Tag Archives: financial advisor

Put Your Money Where Your Mouth is?

Posted June 30, 2011 by admin. tags:Tags: , , ,
American and Foreign Money


photo by epsos

Written by Dave Young, President of Paragon Wealth Management

I have never understood why many financial advisors sell products to their clients and don’t personally invest in them.

If they are good for their clients, they should be good for themselves, right?

This creates a situation where once the financial advisor receives their commission they often become disinterested spectators. They have no “skin in the game”, so to speak.

I believe that advisors who sell investments they do not personally own often do not fully understand the investments they are selling.

An advisor who is invested in what he is selling is much more interested and emotionally involved because they experience exactly what their clients experience. They feel the same stress that their clients feel when the markets go down and the same satisfaction when the investment goes up. It’s a lot easier to empathize with clients when you really understand what they are experiencing.

The same is true of the mutual funds. If a mutual fund is as good as advertised, then certainly the manager would want to own it, so that he can benefit along with everyone who buys it. In 2005 the SEC started requiring mutual fund managers to disclose how much money they have invested in the funds they manage.

Shockingly, recent studies show that only about 40 percent of managers invest in their own funds.

According to a recent study by Morningstar, on average, the more money a fund manager invests in their fund, the better the fund does. Interestingly, those mutual funds in which the manager invests their own money are ranked higher in the Morningstar rankings and have been in existence, more than twice as long as those who don’t.

I founded Paragon Wealth Management for the purpose of managing my own money 25 years ago. Twenty-five years later, I still have most of my stock market investments invested in Paragon’s portfolios, Managed Income and Top Flight. In addition, all of our eligible employees invest in Paragon’s portfolios through our 401(k).

We continue to be invested right alongside of our clients. Our motto is “Do as I do” versus “Do as I say.” It really makes a difference. 

Disclaimer
Paragon Wealth Management is a provider of managed portfolios for individuals and institutions. Although the information included in this report has been obtained from sources Paragon believes to be reliable, we do not guarantee its accuracy. All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not a guarantee of future results.

Financial Advisor Received National Health Care Recognition

Posted June 23, 2011 by admin. tags:Tags: , , ,

Paragon News

Financial Advisor Received National Health Care Recognition

Dave Young, of Paragon Wealth Management, recognized for excellence in service to area medical professionals

Provo, UT (June 23, 2011) – Dave Young, of Paragon Wealth Management, has been named a 2011 Preferred Service Provider in recognition of his work with area health care executives and physicians.

Each year, US Medical Specialties Inc., a national medical consulting firm, recognizes excellence in service to the medical community in a number of disciplines including financial advisory services, real estate, insurance and legal services. The goals of the MD Preferred Program for financial advisors include identifying, acknowledging and promoting service excellence to the medical community.

The program provides medical professionals with a recognizable national icon that assures specialized services an understanding of the unique needs of physicians and their families.

“Doctors are very busy professionals,” observed Michael O’ Malley, project manager of MD Preferred Services. “When it comes to finding a service professional that specializes in serving physicians, they appreciate an organization that has done the research for them and has pulled a team together to make their lives easier.”

Every MD Preferred provider is selected for their commitment to serving the healthcare industry. Companies that have earned the MD Preferred designation are listed in an on-line directory available at www.MDPreferredServices.com. In addition to community based service providers, the directory recognizes national organizations that serve health care industry and support the MD Preferred program.

“We are privileged to receive this recognition,” said Dave Young, president and founder of Paragon Wealth Management. “It has been an honor to assist health care providers in the past, and we hope to help many more in the future.”

Young is one of less than 500 financial advisors nationwide that has received the prestigious MD Preferred designation.

About Paragon Wealth Management

Paragon Wealth Management is a registered investment advisor in Utah that actively manages all types of traditional and retirement accounts such as IRA and 401(K) rollovers, and pensions and trusts. Paragon’s wealth managers are not paid on commissions and clients are not charged a surrender fee. Paragon received the 2011 Best of State Award in Investment Advisory Services, the 2008 Best of State Award in Financial Services, was listed on WealthManagerWeb’s 2010 Top Wealth Manager’s list, listed on Wealth Manager Magazine’s 2008 Top Wealth Managers in the U.S. list, was included in the 2010 National Association of Board Certified Advisory Practices (NABCAP) Premier Advisors list and others. Call 800-748-4451 or visit www.paragonwealth.com for more information.

About MD Preferred Physician Services

The MD Preferred designation is bestowed each year to a diverse group of professional service providers. MD Preferred providers can be found at an online resource center available at no cost to the medical community at www.MDPreferredServices.com. MD Preferred also provides a medical job board, executive search services and a monthly E-Newsletter, The Advisor. Contact Mike O’ Malley at 800-260-8366 for additional information.  

Disclaimer:  Paragon cannot guarantee the accuracy of information from other sources.  Opinions are as of the dates indicated only. This report is not a solicitation for any security. Past performance is not a guarantee of future results. Investments in securities involve the risk of loss. Do not rely upon this information to predict future investment performance or market conditions.  This information is not a substitute for consultation with a competent financial, legal, or tax advisor and should only be used in conjunction with his/her advice. Investment performance reflects time-weighted, size-weighted geometric composite returns of actual client accounts and not back tested hypothetical returns or performance. Investment returns are net of all management fees and transaction costs, and reflect the reinvestment of all dividends and distributions. The S&P Index is a market-value weighted index comprised of 500 stocks selected for market size, liquidity, and industry group representation. Benchmarks are used for comparative purposes only. The Paragon Top Flight Portfolio is not designed to track the S&P Index and will have results different from the benchmark.

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Should I invest in bonds?

Posted November 4, 2010 by admin. tags:Tags: , , , ,
Deep Thought


photo by shutterstock

Dave Young was interviewed by Sunmee Choi and Mark Ely on Power Trader Radio a few weeks ago. Click on this link to listen to the interview.

http://www.tradecaddie.com/main/general/uploads/PTR091510.mp3

In this one-hour interview, they discussed:

-Should you invest in bonds?

-Will there be a double dip recession?

-Dave’s view on corporate earnings

-The political influence on the market

-How can we alleviate our fears?

-The influence of the media

-Positive factors (reasons to be hopeful)

-And much more!

Paragon Wealth Management is a provider of managed portfolios for individuals and institutions. Although the information included in this report has been obtained from other sources Paragon believes this to be reliable, we do not guarantee its accuracy. All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not a guarantee of future results.

Dave Young Gave Investment Tips on PCTV

Posted October 7, 2010 by admin. tags:Tags: , , , ,


 

Dave Young, President and founder of Paragon Wealth Management, was a guest on Park City TV's Mountain Morning Show a few weeks ago. 

Karilyn Frazier, Park City TV's Mountain Morning Show Host, asked Dave several questions about where investors should put their money and which markets are doing well.

"At Paragon we make our decisions based on our quantitative models," said Dave. "Currently, Brazil, China, and the Pacific Rim are showing a lot of strength in our models. We suggest investors talk to a financial advisor before making decisions on where to put their money in the stock market."

Karilyn also asked Dave what investors should do if they have $100,000 and are not sure what to do with it. She asked Dave if investors should put their money in a CD.

"Each investor has a different situation," said Dave. "At Paragon, we determine each investors' risk tolerance level, their goals and objectives, and then help them create an investment strategy that is right for them. If five people came to us with $100,000, we would help each person differently."

Dave said if investors determine their risk tolerance and goals and objectives properly, they will be able to stay invested for the long-term.

Paragon Wealth Management is a provider of managed portfolios for individuals and institutions. Although the information included in this report has been obtained from other sources Paragon believes this to be reliable, we do not guarantee its accuracy. All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not a guarantee of future results.

Selecting a Financial Advisor

Posted October 22, 2009 by admin. tags:Tags: , ,

Finding a financial advisor can be daunting. This is because the title “financial advisor” is not regulated, and advisors range from annuity sales people, to insurance agents, to registered money managers.

The video  below explains what to look for in a financial advisor and how to quickly identify a financial advisor who is competent and offers you the best service for your money.

For more information, download “How to Select a Financial Advisor: The Top Seven Questions You Should Ask” on Paragon Wealth Management’s website.

Why Financial Advisors have no Confidence in Washington

Posted May 14, 2009 by admin. tags:Tags: , , , ,
The White House

Written by Dave Young, President of Paragon Wealth Management

 photo by Seansie

Smoke and Mirrors…

Politics and religion are two subjects we try not to discuss on this blog because we realize they are often more emotional than fact based and can be offensive to some of our readers.

Avoiding politics has been difficult this year because it seems that the center of the financial universe has recently moved from Wall Street to Washington. The continuous daily news updates from Washington have had much more impact on our financial markets than ever before.

I find it interesting that while 60% of Americans approve of how Obama is doing, a recently released poll of financial advisors showed that only 36% of them approve of his performance so far. Even worse, 68% said they have no confidence in his ability to “fix” the ailing economy.

Why is there such a difference between the ways that most citizens see the new president versus most financial advisors? In part, I believe, because financial advisors base their perception more on “the numbers” than “the personality”.

For example, last week President Obama held a press conference on the U.S. budget that was recently passed by Congress.

The budget was 3.6 trillion dollars.

Since one trillion (1,000,000,000,000) equals one million times one million — 3.6 trillion is beyond the grasp of most people’s understanding. So they ignore it.

As last week’s budget press conference, President Obama’s entire focus was that he is taking us into a NEW ERA OF RESPONSIBILITY. That is what they have named this massive spending bill. To make his point, he spent the entire press conference focused on the 17 billion dollars he was going to save through his new polices. No mention was made of the 3.6 trillion dollar budget or the 1.2 trillion dollar deficit that it would create.

The 17 billion dollars in savings that was the focus of the press conference is equal to one half of one percent of the entire budget. That would be like buying a car for $100,000 and then getting excited about saving $500. Never mind that the car cost $33,000 more than you had available to pay for it.

This is why financial advisors, (people that work with numbers) don’t have a lot of confidence in what the President is doing. What he does compared to what he says just doesn’t add up.

Sources:  May 8, 2009 Investment News, and www.whitehouse.gov.

How I Deal With My Financial Fears

Posted August 20, 2008 by admin. tags:Tags: , ,
Without Fear


photo by Sam UL

Taken with permission from The Simple Dollar
Written by Trent

Even though I write a lot about personal finance on here and elsewhere, I still have a lot of my own hang-ups about personal finance. One of the big reasons I started The Simple Dollar was to learn how to deal with those fears, and once I dealt with that new batch, a fresh batch came along. Right now, my biggest fears revolve around taxes, the possibility of a third child, identity theft, and future career directions.

I think this is actually a pretty normal thing for most people. We all have areas where we’re less than confident and we all have areas that concern us about the future.

It’s very easy to push these fears aside and just not worry about them, especially if they’re not vital to our day to day life. We’ll tell ourselves, “I’ll think about that later,” and then when it comes up again, tell ourselves the same thing again, until it’s sat around for years, untouched.

This can really be dangerous. Take, for example, my fear of taxes. I’m making myself face this fear this year and that means I’m digging into an uncomfortable subject, saving for the taxes, and paying them when they’re due. If I had taken the “typical” route and worried about it later, I would be suffering dearly when tax time came around.

What can a person do to step up to the plate and tackle our financial fears? The obvious “just do it!” tactic is nice, but it doesn’t really work here – if it were that simple, we’d already have faced the fear and moved on with life, wouldn’t we? Here are six alternate tactics to try.

Make a list of what exactly makes you nervous

Quite often, a fear of a financial move is actually just related to some small aspect of the move. Spend a bit of time figuring out exactly what it is that makes you afraid. I find that doing this with a pen in hand and a piece of paper in front of me makes it easy for me to jot down thoughts, which I can start working through.

Sometimes what you’ll find out is that you’re actually stressed out about something else entirely or you’re only stressed out by a very small part of the equation. For example, I know one person who was avoiding dealing with his retirement situation because he intensely disliked the retirement specialist at his workplace. It wasn’t a fear of retirement, it was a fear of interaction with someone.

Do some research

One big fear is fear of the unknown. Quite often, a lack of knowledge will make someone afraid of something else – we can all think of examples of this in life, where ignorance makes people afraid.

Don’t succumb to it. If you’re afraid of something because you don’t know about it, investigate it. Hit the library or visit Wikipedia and find out more. Dig in, a piece at a time, until you understand the topic – and the fear of it is lifted.

Talk to someone about it

If something makes you uncomfortable, put forth the effort to talk to others about it. Find someone you trust deeply, preferably someone with some experience in the area in question, and just ask questions.

This might mean contacting a financial advisor.

If it does, seek out a fee-only financial advisor, as they won’t be engaged in selling you products and are most interested in just providing information to you. If a fee-only advisor isn’t available to you, you can use another, but be very hesitant to invest or put money in specific places based on their advice – instead, just take their information with you and follow up yourself with your own research.

Write out the pros and cons of your decision

One alternative to having a conversation, especially if the fear is related to an important decision, is to simply write out all of the pros and cons related to that decision.

For example, I kept putting off my decision to switch to a full time writing career. One of the big steps that helped push me towards writing was simply making a giant list of the pros and a list of the cons of making the leap. This really helped put things in perspective, as it became clear I was letting the “cons” guide my way of thinking, even though the “pros” were a much more powerful list.

Spend some time each day thinking about the fear

Don’t let yourself lay the fear on the table, because once you start ignoring it, it’s easy to just let something very important slide by until it’s too late. Instead, add consideration of the fear to your daily to-do list and actually spend a bit of time thinking about the fear seriously.

This is often good to do if you’ve gathered the information but are still hesitant about what to do. Steady and informed consideration of a fear is a great way to make that fear go away. I like to think of my two year old son who fears sharks in his room. After giving him a flashlight to investigate the room and some talk about how sharks need water to swim in and there’s no water in his room, he thinks about this information, overcomes the fear a little, and goes to sleep. Over time, his fear of sharks has become less and less intense.

Take a baby step

Once you’ve made up your mind that you’re going to do this, get started with a first little baby step. Take a little action that moves you in the right direction, and feel the relief that comes with wiping away your fear.

Then, take another little step, and another. Soon, you’ll be well on your way to completely eliminating the challenge that brought you so much fear to begin with. And it will feel really good.

What are your financial fears? Feel free to share them in the comments.

Seven Steps for Building Wealth: Step #3

Posted April 11, 2008 by admin. tags:Tags: , , ,
Newspaper Stock Market Report

Written by Dave Young, President

Step #3:  Hire a Competent Financial Advisor

Most investors would be better off with the help of a financial advisor.

Unless you have the time desire, expertise and resources to manage your own portfolio, I recommend that you hire a professional full-time money manager.

Unfortunately, finding the right advisor is much more difficult than most people realize.

Part of the problem is that titles for financial sales reps are completely unregulated. This means that brokers, annuity salesmen and insurance agents are all free to call themselves advisors, financial consultants, financial planners or whatever looks good on their business cards.

To make sure you don’t get stuck with a salesperson touting a deceptive title, make sure you get good answers to these questions:

FIDUCIARY- Is the advisor fiduciary? Fiduciary advisors have a legal obligation to put your interests ahead of their own. Sales reps peddling insurance, mutual funds or other financial products are most likely not fiduciaries. Only about 15 percent of all financial advisors actually meet the fiduciary requirement.

EXPERIENCE- How much experience does the advisor have? Markets are difficult to navigate and constantly change. Ideally, your advisor has experience investing in both good markets and bad markets. In the final analysis, you are paying an advisor for his or her experience.

TRACK RECORD- What is the advisor’s track record? Legitimate advisors will be able to show you a clear report of what they’ve done for their clients over the years. Any potential advisor who refuses to show you a track record should be immediately crossed off your list.

CONFLICT OF INTEREST- Is there a conflict of interest? Generally, conflicts of interest are eliminated by avoiding salespeople who receive commissions. By working only with advisors who are paid through management fees and not commissions, you can make sure their interests are aligned with yours.

SURRENDER CHARGE- Is there a surrender charge? You should be free to move your money out of an investment if you are dissatisfied. This means you should never own a product with a surrender charge.

To be continued…

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