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This paper looks at the possibility of an upturn in housing and the headwinds most likely to impede a robust recovery.

Dividends have taken a back seat in recent years, but historically have represented 40% of large cap equity market total returns. In some periods, dividend income was the only return to equity investors. Higher yielding equities provide strong current income plus the opportunity for appreciation without being eroded by future inflation. The Relative Value Dividend Focused strategy’s annual gross yield of 2.9% as of December 31, 2011 was 30% higher than the S&P 500 yield of 2.2% and over 50% higher than the 10-year Treasury yield of 1.9%.

Pension plan sponsors face significant challenges.  Retirement obligations continue to increase, and the two major equity market set-backs in 2000 and 2008 have produced widening funding gaps.  So what does the future hold?  Will their plans be able to reliably achieve their stated return objectives?  Unfortunately for plans relying solely on traditional equities and fixed income, the prospects look grim.  Our analysis suggest these plans will likely experience a 2% shortfall per annum over the next 7-10 years.

For many private collectors of fine art, lending artwork from their collection to a museum or cultural institution is a highly valuable and meaningful experience. For the good of the arts, it is very important that collectors continue to loan, but for the protection of collectors, it is also important that the financial value of the artwork be fully insured while on loan. This white paper looks at what collectors can do to protect their assets.

Current U.S. fiscal policy, if not modified before year-end, is on track to deliver a $600 billion economic headwind in 2013 (the equivalent of 4 percent of U.S. GDP), while the 2012 presidential and congressional elections add another layer of uncertainty to an already complex and politically challenged situation.

The upcoming election is as much about how we address fiscal issues as it is about the pace of the remedy; at the center is the debate over taxes and the size of government.

Each investor—whatever his or her background, experience or training—should employ a systematic protocol in the pursuit of growth and stability. An investment process should embody an investment philosophy. Grounded by best practices, this philosophy should stem from a set of beliefs that prescribe how to generate superior risk-adjusted returns in varying market environments and cycles.

Home networks, social media and mobile devices have enriched our lives in many ways, but they have also multiplied the opportunities for security breaches. Families, especially those of substantial means, need to carefully evaluate the precautionary measures and protocols that protect their cyber environments.

Current law provides that on January 1, 2013, income tax rules revert to significantly higher pre-2001 levels. In addition, it appears that the new Medicare Hospital Insurance taxes for high-income individuals will go into effect in 2013 following the Supreme Court’s decision to uphold the majority of the Obama health care law. Congress is unlikely to agree on significant tax law changes prior to November as we await the outcome of elections, the results of which could impact future tax legislation. This white paper looks at what you need to know to make informed decisions.

Many family offices run like mom-and-pop shops need to embrace best-in-class management and oganizational standards. Blackman Kallick's Mark Blumenthal presents a case study of a small family office that put more formalized processes in place in this "Worth" magazine article.