Investment Insights Podcast: What’s right: The hard or soft data?

Holland_Podcast_150x126Tim Holland, CFA, Senior Vice President, Global Investment Strategist

On this week’s podcast (recorded April 21, 2017), Tim addresses an ongoing stock market and economic debate that has been widely reported on by the media – “What’s right: the hard or soft data?”.

Quick hits:

  • One of the more contentious market topics of late has been the divergence between hard and soft economic data – and which data set is correct about near term and future economic performance.
  • Hard data refers to quantifiable economic data points such as GDP and retail sales. Soft data refer to surveys of how consumers and businesses feel about current and future economic prospects.  The former has been a bit disappointing of late while the latter has been coming in at multi-year highs.
  • We believe that ultimately the hard data will close the gap with the soft data, reflecting a strengthening economy. We would also point out that several hard data points reflect a robust US economy, including the unemployment rate.
  • We remain constructive on risk assets and see little in the way of typical excesses that would suggest a bear market or recession are imminent.

For Tim’s full insights, click here to listen to the audio recording.

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The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Holdings are subject to change. Brinker Capital, Inc., a Registered Investment Advisor.

Investment Insights Podcast: A few things we’re paying close attention to right now

Goins_PodcastAndrew Goins, Investment Manager

On this week’s podcast (recorded April 13, 2017), Andrew discusses a few things we’re paying close attention to right now.

 

shutterstock_9514525Quick hits:

  • After two Fed rate hikes within 4 months, we’re seeing a bit of a reversal.  We’ve seen empirical evidence highlighting the improvement across active managers in the first quarter.
  • Over the last few months we’ve seen correlations across stocks come down significantly, and is now at the lowest level since 2001.
  • We are beginning to see signs that inflation is ticking up, and should only continue if Trump’s pro-growth policies come to fruition
  • The market is likely overdue for a near term pull-back and we are somewhere in the back half of this business cycle

For Andrew’s full insights, click here to listen to the audio recording.

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Holdings are subject to change. Brinker Capital, Inc., a Registered Investment Advisor.

April 2017 market and economic review and outlook

lowmanLeigh Lowman, Investment Manager

Risk assets finished the quarter in strong positive territory but experienced a pullback in March after notably strong performance for the first two months of the year. In a widely anticipated move, the Fed increased interest rates by 25 basis points on March 15 and rhetoric alluded to the possibility of an additional 2-3 rate hikes this year. However, headlines during the quarter were dominated by speculation surrounding the Trump administration economic plan. After initially surging in the post-election market, investor confidence began to wane as pro-growth policies have yet to come to fruition. Efforts to reform Obamacare were thwarted just prior to the Congress vote on March 24, but uncertainty still remains on the future of healthcare. Overall, economic data remains positive with low unemployment and positive earnings reports and we continue to see signs of improved global growth.

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The S&P 500 Index was flat for the month but finished the quarter up 6.1%. Sector performance was mixed with the technology sector (+12.6%) posting double-digit returns for the quarter. Likewise, healthcare (+8.4%) posted strong quarter returns, a sharp reversal from the sector’s poor performance last year. Energy was negative for both the month (-1.0%) and the quarter (-6.7%). Financials lagged in March (-2.8%) but remained positive for the quarter (+2.5%). Growth outperformed value and large cap led both mid and small cap.

Developed international equity outperformed domestic equity for both the month and quarter, up 2.9% in March and 7.4% for the first quarter. Economic data leaned positive for the European Union and Japan as both regions experienced a pick-up in global earnings and nominal growth. Recent outcomes of European regional elections may also have signaled a weakening in the populist movement, but political uncertainty is still apparent as upcoming elections begin to unfold.

Emerging markets were up 2.6% for the month and 11.5% for the quarter. The region rebounded from a difficult fourth quarter as fears of US protectionism began to dissipate.

The Bloomberg Barclays US Aggregate Index was flat for the month and up 0.8% for the quarter. During the month, the 10 year Treasury yield rose as high as 2.6% in anticipation of the Fed raising interest rates, but finished the quarter at 2.4%, slightly lower than where it started in 2017. After steadily contracting during the first two months of the year, high yield spreads slightly widened in March but still remain at relatively low levels. Municipal bonds outperformed taxable bonds during the quarter, largely due to limited supply and solid demand.

We remain positive on risk assets over the intermediate-term, although we acknowledge we are in the later innings of the bull market and the second half of the business cycle. While our macro outlook is biased in favor of the positives and recession is not our base case, especially considering the potential of reflationary policies from the new administration, the risks must not be ignored.

We find a number of factors supportive of the economy and markets over the near term.

  • Reflationary fiscal policies: With the new administration and an all-Republican government, we expect fiscal policy expansion in 2017, including tax cuts, repatriation of foreign sourced profits, increased infrastructure and defense spending, and a more benign regulatory environment.
  • Global growth improving: U.S. economic growth is ticking higher and there are signs growth outside of the U.S., in both developed and emerging markets, is improving.
  • Business confidence has increased:  Measures like CEO Confidence and NFIB Small Business Optimism have spiked since the election. This typically leads to additional project spending and hiring, which should boost growth.
  • Global monetary policy remains accommodative: The Federal Reserve is taking a careful approach to policy normalization. ECB and Bank of Japan balance sheets expanded in 2016 and central banks remain supportive of growth.

However, risks facing the economy and markets remain, including:

  • Administration unknowns: While the upcoming administration’s policies are currently being viewed favorably, uncertainties remain. The market may be too optimistic that all of the pro-growth policies anticipated will come to fruition. We are unsure how Trump’s trade policies will develop, and there is the possibility for geopolitical missteps.
  • Risk of policy mistake: The Federal Reserve has begun to slowly normalize monetary policy, but the future path of rates is still unclear. Should inflation move significantly higher, there is also the risk that the Fed falls behind the curve. The ECB and the Bank of Japan could also disappoint market participants, bringing the credibility of central banks into question.

The technical backdrop of the market is favorable, credit conditions are supportive, and we have started to see some acceleration in economic growth. So far Trump’s policies are being seen as pro-growth, and investor confidence has improved. We expect higher volatility to continue as we digest the onset of new policies under the Trump administration and the actions of central banks, but our view on risk assets remains positive over the intermediate term. Higher volatility can lead to attractive pockets of opportunity we can take advantage of as active managers.

Source: Brinker Capital. Views expressed are for informational purposes only. Holdings subject to change. Not all asset classes referenced in this material may be represented in your portfolio. Indices are unmanaged and an investor cannot invest directly in an index. All investments involve risk including loss of principal. Fixed income investments are subject to interest rate and credit risk. Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes, and different methods of accounting and financial reporting.

Barclays Municipal Bond Index: A market-weighted index, maintained by Barclays Capital, used to represent the broad market for investment grade, tax-exempt bonds with a maturity of over one year. Such index will have different level of volatility than the actual investment portfolio. S&P 500: An index consisting of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large-cap universe. Companies included in the Index are selected by the S&P Index Committee, a team of analysts and economists at Standard & Poor’s. World Index Ex-U.S. includes both developed and emerging markets. Bloomberg Barclays U.S. Aggregate: A market capitalization-weighted index, maintained by Bloomberg Barclays, and is often used to represent investment grade bonds being traded in the United States.

Brinker Capital Inc., a Registered Investment Advisor.

Investment Insights Podcast: Despite the number of headlines last week, markets proved their resilience

Rosenberger_Podcast

Andrew Rosenberger, CFA, Senior Investment Manager

 

On this week’s podcast (recorded April 10, 2017), Andy discusses sentiment, job growth, and earnings season.

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Quick hits:

  • Despite the number of headlines last week (Syria, China, France, Jobs), markets proved their resilience by finishing the week flat.
  • Sentiment has come down from peak optimism seen in February.
  • Despite the weakness in the headline number, the underlying trends in job growth continue to be favorable.
  • Earnings season kicks off this week with Financials being the first group up.  Investors are looking for comments on loan growth & loan demand.
  • We continue to favor an overweight to risk assets within our discretionary portfolios.

For Andy’s full insights, click here to listen to the audio recording.

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Holdings are subject to change. Brinker Capital, Inc., a Registered Investment Advisor.

Retirement planning: Ten numbers you need to know

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Brad Weber, Regional Director, Retirement Plan Services

When investors or financial planners talk about a retirement number, often it is the amount that you should try to save.

As this year’s National Retirement Planning Week comes to a close, it is an appropriate time to take a closer look at ten important numbers to consider when contemplating your retirement.

  1. Your current retirement account balance. This is the amount you’ve saved-to-date that is just for retirement and excludes illiquid assets.
  2. The number of years you expect to work before retiring. Do you think you will be working another six months or six years?
  3. The amount of money you plan to set aside each year you remain employed.
  4. The number of years you can expect to live. While no one can accurately predict this number, your average life expectancy is a critical variable in retirement planning. According to the Social Security Administration, a man reaching age 65 today can expect to live until age 84, while a woman of the same age can expect to live until 86. Tools such as the Living to 100, or the more simplified LifeSpan Calculator from Northwestern Mutual, will generate a prediction based on your responses to lifestyle type questions. The point of this exercise is less about trying to predict when you will die than it is to help you prepare for the reality of a retirement of unprecedented length.
  5. A projected rate of inflation throughout your retirement. As Roddy Marino explained in his recent blog post, even mild inflation over a 40-year span can erode your purchasing power and negatively impact your standard of living. Retirees must continue to invest in risk assets that they can reasonably expect will outpace inflation to retire comfortably.
  6. The amount of retirement income you expect to receive, from all sources, including social security, income on rental property, pension payments, and annuity income.
  7. Your anticipated monthly expenses in retirement. A good rule of thumb in thinking about future expenses is to take a hard look at your existing expense structure. While some may disappear or decrease significantly, you may find them being replaced by other expenses. For example, instead of daily commuter costs you may take longer trips so overall transportation expenses may not fluctuate that much.
  8. The percentage of stocks vs. bonds in your portfolio. You should know your portfolio allocation, and its associated level of investment risk. Throughout your retirement, your portfolio will have to provide both income and growth to maintain your purchasing power and support your lifestyle. It’s helpful, however, to know where you stand so you can assess whether your portfolio mix will help you achieve your retirement goals.
  9. The amount of financial support you will likely supply to your loved ones. Care for loved ones can play a significant role in shaping your retirement experience. As John Solomon, EVP of our Wealth Advisory group, points out in a recent blog, the number of adult children who provide personal care and/or financial assistance to a parent has more than tripled in the last 15 years. Currently, 25% of adults, mostly Baby Boomers, provide some care to a parent.
  10. Your anticipated medical expenses. Like predicting longevity, it is hard to know how much you will spend on medical expenses in retirement. According to recent estimates by Fidelity Investments, the average American couple spends nearly $260,000 in retirement on health-related expenses, excluding monthly insurance premium costs.

While all of these numbers play a critical role in shaping your retirement experience, probably the most important one you should know is the telephone number of a financial advisor.

An experienced financial advisor can help you manage your retirement portfolio to meet your preservation and growth objectives, establish an income strategy matched to your spending needs, and track your spending versus assumptions. Regardless of the situation, you know that your trusted financial advisor understands your financial history and can help make decisions that are in your best interests.

For over 10 years, Brinker Capital Retirement Plan Services has worked with advisors to offer plan sponsors the solutions to help participants reach their retirement goals. When plan sponsors appoint Brinker Capital as the ERISA 3(38) investment manager, this allows them to transfer fiduciary responsibility for the selection and management of their investments so they can focus on the best interests of their employees.  This fiduciary responsibility is something that Brinker Capital has acknowledged, in writing, since our founding in 1987.

For additional information on National Retirement Planning week from Brinker Capital, please review Frank Randall’s blog debunking common retirement myths.

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Brinker Capital, Inc., a Registered Investment Advisor.

Setting the record straight on common retirement myths

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Frank Randall, Regional Director, Retirement Plan Services

It’s National Retirement Planning Week and an important time to take a closer look at some of the common myths that if followed, could decrease your spending power, and your happiness, in retirement.

  1. “It’s too late to start saving now.” Even in your late 40s or early 50s, you still have 15 to 20 years to grow your nest egg. The government has given incentives by enacting tax laws designed to help people over the age of 50 to contribute a little extra to retirement plans so they can catch up as retirement nears.
  2. “I can’t start saving for retirement until I pay off my debt.” Not all debt is bad. A financial advisor can help you differentiate between debt you can carry and the debt you should prioritize paying off over retirement savings (i.e., high-interest credit cards).
  3. “I’ll start saving after I get my kids through college.” Borrowing for college is easier than borrowing for retirement.
  4. “I need to be super conservative in my investments so my money will last.” The flaw in this strategy is that it doesn’t consider the impact of inflation. While inflation has been tame in recent memory, even at 2-3% over long periods of time, inflation can have a devastating impact on wealth.
  5. “It’ll just be me (and my spouse).” Many retirees either underestimate or do not anticipate the financial toll associated with providing financial support to their adult children, yet over one-third (36%) of the young adults ages 18-31 live with their parents. It’s not uncommon for the adult children to have children of their own, adding layers of both complexity and expense. Furthermore, Securian Financial Group reported that only 10% of the adult children living with their parents contribute to the household finances (e.g., pay rent). Retirees may also have the added expense of providing care to elderly relatives. In a recent blog, John Solomon, EVP of our Wealth Advisory group, pointed out that 25% of adults, mostly Baby Boomers, provide care to a parent.
  6. “I’ll pay it back.” Avoid borrowing against your retirement account. Even if you repay the loan, your nest egg will suffer because you will probably incur interest charges and fees. In addition, you will miss out on the compounding effect of the original funds, your contributions may be suspended while the loan is outstanding, and you will be more likely to sell low and buy high.
  7. “I won’t have to pay as much in taxes.” In retirement your income will be lowered, which will in turn lower your effective tax rate. Keep in mind; however, cost of living is impacted by all forms of taxes, including state income tax, local income tax, property tax, sales tax, capital gains tax, and Medicare tax. Also, in retirement you’ll likely have fewer federal deductions and dependents to claim, so a greater percentage of your income goes to the government.
  8. “Medicare will cover my health care expenses.” Medicare doesn’t cover everything, and the items not covered can add up. The Center for Retirement Research at Boston College estimates out of pocket medical care expenses for retirees at approximately $4,300/year for individuals and $8,600/year for couples. These amounts don’t include long-term care expenses. Many retirees purchase supplemental policies (called Medigap) to cover co-pays, deductibles and other expenses that Medicare does not. Medigap policies can ultimately cost you more than you paid for health care covered when employed.
  9. “I won’t have as many expenses.” Retirement expenses might not be as low as you think. Unstructured time often leads to greater spending. Also, many people wait until retirement to increase travel and pursue hobbies when work is no longer standing in the way.
  10. “I will have more time to study the markets in retirement.” The more you know about investment principles and the long-term historical record of the market, the better outcomes you can expect to achieve in your retirement portfolio. The American Association of Individual Investors found that investing knowledge enhances risk-adjusted returns by at least 1.3% annually. Over 30 years, the improved portfolio performance leads to 25% greater wealth. So, don’t wait until you are in retirement to begin studying up on investment principles. Start today.
  11. “I don’t need help.” While your financial mission in retirement may seem straightforward—to not outlive your money—the decisions you face along the way can be complicated. An experienced financial advisor can help you manage your retirement portfolio to meet your preservation and growth objectives, help you establish an income strategy matched to your spending needs, and track your spending versus assumptions. If a crisis arises, a trusted financial advisor will know your financial history and can help make decisions in your best interests.

For over 10 years, Brinker Capital Retirement Plan Services has worked with advisors to offer plan sponsors the solutions to help participants reach their retirement goals. When plan sponsors appoint Brinker Capital as the ERISA 3(38) investment manager, this allows them to transfer fiduciary responsibility for the selection and management of their investments so they can focus on the best interests of their employees.  This fiduciary responsibility is something that Brinker Capital has acknowledged, in writing, since our founding in 1987.

Click here to learn more about Brinker Capital Retirement Plan Services.

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Brinker Capital, Inc., a Registered Investment Advisor.

Investment Insights Podcast: Three things we’ve learned in the first quarter of this year

Jeff Raupp, CFARaupp_Podcast_Graphic, Director of Investments

On this week’s podcast (recorded April 3, 2017), Jeff discusses three things we’ve learned in the first quarter of this year.

 

Here are some quick hits before you have a listen:

  • While the administration’s policies are still considered bullish for stocks, the road to implementation will be a bumpy one.
  • We remain in the second half of the business cycle.
  • A rising Fed funds rate does not mean get out of emerging markets.

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For Jeff’s full insight, click here to listen to the audio recording.

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Holdings are subject to change. Brinker Capital, Inc., a Registered Investment Advisor.

Fed continues on road to interest rate normalization

lowmanLeigh Lowman, Investment Manager

In a widely anticipated move, the Fed increased interest rates by 25 basis points on March 15, 2017, the second interest rate hike in three months and there are talks of potentially two more raises this year. Positive economic data and a rise in business confidence served as a catalyst for the Fed to continue its interest rate normalization efforts with the possibility of as many as two additional rate increases later this year. However, recent rhetoric from the Fed reaffirmed their commitment to move at a cautious pace, supporting Brinker Capital’s view that the process of longer term rates will likely be prolonged and characterized in fits and starts, rather than linear, as the market adapts to the new normal.

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Source: FactSet, Federal Reserve, J.P. Morgan Asset Management. U.S. Data are as of February 28, 2017. Market expectations are the federal funds rates priced into the fed futures market as of the date of the December 2016 FOMC meeting. *Forecasts of 17 Federal Open Market Committee (FOMC) participants are median estimates. **Last futures market expectation is for November 2019 due to data availability.

Catalysts for higher interest rates

Many positive factors are currently present in the economy that point to a move toward interest rate normalization:

  • Stable U.S. economic growth. Economic growth in the U.S. has been modest but steady. The new administration and an all-Republican government will likely further stimulate the economy through reflationary fiscal policies including tax cuts, infrastructure spending and a more benign regulatory environment.
  • Supportive credit environment. High yield credit spreads have meaningfully contracted and are back to the tight levels we saw in 2014. Commodity prices have also stabilized.
  • Inflation expectations. Historically, there has been a strong positive correlation between interest rates and inflation. Many of the anticipated policies of the Trump administration are inherently inflationary. Inflation expectations have increased accordingly and headline inflation has been moving towards the Fed’s 2% long-run objective. In addition, we believe we are in the second half of the business cycle, typically characterized by wage growth and increased capital expenditures, both of which eventually translate into higher prices.
  • Unemployment levels. The labor market has become stronger and is nearing full employment. Unemployment has dropped to a level last seen in 2007.

Historical perspective

From 1965 to present, the Fed has implemented policy tightening a total of 15 times and the impact on the bond market has not always translated into longer rates rising. For example, back in 2004 the Fed began raising rates in response to beginning concerns of a housing bubble and the bond market did well as the yield on the 10-year Treasury fell.

More recently during the current market cycle, the Fed increased rates by 25 basis points in December 2015. The 10 year Treasury yield fell and the bond market generated a positive return while equities plummeted in the first quarter of 2016. A year later, the Fed increased rates by 25 basis points in December 2016. The impact on markets was minimal with both equities and fixed income generating strong positive returns in the two months that followed.

Fixed income allocation

Traditional fixed income has historically provided a hedge against equity market risk with substantially less drawdown than equities. Although a rising rate environment would suggest flat to negative returns for some areas of fixed income, the asset class still provides stability in portfolios when equities sell off. For example, fixed income provided an attractive safe haven during the market correction in the beginning of 2016.

In an environment of rising rates, Brinker Capital believes an allocation to traditional fixed income is still merited as we expect the asset class to provide a good counter to equity volatility.

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Source: Fact Set, Brinker Capital, Inc. Index returns are for illustrative purposes only. Investors cannot invest directly in an index. Past performance does not guarantee future results.

Overall, much uncertainty remains on the timing and trajectory of interest rate changes. Brinker Capital remains committed to helping investors navigate through a rising rate environment through building diversified portfolios across multiple asset classes.

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Brinker Capital, Inc., a Registered Investment Advisor.

Avoiding retirement regrets

cook_headshotPaul Cook, AIF®, Vice President and Regional Director, Retirement Plan Services

Owning up to mistakes and admitting to missed opportunities may be cathartic, but it sure isn’t pleasant. Unfortunately, most older Americans have financial regrets. Per a recent survey, not saving for retirement early enough was the biggest regret of retirees. Not saving enough for emergency expenses (13%), taking on too much debt (student loan and credit card debt each at 9%), and buying a bigger house than was affordable (3%) were among the other regrets expressed in the survey.[1] While not uncommon, investment regrets pose unique challenges because the ability to recover can be limited by both time and opportunity.

Investor regret typically takes two forms:

Regret of action is the sinking feeling you get when you did something you shouldn’t have like investing in a stock tip you overheard while waiting in line at Starbucks.

Regret of inaction refers to something you wish you had done, like buying long-term care insurance for your mother a decade ago.

In a landmark study[2], Thomas Gilovich and Victoria Husted Medvec discovered that misguided actions generate more regret in the short term; but failure to act produces more remorse in the long run. You can, however, make bold financial moves today to avoid both short and long-term regrets in the future.

No matter where you fall on the financial spectrum, consider these regret-management moves:

  • Invest for the future today, again tomorrow, and again the next day. While two-thirds of U.S. employees are saving for retirement, according to the 2015 Retirement Confidence Survey conducted by the Employee Benefit Research Institute, their efforts fall short. You’ll never get this time back, so if you haven’t started saving for the future, then delay no more. The longer you invest money, the more time it has to grow.
  • Don’t confuse risk and volatility. Risk is the likelihood that you will not have the money you need when you need it to live the life you want. Paper losses are not “risk,” and neither are the fluctuations of a volatile market.
  • Measure progress against your goals, not industry benchmarks. As Chuck Widger and Dr. Daniel Crosby point out in The New York Times best-selling book, Personal Benchmark: Integrating Behavior Finance and Investment Management, by measuring performance relative to the specifics of our lives and the goals we have set, rather than vague generalities, we can become an expert in the “Economy of One.”
  • Infuse discipline into your investment strategy. There are several steps you can take to help make saving more of a habit, such as establishing automatic transfers from your bank account to your brokerage account.
  • Become a savvy investor. Even if you have a skilled advisor or your partner handles the family’s investments, you should have a baseline understanding of how investments work and the different characteristics and performance expectations for each asset class in your portfolio.
  • Get in touch with your emotional side. Most investors think that the strongest links to performance are timing and returns, but an investor’s behavior also plays a significant role. Over the last 20 years, the market has returned roughly 8.25% a year, but poor investment behavior has caused the average retail investor to gain only 4%.[3]
  • Control the controllable, not the markets. Do not try to predict or master the markets. Instead, focus on controlling the behaviors that negatively impact results, like impatient or impulsive investment decisions and overspending.
  • Work with an advisor. A trusted advisor will help you articulate your goals and design a portfolio to help you reach those goals while managing market volatility. But, your advisor’s value doesn’t end there … in fact, one of the most valuable things your advisor can do for you is to provide behavioral coaching along the way. Research has found that when an advisor applies behavioral coaching, performance increases from 2-3% per year.[4]

For over 10 years, Brinker Capital Retirement Plan Services has worked with advisors to offer plan sponsors the solutions to help participants reach their retirement goals.  When plan sponsors appoint Brinker Capital as the ERISA 3(38) investment manager, this allows them to transfer fiduciary responsibility for the selection and management of their investments so they can focus on the best interests of their employees. This fiduciary responsibility is something that Brinker Capital has acknowledged, in writing, since our founding in 1987.

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Brinker Capital, Inc., a Registered Investment Advisor.

[1] Bankrate.com, December, 2016

[2] The Experience of Regret: What, When, and Why.

[3] Dalbar, Inc., Quantitative Analysis of Investor Behavior. Boston: Dalbar, 2015.

[4] 10 Surefire Ways to Ruin Your Financial Future, Dr. Daniel Crosby.

Investment Insights Podcast: A quick review of the markets last week and our outlook


Leigh Lowman
, Investment Manager

On this week’s podcast (recorded March 24, 2017), Leigh provides a quick review of the markets last week and reaffirms our outlook.

Quick hits:

  • After notably strong performance for the first two months of the year, risk assets sold off last week with the S&P 500 declining over 1% on Tuesday, the first 1% drop since October 2016.
  • Month to date through Thursday, March 23rd, the S&P 500 is down -0.6% and areas of the market are beginning to show signs of consolidation.
  • Despite the recent market pullback, we remain positive on risk assets over the intermediate term.
  • We expect higher volatility to continue as policies under the new administration and actions of central banks continue to unfold.

For Leigh’s full insights, click here to listen to the audio recording.

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Holdings are subject to change. Brinker Capital, Inc., a Registered Investment Advisor.