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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.

Natural and criminal disasters affecting the HNW community have amplified the need for individuals and families to fortify their homes and make safer choices that demand advance preparation. The ultimate goal after a disaster is to return to normal life as quickly as possible. Planning ahead and knowing what steps you need to take will help limit your risk and minimize vulnerability.

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.

Rising rates can spook bond investors, since rates and bond values are inversely related. As a result, investors sometimes sell following a sharp price decline, hoping to reinvest as the market recovers, effectively “selling low.”

Unlike corporations, municipalities are perpetual entities that cannot be liquidated through bankruptcy. Thus, Chapter 9 of the Bankruptcy Code is dedicated to the unique circumstances of municipalities. This report explains the key components of Chapter 9, identifies entities eligible to file, reviews state actions to deter future filings by local municipalities and discusses recent municipal bankruptcy filings. Analysis of the last three periods of municipal market volatility suggests that investors that stay the course may benefit from their patience.

In prior rising rate environments, various parts of the municipal yield curve reacted differently based on economic conditions and the pace and scale of Fed activity. An analysis of historical changes in monetary policy shows that in the past three rising rate environments, a hypothetical investor who stayed the course through the tightening cycle –regardless of their position on the yield curve – may have experienced positive total returns, the notion that “rising rates are bad for bond investors” notwithstanding.

Since 2006, New Hampshire has permitted the formation of family trust companies. This paper summarizes the advantages of creating family trust companies in a favorable site such as New Hampshire.

New Hampshire’s directed trust statutes provide families with maximum flexibility and control in the creation and ongoing administration of trusts. This paper explores the benefits of directed trusts and illustrated a typical NH directed trust structure.

One of the things we’ve learned is that a family contract can be a valuable tool to help families build trust and avoid conflicts. We’ve also found that for a contract to work well, everyone who signs the contract should have a say in how the contract is written. That doesn’t mean you will get everything you want and, as you probably expect, your parents still have the final say on family rules.