It’s hard to believe it has only been three months since my last update. Despite the significant challenges facing our nation, I have never been more excited about the opportunity to serve you. Let me briefly tell you about the climb up, the step forward, and the heart of gratitude.
The Climb Up
In my March 18th video post I gave a simple example of how the stock market prices a company today based on expectations for tomorrow. At the time I believed the market was overreacting to an uncertain future and I suspected the worst of the sell-off was coming to an end. I had no idea that end would come just 5 days later. Since the market bottom on March 23, 2020 the iShares S&P 500 Index ETF is up 36%.
The economic impact of the shutdown is far from over and I expect markets to continue to rise and fall based on the latest news. However, the markets are indicating a strong belief that COVID-19 and the economic consequences of the shutdown will eventually be overcome. Federal Reserve policy, economic stimulus, declining unemployment, increasing retail sales, and overall optimism have fueled a remarkable recovery in S&P 500. The iShares S&P 500 Index ETF is now sitting at a loss of a little less than 6% for the year.
The Step Forward
I have always viewed our relationship as a partnership with you at the top. You chose Goggans Group Inc to offer advice and manage your money according to your desires and expectations. Goggans Group Inc chooses a third-party custodian to hold you money for security, online access, activity tracking and tax reporting. The custodian takes all instructions from us and we are your single point of contact.
Very soon I will be moving to a new custodian, Equity Advisor Solutions. Equity Advisor Solutions works with fiduciary investment advisers like Goggans Group Inc that conduct business in a way that always acts in the client’s best interest. Equity Advisor Solutions provides custody services for $30 billion in client assets. They provide a level of technology that will dramatically increase our administrative speed and efficiency. I will be able to serve you better and provide you options that were previously unavailable.
There will be no change to your investments, risk level, account type, contributions, distributions, beneficiaries, or investment management fee. You will have a new website to access your account that you will find easier to access and navigate. In a few days you will receive an email to electronically sign the paperwork to complete the custodian transfer. The forms will be pre-filled and personally reviewed by me. You will simply need to verify everything is correct and electronically sign the documents. Once the forms are signed your accounts will be transferred and you will receive a new username and password.
I have tested the transfer process with a few clients and found it to be simple and straight forward.
Regardless, I will be here to guide you through the process and answer your questions.
The Heart of Gratitude
I reached the milestone of 21 years as an investment adviser on June 19, 2020. Establishing and growing Goggans Group Inc for the last six years have been the most enjoyable of my career. You are the reason for my success and your loyalty feels my heart with deep gratitude. It is said that love is a verb, not a noun. Over the next few months I will be investing time, resources, and energy into making your client experience the very best it can be. You deserve it.