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Lyman HowardCFA, CFP®

Having seen behind the curtain of the securities industry, I think common sense trumps complexity.

San Francisco, CA
Partner, Point Bonita Wealth Advisors LLC
Fee Structures: Asset-based, Fee-only, Hourly
Typical minimum client assets: $500k

This describes how advisors are compensated for their work. Learn more in our Guide to Advisor Compensation
Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
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    What are the tax implications of exercising my stock options?

    Personal Finance, Taxes

    First of all, your tax professional is the only one who can give you a definitive answer based on your

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    First of all, your tax professional is the only one who can give you a definitive answer based on your own personal circumstances. He or she is the ultimate authority on what you will pay the IRS on tax day, not your financial advisor. Please keep that in mind. Your financial advisor can assist you in determining valuation of your employee stock options and how they fit into your overall financial profile. He or she can also guide you in developing an ongoing strategy for retaining or harvesting options and your tax status plays a large part in that plan.

    Non-Qualified Options (NQSO) can be awarded to employees or non-employees of a company. When your NQSOs become vested, you can pay the exercise price and buy the underlying company stock. It will be purchased at a discount to the market price of the stock that day. That discount, known as the “bargain element”, is considered to be ordinary income, just as if your company increased your paycheck by an equivalent amount. You are immediately liable for the taxes due on that income, Federal, state, and even the 1.45% payroll tax you see on your paystub. You will likely immediately (on the same day) sell some of the stock which you just bought to cover both the purchase cost and the required tax withholding amount, leaving you with the choice of whether to keep the shares of stock remaining or sell those too, converting them to cash. By executing your initial buys (at exercise price) and immediate sales (at the higher market price) on the same day, the stock shares will not have had time to increase or decrease in price. This means your tax liability will be solely ordinary income on the “bargain element” of your options exercise. Were you instead to keep holding onto the shares of company stock going forward, any additional future share price increase would be treated as a capital gain once realized at a future sale, short or long term (or capital losses on future price declines).

    Qualified or Incentive Stock Options (ISO) introduce increased complexity. These options can only be awarded to employees of a company. Once vested they too can be exercised, allowing you to purchase your company stock at the same “bargain element”, the discount to market value that day. What is different about ISOs, however, is that this bargain element does not immediately create an ordinary income tax liability, so long as you come up with the cash to purchase the shares from your own pocket and don’t liquidate some shares immediately to generate the necessary cash. Instead, you can hold the shares of company stock, and as long as your options took a year to vest prior to exercise and you own the shares for at least one year after exercise, all of the “bargain element” and any additional capital gain accrued (market price on sale date minus exercise price on exercise date) will be taxed together as a long term capital gain. That has the effect of “converting” ordinary income tax liability into favorable long term capital gains tax liability instead. For the highest earners that can mean paying 20% at the Federal level (3.8% and 0.9% Medicare surtax do not apply) instead of 39.6%. Were you to instead sell shares on the day of exercise or anytime within a year later, you wouldn’t have met the holding period requirement and the “bargain element” would be taxable as ordinary income immediately.

    That extra holding period to enjoy the benefits of a lower tax liability causes complications, however. If you cross over December 31 while holding the shares, you will create an alternative minimum tax (AMT) liability. Even if you have not sold any shares, you might end up with a large tax bill should your AMT exceed your normally calculated tax bill. This could create a serious problem if the stock price were to plummet after December 31 but before your one year minimum holding period is up. You could find yourself needing cash to pay the IRS on April 15th, driving you to sell the stock you still own at a depressed price. If forced to sell prior to the one year minimum holding, you’d also owe ordinary income tax rates on that sale the subsequent year, and you might not even be able to generate enough cash to pay this year’s tax bill at all! That is why it is so critical to plan ahead. By timing properly around certain deadlines, you can allow yourself more flexibility. By having your tax preparer first project your overall tax situation, you will be able to see whether or not AMT will be a significant issue for you if you exercise ISOs.

    For both NQSO and ISO: When you own vested employee options, you have the choice of exercising them immediately or holding them for more price appreciation until a later date, all the way up to expiration. You could also exercise and buy the underlying stock itself and then hold those shares of stock indefinitely. There is a decision to be made from a strategic standpoint as to which is the best investment choice. From a taxation standpoint that decision is also critical. The most conservative choice (but not necessarily the optimal choice!) from both an investment standpoint and a taxation standpoint is to sell options immediately once vested and to carry out a same day purchase/sale of all options and shares. This will leave you with taxes incurred, proceeds withheld to pay them (W-2), zero shares owned, no surprises next April 15th, and some residual cash to go out to invest or simply spend on a good time! Remember, if you talk to nobody else at all, go talk about this with your dedicated tax professional.



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  • 5 people found this answer helpful

    Are equity linked notes good investments?

    Investing

    No. Investors are looking for yield these days. Brokers think that a bond issued by the big Wall Street

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    No. Investors are looking for yield these days. Brokers think that a bond issued by the big Wall Street banks which is "linked" to riskier markets such as commodities, currencies, stock indices, and interest rate derivatives have just enough juicy appeal to be snatched up instead of a plain fixed rate bond with a modest yield. A bank might, for example, construct a 5 year term bond with a payoff at maturity equaling the face amount (your original investment back) plus some participation, usually capped, in the upside of an index. It sure can look pretty good. You at least get all of your money back at maturity, after all. Instead of a boring fixed interest rate for your loan, you get the possibility of increased principal at the end of the term that is captures maybe 30 or 40 percent of any appreciation of a commodities index or the S&P 500 during that time. If the index instead drops over the 5 year period, you still get your original money back, having lost no principal. So what's not to like? ....

    Here's my attitude on the subject. You buy a security to accomplish something for your portfolio. You are likely buying a bond to provide yourself income, but with preservation of principal as your primary goal. You expect to get your money back. If you buy a plain vanilla, fixed rate bond, you get the security of knowing exactly what cash flows are coming, and when. If you buy a structured note, though, the cash flows are instead dependent on multiple markets, complicating matters. You also won’t earn any coupon interest income. In fact, the note is likely constructed of at least two parts. You invest your $1,000 per bond up front, then the issuing bank buys itself a zero coupon treasury at a discount which will accrue to $1,000 by maturity. That treasury obligation is the underlying assurance of your invested principal. If the bank buys that five year zero coupon for $950 today, the remaining $50 it’s collected from you is used to buy a call option on the linked index, which will capture any upside for the bondholder or expire worthless, and it leaves enough to pay a commission to the selling broker and the bank’s underwriting desk (I am guessing $20-$30 per bond). You won't ever capture all of the index upside, either, as your upside participation is usually capped. If you think of the structured note as being the sum of its parts, the parts are worth more than the note itself, with the issuer/underwriter removing some value to pay fees to personnel and earn money on its capital. You the bondholder actually have as your personal counterparty risk an A or BBB rated bank, even though it spent your bond money on a AA- treasury bond, because you "lent" money directly to the bank, and are subject to its default risk first. Many Lehman Brothers noteholders discovered the hard way in 2008 that "principal protected" just meant that Lehman promised to pay them back! Open Link for Diagram of Equity Linked Note

    If you want to receive the positive return of some index in your account, you should buy a call option on the associated index’s exchange traded fund (ETF) yourself, or buy the associated ETF outright and buy your bonds the traditional way. Be sure to look at the big picture! In this age of online discount trading and commission-free ETF's, you can accomplish so many goals for your portfolio much more efficiently than was possible just a few years ago. If Wall Street Banks have created a complicated product with many moving parts to offer you, it is likely going to benefit the banks more than it will you.

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  • 3 people found this answer helpful

    What are the pros and cons of ETFs vs mutual funds? How should I think about researching these instruments?

    Asset Allocation, Investing, Mutual Funds

    We generally prefer to use exchange traded funds (ETFs), but there are still certain circumstances in

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    We generally prefer to use exchange traded funds (ETFs), but there are still certain circumstances in which mutual funds are a better choice for our customer accounts. First, let’s talk about the plusses of exchange traded funds, index funds in particular:

    1. Because exchanged traded funds are stocks and trade on an exchange, they can be purchased or sold with limit orders during the day, at known prices, rather than executed after hours at a net asset value to be determined as you with a mutual fund(open ended fund).

    2. The ETF fund’s holdings are in nearly all cases transparent daily. Mutual Funds release their holdings only quarterly, so you are always looking backward for as long as three months.

    3. The creation/redemption mechanism and low turnover of index ETFs allows an investor freedom from unexpected capital gains distributions. Because the manager does not have to sell underlying portfolio holdings to raise cash for redemptions, the cash raising takes place at the investor level, allowing for a high degree of personal control over tax liability.

    4. If the most attractively priced mutual fund share class is not available to the investor through his/her brokerage firm, it is likely that an equivalent ETF will have the lowest embedded management fees available, leading to improved long term performance.

    Mutual Funds continue to work better for our clients in certain cases, because they do trade at daily Net Asset Value (NAV), and because additional purchases and dividend reinvestments are free from transaction fees.

    1. Whenever there are relatively illiquid underlying investments in a fund, an ETF can trade at a premium or discount from the price of the holdings, particularly since the NAV is set at prior day’s market close, and is therefore “stale”. Take the NAV of a municipal bond portfolio for example. Its component bonds might rarely trade, so the NAV might be based in part on price estimates. The equivalent ETF might trade at a higher or lower price than the NAV, reflecting fast moving intraday opinion about where the municipal bond portfolio should be trading or other real-time market dynamics. That premium or discount element can persist for long periods, particularly in steadily progressing or steadily retreating market, leading to underperformance of your ETF investment return.

    2. If a client is making regular contributions to his/her account, multiple ETF purchases would incur multiple trading commissions. Additional mutual fund purchases would not incur such transaction costs. (Exception: some brokerage firms waive commissions if you are buying their proprietary label ETFs)

    3. If an investor is eligible for the most attractively priced mutual fund share class through the broker dealer, often by investing a minimum amount, the embedded management fees might be lower than an equivalent ETF, leading to improved investment performance.


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    How detailed do I need to be in setting financial goals?

    Personal Finance

    Your financial goals need to be: a. Achievable – you cannot set “win the lottery” as a financial

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    Your financial goals need to be:

    a. Achievable – you cannot set “win the lottery” as a financial goal. You can, however, say that you wish to pay for your children’s college, retire before a certain age, or buy that nice house in the suburbs.

    b. Measurable- having a “comfortable retirement” may feel and sound good to your ears, but it is too vague. You need to translate that into a recognizable definition. Some people are quite comfortable living in a cubicle with fluorescent lights, while others are thinking “Ritz”. You should quantify it enough detail to say, “I want the equivalent of living off a $150,000 per year in after tax income in today’s terms.” Only then can you work up a realistic plan to reach that goal.

    c. Meaningful – to keep your goals motivating, remember why it is you set them. If one of your goals is to buy a house in the mountains by the lake, try to remember that you want to buy it so that your extended family can visit and create their memories, just as you have memories from your own childhood. You are more likely to have success keeping to your plan this way.

    Some people can naturally visualize what they want for their future in great detail. You, on the other hand, may be constantly changing your mind about goals and switching them every couple of years. That is okay, so long as you do have a process for periodically setting goals, talk them over with your family and friends, and set out to accomplish them. The level of detail is ultimately important, but you can in short order translate a vague goal into a clear one by sitting down for a few minutes and making yourself get more specific (Will you help your children pay for a public university in your state, or can they go anywhere for the best university at which they can get accepted? The difference alone can amount to $40,000 dollars per year!). The important element is that you have a goal or goals in the first place, and are taking action to realize it with a plan.


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    What is the best 529 plan for me?

    Paying for college, Personal Finance

    The best of all worlds in a 529 plan would be a plan that:1. Offers you extra incentive to contribute

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    The best of all worlds in a 529 plan would be a plan that:

    1. Offers you extra incentive to contribute in the form of an immediate state tax credit or state tax deduction on money you put into the account if you are a resident of that state. 

    2. Allows you a few but not too many investment options, meaning you can put the contributions to work earning a return in one of several mutual fund choices. You would like to have available an “age-based” fund, which automatically and gradually changes your investment profile from aggressive (mostly stocks) to more conservative (mostly bonds and cash) as college costs approach. If you wish to have more control, pick a plan which offers you a money-market fund (cash) choice, a bond fund choice, and a stock fund choice so that you can opt for whatever mix you feel is best for your situation.

    3. Has low ongoing management fees in the investments available. Higher fees mean that more of your investment returns each year are trimmed away by costs before you receive them. Fees are used to pay the fund provider’s overhead, and some fund providers offer more competitive fees. Start by looking at States whose plans are operated by traditionally lower cost providers such as Vanguard. Also, opt for direct-sold plans rather than adviser-sold plans, as they reduce one extra middleman from the process. By saving money on fees year after year, you could wind up with thousands more dollars by the time college arrives.

    4. Uses a fund company you know and trust already. States hire out the administration and investment management to large financial firms such as Principal Financial, Fidelity, TIAA-CREF, Vanguard, and others. If you are comfortable and familiar with one provider through your experience with other personal accounts such as your 401k,  then choose a 529 plan managed by that provider.

    5. Offers a college savings plan in place of, or in addition to, a prepaid tuition plan. Prepaid tuition guarantees the beneficiary a tuition free college education at one of the state’s public colleges once a certain contribution has been met. If the student ends up elsewhere, there are limits on transferability in some cases. College savings plans give you more control and flexibility around where to utilize proceeds for college.


    Based on where you live, where your child might attend college, and where other family member contributors to live, you might determine that the best state 529 plan is not in the state where you currently reside. For example, a state like California doesn’t offer special incentives for residents opening up a 529 plan, nor does it penalize residents for setting up a plan outside of California. As a result California residents looking for lower investment fees might like Nevada’s Vanguard operated plan instead of California’s TIAA-CREF offering. This requires research on your part. A great place to begin is the website collegesavings.org. Its search tool allows you to filter all state plans for the features you need. Begin learning about your home state, then branch out from there. Once you have settled on a plan, be sure to read the plan disclosure booklet to learn details about tax deduction phase outs, annual limits on fund transfers, and all of the other “fine print” issues. 529 plans are a very powerful tool and they make it easy for friends and family to chip in with gifts. The earlier you start saving, the easier it will be later. Do not let the vast array of choices paralyze you from action. Do your basic research and get started opening an account. Later on you can move the account to a different locale if necessary to optimize based on your circumstances. Please take advantage of this great opportunity!




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    How should I decide which type of IRA (traditional or ROTH) is best for my needs?

    Retirement Savings, Investing, Retirement, Traditional IRA, Roth IRA

    The essential difference between a traditional IRA and a Roth IRA is when the taxes are due on the money

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    The essential difference between a traditional IRA and a Roth IRA is when the taxes are due on the money you deposit into the account and the earnings which they produce over time through investing. Thus, your determination of your personal tax status today versus your future tax status when you will be taking withdrawals will make a Roth more or less attractive. There are also other considerations, to be sure.

    Because a traditional IRA allows deductible contributions, you avoid paying income tax today on the money you put in. When you are of the age where you must begin withdrawing from the account, all of your withdrawals, both your original contribution as well as earnings, will be taxed as ordinary income. The higher your present day marginal tax rate is relative to your future marginal tax rate, the more attractive it is to utilize a traditional, deductible IRA. You are shielded from the tax man today, and revisiting him when you are in a lower bracket in the future. Future tax rates are unknown and could go way up across the board, of course. The older you are when making the contributions, the more favorable the traditional IRA results are relative to the Roth. You benefit from the immediate tax deferral, and have more certainty about future tax tables and your own tax status because you have better ability to forecast over the short term.

    If you qualify (eligibility to contribute phases out at certain income limits), the Roth IRA allows you to pay income taxes today on your contributions today. In the future you will withdraw both your original contribution amount and additional earnings tax free. You don’t need to know what the future holds for tax rates because you already will have paid them years earlier. The higher that tax rates become in the future, or the higher your own income becomes, the greater the benefit of that tax free income becomes. Unlike the Traditional IRA, the younger you are, the more valuable the Roth choice is. The reason is that you will be starting with fewer investment dollars after paying out taxes from your contribution just prior to investing it, leaving you with a smaller starting amount. It takes many years of compounded earnings before the tax advantage at withdrawal overcomes that initial handicap. Furthermore, if you should drop into a much lower bracket when you want to withdraw money at the minimum age of 59.5 or beyond, you will lose some of that tax advantage, having already paid the taxes when you were in a higher bracket.

    There are other advantages to the Roth IRA, however. One is that you do not have to take mandatory withdrawals beginning at age 70.5, which you do in a Traditional IRA. That becomes yet an additional way to stretch tax deferral. This extra option has a lot of value if you do not actually need the money for spending. The account can continue to grow until you do need it, without forcing extra income taxes on you through mandatory withdrawals, as a Traditional IRA does. Do not fail to research other special rules allowing for early penalty free withdrawal options of a Roth which are not found in a Traditional IRA account.

    In summary, you should make your choice about paying taxes now or later based on your own unique circumstance and outlooks. Utilize an online calculator, if you like. You will see that the longer the time you have for your contributions to grow, the more attractive the Roth option will be. The shorter the time, or the more likely you will need to withdraw from the account in retirement, the more valuable the Traditional IRA will be. Tax rates today are a known quantity. Future tax rates are unknown. If you want to assume that future taxes are going only up, the Roth becomes more valuable to you. If you think taxes will be static, and that you personally will be in a lower bracket someday, the Traditional IRA is more valuable. (Answer: with an aging population, large Federal budget deficits, and state and local implicit future obligations, taxes are going up from here!)

    If you think it is foolish to make either choice, consider owning both types of accounts at the same time, and take partial advantage of the features of each.


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    What is the benefit of working with a financial advisor?

    Personal Finance

    Everyone could use some direction and advice when it comes to their financial affairs.  The days

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    Everyone could use some direction and advice when it comes to their financial affairs.  The days when our parents and grandparents retired on company pensions and social security are no longer here for many of us who live in high cost metropolitan areas.  We are increasingly responsible for our own retirement nest egg, which on the surface is a very daunting prospect. Many of us also face the challenge of educating our children, taking care of aging parents, AND having enough money leftover for an enjoyable retirement ourselves.  By undergoing a comprehensive planning process, you can benefit from identifying insurance vulnerabilities, locating savings opportunities, and you’ll quantify all of your short and long term financial goals. Then, by making any needed changes today, you can avoid painful adjustments in the future.

    Most people wait until they are at a crossroads before seeking professional financial advice. Divorce, inheritance, a bad year of self-directed investments, or a good year for company stock options are all events that get people to finally stop procrastinating and instead engage the services of a professional adviser. Some already maybe working with a financial specialist such as their CPA, estate attorney, or insurance agent, but don’t have an overall general plan to connect everything together. You shouldn’t wait until events force you to ask for help, but should instead gain control of your affairs today. The right financial advisor can help you create a plan of action, invest your savings appropriately, and can guide you along your plan toward long term goal attainment. If done properly, you will save time, money, and feel more secure knowing that you have a professional at work on your behalf.

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    What asset allocation methods should I consider for retirement savings?

    Asset Allocation, Investing, Mutual Funds

    Basic asset allocation methods:1. Your Age in Bonds - this is a very “old school” rule, yet still

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    Basic asset allocation methods:

    1. Your Age in Bonds - this is a very “old school” rule, yet still in favor with old school characters like Jack Bogle of the Bogle Financial Markets Research Center. If you are 20 years old, your portfolio should consist of 20% in bonds, 80% in stocks. When you are 65% you should have 65% bonds, 35% stocks. The idea is that as you become older, you lose your ability to weather drops in account value, and you also need a greater proportion of your returns in the form of income once you retire. A higher allocation to bonds accommodates both needs. The reason this method is not used as much these days is that people routinely live into their late eighties today, and a very high percentage of bonds doesn’t allow the portfolio to keep growing fast enough to keep pace with the rising costs of living. 

    2. Asset/Liability Method - Figure out what costs you will incur in the future, and call those your liabilities. Invest in a mix of securities that will produce those exact dollar amounts for you to spend as liabilities come due. If you can lock in those cash flow amounts with something like zero coupon treasuries, you would be able to “set it and forget it” years in advance. This works great for insurance companies, which invest in bonds to match future payout needs they have pre-calculated. It might not work for you, because of the many variables involved. Who knows what their liabilities will be in thirty years? Most people barely know what they will be doing next month! Also, nobody has enough money to set aside for necessary future payoffs at the low returns today’s environment offers.

    3. Maximum Diversification - similar to what is known as the University Endowment Model, you  spread your bets across as many possible investment choices as you can. Your goal would be to achieve the combination of historical long term returns that each of your choices have demonstrated. At the same time, by putting only a small percentage of your nest egg into each, you reduce the chances of any one big mistake taking down your entire savings. You will dilute big winners with this method, but might save yourself from a massive loss to your retirement savings, too. Imagine a portfolio with 5% US Large Cap Stocks, 5% US Small Cap Stocks, 10% Foreign Stocks, 10% commercial real estate, 10% precious metals, 5% us bonds, 5% foreign bonds, 5% TIPS, 10% agricultural commodities fund, 10% hedge fund strategies, 10% cash, 10% foreign currency, 5% raw land (totally fictitious for the sake of this explanation). This approach can be followed to some extent by an individual investor, but not easily. It is more practical and cost efficient for a large institution with an infinite lifespan to execute this kind of strategy, since accessing certain alternatives and specialty managers can be a challenge for small investors.

    4. Core-Satellite Approach - In this allocation, you use a basic “passive” core stock & bond allocation, utilizing index tracking mutual funds or ETFs to duplicate market returns. This creates the “beta”(market tracking) contribution to your returns. You then set aside a 10-20% satellite allocation to generate “alpha”(excess return above market) by investing in active strategies designed to actually beat the market. If the satellite portion truly outperforms, your overall portfolio returns will have beaten the market, too. If the satellite component performs poorly, it only represents a sliver of your entire investment, so your overall portfolio return won’t be a disaster.

    So, which is best for you? Probably some elements of each. Try to keep things simple for yourself. This will help you stick with whatever plan you develop. Start with an Age-Based approach. Within that approach, use mostly index tracking funds and more specialized funds where they make sense. A nimble active bond manager might be appropriate in this challenging interest rate environment, for example. Then, once your portfolio has grown enough to cover your retirement goals for certain, lock in the victory, and don’t put your money at risk anymore. Most of all, be sure to utilize a strategy that is simple enough for you to master and allows you to sleep at night. Anything else will be counterproductive to long term success.


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    Where do ETFs disclose their daily holdings?

    Personal Finance, Investing

    You can find daily holdings by going to the website of the fund company that manages the portfolio.

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    You can find daily holdings by going to the website of the fund company that manages the portfolio. The description page for the particular ETF you own usually has a tab called “holdings” or “portfolio”. It will provide a link for viewing or downloading holdings as of the prior trading day. Only actively managed ETF portfolios are required to disclose holdings daily, but nearly all do. One big exception is Vanguard, whose index fund ETFs are structured as Investment Company Act of 1940 mutual fund share classes. Vanguard discloses its holdings quarterly as it does its conventional mutual funds.

    Here are a few examples of pages where you will find daily ETF holdings:


    iShares (IXUS) http://us.ishares.com/product_info/fund/holdings/IXUS.htm

    Guggenheim (all) http://guggenheiminvestments.com/products/etf/navs-and-assets

    PIMCO (HYS) http://www.pimcoetfs.com/Funds/Pages/HYS.aspx

    WisdomTree (DES) http://www.wisdomtree.com/etfs/fund-details.aspx?etfid=15

    Powershares (SPLV) http://www.invescopowershares.com/products/overview.aspx?ticker=SPLV


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    How does a personal umbrella liability policy protect me, and what does it cover?

    Insurance

    It is typical for a homeowner insurance policy to cover only up to $100,000 in damages to others for

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    It is typical for a homeowner insurance policy to cover only up to $100,000 in damages to others for which you are held liable and the cost of defending yourself in court. An additional umbrella liability insurance policy can protect your personal assets in the event you get sued for an unintentional personal injury or property damage taking place on your property or on the roadway. If you have substantial current assets, future assets, or substantial income you stand to lose a lot in a lawsuit. It might cost hundreds of thousands of dollars to defend yourself, even if you win!


    Imagine a couple of scenarios:

    Scenario 1: you are found at fault in a car accident that injures two or more people.  Hospital bills, lawyer fees, and missed wages by the injured exceeds the basic liability amounts on your auto policy. You are sued.

    Scenario 2: your child's friend severely injures himself on your trampoline in your backyard. You are found responsible.


    It would behoove you to discuss coverage with your insurance professional if you have a minimum number of certain risk factors making you vulnerable to lawsuits. These factors might include, but are not limited to:

    owning guns in the home

    employing domestic workers

    renting out property to tenants (wrongful eviction suit)

    having teenagers living at home

    having a swimming pool or trampoline

    driving a visibly expensive automobile

    owning an aggressive dog

    holding a position of high public visibility (serving on a board)


    Your insurance provider can offer umbrella liability coverage that kicks in once your homeowner or automotive policy limits have been exceeded. Each incremental million dollars of coverage is progressively less expensive to purchase. Examine your situation and educate yourself by having a discussion with your insurance agent and determining how much coverage you need, if any.


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About

We prepare a financial plan and manage investments for individuals with $500,000 in investment assets based upon each client's personal financial situation. Every client works directly with the owners of our firm. Our philosophy is transparency and simplicity, concepts we have adopted in response to our prior experience in the securities and fund industries. We seek to deliver a high level of personalized service.

Details

Contact Info
View contact info »
Email
lyman@pointbonitawealth.com
Phone
415-524-7123
Web
I am available for web conferencing
Address
220 Sansome Street 6th Floor
San FranciscoCA 94104
Firm
Point Bonita Wealth Advisors LLC
Focus Areas
Personal Finance, Retirement, Investing
Client Specializations
Sudden wealth, Young couples, Young professionals
Education
MBA, General Business, Oklahoma City University

BA, Political Science, University of California, Los Angeles (UCLA)
Registrations
Individual CRD #4277569
Regulatory Records
Please visit FINRA's website to review Lyman's records
While designations are not everything when selecting a financial advisor, they often indicate a certain level of knowledge related to a specific field and/or commitment to certain ethical and professional standards. Please see our detailed Guide to Financial Advisor Designations for more information.
Designations
CFA, CFP®

*Financial Advisor Disclaimer: We try to keep information accurate and up to date, however we cannot make warranties regarding the accuracy of our information.

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