A
- Absolute return
- targeting
- vehicles
- Accrediting analysts, impact
- Accumulation, annuity stage
- Active management, returns (measurement difficulty)
- Adams Express Company
- Adams, Scott
- ADRs. See American depository receipts
- ADT
- ham sandwich test
- management, ineptitude
- Advisors. See Financial advisors
- AIMA. See Alternative Investment Managers Association
- Alerian MLP ETF
- Alerian MLP Infrastructure Index
- Alternative Investment Managers Association (AIMA)
- Chartered Alternative Investment Analyst, partnering
- mission
- American depository receipts (ADRs)
- American Realty
- American Realty Capital
- Ameritas Life, annuities (sale)
- AMLP, launch
- Annuities
- annual fees
- benefits
- characteristics
- client purchases, problems
- commissions
- contract, withdrawal charge
- contribution limit, absence
- deferred annuity
- defining
- developments
- equity index annuities
- fees/charges
- example
- fiduciary standard of care
- fixed annuity
- fixed-rate annuity
- flexibility, absence
- function
- high-fee illiquid investments
- immediate annuity
- indexed annuities, returns (examination)
- insurance products, experience
- investment period, requirement
- joint annuity
- 1035 swap
- options
- ownership, options
- payments
- payouts, calculation
- period certain annuity
- placement
- requirement, absence
- risks
- sales pitch
- stages
- surrender charges
- survivor annuity
- tax-deferred earnings growth
- types
- usage, consideration
- variable annuities
- withdrawals
- benefits
- charges
- increase
- Annuitization (annuity stage)
- Asset allocations
- decisions
- meaning
- plan
- usage
- Asset portfolio, creation/management (trust)
- Assets classes, correlations
- risk/returns, variation
- correlation
- flows, politics (impact)
- Assets under management (AUM)
- Association for Investment Management and Research (AIMR)
B
- Backstage Wall Street (Brown)
- Bankers, actions
- Banking
- crisis (2008)
- public policy debate, absence
- Bank of England
- Barclays
- Aggregate Bond Index
- Bond Aggregate for Fixed Income (benchmark)
- court proceedings
- Libor settings, impressions
- Barrier options
- B-D. See Broker-dealer
- Beebower, Gilbert L.
- Benchmarking
- benchmarks, combination problems
- importance
- lag
- Berkshire Hathaway
- risk factors
- Black-box models
- portfolio
- Blodget
- Bogle, Jack
- Bond Dealers of America, municipal bond disclosure (increase)
- Bonds
- allocation, return expectation
- investment level, financial advisor determination
- trading
- yields, usage
- Bonds Are Not Forever (Lack)
- Bond underwriter, selection
- Borrowed money, investment reasons
- Bottom-up company analysis
- Brinson, Gary P.
- Brokerage, market forces
- Broker Check (FINRA), usage
- Broker-dealer (B-D)
- advisor, presence/perception
- financial advisors, presence
- FINRA regulation
- honesty
- model, comparison
- Brokers (financial advisors)
- accounts, reassignation
- asset allocation decisions
- career
- business, generation (pressure)
- initiation
- clients, vulnerability
- fiduciary standard, adherence
- municipal bond purchase, mark-up expectation
- negative stereotype, confirmation
- sales approaches
- trading frequency
- wirehouses, change (resistance)
- Brolley, Kevin
- Brown, Joshua
- Buffered Return Enhanced Notes (BRENs)
- Buffett, Warren
- Seides bet
- Burke, John
- Business, generation (pressure)
C
- CAGR. See Compound Annual Growth Rate
- CAIA. See Chartered Alternative Investment Analysis
- California Public Sector Retirement System (CalPERS)
- hedge fund elimination
- size, constraint
- Call options, evaluation
- Calls
- covered call strategies
- Capital
- excess
- flow, impact
- permanent capital
- ratios, elevation
- Capital Asset Pricing Model (CAPM)
- application
- Capitalism, representation
- Carter, Bill
- CDE. See Coeur d’Alene
- CEF Advisors
- CEFs. See Closed-end funds
- Central Registration Depository (CRD)
- complaints, presence/explanation
- regulatory record
- Centrella, Bob
- background
- Certified Financial Planner (CFP)
- Board, responses
- certification/designation
- Certified Financial Planner (CFP) Institute
- Certified Investment Management Analyst (CIMA)
- Certified Public Accountants (CPAs), financial advisor position
- Charles Schwab
- annuities, sale
- Chartered Alternative Investment Analysis (CAIA), AIMA (partnering)
- Chartered Financial Analyst (CFA)
- certification
- Standards of Practice
- Chartered Financial Analyst (CFA) Institute
- Code of Conduct
- Disciplinary Review Committee
- Future of Finance initiative
- Integrity List
- Professional Conduct Program
- role
- Statement of Investor Rights
- Chartered Financial Consultant (ChFC)
- Chartered Life Underwriter (CLU)
- Charting
- Chase Manhattan
- Chemical Bank
- Christie, Chris
- Churning
- Cicotte, Greg
- Client/advisor conversations, usage
- Client outcomes, improvement
- Cliquet structures
- Closed-end funds (CEFs)
- IPO, purchase (avoidance)
- IPOs
- mysteries
- Closed-end mutual funds (CEFs)
- IPO price
- Coeur d’Alene (CDE)
- Commissions. See Annuities
- basis
- fee charge, comparison
- generation (churning)
- impact
- Commodities Futures Trading Commission (CFTC)
- Commodity ETFs, availability
- Commodity-linked notes
- Compensation, focus
- Complexity, impact
- Concentration, usage
- Conflicts of interest
- matches
- Compound Annual Growth Rate (CAGR)
- Corporate pension funds, bond rate (usage)
- Correlation
- understanding
- Corvex stock, sale
- Cost basis, posting
- Covered call strategies
- CPAs. See Certified Public Accountants
- CRD. See Central Registration Depository
- Credit default swaps (CDSs)
- Credit risk, market perception
- Credit Suisse
- 15-year Step Up Contingent Callable Yield Note, pricing supplement
- Step Up Contingent Callable Yield Notes, issuance
- Cross-sell opportunities, exploitation
- Cushing Asset Management
- Custody firm, identification/online access
D
- Death benefit rider
- Deferred annuity
- Defined contribution plans
- De minimis risk
- Derivative products, complexity/problems
- Developed market sovereign debt, immunity
- Dichev, Ilya
- Dimon, Jamie
- Discount rate
- bond yields, usage
- reduction
- Diversification
- achievement
- benefits
- impact
- level
- presence
- un-portfolio, relationship
- usefulness
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Double-dipping
- Dow Jones Industrial Average (DJIA)
- “Dumbest Idea in Finance, The”
E
- Early redemption fee, charges
- Embedded mutual fund fee
- Emotion, impact
- Employee Retirement Income Security Act of 1974 (ERISA)
- Equities
- equity index annuities
- equity linked annuity, purchase reasons
- funds, maximum sales load (average)
- market algorithms
- market growth
- portfolio diversification
- S&P500 benchmark
- Equity-linked notes
- Equity-trading volumes, proportion (increase)
- ETFs. See Exchange-traded funds
- ETNs. See Exchange-traded notes
- Eurodollar market, creation
- EURO STOXX, performance
- Exchange-traded funds (ETFs)
- commission, payment
- ownership, benefit
- passive management
- principal protection, absence
- types
- Exchange-traded notes (ETNs)
- Exotic options
- Expected return, increase
- Extended Stock Market ETF (Vanguard), investment decision
- External manager, selection
F
- Fairfield Greenwich Group (FGC)
- Fear, motivation
- Federal Deposit Insurance Corporation (FDIC)
- insurance
- principal protection
- Federal Reserve, policies
- Fees
- annual fees
- client acceptance
- structure
- understanding
- underwriting fees
- Fidelity
- annuities
- Fiduciary
- advisor, selection
- age
- asset level
- CRD complaints, presence/explanation
- custody firm, identification/online access
- duty
- fee structure
- investment process
- minimum fee
- results, measurement
- reviews, availability
- rule, application (avoidance)
- standard, application
- usage, reason
- Fiduciary standard
- Finance
- embedded inefficiencies
- expense
- future
- regulation
- size, conflicts of interest
- Financial advisors. See also Brokers
- advice, impact
- compensation, focus
- conflicts of interest
- cost
- designations
- employment, understanding
- fiduciary duty
- financial obligation
- impact
- interviews, conducting
- performance
- assessment process
- improvement
- product investment warnings. involvement
- profession, status (discussion)
- questions
- selection
- trading frequency
- Financial crisis (2008)
- impact
- losses
- Financial decisions, procrastination
- Financial firms, balance sheets (strengthening)
- Financial Industry Regulatory Authority (FINRA)
- Broker Check, usage
- broker-dealer
- definition
- Investor Alerts
- investor alerts
- Regulatory Notice
- regulatory warning
- standards
- Financial planner
- Financial planning, industry (progress)
- Financial priorities
- Financial services
- client outcomes, improvement
- firms, IT services purchase
- household/business purchases
- impact
- regulation, problems
- Fixed annuity
- investment
- Fixed income, problem representation
- Fixed-rate annuity
- Flash Boys (Lewis)
- Foreign Exchange (FX)
- losses
- trader
- Foreign exchange ETFs, availability
- Forza Investment Advisory, LLC
- opening
- 401(k) plans
- annuities, placement
- maximum, contribution
- Frissora, Mark
- Funding costs
- Future of Finance, The (CFA Institute initiative)
- Future pension obligations, present value (calculation)
- FX. See Foreign Exchange
- FXCM
G
- Galvin, William C.
- GAO. See United States Government Accountability Office
- General Electric (GE), GE Capital spinoff
- Goldman Sachs, CD issuance
- Gottlieb, Jeffrey
- Government bailout, impact
- Great Depression, savings bonds (issuance)
- Great Recession
- Gross Domestic Product (GDP), growth
H
- Hammond, Gabriel
- Ham sandwich test
- Harrison, Bill
- Hedge Fund Fraud Casebook, The (Johnson)
- Hedge Fund Mirage
- AIMA response
- industry reaction
- managers, response
- negative results
- update
- Hedge Fund Research (HFR)
- Hedge funds
- absolute return vehicles
- accounting rules, problems
- asset flows, politics (impact)
- business success
- CalPERS elimination
- capital, excess
- comparison, problem
- criticism
- debate, cessation
- Golden Days (pre-2002)
- growth, reasons
- industry
- growth, examination
- money inflow
- reaction, surprise
- investment, problem
- investors, diversification (usefulness)
- location, cost
- losses (2008)
- managers
- business share, negotiation
- reaction
- marketing, economics
- offering, unregistered securities (usage)
- performance, problems
- portfolio, correlation (absence)
- profits (reduction), fees (impact)
- representation
- retail investors, savvy
- returns
- examination
- performance, comparison
- small size, advantage
- unregistered security, example
- vindication, sophisticated institutional investor (impact)
- Hedging costs
- HFR. See Hedge Fund Research
- High-frequency trading (HFT)
- justification
- tax
- High-net-worth investors
- hedge fund investments
- smart money
- History of Financial Planning, The (Brandon, Jr./Welch)
- Holdings, fictitious list (creation)
- Hood, Randolph
I
- IAA. See Investment Advisory Agreement
- IAFP. See International Association of Financial Planners
- IAR. See Investment Advisor Representative
- IAs. See Investment advisors
- Icahn, Carl
- Idiosyncratic risk, excess return (absence)
- Illiquidity
- premium
- Immediate annuity
- Income payment, guarantee
- Independent Registered Investment Advisor (RIA)
- Indexed annuities, returns (examination)
- Index funds, holding
- Individual Retirement Account (IRA) plans
- Individual stocks
- Inflation cost, ignoring
- Information technology (IT) services, purchase
- Initial public offerings (IPOs)
- CEF IPO, purchase (avoidance)
- problems
- Inland American Real Estate Trust, Inc. (IAR)
- blind pool
- fees
- non-traded REIT
- ownership
- risk factors
- securities, sale
- Institutional investors, sophistication
- Institutions, hedge fund investing
- Insurance carrier, product (display)
- Insurance companies
- credit rating
- long-term care policies, restructuring
- restructuring
- Insurance float
- Integrity List. See Chartered Financial Analyst Institute
- Interactive Brokers
- Interest-rate linked notes
- Interest rates
- limitation
- low levels, problems
- Intermediation, failure
- International Association of Financial Planners (IAFP)
- International funds, allocation level
- International stocks
- Investing, sex (relationship)
- Investment
- assistance, reasons
- choices, evaluation
- companies, proprietary/third-party funds (presence)
- complexity
- Compound Annual Growth Rate (CAGR), example
- decisions, emotion (impact)
- fees
- funds, hedge fund representation
- goals, problems
- management
- job
- money mistakes
- opportunities, correlation (absence)
- performance, near-term fluctuations (ignoring)
- philosophy
- plan, absence
- process. See Fiduciary.
- discipline
- results, measurement
- short-term results, evaluation
- uncorrelated positive return, search
- underperformance, level
- Investment Advisor Representative (IAR)
- Investment Advisors (IAs). See also Registered Investment Advisor
- designation
- financial advisors, presence
- model, fiduciary obligation
- Investment Advisors Act of
- Investment Advisory Agreement (IAA)
- absence
- Investment Company Act (1940)
- Investment Company Institute (ICI)
- Investment Policy Statement (IPS)
- absence
- Investors
- overpayments, tax simplification
- payments
- portfolio diversification
- priority
- risk, tolerance
- structured notes, relationship
- timing
- IPOs. See Initial public offerings
- IPS. See Investment Policy Statement
- Issuing bank, credit quality (impact)
J
- Jackson National Life Insurance, variable annuities (tiered pricing)
- Jain, Sameer
- Jobbers
- Johnson, Bruce
- Joint annuity
- JPMorgan
- Optimax Market Neutral Index
- pricing supplement
K
- K-1 form
- Katsuyama, Brad
- Kauffman Foundation, investment results
- Kennon, Joshua
- Knock-in options
L
- Layton, Don
- Lehman Brothers, bankruptcy
- Lewis, Michael
- LifeGuard Freedom Flex/Freedom 6 Net contracts
- Lifetime income, need (absence)
- Life with period certain
- Liquidity
- Load funds
- Load mutual funds
- London Interbank Offered Rate (LIBOR)
- benchmark, success/usage
- scandal
- settings
- London Stock Exchange
- Loomis, Philip
- Los Angeles County Employees Retirement Association (LAC-ERA), dilemma
- Low-fee ETFs
- LPL Financial
- Lump-sum payment
- Lusardi, Annamaria
M
- Macey, Jonathan
- MacKay Shields
- Macro environment, impact
- Madoff, Bernie
- strategy, transparency (absence)
- Madoff Ponzi scheme
- Managed account
- fee
- investment
- Management fee (double-dipping)
- Managers, company control
- Manufacturers Hanover Trust
- Margin, impact
- Market capitalization
- Market inefficiency
- Market maker, information advantage
- Market participants, short-term focus
- Market risk, nondiversification
- Market timing
- bets, placement
- Markopoulos, Harry
- Mass deleveraging, impact
- Master Limited Partnerships (MLPs)
- investment
- midstream MLPs
- May Day
- impact
- McGillicuddy, John
- Meister, Keith
- Merrill Lynch
- Micro-caps, investment
- Midstream MLPs
- Mitchell, Olivia S.
- MLPs. See Master Limited Partnerships
- Money
- borrowed money, investment reasons
- management
- mistakes
- obtaining, difficulty
- Moneyball (Lewis)
- Money manager, plan
- “Money to Burn,”
- Morgan, John Pierpont
- Morningstar
- Advisor Workstation
- mutual fund fee estimations
- usage
- Mortality expense
- Mortgages, FNMA/FHMC subsidies
- Mulcahy, Diane
- Munger, Charlie
- Municipal bonds
- disclosure, increase (opposition)
- hidden costs
- household ownership
- mark-ups, problems
- transactions costs
- volumes, average
- Mutual funds
- closed-end mutual funds (CEFs)
- embedded mutual fund fee
- evaluation
- fees
- holdings
- investment approach
- load mutual funds
- management fees
- ownership, benefit
N
- National Association of Securities Dealers (NASD)
- NYSE regulatory board, merger
- stockbroker regulation
- National Provincial Bank
- Near-term fluctuations, ignoring
- Net asset value (NAV)
- change, failure
- increase
- maintenance
- New Jersey, pension contributions (reduction)
- No-load funds, early redemption fee charge
- Non-publicly traded REIT, presence
- Non-tradable CDs, holdings
- Non-traded registered REITs (unlisted registered REITs)
- Non-traded REITs (NTRs)
- advice
- problem
- benchmarking, importance
- client acceptance, fee generation
- dividend, payment
- experience, examination
- financial advisors
- impact
- performance, improvement
- holdings
- investment
- listing, usage (reason)
- net asset value (NAV), maintenance
- problems
- regulators, presence
- returns
- sale
- No One Would Listen (Markopoulos)
- Notes, types
- NTRs. See Non-traded REITs
O
- Obligations, present value
- alteration
- Off-balance-sheet instruments, usage
- 1035 swap
- Optimax Market Neutral Index. See JPMorgan
- Options
- barrier options
- knock-in options
- Overconcentration, risk (reduction)
- Overconfidence
- impact
- occurrence
- Over-the-counter (OTC) derivatives business, knowledge gap
P
- Pasi, Dave
- Pension obligations
- funding
- future pension obligations, present value (calculation)
- Pensions
- funds, appearance
- underfunding, politics (impact)
- Period certain annuity
- Permanent capital
- Peterson, Magnus
- Philippon, Thomas
- Phillips Edison ARC Grocery Center REIT II, Inc.
- Piwowar, Michael
- Placement fees
- Portfolio
- comfort/discomfort
- construction, problem
- diversification
- equities, usage
- performance, examination
- returns
- comparison
- types
- volatility (reduction), structured notes (usage)
- Portfolio management
- art/science
- asset allocation
- basics
- benchmarking
- investment philosophy
- techniques
- Positive excess return
- Prime borrowers, borrowing ease
- Principal-Agent problem, confrontation
- Principal protection
- absence
- forms
- issuing bank, credit quality (impact)
- volatility, reduction (relationship)
- Priti, Donald
- Products/services
- aggregation
- complexity
- price, fluctuation (absence)
- Professionals
- hiring
- impact
- Profits (reduction), fees (impact)
- Proprietary funds, presence
- Prospectus, legality
- Protégé Partners
- Prudential Securities
- Public company holdings, fictitious list (creation)
- Public market volatility
- Public pension accounting, impact
- Public pension funds, underfunding
- Public pension plans
- accounting response
- accounting methods
- Public Sector Worker Test
- Public securities, SEC registration
- Put-call conversion
- Puts
R
- Raymond James
- Reagan, Ronald
- Real Estate Investment Trust (REIT). See also Non-traded REITs
- managers, share (receipt)
- performance
- Real-money investors
- Reassigned accounts, usage
- “Reducing Wealth Volatility”
- Registered Investment Advisor (RIA)
- business
- Registered representative (RR)
- stockbroker status
- Relative returns
- Report on the Municipal Securities Market, A (SEC)
- Retail investors, savvy
- Retail traders, money loss (calculation problems)
- Retiree obligations, meeting
- Retirement
- income stream
- life, quality (discussion)
- security, trading (impact)
- Returns
- absolute returns
- active management, returns (measurement difficulty)
- dilution, excess returns (impact)
- evaluation
- excess return, absence
- expected return, increase
- increase, margins (impact)
- positive excess return
- potential, increase
- pressure
- reduction
- relative returns
- risk-adjusted returns, provision
- uncorrelated returns
- variation
- volatility, expectation
- Reverse exchangeable notes
- fees
- supplements
- RIA. See Independent Registered Investment Advisor; Registered Investment Advisor
- Risk
- expense
- risk-adjusted returns, provision
- tolerance
- variation
- Ritter, Jay
- Rowland, Ron
- Royal Bank of Canada
- Royal Bank of Scotland
- court proceedings
- RR. See Registered representative
- Russell 2000 returns
S
- Savings bonds
- issuance (Great Depression)
- types
- Scott, John Cole
- Sectors
- Securities and Exchange Commission (SEC)
- Securities Industry and Financial Markets Association (SIFMA)
- disclosure, increase (opposition)
- maturity calculations
- Securities Litigation and Consulting Group
- Security
- analysis
- selection
- investment process, discipline
- Seeking Alpha
- Seides, Ted
- Buffett bet
- Self-regulatory organization (SRO)
- Selling concessions
- Separately managed accounts (SMAs)
- Sex, investing (relationship)
- Shipley, Walter
- Short-term contracts, Libor (usage)
- Short-term market-timing activity, profit (absence)
- Short-term trading, profit (absence)
- SIFI. See Systemically Important Financial Institution
- Silver, commodity
- Small-cap stocks, returns
- SMAs. See Separately managed accounts
- Spitzer, Elliot
- SRO. See Self-regulatory organization
- Standard deviation, usage
- Standard & Poor's 500 (S&P500)
- benchmark
- Index, annuity participation
- performance
- comparison
- Standard & Poor's (S&P) index
- performance
- quarterly return data
- Statement of Investor Rights (CFA Institute)
- Stockbroker. See Registered representative
- Stocks
- positions, randomness
- positive excess return
- Stocks/bonds 60/40 portfolio, performance (comparison)
- Strategic Realty Trust
- true value
- Structured notes
- arguments
- basics
- complexity
- costs/expense
- customization, ability
- FINRA regulatory warning
- investors, relationship
- liquidity
- market data
- purchase, reasons
- regulator scrutiny
- sale
- suitability
- usage
- Suitability
- standard
- Survivor annuity
- Survivor benefit, absence
- Swank, Jerry
- Swedroe, Larry
- Swiss National Bank, euro peg (abandonment)
- Systemically Important Financial Institution (SIFI)
T
- Taxes
- high-frequency trading (HFT) tax
- impact, ignoring
- simplification
- Tax Reform Act (1987)
- Technical financial knowledge
- Technology-driven bear market (2000–2002)
- Third-party custodian, absence
- Third-party funds, presence
- TIAA-CREF, annuities (sale)
- Time, investment
- Time value of money
- Timing
- TIPS. See Treasury Inflation-Protected Security
- Top-down macroeconomic analysis
- Total Stock Market ETF (Vanguard), investment exposure
- Trades, winners/losers (determination)
- Trading
- impact
- regulatory structure, problems
- Transaction costs
- impact
- improvement
- Treasury Inflation-Protected Security (TIPS)
- T. Rowe Price, annuities (sale)
- Trustee Leadership Forum
- 12-B1 fees
U
- UBS, claims (settling)
- Uncorrelated returns
- Underwriting fees
- United States economic output, financial services (impact)
- United States Government Accountability Office (GAO)
- United States Treasury bills, usage
- University of Zurich, coin toss experiment
- Un-portfolio
- background
- black-box models
- diversification
- presence
- relationship
- examples
- fees
- Unregistered security
- example
- usage
V
- Vanguard
- annuities, sale
- Bogle story
- Extended Stock Market ETF, investment decision
- REIT Index Fund
- Total Stock Market ETF, investment exposure
- Variable annuities
- account values
- flexibility, absence
- investment options
- investment risks
- returns
- evaluation
- guarantees
- riders
- risks
- sale, problem
- “Venture Capital Mirage”
- Volatility, reduction
- principal protection, relationship
- Volcker, Paul
W
- Wall Street
- bankers, actions
- complexity, impact
- finance, expense
- inefficiency
- municipal bonds, hidden costs
- retirement (security), trading (impact)
- sex, investing (relationship)
- time, investment
- Wal-Mart, IT systems usage
- Weavering Capital, losses (hiding)
- Weighting
- Weisenberger, Arthur
- Wheeler, Dennis
- White, Mary Jo
- Wirehouses, change (resistance)
Y
- Yield
- investor payments
- misunderstanding
Z
- Zero coupon bond
- Zweig, Jason
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