Category Archives: Investing and fiduciary requirements

First Quarter 2013 Financial Update

THE QUARTER IN BRIEF

Wall Street’s bulls figured stocks were ready for a breakout in 2013, and that is
exactly what happened in the first quarter. The Dow finished March at
14,578.54, its highest close ever. The S&P 500 ended the quarter with a
record close: 1,569.19. The S&P, Dow and Russell 2000 all gained 10% or
more in the opening three months of the year. Bullish sentiment was backed up
by impressive economic indicators – in real estate, in the manufacturing and
service sectors, in consumer spending and retail sales. New anxieties in Europe
and sluggish projections of global growth couldn’t halt the rally. The quarter
was flat-out spectacular for equities, from small caps to blue chips – in fact,
it was the Dow’s best first quarter since 1998.1
DOMESTIC ECONOMIC HEALTH

The Dow jumped nearly 2% on January 2 as President Obama signed a bill into law to
avert the “fiscal cliff” – the combination of tax hikes and expiration of
Bush-era tax cuts presumed to throw the economy into recession. While the
legislation raised estate taxes, hiked the top tax bracket to 39.6% and ended
the payroll tax holiday (resulting in a 2% reduction in take-home pay for each
working American), it did preserve the Bush-era cuts for the bulk of taxpayers
and extended numerous tax breaks and long-term jobless benefits.2
The unemployment rate – 7.8% at the end of 2012 – ticked up to 7.9% in January yet
fell to 7.7% in February. Still, hiring was picking up. Non-farm payrolls added
236,000 workers in February, capping off a three-month stretch in which the
employment ranks grew by an average of 191,000 jobs a month. From June-August
2012, the pace of hiring averaged only 135,000 jobs per month.3,4
Gasoline grew costlier – rising 35¢ in February alone – and that was a big influence in
Q1 gains in consumer spending and retail sales. As the Commerce Department
noted, personal spending rose 0.4% in January and 0.7% in February; personal
wages recovered from a 3.7% plunge in January to advance 1.1% in February.
(Household wages dropped in January partly because of a rush by corporations to
issue dividends in December, ahead of the assumed fiscal cliff.) Consumer
prices rose 1.6% in January, and 2.0% in February, according to the Bureau of
Labor Statistics. Even so, retail sales rose in both months – 0.2% in January,
1.1% in February. February’s gain was the largest in five months and brought
the annualized gain to 4.6%, more than twice the rate of inflation.5,6,7
Results from America’s two major consumer confidence polls varied notably. The
Conference Board’s monthly survey came in at 58.4 in January, 68.0 in February,
and 59.7 in March; the University of Michigan’s consumer sentiment survey went
from 73.8 to 77.6 to 78.6 across the first three months of 2013.8,9
In late March, the Bureau of Economic Analysis made its last appraisal of Q4 GDP –
just +0.4%. The recent boost in consumer spending hints at improved growth for
Q1, as do the twin PMIs of the Institute for Supply Management. ISM’s
manufacturing index rose in each month of the quarter (it had contracted in
November), hitting a high of 54.2 in February, but then 51.3 in March; its
service sector PMI was at 56.0 in February, then 54.4 in March. In other
business indicators, overall hard goods orders recovered from a 3.8% dip in
January to increase 5.6% in February; producer prices rose 0.2% in January and
0.7% in February.10,11,12,13

As Congress and the White House could not arrive at a deal to postpone federal
spending cuts scheduled for March 1, the last month of the quarter saw the
start of a phase in which $85 billion would be trimmed from the budgets of
federal agencies this year. The Pentagon faced a 13% cut, while non-defense
programs stared at a 9% cut. Against expectations, Congress passed a stopgap
budget bill that would keep the federal government funded until October 1 six
days ahead of a deadline. As the quarter ended, Federal Reserve Chairman Ben
Bernanke reaffirmed that interest rates would remain at historic lows until the
economy showed more than “temporary improvement”. There would be no near-term
end for the Fed’s quantitative easing effort, though the amount of its monthly
bond purchases could vary in response to improvements in the unemployment rate.14,15,16

GLOBAL ECONOMIC HEALTH

Like a campfire that had been inadequately doused, the financial crisis in Europe
flared up anew. Cyprus needed a bailout by March, so the European Central Bank
offered it €10 billion to rescue its banking system. The Cypriot parliament at
first rejected the plan (which would have taxed bank accounts up to 10%), then
accepted it with modifications. Adding to the drama, Italy’s February national
election resulted in a parliamentary stalemate which may not be resolved until
July; at the end of March, Italian bond yields were again rising dangerously. Eurozone
unemployment was 12.0% by the end of the quarter.17,18,19
China tried to ward off a real estate bubble during the quarter by levying a 20%
capital gains tax on home sales. Its central bank set a growth target of 7.5%
for 2013 and an inflation target of 3.5%. By March, Markit PMIs showed
expanding manufacturing sectors in the PRC (51.6), Taiwan (51.2),
South Korea (52.0), Vietnam (50.8), India (52.0) and Indonesia (51.3). Also notable: Japan’s
embrace of “Abenomics”, the stimulus-driven economic policy of prime minister
Shinzo Abe. Aimed at lifting Japan out of its current recession, it drove
Japanese stocks significantly higher and gave business sentiment a shot in the
arm.20,21,22

WORLD MARKETS

The Nikkei 225 had another amazing quarter, rising 19.27%. Other Q1 performances in
the Asia Pacific region: Pakistan’s KSE 100, +6.17%; Australia’s ASX, +6.83%;
the PSE Composite in Manila, +17.80%; Hang Seng, -1.58%; Sensex, -3.04%;
Shanghai Composite, -1.43%. In the Americas, the Bovespa sank 7.55% on the
quarter while the TSX Composite rose 2.55%; Argentina’s MERVAL climbed 18.45%.
In Europe, the FTSE 100 gained 8.71% in Q1, the DAX 2.40% and the CAC 40 2.48%;
Ireland’s ISEQ topped all indices in the region with a 16.53% Q1 advance. The
MSCI Emerging Markets Index dropped 2.14% in Q1 2013; in contrast, the MSCI
World Index rose 7.18%.23,24

COMMODITIES MARKETS

Metals prices were mixed on the COMEX for the first quarter. Gold fell 4.8%, copper
6.0%, and silver 6.3%; platinum advanced 2.1% and palladium rose 9.2%. The U.S.
Dollar Index gained 8.1%. U.S. crude futures rebounded 5.7% in the quarter,
while natural gas logged a 20.1% advance. Crop futures had it rough in Q1:
sugar lost 9.5%, coffee 4.6%, cocoa 3.0%, corn 0.4%, soybeans 1.0% and wheat
11.6%.25,26

REAL ESTATE

The sector was plainly on the way back. In March, the National Association of Realtors
noted that pace of existing home sales had improved 10.2% in the 12 months
ending in February, with the median price up 11.6%; pending
home sales
were up 5.0% across 12 months as well. The Census Bureau said
new
home sales had risen 12.3% in that same period, and it also reported much more
groundbreaking and considerably more projects in the pipeline: a 27.7% 12-month
gain in housing starts, a 33.8% annualized gain in building permits. The latest
edition of the S&P/ Case-Shiller Home Price Index (January) posted its
largest annual rise since 2006 (8.1%) with 19 of 20 cities showing gains.27,28,29,30
Broadly speaking, mortgages grew more expensive in the quarter. In Freddie Mac’s last
2012 Primary Mortgage Market Survey (December 27), the average interest rates for
mortgage varieties were as follows: 30-year FRMs, 3.35%; 15-year FRMs, 2.65%;
5/1-year ARMs, 2.70%; 1-year ARMs, 2.56%. In the March 28 PMMS, the rates
looked like this: 30-year FRMs, 3.57%; 15-year FRMs, 2.76%; 5/1-year ARMs,
2.68%; 1-year ARMs, 2.62%.31,32

Can Stocks Advance Further Without a Weak Dollar?

Are we seeing the early signs of a dollar bull run?

What happened to the weak buck? In recent years, stock
market gains have been associated with a weak dollar (among other factors).
This latest rally on Wall Street seems to be an exception: years of dollar
weakness may be giving way to renewed foreign investment in U.S. currency,
spurred by global belief that things are getting better in America.
If the trend keeps up, it threatens to toss a wet blanket on a sizzling market. As the Dow
and S&P 500 have logged gains, so has the U.S. Dollar Index. The USDX is up
since the start of February, and it reached a six-month peak against a basket
of foreign currencies on March 13. On that day, the euro sank to a three-month
low against the dollar while the yen approached a four-and-a-half-year low
against the buck.1,2
If a rising dollar does pressure stocks, the pressure may subside. High
unemployment and slow growth may signal that the country
is still in an economic recovery. In response, the Federal Reserve is keeping interest
rates at historic lows and creating dollars to buy bonds. So even if stocks
pull back a bit in the coming weeks, you could still see central bank policy
encouraging a soft dollar.

While printing money can promote inflation, the Fed faces little pressure to stop easing – at last look, yearly
gains in consumer and producer prices were well within its annualized target. For
Fed policy to change, inflation would have to pose a real macro threat. It doesn’t today and it probably won’t until GDP and
wage growth approach historical norms. That may not happen until 2014 or 2015.
What if this show of strength isn’t fleeting? If the U.S. is leading the way in a global
recovery –as it has in many past economic cycles – we could see a bull market
in the dollar in the distant future, and it could coincide with a bull market
in equities.
For a dollar rally to happen, you need
three conditions in place. The dollar has to be cheaply valued; the U.S.
economy has to be on the upswing, especially relative to the rest of the world;
and, interest rates need to rise.

At the moment, defense spending isn’t on the rise and the NASDAQ is a
long way from 5,000. While times have certainly changed, other conditions might
function as catalysts for a sustained strong dollar anyway: a very weak euro, a
yen slipping into a bear market, and America’s decreasing reliance on foreign
oil. All of these conditions may persist for some time.

Some statistics worth noting: here in March, the yield on the 10-year Treasury
has risen to its highest premium in 19 months versus the yield on Japan’s 10-year
note. The yield on our 2-year note is nearly 0.20% higher than that of Germany’s,
the biggest gap in yield since early January. As for the USDX, it is currently more
than 30% below its 2001 peak.3

It is also worth noting that the dollar bull markets
of the 1980s and 1990s did not obstruct the concurrent bull markets in U.S. stocks.
A dollar rally can be rough for emerging markets, however – witness the debt
crises that hit Latin America in the 1980s and Southeast Asia in 1997.

Maybe the relationship is changing. It could be that the recent correlation between a weak dollar and a
bull market is fading, and that the
course of the dollar is in sync with the course of the market – that is, leading
the way for the rest of the world. As CEF Holdings CEO Warren Gilman told CNBC,
“The dollar is the best currency among a sad group [of currencies] and that
will continue as anticipation of strength in the economy grows.” Relatively
speaking, the dollar looks good – and perhaps U.S. stocks will look even better
as the year continues.4
This material was prepared by MarketingLibrary.Net Inc., and does
not necessarily represent the views of the presenting party, nor their
affiliates. All information is believed to be from reliable sources; however we
make no representation as to its completeness or accuracy. Please note –
investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to engage
the services of a competent professional. This information should not be
construed as investment, tax or legal advice and may not be relied on for the
purpose of avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment.

 

Citations.

1 – online.wsj.com/mdc/public/npage/2_3050.html?mod=mdc_curr_dtabnk&symb=DXY
[3/14/13]

2 – abcnews.go.com/blogs/business/2013/03/economic-boost-from-stronger-us-dollar/
[3/14/13]

3 – www.ft.com/cms/s/0/1dd0417e-8a61-11e2-9da4-00144feabdc0.html#axzz2NYTQsFke
[3/12/13]

4 – www.cnbc.com/id/100541247 [3/11/13]

 

Retirement Seen Through Your Eyes

After you leave work, what will your life look like?

How do you picture your future? If you are like many baby
boomers, your view of retirement is likely pragmatic compared to that of your
parents. That doesn’t mean you have to have a “plain vanilla” tomorrow. Even if
your retirement savings are not as great as you would prefer, you still have
great potential to design the life you want.

With that in mind, here are some things to think about.
What do you absolutely need to accomplish? If
you could only get four or five things done in retirement, what would they be?
Answering this question might lead you to compile a “short list” of life goals,
and while they may have nothing to do with money, the financial decisions you
make may be integral to achieving them. (This may be the most exciting aspect
of retirement planning.)

What would revitalize you? Some people retire
with no particular goals at all, and others retire burnt out. After weeks or
months of respite, ambition inevitably returns. They start to think about what
pursuits or adventures they could embark on to make these years special. Others
have known for decades what dreams they will follow … and yet, when the time
to follow them arrives, those dreams may unfold differently than anticipated
and may even be supplanted by new ones.

In retirement, time is really your most valuable asset. With more free time and opportunity for
reflection, you might find your old dreams giving way to new ones. You may find
yourself called to volunteer as never before, or motivated to work again but in
a new context.

Who should you share your time with? Here is another
profound choice you get to make in retirement. The quick answer to this
question for many retirees would be “family”. Today, we have nuclear families,
blended families, extended families; some people think of their friends or
their employees as family. You may define it as you wish and allocate more or
less of your time to your family as you wish (some people do want less family
time when they retire).

Regardless of how you define “family” or whether or not you want more “family time” in
retirement, you probably don’t want to spend your time around “dream stealers”.
They do exist. If you have a grand dream in mind for retirement, you may meet
people who try to thwart it and urge you not to pursue it. (Hopefully, they are
not in close proximity to you.) Reducing their psychological impact on your retirement
may increase your happiness.
How much will you spend? We can’t control all retirement expenses, but we can control some of
them. The thought of downsizing may have crossed your mind. While only about
10% of people older than 60 sell homes and move following retirement, it can potentially
bring you a substantial lump sum or lead to smaller mortgage payments. You
could also lose one or more cars (and the insurance that goes with them) and
live in a neighborhood with extensive, efficient public transit. Ditching land
lines and premium cable TV (or maybe all cable TV) can bring more savings.
Garage sales and donations can have financial benefits as well as helping you
get rid of clutter, with either cash or a federal tax deduction that may be as
great as 30-50% of your adjusted gross income provided you carefully itemize
and donate the goods to a 501(c)(3) non-profit.1

Could you leave a legacy? Many of us would like to give our kids or grandkids a good start in
life, or help charities or schools – but given the economic realities of
retiring today, there is no shame in putting your priorities first.

Consider a baby boomer couple with, for
example, $285,000 in retirement savings. If that couple follows the 4% rule,
the old maxim that you should withdraw about 4% of your retirement savings per
year, subsequently adjusted for inflation – then you are talking about $11,400
withdrawn to start. When you combine that $11,400 with Social Security and assorted
investment income, that couple isn’t exactly rich. Sustaining and enhancing
income becomes the priority, and legacy planning may have to take a backseat.
In Merrill Lynch’s 2012 Affluent Insights Survey, just 26% of households polled
(all with investable assets of $250,000 or more) felt assured that they could
leave their children an inheritance; not too surprising given what the economy
and the stock market have been through these past several years.2

How are you planning for retirement? This is the most important question of all. If you feel you need to prepare
more for the future or reexamine your existing plan in light of changes in your
life, then confer with a financial professional experienced in retirement
planning.

 

This material was prepared by MarketingLibrary.Net Inc., and does
not necessarily represent the views of the presenting party, nor their
affiliates. All information is believed to be from reliable sources; however we
make no representation as to its completeness or accuracy. Please note –
investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to engage
the services of a competent professional. This information should not be
construed as investment, tax or legal advice and may not be relied on for the
purpose of avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment.

Citations.

1 – www.bankrate.com/finance/financial-literacy/ways-to-downsize-during-retirement.aspx
[2/28/13]

2 – wealthmanagement.ml.com/Publish/Content/application/pdf/GWMOL/Report_ML-Affluent-Insights-Survey_0912.pdf
[9/12]

Ban Actively Managed Funds From 401(k)s, IRAs?

This is an interesting article that begs the question – am I really getting objective advise from the big wire houses?  Or any commission-based broker?  Should I only use index funds in my account?
I use index funds in alot of my 401k and IRA accounts, simply because in most cases lower fees are good.  However, there are times actively managed funds (which cost more) can bring additional benefit to my clients.  The details are in  doing the research and understanding when to use an index and when to use an actively managed fund.  AND, this is why I prefer to work for a fixed fee rather than a commission.

Blunt proposal springs from open-architecture argument

By March 14, 2013 •

Why is it that every current wirehouse advisor says they’re
completely open-architecture, while every former wirehouse advisor says
they faced pressure to sell proprietary products?

The New York Times ginned up controversy recently with its front-page story, “Selling the Home Brand: A Look Inside an Elite JPMorgan Unit,” which reinforced the view that wirehouses put themselves first and clients second. Now Alicia Munnell (left), director of the Center for Retirement Research at Boston College, picks up the thread.

The trouble started with The Times exposé, which detailed
how advisors at JPMorgan Chase & Co. were supposedly pressured to
sell the bank’s own higher-fee products. The firm responded that their
advisors were permitted to sell third-party products on an
open-architecture platform, but some brokers—surprise—said that they
faced repercussions for doing so.

As Munnell notes in a piece posted to MarketWatch
on Wednesday, the tendency to push high-fee products goes way beyond
JPMorgan Chase and was the motive behind the Department of Labor’s 2010
proposals to eliminate 12b-1 fees for anyone who gives advice to holders
of individual retirement accounts (IRAs), including banks, insurance
companies, RIAs and broker-dealers.

So she calls for a “more direct approach,” one that actually bans
actively managed, high-fee funds from any type of account that receives
favorable treatment under the Internal Revenue Code to encourage
retirement saving.

“Many studies have shown that actively managed funds underperform
index funds, even before accounting for the higher fees charged by the
former,” Munnell writes. “But broker-sold mutual funds perform worst of
all. One estimate is that broker-sold funds underperform average
actively-managed stock funds by 23 to 255 basis points a year.
Investments in tax-favored accounts should be limited to index funds.”

She goes on to argue that since the government “foregoes considerable
revenue” in order to encourage retirement saving, it therefore has “a
responsibility to ensure that these accounts are managed in the best
interests of participants.”

“Participants have nothing to gain on average from investing in
actively managed funds but end up in these investments either through
ignorance (in the case of 401(k) plans) or through pressured sales (in
the case of IRAs). The high fees associated with actively managed mutual
funds are not associated with higher returns. They simply frustrate the
policy objective of increased retirement saving.”

Banning actively managed funds from tax-favored plans would also
“send a message” to those investing outside these plans that they have
little to gain from active management, she concludes, giving advisors
like those in the Chase Private Client program a run for their money.

What Does the Dow’s Record High Really Mean?

Does it signal anything more than bullish sentiment?

Next stop, 15,000? As the Dow Jones Industrial Average
settled at a new all-time high of 14,253.77 on March 5, the psychological lift
on Wall Street was undeniable – the market was finally back to where it was in
2007. Or was it?1

For many Americans, the Dow equals the stock market, and the stock market is a direct
product of the economy. It doesn’t quite work that way, of course. Right now,
it is worth examining some of the factors that have driven the Dow to its
series of record closes. Does the Dow’s impressive winter rally signal anything
more than unbridled bullish enthusiasm?

The small picture. Investors should
remember that the Dow Jones Industrial Average includes just 30 stocks – 30 closely
watched stocks, to be sure, but still just 30 of roughly 2,800 companies listed
on the New York Stock Exchange. The S&P 500, with its 500 components, is considered
a better measure of the market. When you hear or read that “stocks advanced
today” or “stocks retreated this afternoon”, the reference is to the S&P. As
the Dow kept settling at all-time peaks in early March, the S&P was consistently
wrapping up trading days at 5-year highs but still remained about 2% off its 2007
record close.2,3
You could argue that the Dow is even less representative of the broad stock market than it once
was. In 2007, Kraft, Citigroup and General Motors were among the blue chips;
since then, they’ve been tossed out and the index has gotten a little more tech-heavy.1
If you add up all the share prices of the
30 stocks in the Dow, you will not get a number over $14,000. The value of the
Dow = 7.68 x the total share prices of all 30 Dow components. How did Dow Jones
arrive at the magic multiplier of 7.68? It is a direct reflection of the Dow
Divisor, which is a numerical value computed and periodically adjusted by Dow
Jones Indexes. For every $1 that shares of a DJIA component rise in price, the
value of the Dow rises 7.68 (the Dow Divisor, you see, is well beneath 1 – on
March 7 it was 0.130216081).4,5,6
The DJIA isn’t indexed to inflation, so hitting 14,167 in 2013 isn’t quite like hitting 14,167
in 2007. It is a price-weighted index as well (i.e., each Dow component represents
a fraction of the index proportional to its price), which also makes a
comparison between 2007 and 2013 a bit hazy.1
The big picture.
The Dow surpassed its old record thanks to many factors – the resurgent
housing market, the Institute for Supply Management’s February purchasing
managers indices showing stronger expansion in the manufacturing and service
sectors, an encouraging ADP employment report, and of course earnings. Perhaps the most
influential factor, however, is central bank policy. The Federal Reserve’s
ongoing bond-buying has stimulated the real estate industry, the market and the
overall economy, and fueled the DJIA’s ascent. The parallel, open-ended effort
of the European Central Bank has diminished some of the anxiety over the future
of the euro. In early March, the ECB and the Bank of England again refrained
from adjusting interest rates and ECB president Mario Draghi mentioned the need
for the bank to retain an “accommodative” policy mode until the eurozone economy sufficiently improves.3
In the big picture, two perceptions are moving the market higher. One is the conclusive belief that the recession
is over. The other is the assumption that the Fed will keep easing for a year
or more. Pair those thoughts together, and you have grounds for sustained bullish
sentiment.
How high could the Dow go? Any time the Dow
flirts with or reaches a new record high, bears caution that a pullback is
next. Though many analysts feel stocks are fairly valued at the moment, a
combination of headlines could inspire a retreat – but not necessarily a
correction, or a replay of the last bear market.
While the market has soared in the first quarter, the economy grew just 0.1% in the fourth
quarter by the federal government’s most recent estimate. That may have given
some investors pause: the Investment Company Institute said that $1.13 billion left
U.S. stock funds in the week of February 25-March 1, which either amounts to
bad timing, an aberration (as it was the first outflow ICI recorded this year),
profit-taking or skittishness.7

If the Dow hits 14,500 or 15,000, that won’t confirm that the economy has fully healed or that
the current bull market will last X number of years longer. It will be good for
Wall Street’s morale, however, and Main Street certainly takes note of that. Lazard
Capital Markets managing director Art Hogan seemed to speak for the status quo
in a recent CNBC.com article: “We’re certainly in an environment where good
news is great and bad news is just okay. The market has just found the path of
least resistance to the upside in the near term and it’s hard to find something
to knock it off there.”7
Reeve Conover can be reached at 877-423-9990 or Reeve@ReeveWillKnow.com

 

This material was prepared by MarketingLibrary.Net Inc., and does
not necessarily represent the views of the presenting party, nor their
affiliates. All information is believed to be from reliable sources; however we
make no representation as to its completeness or accuracy. Please note –
investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to engage
the services of a competent professional. This information should not be
construed as investment, tax or legal advice and may not be relied on for the
purpose of avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment.

 

Citations.

1 – business.time.com/2013/03/06/dow-jones-closes-at-record-high-so-what/
[3/6/13]

2 – www.nyse.com/content/faqs/1050241764950.html
[3/7/13]

3 – money.cnn.com/2013/03/07/investing/stocks-markets
[3/7/13]

4 – www.dailyfinance.com/2013/02/28/dow-14000-economy-meaning-djia-explainer/
[2/28/13]

5 – www.investopedia.com/terms/d/dowdivisor.asp#axzz2MtpUOJVi
[3/7/13]

6 – online.wsj.com/mdc/public/page/2_3022-djiahourly.html
[3/7/13]

7 – www.cnbc.com/id/100533269
[3/7/13]

 

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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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