By Published On: October 8, 2019

Of Markets and Mountains

In the last three months precious little has changed with respect to the markets.  We still have significant geopolitical risk, thanks to the omnipresent threat of trade war, yet markets are still flirting with all-time highs.  The specter of political risk has increased, both domestically and abroad, but somehow it seems the more things change, the more they stay the same.  If you’re concerned about these events and their potential impact on your portfolio, call me!

Three months ago, I also shared with you that Jillian and I were going to re-attempt our summit of Mount Washington, this time aiming to conquer the entire Presidential Traverse in a single day. We successfully summitted the mountain!  Unfortunately, Jillian had to tap out at the summit, while I finished the remainder of the 22-mile traverse with others from our group.[1]  The highlight was the three special visitors who greeted us at the blustery summit, courtesy of Jillian’s parents.

Fighting the Good Fight

Like many of you I find myself a member of several different organizations.  This month one of these is making waves in the investment community and I couldn’t be prouder.  Alongside eight state attorneys general, XY Planning Network has launched a lawsuit against the Securities and Exchange Commission (SEC).[2] [3]

Many of my clients have found me on account of my being a Fee-Only Fiduciary, someone who is legally required to place a client’s interest ahead of my own.  Others in the investment community hold themselves out as ‘Financial Advisors’ planning for ‘holistic needs’ while NOT abiding by that fiduciary standard.  They may earn commissions on the products they sell to their clients, creating conflicts of interest.  The SEC took steps to allow these individuals to call themselves fiduciaries without requiring them to be held to the traditional legal standards of the word ‘fiduciary’.  This lawsuit aims to stop that effort in its tracks, protecting the legal definition of the word for consumers.

TD Ameritrade Takes a Big Step Forward!

You may have seen the news… TD Ameritrade is eliminating transaction fees for online exchange-listed stocks and ETFs, moving from $6.95 to $0.00.[4]  The change has already gone into effect and I’m thrilled by TD’s move to lower the cost of investing.  Generally, most of the ETFs used by us at Passport already traded without transaction fees, so there will be minimal immediate impact. Longer term this does expand the pool of investment options we’ll consider using.

Access your accounts via our new app!

It doesn’t matter whether you’re an Android user or an iPhone aficionado.  We’ve launched the free PassportWM app on both app stores!  From the app you’ll be able to check your accounts, view your investment performance, transactions, and quarterly statements.  If you have trouble accessing your account don’t hesitate to give me a call.

Live Long and Prosper,

Dan Tobias, CFP®


Please note: The above is a copy of the 2019 Q3 Passport Wealth Management client newsletter attached to quarterly statements from October 2019. The newsletter is published to the website for informational purposes only and is not financial or investment advice. You should consult a CERTIFIED FINANCIAL PLANNER™ Professional for financial advice. Past performance may not be indicative of future results. Indexes are not available for direct investment. Investing involves risks, including the potential for loss of principal. There is no guarantee that markets will act as they have in the past or that any investment plan or strategy will be successful.






About the Author: Dan Tobias

Daniel Tobias of Passport Wealth Management Fee-Only Financial Planner in Cornelius, NC
Daniel Tobias is a CERTIFIED FINANCIAL PLANNER Professional and a Fee-Only Advisor. He owns Passport Wealth Management, a financial advising firm based in Cornelius, NC that works with clients across the globe. He helps individuals plan for retirement, manage investment portfolios, mitigate taxes, and secure their financial futures. With more than 10 years in the industry, Daniel has spoken nationally on financial planning practice management and has served on the National Association Personal Financial Advisors (NAPFA) South Regional Board. He resides with his family near Lake Norman in North Carolina where he enjoys mountain biking, hiking and travel.

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