Wayne's Wisdom

Asset Class versus Sector Investing

I recently received a note from a client.  They had read an article on the decline of the “building supplies” sector here in the United States.  They were curious if their portfolio included investments from this category and what my thoughts were.

The investment strategy we use is NOT based on sector.  Thus, we don’t really look at or care about “building products”, per se, as a sector, but instead care more about how those companies fit into one of 9 different asset classes that we utilize in our diversification strategy.  I haven’t read any research studies that indicate sector performance is “predictable”, nor any that indicate diversification by sector is “better” than the current strategic asset class diversification that we use. 

When I reviewed the detailed holdings of our portfolios, as they existed and were reported in Morningstar at 12/31/06, there are “building products” companies in the diversified portfolio.  Of those stocks, overall, 24% appear to be invested in the “Manufacturing Economy / Industrial Materials” sector.  Even at the “Industrial Materials” level (the 24%), it was further diversified by 75% of the stocks held internationally and 25% in the US.  A much smaller % of this 24% amount (Industrial Materials) is held specifically in the “building supplies” category. 

The diversified model portfolios (at end of February) held over 14,500 stocks in the US and Internationally, combined.  By applying the percentages gathered from Morningstar, this means that approximately 3,480 companies held were in the Manufacturing Economy / Industrial Materials sector.  Approximately 870 of these company stocks held were in the United States.  An even smaller group are specifically in the “building supplies” sector.  So less than 6% of current portfolio of U.S. stocks held in the model portfolios are focused in this sector.

So, what does this mean? 

Certainly there is an impact in portfolio performance when specific companies that are involved in “building supplies” or other sectors perform poorly.  We expect this. 

We believe that no one can consistently pick winning stocks, and we believe that no one can optimize and consistently choose when to invest or divest in a sector.  Certainly we can’t, and don’t predict the future.

More than nine times out of ten, the level of diversification in a portfolio will explain that portfolio’s performance.  Consequently, diversification is the most prudent approach.  Provided a portfolio is broadly and strategically diversified, even if one sector in the U.S. does poorly, the impact on the portfolio will likely be smaller.

My advice?  Choose a prudent investment strategy that directly supports your financial plan goals and objectives and stick with it.  Don’t be swayed by the financial press.

From financial wisdom, better stewardship.

Rollercoasters

When I’m working with a client, we spend a significant amount of time speaking about risk.  The risk you need to take to achieve your objectives, the ability that you have to take risk given the timeframe and investment horizon needed in order to achieve your goals and objectives, and finally, the risk that you DESIRE to take.

When I say “Desire to take risk”, I am speaking about what many advisors call “the stomach test”.  How much risk can you stomach?  What level of risk begins to make you uncomfortable?  I usually put it in this fashion…

If you don’t like rollercoasters, you probably don’t go to Cedarpoint (the rollercoaster capital of the U.S.).

Consequently, my role as your advisor is to help you determine what rollercoaster to get on.  I believe the success (or failure) of a client’s investment strategy is based on their ability to stay in their seat.  As in the case with a rollercoaster, if you stand up and try to exit at the wrong time, things might get messy.  Just like the announcements say, “Stay in your seat, keep your hands in the car!” This doesn’t mean that we recommend our clients buy and hold investments; rather we recommend a strategy based on buying and rebalancing the risk when necessary.  More on this some other time.  Now back to rollercoasters…

I had a message from a client yesterday regarding the drop in the U.S. market (DJI over 400pts by market close).  We likely weren’t going to have an opportunity to speak by phone, so I composed this email regarding her specific portfolio. (As additional background, she has been receiving unsolicited financial advice from a family member to place ALL her investments in silver).  Here was my response:

“Thanks for your message.  I know that this bump in the market probably scares you, and you probably guessed that I was going to say this next, “I don’t know what today will bring”.

Let me try to put it in perspective.

First, the broad markets around the world were down yesterday, mostly on “gloomy” financial news from China which drove down their markets significantly causing a ripple effect around the globe.  We are, of course, a global economy, but not so much so that everything moves together exactly the same.  They don’t.  The asset classes you’re invested in are not highly correlated, thus your risk is spread into MANY different baskets, AND you have a portion in bonds which provide you a stable base to grow from.

Here are some key things that should give you a little comfort:

The Dow Jones down 3.29%; Russell 2000 down 3.7%; S&P 500 down 3.47%; NASDAQ down 3.86%; Gold / Silver Index down 6.96%; Oil Index down 3.5%.

Your portfolio, down about 2.8%.

Think of it this way: you lost approx. 2.8 cents on every $100 you have invested.  Other investors likely lost more than 3.5 cents per $100.  This means you lost roughly 25% less than they did (had you been invested in silver, you would have lost roughly 249% as much-more than 2 and 1/2 as much.

Now, it may not seem like much comfort to be speaking about how “little” you lost in the market yesterday.  BUT, we spoke about volatility (the movement of markets up and down).  There will always be this movement.  The important thing is to diversify your assets so that they aren’t in one basket, and in this way, your assets are prudently invested.  (By the way, the gold / silver basket yesterday was the BIGGEST loser in the index list that I reviewed this morning).

I know its hard to not be distracted by the financial market news, especially when the markets have a day like yesterday. (Yours won’t likely be the only email or call I will have today!) but rest assured, you are WELL diversified, and over the long run, I believe this is the BEST strategy for you given your comfort, need, and desire to take risk.”

I can tell you that I appreciate when my clients share with me that they are scared or concerned.  Volatility is a scary thing, but necessary (and unavoidable) for most client investment strategies and financial plans.

My advice?

Work with a Fee-Only advisor to develop and implement a prudent investment strategy that supports your fiancial plan and considers the impact of taxes.

Please stay in your seat and keep your hands in the car!

From financial wisdom, better stewardship.

All that glisters is not gold

Click here for: All that glisters is not gold...

Its not what you know that hurts you

Click here for: It’s not what you know that hurts you...

The definition of insanity is doing the same thing over and over expecting a different result

Click here for: The definition of insanity is doing the same thing over and over expecting a different result

Are you putting 80% effort into financial and investment decisions only to receive 20% of the result

Click here for: Are you putting 80% effort into financial and investment decisions only to receive 20% of the results?

People know what they want to retire from, but no what they want to retire to

Click here for: People know what they want to retire from, but no what they want to retire to.

Education is what you get when you read the fine print.

Click here for: Education is what you get when you read the fine print. Experience is what you get when you don’t.

Even if you’re on the right track you’ll get run over if you just sit there

Click here for: Even if you’re on the right track you’ll get run over if you just sit there.

The Top 10 Questions You Should be Asking Your Advisor

The Paladin Registry is a great site to review if you’re looking for an investment advisor.  Jack Waymire, author of “Who’s Watching Your Money? The 17 Paladin Principles for Selecting a Financial Advisor” created this website which includes great resources on what to look for when selecting a Financial Advisor.

I’ve taken and answered his “Top 10 Questions for Advisors”.

Top 10 Questions for Advisors
~Excerpted From Paladin Registry

1. Are you a Registered Investment Advisor (RIA) or an Investment Advisor Representative (IAR)?

AMDG Financial is a Registered Investment Advisor with the State of Michigan and Wayne Titus is an IAR for his firm, AMDG Financial.

2. Do you acknowledge you are a fiduciary when you provide financial services?

Yes. When the firm started in 2002, Wayne’s vision for AMDG Financial was to serve their clients by placing client needs first.  Since then, there has been a great deal of movement in the financial marketplace toward fiduciary advisors.

AMDG Financial has implemented internal business processes that follow Global Fiduciary Standards of Excellence as defined by the Center for Fiduciary Studies, in Pittsburgh, PA (http://www.fi360.com) and the Centre for Fiduciary Excellence, in Toronto, Ontario (http://www.cefex.org).  AMDG Financial has completed the first phase of a process of obtaining certification from CEFEX as to the implementation of these standards, which we should receive shortly. 

Wayne is also an Accredited Investment Fiduciary Analyst®.  Not only has he implemented fiduciary processes for his firm, but with this certification, he can perform fiduciary reviews for Investment Stewards, other Investment Advisors or Investment Money Managers.

3. Are you willing to provide full written disclosure for your credentials, ethics, business practices, and wealth management services?

Yes.  Attached is AMDG Financial’s ADV, which describes the details of the services we offer.  It is my goal to provide ethical services and to maintain a high level of professional business practices and to always put my client’s interest above my own. 

I am also a Certified Public Accountant, which further indicates my dedication to a high standard of ethical business practices.

4. How many years of financial experience do you have?

I have been providing investment and financial services through my own financial firm for over five years.  Prior to this, I was a Senior Manager at PricewaterhouseCoopers for six and a half years and a Manager at Ernst & Young for four years.  Please refer to the attached ADV for more information.

5. What is your educational background?

Graduated with a Bachelor of Arts in Business Administration from Grove City College.
Graduated with a Bachelor of Science in Accounting from the University of South Florida.
Additionally, I maintain and attend annual continuing professional education credits which greatly exceed the requirements for my profession.

6. Do you hold any professional certifications or designations?

Certified Public Account with a Personal Financial Specialist (CPA/PFS)
Certified Information Systems Auditor (CISA)
Accredited Investment Fiduciary Analyst® (AIFA)

7. Do you have any disclosures on your NASD or insurance compliance records?

No.  This can be confirmed by going to http://www.nasd.org, then doing a search through our CRD number, which is 119569.

8. Do you have any disclosures on your criminal record?

No.

9. How are you compensated for your services?

AMDG Financial is a Fee-Only advisory firm.  We do NOT accept commission or sell any products as we feel this is a conflict-of-interest.

The annual fee for Investment Management Services is charged as a percentage of assets under management, and is inclusive of ALL financial and investment advice as well as integration with tax strategy (does not include tax preparation).  See our Form ADV for further information.

10. Are you willing to provide full disclosure in writing for any potential conflicts of interest that may impact the performance, risk exposure, or expenses of my assets?

Yes.  Though we feel that we will never have a conflict of interest putting our client’s interest first, should there ever be a case that arises, we feel it is our duty and obligation to notify you of any potential conflicts of interest and disclose in writing with EVERY client engagement letter.

4th QTR 2006 - News & Events

Well, the winter season I spoke about in my last letter didn’t really seem to materialize until last week and certainly tax season is now here!  If you’re not already a tax client, you may have received a letter from us regarding AMDG Business Advisory Services tax services.  My goal isn’t to disrupt any existing relationships you may already have, but if you’re looking to establish one where we can take an integrated approach between your financial, investment and tax strategies, please give us a call if you have any questions or if you would like to make arrangements for us to do your taxes.

It is interesting to see how quickly our society gets involved in promoting the Holiday Season and then, *POOF*, we seem to be off to the next big event, the “After Christmas Sale”.  Our family tradition is to put up the Christmas tree and decorate the house the weekend after Thanksgiving.  We then stretch things out through the weekend after New Year’s.  I admit, this seems a bit long for some…

but we enjoy Sunday Advent meals together and spend lots of time with family and friends, and for us, the Christmas Season isn’t “officially” over until Epiphany, which is when the Eastern Orthodox Church celebrates Christmas (this was the “original” Christmas holiday until about 400 years ago when the Roman Church changed the date-and one of the reasons the “12 Days of Christmas” came about—you know the song…).  Over the past two years, Lisa and I have sung together in the Christmas Eve music group.  Lisa is a wonderful singer and musician and her love for music has certainly grown in our boys.  My musical talents are quite limited and my singing voice is probably not “top shelf” but my Mom, and now Lisa, always seem to enjoy singing with me (a voice only a mother or a spouse could love?) Anyway, it seems that with practice, I can belt it out with the rest of the group, as long as I really focus on the melody (or harmony) that I’m supposed to be singing and not get “distracted” by the other voices!  I’d love to hear about your family traditions!  Please remember to mention them during our next meeting or phone call!

Enclosed are your 4th quarter investment reports and annual privacy policy statement.  The “Statement of Assets, Summary” shows your total asset balance as of December 29, 2006, and the “Executive Summary” shows your performance as of December 29, 2006, for the current year-to-date, prior year and since inception (remember, the markets were closed the last two days of the year!).  Please let us know if you would like additional information that is not on these reports.

As you can tell, the significant chunk of your portfolio performance occurred during the final three months of the year.  October was the best month of the year, while performance of our strategic, diversified portfolios was less so each of the following two months (November and December), they still maintained significant returns.  It seems to me that the market continues to teach the lesson that as prudent investors, you should be invested at all times, that performance comes in very quick bursts, and, if you’re not invested and diversified, you’ll miss out.

Below is a representative sample, as of December 31, 2006, of DFA funds currently recommended for use in our client portfolios.  This is not a complete list of all DFA funds, and your portfolio may or may not contain all these funds.  Also below are returns of two indexes, providing you an idea of how the U.S. (S&P 500) and International (MSCI EAFE) markets have performed (also commonly called “benchmarks”).  Note that historical returns are not predictive of future results.

*****
Fund Name/Ticker 4th Quarter One-Year Three-Year
(annualized) Five-Year
(annualized)
DFA US Large Co. Institutional Index (DFUSX) 6.67 15.72 10.40 6.11
DFA Tax-Managed US Equity (DTMEX) 6.61 14.39 10.63 5.53
DFA US Large Cap Value III (DFUVX) 8.03 20.34 16.28 12.52
DFA Tax-Managed US Mktwide Value II (DFMVX) 8.47 19.38 16.94 9.83
DFA US Micro Cap (DFSCX) 9.55 16.16 13.27 15.16
DFA Tax-Managed US Small Cap (DFTSX) 9.19 15.49 13.50 11.44
DFA US Small Cap Value (DFSVX) 10.14 21.55 18.00 18.90
DFA Tax-Managed US Small Cap Value (DTMVX) 9.10 18.85 16.10 14.81
DFA International Value III (DFVIX) 12.15 34.47 26.03 22.49
DFA Tax-Managed International Value (DTMIX) 12.11 33.39 25.47 20.87
DFA International Small Company (DFISX) 12.62 24.88 25.86 26.40
DFA International Small Cap Value (DISVX) 13.53 28.39 28.72 30.30
DFA Emerging Markets (DFEMX) 17.23 29.17 29.65 25.88
DFA Emerging Markets Value (DFEVX) 18.78 37.93 36.04 34.25
DFA Two-Year Global Fixed (DFGFX) 1.12 4.46 2.36 2.85

S&P 500 Index 6.70 15.80 10.44 6.19
MSCI EAFE Index (net div.) 10.35 26.34 19.93 14.98

To Fee, Or Not To Fee…

I’ve been reading a greater volume of information in the press recently about “FEE-ONLY” advisors.

It’s amazing to me that the news of this type of advisor is finally making headlines.  These advisors have been working for their clients for many, many years.  Seems to me that wilth all the advertising noise of the large “Fee-Based” and brokerage houses that this option has been mostly obscured.

I was reading an article in the Canton Observer this morning by Rick Bloom related to finding a good avisor.  Rick is another FEE-ONLY advisor in the area who has been asked to publish a weekly column.  A link to this article follows:

Finding a good advisor key to successful investing

He writes about finding an advisor that is free from conflict of interests, reminding me of another author that wrote many things about conflict, Shakespeare.

Here’s my take (with a great bit of poetic license ) on conflict free investing…

To fee, or not to fee: that is the question:
Whether ‘tis nobler in the mind to suffer
The slings and arrows of outrageous brokerage and fee-based expenses,
Or to take arms against a sea of conflict of interest,
And by opposing end them? To die: to fee;
No more;
To fee: perchance to dream: ay, there’s the rub;
For in that fee of conflict, what dreams may come?

It is EXTREMELY important to understand the difference in advisors, and how they are compensated.

As a FEE-ONLY advisor, my clients are assured of advice that is free of any conflict of interest.  I am a Fiduciary.  This means that I put my client’s interest above my own.  I’m not thinking about how I will be compensated because I’m not selling a “product”. 

Don’t you want to be assured that your advisor is ALWAYS working for your best interest, even above their own?

Other edicational and fiduciary informational links:
Paladin Registry
fiduciary360
Centre For Fiduciary Excellence - CEFEX

best regards,

Wayne B. Titus III
CPA / PFS, CISA,
Accredited Investment FiduciaryTM

AMDG Financial
A Fee-Only Investment Advisor

From financial wisdom, better stewardship.SM

AMDG Business Advisory Services, P.L.C.

684 Deer Street
Plymouth, MI 48170


734.737.0855 x101 (AMDG Tax & Accounting)
734.737.0866 x101 (AMDG Financial)
734.673.2810 Mobile
734.737.0877 Fax

www.amdgservices.com

3rd QTR 2006

2nd QTR 2006 - News & Events

I hope that you and your families are enjoying your summer!  Please accept my apologies in getting the statements and quarterly letter to you this late in August.  Lisa, the boys and I left for a vacation early August, around the time we would usually send this package to you. 

Enclosed are your 2nd quarter investment reports.  The “Statement of Assets, Summary” shows your total asset balance as of June 30, 2006 and the “Executive Summary” shows your performance as of June 30, 2006, for the prior year and since inception.  We have several other reports if you find that you would like additional information, but from what I hear from most of you, these two reports are sufficient.

To summarize, during the second quarter, the broader U.S. and International markets were down slightly, reducing gains experienced during the first quarter.  Most of these asset classes have rebounded so far, even with the recent news regarding terrorist plots during the third quarter.  We can’t predict tomorrow’s news, and irrespective of what the media and financial advertisements may lead you to believe, no one has a crystal ball.  News drives the markets.  If you can’t predict tomorrow’s news, the most prudent approach to investing is to appropriately diversify your portfolio and utilize lower cost, institutional mutual funds.  We’ve utilized this philosophy combined with the application of the most current “Science of investing”. We believe it is important to stay the course of your investment strategy. 

Below is a representative sample, as of June 30, 2006, of DFA funds currently recommended for use in our client portfolios.  This is not a complete list of all DFA funds, and your portfolio may or may not contain all these funds.  Also below are returns of two indexes, providing you an idea of how the US (S&P 500) and International (MSCI EAFE) markets have performed (also commonly called “benchmarks”).  Note that historical returns are not predictive of future results.

*****

Fund Name/Ticker 2nd Quarter One-Year Three-Year Five-Year
DFA US Large Co. Institutional Index (DFUSX) -1.39 8.67 11.14 2.42
DFA Tax-Managed US Equity (DTMEX) -2.17 9.16 12.34 N/A
DFA US Large Cap Value III (DFUVX) 1.78 15.91 19.60 9.02
DFA Tax-Managed US Mktwide Value II (DFMVX) 0.30 18.17 20.32 5.97
DFA US Micro Cap (DFSCX) -7.11 15.48 20.45 13.14
DFA Tax-Managed US Small Cap (DFTSX) -5.61 16.17 20.21 9.32
DFA US Small Cap Value (DFSVX) -3.40 19.77 26.50 16.66
DFA Tax-Managed US Small Cap Value (DTMVX) -3.46 19.23 23.95 13.03
DFA International Value III (DFVIX) 0.15 31.34 30.32 15.95
DFA Tax-Managed International Value (DTMIX) -0.01 31.05 29.32 14.73
DFA International Small Company (DFISX) -2.46 27.97 30.60 20.00
DFA International Small Cap Value (DISVX) -2.70 28.16 33.59 23.77
DFA Emerging Markets (DFEMX) -6.45 28.84 31.79 20.50
DFA Emerging Markets Value (DFEVX) -3.95 37.52 41.16 28.82
DFA Two-Year Global Fixed (DFGFX) 1.12 2.88 1.64 2.99

S&P 500 Index -1.41 8.67 11.23 2.50
MSCI EAFE Index 0.70 26.56 23.94 10.02

We’ve Moved!
I hope that you received our postcard with our new contact information.  After moving in Memorial Day weekend and several months of completing renovations, we are settled into our new location in Plymouth.  The location is just 2 blocks from downtown Plymouth, and similar to Northville, is a great location as there are many restaurants and places to shop.  One bonus is that we have plenty of our own parking!  Whenever you come to the office, you may want to plan a few extra hours to stroll around town. 

Now is a great time to schedule your quarterly conference, which can be face to face or via conference call.  Please call Lisa at ext. 102 or Becky at ext. 107 to schedule the appointment.  Please note, that you do not have to wait until the quarterly meeting to contact us, we are available whenever you have questions or concerns.  Also, we haven’t scheduled a formal open house, as yet, but if you’re in the area, please feel free to drop in, take a look around and say “Hi”!  In the meantime, you can reach me directly at 734-737-0866 ext 101, or if you cannot reach me, please contact Becky at ext 107.

Best Regards,

Wayne B. Titus III
CPA / PFS, CISA

1st QTR 2006 - News & Events

Our letter this quarter serves several purposes.  First, I’ll outline some changes that we’ve made to our fee structure (I think you’ll find them favorable!).  Second, enclosed is a form to consolidate your monthly statements.  Third, I provide an overview of the quarter along with the quarterly fund and benchmark returns.  Fourth, please also find enclosed a copy of your quarterly performance and balance statements.  Finally, some news on our future location (we’re moving!). 

Please review carefully and respond at your earliest convenience.  As always, if you have any questions, please do not hesitate to give us a call.

Annual Fee Structure
During July 2005 we began a transition from an outside service provider (BAM).  They provided us “back office” support, which included preparation of quarterly statements, invoices and use of their trading platform.  When starting AMDG Financial, the cost of entry into this industry was prohibitive.  Initially, utilizing an outside service provider allowed me to get things in place without having to make certain investments in extremely expensive software and technology.  Since this time, other competitors emerged in the software marketplace, providing us a reasonable cost alternative and allowing us to invest and establish our own “back office”.  I believe that to most of you, this was fairly transparent.  The significant change for many has been the change in the format of our quarterly statements.  We continue to explore solutions for reporting limitations, but as of now, we believe that we have a fairly good set of reports that we provide you on a quarterly basis.  Please let us know if you’d like to see any other reports or if you have any comments or suggestions for the existing reports we prepare.  The most significant impact of this change (the one you’ll like!) is that we have been able to reduce our costs, and as good stewards, we’d like to share this decrease with you.  Provided your fee arrangement was based on the “Previous Fee Schedule” (see Attachment A), you probably noticed your 2nd quarter invoice Annual Fee percentage decreased.  In all cases, the Annual Fee percentage noted on your 2nd quarter invoice is your current annual investment management fee percentage. 

Consolidating Monthly Statements
You may receive multiple monthly investment statements from Fidelity.  To simplify your recordkeeping and reduce the paperwork, you may complete the enclosed “Relationship
Household Form”.  Please review the information on the form, sign where indicated and return it to us. 

Your Statements and Quarterly Results
Enclosed are your first quarter 2006 quarterly reports.  These reports show your total asset balances and an Executive Summary of performance as of March, 31, 2006, for the prior year and since inception.

Here is a representative sample, as of March 31, 2006, of DFA funds currently recommended for use in our client portfolios.  This is not a complete list of all DFA funds, and your portfolio may or may not contain all these funds.  Also below are returns of two indexes, giving you an idea of how the US (S&P 500) and International (MSCI EAFE) markets have performed (also commonly called “benchmarks”).  Note that historical returns are not predictive of future results.

Fund Name/Ticker 4th Quarter One-Year Three-Year Five-Year
DFA US Large Co. Institutional Index (DFUSX) 4.16 11.72 17.15 3.87
DFA Tax-Managed US Equity (DTMEX) 4.99 13.84 18.81 N/A
DFA US Large Cap Value III (DFUVX) 6.29 17.05 25.58 10.25
DFA Tax-Managed US Mktwide Value II (DFMVX) 7.79 21.41 27.60 7.41
DFA US Micro Cap (DFSCX) 14.39 29.20 33.81 19.44
DFA Tax-Managed US Small Cap (DFTSX) 13.35 27.69 32.37 14.49
DFA US Small Cap Value (DFSVX) 15.04 27.71 38.95 21.18
DFA Tax-Managed US Small Cap Value (DTMVX) 13.78 26.84 36.07 17.14
DFA International Value III (DFVIX) 12.44 29.30 39.59 16.47
DFA Tax-Managed International Value (DTMIX) 12.09 29.47 38.00 15.33
DFA International Small Company (DFISX) 11.13 29.05 41.29 22.05
DFA International Small Cap Value (DISVX) 12.69 30.21 46.13 26.16
DFA Emerging Markets (DFEMX) 10.67 42.48 45.68 22.80
DFA Emerging Markets Value (DFEVX) 13.69 44.67 54.90 31.35
DFA Two-Year Global Fixed (DFGFX) 0.75 2.82 1.54 2.98

S&P 500 Index 4.20 11.72 17.21 3.97
MSCI EAFE Index 9.48 24.94 31.65 10.05

We’re Moving!
Can you believe that we’ve been at this location almost 2 ½ years?  When we consolidated the Farmington Hills location with Northville, we signed a three year lease with two – three year renewable options.  My intention was to develop a long term presence in Northville.  During the fall and spring of 2004/5, we noticed a foundation leak had developed.  We contacted our landlord, but after months of inaction, mold began to develop.  This leak worsened this past fall and we had a pool of water in the kitchen area of our office, along with an increase in mold and of course a musty smell to boot!  Given this experience, I decided to purchase a building.  I searched throughout the Northville area to no avail.  We did, however, find and purchase a charming building 4 miles from here, two blocks south of Kellogg Park in the heart of downtown Plymouth.  Our plans are to move in by June 1st.  We will send out formal notice of this move in the near future, as our plans begin to solidify.  Stay tuned!

*****

Spring has finally sprung here in Michigan!  Wherever you are, please take time to enjoy those blooming, fragrant flowers, and the peaceful music of the songbirds.  May you find peace, rest and relaxation in the summer months to come.  Please give me a call if you have any questions or concerns.  You can reach me directly at 248-305-5572 ext. 101, or if you cannot reach me, please contact my associate, Becky, at ext. 107.

Best Regards,

Wayne B. Titus III

P.S. If you would like a copy of our revised Form ADV you can access it on our website (http://www.amdgservices.com) or we’d be happy to send you a copy upon request.

Wayne's Wisdom

"My vision is to be able to impart meaningful financial wisdom and tax advice that enables people to achieve better stewardship for their families and businesses."

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Most recent entries

• Asset Class versus Sector Investing
• Rollercoasters
• All that glisters is not gold
• Its not what you know that hurts you
• The definition of insanity is doing the same thing over and over expecting a different result
• Are you putting 80% effort into financial and investment decisions only to receive 20% of the result
• People know what they want to retire from, but no what they want to retire to
• Education is what you get when you read the fine print.
• Even if you’re on the right track you’ll get run over if you just sit there
• The Top 10 Questions You Should be Asking Your Advisor
• 4th QTR 2006 - News & Events
• To Fee, Or Not To Fee…
• 3rd QTR 2006
• 2nd QTR 2006 - News & Events
• 1st QTR 2006 - News & Events

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