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Hard Assets Alliance
August 8, 2019


The summer of 2019 has been an exciting time for precious metals.


As of this writing, gold is trading at $1,499/oz… its highest mark since 2013.


Gold is hot again…


Analysts are talking it up on CNBC…

Hedge funds are buying gold…


● You might have seen Ray Dalio, who helms the world’s largest hedge fund, pick gold as his top investment just recently. 


● Or legendary manager Paul Tudor Jones do the same


And gold ETFs… a/k/a paper gold… are seeing record inflows from investors. Global assets in all gold ETFs reached $111 billion in June, the most in six years.


Why the sudden demand for gold?

It’s simple. People are worried about their money.

And for good reason…


● The trade and currency wars between the US and China have no clear end in sight.


● The Federal Reserve has already sounded the alarm and preemptively cut interest rates.

● And negative rate debt… a mind-boggling concept where investors are forced to “pay” for the privilege of holding bonds… has swelled to $14.1 trillion, the highest ever.


Meanwhile central banks including China, Russia, and Poland are buying as much gold as they can get… literally putting tons of gold in their vaults.


The reasons to own gold at this point in time are numerous and growing.

Gold’s job is to help protect against uncertainty, conflict, and market turmoil. It generally retains its value, and serves as a hedge against inflation and devaluing currencies.

If you think the road ahead looks rough... are you sure you have enough ounces?

The risks continue to grow. And a return to healthy markets, honest economies, stable currencies, and healthy geopolitics may be measured in years, not days or weeks.

The gold you own through this tumultuous period can provide piece of mind like no other investment can.

In times like this, it’s important that you keep on top of the precious metals news.

For information on Hard Asset Alliance, click HERE

Website:  https://www.hardassetsalliance.com/?aff=TWC

WealthCare Connect may receive compensation from Hard Asset Alliance for purchases make through links(s) on this website.

Hard Assets Alliance
July 10, 2019


Last quarter was incredibly kind to gold investors. For the first time in a long time, gold outpaced stocks. Which is really something considering the S&P 500 posted its strongest June since 1938. Meanwhile, fixed-income continues to hold less and less appeal as a safe haven as the market anticipates a fresh Fed rate-cut cycle. 

To help you make sense of it all, we created this report. It examines the performance of gold and other major asset classes this year so far and highlights the conditions we see which could impact the gold market going forward.


Q2-2019: Gold Price Breakout


Gold began the second quarter at $1,295 per ounce. The price was flat in April and May, then spiked in June due to the Fed’s increasingly dovish stance, the conflict with Iran, and the ongoing US/China trade war. Gold ended the quarter up 8.8%.


Here is the performance of gold and other major asset classes in Q2 and YTD.

Gold outperformed all major asset classes and markets in Q2 except gold stocks and palladium, rising 8.8%. It’s now up 9.9% for the year. (We’ll note that Bitcoin, not shown, spiked 200% last quarter, up 230% YTD.) The US dollar index fell 1.1% last quarter, and is flat for the year.


Gold’s performance in other currencies also made headlines.


In total, gold is now at or near an all-time high in 72 currencies. To put the importance of this in perspective, the US represents only 4% of the world’s population.


Unsurprisingly, gold’s volatility also spiked. The CBOE Gold ETF Volatility Index (GVZ) ended the quarter 61% higher than where it started. However, the current reading of 15.94 remains roughly 25% below the Index’s 10-year average of 20.


Silver continues to trail gold, and is down 1.1% on the year. Gold’s stronger relative performance has pushed the gold/silver ratio (gold price divided by the silver price) higher. The ratio began the quarter at 85.8 and ended at 92.1, now a 28-year high. This suggests silver is a better value than gold at present for those looking to add bullion.


While our investment thesis is not predicated upon technical analysis, many chartists maintain that the gold price broke above a critical long-term resistance level in June. Gold had not exceeded $1,400 since August 2013, failing to break through the $1,380 level six separate times since then. The momentum demonstrated by a move that has shattered this stubborn six-year ceiling is well worth watching, as it appears gold has moved into a new price range.


Catalysts and Barriers


A number of potential factors could impact the gold price over the coming quarter.


The Fed: The US central bank has made a major dovish pivot, going from a steady rate-raising regime, to pausing those hikes, to now likely cutting them. All in just six months. When discussing the likelihood that the Fed will have to again resort to 0% interest rates and additional rounds of QE in the future, Chairman Jerome Powell said it was inevitable: “There will be a next time.”


It’s not just the Fed; other central banks are equally as accommodative, which is generally gold-bullish. As Bloomberg’s Eddie van der Walt said, “With central banks around the world turning more dovish, the latest move may just be the start.”


Interest Rates: As the quarter closed out, traders had priced in a near-100% certainty that a rate cut will be made at the Fed’s July meeting, though those odds have since pulled back to about 85%. Interest rate reductions are typically gold-positive, since they diminish gold’s holding cost and lower the competition from Treasuries. Some of gold’s rise may reflect a cut that has already been priced in, though research from the World Gold Council shows that gold tends to perform well when the Fed is neutral or dovish.


Negative Interest Rates: The amount of government bonds paying less than 0% continued to make headlines, hitting a new high in late June. Globally, a total of $13 trillion in government debt now offers sub-zero yields, rising by $2 trillion since late May alone. In fact, negative-rate debt now makes up almost 40% of the value of all government bonds outstanding.


This trend continues to be particularly prevalent in Europe. Last month, French and Swedish 10-year yields fell below zero for the first time ever. Nearly all debt issued by the Swiss government – from one-month to 20-year maturities – now carries a negative yield. This is closely followed by Sweden (91% of all government debt), Germany (88%), Finland (84%) and the Netherlands (84%).


In all, central bank activity around much of the world has become decidedly more accommodative. OECD Secretary-General José Ángel Gurría publicly stated that central bankers “have run out of ammunition.” As always, central bank guidance bears watching.


Trade Wars/Currency Wars: President Trump has complained loudly and frequently about trade imbalances and currency manipulations by foreign governments. It is expected that ongoing trade conflicts and overt efforts to weaken the US dollar would be gold-bullish.


Geopolitical conflicts: The clash between the US and Iran made geopolitical headlines in June. Iran shot down a US drone over international waters… President Trump imposed sanctions to freeze the assets of Iranian military commanders including the Supreme Leader… Iran claimed US sanctions “closed the door on diplomacy”…  Trump threatened a heavy military response if Iran attacked any US interests. 


Ongoing tensions between the two countries could continue to support gold prices, particularly if the conflict escalated. A resolution could dampen this catalyst.


Central Bank Gold Purchases: We’ve been highlighting the increase in central-bank buying in our reporting, which reached 45-year highs at the end of 2018. This price support has continued into 2019: Kazakhstan, Russia, and Turkey all added to official Reserves last quarter. Through May, China has added to its gold reserves for six consecutive months. There is no evidence that this trend has let up.


Recession Watch: The yield curve (as defined by the spread between 10-year and 2-year Treasuries) ended Q2 at a paltry 0.24%. The last six times the yield curve inverted a recession followed shortly thereafter. Meanwhile, the US Manufacturing PMI fell to 10-year lows in May. Gold is typically sought as a safe haven during periods of negative economic output, and tends to be flat or weak when GDP is growing.


The Hard Asset Hedge


The advantages of gold supersede quarterly price fluctuations. Gold… 


  • Has outperformed stocks over the last 20 years
  • Can hedge against systemic risk, stock market pullbacks, and inflation
  • Is a store of wealth
  • Improves the risk-adjusted returns of portfolios, while reducing losses
  • Can provide liquidity to meet liabilities during times of market stress


An appropriate balance of gold in a portfolio can serve as a useful hedge, particularly in light of the Fed’s new dovish stance, ongoing geopolitical conflicts, the unrelenting growth in negative interest rates, and trade and currency wars.


Now is a good time to check your gold allocation and consider whether you have the amount of bullion you may need or want.

Jeff Clark, Senior Analyst

For information on Hard Asset Alliance, click HERE

Website:  https://www.hardassetsalliance.com/?aff=TWC

WealthCare Connect may receive compensation from Hard Asset Alliance for purchases make through links(s) on this website.



Hard Assets Alliance
June 17, 2019

And you hear the three worst words in the world:
“You have cancer.”
But wait there’s hope…
Thanks to a new breakthrough test being developed…
They may soon be able to catch it early…
And your chances of living could improve significantly.
As you may know, early detection of cancer saves lives.
According to Cancer Research UK:
“Cancer that’s diagnosed at an early stage, when it isn’t too large and hasn’t spread, is more likely to be treated successfully.”
And thanks to a recent medical breakthrough using something called “gold nano-particles”…
We could have the most important early detection system ever created.
And this huge leap forward in cancer detection could disrupt the growing cancer treatment industry…
Which is predicted to reach $172 billion by 2022.
Here’s how the test works:

  • Step 1) Just like normal, a doctor takes a sample of blood, and sends it to the lab.


  • Step 2) At the lab, scientists put the sample into a test tube along with the gold nano-particles.


  • Step 3) They shoot a laser beam into the test tube.

The less gold reflected from the laser, the more cancer there is.
And the test can be done in a few minutes, for literally $1!
It’s quick, safe, and easy.
And because it’s so affordable and fast…
It means more people could benefit from it when it is commercialized.
Which means more lives saved… and more profit made.
And now you have the opportunity to invest in this breakthrough early detection system…

By investing in gold.

Simply log in to your SmartMetals account and invest in gold for storage.

For information on Hard Asset Alliance, click HERE

WealthCare Connect may receive compensation from Hard Asset Alliance for purchases make through links(s) on this website.

Hard Assets Alliance
June 13, 2019



Elon Musk, Richard Branson, and Jeff Bezos have invested more than $4.5 billion into the future of our species.

I’m talking about space travel!

And as crazy as this might sound…

According to Forbes:

“It appears that we really are less than a year away from commercial space flights.”

But there’s a huge problem for intergalactic tourism.

No, it’s not reusable rockets… or rocket engines… or even funding…

It’s radiation.

This radiation comes from the sun as solar particles…

Or from the galaxy, as cosmic rays.

And it can cause some serious damage to everything we send up into space…

Like the spaceships, the onboard computers, and the people inside.

But it turns out, there’s a simple solution to this universal problem.

GOLD… Yes! The same GOLD you can buy with your SmartMetals Account.

Which is why you’ll find it inside every single galactic gadget there is.

It’s used with:


  • Gold in space helmets to protect astronauts’ faces. A thin film of gold fends off the dangerous effects of solar rays...


           So it’s an absolute necessity for space travelers.


  • Lubrication for mechanical joints. Where oil or grease might freeze or evaporate in space…

    Gold keeps slipping, sliding, and protecting.


  • Connectors in spacecraft computer systems. Gold is a dependable conductor and connector…


            Meaning it can carry electrical currents without fear of corrosion.

As you can see, the space industry is dependent on gold…

It’s indispensable.

Keep your eye on it…

Because demand is about to explode.

You see...

The space industry is expected to grow from $360 billion to $558 billion by 2026.

And gold is the best metal for protecting space tech from radiation.

This future has arrived.

Now you have an incredible opportunity…

To invest in the future of space travel...

By investing in gold.

If you’d like to hold some of this noble metal in your portfolio…

Click here to buy gold now - and invest in the final frontier!

For information on Hard Asset Alliance, click HERE

WealthCare Connect may receive compensation from Hard Asset Alliance for purchases make through the above links(s).

Hard Assets Alliance
June 7, 2019

Right now Apple is the fourth most valuable company in the U.S. by Market Cap...

And according to my research, they’ve got a $77 million secret hidden inside their iPhones.

Once you understand what this secret is…

You’ll see its value to Apple… and how you can potentially profit from it.

So what’s hiding inside each and every iPhone?

It’s silver…
An irreplaceable metal that makes the electrical connections inside each iPhone function properly.
And each iPhone contains roughly 36 cents worth of silver.
Which means the 217 million iPhones sold in 2018 contained more than $77 million worth of silver.
That's the equivalent of 4.8 million troy ounces of silver...
Which is enough to build the famous statue inside Lincoln Memorial fully in silver…  
Enough silver to produce the Super Bowl trophy for the next 42 thousand years…
Enough silver to produce 240,000 Silver Medals at the Olympic Games…

And silver isn’t just inside their iPhones…
It’s in every single device they make.

  • iPads
  • Laptops
  • Desktops

All of them NEED silver to function properly.

And it’s not just Apple’s devices that require silver…
It’s literally every single smartphone, laptop, and desktop made around the world.
Which means every single device shipped by Google, Amazon, Samsung, Microsoft, and Intel...
Billions of devices, each year, all need silver.

And as these companies continue to grow and fight for market share…
Their demand for silver will increase with it.
Which is why we think it makes perfect sense to bet on everyone by betting on silver.
To get started, all you need to do is open up your free SmartMetals account.
PLUS! Once you open your free account...

You’ll also get access to a private interview I recently hosted with technology investor and expert Ray Blanco.
He’ll be sharing some key insights into how silver is shaping the future of technology… and why you should consider investing in silver today.


More Info

WealthCare Connect may receive compensation from this provider for purchases you make through the above links

Hard Assets Alliance
June 5, 2019


Right now, there’s a revolution in the global automotive industry…
It’s electric and hybrid cars… what we call “smart cars.”


The fact is, silver is used extensively in smart cars…
And the auto industry estimates its demand for silver will reach $2 billion a year by 2040.
If you want to potentially profit from the growth of smart cars, there’s a great way to get started...
Buy silver!
Here’s why…
Today’s cars use an aggregate of over 36 million ounces of silver each year.
As smart cars improve and the market grows, that number’s forecasted to triple in 20 years!
Just take a look at this graph:

You can see (in blue and green) the forecasted demand for silver in electric vehicles (EV) and hybrids (HEV) in relation to internal combustion engines (ICE) (in orange).
Furthermore, silver in cars is irreplaceable.
Already, it’s used in automotive parts and systems...

  • Switches
  • Electrical wiring
  • Microchips
  • EV batteries
  • Spark plugs
  • Antifreeze
  • Catalytic converters

Still, there will be much more… as the auto industry moves into the future.
Now could be the perfect time to add silver to your portfolio.
To get started, all you need to do is open up a FREE SmartMetals account.
PLUS! Once you open your free account...

You’ll also get access to a private interview I recently hosted with technology investor and expert Ray Blanco.
He’ll be sharing some key insights into how silver is shaping the future of technology… and why you should consider investing in silver today.

Hard Assets Alliance
June 3, 2019

Last year alone, solar energy accounted for 29% of all new electric generating capacity.
In fact, the solar energy industry is expected to hit $60 billion in U.S. sales over the next 10 years.
And because of this energy revolution...
Silver could become the #1 precious metal to own in 2019.
Let’s take a look at the two opportunities where silver plays a big role:
#1 ) The Solar Energy Industry
Like I mentioned, solar energy is booming in America.
But globally… it’s doing even better.
The global solar energy industry is expected to reach $422 billion by 2022.
That’s a 4,938% increase from 2015.
As you may know, solar energy is harvested through solar panels which are made with silver.
Which means investing in silver is investing in the raw material powering this energy revolution.
But there’s a huge problem right now limiting solar energy’s growth.
See, you can’t use it when there’s no sun.
Natural gas is still #1 because it’s the only way to power entire countries at night.
But not for much longer...
Because the solution to this huge problem is the second opportunity...
And this solution could make solar the world’s biggest energy source.
#2 ) Fuel Cells

The U.S. Department of Energy predicts the fuel cell industry will be worth $43 billion to $139 billion in the next 10-20 years.
But as of today, there’s a big problem with making fuel cells.
Solid oxide fuel cells (SOFCs) offer a stable and efficient way to generate clean electrochemical power...
But they’re impractical for use in portable devices because of their high operating temperatures.
Not to mention the fact they require platinum to be used as the catalyst… which isn’t exactly the cheapest material to be using.
According to Suljo Linic, Associate Professor of Chemical Engineering at the University of Michigan, silver could be the answer to this problem.

“We have been looking at a silver-based compound and we have known for a long time that silver can form this type of reaction at about 10 to 15 times lower rates than platinum. But what we like about silver is that it’s very cheap, about 50 times cheaper than platinum, and when forming silver nanoparticles it allows for a high density of active sites in the material.”

Linic said up until recently silver would have been useless in the acidic environment of fuel cells...
But advances in new membrane technologies in the last decade allow for silver to be used in basic fuel cells without being prohibitively expensive.
Which means investing in silver could give you exposure to the most promising disruptive force in the energy sector.
Interested in investing in silver?
So all you have to do is log in to your SmartMetals account and buy silver.
PLUS! Once you open your free account...

You’ll also get access to a private interview I recently hosted with technology investor and expert Ray Blanco.
He’ll be sharing some key insights into how silver is shaping the future of technology… and why you should consider investing in silver today.

WealthCare Connect may receive compensation from this provider for purchases you make through the above links.

Hard Assets Alliance
May 31, 2019

Amazon has a problem...a BIG problem.
Every year, they ship over 5 billion packages…
But many of those packages never make it to their destination.
You’ve seen this first hand if you’ve ever had a package not show up or go to the wrong address.
Frustrating, isn’t it?
But they’ve found a solution…
Introducing Nano Silver: The Metal of the Future
What is nano silver?
It’s pretty much the same thing as regular silver but with one major difference...
It’s broken down into tiny little particles called nanoparticles…
Less than 100 billionths of a meter in size.
Having trouble imagining that?
I’m right there with you.
But don’t worry…
Because all you need to know is that these nanoparticles are an important part of RFID chips...
And they’ll be part of almost everything in the near future.
Think of RFID chips as self-powered micro computers...
And Amazon loves them.
Because they replace bar codes and turn your lost packages into "smart packages"...
And this helps them always find their way back to their owner.
Say goodbye to lost packages forever, and say hello to on time deliveries – every time!
And it’s all thanks to nano silver.
Want to invest in this growing trend?
It’s easy!
Remember, nano silver is the same as regular silver…
So all you have to do is log in to your SmartMetals account and buy silver.

May 30, 2019

A comparison of strengths and weaknesses


Are you better than a robo-advisor? The answer is yes. And no. Human advisors are better than robos at some things. Robos at others. What’s interesting here is the intrinsic advantages each hold and the potential for what each can do. This, more than the current state of play, will inform the future shape of the wealth management industry on the assumption that, overtime, robos and human advisors will each specialize in what they do better. So, what can robos do as well as advisors? What can they do better? And where will human advisors continue to have an edge?


Where Robo-Advisors and Human Advisors are Equal

Robos and advisors tie in three areas of intrinsic ability: pre-tax, pre-expense performance, customization and tax, and convenience.

  1. Pre-Tax, Pre-Expense Performance
    In principle, robos can invest in anything an advisor can, so there’s no built-in advantage to one or the other. In practice, robos tend to use simpler products like ETFs. This enables them to lower costs and serve smaller investors. But it’s a choice, not a limitation of robos.

  2. Customization and Tax
    Traditionally, high levels of customization and tax management have been associated with the type of labor-intensive portfolio management provided to high net worth or ultra high net worth investors. But most forms of customization (including customized asset allocation, customized product choice and ESG screens) and most forms of tax optimization (including tax-sensitive transition, year-round tax loss harvesting, and long-term gains deferral) can be automated.

    Most robos currently keep things pretty simple, but, again, this is a choice. There’s nothing stopping robos from offering the type of customization and tax management that used to be the exclusive preserve of ultra high net worth investors.

  3. Accessibility
    You’d think accessibility and convenience would be a clear win for robos. But nothing stops human advisors from offering all the same 24/7 reporting and self-service options a robo does (e.g. putting in a withdraw cash request late on a Sunday night). The “tech-enabled advisor” is basically an advisor with all the tools a robo has.

    Most advisors haven’t yet rolled out this type of functionality, but this is just a matter of time. Robos have no intrinsic advantage.


Where Robo-Advisors Beat Human Advisors

Robos have the potential to outperform advisors in terms of price and post-expense performance, as well as trust that is based on transparency.

  1. Price
    Robos charge less than human advisors (or at least they should) — after all, they don’t have to pay advisor salaries. There’s no way around this, and it’s a pretty big deal. The robo cost advantage leads us to the second area where robos can (or at least should) beat advisors:

  2. Post-Expense Performance
    Robos have lower fees, and, in principle, robos can invest in anything a human advisor can. So, net of advisory fees, you’d expect robos to outperform human advisors, on average.

    This assumes we hold investor behavior constant, meaning we assume that investors who work with robos and investors who work with human advisors will behave the same in terms of things like the amount they invest, their predilection to market timing, etc. This is a big assumption. More on this later.

  3. Trust via Transparency
    Trust? For a computer? Surely this is where humans win? Well, as we’ll see, yes, it’s an area where humans can do better. But not always. Robos have the advantage of transparency. Robo offerings are automated and systematized, and this makes it possible to know precisely what you’re getting. It’s public and transparent.

Form ADVs notwithstanding, what human advisors do can be pretty opaque. That makes it harder for investors to judge the quality of human advisors. And investors are justified in having some trepidation about what their human advisor is really doing, and why. For example, advisors tend to invest in more expensive products, despite a dearth of evidence that they serve investor interest. One common explanation is, to quote an old Wall Street saying, “the margin is in the mystery,” meaning you get to charge more for products that customers don’t understand. This is not meant as an indictment of advisors, only a reminder that human advisors shouldn’t take for granted that they, not robos, are going to win the trust war.


Where Human Advisors Beat Robo-Advisors

We see advisors beating robos in three areas: coaching, advocacy and trust.

  1. Coaching
    Arguably the most important part of financial advice comes under the heading of “coaching” — helping clients set realistic goals, guarding against panic and excess enthusiasm, and changing spending and saving habits. Each of these can change investors’ lives. And, for now at least, human advisors have a clear advantage.

  2. Oversight and Advocacy
    Human advisors can act as the hub of all your financial concerns, coordinating the activities of your CPA, your trust and estates attorney, your mortgage broker and your insurance agent.

    We spoke with one RIA who described it this way, “If a client ever has to ask us whether they should refinance their mortgage, we’ve failed. Our advisors should know enough about their clients and the current market to tell their clients when refinancing is in their interest. And they should do this even though we don’t get paid on mortgages or refinancing.”

    Another said, “We’re not (all) CPAs, but we know accounting pretty well, we’re not (all) insurance agents, but we know insurance well, and we’re not trust and estate attorneys, but we know trust and estate law pretty well, too. We know enough to be the financial hub, making sure all the players are acting together in our clients’ interests.”

    Dreams of robos powered by AI notwithstanding, no robo can touch this level of service.

  3. Deep Trust
    We listed “trust” as one of the strengths of robos over human advisors. Here, we list it as one of the strengths of human advisors. This is not contradictory. Many investors are distrustful of human advisors, as a group, and these investors may have an easier time trusting robos, in the sense that they will be charged a fair price. But deep trust, the willingness to let someone be a coach and advocate, is still the exclusive preserve of human advisors.


There are all sorts of ways in which the above lists of strengths and weaknesses doesn’t fit the current state of the market. But the potential is there, and we think this heralds a fundamental shift in the role of the human advisors. In the long run, human advisors can’t base their value proposition on services that robos can provide just as well. And that means human advisors will lose to robos if they compete solely on security selection and performance. What’s the alternative? Competing based on holistically overseeing and guiding the client’s financial wellbeing. We’re not alone in thinking this. Most of the wealth managers we speak to are steering their firms in this direction. The shift won’t be easy (knowing where you want to go and getting there are different things, but that’s a topic for another day). Nevertheless, the consensus we hear is that the question isn’t if. It’s when.

Written by Gerard Michael on May 30, 2019

May 24, 2019

The biggest change happening in wealth management is in functional roles

Written by Gerard Michael on September 13, 2018

Clearly, there’s interest in the topic. We wanted to take a look at the topic from a different perspective: how roles in wealth management will change. At the heart of these changes is a new division of responsibility and a higher level of specialization. In particular, disparate functions that used to fall on the advisor are now divided among three specialist groups: the advisor, the investment policy committee, and (a new role) the overlay manager. We’ll look at each of these roles in turn.
The Investment Policy Committee (IPC)

The old:
The IPC constructs buy lists of approved securities and sets asset allocation guidelines.

The new:
The IPC constructs asset allocations and suggests product (e.g. mutual funds, ETS, weighted lists of securities) for each asset class. As importantly, the IPC sets compliant limits on the construction of custom asset allocations and alternate product choices. The IPC may also set limits on asset class and/or security drift. And the IPC will set firm rebalancing policy.


The Advisor

The old:
The advisor trades portfolios, selecting securities from the firm’s buy list, making sure portfolios fall within the firm’s asset allocation guidelines. Advisors fold customization and tax management considerations into their choice of trades for each account.

The new:
The advisor constructs custom solutions for each account. The advisor selects, for each account, the IPC created asset allocation most suited to an investor’s needs. The advisor modifies this asset allocation and/or product mix and sets transition, tax management, ESG and other parameters, as appropriate to meet the investor’s individual needs.


The Overlay Manager

The old:
N/A. The overlay manager is not a role that existed in traditional wealth management.

The new:
The overlay manager trades each account in a manner faithful to the joint instructions of the IPC and the customization parameters set by the advisor.


The graphic at the beginning of this post summarizes these changes in roles. Implementing this new wealth management is non-trivial, but the payoff is large:

  • It’s much more efficient.
  • It reduces the incremental cost of customization and tax management to zero, so it becomes economical to provide high levels of customization and tax management to all clients.
  • Advisors get to spend more time with their clients.
  • It’s more consistent. Similar accounts will have similar outcomes. And policy changes of the IPC will usually be implemented across the entire book of business in one business day.
  • It’s more compliant. By capturing client customization criteria and automating much of implementation, compliance becomes a “built in” feature of the process — not just an after-the-fact review.

As we concluded in our last post, the new wealth management is better than the old. It’s better for clients, who benefit from greater customization, superior tax management and more time with their advisors. And it’s better for most advisors, who can spend more time guiding clients to meet their financial needs. 


Source: https://www.smartleaf.com/our-thinking/smartleaf-blog/oldvsnew-wealth-management-partii?utm_campaign=thought%20leadership&utm_medium=email&_hsenc=p2ANqtz-9FPVD4VNLjlPrFVFSi4wOb_WpEHhbr1bHerUi4_jzeu83PDwToHCAeFtJ4HaVz6NRbqPHdoEzPC0zpbCL0HouU5_C1Zp4U6o1lvWm_-gsljdpVilI&_hsmi=72956392&utm_content=72955225&utm_source=hs_email&hsCtaTracking=c0b3bd54-413d-45ee-93bb-c4c8297f7c4a%7Cfb8fc772-0e1b-4dba-af92-48a59b6b5c94