What Investors and Trustees Should Know about Investment Advice

Is professional financial advice harmful? This article reviews and evaluates the current state of the U.S. Financial Advisory Profession. It cites findings from academic and governmental regulatory agency sources indicating that the profession is rife with conflicts of interest, abusive practices, and even outright fraud. This is not a matter of “a few bad apples;”… Read more »

References for Portfolio Management: Theory & Practice

Below is a by chapter listing for all the links in our Portfolio Management: Theory & Practice publication. Preface Note 09 – A Gentle Introduction to Investing Note 13 – Course Notes for USF Masters of Science in Financial Analysis Chapter One Note 09 – Well-Performing Portfolios and Well-Disguised Insolvency Note 13 – Diversification vs…. Read more »

A Gentle Introduction to Investing

How can people make good investment decisions when they don’t know the difference between a stock and a bond? Many beginning investors are intimidated by the prospect of learning about economics and finance – subjects that, for many, are deadly dull – or of meeting with salespeople trying to push investment products and schemes, or… Read more »

Investment Quarterly and Fiduciary Forum

Below is a collection of past issues of our Investment Quarterly and Fiduciary Forum.   Investment Quarterly   Investment Quarterly 1999 Q4 Diversification versus New Paradigm Investing Variance Drain: Maximizing Return May Be Hazardous to Your Wealth Portfolio Allocation and Risk Loading Factors Investment Quarterly 2001 Q1 The Great Debate: Behavioral vs. Standard Finance Predictability… Read more »

Money Market Reform: What You Should Know

The ubiquitous money market mutual fund has been a hot topic at the U.S. Treasury Department and the Securities Exchange Commission (SEC) since the Great Recession and Financial Crisis of 2008/2009. The Government’s concerns are based on actions taken by institutional investors during the crisis when a large institutional money market fund could no longer… Read more »

Annuities and Retirement Income Planning

Although academic studies evaluate the optimality of annuities, advisers assess solutions in terms of contracts governed by insurance carrier profit objectives, tax code provisions, and regulatory restrictions. A variety of annuities exist and, for each type, there is substantial heterogeneity of contract provisions. Practitioners may benefit from an overview of the US annuity marketplace with… Read more »

Actuarial Publications: Patrick Collins et al.

A list of published articles on the topics of Life Insurance and Annuities, Irrevocable Life Insurance Trusts and Fiduciary liability for insurance transactions and policy management.   Asset Allocation, Human Capital, and the Demand to Hold Life Insurance in Retirement – Patrick J. Collins, Ph.D., CLU, CFA, and Huy Lam, CFA, Financial Services Review, (Winter,… Read more »

The WealthCaster™ Risk Modeling System: A Technical Description

WealthCaster [WC] is a risk modeling system that illustrates the financial consequences of various portfolio design and asset management elections. It is designed for both trust-owned and individual portfolios; but can be generalized to reflect other asset management environments (e.g., endowments and foundations). In addition to facilitating asset allocation decisions—the user may select up to… Read more »

Jumping Into the Pool

Certain securities are called “pooled” investment funds. These securities provide an efficient way of diversifying a portfolio. Even small dollar amounts invested in a broadly diversified pooled fund can spread investment risk across many individual issues. A U.S. investor attempting to purchase a broad sample of European stocks, for example, would face daunting information and… Read more »