Knowing The True Cost - March 2020 
Shortly before Christmas, the 2020 federal budget bill passed with strong bipartisan majorities and was signed into law by President Trump. As it came amid the holiday season, a possible government shutdown, and an impeachment vote in the House of Representatives, it was easy overlook that the more than $4.6 trillion budget came with the typical additions to federal spending we have seen over the years.

Forecasting Folly Marches On - February 2020
Despite all we know about human nature and our desire to inhabit a psychic salon and gaze longingly into a magic orb that will give us an investing edge, the folly of forecasting marches on and on. Almost every financial firm is cranking up their forecasting algorithms and during the coming weeks and months, an avalanche of forecasts will be announced and released. They will be read and discussed as though they are oracles from Delphi. We contend, most if not all of them will be useless when it comes to the proper maintenance of our clients’ portfolios.

Semi-Annual Conference Call - January 2020

2020 Outlook - January 2020
Formerly known as the Stakeholder Report. Our 2020 Outlook includes looking back on the year 2019, important themes as we look ahead, and actionable items for the years ahead.

The Multiple Dimensions of Risk and Tolerance - December 2019
Quantifying the essential component of risk tolerance for our clients is no simple matter. For years, accessing risk has been more of an overall psychological assessment than anything. The formula reduced to its basics was a combination of determining how people remember and react to market fluctuations, an honest accounting of their financial habits, and their long-term goals. Our golden rule is simple: if you can’t acknowledge and handle the realities of markets, then financial planning may become a turn of the roulette wheel with our emotions and our finances spinning around to outcomes sometimes favorable, sometimes not.

2019 Holiday Thank You - November 2019
Thanks to you and your commitment and trust in our growing team, our families have been able to support the following organizations in the past year, either with financial support or with a commitment of time.

Taking Debt Seriously - November 2019
When families gather around the holiday dinner table in the coming weeks, there will likely be many personal, and perhaps political, discussions as a presidential election year is right around the corner. Yet, it is likely that few, if any, will talk about issues that may have the most significant and complex economic impact on every generation for decades to come. We are speaking about debt - historical levels of debt. There is a critical mass of debt issues that interact to create a quiet perfect storm that few want to confront, much less talk about. 

Year End 2019 - October 2019
It’s hard to believe we’re already talking end-of-year and the holidays, but I guess that’s why they say time is our most precious resource.  We write our year-end letter not to burden your inbox, but rather because year-end is a busy time of year for important reasons most people (even some professionals) glance over. 

The Negative Yield Black Hole: Negative Interest Rates Explained - September 2019
The headlines of late have been filled with impeachment scenarios in the United States and incompetent leadership in Great Britain as the Brexit countdown to real economic consequences winds down. We have been watching two trends mostly hidden in the headline shadows and for good reason. Few people want to talk about the runaway national debt train, and no one signs up for seminars on negative interest rates. Yet both unmentionables could have a lasting impact across the generational spectrum – from the tens of thousands of baby boomers who retire daily to millennials who are in their prime earning years.

The 401(k) Retirement Plan Boondoggle - August 2019
Without much fanfare in May, the House of Representatives passed one of most significant retirement “saving” pieces of legislation in decades. Known as the SECURE Act (Setting Every Community Up for Retirement Enhancement), the measure is an attempt by Congress to get more Americans to save for retirement.  As of this writing it is hung up in the Senate but elements of the bill will impact us all eventually and we are always wary of cute acronyms.

Keep Your Recency Bias in Check - July 2019
Do you know what “recency bias” is? And if so, when was the last time you had a heart to heart conversation with yourself about recency bias? Unlike lawyers in a courtroom, these are intended to be leading questions for a very good reason: little is more detrimental to a portfolio’s long-term health than the belief that the status quo is here to stay.

The Next Recession? Hold That Thought. - June 2019
When will the next recession hit? This question is often the subject of speculation and guesswork; yet few have an honest answer. It is not a pessimistic query. Investment choices are as much psychological as they are strategic and tremors regarding recessions are real. It’s normal to think that after an abnormally long period of sub-par expansion that economic growth has to end… sometime.

A Financial Clash Between Generations - May 2019
Family dinners are likely to be much more interesting in the future. A debate about paying entitlements may be the topic de jour. In an era of increasing political polarization it has become too easy and too simplistic to paint the many combative issues with just a swipe of a broad “Blue vs. Red” brush stroke. This is a big mistake for a host of financial, macro-economic, and societal reasons. While there are certainly strident and palpable political divides, there are other divisions in our society that are harder to put into easily labeled boxes. Mayor Pete’s recent discussion about “generational equality” strikes a resounding chord with many.

Are Risk Assets Pricey? - May 2019
Here is the latest update of a popular market valuation method using the most recent Standard & Poor's "as reported" earnings and earnings estimates and the index monthly average of daily closes for the past month. 

Understanding Taxes: Part Two - April 2019
In Understanding Taxes: Part One, we wrote about the unprecedent rise in budget deficits, a slower and disproportionate rise in tax revenue despite forty years of tax cuts, and the public’s lack of interest and overall awareness of the tax code. Today, we will first address the growing macro-economic pressures that decades of tax cuts and government deficits have on the current climate.  Second, we will consider how an unknown future tax paradigm may impact the net return of our personal balance sheets.

Understanding Taxes: Part One - March 2019
What might you respond to an advisor who emphatically tells you that taxes will, without a doubt, increase in the future? Would you thank them for being a wise fiduciary and for thinking proactively to help you prepare for a future of potential economic and tax volatility? Or, would you chide them for being so pessimistic and encourage them to improve their outlook and attitude?

What Is Tax Loss Harvesting and When Should I Do It? - February 2019
During volatile down periods in the market such as we saw in December, we were busy for many reasons. We worked with our clients to educate them about what was happening (markets go up and down) but also to perform constructive triage via Tax Loss Harvesting - an important element of a wise investment strategy meant to help save investors’ money over time.

The Unexpected is "Normal" - January 2019
What is one of the top challenges faced by any fiduciary in an era of 24/7 news bombardment? The answer is reminding their clients of this critical fundamental fact: most financial goals will take years of review, honing and attention.What is one of the top challenges faced by any fiduciary in an era of 24/7 news bombardment? The answer is reminding their clients of this critical fundamental fact: most financial goals will take years of review, honing and attention.

2019 Stakeholder Report - January 2019
We thank you in advance for taking the time to read the following synopsis of 2018, some thoughts on the year ahead, our practice update, and a few tax season guidelines.

How to Keep Your Wits When Market Volatility Occurs - December 2018
Pick any day or a couple of days when markets swoon and one thing is as sure as Newton’s Law of Gravity: the Pavlovian reaction of greed and fear among investors. When you throw in 24/7 news cycles of social media speculation and news with reports lacking historical context, it’s easy to see why a herd mentality of an encroaching panic can set in.

2018 Holiday Thank You - November 2018
The Holiday Letters are firing up, our talented team is crafting our own greeting to each of you, and Thanksgiving provided us all with an immense sense of gratitude.  Our client’s support during our migration to Steward Partners still brings a flood of emotion for us. The Holidays are here!

What Is a Market Correction? This Is What It Feels Like - November 2018
In July of this year, a major investment firm announced that ‘global markets were on track to be the most volatile since 2008’1. For many, this was hard to imagine at the time. Now, not so much. October 2018 was a healthy reminder of what a correction feels like. As you can see below, most global equities are off from their 52-week high. For some, the question is, now what? And for most, the answer should be, do nothing.

Planning for Life Events: Housing Transitions - November 2018
For most people, housing transitions are infrequent, though hugely influential. After paying expenses devoted to taxes, savings, and children, housing-related expenses (mortgage costs, taxes, upkeep and insurance) typically consume the largest percentage of income during our working years and, if we’re not careful, a disproportionate percentage of our nest egg during our retirement years.

Year End 2018 - November 2018
After 34 years at AG Edwards and firms that acquired us, we learned that bigger is certainly not better.  As we reflect on this past year and the myriad steps we took to protect you as we moved in April to Steward Partners, we wish to express our deepest gratitude for your unwavering and overwhelming support – before, during, and after our transition.  You are collectively the reason why we are re-energized and proud to work on your behalf as fiduciaries and as partners. We are thrilled with the new tools at our fingertips and we are happy to be growing our practice once again.

Do Investors Know What Broker Protocol Means? - October 2018
While we live in most uncertain times, one would like to be assured that “financial advisors” would act as fiduciaries for their clients - placing client needs before their own as well as their firm’s needs. Sadly, for too many investors, that has been and is now a costly assumption to make. Transparency is the fundamental basis of trust. Transparency has become a pleasant “buzz word” used in our profession but it is more bandied about than practiced consistently.


Why Do We Pay More Than We Should? - August 2018
Tax deferral in one’s 401ks and retirement savings are often a case of “out of sight, out of mind”. Automated savings is understandably easy to do but, as always, there’s often a critical catch: will your nest egg be worth what it should be in real, spendable, after tax dollars when you need it?

The Cyclicality of Markets - August 2018
Ben Carlson, author of A Wealth of Common Sense, offers a great perspective on the inherent long-term cyclicality of global markets. It’s hard for many to imagine, especially given the events of the last eight years, but since 1970, the MSCI EAFE (Europe, Australasia, and the Far East) has outperformed the U.S. in 25 out of 48 calendar years. 

The Virtue of Stewardship - July 2018
The reference defines the word “steward” as “a person who acts as a surrogate of another or others, especially by managing property, financial affairs, an estate, etc.” In addition to being fiduciaries for our clients, we believe being stewards of our community is equally important.  Both clients and our community are hoping to achieve long term and sustainable goals.

The Sedoric Group Q&A - June 2018
Please enjoy this insight into the why and the how of our new partnership with Steward Partners and relationship with Raymond James evolved and developed. We thank you for your patience, encouragement and support in making this transition as seamless and productive as possible, and are so grateful for your continued trust as we embark upon this new and exciting chapter together. 

Preparing for the Future Today - April 2018
The future landscape of the financial services industry continues to knock, knock, knock on the door today - and every day. Whether financial services firms will be welcomed in the future, or not, will likely determine if they will survive.  How might the current firms even thrive in a tomorrow that is rapidly changing and being structured now is unknown.

The Bill for Financial Illiteracy is Past Due - March 2018
If the miracles promised you by the pharmaceutical industry seem to dominate the advertising between your favorite television shows, a close second is the financial services industry with ads aplenty about how company XY or Z can miraculously help you and your family set and meet your life’s goals. Why are we bombarded by these often misleading messages? As the once legendary bank robber Willie Sutton allegedly said, “It’s where the money is”. Or at least it should be. 

A Sharing Economy Comes With a Price - February 2018
By any measure, the emergence of the so-called “sharing economy” is one of the most dynamic and little understood economic earthquakes of the still-young 21st Century. This is, in part, because the term sharing economy (also known as the gig economy or collaborative economy) is mostly opaque. The sharing economy is described as “an economic model often defined as a peer-to-peer based activity of acquiring, providing or sharing access to goods and services that are facilitated by a community based on-line platform.”

2018 Stakeholder Report - January 2018
The Sedoric Group has never been more energized to help clients reach their desired destination in this environment. We are fiduciaries and everything we do is with our client’s goals and objectives in mind. It is because of you we continue to invest in the evolution of our team and the array of services we provide. We thank you in advance for taking the time to read our annual Stakeholder Report and promise that whatever 2018 has in store, we look forward to managing and overcoming challenges together with you.

What Is the Protocol for Broker Recruiting? - January 2018
Imagine a sports team with aging “stars” that are hard to replace, fans who invest their hard-earned money and deserve the best, and team owners having trouble adapting to a new game plan and focused more on their own bottom line than providing the best tools and best talent for their fans. This sounds like a losing proposition in the long run, doesn’t it?


Any opinions are those of Tom Sedoric and Casey Snyderand not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. All opinions are as of this date and are subject to change without notice.

Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance is not a guarantee of future results. Investments mentioned may not be suitable for all investors. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. Our advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Riskalyze is an independent third party service provider and is not affiliated with Raymond James.

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