Behind The Curtain

Investment & Wealth Management Advisor Webinar

On the 10th of July, Chris discussed how global central banks have pivoted to rate cuts since March ahead of the Fed’s anticipated first cut as the U.S. economy has slowed (but importantly, has not stalled). A majority of the webinar focused on quarter end performance and trends, particularly the extreme narrowness of the rally driving repeated all-time highs in the major indices.

Investment Committee Meeting

There was no voting agenda for this month’s meeting, however there were a number of discussion topics that included current market conditions and concentration risk in the market and the continued narrowing with AI and large growth stocks responsible for the majority of the market gains.

Investment & Wealth Management Advisor Webinar

This session included a guest speaker with a focus on macroeconomic trends and asset allocation. It was a deep dive into the current economic cycle, inflation concerns and the Fed’s challenges with interest rate cuts.Chris also reviewed current market conditions and the recent broad-based rally across asset classes.

Investment & Wealth Management Advisor Webinar

This month Chris shared the upcoming portfolio changes for client’s accounts. The changes will streamline the portfolios across model sets and custodians. Additional information shared an overview of investment performance and market reviews.

Investment Committee Meeting

Conversion was a continuation of the prior month’s topic regarding proposed changes to portfolios. The committee ultimately reached consensus and approved the model changes for the use of securities used in the portfolios, with no changes to the existing weighting. There were additional discussions about tax efficiency in models and possible potential impact of Federal Reserve cuts.

Trading Volume: $258 Million
# of Trades Placed: 43,570
Tax Loss Harvesting: $330,000

Investment Committee Meeting

In our March meeting, the TRPG Investment Committee delved into portfolio performance before diving into talks on potential changes in bond and equity allocations. Insights gleaned from Fed Chair Jerome Powell’s March 20 press conference shed light on inflation, interest rates, and the labor market and the overall economic environment has become more constructive for risk assets.

Investment & Wealth Manager Webinar

Chief Investment Officer, Chris Bouffard, CFA, informed Wealth Managers about core inflation moving back toward the Fed’s 2.0% target. However, the conversation highlighted that the 'sticky' components of inflation, such as shelter, are making further improvement difficult. On the economic front, U.S. growth remains the most resilient amongst developed economies, while weak European growth appears to be troughing. The bottom line is that the fight against inflation is not over yet.

Investment & Wealth Manager Webinar

Chief Investment Officer, Chris Bouffard, CFA, informed Wealth Managers about the recent economic developments. Economic growth was predominantly cooling, especially within the manufacturing and industrial sectors. While jobs data remained resilient, cracks were becoming evident, particularly from the employment subcomponent of the ISM Manufacturing and Services reports. Additionally, there were indications of a softening in the housing market, as evidenced by the rise in active listings and the fall in listing prices observed in February.

Investment & Wealth Manager Webinar

Chief Investment Officer, Chris Bouffard, CFA, informed Wealth Managers about the latest developments in the economy. He emphasized that while the economy has slowed, it is not stagnant. Inflation took center stage in the discussion, with indications of a resurgence in inflationary pressures, especially evident in job reports and other economic indicators. Additionally, Bouffard addressed trends in earnings growth and monetary policy. He provided an overview of market performance, drawing attention to the contrast between the performance of the S&P 500 and the 'Magnificent 7' stocks.

Investment & Wealth Manager Webinar

Chief Investment Officer, Chris Bouffard, CFA, informed Wealth Managers about the current economic trends, highlighting a slowdown in economic growth alongside a decrease in inflation. He emphasized the balanced nature of headwinds and tailwinds, indicating that the odds for a recession in 2024 could swing in either direction. In the review of investments, Bouffard noted that High Duration and Credit performed well in Fixed Income, while High Beta, Mega Cap, and Growth styles emerged as top performers in Equity.

Trading Volume: $371 Million
# of Trades Placed: 34,270
Tax Loss Harvesting: $1,662,000

Investment Committee Meeting

In our December meeting, the TRPG Investment Committee reviewed portfolios and discussed potential changes while summarizing the 2024 outlooks.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, updated Wealth Managers on the latest in markets, macroeconomics, and managed investments, discussing the macroeconomic update, capital markets review, and investment performance. He also highlighted support for NQ Accounts and the imminent Year End Cap Gains, along with an update on the Dow Contest, emphasizing there's one quarter remaining.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, informed Wealth Managers about the recent guest, Kevin Simpson, CWP / DIVO, and covered the latest updates on markets, macroeconomics, and managed investments, including macroeconomic insights, a review of capital markets, and investment performance. He also mentioned upcoming support for NQ Accounts, emphasizing the forthcoming Year End Cap Gains data file.

Trading Volume: $436 Million
# of Trades Placed: 38,500
Tax Loss Harvesting: $3,375,000

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on upcoming model changes, Long-Term Capital Market Assumptions (CMAs), BRICS and currency, 401(k) Plan Lineups, new risk assessment tools, and potential AI resources.

Investment Committee Meeting

In our September meeting, the TRPG Investment Committee discussed the replacement of the CDC allocation with a Large Cap Value mandate. Additionally, we provided a heads-up on the upcoming effort related to the SMID Cap Value ETF.

Portfolio Allocation Review

All portfolios were reviewed by a Wealth Manager, and account allocation models were updated as needed.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on upcoming model changes, Long-Term Capital Market Assumptions (CMAs), BRICS and currency, 401(k) Plan Lineups, new risk assessment tools, and potential AI resources.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, informed Wealth Managers about the shift from rate tightening to credit tightening and FITCH's U.S. Credit Rating downgrade, while also stressing the significance of long-term returns and presenting the latest Capital Market Assumptions for improved client understanding of market and investment performance.

Investment Committee Meeting

In our July meeting the TRPG Investment Committee discussed the macroeconomic environment and its implications for portfolio repositioning, along with updated charts highlighting significant divergences in 2023, including "Elevated Global Recessionary Pressures." Additionally, we discussed warning signs such as delinquencies and challenges in the market, such as top sector performers experiencing their worst EPS in Q1, a negative -8% EPS for the top-performing Nasdaq index, and the impact of liquidity driven by the Fed's balance sheet expansion in response to the banking crisis, as well as increasing global debt coupled with GDP deceleration.

Trading Volume: $381.6 Million
# of Trades Placed: 39,120
Tax Loss Harvesting: $1,324,000

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on the current market conditions, noting the persistence of recessionary pressures, an alarming yield curve indicating recession, yet equities not reflecting this concern. He also introduced new sectors in the Sector Rotation strategy and highlighted the Q2 Client Investment Update for a comprehensive review of the first half and outlook for the second half of the year.

Investment Committee Meeting

In our June meeting, TRPG Investment Committee covered our market positioning in light of macroeconomic deterioration, including the ongoing tug of war with interest rates and spreads. We discussed elevated global recessionary pressures, highlighting warning signs such as an earnings recession, leading economic indicators, diverging GDP and GDI data, the yield curve, consumer stress indicators, and a narrow market focus on technology. The meeting also included discussions on employing tactics for downside mitigation and the vehicles to implement these protective measures.

Tax Projection Season Begins

The Tax team and Wealth Managers worked with clients to coordinate and execute Tax Projections.

Investment Committee Meeting

In our May meeting, the TRPG Investment Committee conducted a review of our Money Market Funds, specifically our usage of Schwab Money Market Funds. After evaluating recent details, the committee approved a decision to transition back to the higher-yielding Schwab Value Advantage Money Market Funds due to the widening yield differential and decreased daily liquidity in Schwab Treasury Money Market Funds. Mike Russell, CFP^®, will initiate the transition for clients promptly. The Value Advantage Money Market Funds currently offer a yield advantage of +0.66% with improved liquidity.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on the current market outlook, highlighting persistent recessionary pressures even though the market is not currently pricing in a recession. He also informed them about the transition back to Schwab Value Advantage MMFs and upcoming additions to their investment toolbox, including updates related to Goldman Select FDIC Savings and Goldman Securities Lending.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on the current market's tug-of-war between interest rates and spreads, noting the deceleration of growth and inflation after peaking, along with the Fed's ongoing commitment to fight inflation. He also shared updates on Small Balance Models and the CDC, including Cash Trigger adjustments and a performance review.

Investment Committee Meeting

In our April meeting, the TRPG Investment Committee covered business and advisor support, NQ model usage and transition, feedback, issues, and suggestions. It also discussed satellite model refinements, including Multi-Asset Income and Defensive/Liquid Alternatives, introduced a new Sector Rotation Satellite Model, and provided a crypto update with options presented by Kevin Jaegers.

Portfolio Allocation Review

All portfolios were reviewed by a Wealth Manager, and account allocation models were updated as needed.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, updated Wealth Managers on market trends, macroeconomics, and investment performance. He also discussed key business and advisor support topics, such as the Victory CDC Trigger being hit, new sectors in Sector Rotation for Q2, Schwab Money Market Funds transition, and collateral performance during a bear market.

Investment Committee Meeting

In our March meeting, the TRPG Investment Committee discussed the transition of client Money Market Funds (MMFs) from Schwab Value Advantage Money Fund to Schwab U.S. Treasury Money Fund due to higher liquidity capacity and a minimal yield sacrifice. This decision was made in light of the unstable markets and banking sector vulnerability, with consensus among attending IC members. No changes were proposed for Fidelity Money Market Fund.

Trading Volume: $53 Million
# of Trades Placed: 10,292
Tax Loss Harvesting: $4,422,000

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, updated Wealth Managers on market and macroeconomic developments, discussed model and fund performance, and highlighted refinements in Satellite Models, including the removal of interval funds and changes in allocations for Multi-Asset Income and Defensive Models, as well as the introduction of an aggressive satellite strategy in Sector Rotation.

Investment Committee Meeting

In our February meeting, the TRPG Investment Committee covered business and advisor support, including the use and transition of non-qualified (NQ) models, and solicited feedback, issues, and suggestions. Additionally, we discussed refinements to our satellite models, focusing on improving Multi-Asset Income and Defensive/Liquid Alternatives and removing the interval fund TIPWX. We also introduced a new Sector Rotation Satellite Model, examined price momentum methodologies, and reviewed the various strategy options that TRPG will offer. The meeting also included a crypto update and presentation on TRPG's offering options by Kevin Jaegers.

Portfolio Allocation Review

All portfolios were reviewed by a Wealth Manager, and account allocation models were updated as needed.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, updated Wealth Managers on markets and macroeconomics, including market trends and economic indicators. He also informed them about changes in investment strategies, such as the introduction of a new aggressive satellite strategy in Sector Rotation, while 401(k) recommendations remain unchanged. Additionally, he discussed the ongoing issue of the Debt Ceiling.

Tax Organizers Distributed

The Tax team distributed all tax organizers to kick off Tax Season.

Trading Volume: $787 Million
# of Trades Placed: 101,800
Tax Loss Harvesting: $7,600,000

Investment Committee Meeting

In our December meeting, the TRPG Investment Committee reviewed markets, models, and funds while also discussing the macroeconomic landscape, with a focus on inflation, growth, and recession risk. We highlighted upcoming portfolio changes, including adjustments to Core and NC portfolios, changes in the Multi-Asset Income Portfolio, and the introduction of new Non-Qualified Models and a Defensive/Non-Correlated Portfolio. These changes are slated for client implementation by mid-December.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on upcoming model changes, Long-Term Capital Market Assumptions (CMAs), BRICS and currency, 401(k) Plan Lineups, new risk assessment tools, and potential AI resources.

Portfolio Allocation Review

All portfolios were reviewed by a Wealth Manager, and account allocation models were updated as needed.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on upcoming model changes, Long-Term Capital Market Assumptions (CMAs), BRICS and currency, 401(k) Plan Lineups, new risk assessment tools, and potential AI resources.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on upcoming model changes, Long-Term Capital Market Assumptions (CMAs), BRICS and currency, 401(k) Plan Lineups, new risk assessment tools, and potential AI resources.

Trading Volume: $338 Million
# of Trades Placed: 43,100
Tax Loss Harvesting: $6,460,000

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on upcoming model changes, Long-Term Capital Market Assumptions (CMAs), BRICS and currency, 401(k) Plan Lineups, new risk assessment tools, and potential AI resources.

Investment Committee Meeting

In our August meeting the TRPG Investment Committee conducted a comprehensive review of markets, models, funds, and the macroeconomic landscape, including inflation, growth, and recession risk. We discussed finalizing allocation changes for the changing macro environment, completed work on non-qualified, Multi-Asset Income, and Defensive Models, and addressed various business support activities, including family office onboarding, ETF Hierarchy development, and exploring alternative options. We noted a decrease in requests for advisor support in July and August, an increase in 401(k) account and prospect portfolio reviews, and ongoing efforts in advisor collateral development.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on upcoming model changes, Long-Term Capital Market Assumptions (CMAs), BRICS and currency, 401(k) Plan Lineups, new risk assessment tools, and potential AI resources.

Portfolio Allocation Review

All portfolios were reviewed by a Wealth Manager, and account allocation models were updated as needed.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, informed Wealth Managers about the shift from rate tightening to credit tightening and FITCH's U.S. Credit Rating downgrade while also stressing the significance of long-term returns and presenting the latest Capital Market Assumptions for improved client understanding of market and investment performance.

Trading Volume: $495 Million
# of Trades Placed: 41,500
Tax Loss Harvesting: $7,200,000

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on the current market conditions, noting the persistence of recessionary pressures, an alarming yield curve indicating recession, yet equities not reflecting this concern. He also introduced new sectors in the Sector Rotation strategy and highlighted the Q2 Client Investment Update for a comprehensive review of the first half and outlook for the second half of the year.

Investment Committee Meeting

In our June meeting, the TRPG Investment Committee reviewed markets, investments, and models, including a macroeconomic update on inflation, growth, and recession risk. We discussed allocation changes, examined non-qualified and non-correlated defensive models, and added Fidelity Models to our materials. We also highlighted our successful inaugural client webinar, ongoing family office prospecting, increased demand for client calls amid market volatility, and advisor collateral development.

Tax Projection Season Begins

The Tax team and Wealth Managers worked with clients to coordinate and execute Tax Projections.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on the current market outlook, highlighting persistent recessionary pressures even though the market is not currently pricing in a recession. He also informed them about the transition back to Schwab Value Advantage MMFs and upcoming additions to their investment toolbox, including updates related to Goldman Select FDIC Savings and Goldman Securities Lending.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, briefed Wealth Managers on the current market's tug-of-war between interest rates and spreads, noting the deceleration of growth and inflation after peaking, along with the Fed's ongoing commitment to fight inflation. He also shared updates on Small Balance Models and the CDC, including Cash Trigger adjustments and a performance review.

Trading Volume: $920 Million
# of Trades Placed: 65,800
Tax Loss Harvesting: $1,100,000

Portfolio Allocation Review

All portfolios were reviewed by a Wealth Manager, and account allocation models were updated as needed.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, updated Wealth Managers on market trends, macroeconomics, and investment performance. He also discussed key business and advisor support topics, such as the Victory CDC Trigger being hit, new sectors in Sector Rotation for Q2, Schwab Money Market Funds transition, and collateral performance during a bear market.

Investment Committee Meeting

In our February meeting, the TRPG Investment Committee discussed portfolio adjustments related to the Russia-Ukraine conflict, including the expedited sale of non-US bonds. We also considered delaying the expansion of non-US equity due to European recession concerns, reviewed our approach to emerging markets, and highlighted opportunities in the technology sector for XT sales after a Nasdaq rebound.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, updated Wealth Managers on market and macroeconomic developments, discussed model and fund performance, and highlighted refinements in Satellite Models, including the removal of interval funds and changes in allocations for Multi-Asset Income and Defensive Models, as well as the introduction of an aggressive satellite strategy in Sector Rotation.

Investment & Wealth Manager Webinar

Chief Investment Officer Chris Bouffard, CFA, updated Wealth Managers on markets and macroeconomics, including market trends and economic indicators. He also informed them about changes in investment strategies, such as the introduction of a new aggressive satellite strategy in Sector Rotation, while 401(k) recommendations remain unchanged. Additionally, he discussed the ongoing issue of the Debt Ceiling.

Portfolio Allocation Review

All portfolios were reviewed by a Wealth Manager, and account allocation models were updated as needed.

Investment Committee Meeting

In our January meeting, the TRPG Investment Committee covered risk assessments and model mapping, aligning the TRPG Risk Profile with the Riskalyze Risk Number. It also included a preview of the IWM Monthly Webinar, discussions on macro market rotation and model changes, collateral, and client communication, along with portfolio evaluation and diagnostics involving American Century and BlackRock.

Tax Organizers Distributed

The Tax team distributed all tax organizers to kick off Tax Season.