Few investors are successful at tactical asset allocation.
As a result, we recommend rebalancing to fixed
allocation targets. To minimize costs we develop
specific procedures for each rebalancing, that
trade-off transaction costs against the risk of
adverse price movements. Depending on circumstances,
we use transition managers, exchanges for physicals,
in-kind transfers, and passive trading. Attention
to these often overlooked details results in substantial
savings for our clients.
We have a national reputation for providing the
highest level of on-going investment and strategy
advice. We are well-known for our independence and
willingness to provide candid, well supported and
unbiased opinions. All recommendations are supported
and documented in writing. Accompanying every numerical
report is a narrative dealing with pending or potential
issues, e.g., risks in individual accounts or the
portfolio as a whole, and a commentary on new techniques
We are able to vote client proxies under any well-defined
set of guidelines.
We set up such arrangements taking account of the
full cost of trading (of which commissions represent
only about 10%), and that it is sometimes cheaper
to trade through an ECN or a discount broker. In
all cases we are careful not to intrude on the manager's
discretion. We have no trading affiliations, and
do not participate in any way financially from such
It is important that our clients understand the
risks as well as the potential rewards of various
strategies and investments. To help them do this
we give client seminars, include educational comments
in our regular reports, and provide handbooks detailing
their investment operation. Our consultants are
always available for one-on-one client meetings.
Alan Biller is a recognized expert in the areas
of portfolio construction, prudence, and fiduciary
oversight. He has testified in arbitrations, at
the Federal Reserve and in U.S. District Court,
both for private clients and the U.S. government.
Alan Biller has served as court appointed trustee to troubled employee benefit
plans, and as a private trustee for wealthy families.