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Investment advisers often contract with subadvisers to obtain special investment expertise and sometimes outsource important operations or compliance-related functions to service pro­viders. Outsourcing often provides cost-effective solutions but comes with its own compliance obligations, notably initial and on-going due diligence.

Employee Stock Ownership Plans, or ESOPs, have been used as succession planning tools for family-owned businesses for 40 years. Ownership succession planning is critically important in a family-owned business. There are many issues to review in succession planning and an ESOP should always be considered. An ESOP may be the ideal solution for the corporation and its shareholders

This white paper reviews how the new landscape of energy in the U.S. is changing the national discourse on energy independence, influencing our economic recovery and offering opportunities for discriminating investors.

The big difference between 1999, 2007, and today is the lack of a fundamental trigger to upset the apple cart. The current environment is potentially more dangerous and more durable than the prior two periods.

The paper discusses how many advisors and high net worth clients view life insurance as an expense as opposed to a dynamic asset that requires constant monitoring, analysis and periodic decision-making to give it the best opportunity to perform as it was intended. Included are some case examples of real life situations and once read can provide a guide to assist advisors and their clients in monitoring a misunderstood asset on their balance sheet.

For the five years ending in 2013, U.S.

This article addresses the nature and causes of low volatility, what developments might upset market equilibrium, what history tells us about this phenomenon, and how investors might prepare for periods of greater fluctuation in asset values.

With broad equity markets performing exceptionally well over the last five years, there has been much debate over the benefits of active versus passive investment strategies. As strong proponents of fundamental investing, we have long believed that well-executed, actively managed strategies outperform passive index-based approaches over full market cycles. But within the active management camp, there remains significant discussion over how to best deliver that outperformance.

With bonds providing so little yield in today's market, should life insurance be viewed as an investment? Whether or not you view insurance as an "asset class," permanent life insurance is definitely an asset, and it can help investors achieve their long-term financial goals. Thoughtful coordination of insurance and investments can provide more combined benefits than either asset can deliver on its own. And since having a life insurance policy can affect a client's willingness to take risk, it should be part of the investment conversation.

We believe recent volatility in high yield bonds is largely the result of fund flows – not fundamentals or widespread credit concerns. It is an example of inefficiency in the high yield market, as technicals are important for the short-term but fundamentals matter in the end.