economy, retirement

Trick or Treat? The Potential Downside of Tax Reform for Investors

 

 

 

There is an old story that goes “beware what you wish for…” Things don’t always turn out as expected.

 

Along those lines I watched a fascinating interview of Tom Lee, head of research at Fundstrat, on Bloomberg this morning.

 

His feeling is that a Tax cut, as it is currently being discussed, could be negative for investors. “There’s two reasons; First, when cutting tax rate you raise the after tax cost of debt. Leverage becomes a problem for a lot of businesses. Second, because you are cutting tax rates you are effectively giving cash to all businesses, even businesses where you want to reduce allocation.“

 

His observation is that companies that are currently struggling with cash flow will have a temporary life preserver tossed to them, but it will not change the fundamental issues facing a lot of industries. It will distort markets.

 

Lee states that cuts to tax rates will “amplify negative return industries because they will get more free cash flow. “ But, again, it doesn’t change the fundamental issues that are making those industries less competitive. Examples can be seen in the struggles of brick-and-mortar retail vs online, as well as fossil fuel vs renewables.

In addition Larry summers, former Treasury Secretary, was recently quoted as saying this is the worst time to give a tax cut because of where we are in the economic cycle.

Lee continues by saying “Companies that benefit most, for example retail capital, that are invested in areas getting killed in digital age. “

 

Lee goes on to explain the impact of leverage and borrowing on companies and the market. “BB rated companies are borrowing at 50 bps less the US Treasury Bond. These are not companies with reliable cash flow. Junk grade companies in Japan borrowing at 10 bps over JGBs (Japanese Government Bonds). Central banks have made it possible for weak companies to borrow. “ Lee continues by saying many companies are, “Trading like they are never going to default.”

 

The reality of Tax Reform may or may not transpire depending on what happens in Washington DC. The impact of those decisions will impact the performance of your portfolio in the months and years to come.

 

It is crucial to manage risk in an appropriate fashion. To discuss this topic and/or your portfolio in more detail please feel free to reach out to me.

 

If you feel uncomfortable investing in the market at these levels, please reach out to me to discuss options that can help you protect your lifestyle regardless of what happens in the markets.

 

If you want to discuss these issues or learn more please feel free to contact me.

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Ph: 610-293-8309

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

   http://jamesacox.com

 

 

 

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 954 RIDGEBROOK RD SUITE 300, SPARKS, MD 21152, ph# 410-828-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. DEVON FINANCIAL ASSOCIATES LLC is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. 2017-49170 Exp. 10/19.

life insurance, protection

How will your family survive?

 

My son was born when I was 30 years old. Honestly, I didn’t get life insurance until I was 36. I had never been taught the importance of using Life Insurance to manage risk and protect your family. Recent studies show that I’m not alone. There is a huge gap in the level of financial literacy in the United States.

 

According to a recent study by LIMRA;

  • Among households with children under 18, 4 in 10 say they would suffer immediate financial trouble if a primary wage earner died today.
  • Another 3 in 10 would have trouble keeping up with basic living expenses after several months.
  • Overall, 7 in 10 of all households said they would have trouble covering everyday living expenses after several months if the primary wage earner died.

 

To be clear 37 million households have no life insurance… none…

Another 33 million households do not have sufficient life insurance to count themselves as protected…

 

Ask yourself… “How will my family be affected if something happened? Will they end up homeless, destitute, starving, unable to attend college or get a decent job?”

 

This is a huge gap that must be addressed and reduced. Many people say that life insurance is too expensive, but the truth is as longevity increases life insurance rates decrease. Life insurance has never been more affordable then it is today.

 

The likelihood that we will eventually die is… 100%. The question is what impact our death will have on those around us. What impact will our death have on those who depend on us, like spouses, or children, or elderly parents?

What about the impact your death will have if you have a special needs child? It will be catastrophic… And yet statistics show most of us are playing Russian roulette with our children’s futures.

 

Please reach out to me to learn how you and your family can be better protected.

If you want to discuss these issues or learn more please feel free to contact me.

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

   http://jamesacox.com

 

 

 

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 954 RIDGEBROOK RD SUITE 300, SPARKS, MD 21152, ph# 410-828-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. DEVON FINANCIAL ASSOCIATES LLC is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. 2017-48484 Exp. 10/19

 

 

 

https://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/_Media/PDFs/Facts-of-Life-2016.pdf

 

disability, economy, life insurance, protection

Deaths of Despair

 

In March of 2017 a landmark study was released connecting financial security and death rates in the United States. The information is sobering and should be the focus of policy changes at all levels of government.

 

A recent study by Princeton Professors Anne Case and Angus Deaton titled, “Mortality and morbidity in the 21st century,” shows the connection between the rising mortality rates of the middle class in the US and “a measurable deterioration in economic and social wellbeing”.

 

This deterioration has not suddenly developed. Rather, “Case and Deaton document an accumulation of pain, distress, and social dysfunction in the lives of working class whites that took hold as the blue-collar economic heyday of the early 1970s ended, and continued through the 2008 financial crisis and the subsequent slow recovery.”

 

“Case and Deaton find that while midlife mortality rates continue to fall among all education classes in most of the rich world, middle-aged non-Hispanic whites in the U.S. with a high school diploma or less have experienced increasing midlife mortality since the late 1990s. This is due to both rises in the number of “deaths of despair”—death by drugs, alcohol and suicide—and to a slowdown in progress against mortality from heart disease and cancer, the two largest killers in middle age.”

 

To understand the scale of the change that is taking place… “The combined effect means that mortality rates of whites with no more than a high school degree, which were around 30 percent lower than mortality rates of blacks in 1999, grew to be 30 percent higher than blacks by 2015.”

 

As the economic situation continues to deteriorate for the middle class (just as it has for blacks in urban centers) in the United States, issues of alcohol, drug use and suicide worsen. Lack of education to keep up with a changing economy, lack of high paying jobs for physical labor, widening wealth and opportunity gap. And the situation does not improve for the next generation.

 

The authors suggest, “that the increases in “deaths of despair” are accompanied by a measurable deterioration in economic and social wellbeing, which has become more pronounced for each successive birth cohort. Marriage rates and labor force participation rates fall between successive birth cohorts, while reports of physical pain, and poor health and mental health rise.”

 

Declining marriage rates mean less stable households; falling labor force participation means less income and economic peril. Both of these weaken the next generation of children.

 

What is required is an understanding and appreciation for the changes taking place in the economy and the need for schools empower students for this new age, regardless of their background or skills. The educational system of the 20th century will not suffice in an era of rapid technological change.

 

We also need to develop and fund the social services that children and families need in order for them to escape the forces that drag them into despair. PTSD and abuse in families is a widespread problem as recently evidenced by the controversy surrounding #metoo on Facebook. Millions have spoken up about abuse that they have suffered from but were long silent about because of societal pressures.

 

Someone once said, “It takes a village to raise a child.”

 

We all need to be invested in the success, safety and happiness of those around us. Do not leave things to chance. Teach needed skills. Develop multiple ways to bring in income. Leverage what you know and what you can do. Protect your family from economic disaster using Life Insurance and Disability Insurance… they will thank you. Set money aside for the future… your future self will thank you. Develop a plan, and then learn to adjust as life changes things up on you.

 

To learn more please reach out to me.

If you want to discuss these issues or learn more please feel free to contact me.

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

   http://jamesacox.com

 

 

 

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 954 RIDGEBROOK RD SUITE 300, SPARKS, MD 21152, ph# 410-828-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. DEVON FINANCIAL ASSOCIATES LLC is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. 2017-48476 Exp. 10/19.

 

 

 

https://www.brookings.edu/bpea-articles/mortality-and-morbidity-in-the-21st-century/

 

charitable giving, life insurance, protection

Creating Social Impact Through Giving

 

Every day millions are helped to improve their lives due to the generosity of others. As a community we each have a stake in the success of every individual, every family. Many organizations that make massive positive contributions are struggling due to cutbacks in government supports.

We as stakeholders in American society have a responsibility to give back and help those less fortunate. A recent example of this ethos:

“The $219 million gift from the A. James & Alice B. Clark Foundation, announced Wednesday, shatters the previous record for a single donation to U-Md. — $31 million — set three years ago. It is also among the most significant gifts to any public university in the country, coming at a time when many schools have ramped up fundraising to offset declines in state support.”

 

As a result of such donations more students will be able to attend the University of Maryland and build a better future for them and their families. It is an investment in the future and fabric of the United States.

Examples of this kind of giving occur every day… sometimes in the millions of dollars, many times more just a few thousand dollars. What many people are not aware of is the ability to leverage money that is dedicated charity and planned giving to create more impact and bigger gifts.

Permanent life insurance is a tool that has provided security and abundance for hundreds of years. By planning ahead donors can use existing assets and cash flow to create endowments that are many times larger than the premiums paid.

 

As an estate planning tool, life insurance gives additional options and flexibility to charitably minded people.

If a foundation or non-profit have a limited number of apples (assets) to fund their projects, the question becomes ‘how do we add more apples to the bowl’; how do we ensure the organization is sustained for the biggest social impact?

To learn more talk to a financial advisor. Explore options. But above all take action and protect your legacy and those you care about.

If you want to discuss these issues or learn more please feel free to contact me.

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

http://jamesacox.com

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 7 Hanover Square, New York, NY 10004. OSJ: 954 Ridgebrook Rd. Suite 300, Sparks, MD 21152, 410-828-5400. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, 888-600-4667.

Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian.

 

Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

 

GEAR 2017-47562  Exp. 9/19

 

https://www.washingtonpost.com/local/education/a-record-breaking-gift-to-the-university-of-maryland-219-million/2017/10/04/80cb1e54-a76f-11e7-850e-2bdd1236be5d_story.html?utm_term=.2c9ac111e92c

disability, economy, life insurance, protection

A few life lessons…

In the past few months I have seen several friends pass away…

I have seen several people in my circle struggle with illness, addiction and disability…

All are under the age of 50. None of them planned on what happened to them.

 

None of them planned on the impact it would have on those around them.
Life is not a straight line.
We all are forced to deal with situations that are beyond our control.

 

Sometimes we are forced to deal with abusive and alcoholic parents when we are young.
Sometimes we are traumatized by sexual or physical violence.
Sometimes we are injured by an accident, or illness.

 

Many times we self-medicate to hide the pain, trying to make it through another day…
Often times we find ourselves prescribed pain meds that lead to a nightmare of addiction and devastation.

 

A recent article from the Atlantic observed how radically things have changed:

“In 2015, more Americans died from drug overdoses than from car accidents and gun homicides combined.”

“Authors (of a recent NBER study) suspect that the increased use of painkillers is a “physical manifestation of mental-health problems that have long been known to rise during periods of economic decline.” Depression and pain are twin agonies, in other words: Not only does depression make people more sensitive to pain, they note, opioids have been shown to help relieve depressive symptoms.”

“In the same paper, the Princeton University labor economist Alan Krueger found that nearly half of “prime age” men who aren’t in the labor force take pain medication daily.”

In a separate study from the Brookings Institution, authors Anne Case and Angus Deaton suggest that the links between opioids and depression have deeper roots…

“Increases in deaths of despair are accompanied by a measurable deterioration in economic and social wellbeing, which has become more pronounced for each successive birth cohort. Marriage rates and labor force participation rates fall between successive birth cohorts, while reports of physical pain, and poor health and mental health rise.”

 

These studies lend support to the idea that many opioid overdoses are “deaths of despair,” as the Princeton economists Anne Case and Angus Deaton call them—deaths brought on by joblessness, hopelessness, and both physical and emotional pain.

 

The Atlantic article continues…

“Europeans also suffered joblessness during the recession, but they aren’t overdosing at American levels. Most European countries have stronger social safety nets, which might soften the trauma of unemployment, as well as socialized health-care systems, in which prescription records tend to be centralized.”

 

Clearly this is a large societal issue that we all have to deal with. We all have responsibility to ourselves and our loved ones.

 

The fact is most Americans are unprepared for economic or financial disruption.

*37 million households lack any life insurance…
*50 million households know they need more life insurance…
*7 in 10 households would be in financial trouble if they lost their main bread winner…
*69% of those working in the private sector have no disability insurance…
*1 in 4 people will become disabled BEFORE retirement…
*68% of Americans live paycheck to paycheck…
*How many are working multiple part time jobs to fill the gap from a lost full time career?

 

The economy is changing and we have to adapt to new conditions. We have to put in place protections for ourselves and our families… we can’t rely on the government or anyone else to provide for us or the ones we love.

 

Talk to a financial advisor. Explore options. But above all take action and protect yourself and those you care about.

 

Please feel free to contact me to learn more.

 

Retirement Income. Tax Efficient Planning.
Life Insurance. Disability Insurance
Socially Responsible Investing

To learn more contact:
James Cox
Cell: 215 768 5883
Email: james_cox@devon-financial.com
Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087
http://jamesacox.com

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 7 Hanover Square, New York, NY 10004. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, 888-600-4667.
Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian.
GEAR 2017-47491 Exp. 9/19

https://www.brookings.edu/bpea-articles/mortality-and-morbidity-in-the-21st-century/

https://www.theatlantic.com/health/archive/2017/04/joblessness-and-opioids/523281/

https://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/_Media/PDFs/Facts-of-Life-2016.pdf

economy, new economy, retirement

“Morning in America…”

I was driving into work today and a Chevy Volt sped by me. Yesterday a Fisker Karma was parked in front of my office. Last month Tesla started mass production of the Model3.

Technology is bringing a renaissance to American manufacturing. New industries and new job descriptions are being created, even as “old economy” jobs become antiquated and outsourced to robots.

 

Technology is allowing people to use their existing assets in order to bring in more income, such as Uber and Lyft (using the car) and AirBnB (using the house). Websites such as Amazon, Ebay, Shopify and Etsy allow people to open their own virtual shops, without the need for brick and mortar retail space. The internet allows more and more people to connect to influencers and decision-makers, allowing people to earn money as consultants and contractors.

I remember when I was in middle school in the 1970’s, times were hard for my parents… I remember thinking ‘I want a simple government job where I don’t have to worry about things like pink slips, bankruptcy, or how are we going to afford presents for Christmas.’

The irony is after college I found I could not stand working inside an organization like the government. After a month of teaching I already felt the ulcer developing. I left and never looked back…

 

The truth is fear drives us to limit our options and many, many people today, in America and around the world, are trapped by fear. Many feel that conformity and cubicle wages are the safest path to financial security.

Nothing could be farther from the truth. The world is changing and we as individuals working within an economic system that’s evolving must be adaptable as well. We must become more cautious in our use of debt and credit; we must manage our finances… not let our finances manage us. We must learn new skills that increase our economic value and our potential income. We must become more independent and self-sufficient; we cannot rely on our company to hold the keys to our financial security.

I am no fan of Ronald Reagan (though my parents were). After the bleakness and destitution of the 1970s Reagan used the phrase that it was “Morning in America”. He was right. Through the 1980s and 1990s the economy grew and strengthened; the computer revolutionized business, increasing efficiency and corporate balance sheets.

We are currently experiencing our own “Morning in America”, thanks to technology and innovation. This has NOTHING to do with Trump. The internet is the gateway to entrepreneurship for millions that never would have pursued such a course before. It is my belief that this is going to be the Golden Age of Entrepreneurship.

 

But in order to participate, we need to change our ways of thinking. We have to plan differently (think long term, how do I become more independent), we need to set new priorities (education, skills building, saving), we need to identify our strengths and be able to creatively monetize them (create multiple streams of income).

Those who don’t will find themselves left behind; financially, socially, and emotionally.

Let me know your thoughts. I’m happy to chat.

If you want to discuss these issues or learn more please feel free to contact me.

 

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

http://jamesacox.com

 

 

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 7 Hanover Square, New York, NY 10004. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, 888-600-4667.

Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian.

GEAR 2017-45962  Exp. 9/19

economy, new economy, retirement

Management Flaws in Corporate America

The most recent rounds of corporate earnings reports for retail companies has by and large been very disappointing. Many companies are struggling to survive in an environment dominated by a few large ecommerce companies.

 

Disappointing earnings have resulted in lowered outlooks and fallen stock prices of many retail companies.

 

I recently had the opportunity to talk to several people who work in corporate America, particularly retail. What I learned is scary.

 

In addition to focusing on closing stores and reducing costs, many companies are resorting to extreme discounting and price matching strategies in order to draw in more traffic and stimulate sales. However, the net impact of this approach has been to alienate the company’s high value core clients (due to impaired customer service) and to attract a clientele that is focused on lower price and discounts. As a result margins are being squeezed even more than before.

 

When asked about whether local stores are able to use innovative strategies at the store level of management to increase sales, the answer across the board was, “there is no creativity; it has to come from corporate”. In addition the sense among many is that local managers feel safer in their jobs by conforming, rather than innovating.

 

I talked to David Schlueter, a staff sergeant in the US Army with 19years experience and MBA candidate for Organizational Leadership and Change Management, about this issue.

 

I asked David, ‘What are the top 3 things that must be changed from a management perspective in order for failing corporations to turn things around?’

 

“First the leadership team who ever that might be, needs to determine what exactly the cause of the problems are. For example sales are down, but what is causing sales to be down. Once there is an agreement on the cause of the issues then a plan needs to be made that will fix the problems. Then once the plan is in place to fix the problems there needs to be supervision and revision. What I mean by that is the plan needs to be supervised so that the employees don’t fall back in to their old way of doing things. The revision part is to check for any weak points in the plan and then adjust according.”

 

While I agree with all of what David said, there is little proof that this has been successfully accomplished in the past. Most plans fail due to poor execution, poor analysis, and poor internal dynamics.

 

I asked David, ‘What changes would you recommend to improve communications/relations between local managers and corporate offices?’

 

“I think this has to come from the top down. The employee is not going to go to his/her boss without feeling comfortable in doing so. The corporate managers need to show the local managers that they are a valued part of the team and the corporate guys are willing to go out on a limb so to speak for the local managers.

One of the first things I was told in the Army was that bad news doesn’t get better with time. So if their communication issues between these two levels then something needs to be done to fix it.

The first time I was deployed to Iraq my section was out on patrol with the Platoon Sergeant and his crew on a couple of Bradley fighting vehicles. I was in the lead vehicle the Platoon Sergeant and we passed a suspicious looking hole on the side of the road. I drove passed the Platoon Sergeant and his vehicle stayed on the far side. So the Platoon Sergeant called over the radio and told me to check out what was in that hole. I knew I could sent one of the Soldiers that were riding in the back, but I choose to go check it out myself putting my life on the line for my soldiers. Long story short there were 3 155mm artillery rounds wired together to blow up… lucky for me they didn’t. Any way the point of this story was to show that leaders sometimes need to do things their employee should do in order to show those employees that the leader isn’t better than they are. This will help with communication problems between the two levels.”

 

I thought that was very insightful on many levels. The real work gets done in the trenches; leaders can’t lead hiding behind corporate desks and martini lunches.

 

Finally, I asked David, ‘What impact does poor morale have on corporate financial performance (i.e. Sales, revenue)? What do you recommend to improve moral?’

 

“Poor moral can have an effect on any part of a business, but several things can be done. The management might have to look in to the causes of the problems like what I talked about in the first question and figure out a plan of action. Some of the employees may be feeling unappreciated for their work and that can be fixed by some esprit de corps type functions or maybe the managers just need to change their attitudes towards the employees and stop acting like there are better than everybody else. Sometimes the managers need get down in the so called trenches and get dirty with their employees.”

 

The truth is most corporations are focused on quarterly earnings reports and not their employees.

 

I love watching the show “The Profit” with Marcus Lemonis. One of his key pieces of advice… “Value your employees first.” If you don’t, he says the rest of the business is going to fall apart.

 

The sad truth is that companies that do not innovate, do not survive. And the best innovation comes from the trenches.

 

While I understand that it is important for corporations to maintain control over its brand and message, there has to be allowances and even promotion of innovation throughout its management structure.

 

Let me know your thoughts on this subject. I’m happy to chat.

 

 

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

http://jamesacox.com

 

This material contains the current opinions of the author but not necessarily those of Guardian or its subsidiaries.

 

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 7 Hanover Square, New York, NY 10004. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, 888-600-4667.

Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian.

GEAR 2017-45882 Exp. 9/19

 

 

https://www.bloomberg.com/gadfly/articles/2017-03-07/dick-s-earnings-retail-bankruptcies-don-t-always-help-rivals