Investment Whitepaper:

7 Deadly Money Myths

Tony Hellenbrand

www.HellenbrandFinancial.com P a g e | 1

This report examines well known investment and retirement myths, the flawed reasoning behind them,

and steps you can take to protect yourself. We hope this information helps you live a less stressful, more

prosperous and happier life!

Myth #1: “Buy and hold” IS the best strategy for everybody.

How many times have you heard the importance of “buying and holding” or “riding out” short term

market swings? It’s an idea championed by Jack Bogle, founder and retired CEO of The Vanguard

Group, pioneers of “passive” or “index” investing.

“Get out of the casino, own Corporate America and hold it forever.” - Jack Bogle1

Many “Buy and Holder’s” will cite charts like this when arguing to simply get in and not get out:

The issue I take is that an individual investor does not have a time horizon of infinity. Just look at the

chart. From 1900 to 1924, the market didn’t do diddly…for twenty four years. Again from 1928 to 1948.

From 1966-1974 and more recently from 2000 to 2013, the market went sideways.

If they followed another piece of advice we won’t discuss in this report, (“The 4 % rule:” 2) at the end of

twenty years of no growth and 4% annual withdrawals, many retirees would need to type up a résumé.

1 http://blogs.marketwatch.com/thetell/2012/10/17/jack-bogle-forget-trading-start-investing/

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With the “Buy and Hold” model, for someone that draws the short straw and retires at the wrong time,

thirty years of working, saving, and planning still leaves them exposed to the whim of the market. So far,

we’ve only looked at flat markets. As many know, the story can get even worse.

Between 1929 and 2009 there were 15 bear markets (defined as a decline of 20% or more in the S&P 500

Index.)3 This means a bear market occured every 5.5 years on average. According to this research a

65 year old planning on a 25 year retirement could see four to six bear markets in their retirement.

The frequency of bear markets is not as terrifying as their severity…The average bear market slashed

39.4% from stock prices.4 Sadly, it’s still not over. We haven’t even mentioned inflation.

To maintain purchasing power historically, a portfolio needed approximately 3-4% growth. How long did

it take a portfolio invested in the index just to “break even” after these big losses? Leaving out The Great

Depression, it still took an average of 3.6 years to recover from a bear market. Just to break even.

What do the “buy and holder’s” have to say about the future of the market today? Jack Bogle was

interviewed in April of 2013 on CNBC’s “Halftime Report.” This screenshot summarized his views:

When Scott Wapner put the question to Bogle of if he

was “concerned” about two 50% declines in the next

decade, his answer was “not at all”:

“The market goes up, and the market goes down. It's

never failed to recover from one of those 50 percent

declines. I went through one in 1973-1974, I went

through one in 2001, 2002, 2003; I went through

another one 2008-2009. They're kind of scary – often

terrifying – but it's typical. If you hang on through the

cycle, that's the only way to invest.” – Jack Bogle5

Yes, they very people telling you to “just get in and never get out” are also telling you to prepare for at

least two 50% declines in the next ten years.6 Indeed, it’s “Never failed to recover,” but many times

retirees had to wait more than a decade to get back to even.

2 “The Four Percent Rule” is a commonly held retirement planning idea that recommends an investor take 4% of the

total value of their portfolio value out annually as retirement income.

3 According to the “Bear Market Study” by Flexible Plan Investments, Ltd., a Registered Investment Advisor

4 Even when the 1929 crash is omitted, the result is still an average loss of 36.1%

5 http://www.businessinsider.com/jack-bogle-warns-of-two-50-percent-market-declines-in-next-10-years-2013-

4#ixzz3NJkGK9Ox bold/emphasis added.

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Note his phrase, “If you hang on.” This brings us to another reason the buy and hold model is often

ineffective: human nature. From 1994 to 2013, the average equity investor earned 2.5% annually7, barely

topping inflation, which was 2.4%. What would’ve happened had that investor just held equity indices?

They would’ve earned an average of 9.2%. There’s no doubt, Jack’s way won. By a lot. This is usually

used as another argument for buy and hold, but I believe it’s a key argument against it. How did the

average investor do so much worse than the index? What happened?

The “fight or flight” survival instinct that’s great for hunter gatherers is a poor attribute for investing.

Generally this response makes people, “Buy High, Sell Low.” People tend to panic and get out at or near

bottoms. When the “all clear” sounds, they get back in (usually at or near the top of the market cycle.)

The fact is human beings are not wired to buy and hold, and are often comfortable with the logic,

philosophy, and track record of the strategy at or near market peaks and “Throw in the towel” on

the idea at or very close to the bottom.

Myth #2: Bonds are a “sure thing.”

From 1982 to 2013 the S&P 500 averaged 11.6%. There were five bear markets. Over the same period

corporate bonds averaged 9.7% with far less volatility, an amazing feat. Over the past few decades,

consensus arrived at a 60% Stock, 40% Bond portfolio as producing the best long-term trade off of risk

and return. There’s one massive variable that often gets left out of the discussion.

Interest rates. Imagine it’s September of 1981 and you buy a bond paying a 15% coupon rate. Over

time, interest rates fall, and market rates are only 10% when you decide to sell your bond, which is still

6 In Jack’s defense, many in the media skewed this exchange as a “prediction” i.e. “The market WILL drop 50%

twice in the next ten years.” Jack didn’t say that. He simply said an investor should be prepared for that,

psychologically and financially.

7 JPMorgan Asset Management & BlackRock

If they just held the S&P 500 index

Their actual result

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paying you 15%. Will you sell the bond for what you paid for it, or will you demand a “premium” to exit

your high-yielding investment? A premium of course.

As I write this sentence the yield on a ten year Treasury Bond is 2.19%. The downward trend in interest

rates has led to an incredible risk-adjusted return in bonds. This effect has been “juicing” bond returns for

three decades.

None of us have a crystal ball, but let’s look at history. From 1958 to 1981, in a consistently rising rate

environment, corporate bonds averaged a mere 3% annual return…less than inflation.

Think about that for a moment. A bond investor from 1958 – 1981 lost purchasing power at an

average rate of 2% annually for over twenty years.

According to JPMorgan’s calculations if rates go up 1%, the total bond market would fall 5.6%, all

else being equal.8 (This is not a prediction. It is simply a mathematical relationship. There is much more

room for rates to move up than down, but rates could stay flat for an extended period or even go down

slightly.)

How can an investor protect themselves from rising rates? Shorten their “duration” i.e. average time to

maturity. A ten year bond is much more sensitive to interest rates than a two year.

8 The last four charts and this calculation appear in JPMorgan’s monthly “Guide to the Markets”

Hurts bonds

Helps bonds

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Myth #3: hold a “diversified” portfolio of

stocks, bonds, and mutual funds.

Many investors hold some blend of Large Cap Stocks, Mid Cap Stocks, Small Cap Stocks, International

Stocks, Government Bonds, Corporate Bonds, and varying blends of them in either Mutual Funds or

ETF's. There's one problem, these portfolios are only stocks and bonds in different clothes.

Compare the major stock and bond indices, and even a blended portfolio’s results in the last major bear

market to the five largest hedge funds in 2008.9 The difference is striking. How could they do that? The

way each did it varies. Some of them actively "bet against" or "shorted" the housing market. Some are

involved in entirely other spaces like currencies, managed futures, or private equity. The one common

thread is that they were actually diversified. (i.e. they employed several different strategies and asset

classes as opposed to just mixes of stocks and bonds.)

9 Data from “Hedge Fund 100” article in Wall Street Journal

http://online.wsj.com/public/resources/documents/BA_HF100_090511.pdf

Index Return Data from: Morningstar, Bloomberg, Standard & Poors, and Barclays Capital

The Five Largest Hedge Funds in 20089

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The institutions know what many investors don’t: you are not diversified if your portfolio is made up

of stocks, bonds, and funds. The pie charts below10

show what happens when an investor includes

"specialty" asset classes, known as “Alternatives,” usually shortened to “Alts” in their portfolio. Alts

include private equity, convertibles, merger arbitrage, timber, covered calls, managed futures, and many

other types of investments. Adding 30% “Alts” to the portfolio, average annual return goes from up

8.10% to 8.22%, but standard deviation falls from 9.51% to 6.76%. More return, less volatility.

For a mutual fund investor, this information is not very valuable. This is because a registered

investment fund (like a mutual fund, for example) has to state ahead of time, in its prospectus, what

its portfolio will look like. In fact, many mutual funds are legally required to hold certain asset classes

no matter what. It's called an investment "mandate." Some funds were required to keep a certain

minimum threshold in stocks (some as high as 75%) even as they fell 37% in 2008.

Also, some funds are effectively banned from holding other asset classes, as they would lose their

registration if they violated their prospectus.11

In my opinion that’s like driving a car and not being

allowed to touch the brakes or the steering wheel. To find out what a fund is allowed to hold, request a

Prospectus and (arguably even more important) the Statement of Additional Information. Read through

the investment restrictions, guidelines and investment risks sections to see how flexible a fund really is.

The SEC requires hedge fund investors to be “Accredited.”12

There are different ways to qualify, but

generally it means the investor must have a net worth of $1,000,000 or have $200,000 in annual income

in the last two years and expects to earn $200,000 in the coming year. ($300,000 for married couples.)

A very small percentage of the U.S. can qualify for hedge funds, but the good news is many Registered

Investment Advisors using similar strategies have MUCH lower minimums. Today it’s quite common

to find money managers that employ alts for a $25,000 or even $5,000 investment.

10

Jackson National Life, data provided by Lipper and Thompson Reuters, 12/31/1994 – 12/31/2013

11

It's no surprise that according to Morningstar, 49% of fund managers don't have a penny invested in the funds they

manage:http://investors.morningstar.com/news/cmsAcontent.html?t=MSEQX&resourceId=591979&src=Morning

star&date=04-15-2013&nav=no&region=USA&culture=en-US&ProductCode=mle

12 http://www.sec.gov/answers/accred.htm

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Myth #4: expense ratio = cost

How much does your portfolio cost? Many investors believe their expense ratio represents all-in cost, but

it is just one piece of the pie. According to Forbes, the average mutual fund costs 3% to 4% annually:13

Adding a 5% frontload spread out over a 10 year holding period, expenses can easily total 4.67%

annually. Many cost-conscious investors attempt to avoid expenses by utilizing Exchange Traded Funds

(ETF's). ETF's generally have far lower expense ratios than mutual funds.

However, there are now two

expenses investors didn’t

have (at least directly)

before: Brokerage

Commissions and Spread

Cost. In a recent

Guggenheim study14

they

show how ETFs have a much

lower expense ratio, but

almost an additional 1% of

costs when including

brokerage commissions and

the bid-ask spread.15

13

http://www.forbes.com/2011/04/04/real-cost-mutual-fund-taxes-fees-retirement-bernicke.html

14

“A Comparison of ETFs and Mutual Funds—The True Cost of Investing” www.Guggenheim.com

15

This example assumes monthly trades. If zero trading is assumed, i.e. you will truly “get in and never get out,”

then yes, the ETF comes out less expensive.

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Myth #5: The 'Type E' Myth.

In college I was part of a group called the Applied Portfolio Management Program.16

We were a small

team of finance and accounting students who managed over $1,000,000 for the Michigan Technological

University Endowment Fund. We put in countless hours of research and work and setup our investment

philosophy and buy and sell criteria before we ever placed a trade. There were heated battles over almost

every recommendation, but in the end after long nights and pot after pot of coffee, we did well on a

relative basis during the “Great Recession.”

It was an amazing experience and I strongly recommend it to anyone seeking a career in any investment

related or corporate finance field. However, there was one thing that continually enraged us. The

“Trading Baby” Etrade® commercials.

The premise was, “It’s so easy to make money in the market that even a baby can do it.” The truth is,

it's not that easy. Many investors today are drifting to this “Do-It-Yourself” (“DIY”) model for

investing. I believe this is very dangerous.

16

http://www.mtu.edu/business/more/apmp/

Where people feel “fear of

missing out” and get in.

Where people “capitulate”

and “give up on investing.”

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I have a friend that's a diehard “DIYer.” At the peak of the tech bubble, he had 30% of his net worth

in tech stocks. At the peak of the housing/credit bubble, he did it again, this time with almost 40%

of his net worth. (After all, now he had "catching up to do") It was a true “all in” on banks and home

builders. He absolutely refuses to hire professional money managers because “they’re too expensive.”

I once asked him how many hours he spends every week monitoring his portfolio. He estimated less than

an hour a day, and guessed five hours per week. This friend earns $65,000 a year usually working about

50 hours a week. Assuming he works 2,500 hours every year, that means his time is worth $26 per hour

on the open market. If we take his $26/hour wages and multiply by five hours per week, he’s

theoretically “paying” $130/week or approximately $6,500 per year for portfolio management.

If he has a $200,000 portfolio, he’s really paying over 3% annually17

to a manager with a terrible

track record and ZERO strategic diversification.18

For just 1-2% annually, he could get teams of

analysts working full-time, with great track records and even use multiple management companies to

maximize his diversification. He’d also have five more hours a week of leisure time, and immeasurably

less stress. I will end this section with one final thought:

I am a retirement planner/financial advisor and I do not manage my own portfolio. Institutional

money managers have more capabilities and a better track record, I can diversify between many different

strategies and styles, and I don’t have CNBC chattering ceaselessly in the background as I help clients

evaluate the best retirement strategies and vehicles to maximize their situation.

Myth #6: “licensed” = “professional”

To start this section off, in my opinion, I believe the vast majority of people in the industry are

fundamentally good people trying their absolute best to help their clients.

That being said, it only takes one bad “advisor” to detonate a nest egg. Who you work with is a

massive decision, and luckily investors today have abundant resources at their disposal to help them

research and evaluate investment and retirement professionals. We will discuss these tools later because

all the tools in the world aren’t as helpful as a fundamental understanding of human psychology.

Hopefully the following statement won’t shock you: Human beings will tend to do whatever is in their

best interest. The important follow-on is to know what someone’s incentives are. In the financial field,

these incentives are largely determined by how someone is compensated.

There are two main ways to be paid, either commission or fee-for-service. (Hereafter referred to simply

as “fee" or "fee based.") This subtle difference comes with huge repercussions.

17

$6,500/$200,000 = 3.25%

18

i.e. 100% of his performance is determined by one money manager.

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In the commission model, a large proportion of the compensation, generally greater than 90% of the total

compensation, comes “up front,” i.e., immediately after the transaction takes place and very little or in

many cases zero compensation after that. To receive commissions, a representative or “broker” needs to

have an insurance license and/or be licensed as a “Registered Representative.”19

In the fee-based model, generally no or a very small percentage of the total compensation comes to the

advisor upfront. Advisors may charge a fixed fee for a financial plan, hourly for their advice, or more

commonly, charge a fixed percentage of assets under management on a monthly, quarterly, or annual

basis. To receive fees, an advisor needs to be licensed as an “Investment Advisor Representative” of a

“Registered Investment Advisor.” ("RIA".)20

Broker Advisor

Licenses Series 6/7 Series 65/66 (or Exemption)

Company Status Broker-Dealer Registered Investment Advisor

Individual Title Registered Representative Investment Advisor Representative

Compensation Commission Fee

Compensation Timing Upfront Annually/Quarterly/Monthly/Hourly

Standard Suitability21

Fiduciary

Regarding financial incentive, (legal standard is a fight still raging in Washington) there is a striking

difference. Consider a hypothetical situation in which a Registered Representative receives a 5% “front

load” (i.e. upfront commission) and an Investment Advisor Representative receives a 1% annual advisory

fee. The investment advisor representative would have to keep the client for five years (assuming no

growth) to earn as much compensation as the registered representative made immediately. Ask yourself,

who do you believe has a larger financial incentive to quickly and accurately service the client?

From another perspective, consider the same situation, but now the Investment Advisor Representative

(over a stretch of time) helped the investor double the value of their portfolio. That advisor has also

doubled his income. (It is a double edged sword, as any losses the investor sustains also reduce the

advisor’s income.)22

An obvious significant difference in incentives exists.

Now that we’ve gotten incentive out of the way, let’s take a look at some tools.

19

Requires a minimum of a life insurance license with their state commissioner of insurance and/or Financial

Industry Regulatory Association (FINRA) Series 6, 7, and/or 63 licenses

20

Passed FINRA Series 65 or 66 exams or have a specific exemption like being a Certified Financial Planner.

21

Currently, Broker-Dealers have an express exemption from a fiduciary standard. This is a huge battle after

creation of Dodd-Frank, which is pushing a “Uniform fiduciary standard,” where all financial professionals would

be held to the same standard.

22

Some Registered Representatives do continue to get a small (usually 0.25%) ongoing “trail,” but it is dwarfed in

comparison to the large commission that came up front.

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Resources For Before The First Meeting:

People are introduced to financial professionals through various sources: friends, family, existing

advisors (i.e. Accountants, Attorneys, etc.) There are four key places an investor can go for more

information before even choosing which advisors to meet with:

1. www.FINRA.org/brokercheck

2. www.Adviserinfo.sec.gov

3. Their state’s commissioner of insurance (in Wisconsin: www.oci.WI.gov)

4. Their state or county’s circuit court public access records

(in Wisconsin: http://wcca.wicourts.gov/index.xsl)

At both FINRA's “BrokerCheck” site and The SEC’s “Adviser Info” sites, you can see how your

advisor is licensed. Specifically, at either site you can download a "Detailed CRD Report." This report

will show tests the advisor passed, licenses held, etc. Also, the detailed report will allow you to view

complaint and disciplinary history.23

You will be able to see any disclosures the advisor was required to

make.24

You can also see any outside business activities the advisor has disclosed.

At the SEC’s “Adviser Info” site an investor has access to a lot of data through an RIA Firm's Form

ADV II(a). RIA’s disclose things like total assets under management, client demographics, employee

counts, management background, compensation, etc. These disclosures are long, but will give you an

idea about the size, age, and credibility of the management team. You can also view the individual

adviser's ADV II(b). This is the individual section of the ADV form, that can tell you much more

information about the person you are meeting with, things like background, experience, disciplinary

actions, even outside business activities and potential conflicts of interest are on display. This document

can tell you a lot, and it's worth reading before you take the next step and meet with the advisor in person.

With state insurance commission websites, you can usually see licenses held (life, annuity, variable

annuity, etc.) and in many states, you can see the list of companies the individual is “appointed” to

represent. To be clear, this list does not necessarily include every company the advisor can represent, but

does give you an idea of their experience level, background, and level of independence.

Be especially careful with state or county circuit court websites. First, make sure you have the right

person.25

The main red flags you’re looking for are bankruptcies, creditor settlements, and lawsuits or

criminal actions that look like integrity issues.

23

Just be careful to read the complete complaint before jumping to conclusions.

Not every complaint = "Bernie Madoff ponzi scheme."

24

As part of the licensing process, all individual advisors must complete FINRA From U4 and disclose things like

felonies and any regulator/disciplinary action.

25

For my personal example, there are five Anthony Hellenbrands in Wisconsin born around the same time. Several

even have the same middle initial, and I'm sure I'm not the only common name, so be careful as you comb the

circuit court files and make sure the results you find are for the correct person.

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The First Meeting

Once you've learned about the incentives and pressures your potential advisor may or may not be under,

and a lot more about their background, choosing between a shortlist of advisors really comes down to

personality. Here's a few questions that may help:

Questions to Ask A Potential Financial Advisor

1. Why did you become a financial advisor?

2. Why did you choose the company you’re with?

3. What is your background/experience?

4. What licenses do you hold?

5. Are you held to a fiduciary standard?

6. Are you independent? Please elaborate?

7. How are you compensated?

8. Do you have production quotas?

9. What products do you use, personally?

10. How do you evaluate an investment?

11. Do all companies’ products effect your compensation or quotas or benefits equally?

12. Are you subject to non-competes?

13. Do you have any outside business activities that could effect/conflict with providing advice?

14. Who owns your client book?

15. What happens to me if you get hit by a bus?

16. What kind of car do you drive?26

It's also worth mentioning that most very successful investors employ multiple advisors. If you

choose this wise route, make sure they are communicating with each other, so you don't have the

same investments in ten different places. Speaking of investments, here’s some good questions to ask

if/when someone is makes a recommendation:

Questions to Ask About Guaranteed Products (Fixed, Indexed, and Variable Annuities, CD’s, etc.):

1. Is this a principal guarantee or an income guarantee? Listen VERY carefully.

2. How long has this product existed?

3. How old is the company providing the guarantee?

4. Did they take bailout money in 2008?

5. Is there a penalty or surrender charge? How does it work?

6. When does the charge go away?

7. How much can I access each year without penalty?

8. Does your firm directly or indirectly own any part of the company offering this guarantee?

9. How do you get paid on this product?

10. Can they change anything in the contract after I own it?

26

This 100% qualitative, personality-based question is surprisingly popular in the institutional world. There’s no

right or wrong, you’re just learning about his or her personality. Is it a sports car? A truck? A minivan? A Prius?

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Questions to Ask about Life Insurance

1. Is this term or permanent?

2. If permanent, could this be “blended” to reduce my cost of insurance?

3. If term, when does the guaranteed coverage end?

4. What will my cost likely be at the end of the guaranteed period?

5. Is this term policy convertible to permanent at a later date?

6. Is this policy Whole, Variable, Universal, Variable Universal, or Indexed Universal?

7. If variable, how did this investment allocation perform in 2008? 2013?

8. If indexed, what is the guaranteed floor? Is there a performance ceiling?

9. How will I access the cash value? Withdrawals or a loan?

10. What is the loan rate?

11. How do you get paid?

12. Do you own this type of policy?

Questions For Variable Investment Strategies/Products

1. Who is the custodian?

This is the most important question to ask. It cannot be over emphasized. It really means “Who

will actually have my money?” You want to hear a large, independent custodian like a Pershing,

Fidelity, Charles Schwab, Trust Company of America, etc. A “red flag” is that the advisor, his

firm, or the money manager he’s recommending will have custody. That’s how many

investment scams happen, as there’s no “checks and balances” to keep the manager honest. There’s

no independent reporting. If they’re the custodian, they can simply “make up” statements.

2. Does your company directly or indirectly own any part of the custodian or Investment Adviser?

This question is really a follow-on on question number one. Many investment companies are

owned by holding companies that also own banks or trust companies. Ideally the parties should be

completely independent of each other, including different ownership.

3. How long has this adviser/company been managing money?

4. How do you get paid on this account?

5. What are the total expenses, including any underlying investments?

6. Are these returns real or “back tested”?

7. What is the minimum investment?

8. Is there a front load or any fees to enter?

9. Is there a back load or any fees to leave?

10. Do you use this investment, personally?

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Hopefully this information helps you know more about any advisor lucky enough to get your time and

any product, strategy, or solution they may recommend. One final piece of advice when it comes to these

decisions: When possible, sleep on it.

MYTH #7: What’s your numBer?

I was a kid when I saw the first "What's your number?" ads by ING on TV. I laughed watching people

carry around large numbers with dollar signs in front of them. Today I don’t, because I don’t believe

that’s an accurate portrayal of retirement. The reason I believe it doesn’t make sense is because

retirement is not a lump sum. It’s an income stream.

Confusion has grown over the years about when and how to take pensions, the best way to maximize

Social Security, and the order to take income from different accounts. It doesn’t need to be confusing.

It’s a simple process, but it’s not easy, because everyone’s different.

For taking the action step of requesting this report (and reading it this far) we’d like to thank you

with a SPECIAL OFFER. We’re offering you a complimentary Retirement Income Plan,

a $495 value, absolutely FREE.

This plan is much more than a retirement plan. It’s a blueprint. It shows exactly when and where your

retirement income will come from, including different tax situations, and various scenarios. We will also

include a customized investment portfolio analysis, absolutely FREE.

Contact us at 920-574-9614 or Tony@HellenbrandFinancial.com to setup your complimentary

consultation at the most convenient time for you.

One final thought, it probably seems a little out of place at first, but it comes full-circle.

Trivia question: Who was the first person to climb Mount Everest? It was not Sir Edmund Hillary. In

fact, many men beat him to the summit, but everyone that managed to reach the peak before him died on

the way down. He was the first one that got down alive.

The moment you retire is a lot like reaching the summit. The stakes are highest…there’s the most to lose

and the smallest margin for error. It’s difficult to reach the summit, but it takes even better planning

and more experience to get down the mountain safely.

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Tony Hellenbrand is the founder of Hellenbrand Financial, a boutique

retirement planning and wealth management practice based in Green Bay,

Wisconsin.

For questions, Tony can be reached by email

at Tony@HellenbrandFinancial.com

Advisory services offered through Investment Advisors, a division of ProEquities, inc., a Registered

Investment Advisor. Securities offered through ProEquities, Inc., a Registered Broker-Dealer, member

FINRA & SIPC. Hellenbrand Financial is independent of ProEquities, Inc.

Hellenbrand Financial and Anthony Hellenbrand do not provide tax or legal advice. The content is

developed from sources believed to be providing accurate information. Please consult legal or tax

professionals for specific information regarding your individual situation. The opinions expressed and

material provided are for general information, and should not be considered a solicitation for the

purchase or sale of any security or a financial recommendation.

©2015 Hellenbrand Financial, all rights reserved.