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Driving Sustainable ChangeTransforming Investment Strategies for a Greener FutureAt Engine No. 1, we believe in the power of active ownership to drive meaningful change. Our investment strategies are designed to improve governance, optimize capital allocation, and foster long-term sustainability.

Learn MoreStrategic EngagementsOur Approach to GovernanceEngine No. 1’s approach to engagements is highly strategic and focused. We aim to enhance governance structures, optimize capital allocation, and encourage companies to develop long-term strategies that support a lower carbon footprint. This method sets us apart from traditional divestment strategies, as we believe in driving change from within.

Our campaign at ExxonMobil exemplifies our commitment to improving governance and pushing for sustainable practices. By engaging directly with the company, we strive to create a more responsible and forward-thinking corporate strategy.

We focus on transparency and accountability, ensuring that the companies we invest in are held to the highest standards. Our goal is to create long-term shareholder value while addressing critical environmental and social issues.

Active OwnershipA Catalyst for Sustainable InvestmentActive ownership is at the core of Engine No. 1’s investment strategy. We engage deeply with the companies we invest in, advocating for improvements in governance, strategic direction, and environmental impact. This hands-on approach allows us to influence positive change and drive sustainable growth.

Our ETFs, such as Vote and Net Zero, leverage our voting power to support environmental and social shareholder proposals. By focusing on active ownership, we aim to create a ripple effect that encourages the largest companies in the U.S. to adopt more sustainable practices.

The Power of Collaborative EngagementCollaborative engagement with other investors and stakeholders is essential for driving meaningful change. Building consensus and working across the ecosystem allows for a more unified and effective approach to influencing corporate behavior. By joining forces, investors can amplify their impact, ensuring that companies are held accountable for their governance, strategy, and environmental practices. This collective effort is crucial for achieving long-term, sustainable improvements in the corporate world.

At Engine No. 1, we believe that collaboration is key to our success. Our strategy involves working closely with other investors to push for better governance and more sustainable business practices. This approach not only strengthens our position but also fosters a culture of accountability and transparency within the companies we engage with. Together, we can drive significant change and promote a more sustainable future.

ETFs with a PurposeVote and Net Zero: Driving Change in Sustainable InvestingThe Future of Sustainable InvestingPioneering a New Approach with Engine No. 1The future of sustainable investing is being reshaped by innovative approaches that prioritize active ownership and engagement. Engine No. 1 is at the forefront of this movement, pioneering strategies that link environmental and social issues to shareholder value. By focusing on the largest companies and driving change from within, Engine No. 1 aims to create long-term value while addressing critical global challenges.

Investors have a unique opportunity to make a significant impact on the world’s largest companies through Engine No. 1’s approach. By engaging deeply with these companies, pushing for improvements in governance, strategy, and environmental impact, investors can help shape a more sustainable future. The potential for meaningful change is immense, and Engine No. 1’s ETFs offer a compelling way for investors to be part of this transformative journey. As the landscape of sustainable investing continues to evolve, Engine No. 1’s pioneering strategies highlight the power of active ownership in driving positive, long-term outcomes.

Frequently Asked QuestionsFind answers to common questions about Engine No. 1 and their innovative approach to sustainable investing.

What is Engine No. 1?Engine No. 1 is an investment firm focused on linking environmental and social issues to shareholder value through active ownership and engagement.Who founded Engine No. 1?Engine No. 1 was founded by Chris James, who envisioned a new approach to sustainable investing.What are the main goals of Engine No. 1?The main goals include improving governance, capital allocation, and pushing companies to develop long-term strategies for a lower carbon footprint.What is the Vote ETF?The Vote ETF is a low-cost market cap strategy that tracks the largest 500 companies in the U.S. and focuses on active ownership and engagement.What is the Net Zero ETF?The Net Zero ETF is a high-conviction strategy investing in companies driving and benefiting from the energy transition, focusing on the largest emitters.How does Engine No. 1 engage with companies?Engine No. 1 engages deeply with companies through targeted, specific engagements, pushing for improvements in governance, strategy, and environmental impact.Our ImpactPioneering Sustainable InvestingLearn MoreEngine No. 1 is reshaping the landscape of sustainable investing with its unique approach to active ownership and engagement. By focusing on the largest emitters and driving change from within, they aim to create long-term shareholder value while addressing critical environmental and social issues. For investors looking to make a meaningful impact, Engine No. 1’s ETFs offer a compelling option. To learn more, visit their website and explore how you can be part of this transformative journey.

Join the MovementDiscover how Engine No. 1 is transforming the world of sustainable investing. Visit their official website to learn more about their innovative strategies and how you can contribute to driving meaningful change.

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Understanding Inheritance: A Comprehensive Guide for Financial PlanningInheritance can be a complex and emotionally charged topic. For financial planners, guiding clients through the maze of inheritance laws, taxes, and planning strategies is a crucial aspect of their role. This blog aims to provide a detailed understanding of inheritance, focusing on IRA rules, taxes, estate taxes, and limits.

1. The Basics of Inheritance

Inheritance refers to the assets that an individual bequeaths to their heirs upon their death. These assets can include cash, investments, property, and personal belongings. The process of transferring these assets is governed by laws that vary by jurisdiction, but there are common principles and rules that apply broadly. Inheritance can be a complex and sensitive matter, but here are some general rules of thumb to consider:

Understand the Legal Framework: Inheritance laws vary significantly between countries and states. Familiarize yourself with the laws governing inheritance in your jurisdiction to ensure compliance and fairness.

Communication is Key: Clear communication among family members can help prevent misunderstandings and conflicts regarding inheritance. Discussing plans and expectations openly can mitigate potential disputes later on.

Update Your Will Regularly: Life circumstances change, so it’s essential to update your will periodically to reflect these changes. Births, deaths, marriages, divorces, and changes in financial status should prompt a review of your estate planning documents.

Consider Fairness and Equity: While it’s important to treat beneficiaries fairly, fair doesn’t always mean equal. Consider each beneficiary’s needs and circumstances when dividing assets.

Plan for Taxes: Inheritance taxes can significantly impact the distribution of assets. Consult with a tax professional to understand the tax implications of your estate plan and explore strategies to minimize tax liabilities.

Account for Non-Financial Assets: Inheritance isn’t just about money. Consider how sentimental or non-financial assets, such as family heirlooms or real estate, will be distributed among beneficiaries.

Name Executors and Trustees Wisely: Select trustworthy individuals to execute your estate plan and manage assets on behalf of beneficiaries. Ensure they understand your wishes and have the skills necessary to fulfill their roles effectively.

Provide for Dependents: If you have dependents, such as minor children or disabled family members, ensure they are provided for in your estate plan. Consider establishing trusts or other arrangements to safeguard their financial security.

Be Mindful of Family Dynamics: Family relationships can influence inheritance decisions. Be aware of potential conflicts or tensions among family members and take steps to address them proactively in your estate plan.

Seek Professional Advice: Estate planning can be complex, especially for large or high-net-worth estates. Consider consulting with estate planning attorneys, financial advisors, and tax professionals to develop a comprehensive plan that meets your goals and objectives.

1. Inheritance and IRAs

Types of IRAs

Individual Retirement Accounts (IRAs) are popular retirement savings vehicles that come in different forms, each with its own rules regarding inheritance:

• Traditional IRAs: Contributions are tax-deductible, but withdrawals in retirement are taxed as ordinary income.
• Roth IRAs: Contributions are made with after-tax dollars, but qualified withdrawals in retirement are tax-free.
• SEP IRAs: Simplified Employee Pension IRAs are used by small business owners and self-employed individuals.
• SIMPLE IRAs: Savings Incentive Match Plan for Employees IRAs are another option for small businesses.

Inheriting an IRA

When an IRA owner dies, the account typically passes to a designated beneficiary. The rules for inherited IRAs depend on whether the beneficiary is a spouse, non-spouse individual, or an entity such as a trust or estate.

Spousal Inheritance:

• A spouse who inherits an IRA has the option to treat the account as their own, roll it over into their own IRA, or remain a beneficiary.
• Treating the account as their own allows the spouse to defer required minimum distributions (RMDs) until they reach the age of 72 (or 73 starting in 2023).
• If the spouse remains a beneficiary, they must begin taking RMDs based on their life expectancy or the deceased’s age at death.

Non-Spousal Inheritance:

Inheriting an IRA as a non-spousal beneficiary can be complex, with rules varying based on when the original account owner died. This section will delve into the specifics of non-spousal inherited IRAs, including the regulations before and after 2020 and the minimum distribution requirements.

Rules for Non-Spousal Inherited IRAs Before 2020Before the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) in December 2019, non-spousal beneficiaries had more flexibility in taking distributions from inherited IRAs. The key provisions were:

Stretch IRA Provision:

• Life Expectancy Method: Non-spousal beneficiaries could stretch distributions over their own life expectancy. This method allowed the inherited IRA to continue growing tax-deferred, as beneficiaries could take relatively small required minimum distributions (RMDs) each year based on their age.
• Annual RMDs: The amount of each RMD was determined by dividing the account balance by the beneficiary’s life expectancy factor from the IRS Single Life Expectancy Table. This created smaller, more manageable RMDs and extended the tax-advantaged growth of the account.

Example: If a 30-year-old inherited an IRA, their life expectancy factor might have been around 53.3 years. The first year’s RMD would be the account balance divided by 53.3, and each subsequent year, the factor would decrease by one year.

Rules for Non-Spousal Inherited IRAs After 2020The SECURE Act significantly changed the rules for non-spousal inherited IRAs, introducing the 10-year rule for most beneficiaries. Here’s how the new rules work:

The 10-Year Rule:

• Distribution Requirement: Non-spousal beneficiaries must distribute the entire inherited IRA within 10 years of the original owner’s death. There is no requirement to take annual RMDs during this period; the only stipulation is that the account must be fully distributed by the end of the 10th year.
• Flexibility: Beneficiaries can choose how and when to take distributions during the 10-year period. They can take equal annual distributions, delay withdrawals until the 10th year, or take distributions as needed.
• Tax Implications: While the flexibility allows beneficiaries to manage their tax liabilities strategically, the potential for a large taxable income in the 10th year (if distributions are delayed) could push the beneficiary into a higher tax bracket.

Eligible Designated Beneficiaries (EDBs):

• Exceptions to the 10-Year Rule: Certain beneficiaries, classified as EDBs, are allowed to stretch distributions over their life expectancy, similar to the pre-2020 rules. EDBs include:
• Minor children of the deceased IRA owner (until they reach the age of majority)
• Disabled individuals
• Chronically ill individuals
• Individuals not more than 10 years younger than the deceased IRA owner
• The surviving spouse of the deceased IRA owner

Minor Children:

• Transition to 10-Year Rule: For minor children, the life expectancy method applies until they reach the age of majority (usually 18 or 21, depending on state law). Once they reach this age, the 10-year rule kicks in, requiring the remaining balance to be distributed within 10 years.

Example: A minor child inheriting an IRA at age 10 would use the life expectancy method until they turn 18. At 18, they must then distribute the remaining balance by the time they turn 28.

Minimum Distribution Requirements Before and After 2020Before 2020:

• Non-spousal beneficiaries could use the life expectancy method, requiring annual RMDs calculated based on the IRS Single Life Expectancy Table.
• The initial RMD was relatively small and grew larger over time as the life expectancy factor decreased.

After 2020:

• The 10-year rule eliminated the need for annual RMDs for most non-spousal beneficiaries. Instead, the entire balance must be distributed by the end of the 10th year following the original account owner’s death.
• The flexibility of the 10-year rule allows beneficiaries to decide when to take distributions, but the absence of annual RMDs can lead to larger taxable income in the year of final distribution.

Example of 10-Year Rule Application: If a non-spousal beneficiary inherits an IRA worth $500,000, they can choose to take no distributions for the first nine years and then withdraw the entire amount in the 10th year. Alternatively, they can take distributions at any time during the 10-year period, potentially spreading out the tax liability.

Strategic Considerations for Non-Spousal Inherited IRAsGiven the changes brought by the SECURE Act, non-spousal beneficiaries should consider the following strategies:

Tax Planning:

• Staggered Withdrawals: Taking distributions over several years can help manage tax liabilities, preventing large taxable income in a single year.
• Yearly Review: Regularly review tax brackets and other income sources to determine the optimal time for distributions.

Investment Strategy:

• Growth Potential: Beneficiaries should balance the desire for continued tax-deferred growth with the need to meet the 10-year distribution requirement.
• Risk Management: Adjust investment allocations based on the distribution timeline and personal risk tolerance.

Charitable Giving:

• Qualified Charitable Distributions (QCDs): Beneficiaries aged 70½ or older can consider QCDs from inherited IRAs (up to $100,000 per year) to fulfill charitable goals while potentially reducing taxable income.

Trusts and Estates:

• If a trust or estate is named as the beneficiary, the distribution rules can be more complex. Generally, the 10-year rule applies, but it’s crucial to work with an advisor to navigate specific trust provisions and tax implications.
• Taxes on Inherited Assets

Income Tax

Inherited assets are generally not subject to income tax. However, there are exceptions:

• Inherited IRAs: Distributions from inherited traditional IRAs are taxed as ordinary income. Roth IRAs, if held for at least five years, can be distributed tax-free.
• Annuities: Payments from inherited annuities may be subject to income tax based on the type of annuity and the payout method chosen by the beneficiary.

Capital Gains Tax

Inherited assets benefit from a “step-up” in basis, which means the cost basis of the asset is reset to its fair market value at the date of the original owner’s death. This can significantly reduce capital gains taxes if the asset is sold by the beneficiary. For example:

• Stocks and Real Estate: If a beneficiary sells inherited stocks or property, capital gains are calculated based on the stepped-up basis, not the original purchase price.
• Estate Taxes

Estate taxes are a critical component of estate planning, impacting how much of an individual’s assets will be passed on to their heirs after death. This section will provide an in-depth look at estate taxes, including the federal estate tax, gifting above the exclusion limit, the concept of portability, and strategies for minimizing estate taxes.

Federal Estate TaxExemption and Rate:

• Exemption Amount: For 2024, the federal estate tax exemption is $12.92 million per individual. This means that estates valued below this threshold are not subject to federal estate taxes.
• Tax Rate: For estates exceeding the exemption amount, the federal estate tax rate is progressive, starting at 18% and going up to 40%.

Estate Tax Calculation:

• To calculate the estate tax, first, determine the gross estate value, which includes all assets owned by the deceased, such as real estate, investments, bank accounts, and personal property.
• Subtract any allowable deductions (e.g., debts, funeral expenses, charitable donations) to arrive at the taxable estate.
• Apply the estate tax rate to the taxable estate to determine the amount owed.

Example: If an individual’s estate is valued at $15 million, the taxable estate after deductions might be $14 million. The estate tax would then be calculated on the amount exceeding the $12.92 million exemption, i.e., $1.08 million, taxed at the applicable rates.

Gifting Above the Exclusion LimitAnnual Gift Exclusion:

• The annual gift exclusion for 2024 is $17,000 per recipient. This means individuals can give up to $17,000 per year to any number of recipients without incurring gift tax or using their lifetime exemption.

Lifetime Gift and Estate Tax Exemption:

• The lifetime gift and estate tax exemption is $12.92 million for 2024. Gifts made above the annual exclusion amount reduce this lifetime exemption.

Filing Form 709:

• When an individual gifts more than the annual exclusion amount to a recipient, they must file IRS Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return.
• Purpose of Form 709: This form reports the taxable gifts and tracks the amount used against the lifetime exemption.
• Information Required: Form 709 requires details about the donor and the recipient, the value of the gift, and whether any portion of the lifetime exemption is being used.

Example: If an individual gives $20,000 to a friend in 2024, they have exceeded the annual exclusion by $3,000. They must file Form 709 to report the excess amount, which will reduce their lifetime exemption by $3,000.

Portability of Estate Tax ExemptionDefinition of Portability:

• Portability allows a surviving spouse to inherit the unused portion of the deceased spouse’s federal estate tax exemption. This can effectively double the exemption amount available to the surviving spouse.

Electing Portability:

• To take advantage of portability, the executor of the deceased spouse’s estate must file an estate tax return (Form 706) and make an election for portability.
• Form 706: The United States Estate (and Generation-Skipping Transfer) Tax Return must be filed within nine months of the deceased’s death (with a six-month extension available).

Benefits of Portability:

• Increased Exemption: If a married couple has not fully utilized one spouse’s exemption, the surviving spouse can use the remaining amount, providing significant tax savings.
• Flexibility: Portability offers flexibility in estate planning, particularly for couples with significant assets.

Example: If a husband dies in 2024 with an unused exemption of $7 million, the surviving wife can add this amount to her own $12.92 million exemption, giving her a total exemption of $19.92 million.

Strategies for Minimizing Estate TaxesLifetime Gifting:

• Annual Gifts: Taking advantage of the annual gift exclusion can reduce the size of the taxable estate.
• Educational and Medical Expenses: Direct payments for tuition and medical expenses are not subject to gift tax and do not count against the annual exclusion.

Trusts:

• Irrevocable Life Insurance Trust (ILIT): Life insurance proceeds can be excluded from the taxable estate if held in an ILIT.
• Grantor Retained Annuity Trust (GRAT): Allows individuals to transfer assets at a reduced gift tax cost, with the potential for appreciation outside the estate.

Charitable Giving:

• Charitable Remainder Trust (CRT): Provides income to the donor or other beneficiaries for a period, with the remainder going to charity, offering both income and estate tax benefits.
• Direct Donations: Gifts to qualified charities reduce the taxable estate and can provide immediate income tax deductions.

Family Limited Partnerships (FLPs):

• Valuation Discounts: FLPs can allow for discounted valuations on transferred assets, reducing the taxable estate.
• Control Retention: Allows donors to maintain control over the assets while transferring wealth to heirs.

Estate Freezes:

• Freezing Techniques: Techniques such as GRATs and installment sales to intentionally defective grantor trusts (IDGTs) can “freeze” the value of an estate, shifting future appreciation to heirs.

State Estate Taxes

• Thresholds and Rates: State estate tax thresholds and rates vary. Some states have much lower exemption limits and tax rates that can impact estates not subject to federal estate tax.
• Inheritance Taxes: Separate from estate taxes, some states impose inheritance taxes on beneficiaries. These taxes are based on the value of the inheritance and the beneficiary’s relationship to the deceased.
• Limits and Planning Strategies

Annual Gift Exclusion

One effective strategy for reducing estate tax liability is through gifting. The annual gift exclusion allows individuals to give a certain amount per year to any number of recipients without incurring gift tax. For 2024, the annual gift exclusion is $17,000 per recipient.

Lifetime Gift and Estate Tax Exemption

In addition to the annual gift exclusion, there is a lifetime gift and estate tax exemption, which is the same as the estate tax exemption—$12.92 million for 2024. This means individuals can give away up to this amount during their lifetime without incurring gift or estate taxes.

Trusts

Trusts are powerful tools in estate planning. They can help manage and protect assets, minimize estate taxes, and provide for beneficiaries according to specific wishes.

• Revocable Living Trusts: These allow the grantor to retain control over the assets during their lifetime and specify how the assets should be managed and distributed after death.
• Irrevocable Trusts: These remove assets from the grantor’s estate, potentially reducing estate taxes. However, the grantor relinquishes control over the assets.
• Charitable Trusts: These can provide income to beneficiaries while also supporting charitable causes, offering potential tax benefits.

Beneficiary Designations

Keeping beneficiary designations up to date is crucial. Beneficiary designations on retirement accounts, life insurance policies, and other assets supersede wills and trusts. Regularly reviewing and updating these designations ensures that assets are distributed according to current wishes.

Roth Conversions

Converting traditional IRAs to Roth IRAs can be a strategic move, especially for those who expect to be in a higher tax bracket in retirement or who want to leave tax-free assets to heirs. While conversions are taxable events, the future tax-free growth and distributions can be beneficial.

1. The Role of Financial Planners

Financial planners play a critical role in helping clients navigate the complexities of inheritance. Key responsibilities include:

• Education: Helping clients understand the implications of inheritance laws and taxes.
• Planning: Developing comprehensive estate plans that align with clients’ wishes and financial goals.
• Coordination: Working with attorneys, accountants, and other professionals to ensure all aspects of the estate plan are cohesive and legally sound.
• Communication: Facilitating conversations among family members to prevent misunderstandings and conflicts.

ConclusionInheritance planning is a multifaceted process that requires careful consideration of various factors, including IRA rules, income and estate taxes, and strategic limits. By understanding these elements and working with knowledgeable financial planners, individuals can ensure their assets are distributed according to their wishes while minimizing tax burdens and maximizing benefits for their heirs. Whether through gifting, trusts, or other strategies, effective inheritance planning provides peace of mind and financial security for future generations.

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Introduction to ESG and SRIEnvironmental, Social, and Governance (ESG) and Sustainable, Responsible, Impact Investing (SRI) are not just buzzwords in the financial world; they represent a transformative shift in investing. Where once the sole focus was on financial returns, today’s investors also weigh the ethical implications of their investment choices. In this post, we explore ten crucial aspects of ESG and SRI investing, illuminating how they merge ethical considerations with financial benefits without sacrificing performance.

1. Understanding the BasicsSRI targets investments based on ethical, social, and environmental criteria, focusing on companies that lead with responsibility to their communities and the world. ESG investing goes a step further by analyzing how these ethical factors can directly impact financial returns, considering companies with sustainable practices as less risky and potentially more profitable in the long term.

2. The Growth of Sustainable InvestingWhat was once niche is now mainstream. A staggering 95% of millennials express interest in SRI, reflecting a broader, generational shift towards ethical investing. Globally, the market for ESG and SRI has seen significant growth, drawing attention from both individual and institutional investors. This surge underscores a collective move towards investments that offer both financial returns and a positive impact.

3. Financial PerformanceHistorically, there was a belief that ESG and SRI investments might yield lower returns. Current data tells a different story. These investments often match or surpass the performance of traditional investments thanks to their focus on companies that are well-managed, forward-thinking, and less susceptible to environmental, social, or governmental crises.

4. Diversity of StrategiesESG and SRI are not monolithic strategies but encompass a range of approaches:

• Negative Screening: Avoiding investments in companies that harm society or the environment.
• Positive Screening: Choosing companies that have positive social and environmental impacts.
• Thematic Investing: Focusing on specific sustainable themes like renewable energy.
• Impact Investing: Targeting investments that are expected to yield measurable social or environmental benefits along with a financial return.

5. Risk ManagementInvesting in companies with strong ESG scores often means investing in companies that are better equipped to manage long-term risks related to social and environmental issues. This can lead to greater stability and potentially higher profitability.

6. Regulatory InterestWith a growing global regulatory focus on sustainability, companies engaged in ESG and SRI practices are likely to benefit from preferential regulatory treatment, further incentivizing ethical business practices.

7. Investor DemandThe demand for socially responsible and ethically aligned investment options is higher than ever, driven by both ethical considerations and the recognition of their long-term financial benefits. This trend is expected to continue growing as more investors seek to align their portfolios with their values.

8. Corporate ResponseCompanies are increasingly integrating ESG criteria into their operations, recognizing that sustainable practices can lead to cost savings, risk mitigation, and enhanced investor interest. This proactive approach not only satisfies the demand from socially conscious investors but also positions these companies as leaders in a globally competitive market.

9. Variety of AssetsThe SRI and ESG landscape offers a wide range of asset classes, from stocks and bonds to mutual funds and ETFs that focus on sustainable practices. This diversity allows investors to tailor their investment strategies to their ethical standards and financial goals.

10. Global ImpactSRI and ESG investing are making a global impact by encouraging companies worldwide to adopt sustainable and ethical practices. These investments align closely with the United Nations’ Sustainable Development Goals (SDGs), contributing to global efforts to address climate change, reduce inequalities, and promote peace and justice.

ConclusionAs the interest in ESG and SRI continues to grow, these investment strategies are proving to be more than just ethical choices—they are sound financial strategies that offer long-term benefits to investors and society alike. By choosing to invest in ESG and SRI, individuals and institutions are playing a crucial role in promoting sustainable, ethical, and profitable business practices around the world.

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Climate Change and Your Investment Portfolio: Mitigating Risk through Sustainable InvestingIntroductionThe world is facing a climate crisis of unprecedented proportions. The effects of climate change are becoming increasingly apparent, from more frequent and severe weather events to rising sea levels and global temperature increases. As the climate crisis intensifies, it is not only the environment that is at risk but also your investment portfolio.In this blog post, we will delve into the intricate relationship between climate change and your investment portfolio. We’ll explore the impact of climate change on investments, the role of Sustainable and Responsible Investing (SRI) and Environmental, Social, and Governance (ESG) criteria in mitigating risks, and strategies for building a climate-resilient investment portfolio.Section 1: Sustainable Investing and Climate Change1.1 Climate Change as a Financial RiskThe Physical Risks of Climate ChangeClimate change is already causing physical damage to assets and infrastructure. More frequent and severe weather events, such as hurricanes, wildfires, and flooding, can lead to significant financial losses for businesses and investors. Think about the damage caused to coastal properties or agricultural assets due to rising sea levels and extreme weather conditions.Transition Risks and Regulatory ChangesGovernments around the world are implementing regulations to combat climate change. These changes can impact businesses across various industries. For example, stricter emissions regulations can affect the profitability of fossil fuel companies. Companies that are unprepared for these regulatory changes may face financial setbacks, which can have a ripple effect on your investment portfolio.1.2 Sustainable Investing DefinedSocially Responsible Investing (SRI)SRI is an investment approach that considers both financial returns and ethical principles. SRI investors actively seek out companies that align with their values and exclude those involved in controversial activities, such as weapons manufacturing or tobacco production. By incorporating SRI into your portfolio, you can reduce exposure to industries with a negative environmental or social impact.Environmental, Social, and Governance (ESG) CriteriaESG criteria assess a company’s performance in key areas, including environmental responsibility, social impact, and corporate governance. Companies with high ESG ratings are often better prepared to navigate the challenges posed by climate change and evolving regulations. Integrating ESG factors into your investment strategy can help you identify businesses with a stronger risk management approach.Section 2: Incorporating ESG Factors in Your Portfolio2.1 Assessing ESG PerformanceAnalyzing Environmental FactorsWhen evaluating a company’s environmental performance, consider its carbon emissions, resource usage, and commitment to sustainability initiatives. Companies with lower carbon footprints and a clear path to reducing emissions are better positioned to thrive in a carbon-constrained world.Evaluating Social and Governance AspectsSocial aspects include factors like labor practices, diversity and inclusion, and community engagement. Strong corporate governance ensures that companies make sound decisions and prioritize long-term sustainability. Companies with robust social and governance practices tend to be more resilient in the face of social and regulatory challenges.2.2 ESG Integration StrategiesPortfolio Screening and ExclusionOne way to integrate ESG criteria into your portfolio is by screening out companies that do not meet your ethical or sustainability standards. For instance, you can exclude companies involved in the production of fossil fuels or those with a history of environmental violations.Active Engagement with CompaniesEngaging with companies as a shareholder can have a positive impact on their ESG practices. Shareholder activism involves using your influence to encourage companies to adopt more sustainable policies and practices. Active engagement can lead to positive changes within companies and enhance their long-term sustainability.Thematic Investing in Climate SolutionsThematic investing involves allocating capital to specific themes or industries that align with your values and long-term outlook. For example, you can invest in renewable energy companies, electric vehicle manufacturers, or sustainable agriculture ventures. Thematic investing not only supports climate solutions but also offers potential for financial growth.Section 3: Reducing Portfolio Risk with Sustainable Investments3.1 ESG and Portfolio DiversificationSpreading Risk through ESG DiversificationDiversifying your portfolio across ESG assets can help spread risk. By investing in companies from various industries with strong ESG performance, you reduce the impact of sector-specific challenges. A diversified portfolio can be more resilient in the face of changing market conditions.Correlation between ESG and RiskResearch suggests that companies with higher ESG ratings may exhibit lower volatility and drawdowns during market downturns. This lower correlation between ESG performance and market risk can contribute to a more stable portfolio over the long term.3.2 Long-Term ResilienceSustainable Investments in a Changing ClimateSustainable investments often align with industries that are better equipped to thrive in a changing climate. For example, renewable energy companies may benefit from increased demand as the world transitions away from fossil fuels. Investing in these sectors can position your portfolio for long-term resilience.The Financial Benefits of Climate-Resilient PortfoliosStudies have shown that sustainable investing can yield competitive financial returns while reducing risks associated with climate change. By embracing sustainability, investors can potentially outperform traditional portfolios, demonstrating that addressing climate change can be financially rewarding.Section 4: Sustainable Investment Opportunities4.1 Green Bonds and Sustainable FundsInvesting in Renewable EnergyGreen bonds are a form of debt financing that supports environmentally friendly projects, such as renewable energy infrastructure. By investing in green bonds, you can contribute to the growth of clean energy while earning interest on your investment.Supporting Sustainable AgricultureInvesting in sustainable agriculture can address climate change and food security issues. Companies that prioritize sustainable farming practices are better equipped to adapt to changing weather patterns and resource availability.4.2 Impact InvestingAligning Financial Goals with Positive Environmental OutcomesImpact investing focuses on generating a measurable, positive impact on environmental and social issues while delivering financial returns. Impactful investments can address climate change directly, such as funding projects that reduce emissions or enhance climate resilience.The Role of Impactful StartupsInnovative startups are driving advancements in clean energy, carbon capture, and sustainable agriculture. Investing in these early-stage companies can not only provide financial opportunities but also support groundbreaking solutions to climate change.Section 5: Analyzing the Performance of ESG Portfolios5.1 Historical Performance of ESG InvestmentsCase Studies of ESG OutperformanceHistorical data indicates that ESG-focused portfolios have often outperformed their non-ESG counterparts. Companies with strong ESG profiles tend to manage risks better and seize opportunities more effectively.Short-Term vs. Long-Term GainsWhile short-term fluctuations are possible, the long-term outlook for ESG investments remains promising. Sustainable investing is not just about immediate returns; it’s about building a resilient portfolio for the future.5.2 Evaluating Risk-Adjusted Returns>Comparing ESG Portfolios to Conventional PortfoliosAnalyzing risk-adjusted returns is crucial when evaluating investment performance. ESG portfolios may exhibit lower risk, making them more appealing to risk-averse investors while still offering competitive returns.The Role of VolatilityVolatility is a key concern for investors. ESG investments may experience lower volatility due to their focus on sustainability, providing a more stable investment experience.Section 6: Challenges and Considerations6.1 Data Quality and ReportingTransparency in ESG DataReliable ESG data is essential for making informed investment decisions. The accuracy and consistency of ESG reporting can vary, making it crucial to assess the data’s reliability.Challenges in ESG ReportingThe lack of standardized reporting practices can make it challenging to compare ESG performance across companies. Addressing this issue requires ongoing efforts from investors and regulators to establish uniform reporting standards.6.2 Ethical Dilemmas and GreenwashingEnsuring Authentic ESG IntegrationInvestors should be cautious of “greenwashing,” where companies claim to be environmentally responsible without substantiating their claims. Conduct thorough due diligence to ensure that your investments align with your values.The Role of Industry StandardsEfforts to establish industry-specific ESG standards can provide investors with clearer benchmarks for evaluating companies’ sustainability performance. These standards can help address inconsistencies in reporting.Section 7: Building a Climate-Resilient Investment Strategy7.1 Establishing Your Sustainable Investment GoalsRisk MitigationIdentify your goals for sustainable investing, whether it’s reducing climate-related risks or aligning your investments with your values. Clearly defining your objectives will guide your investment strategy.Aligning with Personal ValuesSustainable investing allows you to support causes you believe in. Choose investments that resonate with your values, ensuring that your portfolio reflects your ethical and environmental priorities.7.2 Diversification and Asset AllocationBalancing ESG Investments with Traditional AssetsBalancing your portfolio between ESG investments and traditional assets is crucial. Asset allocation should align with your risk tolerance and long-term financial goals. Consider consulting a financial advisor to create a well-rounded strategy.ConclusionIn conclusion, the climate crisis poses significant risks to both the environment and your investment portfolio. However, by incorporating Sustainable and Responsible Investing (SRI) and Environmental, Social, and Governance (ESG) criteria into your investment strategy, you can mitigate these risks while supporting a more sustainable future. Sustainable investing not only aligns with your values but also has the potential to yield competitive financial returns. Take action today to build a climate-resilient investment portfolio that benefits both you and the planet.The post Climate Change Investment Portfolio appeared first on AIO Financial - Fee Only Financial Advisors.

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Introducing the AIO Financial Retirement Planner App: Empower Your Financial Future

Welcome to a new era in retirement planning with the AIO Financial Retirement Planner App! At AIO Financial, a fee-only financial advisory firm, we are thrilled to introduce a groundbreaking tool that revolutionizes the way you plan for retirement. Our new app is meticulously designed with a suite of comprehensive features that not only project your retirement finances but also help you craft a detailed long-term spending plan, perfectly tailored to your unique financial circumstances.

Getting Started is Simple Accessing the app couldn’t be easier. Just visit our website at aiofinancial.com and head to the ‘Resources’ section. Here’s what you need to do next:

1. Registration: New to AIO Financial? Get started by registering with your email and a password. You’ll then be guided to fill in your personal and financial details.
2. Login: Already part of our community? Simply log in with your existing credentials to discover new features and access your data.

Key Features to Explore Our Retirement Planner App is versatile, designed to meet the diverse needs of both individuals and couples planning their future together. Dive into the features:

• Enter Personal and Financial Information: Add comprehensive details such as assets, debts, income, and expenses. Define your status, date of birth, desired retirement age, and life expectancy for a customized experience.
• Customization Options: Tailor your financial projections with adjustable growth rates for assets, select from various account types, and manage tax considerations for both deferred and taxable accounts.
• Scenario Analysis: Experiment with different financial variables like inflation rates and tax implications to gauge their impact on your financial health over the long haul.

Deep Dive into Your Financial Future The app empowers you to:

• Input Detailed Financial Data: Covering everything from real estate to personal property, enter the current market values and project future growth.
• Plan for Debts and Income: Input critical details such as mortgage rates and expected retirement income, including Social Security benefits.
• Manage Expenses and Savings: Thoroughly outline both your current and future expenses and dictate how surplus income is managed, whether saved or spent.

Viewing and Reporting Capabilities

• Visual Projections: Monitor the growth of your assets over time and see how various plan adjustments might influence your financial outcomes.
• Detailed Financial Reports: Generate and download in-depth reports in Excel format, showing all assumptions and projected results for meticulous analysis.

Why Choose AIO Financial? We believe that exceptional financial planning should be within everyone’s reach, which is why our app is completely free. Explore its extensive features and discover how it can assist you in securing a stable and satisfying retirement.

Your feedback is invaluable to us, and we’re here to address any questions you may have. Connect with us through our website to schedule a free initial consultation to discuss your financial aspirations.

The AIO Financial Retirement Planner App isn’t just a tool—it’s your partner in navigating the future. Whether you’re calculating how much you need for a comfortable retirement or exploring various retirement scenarios, our app is here to guide you every step of the way.

Join us at AIO Financial, where your financial independence is our utmost priority. Download the app today and begin your journey to the retirement you truly deserve!

RetirementPlanning #FinancialFreedom #AIOFinancial #FeeOnlyAdvisors #FinancialPlanning #RetirementApp #InvestSmart #PlanForTheFuture #FinancialGoals #MoneyManagement #FreeFinancialTools

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Shareholder Advocacy in 2024: Steering Companies Towards a Better FutureIn 2024, advocates have been active, presenting over 527 resolutions that touch on environmental, social, and governance (ESG) issues for the proxy season. This shows a slight decrease from the 536 proposals of the previous year. Yet, the commitment to influencing positive change in corporations remains strong.

Despite this commitment, there’s been a noticeable decline in support for these initiatives. Major asset managers have scaled back their backing, influenced by various factors including legal challenges and shifts in the economic landscape affecting energy costs.

However, it’s worth noting that resolutions aimed at enhancing corporate social responsibility still gather more support compared to those against it. Even though the enthusiasm has slightly diminished from past years, the drive for social responsibility persists.

The Importance of Shareholder ResolutionsShareholder resolutions have emerged as a vital mechanism for advocating for corporate accountability, especially on pressing issues like climate change and social justice. Although the path has been rocky recently, these resolutions continue to serve as a crucial avenue for shareholders to express their concerns and engage with corporate boards.

Through these engagements, shareholders have been able to bring about significant changes in corporate policies and practices, aligning them more closely with societal values and sustainability goals. Despite the challenges faced, the impact of these resolutions cannot be underestimated.

Navigating the LandscapeThe 2024 proxy season reveals the complex dynamics at play in shareholder advocacy. The cautious stance of some major asset managers, combined with economic pressures and geopolitical tensions, has added new challenges to promoting ESG principles.

Still, the persistence of shareholders in advocating for ESG initiatives demonstrates a strong commitment to pushing for more sustainable and responsible business operations.

Advocacy in Action: Case Studies and StrategiesEfforts by shareholders have led to noteworthy corporate transformations, including commitments to environmental sustainability, improvements in labor practices, and greater board diversity. These successes highlight the effective strategies employed by shareholders, such as forming coalitions and engaging in direct dialogues with companies.

These strategies, alongside leveraging legal channels and collaborating with institutional investors, have amplified the impact of shareholder advocacy, leading to tangible changes in corporate behavior.

Looking Ahead: Challenges and OpportunitiesFacing forward, shareholder advocates encounter both hurdles and potential growth areas. Opposition to ESG principles, particularly from certain political and legal quarters, poses significant challenges. Yet, advancements in technology and evolving regulatory landscapes present opportunities for further embedding ESG considerations into corporate and investment strategies.

Conclusion: The Path ForwardThe journey of shareholder advocacy is a testament to both its achievements and the challenges that remain. The insights from the 2024 proxy season underscore the importance of perseverance, collaboration, and adaptability in the face of adversity.

By deepening engagement with ESG principles across all levels – shareholders, corporations, and the broader public – we move closer to a future where businesses operate in harmony with sustainability, equity, and good governance goals. Together, we can continue to influence positive change, ensuring a more responsible and sustainable corporate landscape for generations to come.

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Take Charge of Your Finances with Our New Budgeting AppWelcome to the world of simple budgeting! Gone are the days when managing your finances was a complex, tedious task. Our new app, designed for everyone from budgeting rookies to pros, transforms the way you handle your money. It’s time to show your money who’s boss – and yes, that’s you!

Creating a Budget: Easy Peasy:Our app demystifies the budgeting process with a straightforward, five-step approach. Whether you’re dealing with a fixed income or a fluctuating one, our app helps you list and understand your earnings. It’s not just about numbers; it’s about making those numbers work for you.

Transaction Tracking: Know Your Spending:Tracking every penny might sound overwhelming, but not with our app. We make it easy to log every transaction, providing you with a clear picture of where your money is going. This feature isn’t just about record-keeping; it’s a tool for financial awareness and empowerment.

Planning for the Future:Future-proof your finances with our app’s forward-thinking tools. From setting up an emergency fund to planning big purchases, our app guides you in making smart saving decisions. It’s about being prepared for whatever life throws at you, financially speaking.

Debt Management: A Smarter Approach:Tackling debt can feel like an uphill battle, but our app introduces an efficient strategy: the Debt Snowball Method. By organizing your debts and focusing on paying them off one by one, you’ll find managing and eliminating debt more achievable than ever.

Staying on Track and Motivated: Budgeting is a marathon, not a sprint. Our app is packed with motivational features and tips to keep you focused on your financial goals. We understand that everyone needs a little encouragement now and then, and our app is here to provide just that.

Educational Content:Our app isn’t just a tool; it’s a learning platform. With resources like the Irregular Income Planning form and other educational guides, you’ll gain the knowledge to make informed financial decisions. We believe in empowering our users, not just providing them with an app.

User Experience: Designed for You:We’ve crafted an app that’s not only functional but also user-friendly. The intuitive design and customizable features ensure that budgeting feels less like a chore and more like a part of your daily routine.

Join the Budgeting Revolution:Ready to take control of your financial future? Access our app today and start your journey towards financial freedom. Go to https://aiofinancial.com/login/ and create an account.

Conclusion:Budgeting doesn’t have to be a struggle. With our new app, managing your finances can be a straightforward, rewarding process. We’re excited to be a part of your financial journey and can’t wait to hear about your successes. Got questions or feedback? We’re all ears!

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Investing in green energy involves investing in companies that generate energy from renewable sources. These sources include solar, wind, hydropower, biomass, geothermal, and marine energy.

Investing in green energy can support the development of clean and sustainable energy solutions. It can also help reduce dependence on fossil fuels, mitigate the impacts of climate change, and foster economic growth and job creation in the clean energy sector.

Renewable energy has outperformed fossil fuel over the last 10 years, generating returns of 192.3% compared to 97.2%. In the past 5 years, renewable energy investments have continued to yield higher returns and have been less volatile than fossil fuel portfolios.

Why Green Energy is Thriving:1. Climate Change and Environmental Consciousness: The global effort to combat climate change is driving a significant shift toward renewable energy sources. People and governments are becoming increasingly conscious of the need to reduce carbon emissions and protect the environment. 2. Political Support: Governments at various levels are providing support and incentives for the development of green energy projects. This political backing ensures the continued growth of the industry. 3. Falling Costs: One of the most compelling reasons behind the success of renewable energy is the decreasing costs associated with technologies like solar and wind energy. As the cost of production drops, renewable energy becomes increasingly competitive with traditional fossil fuels. 4. Public Demand: The growing demand for cleaner energy sources is influencing investment decisions. Consumers are increasingly choosing green energy options, putting pressure on companies to transition away from fossil fuels. 5. Technological Advances: Ongoing technological advancements are driving innovation in the green energy sector. These innovations make renewable energy more efficient and affordable, further fueling its growth. 6. International Commitments: Agreements like the Paris Agreement are pushing countries to adopt cleaner energy sources to meet their environmental commitments. This global pressure ensures a continued focus on green energy. 7. Economic Opportunities: Shifting towards green energy not only aligns with environmental goals but also creates economic opportunities. New jobs are emerging in sectors like manufacturing, installation, and research, offsetting some of the job losses in fossil fuel industries.

Investment Options:Investing in green energy can take several forms, depending on your goals and values. Here are some investment options to consider:

1. Direct Investment in Energy Companies: Invest directly in companies involved in renewable energy production, such as those manufacturing solar panels or wind turbines.
2. Sustainable Funds: Consider mutual funds or exchange-traded funds (ETFs) that focus on environmentally responsible investments. These funds often screen out fossil fuel companies while including green energy firms.
3. Impact Investing: Choose funds that actively engage with companies to encourage sustainability and responsible practices. Impact investing aims to create a positive impact on both financial returns and environmental outcomes.
4. Carbon Offsetting: Invest in companies that offset their carbon emissions or have sustainability targets. This can be done through engaging with such companies or by holding them in your portfolio.
5. Green Bonds: Explore green bonds, which are fixed-income securities designed to fund environmentally friendly projects. These bonds can be found in mutual funds, ETFs, or as individual investments.

Diversified Portfolio:Your approach to green energy investing should align with your broader financial goals and risk tolerance. You can choose to focus exclusively on green energy, or incorporate it as part of a diversified portfolio. A diversified approach allows you to mitigate risk while supporting the transition to cleaner energy sources.

Conclusion:The future of green energy investing in the USA is undeniably bright. With climate change concerns, political support, falling costs, and technological advancements driving the industry’s growth, investing in green energy offers both financial potential and the opportunity to contribute to a more sustainable world. Whether you seek competitive returns or aim to make a positive impact, there’s an investment option that suits your values and financial objectives. Remember to consult with a financial advisor to tailor your green energy investment strategy to your specific needs and goals.

Thank you for joining us in exploring the exciting possibilities of green energy investing. If you’re interested in sustainable, responsible, and impact investing, we’re here to help at Aiofinancial.com. Reach out to us for a free upfront meeting, and let’s chart a path toward a greener, more prosperous future.

AIO Financial, LLC is a Registered Investment Adviser (“RIA”). Registration as an investment adviser does not imply a certain level of skill or training, and the content of this communication has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. AIO Financial, LLC renders individualized responses to persons in a particular state only after complying with the state’s regulatory requirements, or pursuant to an applicable state exemption or exclusion. All investments carry risk, and no investment strategy can guarantee a profit or protect from loss of capital.

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This is our first podcast answering questions that we receive.  The first question I’ll address is: What should I consider before investing? First – make sure they have a prudent reserve.  It is recommended that people have liquid assets to cover about 3-6 months of living expenses.  They should be invested in very short term non-volatile holdings such […]

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This podcast is an interview with Kirk Du Plessis of OptionAlpha.com.  Kirk is an expert on generating income from options investing.  Option Alpha provides education and support to people interested in trading options.

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TriLinc Global is an impact fund whose mission is to demonstrate the role that the capital markets can play in helping solve some of the world’s pressing economic, social and environmental challenges. By creating institutional-quality impact funds that attract private capital at scale, TriLinc Global sets a high standard of transparency and accountability for delivering […]

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Structured product, also known as a market-linked investment, is a pre-packaged investment strategy designed to give customized risk-return. This is accomplished by taking a traditional security, such as an investment-grade bond or a CD, and replacing the interest payment with a payoff based on the performance of one or more underlying assets. These products were […]

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In this episode, I speak with Erica Lasdon (Sustainable Research Department) and Laurie Webster (Investment operations) at Calvert Investments.  Calvert is one of the largest and most active Socially Responsible Investing (SRI) mutual fund companies.  They have come out with some lower expense ratio index SRI funds. This podcast is for informational use only. This […]

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In this episode, we interview David Miller, the founder and CEO of Iroquios Valley Farms.  They allow investors the opportunity to invest in local and organic farms.  These are long term investment commitments (7-10 years).  The minimum investment is about $25,000.  Investors must be accredited. This podcast is for informational use only. This is not […]

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In this episode, we interview Jim Simcoe of Simcoe Green Homes. This podcast is for informational use only. This is not an appropriate investment for everyone. As with any investment, please read the prospectus and discuss it with your financial planner.

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In this episode I discuss what I learned from a recent conference for fee only financial planners.  Many economists and fund managers spoke about their expectations for the markets.  I heard many good arguments for diversification in an investment portfolio beyond stock and bond funds. This podcast is for informational use only. This is not […]

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In this episode, we interview David Harrell of Morningstar about their new Sustainability rating. This podcast is for informational use only. This is not an appropriate investment for everyone. As with any investment, please read the prospectus and discuss it with your financial planner.

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In this episode, we interview Eric Rosenberg of Personal Profitability about selecting stocks. This podcast is for informational use only. This is not an appropriate investment for everyone. As with any investment, please read the prospectus and discuss it with your financial planner.

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In this podcast I will answer the question: What are the benefits and limitations to the 4% withdrawal rule for retirement planning? The rule of guideline came out in the 1990s. It states that if a retiree withdrew 4% of their initial retirement savings per year, their savings would last them for 30 years. The withdrawals […]

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The SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019 (the “Act”), which notably modifies Required Minimum Distribution (RMD) rules, went into effect January 1, 2020. Below are the five things that many people need to know. This is just an overview to get an idea of the overall rules. The previous distribution […]

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At the 2019 Sustainable, Responsible, Impact investing conference, I was introduced to YourStake and we are trying it this year. There are two components of YourStake: portfolio impact reporting and a petition platform. PORTFOLIO IMPACT REPORTING One is portfolio impact reports for financial advisors.  It’s a way to show clients what their investments are doing in […]

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The Impact of Time and Inflation on Financial Plans Preparing for retirement requires careful planning. What you need to consider is the impact of inflation on the expected cash flows, i.e. the money that you expect to receive from a retirement plan, once you hit the retirement age. In fact, inflation may significantly increase the […]

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Green America Growing the Green Economy for People and Planet This blog / podcast / video are an interview with Todd Larsen, the Executive Co-Director of Green America. See our video here. As Executive Co-Director, Todd is responsible for planning, direction, and oversight for Green America’s engagement with individual members and the general public, as well […]

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n this podcast I will answer the question: How do get our of my student loan debt? Many people do not realize the impact of student loans when they are going to college. Once out and faced with all of the other financial challenges, repaying student loans can be a challenge. Here are 4 tips to […]

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Iroquois Valley Farmland REIT – Organic Farm Investment In this podcast and video (see video here), I interview Alex Mackay the Director of Business Development and Investor Relations at Iroquois Valley Farm. Alex sees food as the perfect conduit for making lasting environmental and social change with its necessary role in our everyday lives and its […]

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In this podcast I will answer the question: Are Initial Public Offerings (IPO) a good investment? An IPO is the first time a company sells its stock to the public on a stock exchange. An Initial Public Offering (IPO) is the first time a company sells its stock to the public on a stock exchange. Besides […]

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How has it been to be in Germany during this virus time? The company I work for involves a lot of travelling – but we haven’t been able to do much of that. So most days consist of waking up at home, answering emails and calls ‘till dinnertime. But Germany has been doing pretty well […]

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We have a free ebook about financial issues for expats: Download here

Lake CapalaHalf of the battle to reach Financial Independence is not spending very much. A great way to not spend very much is to live in a low-cost area. Living outside of the US is a one way to do that.

I spent several weeks this summer in the Lake Chapala area. This is home to the largest expat community in Mexico. There are about 20,000 expats in the area mostly from the US and Canada. This makes up about a quarter

It’s located about a 40-minute drive south of the Guadalajara international airport. Guadalajara is the second largest city in Mexico where you can find world class hospitals, concerts, and events.

Lake Chapala is the largest lake in Mexico. There is some debate about how polluted the water is. I saw a few local kids swimming in it and several kayakers out paddling. I took a boat ride to a couple of the islands. I do not think regularly swimming in it is the smartest idea.

The weather is one of the biggest attractions. It’s mild all year round. It’s at about 5,000 feet elevation. There was some afternoon rain when I was there, but not enough to impact my plans.

Chapala is also not far from the Pacific Ocean. It’s about a 4.5 hour drive to Puerto Vallarta and a reasonable drive to many other nice towns.

Ajijic vs Chapala

Ajijic and Chapala are the two main expat cities. Most of Ajijic is construct on a hill. Chapala is larger, flatter and you don’t see as many expats (there are still plenty, just not as many as Ajijic). I personally like Chapala more than Ajijic. It’s larger and there is more to see. My mother has trouble with Ajijic’s cobblestone roads and walking up the incline in Ajijic.

CostsI want to focus on the costs. It’s hard to say in general how much it costs to live in any city because everyone has their one standard of living (expenses they want to have). Your spending will be different based on several factors. The biggest factors are:
• Housing – buy or rent – live alone or with others
• Vehicle – have a car or walk and use the bus
• How much you eat out

Typical Expenses

Overall, expenses are much lower than in the US. Here are some examples:

• Haircut: $5 (woman)
• Dinner for two: $5 is cheap (you can spend more but it’s hard to spend more than $10 for a meal)
• Long term rent (monthly): $400 to $800 for a 2-bed, 2-bath place (Ajijic will cost at least $100/month more)
• Movie (at the one theater in Ajijic): $2
• Ice Cream (one scoop): $1
• Walking on the Malecon (boardwalk) or in the surrounding hills: free
• Hourly help, maid or gardener: $3/hour
• Massage: $15/hour
• High speed internet: $30/month
• Local bus: $0.40
• Property tax is very low: $100 to $200/year

Housing and Transportation

Housing by far is the biggest expense. If you rent and will be in Chapala long term, renting year round, you can find something for $500 per month or less. I met a couple renting a room with a family and another person with a free room in exchange for caring for the home when the owners were away.

Owning a car is the next largest expense. For my family, it was worth renting a car during our visit to travel around but many are very content staying in town and using the bus system when needed. My mother spends several month each year in Chapala and doesn’t have a car.

In addition to housing and transportation, a single person could have a good quality of life for $1,000 per month per person.

Adding in housing and transportation, a single person could do fine on $1,700 per month and a couple on $2,700. That would be the cost of renting. Social security alone could cover the expenses for many Americans.

Owning a Home

The cost of a home in the Lake Chapala area varies greatly. You could easily spend more than $300,000 for a nice home near the lake and downtown. You can find small homes further from the water and downtown for under $50,000. Everyone has different needs and likes but for an average US home ($363k), I’d expect to pay between $100k and $250k.

With homeownership, you will have repairs and upkeep but your monthly cost will generally be lower. Most Americans I met in the area rented.

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Shareholder Advocacy UpdateAIO Financial (fee only financial planners) specializes in Socially Responsible Investing (SRI). The following is an introduction to SRI.

Shareholder advocacy is when shareholders use their position to influence a company’s behavior. this is courtesy of AIO’s Financial

This is done by engaging in dialogue with board members, filing and voting on proposals, or publicizing concerns. It can address issues like governance, social responsibility, and diversity

To file a submission, shareholders must meet the requirements set by the SEC.

Proxy Preview

Capital markets now consider environmental, and social risks and corporate governance. Sustainable markets lead to better outcomes for stakeholders. Well-funded groups attack ESG practices and inject politics into essential business. Proxy season lets investors align actions with values.

Climate change, diversity and equity, and transparency in political spending affect director elections. The SEC’s disclosure rule and future regulations will establish trust. and sustainable economies guide success. Most Americans support solving intractable issues.

DOL ESG

Biden vetoed a resolution that nullified the DOL’s rule allowing ESG investing in retirement plans. The rule allows consideration of ESG but does not force it. Prohibits sacrificing investment returns for social policy goals. The Congressional resolution would limit pension fund managers and jeopardize pension funds. Considering climate risks protects investments and opens growth opportunities. National and state Republican lawmakers oppose ESG investing. Most voters oppose government restrictions on ESG investments.

VANGUARD

Vanguard withdrew from the Net Zero Asset Managers initiative. That aims to make investment portfolios emission-neutral by 2050. Due to its retail investor base. BlackRock and State Street remain committed to the initiative. Only 9% of retail investors hold ESG investments, despite 57% believing that ESG investing can lead to positive change. Vanguard’s participation in NZAM was modest, with only 4% of its assets aligned with net-zero emissions by 2030.

APPLE

Apple employees in three states filed an NLRB complaint against Apple for anti-union practices. which included interrogating and surveilling staff, restricting union flyers, and holding anti-union speeches. In October, the NLRB filed a complaint against Apple. and in December, Apple agreed to conduct a third-party assessment overseen by its board of directors.

HOME DEPOT

The major purchaser of wood products faced a proposal to issue a report on eliminating deforestation in its supply chains. Which passed with 65% of the vote in May 2022. It will provide transparency and an opportunity to transition toward more sustainable sources. Deforestation poses significant risks to companies’ climate, reputation, regulation, and business.

S&P 500

CEO pay in the S&P 500 continues to increase, with an average pay of $18,834,100, up 20.9% from the previous year. The 100 Most Overpaid CEOs had an average pay of $38,192,249, up 30.6% from the previous year. The gap between CEO and median worker pay has also increased, with CEOs making 324 times that of their median-paid workers in S&P 500 companies. Shareholder opposition to CEO pay packages is growing.

Citibank

In response to a proposal, it has committed to set science-based targets to reduce greenhouse gas emissions from its value chain. The proposal was withdrawn in exchange for this commitment. called on the largest U.S. grocery chain to set targets for its Scope 1, 2, and 3 emissions that would lead to net-zero emissions by 2050 or sooner. Greenhouse gas emissions represent one-third of all planet-warming emissions.

Disney

A proposal to a company, urging it to disclose its policies governing climate lobbying efforts and related spending. The proposal received 34.30% support from shareholders. This proposal aims to promote transparency and accountability. By disclosing their policies and spending, companies can be held accountable. Through their actions, investors can make informed decisions.

Chevron

Chevron has abandoned Arctic drilling plans and ended its involvement in the Arctic region.

Coca-Cola

Coca-Cola aims to have at least 25% of all its beverages sold globally distributed in refillable or returnable bottles by 2030, up from 16%. Coca-Cola is currently rated as the world’s worst corporate plastic polluter.

Lowe’s

It agreed to speed up its efforts to stop deforestation in its supply chains.

Exxon Mobile

Shareholders passed a proposal for a report on how applying IEA’s Net Zero Emissions 2050 scenario would affect the company. The proposal passed with 51% of the vote. ExxonMobil has committed to supporting net-zero emissions. The report will ensure investment plans align with industry standards for economic success.

Travelers Insurance

It agreed to disclose its lobbying expenditures for all trade associations where its company dues exceed $25,000. This decision is the result of a seven-year engagement. Disclosure allows investors to check up on spending and discuss impacts and risks with the company.

Tractor Supply

The shareholder proposal filed requested the company to disclose GHG gas reduction targets. The proposal was later withdrawn after an agreement was reached.

Kraft Heinz

Domini Investments withdrew its shareholder proposal. It Requested to report on a climate transition plan. After the company committed to achieving net-zero emissions by 2050.

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In this episode, I discuss Sustainable, Responsible, Impact InvestingAIO Financial (fee only financial planners) specializes in Socially Responsible Investing (SRI). The following is an introduction to SRI.

Sustainable, Responsible, Impact Investing (SRI)Growth of Sustainable, Responsible, Impact InvestingSustainable, Responsible, Impact Investing (SRI), also known as sustainable, socially conscious, green, ESG (Environmental, Social, Governance), and ethical investing, continues to grow at a faster pace than conventional investment assets. The strategy idea is to invest in-line with your values. SRI provides a way to support organizations and issues that you are concerned about while earning a competitive return.

Over $17 trillion of U.S. investments (33%) are in SRI. These investments use at least one of the three SRI strategies:

1. Screening
2. Shareholder Advocacy
3. Community Investments

Some of the main reasons why SRI is more attractive now than in the past, include:

• There are more sustainable, responsible, impact investments available. There are currently more than 1,000 SRI funds.
• SRI mutual fund performance has improved. Increased competition and size of these funds has allowed the administrative costs to be lower.
• There are companies and industries people do or do not want to support and there is more information readily available than ever before.

There is no one strategy to move your portfolio closer to your values as there is no one reason that motivates people to participate in SRI.

Sustainable, Responsible, Impact Investing StrategiesScreening

Screening involves using positive and negative filters to select investments (avoid or include investments). Companies may be excluded or included based on their:

• Industries – exclude all (like oil) or best of the worst (like BP) or focus on alternative energy
• Country – avoid if regime has poor human rights record
• Corporate SR – promoting women, impacts on community, environmental impacts, fair trade producs
• Policies & Practices – Unions, Healthcare, recognize domestic partners

Shareholder Advocacy

Shareholder advocacy is exercising your right as a shareholder (through SRI mutual funds or individual stocks) to influence the direction of business. Index and non-SRI funds generally do not vote or vote with management on environmental, governance and social (ESG) issues. Shareholders can:

• Voting of Proxies – All shareholders may vote on annual meeting agenda items
• Letters – Letters may be sent any time (all public companies have Investor Relations Depts.)
• Filing Resolutions – Shareholders may petition companies they own shares in (at least $2k), for annual meeting agendas. Resolutions often pass with less than 30% in favor
• In-person meetings/dialogues – Letters and resolutions may lead to discussion of issues with company executives
• Divest – sell your shares

Some of the top ESG shareholder issues are:

• Political contribution
• Climate change
• Equal employment
• Environmental management and reporting
• Board diversity
• Executive pay

Community Investments

Provide access to credit, equity, capital, and basic banking products that low-income communities who would otherwise lack.

Participation in community investment includes:

Investing in micro-credit organizations through notesInvest in community development loan funds

• Using member owned credit unions or community banks for your banking service

Getting Started with Sustainable, Responsible, Impact InvestingHow to Construct an SRI Portfolio

Work with your financial advisor to determine your risk tolerance and investment objective. Depending on your situation you can develop an SRI portfolio by using:

• Individual stocks
• SRI mutual funds
• SRI exchange traded funds (ETFs)
• Community development loan fund
• Managed accounts (from asset management firms)
• Or a combination

A portfolio with SRIs can be created using:

1. SRI Mutual Funds and/or SRI ETFs (Exchange Traded Funds)
2. Individual Stock
3. Asset Manager

Where to Invest
1. Charles Schwab, Vanguard, Fidelity
2. Directly with fund companies
3. With an SRI money manager

Asset Allocation
1. Consider the time frame for this investment money (the sooner you need money, the more conservative your portfolio should be)
2. Consider your risk tolerance (you do not want to be tempted to move out of stocks when they are low and start buying when they are high)
3. Develop an investment policy (target percentage in each asset class)

Investing
1. Evaluate options for each asset class of your investment policy

1. In addition to performance, consider any transaction fees, minimums, and expenses.

2. Evaluate the SRI aspect of each investment. Here is an SRI questionnaire – to help you think of some of the issues and your preferences with SRI. The big decision/trade off to consider is:

3. Do you want just some basic screening (avoiding stocks with alcohol, tobacco, weapons)? In this case an SRI exchange traded fund may be the best option. The expense ration is very low and returns are very competitive. (Vanguard, iShares)

4. Do you want more stringent screening (positive and negative), proxy voting and some corporate engagement? There are several mutual funds with competitive expenses and performances. (Parnassus, Portfolio 21, Neuberger Berman)

5. Do you want a very active fund regarding ESG issues that files shareholder resolutions and has dedicated staff to work on these issues. (Calvert, Domini, Pax)

6. Select the investments that meet your needs the best. We are working on an easy investment table that will make selection easier. I will post a link when it’s ready.

Maintenance
We recommend rebalancing to match your investment policy two times each year and, as much as possible, only adjusting your policy when there are changes in your life and time horizon for your investment money.

At AIO Financial, we use a program called YourStake to evaluate the impact of Mutal Funds and Exchange Traded Funds (ETFs). They put funds into three ESG advocacy categories: Minimum, Base, and Deep. In general, there is an increased expense for more advocacy.

Using YourStake, we are able to identify funds that do not have fossil fuel companies and see ratings for various other ESG issues. This allows us to identify funds that will be appropriate for an investor. The table below is an example of some of the types of funds that are available.

Example Mutual Fund/ETF Options

| ESG Advocacy | Name | Ticker | Expense Ratio | Overall ESG Alignment | Fossil Fuel Free | Environmental Rating | | Min | Vanguard ESG US Stock | ESGV | 0.12% | 8 | No | 7 | | Min | Goldman Sachs International Eq ESG | GSIFX | 1.18% | 7 | No | 8 | | Min | Vanguard Global ESG Select Stock | VEIGX | 0.55% | 8 | No | 8 | | Min | Fidelity Sustainability Bond Index | FNDSX | 0.10% | 5 | No | 5 | | Base | Neuberer Berman Sustainable Equity | NBSRX | 0.87% | 8 | No | 8 | | Base | Nuveen ESG Mid Cap Growth | NUMG | 0.40% | 8 | Yes | 7 | | Base | Xtrackers MSCI ACWI ex USA ESG Equity | ACSG | 0.16% | 7 | No | 7 | | Base | iShares ESG Aware 1-5 yr USD Corp Bond | SUSB | 0.12% | 7 | No | 6 | | Deep | Parnasus Core Equity Fund | PRILX | 0.62% | 8 | Yes | 9 | | Deep | Nuveen ESG Small Cap | NUSC | 0.40% | 7 | No | 7 | | Deep | Pax International Sustainable Economy | PXNIX | 0.48% | 7 | No | 8 | | Deep | Trillium ESG Global Equity | PORIX | 1.03% | 8 | Yes | 9 | | Deep | Calvert Bond Fund | CBDIX | 0.53% | 6 | No | 8 |

• on a scale from 1-10, 10 being the best

Next StepsThere is much more information in our ebook – Socially Responsible Investing made easy.

Here are some other resources:

USSIF (USSIF.org) – The Forum for Sustainable and Responsible Investment is the US membership association for professionals, firms, institutions and organizations engaged in sustainable, responsible, and impact investing. US SIF and its members advance investment practices that consider environmental, social and corporate governance criteria to generate long-term competitive financial returns and positive societal impact.

Your Stake (yourstake.org) – YourStake is an impact investment evaluator. YourStake allows advisors to evaluate the impact of portfolios and compare them. They also provide a petition platform to help make an impact.

First Affirmative: AffirmativESG (firstaffirmative.com) – First Affirmative is a network of fee only financial advisors who specialize in SRI. They provide the AffirmativESG platform to their advisors that offers customized accounts.

Green America (GreenAmerica.com) – Green America economic action to solve social and environmental problems. Their mission is to harness economic power—the strength of consumers, investors, businesses, and the marketplace—to create a socially just and environmentally sustainable society. They provide a green directory.

NAPFA (NAPFA.org) – The National Association of Personal Financial Advisors – is a professional association for Fee-Only financial advisors—highly trained professionals who are committed to working in the best interests of those they serve. You can search for fee-only advisors throughout the US.

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We have a free ebook about financial issues for expats: Download here

Lake CapalaHalf of the battle to reach Financial Independence is not spending very much. A great way to not spend very much is to live in a low-cost area. Living outside of the US is a one way to do that.

I spent several weeks this summer in the Lake Chapala area. This is home to the largest expat community in Mexico. There are about 20,000 expats in the area mostly from the US and Canada. This makes up about a quarter

It’s located about a 40-minute drive south of the Guadalajara international airport. Guadalajara is the second largest city in Mexico where you can find world class hospitals, concerts, and events.

Lake Chapala is the largest lake in Mexico. There is some debate about how polluted the water is. I saw a few local kids swimming in it and several kayakers out paddling. I took a boat ride to a couple of the islands. I do not think regularly swimming in it is the smartest idea.

The weather is one of the biggest attractions. It’s mild all year round. It’s at about 5,000 feet elevation. There was some afternoon rain when I was there, but not enough to impact my plans.

Chapala is also not far from the Pacific Ocean. It’s about a 4.5 hour drive to Puerto Vallarta and a reasonable drive to many other nice towns.

Ajijic vs Chapala

Ajijic and Chapala are the two main expat cities. Most of Ajijic is construct on a hill. Chapala is larger, flatter and you don’t see as many expats (there are still plenty, just not as many as Ajijic). I personally like Chapala more than Ajijic. It’s larger and there is more to see. My mother has trouble with Ajijic’s cobblestone roads and walking up the incline in Ajijic.

CostsI want to focus on the costs. It’s hard to say in general how much it costs to live in any city because everyone has their one standard of living (expenses they want to have). Your spending will be different based on several factors. The biggest factors are:
• Housing – buy or rent – live alone or with others
• Vehicle – have a car or walk and use the bus
• How much you eat out

Typical Expenses

Overall, expenses are much lower than in the US. Here are some examples:

• Haircut: $5 (woman)
• Dinner for two: $5 is cheap (you can spend more but it’s hard to spend more than $10 for a meal)
• Long term rent (monthly): $400 to $800 for a 2-bed, 2-bath place (Ajijic will cost at least $100/month more)
• Movie (at the one theater in Ajijic): $2
• Ice Cream (one scoop): $1
• Walking on the Malecon (boardwalk) or in the surrounding hills: free
• Hourly help, maid or gardener: $3/hour
• Massage: $15/hour
• High speed internet: $30/month
• Local bus: $0.40
• Property tax is very low: $100 to $200/year

Housing and Transportation

Housing by far is the biggest expense. If you rent and will be in Chapala long term, renting year round, you can find something for $500 per month or less. I met a couple renting a room with a family and another person with a free room in exchange for caring for the home when the owners were away.

Owning a car is the next largest expense. For my family, it was worth renting a car during our visit to travel around but many are very content staying in town and using the bus system when needed. My mother spends several month each year in Chapala and doesn’t have a car.

In addition to housing and transportation, a single person could have a good quality of life for $1,000 per month per person.

Adding in housing and transportation, a single person could do fine on $1,700 per month and a couple on $2,700. That would be the cost of renting. Social security alone could cover the expenses for many Americans.

Owning a Home

The cost of a home in the Lake Chapala area varies greatly. You could easily spend more than $300,000 for a nice home near the lake and downtown. You can find small homes further from the water and downtown for under $50,000. Everyone has different needs and likes but for an average US home ($363k), I’d expect to pay between $100k and $250k.

With homeownership, you will have repairs and upkeep but your monthly cost will generally be lower. Most Americans I met in the area rented.

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The other day Bill Holiday sat down with the two newest fee only financial advisors at AIO Financial to ask some questions and learn a little more about them. Here’s what they talked about.

Bill: In this episode, we’re going to introduce you to two of our new advisors – Kataya Plett and Val Mendoza. Kataya, what got you into this field, and what do you like about it?

Kataya: What got me into it was I started as a portfolio manager – I looked at the funds that people should have in their portfolios and made sure they were in the right balance and diversification. I really enjoyed learning about all of that and keeping up with trends in the market. But I also wanted to be able to help people with more of their finances. To get the full financial picture and actually be working directly with the client. So that’s what moved me towards becoming a financial planner.
Bill: That’s a good point, just making investment decisions in isolation doesn’t let you give as much support as you could if you’re helping with their complete picture to meet their financial goals.

Kataya: Yes, people don’t always realize that investments are just a part of it and that there are a lot of things that financial planners can help with. When you’re looking at the whole picture, you’re able to help people much more.

Bill: Val, same question. What got you into financial planning and what do you enjoy about it?

Val: I started out helping with paperwork and contacting clients. I didn’t know much about finances and investing when I started but as I learned a lot while working at AIO and thought it was very interesting. You helped me out a lot with learning more and encouraging me to work towards becoming an advisor. I like how much the work varies from client to client and all the different people I get to meet doing this. It feels like every day is something different and I’m always learning something new.

Bill: That is a great point about our education system. I don’t think investing is emphasized or even touched on at most high schools. And it’s really important. While we’re in school we focus on someday having a career, but don’t learn what to do with the money we earn.

Val: Yes, I agree. Even at university, it wasn’t something that was generally taught. You had to seek out classes on it. No one is really helping you with this, so you have to seek out the information yourself.

Bill: So how are you adjusting to working virtually?

Kataya: The interesting thing with AIO is that we have clients everywhere. So, we’ve always had to do some form of virtual meetings and will continue to do so in the future. But as for me personally, it’s been nice in some ways – I like that we can do the meetings from anywhere and at any time which makes it very flexible. But it has been an adjustment to not be working out of the office as much. It can be nice to have that separation of work and home plus you miss out on a lot of the normal office interactions when you’re working remotely. But overall, the flexibility we have with working more virtually has been a real benefit and something I think we’ll continue to utilize as much as we can.

Val: Yes, I agree completely. I think it’s great that we can be flexible and meet with people wherever they are. But I would say that sometimes technology has caused some difficulties. It doesn’t always work well, or sometimes just random issues come up. So that would be the biggest adjustment I’ve had to make, is learning to deal with technology when it decides to be difficult.

Bill: You’re right, and sometimes it’s the clients who are struggling with the technology. Luckily, we have a pretty simple meeting system now. But when technology doesn’t want to work that’s always a struggle.

I also miss the office environment. You don’t get the same opportunities to just have a chat with coworkers or even have a quick brainstorming session. But it’s also really nice to be able to work from home so it’s a tradeoff.

I know we work with clients on investments, retirement planning, taxes, estate planning, and insurance – is there any area you particularly enjoy working on with clients? And any programs that we use that you find particularly useful?

Val: I like doing retirement planning. You get to really see what clients want to do with their lives and it really varies from person to person. And for programs, I really like our eMoney platform. It’s a really simple way to send documents back and forth plus it helps give them a better view of all their finances together since they can link all of their accounts to one place. I’ve heard from clients that they really like it as well so I’m glad it’s something we can provide for them.

Kataya: Honestly, I really like eMoney as well – it’s one of the easiest secure document storage programs that I’ve seen. I also really like Money Guide Pro which we use for making clients’ financial plans. It’s very customizable and lets you really plan for anything that might come up. And I really enjoy putting those plans together for clients. But I also really like helping clients out with estate planning because there are so many little things that people aren’t even aware of when they first start working on their estate plans. And I really like being able to show people what all their options are. Sometimes we’re able to provide a solution for a problem they didn’t even realize they had before talking with us. I also like the generational feel of helping with an estate plan – I’m not only helping the client, but I’m also helping their beneficiaries.

Bill: Yes, that’s a good point. I think a lot of our work is actually education. We inform people about their different options that they don’t always know that they have.

And it’s interesting how much the programs we use have changed. Even ten years ago we didn’t have access to a lot of the things we do now. And I’m sure in another ten years it will evolve even more.

How about in your free time? What do you like to do outside of work? Val what do you like to do for fun?

Val: I like to travel or to explore new places with friends. Even just checking out a new coffee place with friends can be a lot of fun. But obviously, I haven’t been able to do that as much lately, so I’ve been spending a lot more time reading. I also really enjoy photography.

Bill: And you Kataya?

Kataya: I like to volunteer around the community. I’m currently volunteering at the non-profit theater. But I’ve volunteered with multiple events around town in the past – including Comic-Con. But I also enjoy reading and listening to podcasts. When you can’t really go out and do anything around town it’s always nice to be able to escape into a good book.

Bill: Alright, last question. Is there anywhere you’ve really enjoyed traveling to or someplace you’d really like to visit?

Val: I’ve always wanted to visit Seattle. It just seems like a cool place to visit plus I’d enjoy the cooler weather there.

Kataya: I think my favorite place I’ve ever visited was the Virgin Islands. I loved the climate and culture and just how colorful it was there.

Bill: Perfect. Well, I hope this helps everyone get a little more information about our newest advisors. You’ll definitely be hearing more from them in the future.

As always, if you need help with anything you can reach out to us with your questions or even schedule a meeting.

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Why Switch to a Responsible Credit CardWhen you open a credit card, your fees go to the issuing bank. This includes: fees merchants pay for each purchase, interest on your balance, annual fees, balance transfer fees, and late fees. The bank then makes loans to individuals and businesses.

The big global banks (Bank of America, Citigroup, JP Morgan Chase, Wells Fargo, and others) have engaged in predatory lending, investing in fossil fuel companies and projects, and deceiving consumers with opening an unrequested account, hidden charges, and fees.

You can find credit cards issued by a community development bank or credit union, which will, in turn, use your fees to support sustainable loans and support their communities.

Be aware that some credit cards issued by local credit unions are provided through global banks.

The following are some examples of the practices of mega-banks.

• Climate change: The companies that banks fund continue to engage in building coal power plants. A report by the Rainforest Action Network (RAN) and the Sierra Club found that the worst five banks for financing coal are Bank of America, JP Morgan Chase, Citi, Morgan Stanley, and Wells Fargo.
• Foreclosure scandals: Global banks had a large role in the great recession of 2007-2009 partly because of the large number of dishonest mortgages. Bank of America, Citi, JP Morgan Chase, and Wells Fargo all agreed to pay billions of dollars to the US government to settle accusations that they improperly reviewed foreclosures and mishandled loan modifications.
• Three Gorges Dam – Citigroup, and Merrill Lynch provided loan capital for China’s Three Gorges Dam which displaced over a million people, submerged toxic facilities, and destroyed wetlands.
• Politics – Like many companies, mega-banks make large political donations. JP Morgan Chase, Citi-Group, Bank of America, Wells Fargo, and US Bancorp have mostly supported Republican candidates.
• Predatory lending: In 2009, the Credit Card Accountability Responsibility and Disclosure (CARD) Act was put into place to protect consumers from some of the worst predatory lending practices. These practices were common and global-banks continue to work around them. They use any number of fees on accounts.

Responsible Credit Card OptionsCommunity Development Financial Institution (CDFI) certification is a designation given by the CDFI Fund to specialized organizations that provide financial services in low-income communities and to people who lack access to financing. CDFI’s finance community businesses, including small businesses, microenterprises, nonprofit organizations, commercial real estate, and affordable housing. There is a CDFI locator here: https://ofn.org/cdfi-locator.

Below are some responsible credit card options. Each institution issues its own responsible credit card.

Please review the fees and interest charged to make sure the card you choose is appropriate for you. We recommend using a credit card with no annual fee and paying it off each month to avoid interest and fees.

• Aspiration – Spend daily with Zero to neutralize your footprint and earn up to 1% cash back. Use your rewards to plant more trees or receive a statement credit.
• Green America – Green America’s Visa supports Green America’s programs. Their mission is to harness economic power to create a socially just and environmentally sustainable society.
• Hope Federal Credit Union – Hope CU has worked for decades to provide loans to underserved people in the southeast US.
• Self-Help Credit Union – Self-Help CU, based in North Carolina, works in traditionally underserved communities.
• Permaculture Credit Union’s (PCU) – PCU, based in New Mexico, is committed to sustainable responsible loans and investments. PCU’s card is issued by the Illinois Credit Union League.
• Beneficial State Bank – Beneficial State Bank, with TCM Bank, offers credit cards that support different missions to lift up communities and preserve the environment in the Pacific Northwest. TCM Bank is owned by ICBA Bancard, a subsidiary of the Independent Community Bankers of America.
• Redirect Visa – For each purchase made with the card, a percentage of the interchange income is split between Beneficial State Bank and Sustainable Travel International. They also provide discounts at participating green businesses in the Denver, Portland, and Salt Lake City areas.
• Salmon Nation Visa – Salmon Nation directs a percentage of its income to improve the environment from Alaska to Oregon.
• The Loop Card – The Loop Card is a Visa issued by Albina Community Bank in Oregon. It supports the mission to lift up Portland to fund projects in education, social services, the environment, the arts, or economic development.

In addition to credit cards, we recommend banking with CDFIs or local credit unions to get money out of the mega-banks.

We have a new index investing course
https://aiofinancial.com/course

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In this episode, I have an interview with Elysabeth Alfano – the CEO/CMO of VegTech Invest and the Founder of Plant Powered Consulting.They have an exchange traded fund (ETF). The VegTech Plant-based Innovation & Climate ETF (Ticker: EATV)

Invest For Impact & Climate ChangeAnimal agriculture is responsible for 14.5% of greenhouse gas emissions, including methane and nitrous oxide. EATV invests in companies innovating with plants and plant-derived ingredients to make animal free products, thus helping to address climate change. They believe that we won’t fix climate change without fixing our current food and materials supply system.

Invest For Efficiency & SustainabilityOur current food supply system is inefficient and unsustainable. It is a major source of deforestation, using disproportionate amounts of water and land such that creating enough food for a growing global population won’t be feasible with our current resources. EATV invests in plant-based innovation companies, including alt material and alt protein companies, which are less resource-intensive, producing prolific and nutritious food with less land and water. We are at the tip of what we believe is a long-term secular trend shifting towards plant-based innovation.

Invest For DisruptionAs we enter the fourth industrial revolution, the food and materials supply systems are on the precipice of a global shift. EATV is investing in the game changers, disruptors and trend-makers with the vision and technology to create a future in which health and food security are sustainable. Through investing, we are helping to shape a healthier, more environmentally friendly and cruelty-free food supply system, driven by the demand of Gen X and Gen Z.

What is the fund strategyThe strategy of the fund is to invest in companies that are actively innovating with plants and plant-derived ingredients in the global supply chain, and that produce primary products that are animal-free. These companies positively impact planetary, human, and animal health. VegTech Invest Management Advisory focuses on companies they believe will be the leaders, enablers, disrupters and beneficiaries of a global shifting food and materials supply system towards plant-based innovation. They believe this is a long-term, secular trend. Elysabeth Alfano (elysabeth@VegTechInvest.com) https://eatv.vegtechinvest.com/ https://www.vegtechinvest.com/

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The best time to start investing is right nowReally, right now. Time works for your investments.

There are many reasons to put off investing: it’s too complicated, later when I make more money, when the kids are older, when my debt is paid off, when I have free time to research about investing

However, it’s easier to reach your financial goals the earlier you start.

It is important to not only save but to invest. Long-term investing in a diversified portfolio has historically outperformed a simple savings account.

If you invest $200 per month in the S&P 500 (US stock market) for 40 years (like Guy), you will end up with over a million dollars.

If you wait 20 years to invest (like Sal), you will need to invest about $1,650 per month to reach a similar amount as Guy. Waiting to invest is costly. Every year you wait to invest means you will need to invest more each month to reach the same goal.

Instead of investing only $200 per month, like Guy, for a longer period of time, Sal needs to invest a much larger monthly amount ($1,650) because he waited.

Another way to look at this is comparing Guy to Maria, Sandy, and John. All four of them invest $200 per month. Guy invests right away for 40 years, Maria waits 10 years and invests for 30 years, Sandy waits 20 years and invests for 20 years, and John waits 30 years and invests for 10 years.

Guy will end up with over $1.2M, Maria about $452k, Sandy $152k, John $41k.

Waiting even 10 years makes a huge difference in the total amount saved. Guy will end up with about 3 times more than Maria by starting 10 years earlier.

Maria will end up with about 3 times the amount Sandy will have by starting 10 years earlier than her.

We all have excuses for waiting and not investing now. It is easier to spend now than wait and invest that money. We all have things we would like to buy and spend money on now. But we also have long term financial goal – like retiring. Reaching those goals take sacrifice but they are easier to reach if you start investing now.

Calculations used in this post assume a 10% annual rate of return.

To reach financial independence, spend less than you earn and invest the rest.

– Bill & Ivan

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In this episode, we discuss:

the many reasons you should investInvestments can be used for:

1. Retirement or financial independence, when you no longer need to work. This is a primary objective for many people to be able to replace their income (or spending needs) with money from their investments.
2. Financial emergencies for you and your family – there are all types of financial emergencies that could come up, such as: losing a job, mechanical troubles with a car, needing to replace a car, being sick and unable to work, home damage, or any other unexpected financial emergency.
3. An alternative to taking on debt – instead of taking on debt which could be expensive credit card debt, having investments will allow you to pay for the expense.
4. Healthcare expense needs – medical expenses are the leading reason for bankruptcy. Even with health insurance, the cost of medical procedures can be expensive. It’s often not clear what the cost will be until long after the procedure when you get bills from multiple providers.
5. Buying a residence – to avoid paying mortgage insurance, in most cases, you need to put 20% of the value down on a home purchase. For example, if you purchase a $200,000 home, you would need to pay $40,000 of your money to avoid paying monthly mortgage insurance. Having that down payment saved up will save you from paying monthly mortgage insurance and usually give you a lower rate mortgage.
6. Buying an investment property – as with buying a residence, to avoid mortgage insurance and get the best possible mortgage interest, a down payment is required. Depending on the type of property, since it is not your primary residence, you may need to put down 20% to 35% to get the best terms on your mortgage.
7. Investing in a business –Investing in a business my include hiring people, spending more on marketing, buying a business, buying an office or place to operate, investing in software, or buying computers or equipment.
8. Other personal financial objectives – this could include hobbies or travel. It could be a boat, an RV, or a cruise. Whatever your objective having an investment account is a good way to save for it.
9. To leave an inheritance – if you want to leave money to someone or an organization after your death, an investment account is a good way to save for that. It could be for a special needs child or any family or friend. It could be for a non-profit organization or several.

Having assets that can be easily accessed can help you meet your financial goals.

The advantage of an investment account compared to other types of investments is:

• Liquidity – you can access invested funds within a few days (less than a week).
• Good growth – the average stock market return is about 10% per year for nearly the last century.
• Very little effort – a couple of hours to get set up and maybe an hour each year to adjust your accounts.
• Secure – brokerage accounts are very secure from theft.
• Flexible – you can easily adjust your investments if your goals or needs change.
• Low expenses – most investment accounts are free with little or no expense for investing.

To reach financial independence, spend less than you earn and invest the rest.

– Bill & Ivan

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1 What is SRI?Sustainable, Responsible, Impact Investments (SRI) provide you with the chance to vote with your investments and influence our world. SRI is a rapidly growing area of investment. It is outpacing the overall rate of general investment growth.

SRI allows individual investors the ability to have investments in line with their values. It provides another tool to address important issues. SRI provides a way to support technologies and issues while earning a competitive return. As an example, if someone is concerned about global warming or campaign finance reform, SRI is a strategy to address these issues.

There are different degrees of SRI involvement. SRI can be as simple as using a member-owned credit union instead of publicly traded banks driven by profit motivation. It can involve investing in Calvert Community Investment Notes that support international micro-credit and provide semi-annual interest payments and returns the investment at maturity. SRI can involve investing part of the US stock portfolio in a low-cost SRI index fund (0.28% expense ratio) that provides SRI screening. It can include purchasing an SRI mutual fund that is active in screening, shareholder advocacy, and community investing.

2 Other names for SRI and how to invest.SRI is an investment strategy that seeks to maximize both financial return and social good. It is a way to use our financial system to positively impact society. SRI allows people the ability to incorporate their values in their investment decisions

You may also hear SRI referred to as:

• Sustainable, Responsible, Impact Investing
• Socially Responsible Investing
• ESG Investing – Environmental, Social & Governance
• Sustainable Investing
• Ethical Investing
• Green Investing
• Double-Bottom Line Investing
• Triple-Bottom Line Investing
• Socially Conscious Investing
• Mission Investing
• Values Investing
• Responsible Investing
• Impact Investing

SRI is not the same for everyone. Values and priorities can vary greatly.

There are many ways to develop an SRI portfolio by using:

• Individual stocks
• SRI mutual funds
• SRI exchange-traded funds (ETFs)
• Community development loan fund
• Managed accounts (from asset management firms)
• Alternative investments

3 Growth of SRISRI has taken off over the past 20 years and is becoming mainstream. The amount of assets that are managed in the US that use ESG (Environment, Social, Governance) criteria in their analysis has increased to about $17 trillion. Thirty-three percent of all managed investments in the US use an ESG strategy. That is 42% in the last two years, it is growing more rapidly than general investments.

Some of the main reasons why SRI is more attractive include:

• There is more availability. There are more than 1,000 SRI funds available in the US.
• SRI mutual fund and ETF (Exchange Traded Fund) performance has improved. Because of the increased competition and the increased size of these funds, administrative costs are lower.
• SRI performance in many cases has outperformed standard indexes because many avoid fossil fuel companies that have underperformed in the market over the past few years.
• There are companies and industries people do or do not want to support and there is more information readily available than ever before.
• There is more awareness around climate change and its impact, and many people want to divest from fossil fuel-related companies.
• There is more awareness that people can make an impact with their investments on issues of corporate political activity, climate change, equal employment opportunities, board diversity, sustainable agriculture, executive compensation, conflict risk,

4 Degrees of SRIThere is not one type of SRI portfolio. For advisors, this is a conversation to have with clients. This is a chance to find out about their values and priorities. For investors, it’s helpful to know where your priorities are and what trade-offs you are willing to accept.

There are four types of investors. There are investors between these categories but, in general, they fall into these types.

1 – Investors not interested in SRI, want a diversified portfolio using very low-expense ETFs or index funds. They want a diversified portfolio with broad exposure at the lowest possible cost.

2 – Investors who want everything SRI and a well-diversified portfolio. They do not want exposure to any non-SRI holdings. Some investors do not want any ownership in any company that is not in line with their values, even if the intent of the fund is to make changes in the company.

3 – Investors are interested in the idea of SRI and want some exposure, but they do not want to sacrifice performance. They do not want funds with significantly higher expenses, mostly they are interested in SRI funds in the large US equity space and maybe a small amount in community investment notes. They are fine with ETFs for other asset classes. This is referred to as semi-SRI.

4 – Investors are concerned about a specific issue, such as climate change, helping developing economies, alternative energy, organic farming, or a religious issue. They may fall in Category 1, 2, or 3 above but want to be sure to have some exposure (and/or lack of exposure) around a particular issue.

5 Motivation for SRIAvoiding Undesirable CompaniesSome people and organizations are not comfortable investing in and supporting some companies. Here are a few companies that are part of the S&P 500, which you may want to challenge and change:

-Exxon Mobil
-Chevron Corp
-Bank of America
-Coca-Cola
-Philip Morris Intl
-Pepsico
-Wal-Mart
-McDonald’s
-Conoco Phillips
-Occidental Petroleum
-Goldman Sachs
-Monsanto
-Dow Chemical
-General Dynamics

Political ToolMost of the clients I work with are not content with the influence of corporations in our political system and are concerned about:

• the environment (climate change),
• corporate political spending
• executive compensation (and the disparity between worker and executive compensation)
• military weapons (avoidance)

Many investors are frustrated about the inaction of our government on many issues. SRI can influence corporations on a broad range of issues that our government is not addressing.

Specific IssuesThere are many people who are very concerned about a particular issue and are not comfortable with investments that do not support their issue. With SRI, people can vote with their investments.

Many religious groups (including the Unitarian Universalists, Catholics, and Presbyterians) are avoiding corporations that are not in line with their values and supporting industries that are.

There is currently a Sudan divestment campaign that is like the South African apartheid campaign of the 70s and 80s. These divestments played an important role in weakening the oppressive South African government.

Many investors do not want ownership of Monsanto, which is part of the S&P 500 and part of many index funds. One issue is with their GMOs (genetically modified organisms). People would like to see labeling, independent safety studies, and protection from cross-contamination.

Climate change is one of the biggest issues of our time. There are groups, such as www.350.org, that are calling for divestment in corporations involved with fossil fuels. Numerous university funds have joined the campaign. SRI mutual funds and ETFs make having a diversified portfolio that is fossil fuel free relatively easy.

For many, divestment in fossil fuels is not only a step towards combating climate change, but it may also very well be a good financial move. There may be a carbon bubble.

6 Three Major Components of SRIThere are three major approaches to SRI and several ways to get involved.

Screening – using positive and negative filters to select investments (avoid or include investments). Positive and/or negative screening can be accomplished using:

Individual Stocks –create a portfolio out of individual stocks and bonds or use a money manager who focuses on SRI that will set up a separate account and manage your investments. There is no expense ratio to pay with individual stocks but there are transaction fees.

SRI Mutual Funds – use SRI mutual funds that share similar values to screen their holdings.

SRI ETFs (Exchange Traded Funds) – you can use SRI ETFs for part or all of your portfolio.

Shareholder Advocacy – shareholding involvement (as an individual, through a mutual fund, or foundation). Voting proxies for shareholder resolutions or choosing mutual funds that vote in line with your values.

Individual Stocks – You and/or your advisor can vote for your proxies.

SRI Mutual Funds – many SRI mutual funds vote proxies and engage in corporate engagement (shareholder resolutions, letters, and corporate engagement).

The following are some major shareholder initiatives during the past few years.

• Corporate Political Activity
• Climate Change / Carbon Emissions
• Labor and Equal Employment Opportunities
• Executive Pay
• Independent Board Chair & Board Diversity
• Human Rights

Community Investing – providing money for people who otherwise would not have access to help close the wealth disparity. This can be as simple as using a credit union that is member-owned instead of a shareholder-owned bank that is driven by profit.

Community Investment Notes – Calvert notes can be held in a brokerage account.

CDFI Credit Unions – as simple as using a member-owned credit union instead of a shareholder-owned, profit-driven bank for savings, checking, debit, and ATM cards.

SRI Mutual Funds – some SRI mutual funds have some community investment holdings.

7 Evaluating InvestmentNo Load and I Class Funds

Mutual Fund vs ETF

An exchange-traded fund (ETF) is a basket of securities created to track as closely possible a particular market index, such as the Standard & Poor’s 500 Index or the Dow Jones Industrial Average. They are similar to mutual funds in that they represent investments in the same types of securities, but they generally have lower fees and can be bought and sold with more pricing immediacy than mutual funds. They have some tax advantages over a fund that buys and sells often and generates capital gains for their investors.

Mutual funds trade at the end of each day. ETFs trade like stocks, during the trading day. That is not that important to long-term investors who buy and hold. ETFs generally have lower expense ratios because they are not being actively managed.

ETFs must, however, be bought and sold through brokers, and those trades may involve transaction costs. ETFs may prove to be more expensive than mutual funds to investors who add money each month to their portfolio.

Expense Ratio

There is an operating cost for mutual funds and ETFs. It is the cost of an investment company to operate a mutual fund. It includes the manager’s fees, administrative costs, compliance, trading costs, 12b-1 fees paid to brokers, and advertising. The expense ratio is a percentage that directly lowers the return to a fund’s investors. If a fund’s assets grew 10% during a particular year and the expense ratio is 1%, the investor would receive a 9% return on their investment. If the fund lost 5% during a year and had a 1% expense, the investor would lose 6%.

The expense ratio is a very critical number when comparing investments. Over years a percentage or even a fraction of a percent can add up and make a big difference. In general, small-cap funds and international funds have higher expense ratios than large US stock funds.

Performance and Ratings

8 Steps to SRILiquidity Needs

A prudent reserve of about 3-6 months of living expenses is recommended. It should be invested in very short-term non-volatile holdings such as a money market or a short-term bond fund. The idea is to have money available if something were to happen so you would not need to use high-interest credit cards. For example, if you were in an accident and needed to cover expenses without income for a while or if you need major home repair, the prudent reserve is there to cover deductibles and other needs. For some people with adequate insurance and low deductibles, this can be on the lower end of the range. For many self-employed people without significant insurance, it may be advisable to exceed the recommended range. So I review a client’s insurance coverage, make recommendations and help them determine how much reserve they need and where it should be held.

You should understand your long-term spending plan (even a rough idea). A different investment model (or balance of assets) for each period that investments will be used. For funds that are needed within the next two years, a very conservative portfolio may be recommended. For investments needed between two and five years, a moderate portfolio may be used. More aggressive portfolios may be used for investments not needed for more than five years.

Risk Tolerance

It is important to know how much volatility you can handle. What you do not want to happen is that when the market goes down (which it inevitably will) you get nervous and sell your holdings at a low point and when the market is high, you get excited and buy into an inflated market.

A study was conducted (DALBAR) that calculated what the average investor actually earned over the past 20 years. If the average investor started with $100,000 in an investment account 20 years ago and earned what the S&P 500 earned (7.8%), the account value would have been $1,043,427 (this assumes no taxes or fees). The average investor earned only 3.5 %/year over that time period or $479,744 in total (no taxes or fees). One problematic tendency of the average investor is that they tend to buy high and sell low.

Diversification

Diversification is not a tool to boost performance rather it is used to reduce risk. By picking a variety of groups of investments, you can limit your losses and reduce the fluctuations of investment returns without sacrificing too much in potential gain.

Diversification looks at picking asset classes that are not perfectly correlated. Correlation is a measure of how much the returns of two investments move together, up or down. When you put assets that have low correlations together in a portfolio, you may be able to get more return while taking on the same level of risk, or the same returns with less risk.

A diversified portfolio should be diversified between asset classes and within asset classes. Another important aspect of building a well-diversified portfolio is that you try to stay diversified within each type of investment. For example, within US stocks, to be diversified you should have a stock of companies that have different sizes and represent a variety of industries.

9 Examples of Mutual Fund-ETF InvestmentsSRI mutual funds and ETFs are not customized for each investor. There is some general screening for most of the SRI funds. Generally, they avoid companies involved in alcohol, tobacco, gambling, weapons, fossil fuel production, and/or the military. You may not have any objection to some of these businesses (alcohol for example) but most of the SRI funds will exclude alcohol.

In general, the expense ratio of an SRI fund is higher than that of a non-SRI fund. There is additional screening that is an expense. These funds compared to large index funds do not have the scale to spread out the expenses to keep them down. SRI funds that are involved with shareholder advocacy incur additional expenses that index funds do not have.

One area where SRI funds are generally underexposed compared to a broad index is businesses working with fossil fuels. When fossil fuel companies are doing poorly, SRI funds tend to outperform a broad index. When fossil fuel prices are higher and those companies are doing well, SRI funds may underperform.

10 VOTEEngine No1’s ETF with the ticker VOTE has a different strategy than most SRI funds. They do not screen their holdings, have a low expense ratio, and engage heavily with companies.

The three SRI strategies are screening, shareholder advocacy, and community investing.

VOTE follows the S&P 500 without any screening. They hold fossil fuel companies in their portfolio, which is unusual.

They engage with companies primarily on environmental issues. They engage with companies in many industries including energy, transportation, and agriculture.

• They got three environmentalists elected to the Exxon Mobile board of directors.
• They engaged with Tyson Foods about plastic packaging.
• They requested that the Walgreens board issue a report on external public health costs created by the sale of tobacco products.
• Worked with Costco to adopt science-based greenhouse gas emissions reduction targets, inclusive of emissions from its full value chain.
• Holding the Board accountable for deforestation at Procter & Gamble.
• Advancing diversity, equity, and inclusion at Tesla.
• Ensuring greater lobbying oversight and disclosure at FedEx.

11 Separately Managed AccountsSeparately Managed Accounts (SMA) are individual, joint, trust brokerage, Roth IRA, and/or IRA accounts that are generally composed of individual stocks and bonds. Hence, there is generally no expenses from the holdings (such as an expense ratio for mutual funds). The accounts may be set up at Schwab, Folio, or another brokerage house. The managing firm uses one or more models to determine holdings. They can be customized, down to each individual stock, for each client. The SRI account managers engage in shareholder advocacy.

Five companies that specialize in this are:

First Affirmative: First Affirmative provides an option that has significantly lower minimums and expenses than the alternatives. $5k account minimums through a First Affirmative fee-only financial advisor. They charge 0.36% of the assets they manage per year (the fee is lower with more assets). There are no transaction fees for trades. First Affirmative is very active with shareholder advocacy. Fee-Only financial advisors associated with First Affirmative provide comprehensive financial planning services for an additional fee. Services include retirement planning, tax planning, insurance review, and estate planning. AIO Financial is a member of First Affirmative.

OpenInvest: OpenInvest provides separately managed accounts for financial advisors. They provide impact reporting. As with AffirmativESG, investors need to work through a financial advisor to access this option. AIO Financial can provide access to OpenInvest.

Trillium: $1 million account minimums ($250k minimum and 0.6% fee, if you work through a financial advisor). They charge 1% of the assets they manage per year (the fee is lower with more assets). The accounts are customized to each individual’s needs.

Boston Commons: $2 million account minimum. They charge 1% of the assets they manage per year (the fee is lower with more assets). The accounts are customized to each individual’s needs. They have the option of investing in a pooled fund, which is not customized. The minimum account balances are lower, but they start at $2 million. The fees for the pooled fund start at about 1% and go down as you invest more.

Boston Trust: $3 million account minimum. They charge 1% of the assets they manage per year (the fee is lower with more assets).

Advisor Partners: $500k account minimum through a financial planner. They charge 0.3% of the assets they manage per year plus your advisor’s fees (the fee is lower with more assets). They outsource shareholder advocacy. Accounts are held at Schwab and there are transaction fees for buys and sales – $4.95 per trade (which is passed onto the investor).

12 Example PortfoliosThe appropriateness of a portfolio depends on several factors including risk tolerance, liquidity needs, and volatility.

There are many ways to construct a diversified portfolio. You can use combinations of mutual funds, ETFs, individual stocks, individual bonds, alternative investments, and/or CDs.

A diversified SRI portfolio can be constructed completely out of SRI mutual funds and/or SRI ETFs. You can use a portion of SRI funds and a portion that is not SRI.

If an investor is not interested in SRI, the best investment strategy may be to construct their portfolio out of index ETFs (Exchange Traded Funds) with very low expense ratios.

For SRI and non-SRI portfolios, we recommend having broad exposure over many asset classes and rebalancing the accounts regularly (such as once every 3 to 6 months). If SRIs are not desired, there is no advantage to incurring additional expenses to invest in a managed mutual fund that, over time, will underperform the index.

Once an investment policy (or portfolio distribution) is defined, you can use SRI or non-SRI investments for each asset class.

13 Investing MechanicsWhere to Invest

To begin, if you do not have a brokerage account open an account at a place such as Charles Schwab, Vanguard, or Fidelity.

Consider the transaction fees for the types of investments you will be using. We use Schwab because they have no transaction fee for the investment we use, and they offer a wide variety of options (unlike Vanguard).

There are SRI management companies that will manage your funds in a separate account. The companies engage in shareholder advocacy on your behalf. The disadvantage is generally the high minimum amounts that are needed.

Consideration if looking for an Advisor

If you feel like you need support, there is no shortage of financial advisors. One of the most important things to know is how they are being compensated. Unfortunately, financial investment firms are often very unclear about the cost of their services and investment products. This lack of transparency and concealing of fees is an unfortunate reality.

There are many ways investment firms get compensated. They may receive sales loads, surrender fees, management, and administrative fees, 12b-1 fees, transaction fees, redemption fees, brokerage fees, inactivity fees, transfer fees, market impact costs, and more. These fees directly reduce the return on your investments – they are costing the investor money. Many financial professionals are being compensated for selling products, such as annuities and life insurance, which may not be appropriate for their clients.

One way to avoid this conflict of interest is to work with a fiduciary Fee-Only advisor. A fiduciary keeps their client’s best interests first as opposed to most financial salespeople who receive commissions and are benefited by selling certain products. Fiduciaries are not compensated by selling products or earning money on commissions.

Fee-Advisors work in a few different ways, including hourly, assets under management (pay a percentage, usually about 1% per year of the assets being managed), and lump sum (depending on the complexity of your situation). If you just need a checkup and some occasional guidance, consider an hourly or short-term lump sum arrangement.

The National Association of Personal Financial Advisors (NAPFA) is a national organization for Fee-Only financial advisors. There is a directory of advisors on their website.

Another designation to look for is a CFP (Certified Financial Planner). In addition to investing, a CFP can help you with retirement projections, tax planning, insurance review, estate planning, and education planning. Depending on your situation, this may be important.

AIO Financial is a fee-only financial planning firm, a member of NAPFA and their financial advisors have CFP designations.

Account Maintenance – Rebalancing

I recommend rebalancing your account at least every six months. By rebalancing, I mean getting it back into the distribution of your target Asset Allocation. What this means is that you will be selling the investments that have done well during that period and buying investments that have not done as well. This forces you to buy low and sell high and improve the overall performance of your portfolio. It also keeps you from getting overexposed in any one area.

18 YourStakeYourStake is an impact investment evaluator. YourStake allows advisors to evaluate the impact of portfolios and compare them. It is user-friendly and provides graphics that are easy for clients to understand. They show the exposure of a portfolio in different ESG areas, and they show examples of shareholder advocacy for the funds that are held in the portfolio. You can dig several layers into the data if there is a particular issue of the company you want to investigate.

One display option is a metaphor where they show the impact in very clear terms that your portfolio will have over time. Such as the number of cows saved, the number of women running meetings, guns off the street, plastic out of the ocean, solar panels in use, etc.

They also provide a petition platform to help make an impact. Advisors can create or sign petitions with the backing of the assets they manage. These petitions can be used to make real changes in companies.

For most advisors, the cost is $999 or $2,999 per year. There is a more expensive option for using their program to develop portfolios ($9,999/year). There is a significant discount for First Affirmative members. They make updates regularly and are open to recommendations.

19 First Affirmative – AffirmativESGFirst Affirmative is a network of fee-only financial advisors who specialize in SRI. They provide the AffirmativESG platform to their advisors that offers customized accounts. They have a questionnaire on their website that advisors can fill out with their clients, and it produces a portfolio of about 350 individual stocks. The graphics and the process are very impressive for clients.

First Affirmative holds assets at Folio Investing. Advisors set up accounts through First Affirmative. All activity is done through First Affirmative. They are very active with shareholder advocacy. Holly Testa oversees advocacy, and she does a great job.

You need to have $1M managed in by First Affirmative to become a member, be listed in their directory, have access to their forum, and get a discount on certain software. They charge 0.4% of the assets you have with them on the AffirmativESG platform.

20 EthosEthos is a platform to evaluate portfolios and funds based on the UN Sustainability Goals.

Ethos lets you select the causes you care about and get personalized ratings of companies, brands, employers, and investments, based on hundreds of credible sources.

Ethos costs $240 or $480 per year.

21 OpenInvestOpenInvest provides asset management services for advisors. They provide separately managed accounts (through an advisor) and impact reporting for clients. Assets can be held a Charles Schwab along with other brokerage houses.

You are required to have at least $5M in assets with OpenInvest. Their fees are based on the assets they manage. Currently, they do not engage in shareholder advocacy.

-$5M at 0.3%
-$10M at 0.28%
-$25M at 0.2%

22 Morningstar OfficeMorningstar is an independent investment evaluator. They have significantly expanded the number of sustainability factors that can be used to evaluate and screen funds. The ESG factors include:

• Sustainability rating
• Environmental risk
• Carbon risk score
• Carbon exposure score
• ESG engagement
• ESG risk score
• Gender & Diversity
• Low carbon/fossil fuel free
• Renewable energy
• Arctic oil and gas exploration involvement
• Oil sands extraction involvement
• Votes counted, % Support, and % Against climate change, environment, ESG governance arrangements, executive compensation, human and workers’ rights, political influence, humane treatment of animals, etc.
• 12-month average fossil fuel exposure, carbon risk score

23 CSRICThe Chartered SRI Counselor (CSRIC) certification is available through Kaplan Financial. The Chartered SRI Counselor, CSRIC®, program is a designation program for financial professionals. This program provides experienced financial advisors and investment professionals with a foundation knowledge of the history, definitions, trends, portfolio construction principles, fiduciary responsibilities, and best practices for sustainable, responsible, and impact (SRI) investments.

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What is a bear market?

A bear market is when the market has more than a 20% downturn from its recent highs. There is no exact length of time for how long a bear market will last. The longest bear market in history occurred during the Great Depression and lasted between September 1939 and April 1942.

Current investors might remember the shortest bear market in history, which was from February 09, 2020, until March 22, 2020. This was caused by the Covid-19 outbreak.

Market downturns occur because of a variety of factors including global instability, high inflation, or general investor pessimism. The current bear market is caused by high inflation (and the fed increasing interest rates to control it) along with supply-chain problems.

During bear markets, investors will see steady losses until the market rebounds at some point. A bear market generally occurs between every 5 and 10 years. It may also indicate the beginning of a recession, but that’s not always the case.

A bear market is a period of declining stock prices and investor pessimism. During a bear market, it can be tempting to panic and make hasty decisions, it is important to keep a level head and not make any hasty investment decisions based on fear or emotions. Here are some general strategies you might consider during a bear market:

1. Stop checking your portfolio daily: When the market is going well, taking a look into your investments frequently can feel like you’re making money without doing anything. But when the market is down, looking at your investments too often can create unnecessary fear and anxiety. You should still check in to make sure that your money is being invested, and that there are no issues. When you do check in, give yourself a time limit to make sure you’re not doom-scrolling through your investment accounts.
2. Diversify your portfolio: Diversification can help you spread out your risks and minimize losses during a bear market. Consider investing in a mix of stocks, bonds, and other assets, and consider investing in both domestic and international markets. Remember, always make sure your portfolio contains a mix of stocks, bonds, and other assets to reduce your risk.
3. Stay on the course with your investment plan: Don’t make any impulsive decisions based on fear or greed. Stick to your investment plan and focus on the long-term, not the short-term market fluctuations. Historically, the stock market has tended to recover and go on to new highs after every bear market, so staying invested through the ups and downs can be a good long-term strategy.
4. Consider rebalancing: If your portfolio has become heavily skewed towards one particular asset class, consider selling some of that asset and using the proceeds to buy other undervalued assets. As some assets decline in value, others may rise. Rebalancing helps you restore your portfolio to its target allocation, which can help you manage risk.
5. Avoid trying to time the market: Trying to time the market by jumping in and out of investments is a difficult and often ineffective strategy. Instead, focus on investing consistently over time and taking advantage of dollar-cost averaging, which can help you buy more shares when prices are low and fewer when they are high. It is difficult to predict when the market will bottom out, so trying to time your buys and sells based on market movements is generally not a good idea.
6. Avoid panic selling: During a bear market, it’s easy to get caught up in fear and sell off your investments. However, this can be a costly mistake, as selling low means you may miss out on potential gains when the market recovers. Instead, focus on maintaining a long-term perspective and holding onto your investments. If you hold the asset, you still own its worth, may it be high or low, but the moment you sell that asset, you make it real, this is the idea behind avoiding selling your assets when the marketing is underperforming. Selling during a bear market can lock in your losses and make it harder to recover when the market does eventually recover.
7. Consider bonds, CDs, and other fixed-income investments: During a bear market, fixed-income investments such as bonds can provide stability and income to your portfolio. By holding a mix of stocks and bonds, you can potentially minimize your losses during a bear market and benefit from the stability and income they offer.
8. Have a plan for market volatility: Having a plan in place for how to respond to market volatility can help you stay calm and make informed decisions during a bear market. This may include setting investment goals, maintaining a diversified portfolio, and regularly reviewing and adjusting your investment strategy.
9. Focus on your goals: it’s easy to get caught up in short-term market fluctuations during a bear market, but it’s important to keep your investment goals in mind. By focusing on your long-term goals and maintaining a disciplined investing strategy, you can potentially weather the ups and downs of the market and achieve your financial objectives.
10. Seek professional advice: if you’re unsure about what to do during a bear market, consider seeking the advice of a financial advisor. They can help you understand your options and make informed decisions based on your specific financial goals and situation.
11. Stay informed: Keep yourself well-informed about market trends and economic news, but be cautious about making decisions based on sensational headlines or rumors. Instead, focus on reliable sources of information and consult with experts if necessary.
12. Take advantage of opportunities: While it may be tempting to pull out of the market during a bear market, it can also be an opportunity to buy high-quality investments at a lower price.

It’s also important to remember that investing in the stock market always carries a certain amount of risk, and there will always be ups and downs. The key is to have a long-term perspective, stick to your investment strategy, and not let short-term market fluctuations drive your decisions.

It’s also advisable to seek the advice of a financial professional if you have any concerns about your investments.

Remember, a bear market is a normal part of the economic cycle, and the stock market has historically recovered and grown over the long term. By staying disciplined and focusing on your investment goals, you can weather the ups and downs of the market and come out ahead in the end.

In conclusion, a bear market can be a difficult and stressful time for investors, but with the right strategy and perspective, it can also be an opportunity to grow your portfolio and achieve your financial goals. By staying calm, diversifying your portfolio, and seeking professional advice, when necessary, you can successfully navigate a bear market and come out on the other side.

Maximizing gains during a bear market

This one can be a bit challenging and if you’re not knowledgeable enough on asset analysis, this might be the part where you might want to ask for a financial advisor’s help but here are some strategies that can help:

1. Focus on quality investments: During a bear market, it’s important to focus on high-quality investments that have a track record of stability and growth. Look for companies with strong balance sheets, consistent earnings, and competitive advantage in their industry.
2. Consider value investing: Value investing involves buying stocks that are undervalued relative to their earnings, assets, or growth potential. By focusing on value stocks during a bear market, you may be able to buy them at a discount and potentially realize gains when the market recovers.
3. Focus on income-generating investments: During a bear market, investments that generate income, such as bonds or dividend-paying stocks, can provide stability and a source of cash flow to your portfolio. This can help you weather the ups and downs of the market and potentially realize gains over the long term.
4. Consider alternative investments: Alternative investments, such as real estate, private equity, or commodities, can provide diversification as well as the potential for gains during a bear market. However, it’s important to understand the risks and potential rewards of alternative investments before putting your money down.

In conclusion, maximizing gains during a bear market requires a combination of a well-diversified portfolio, a focus on quality investments, and a disciplined investment strategy. By considering these strategies and seeking professional advice, when necessary, you can potentially navigate a bear market and achieve your financial goals.

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Foreign Earned Income Exclusion You are going to be required to file US expat taxes no matter which country you […]

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In this post, I will provide some shareholder advocacy updates. Shareholder advocacy involves: direct dialog with companies, filing shareholder resolutions and voting proxies.

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The post Financial Winners and Losers Under Trump Presidency appeared first on AIO Financial Advisors Fee Only Fiduciary.

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In this episode, we interview Todd Tresidder of Financial Mentor.  Todd speaks to me about the ineffectiveness of screening alone […]

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