Robert Jorgensen – Individually Managed Accounts an Investor’s Guide

ROBERT JORGENSEN – INDIVIDUALLY MANAGED ACCOUNTS AN INVESTOR’S GUIDE

By 2010 nearly five million households will invest more than $2.6 trillion in individually managed accounts (IMAs). Today nearly $470 billion is invested in IMAs, yet not one book has clearly addressed the topic-until now. Individually Managed Accounts: An Investor’s Guide shows investors what IMAs are, how to use them, and the related pros and cons of investing in them compared to other investment alternatives.
Robert Jorgensen, CIMA (San Diego, CA), is the founder and CEO of RunMoney. He also founded Lockwood Pacific Investment Group and held senior positions at E. F. Hutton and Salomon Smith Barney. He is a regular speaker at numerous financial forums.

TABLE OF CONTENTS

Preface.

Introduction.

PART ONE: Mutual Funds vs. Individually Managed Accounts: The Great Debate.

CHAPTER 1. Know Your Investments.

Individually Managed Accounts.

The Goal of this Book.

In the Next Chapter.

CHAPTER 2. The Struggle for Tax Efficiency.

Disadvantages of Mutual Funds.

An SEC Mandate.

Two Distinct Taxes.

Variable Annuities Aren’t the Answer.

The IMA Approach.

What A Professional Money Manager Can Do for You.

In the Next Chapter.

CHAPTER 3. The Impact of Expenses.

All Kinds of Fees.

The Supermarket Question.

The “Chutzpah” Fee.

“Soft-Dollar” Fees.

The Real Impact of Fees.

The Real Issue on Fees.

In the Next Chapter.

CHAPTER 4. The Feeling Isn’t Mutual.

What’s Happening with Your Money?

Index Mutual Funds: the Real Story.

Closed-End Funds and Exchange Traded Funds.

Conclusion.

In the Next Chapter.

PART TWO: The Key Ingredients to Building a Professionally Managed Portfolio.

CHAPTER 5. The Business of Investment Management.

Stock Investment Styles.

Fixed-Income Investment Styles.

How Professional Money Managers.

Earn Their Money.

In the Next Chapter.

CHAPTER 6. The Reality of Managing Risk.

Types of Investment Risk.

Connecting with Investors.

Operational Risk.

Measuring Investment Risk.

Time Out for Some Math Review.

Derivatives.

In the Next Chapter.

Notes.

CHAPTER 7. The Challenge of Asset Allocation.

Different Strokes.

The Asset Allocation Dialogue Among Professional Money Managers.

In the Next Chapter.

Notes.

CHAPTER 8. The Folly of Self-Investing.

Essential Qualities to Look for in an Investment Professional.

What You Think You Know Can Hurt You.

Three Investment Traps.

Conclusion.

In the Next Chapter.

CHAPTER 9. Managing Your Investment Managers: The Process of Investment Management Consulting.

First Things First: The Investment Policy Statement.

The Next Step: Developing an Investment Philosophy.

Why Work with an Investment Advisor?

How Do You Find a Competent Investment Advisor?

Referrals as Your Ultimate Solution to Finding a Financial Advisor.

In the Next Chapter.

PART THREE: The Secrets of Success: Money Managers and Clients Revealed- Interviews with Some of America’s Best Money Management Firms.

CHAPTER 10. Real Life Stories from the Field.

The Reluctant Business Owner.

The Divorcee.

Mutual Fund Man.

The Doctor Who Knew Too Much.

The Margin Trader.

Newsletter Man.

In the Next Chapter.

CHAPTER 11. Meeting Top-Tier Money Managers: Tax-Efficient and Growth Managers.

Tax Efficient Discipline: John Springrose, of 1838 Investment Advisors.

The Big Picture on Growth: Jack Sullivan, of Harris Bretall, Sullivan & Smith.

Growth By the Numbers: Louis Navellier, of Navellier and Asso.

A Twelve-Point Focus: Jim Huguet, of Great Companies.

In the Next Chapter.

CHAPTER 12. Meeting Top-Tier Money Managers: Value and Core Managers.

Thoroughly Modern Value: James Hesser, of Rorer Asset Management.

Core Strategies: John Waterman, of Rittenhouse Nuveen.

In the Next Chapter.

CHAPTER 13. Meeting Top-Tier Money Managers: International and Fixed Income Managers.

Value with a Global Touch: Robert Gallagher, of Brandes Investment Partners.

The World of Bonds: Steve Wlodarski, of McDonnell Investment Management.

In the Last Chapter.

CHAPTER 14. IMAs Today and Tomorrow.

Four Industry Perspectives.

An Industry Poised For Growth.

Advice And Guidance.

Finding Success is in the Math.

Managed Accounts for $50,000.

Multidiscipline Accounts: the IMA of the Future?

Financial Technology for the Managed Account Industry.

Conclusion.

APPENDIX A: Investment Professional Certified Designations.

APPENDIX B: Industry Associations.

Regulating Agencies.

Investment Licenses.

IMA Platform Providers.

Investor Resources.

APPENDIX C: Sample Investment Policy Statement.

For: Individual or Family Trust.

The Portfolio.

Investment Objective.

Time Horizon.

Risk Tolerances and Performance Expectations.

Asset Allocation.

Rebalancing Procedures.

Duties and Responsibilities.

Adoption of the Investment Policy Statement.

Investment Glossary.

Index.

AUTHOR INFORMATION

ROBERT B. JORGENSEN, CIMA, is National Director of Training for The Center for Advisor Development. He is an investment industry consultant with over twenty years of experience providing individually managed account services. In 1997, he was nationally ranked in the top 2% of advisors and received Salomon Smith Barney’s top award for exemplary service to his clients and peers. In 1999, he became CEO and founder of an online investment advisory firm called RunMoney Corp., which he sold to Persimmon Research Partners in 2002. Jorgensen is a frequent conference speaker and has been featured in articles in The Wall Street Journal, Money, Worth, BusinessWeek, and SmartMoney. He earned his Certified Investment Management Analyst (CIMA) designation through IMCA and the executive training division of the Wharton Business School in 1996. He has a BS degree from the University of Oregon and an MBA from Barrington University.

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