Master Now

By , and Blog
Today, millennials make up over a quarter of our nation’s population, and more than a third of the workforce. With numbers growing still, we are becoming the largest generation in U.S. history, but these aren’t the only numbers that set us apart. Millennials face vastly different financial circumstances than those of their parents—with student loan debt increasing by 84% in the last decade and some cost of living indicators steadily rising, the financial burdens of our generation can seem overwhelming. So, what can we do now to set us up for success in the future? In this post, we will…
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