Greetings! I hope everyone had an enjoyable holiday season full of relaxation and time with family and friends. While I never want to wish time away, I think it is safe to say our entire Wamhoff team is happy to put 2016 and the broker-dealer transition in the rear view mirror!
For those of you who did not notice, there was an election outcome in November that shocked the world and incensed the mainstream media. Judging based solely on how the losing side of the election has reacted to the results, I suspect there may have been some rather awkward moments at the dinner table during the holiday season . . . I certainly hope civility prevailed!
Just as the world was shocked with President-Elect Donald Trump’s victory, our firm was equally surprised during the broker-dealer transition that our new clearing firm, National Financial Services, would not accept the transfer of UDF III, UDF Land Opportunity, UDF V, or Behringer Harvard Opportunity REIT. We are working diligently to address the situation as quickly as possible, but as a courtesy if you are still getting Summit statements that show an account balance please provide us with a statement copy if at all possible.
The copy of any Summit statement still showing a balance would hasten the completion of the final phases of the asset transfer process for our clients. While the broker-dealer transition was a burdensome task, as investors we were handsomely rewarded with a strong stock market performance after the election. The December monthly return and the complete 2016 annual stock market index returns are shown below:
While the month of December delivered solid monthly returns, the stock market managed to put together some of the best returns we have seen on an annual basis since 2013. In 2016, stock market investors benefited from taking risk, while consequently the bond market performed poorly by comparison. Thus, a diversified asset allocation approach saw more modest overall annual returns in 2016 due to the selling pressure related to interest rate markets.
As always, I wanted to thank everyone who came out and supported our special cause at the 5th Annual Trivia Night! The event was well attended and we received a lot of positive feedback from attendees which is always encouraging. The children certainly appreciate all of the support they received in 2016!
With 2016 in the books, I wanted to be sure to thank all of you again for your loyal support to our firm and Just Because We Care. We will never forget that all of this would not be possible without you, our loyal client. I hope you and yours have a prosperous New Year, but in the meantime, please remember to stay healthy, wealthy, and wise, and certainly . . . stay tuned.
Source Data: Envestnet|PMC Capital Markets Flash Report