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Greetings!
Happy Spring!
We were very pleased to see Wall Street close the first quarter of 2012 on a high note. Combine this news with our mild winter and early Spring, and we think that 2012 is off to an excellent start.
This is the third issue of our newsletter and we have received lots of positive feedback. In fact, many of you have asked if you can forward this newsletter to your friends and family. The answer is YES! We are thankful to have such wonderful clients and are always appreciative when you refer us to your friends and family.
As always, we enjoy hearing from you. Please email us at newsletter@cassaday.com to share your thoughts and suggestions for future issues.
Thank you!
Steve
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Quarterly Market Review
January-March 2012
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The Markets
As the U.S. economy continued its slow march toward recovery and Europe managed to fight off the threat of a Greek default on key bond payments, even higher gas prices couldn't stop equities from powering upward. The S&P 500 registered its best first-quarter performance since 1998, the Nasdaq managed to surpass its October 2007 high, and the Russell 2000 was only 15 points from accomplishing the same thing. Even the Global Dow managed to beat the Dow industrials, despite the Dow's gaining more in a single quarter than it did in all of 2011.
As investors grew increasingly comfortable with equities again, reduced demand for bonds sent yields back above 2%. Tensions with Iran pushed oil prices as high as $108 per barrel, pushing both gas prices and inflation higher despite concerns about slowing economies abroad. Gold regained some of the ground lost last year but then gave back almost half of those gains to end at roughly $1,670 an ounce. And after a strong move during 2011's final quarter, the dollar stabilized a bit. |
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Market/Index* |
2011 Close |
As of 3/30 |
Quarterly Change |
YTD Change | |
DJIA |
12217.56 |
13212.04 |
8.14% |
8.14% | |
NASDAQ |
2605.15 |
3091.57 |
18.67% |
18.67% | |
S&P 500 |
1257.60 |
1408.47 |
12.00% |
12.00% | |
Russell 2000 |
740.92 |
830.30 |
12.06% |
12.06% | |
Global Dow |
1801.60 |
1998.88 |
10.95% |
10.95% | |
Fed. Funds Rate |
.25% |
.25% |
0 bps** |
0 bps | |
10-year Treasuries Rate |
1.89% |
2.23% |
34 bps |
34 bps |
Quarterly Economic Perspective
- The U.S. economy continued to recover. The Bureau of Economic Analysis said gross domestic product for 2011's final quarter rose 3%; that's sharply higher than the previous quarter's 1.8% increase. However, China and Europe both showed signs that their economies might be faltering; China lowered its 2012 growth target to 7.5%, both the eurozone and the larger European Union saw a 0.3% contraction in their economies, and Germany and France reported weakness in their manufacturing sectors.
- Unemployment continued to fall, ending the quarter at 8.3%, its lowest level in three years. Meanwhile, the number of new jobs added to the economy exceeded 220,000 for three straight months.
- In the largest sovereign restructuring on record, 85% of Greek bondholders agreed to swap their holdings for bonds worth almost 54% less. The arrangement allowed Greece to impose the same terms on most of its remaining creditors, qualify for a second round of financial assistance, and make key bond payments. The restructuring meant that financial institutions had to pay off roughly $3 billion worth of credit default swaps on Greek debt.
- The leaders of all but two European Union countries signed a treaty designed to impose greater fiscal discipline in the EU, and European banks refinanced almost €530 billion with the European Central Bank to help maintain the financial system's stability.
- The Federal Reserve Open Market Committee said it plans to keep interest rates at "exceptionally low levels" through at least late 2014.
- Despite dips in sales of both new and existing homes in February, both continued to be higher than the previous year (up 11.4% and 8.8% respectively). However, that didn't translate into higher home prices; according to the S&P/Case-Shiller national index, home prices were at their lowest level since mid-2006. Housing starts also were down slightly in February, but both housing starts and building permits were up more than 34% from a year earlier.
- Spiking gas prices translated into higher consumer inflation; a 6% jump in gas prices in February alone helped boost the inflation rate for the last 12 months to 2.9%. Retail sales also were up 6.3% from the previous year, although gas prices accounted for part of that increase as well. Meanwhile, wholesale inflation was up 3.3% (the smallest yearly increase since August 2010).
- Fifteen large banks passed the Federal Reserve's stress tests designed to gauge their ability to withstand a financial crisis, but four others must resubmit plans that show they have sufficient capital.
Data source: All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. Equities data reflects price changes, not total return.
*The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The Russell 2000 is a market-cap weighted index composed of 2000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indexes listed are unmanaged and are not available for direct investment.
**bps stands for Basis Points
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2012. See disclaimer at the end of this newsletter.
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Cassaday Commentary
With Volatility, Emotions Can Get in the Way
By: Stephan Cassaday, CFP®, CFS
When we distill out all of the noise in the world of investment advice, there remains an essential immutable truth: The presence of volatility in individual investments and portfolios is the reason most people don't get the investment outcome they would like. Here's why:
Volatility in the investment lexicon means variance in returns above and below an average. Knowing the average return of an investment tells us little about its volatility; we must also know the range of returns above and below the average. The greater the variances in returns, the greater the investment's volatility.
Volatility encourages attempts at timing and our experience has been that more money is lost attempting to time the market than any other activity. Many investors believe that they can avoid the negative extremes by attempting to time their investments to avoid the negatives and participate in the positives. When portfolios are less volatile, correct timing decisions, or incorrect ones, don't really make a difference. Since the range of potential returns is narrow, timing decisions are less important because at any given entry point, the future returns are less likely to be dramatically better or worse than the historical averages. Although less volatile portfolios will underperform from time to time, their lower volatility may make it easier to remain invested for the long term. If you can stay invested when things are scary and not take inordinate risks when things are hopping, the chances of good long term outcomes may be enhanced.
Volatility brings emotion into the equation, and investors are more likely to make behavioral mistakes when their portfolios swing wildly. Emotional decisions are rarely correct decisions, and being aware of the impact of emotion is an important part of a potentially good long term outcome. Numerous studies have shown that investors regularly buy at market tops (when they feel comfortable) and sell at market bottoms (when they are nervous) which violates the basic axiom of successful investing: Buy low and sell high. Boring portfolios with lower volatility are less likely to cause your blood to heat up and induce emotional reactions. This cannot be stressed enough: the secret to successful investing is not timing or talent, it is temperament. With low volatility your disposition is more likely to be balanced and steady which means you may have a greater willingness to stay invested and think long term.
Volatility is used regularly in sales pitches to investors in an attempt to seduce them into doing things. It works both ways; when an investment is doing well, we feel more comfortable buying in. The positive volatility is used as a device to induce a purchase decision. Conversely, when an investment avoids volatility and is stable and "safe," investors who have previously been burned are receptive to a pitch that offers a safe harbor. This is especially true today because the memory of 2008 is fresh in everyone's mind. Unfortunately, both of these approaches have risk, just different kinds. With the former the risk is obvious because of its volatility. With the latter the risk is not that the investment will blow up but rather that it may not produce sufficient returns to support a long lived baby boomer's retirement.
In today's interest rate environment, good yields are hard to come by and taking profits to enhance cash flow is an increasingly common scenario. If investors are forced to supplement income through liquidations, a volatile portfolio could mean forced selling during periods of extreme negative fluctuations. Over time this pattern can inflict irrecoverable damage to retiree portfolios forcing reduced withdrawals or worse, depleting portfolios.
Understanding the impact of volatility on investment outcomes is a key component of a potentially favorable investing experience. Although there are no guarantees and risks still exist, broad diversification in a portfolio has the potential to produce pretty good average returns with volatility most investors will be comfortable with. Broadly diversified portfolios should contain all four major asset classes: Stocks and hard assets for potential growth and bonds and cash equivalents for liquidity, income and potential stability.
Editor's Note: Stephan Cassaday is a regular contributor to the Washington Business Journal. This article appeared in the March 9, 2012 issue. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against a loss in periods of declining values. Individual situations will vary; therefore, the information presented here should only be relied upon when coordinated with individual professional advice. | |
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Hot Topic: Retirement Plan and IRA Limits for 2012
Many retirement plan and IRA limits are indexed for inflation each year. Some of the key numbers for 2012 are discussed below.
Elective deferrals
If you're lucky enough to be eligible to participate in a 401(k), 403(b), 457(b), or SAR-SEP plan, you can make elective deferrals of up to $17,000 in 2012, up from $16,500 in 2011. If you're age 50 or older, you also can make a catch-up contribution of up to $5,500 to these plans in 2012 (unchanged from 2011). (Special catch-up limits apply to certain participants in 403(b) and 457(b) plans.)
If your 401(k) or 403(b) plan allows Roth contributions, your total elective contributions, pretax and Roth, can't exceed $17,000 ($22,500 with catch-up contributions). You can split your contribution any way you wish. For example, you can make $10,000 of Roth contributions and $7,000 of pretax 401(k) contributions. It's up to you.
If you participate in a SIMPLE IRA or SIMPLE 401(k) plan, you can contribute up to $11,500 in 2012 (unchanged from 2011). If you're age 50 or older, the maximum catch-up contribution to a SIMPLE IRA or SIMPLE 401(k) plan in 2012 is $2,500 (unchanged from 2011).
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Contribution limits: 2012 tax year* | |
Plan type |
Annual dollar limit |
Catch-up limit | |
401(k), 403(b), govt. 457(b) plans |
$17,000 |
$5,500 | |
SIMPLE plans |
$11,500 |
$2,500 | |
Traditional and Roth IRAs |
$5,000 |
$1,000 |
*Contributions can't exceed 100% of your income. Special catch-up rules apply to 403(b) and governmental 457(b) plans.
IRA limits remain the same for 2012
The amount you can contribute to a traditional or Roth IRA remains at $5,000 (or 100% of your earned income, if less) for 2012, and the maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to an IRA in addition to an employer-sponsored retirement plan. But if you (or your spouse) participate in an employer-sponsored plan, your ability to deduct Traditional IRA contributions may be limited, depending on your income. Roth contributions are also subject to income limits.
Some other key numbers for 2012
For 2012, the maximum amount of compensation your employer can take into account when calculating contributions and benefits in qualified plans (and certain other plans) is $250,000 (up from $245,000 in 2011). The maximum annual benefit you can receive from a defined benefit pension plan is limited to $200,000 in 2012 (up from $195,000 in 2011).
And the maximum amount that can be allocated to your account in a defined contribution plan (for example, a 401(k) plan or profit-sharing plan) in 2012 is $50,000 (up from $49,000 in 2011), plus age-50 catch-up contributions. (This includes both your contributions and your employer's contributions. Special rules apply if your employer sponsors more than one retirement plan.)
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Income phaseout range for determining deductibility of traditional IRA contributions in 2012 | |
1. Covered by an employer plan | |
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$58,000-$68,000 ($56,000-$66,000 for 2011) | |
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$92,000-$112,000 ($90,000-$110,000 for 2011) |
- Married filing separately
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$0-$10,000 | |
2. Not covered by an employer plan, but filing joint return with a spouse who is covered |
$173,000-$183,000 ($169,000-$179,000 for 2011) | |
Income phaseout range for determining ability to
fund Roth IRA in 2012 | |
Single/head of household |
$110,000-$125,000 ($107,000-$122,000 for 2011) | |
Married filing jointly |
$173,000-$183,000 ($169,000-$179,000 for 2011) | |
Married filing separately |
$0-$10,000 |
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2011. See disclaimer at the end of this newsletter.
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Q&A: How Much Do You Know about Social Security?
Social Security is in the news more and more as the first wave of baby boomers retires and economic pressures on the program increase. More than 90% of Americans are covered by Social Security,* but how much do you know about this important program?
How is Social Security funded?
Unlike many government programs, Social Security is funded primarily through the collection of payroll taxes. In 2010, 81.9% of funding came from this source, with the rest derived from interest earned on government bonds held by Social Security trust funds and income taxes paid on benefits.* That's why Social Security is known as a "pay-as-you-go" system. However, someone working and paying Social Security taxes today is not funding his or her own benefits, but is funding the benefits of someone who is receiving them now or in the near future--one of the reasons why Social Security is facing a potential funding shortfall. According to the Social Security Administration (SSA), the number of retired workers will double in less than 30 years, but there will be fewer workers paying into the system. And with life expectancies increasing, benefits will be paid for a longer period.*
How are earnings reported to the SSA?
If you work for an employer, your employer will send a copy of your W-2 form annually to the SSA. If you're self-employed, the IRS will report your earnings to the SSA annually after your federal income tax return has been processed.
What benefits are available?
Although Social Security is known as a retirement program, benefits are paid to people of all ages, including surviving family members and disabled individuals. In 2010, 5.7 million people were awarded Social Security benefits. Of those, 46% were retired workers, 36% were survivors or spouses/children of retired or disabled workers, and 18% were disabled workers.*
How do you qualify for benefits?
As you work and pay payroll taxes, you earn Social Security credits. Generally, you need to work 10 years to earn enough credits to qualify for retirement benefits--other benefits have different requirements. Contact the SSA if you have any questions about your benefit entitlement.
Do most people apply for early retirement benefits?
Yes. According to a report by the Government Accounting Office (GAO), 43% of people take early retirement benefits at age 62, while almost 73% of people apply for benefits before they reach full retirement age.**
How much more will you receive if you delay applying for benefits?
For each year past your full retirement age you delay receiving benefits, your Social Security benefit will increase by a certain percentage (8% for anyone who was born in 1943 or later). For example, if your full retirement age is 66 and you delay receiving benefits until age 70, your annual benefit will be 32% higher.
Can you receive benefits based on an ex-spouse's record?
You may qualify for divorced spousal benefits if you were married for at least 10 years, you haven't remarried, you are age 62 or older, and you don't qualify for a higher benefit based on your own work record.
Do workers with lower earnings receive more from Social Security?
A worker who has lower earnings will receive a lower monthly benefit than someone with higher earnings because benefits are based on average lifetime earnings (the highest 35 years of earnings are used in the calculation). However, the Social Security benefit formula is designed to ensure that workers with lower earnings receive a greater percentage of their preretirement earnings. For example, a worker with relatively low earnings may receive a benefit that is approximately 55% of his or her preretirement earnings, while a worker with relatively high earnings may receive a benefit that is approximately 25% of his or her earnings.***
Do you have to stop working to receive Social Security retirement benefits?
No. As long as you've reached early retirement age and meet eligibility requirements, you can apply for Social Security benefits even if you decide to continue working. However, if you're younger than full retirement age and earn more than a certain amount, your benefits will be temporarily reduced (once you reach full retirement age, your benefits will be increased to account for the money that was withheld).
*Source: Fast Facts & Figures About Social Security, 2011
**Source: GAO-11-400, Retirement Income, June 2011, based on data compiled by the SSA Office of the Chief Actuary
***Source: SSA Publication No. 05-10045, 2011
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2011. See disclaimer at the end of this newsletter. | |
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What's New @ Cassaday
Barron's Top 1000 Advisors in the US
For the fourth year, Cassaday & Company, Inc. has been named one of the top 1000 financial advisors in the country by Barron's. Cassaday & Company was ranked 4th in Virginia for the third year in a row.
Jean Chatzky's Money Rules Book
This Fall, Steve Cassaday was asked to contribute a financial rule for Jean Chatzky's latest book, Money Rules. We have been patiently waiting to see if Steve's rule made the cut. Well...drum roll...
We are proud to say that Steve's rule was included in Jean's book!
 In the book's introduction, Jean explains how she chose the rules to include in her book. "Over my career, I've come up with a set of Money Rules that I follow (and tell others to follow) religiously. And I'm not the only one. Financial advisors, analysts, bankers, accountants, lawyers as well as plenty of smart people in nonfinancial professions have their own money rules. This book pulls them together. First, I made my own list. Then I collected from others. Then I vetted both. I got rid of the ones that didn't make sense and the ones that didn't hold water. I got rid of the ones that just didn't feel right. In fact, I got rid of more rules than I held onto. You'll see the ones that passed all of my tests on the pages that follow...."
Rule #72: The secret to successful investing
isn't talent or timing.
It's temperament.
Do you have it in you to ignore the short-term volatility in the markets? To keep buying when the picture looks dimmest? And to acknowledge that you do not know where the markets are going day to day, week to week, or even month to month? Then you have what it takes to be a good investor. It's sad but true: Human psychology works against the behaviors that have historically led to good long-term returns. If you can acknowledge this truth and work within it--raising the white flag and getting some help when you feel yourself wavering--you'll be just fine.
Introducing our New Advanced Strategies Dept.
At Cassaday and Company, we are dedicated to providing you with the highest level of expertise to assist you with all of your financial planning needs. Many of you hold insurance and annuity products in your portfolios. We certainly understand the value that these products can provide as a way to help preserve your assets, however there are many complexities surrounding these investments that require extra attention. As an added value to you, we felt it would be prudent to create an Advanced Strategies Department to more closely monitor the ever changing insurance and annuity landscape and provide regular reviews of your insurance and annuity policies.
We are pleased to announce that Carmen Bississo will lead this new department as the Director of Advanced Strategies. Carmen has been with Cassaday since 2008, most recently as our Director of Research. Carmen came to us with five years of experience leading the Annuity and Investment Department of a local MassMutual insurance agency. Given her experience and passion for the fields of insurance and annuities, leading the new Advanced Strategies Department is a natural transition for her. Well versed in the financial industry overall, Carmen is an Investment Advisor Representative and holds the Series 7, 66, and 24 securities registrations, as well as Life and Health Insurance Licenses. Carmen also obtained the Certified Fund Specialist and Certified Annuity Specialist designations through the Institute of Business and Finance.
Megann Halliburton, one of our most recent hires, will provide administrative support for the Advanced Strategies Department. While not yet securities registered or able to offer securities products or services, Megann has several years of client service experience, having worked full time throughout her education at George Mason University. Megann currently is working on her bachelor's degree and will graduate in May. When not working or attending classes, Megann enjoys writing fiction (she is working on her first novel) and playing tennis. She also volunteers at The Arc of Northern Virginia. Megann is originally from Wise, Virginia.
Given our increased focus on insurance and annuity reviews, you may be hearing from Carmen and Megann in the near future. They are both looking forward to assisting you in this area of your financial plan.
Cassaday's New Director of Investment
Management and Research
We are happy to announce that Joel Harned is our new Director of Investment Management and Research. Prior to joining Cassaday & Company, Joel worked as a consultant at Breslin, Young and Slaughter, LLC and was a Portfolio Manager and Research Analyst at Burt Associates. He has also held positions at Charles Schwab and Merrill Lynch. Joel graduated from Towson University in Maryland. He lives with his wife Mary and their two sons in Cheverly, MD. Before kids, Joel was an avid bike rider and enjoyed hiking and skiing.
Baby News!
Steve's assistant, Lori Triplett, and her husband, Billy, were blessed with the arrival of Baby Will on February 23, 2012 at 4:58pm. He weighed in at 6 pounds, 7 ounces.
Certifications & Promotions
Please join us in congratulating Christina Miller for earning her Chartered Mutual Funds Counselor (CMFC) designation through the College for Financial Planning. This is the first step in achieving her ultimate goal of becoming a CERTIFIED FINANCIAL PLANNER™.
We are pleased to congratulate Anna Shkrabaliuk on her promotion and new title of Accountant. Anna joined Cassaday & Company, Inc in 2010 as an Accounting and Business Management Assistant. She has been providing financial and human resources support to Allison Huke, Chief Operating Officer, and Steve Cassaday. During her time at Cassaday & Company, Anna's responsibilities have steadily expanded and currently she is in charge of all of the accounting responsibilities for the firm, analysis and reporting of financial performance, and utilizing appropriate accounting control procedures. Prior to joining Cassaday & Company, Inc, Anna worked as an accountant at Federal News Service, Inc. Her goal is to sit for the Certified Internal Auditor exam in 2013.
Cassaday Employees are busy out of the office, too!
Sean Gallahan recently joined the Make-A-Wish Foundation® of the Mid-Atlantic region as a Wish Granter. This chapter granted 404 wishes in 2011 and hopes to grant even more this year as their list of volunteers continues to grow. Sean looks forward to granting the wish of a 16 year old from South Riding, Virginia.
Nick Harris was recently named Chairman of the Board of Directors of PRS, Inc., a nonprofit organization in Northern Virginia providing community-based support services and training for men and women living with mental illness, emotional and/or behavioral disorders. Nick has served on the board of directors since 2010.
Our Latest Award...
2012 Alliance for Workplace Excellence Winner
Cassaday & Company is proud to announce that we were awarded the Alliance for Workplace Excellence Seal of Approval. Winners demonstrate an outstanding commitment to balanced leadership and the overall success of their workforce.
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 Helpful Hints
Tamarac Update
Great News! You can now access the Tamarac Portal System to view your monthly statements, account balances and account history (includes cleared checks).
To access Tamarac simply go to Cassaday's website, www.cassaday.com, and click on the "Account Access" tab in the upper right corner or you can simply click here. If you have not registered for access to Tamarac, or if you forget your password or need assistance navigating Tamarac, please call 703-506-8200 to speak with Chad Cassaday (chad@cassaday.com). | |
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Great Question from a Client
Steve,
I realize this may be a silly question but how exactly are investments selected for my portfolio? Is one advisor a more aggressive investor in the firm than the others?
Thanks,
Robert
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Robert,
Great question! All investments selected by our firm are reviewed and vetted by the Investment Policy Committee (IPC). The IPC consists of the six senior planners, the Directors of Investment Management & Research and the Director of Advanced Strategies. The IPC is supported by our research associates.
The firm's investment policy is developed and implemented by this group. All investments we select come out of the IPC after a rigorous analytical process that includes manager interviews and a review of historical performance using statistical examination contained in Modern Portfolio Theory, a Nobel Prize winning model for risk and return measures. The IPC also systematically monitors the performance, investment style adherence and risk measures of our investment selections on an ongoing basis and makes changes as appropriate.
The IPC also develops the firms "macro view" which is our perspective on all of the elements that impact investment results, such as the direction of interest rates, the stock markets and taxes. This macro view determines how we configure portfolios.
We believe that the presence of our Investment Policy Committee distinguishes our firm from others. It also protects our clients at a number of levels:
- No one advisor can make investments without approval by the IPC which fully assures a uniform and consistent investment management deliverable to our clients.
- Each member is responsible for a portion of the portfolio, e.g. US Large companies, Foreign small companies. These asset class managers are charged with the responsibility of knowing their "space" and regularly reporting to the larger committee on their selections.
- If an advisor dies or is disabled, there is seamless continuity in the investment management process.
- All members of the committee are stakeholders whose compensation is tied directly to the value of our assets under management. Bad decisions on the part of the IPC have an impact on all employees. Members take their responsibility very seriously. Perhaps more importantly, our interests (i.e. making client assets grow) are perfectly aligned with the interests of our clients.
- Although there are no guarantees, collaboration among highly trained and experienced professionals more fully assures that investment decisions are sound.
Steve
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Thank you,
Stephan Quinn Cassaday, CFP®, CFS
President
8180 Greensboro Drive, Suite 1180
McLean, VA 22102
703-506-8200 or 800 672 2102
www.cassaday.com
Securities offered through Royal Alliance Associates, member FINRA/SIPC. Investment advisory and insurance services offered through Cassaday and Company, a registered investment adviser not affiliated with Royal Alliance Associates.
IMPORTANT DISCLOSURES Securities offered through Royal Alliance Associates, member FINRA/SIPC. Investment advisory and insurance services offered through Cassaday and Company, a registered investment adviser not affiliated with Royal Alliance Associates.
Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client's evaluation.
The formula Barron's uses to rank advisors is proprietary. It has three major components: assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor's returns are dictated largely by the risk tolerance of clients. The quality-of-practice component includes an evaluation of each advisor's regulatory record. Please see http://online.barrons.com/report/top-financial-advisors for more information.
Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future projections. There are no guarantees that these results will be achieved. Please note that invidual situations can vary. Therefore. the information presented here should only be relied upon when coordinated with individual professional advice.
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2012. |
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| Employee Spotlight
Linda Stewart, CRCP
Director of Client Services & Chief Compliance Officer
* Linda joined Cassaday & Company in 1994 and is the firm's most tenured employee.
* She is responsible for Client Services for clients whose last names begin with A-J.
* As the Chief Compliance Officer, Linda is responsible for making sure we remain compliant. As you may know, the financial industry is one of the most highly regulated.
* She has over 25 years of experience in the banking and finance industries.
* Linda has spent her entire life in the DC-area and has lived in Burke for the last 37 years with her husband Dave and three children.
* Linda loves to run and enjoys mentoring new runners. After recovering from Achilles surgery, she hopes to run the Rock and Roll Half Marathon in Pennsylvania this coming September.
To learn more about Linda and the rest of the Cassaday team, please visit our team web page.
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