Years ago, I dreamed of a time when my family gathered together for a week on a tropical island. We would laugh together, play in the ocean and just love being with each other…mostly without many of the technological distractions of the 21st Century. Then it really happened! Each night at dinner, I would make a toast about this dream coming true and how fortunate we were to enjoy this time of life. By my fourth evening’s toast, someone finally got up and said: “Okay already. Can someone else please give the toast tonight so we can eat?”
This is that “fourth night” of thanking you for staying with us and being patient through this transition. We are on the final ascent of our trek to move our assets from Fidelity to Charles Schwab. In a short time, we should have everyone safely at the summit. Checks are going out, trades are transacting, and deposits are being credited now as we become fully acclimated at Schwab. The systems are very similar. Your email invitations to join Schwab online have been sent to you. Sign up if want to help save a tree and reduce your paper flow.
Of course, we have had a few slips and barriers along the road. Most of these obstacles have been adjusted and overcome. Here are a few observations that could help you: 1. Signing up for online service can be done via the Internet. However, I recommend that you call 800-515-2157 to make your life easier. 2. In order to view your spouse’s account or child’s account online, you will need a separate authorization form. We will email this form to you at your request. 3. UPS seems to be taking at least one more day than the usual delivery time. 4. Private real estate, annuities, and equipment leasing programs may continue to be reported by NFS for awhile until they are cleared for transfer. Distributions from these sources will proceed without interruption.
The next major activity for your accounts will be to exchange the more costly funds for ones with lower expense ratios. There should be no tax consequences for these inter-family fund exchanges. Another primary focus is to have our mid-year financial reviews with you and to see how everyone is adjusting to the new environment. Please make an appointment so that we can spend some time together.
The DOW and S&P 500 Index hit their four year highs this week. Most of your investments should be charging toward their peaks. When Standard & Poor’s downgraded the US credit rating a year ago, some “experts” predicted major fallout. They were dead wrong. Mortgage rates have dropped, borrowing costs have eased, the dollar is up, and Treasuries are stronger. With the election less than 3 months away, you should expect market volatility. Uncertainty is generally not user-friendly in the financial world. We hope to take advantage of investment opportunities during this time of political indecision. Those of you who owned Focus Shares Communications (FCQ) will have a cash distribution arriving this month as the fund is closing. Too bad…this has been a very profitable investment for most of you.
We were saddened to hear of the passing of two of our favorite people, Ray Gelgur and Robert Zeibak. Ray was one of the hardest working men who ever lived…and a true gentleman. Bob’s positive disposition and big smile lit up a room. We send our thoughts of love to the Gelgur and Zeibak families.
Look for our next report to get back to more financial news and investment ideas. We continue to appreciate your trust and confidence in our service. Thank you.
Today’s the day.
National Asset Management, Inc. (NAM) is a Registered Investment Advisor with the SEC. NAM provides fundamental investment management services. The views expressed contain certain forward-looking statements. NAM believes these forward-looking statements to be reasonable, although they are forecasts and actual results may be meaningfully different. Actual events may cause adjustments in portfolio management strategies. This material represents an assessment of the market at a particular time and is not a guarantee of future results. This information should not be relied upon as research or investment advice regarding any security. One cannot directly invest in an index. Index performance returns do not reflect any management fees, transaction cost or expenses. Indices are unmanaged. S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries in the US economy. Investment Advisory Services offered through National Asset Management, Inc SEC Registered Advisor and affiliate of National Securities Corporation. NAM or Pacific Sun Financial does not offer any legal or tax advice. One should consider consulting with a legal or tax professional before implementing investment strategies.
 Yahoo Finance 7-16-12