On it with Offit
BY BEN OFFIT, CFP®
Ben Offit, CFP® discusess financial planning, investment strategies, and tips on Midday Maryland
Sitting in my living room yesterday, and seeing myself on the screen with my Son watching on the floor, was bizarre to say the least! I told my Son, Reed, that he needs to remind me to smile more next time! I appreciate Midday Maryland for the opportunity to be featured on this segment and hope people take action on some of these strategies.
On it with Offit
BY BEN OFFIT, CFP®
Interesting Tidbits
“A cynic is not merely one who reads bitter lessons from the past; he is one who is prematurely disappointed in the future.”- Sydney Harris
People touch their faces about 23 times an hour. -Marketwatch, April 4, 2020
“The only thing new in this world is the history you haven’t read yet.”
- President Harry Truman
A contractor, when done performing a deep-clean of a library in Newmarket, U.K., put the books back on the shelves incorrectly. Library employees returned the following day to discover the shelves were lined with books arranged from largest to smallest — and their alphabetical organizing system upended. -The New York Post, April 25, 2020
In March, the savings rate surged to 13.1%, the highest since November of 1981. Last month, Americans held $2.17 trillion in their savings accounts.- CNN, April 30, 2020
In the 30 years until this March, the compounding effects of reinvested dividends would have accounted for almost half of the return on an S&P 500 index fund.- Morning Brew, April 27, 2020
“History repeats itself twice, the first time as tragedy and the second time as farce.”
- Karl Marx
Right now, only 3% of U.S. grocery sales are online, but if people start using the system they have been forced into, that could mean a massive shift in how food gets in refrigerators. The CBRE Group projects online grocery sales will need a further 75 million to 100 million square feet of industrial freezer and refrigerator warehousing space over the next five years.- Supply Chain Dive, June 6, 2019
Between 1987 and 1994, the U.S. Postal Service purchased 141,000 boxy Grumman mail trucks with an intended lifespan of 24 years- today the average age is 28 costing the USPS about $2 billion annually to maintain them. - Vox, April 22, 2020
“When written in Chinese, the word ‘crises’ is composed of two characters. One represents danger and the other represents opportunity.” - John F. Kennedy
United Airlines and Delta have approached their credit-card partners about selling airline miles ahead of schedule to raise cash. United gets between $3.2 billion and $3.4 billion each year for its miles from Chase, while Delta sold $4 billion in miles to American Express last year.- The Wall Street Journal, April 13, 2020
“The gross national product does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages; the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage; neither our wisdom nor our learning; neither our compassion nor our devotion to our country; it measures everything, in short, except that which makes life worthwhile.” - Robert Kennedy
JASON PARFITT, CPA
JOINS OFFIT ADVISORS
Offit Advisors is pleased to welcome Jason Parfitt, CPA, to our team.
Jason Parfitt is a Certified Public Accountant professional. He began his career in corporate accounting, becoming a Director of Accounting for a Fortune 500 Company. Jason started his own tax practice in 2016, focusing on helping individual and small business clients minimize their tax expense while planning for the future, and partnered with Offit Advisors in April 2020. He considers himself a lifetime learner and is passionate about using financial knowledge to make a positive impact in his client's lives.
We welcome the opportunity to offer tax planning and guidance as part of your overall financial plan to make sure you have the best strategy possible.
Update on the Student Loan Market
by Jamie Calligahan, Student Loan Specialist
It’s fair to say that with an estimated 1.2 trillion in outstanding debt, student loans are the largest crisis the U.S. economy is facing.
At one point, it was easy to say, “don’t borrow more than you need.” The fact is, with rising tuition costs and degree inflation, most Americans need all of it. If you can find a silver lining, student loans can be the most flexible in terms of repayment. In order to determine which is the right option for you, it’s important to factor this into your overall financial goals and portfolio.
If your goal is to rid yourself of this debt as soon as possible, now is the perfect time to aggressively pay them down. As part of the CARES Act, all federal student loan payments and interest were automatically suspended through Sept. 30, 2020. This means that you are not required to make payments however it may be wise to do so anyway. Currently, you could make payments that would go 100% towards your principle and chip away at the balance without counterproductive interest working against you.
You may be a borrower relying on PSLF. While this program has had its hurdles and negative media, it is alive and well and as long as you are informed, it is a very good option for some. Also, as part of the CARES Act, April-Sept 2020, will be credited towards PSLF eligibility, even when you are not making payments. That’s 6 months of the 120-month requirement earned while saving your six months’ worth of payments. If you are someone pursuing PSLF and have not had a professional evaluate your loans, it’s advisable you do so sooner than later so you are not added to the overwhelming percentage of borrowers being denied.
With the 2020 elections quickly approaching, you can be assured student loans will be one of the hottest topics. Whether you’re a proponent of forgiving all student debt, providing some relief, or are concerned with how those proposals will affect the economy, without a doubt it is a bipartisan issue and politicians know they need a plan to secure votes. Because of this, many borrowers have mixed feelings about refinancing now and taking advantage of lower interest rates or holding out to see what policies may be passed. The answer is not the same for everyone.
Whether you currently have student loan debt yourself or are facing the inevitable of accruing the debt soon for yourself or your child, you need to consider this as an investment like you would your home or retirement. It’s important to have a strategy. Connect with us and be sure that you know the most suitable strategy for you.
FINANCIAL PLANNING VIDEO SERIES
I have created a video series with Steve Sless, discussing the Offit Advisors financial planning philosophy, managing volatility in the markets, and discussing ways to use reverse mortgages in financial planning. I welcome you to visit the series at your leisure, and welcome comments and questions.
Market Update
Equity Markets
The volatility spike we experienced in March was unprecedented. The CBOE Volatility Index, also known as the VIX or Fear Index, hit a record high during March surpassing any other point in its history dating back to January 1990. Only three times in the over 7,600 trading days since its inception has this index closed above 80, including March 16, 2020 when it closed at 82.69 – a record high close.
These are indeed uncertain times, but we also believed that this current period was not the scariest time in the last 30 years as this reading seemed to indicate. Although too early to claim victory, equity markets calmed down dramatically in April and the VIX Index fell by about 60% to end the month around 34. This is still a high level for the VIX Index. The long-term average for the VIX Index is 19.3 and historically, it trades between 10-30 about 91% of the time and between 30-40 only about 5.5% of the time. We believe we will remain in a period of elevated capital market volatility for the foreseeable future.
Though it is far from certain, we believe the worst of the virus and stock market news is behind us and that we are on a gradual road to recovery. Extremes had been reached on the pessimistic side when looking at market indicators like the VIX Index, trading sentiment and put/call ratios. Again, we noted in last month’s Benchmark Review that we tend to see these types of extreme pessimistic readings when the market is at or near a bottom. We believe conditions are improving, but we are not so naïve to think that things will get back to normal overnight. We think volatility will stay elevated and that we have a choppy road ahead as the reopening of the economy gradually begins.
We had anticipated a more volatile ride moving into 2020 due in part to valuations getting stretched after the year-end run in 2019, optimism reaching extreme levels (which can be a bearish indicator of complacency in the market), and normal election year volatility that markets historically experience in the first half of a presidential election year. We had even believed that a 5%-10% correction could materialize in the first part of 2020. After declining nearly 34%, incredibly, year-to-date the S&P 500 is down only -9.29% through April, which is more or less in-line with the type of “normal” market correction we believed was possible. We did not anticipate COVID-19, and the way we arrived at this point is anything but a run-of-the-mill 10% stock market correction, but we are where we are.
With this background, the equity rebound in April was dramatic, but stocks are still down year-to-date. The numbers for April were as follows: The S&P 500 gained 12.82%, the Dow Jones Industrial Average improved by 11.22%, the Russell 3000 advanced 13.24%, the NASDAQ Composite rallied 15.49% and the Russell 2000 Index, a measure of small-cap companies, rebounded by 13.74%. Significant divergences still exist among U.S. equity indices on a year-to-date basis and those declines through April (in the same order) were: -9.29%, -14.07%, -10.42%, -0.63%, and -21.08%, respectively.
The performance of the S&P has been driven by some of the largest companies in this index as the five largest companies have become a bigger overall percentage of this market-cap weighted index. Looking beneath those largest-cap companies reveals broader year-to-date weakness in stocks. One way to analyze this factor is to look at the equal-weighted returns of the S&P 500 compared to the market-cap weighted results (the way this index is normally presented).
The equal-weighted returns for the S&P 500 showed a gain in April of 14.44%, but a year-to-date decline of -16.11%. This is compared to the market-cap weighted numbers of 12.82% and -9.29%, respectively. This reveals that although there was some modest broadening in returns for the month, the largest companies in this index are still driving year-to-date results. This is an important point when analyzing active portfolio managers because they typically build their portfolio on an equal-weighted versus market-cap weighted basis. For example, a portfolio manager might buy a 2% position in 50 stocks to build an equity portfolio and would not typically skew that allocation larger or smaller based on the market cap size of a particular company.
Growth stocks continued to outpace value stocks on a relative basis rather dramatically for the month and year-to-date. The large-cap and value focused Russell 1000 Value Index advanced 11.24% compared to the Russell 1000 Growth Index, which gained 14.80% in April. Year-to-date results are even more telling with the former index down -18.49% through the first four months of the year and the latter index down a much more modest -1.39%. The theme of large-cap growth companies dominating small and mid-cap companies and the value style has continued into 2020.
International equities gained in April as well, but their results lagged U.S. stocks. Emerging market equities, as measured by the MSCI Emerging Markets Index, gained 9.16% in April, but were still down -16.60% year-to-date. The MSCI ACWI ex USA Index, a broad measure of international equities, advanced 7.58% for the month, but was off -17.55% year-to-date.
Fixed Income Markets
At various points in March, liquidity dried up in the bond market. Credit spreads widened dramatically during this period and most pockets of fixed income came under pressure outside of U.S. Treasuries as a flight to quality ensued. With monetary operations and massive support from the Federal Reserve in later March and April, liquidity improved, and bond market functioning began to improve.
The flight-to-quality trade was the clear winner in March as U.S. Treasury yields hit historic lows and Treasury prices rallied. Although U.S. Treasury yields remained near their lows in April, credit spreads narrowed, and most pockets of fixed income enjoyed gains during the month. The yield on the 10-year U.S. Treasury closed March 9th at 0.54%, an all-time low. The yield closed out March at 0.70% and it ended April at 0.64%.
With this backdrop of narrowing spreads and declining interest rates, fixed income returns were as follows for April: the Bloomberg Barclays U.S. Aggregate Bond Index gained 1.78%, the Bloomberg Barclays U.S. Credit Index advanced 4.58%, and the Bloomberg Barclays U.S. Corporate High Yield Index rose 4.51%. Year-to-date, those index results were as follows: a gain of 4.98%, 1.29% and a decline of -8.75%, respectively. Municipal bonds slipped again in April and were also down year-to-date. The Bloomberg Barclays U.S. 30 Year Treasury index added to its already strong year-to-date gains as it advanced 1.97% in April, putting the gain at 28.29% through the first four months of 2020. The general Bloomberg Barclays U.S. Treasury index gained a more modest 0.64% for the month, but still rose an impressive 8.89% year-to-date.
S&P 500 Index is an unmanaged group of securities considered to be representative of the stock market in general. You cannot directly invest in the index.
Dow Jones Industrial Average - The Dow Jones Industrial Average is a popular indicator of the stock market based on the average closing prices of 30 active U.S. stocks representative of the overall economy.
NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes approximately 5,000 stocks, more than most other stock market indices. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indices.
Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index which includes the 3,000 largest companies in the U.S., based on market capitalization. As of the latest reconstitution, the average market capitalization was approximately $762.8 million; the median market capitalization was approximately $613.5 million. The largest company in the index had an approximate market capitalization of $2.0 billion and a smallest of 218.4 million.
Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Government bonds are guaranteed by the U. S. Government and, if held to maturity, offer a fixed rate of return and fixed principal value.
Offit Advisors
28 E Susquehanna Ave
Towson, MD 21286
Phone + Fax: 410 600 PLAN (7526)
E – BOffit@OffitAdvisors.com
W- www.OffitAdvisors.com
To schedule an appointment with us, click here!
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra IS or Kestra AS. The material is for informational purposes only. It represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. It is not guaranteed by Kestra IS or Kestra AS for accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Offit Advisors. is not affiliated with Kestra IS or Kestra AS.
On it with Offit
BY BEN OFFIT, CFP®
Here are a couple short, but impactful and time-sensitive tips for your financial planning:
Free Life Insurance for Health Care Workers! If you or someone you know is between 18-60 years old, and is actively employed or volunteering 10 hours per month at a COVID-related facility, and you don't have an annual income of more than $250,000 you could be eligible for $25,000 of free life insurance that is guaranteed insurable,with no underwriting, and is paid for 3 years by MassMutual. If you are interested, you can apply here!
Free Student Loan Tax Credit for Maryland Residents! If you live in Maryland, and have had at least $20,000 in student loan debt at some point, with at least $5,000 remaining in debt, you can apply now and before September 15th, 2020 to obtain the tax credit, you can apply here!
If you have any questions about this or other questions regarding financial planning, tax planning, investments, or insurance for your family or your business, please let us know. We are here to help and serve as best as we can during this time.
On it with Offit
BY BEN OFFIT, CFP®
Ben Offit will speak with the Comptroller of Maryland, Peter Franchot, about the Coronavirus Market Update in an event on March 24th in Baltimore – this will be a live broadcast. Please see the flyer and the registration links below.
Eventbrite: https://www.eventbrite.com/e/the-economic-impact-of-the-covid-19-pandemic-in-maryland-tickets-99229394791
Facebook event: https://www.facebook.com/events/527367291129256/
Current Market Thoughts
So what should you do as an investor?
This may be the first COVID-19 crisis filled with uncertainty, but it is not the first market downturn created by uncertainty. In fact, there is only one thing all bear markets have in common: they come with a large dose of uncertainty:
1. With 9/11, many feared the economy would take years to recover.
With the Greek Debt Crisis, many feared it would lead to debt defaults all over the world resulting in a global recession.
When United States treasury bonds were downgraded, many feared it would result in a lack of confidence in the United States and plummet us back into recession.
With Brexit, many feared Great Britain would collapse as a global financial center, driving Europe, and with it the world, into recession.
In all cases, we got through it.
Meanwhile someone who went to cash to “wait things out” got burned, missing the time to get back in (which is nearly impossible to do).
We will not all die. There will be a recovery. When the recovery comes, pent up demand will return, and there will be businesses eager to meet that demand. And the economy, and markets, will do what they always do: march onward. And if you can stay engaged, you are far more likely to march on towards your goals than if you try to time your way through this.
It’s been said that there are two types of soldiers in the Army: those who can shoot at the range and those who can shoot when being shot at. We are the latter. We are prepared for markets like this and so are you. This is why we have a plan. This is why we have a strategy. Not for the easy up markets, but for markets like this one. Now is the time to push through it, however long and painful it may be, and come out on the other side.
I hope this has been helpful in keeping communication ongoing. Please reach out to us with any questions or concerns.
Sources: Peter Mallouk
Offit Advisors
28 E Susquehanna Ave
Towson, MD 21286
Phone + Fax: 410 600 PLAN (7526)
E – BOffit@OffitAdvisors.com
W- www.OffitAdvisors.com
To schedule an appointment with us, click here!
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra IS or Kestra AS. The material is for informational purposes only. It represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. It is not guaranteed by Kestra IS or Kestra AS for accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
On it with Offit
BY BEN OFFIT, CFP®
Interesting Tidbits
New to investing and not happy with your stock market returns thus far? Just stick with it. The market is positive just a little more than half of days. Stretch that out over a year and the odds you’re up are about 75%, over 3 years over 85%, and over 10 years about 96%
- Peter Mallouk
About half of the top-grossing concert tours in North America last year were led by artists who were 60 years old or older. The top three spots were held by artists in their 70’s: The Rolling Stones, Elton John, and Bob Seger. Others included Paul McCartney, Billy Joel, Cher, and Fleetwood Mac.
- The New York Times, January 7, 2020
Someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world’s five richest billionaires.
- ProPublica, January 22, 2020
“A lie can travel halfway around the world while the truth is putting on its shoes.
- Mark Twain
In the United States today, there are roughly 76,000 electric vehicle charging stations, compared with 168,000 stations that serve gas.
- MarketPlace, January 9, 2020
The estimates of the coming American job losses due to automation vary wildly, from 10% to 47%. However, technology could also create as many as 50 million new jobs by 2030.
- Axios, December 8, 2020
Baby boomers said they trusted the average American brand 63% of the time and tended not to trust it just 26% of the time. By comparison, Gen Z, those 18 to 22, trust the average American company just 38% of the time and 42% said they tend not to. The single-most trusted brand in America? The U.S. Postal Service.
- Morning Consult, January 15, 2020
“I’m sick of hearing how we celebrities are in some kind of bubble and we don’t understand real life. When I am out in public and people approach me, I’m always interested in what they have to say to my security detail.”
- Pat Sajak
“The truth is always different from what anyone says out loud.”
- Stephen Dunn
The third year of a president’s term tends to be the best, so 2019 was in keeping with that trend. Also, stocks are up 66% of the time in a president’s fourth year.
- CIO.com, November 21, 2019
In emerging markets, roughly 5 people enter the middle class every second.
- Axios, October 13, 2018
“War is God’s way of teaching Americans geography.”
- Ambrose Bierce
Offit Advisors is excited to announce that we are expanding to Columbia, MD in Spring 2020.
Ben Offit was featured in the Money Matters Podcast, discussing how his career started, and how Offit Advisors is building into becoming a 'one-stop-shop" for financial planning . Click here to listen.
Ben Offit was featured in a webinar by the University of Maryland, his alma mater. He discussed how to effectively achieve your financial goals in 2020.Click on the picture above to view.
IMPORTANT UPDATES!
GOAL TRACKER for our Financial Planning Clients
If you are a financial planning client, you may be familiar with the use of the Goal Tracker Planning Tool. We have good news for you as we have made this a digital portal which allows our clients to track what we are working on, what we have completed together, and what we intend to explore in the future. Here is the link for our financial planning clients to register!
https://offitadvisors-sandbox.mxapps.io/login.html
AND
Did you know that if you have a non-retirement investment account, you will need to file a 1099 on your income taxes regarding this account. These tax documents will be mailed to you. Please remember to share this with your CPA!
Market Update
Equity Markets
Equity momentum continued into the New Year with U.S. stocks hitting new all-time highs during the first part of January. Phase one of the trade deal with China was signed mid-month and markets have reacted positively to this lessening of trade tensions. The U.S. Mexico Canada Trade Agreement was also signed at the end of the month. The Trump impeachment proceedings have continued as expected and at the end of January, it appeared that no witnesses would be called in the Senate likely leading to a swift conclusion of this event in early February. The market has been anticipating this outcome for some time (impeachment by the House but no Senate conviction or removal from office) and therefore, the market has not been too sensitive to developments on this front.
Also as expected, the Fed held rates steady at the first FOMC meeting of 2020 in late January. Although the Fed continues to monitor incoming economic data, the hurdle for additional rate moves appears high this year, but the economic slowdown that is unfolding as a result of the coronavirus has increased the odds of a rate cut. The Fed has also been engaging in notable liquidity operations which are scheduled to end this summer.
Large-cap U.S. equities, particularly U.S. large-cap growth companies, led the market once again in January after some other parts of the market had performed well over the prior few months.
The numbers for January were as follows: The S&P 500 was slightly lower, down -0.04%, the Dow Jones Industrial Average was off -0.89%, the Russell 3000 slipped by -0.11%, the NASDAQ Composite rose an impressive 2.03% and the Russell 2000 Index, a measure of small-cap companies, was one of the weaker pockets of the market, down -3.21%. As mentioned, growth stocks outpaced value stocks dramatically for the month.
The large-cap and value focused Russell 1000 Value Index declined -2.15% compared to the Russell 1000 Growth Index, which advanced 2.24%. The difference was equally as dramatic in the small-cap universe, but both value and growth small-cap stocks declined in January, meaning once again that large-caps ruled for the month. Small-cap value stocks, as measured by the Russell 2000 Value Index, declined -5.39%, while the Russell 2000 Growth Index fell -1.10%.
International equities struggled as well kicking off 2020 with both emerging market equities and developed market stocks declining in January. The U.S. dollar strengthened in January, which was another headwind for U.S. investors on their international holdings. Emerging market equities, as measured by the MSCI Emerging Markets Index, fell -4.66% in January. The MSCI ACWI ex USA Index, a broad measure of international equities, declined -2.69% to begin the new year.
Fixed Income Markets
Bonds rallied in January as a flight to quality hit the market amid the coronavirus developments. The yield on the 10-year U.S. Treasury fell to 1.51% by the end of January, after ending 2019 with a yield of 1.92%. Even more dramatic, the yield on the 30-year U.S. Treasury fell below 2% at the end of January, closing the month with a yield of 1.99%. Most pockets of fixed income gained in January, but those more interest-rate sensitive parts of the market such as US Treasuries, were the clear leaders to begin the New Year.
Driven by a declining interest rate environment, the returns in fixed income were as follows: the Bloomberg Barclays U.S. Aggregate Bond Index gained 1.92%, the Bloomberg Barclays U.S. Credit Index advanced 2.34%, the Bloomberg Barclays U.S. Corporate High Yield Index was only fractionally higher, up 0.03% and longer-dated U.S. Treasuries were among the best gainers. For example, the Bloomberg Barclays U.S. 30-year Treasury Index advanced 8.27% in January and the Bloomberg Barclays U.S. Treasury Index gained 2.44% for the month. TIPS and muni bonds both advanced in January as well.
S&P 500 Index is an unmanaged group of securities considered to be representative of the stock market in general. You cannot directly invest in the index.
Dow Jones Industrial Average - The Dow Jones Industrial Average is a popular indicator of the stock market based on the average closing prices of 30 active U.S. stocks representative of the overall economy.
NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes approximately 5,000 stocks, more than most other stock market indices. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indices.
Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index which includes the 3,000 largest companies in the U.S., based on market capitalization. As of the latest reconstitution, the average market capitalization was approximately $762.8 million; the median market capitalization was approximately $613.5 million. The largest company in the index had an approximate market capitalization of $2.0 billion and a smallest of 218.4 million.
Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Government bonds are guaranteed by the U. S. Government and, if held to maturity, offer a fixed rate of return and fixed principal value.
Offit Advisors
28 E Susquehanna Ave
Towson, MD 21286
Phone + Fax: 410 600 PLAN (7526)
E – BOffit@OffitAdvisors.com
W- www.OffitAdvisors.com
To schedule an appointment with us, click here!
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra IS or Kestra AS. The material is for informational purposes only. It represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. It is not guaranteed by Kestra IS or Kestra AS for accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Offit Advisors. is not affiliated with Kestra IS or Kestra AS.