ADV Offer Letter
As we are early in 2022 it’s a good time to reflect on the guiding principles which govern our investment advice philosophy. H&A’s overall basis of investment advice is goal-focused and planning-driven, your vision, goals and objectives provide the guidance for our decision making.
We are long-term, equity based, investors, working steadily toward the achievement of your lifetime goals. Long-term investment success comes from continuously acting on a plan. Tactical adjustments to portfolio allocations can sometimes be a good thing to do, and we look for those regularly. Investors who maintain a disciplined process and long-term focus in making those decisions tend to be more successful than those making knee-jerk reactions to market, economic or political events.
We always welcome your thoughts and conversation around macroeconomic events as they guide us as we implement your plan.
It is helpful to look historically at market action as it can guide our expectations looking forward. While we are not in a “bear market”, there have been 16 “bear markets” in equities since the end of World War II - an average of one every five years or so. The average depth of these declines was something on the order of 30%. But at year-end 1945 the forerunner of the Standard & Poor’s 500-Stock Index was about 31 (Standard & Poor’s). The Index ended this past year at 4,766 (S&P). So, at least historically, the permanent advance has triumphed over the temporary declines. Since we accept that the equity market cannot be consistently timed by us or anyone, we believe that the only way to be sure of capturing the full premium return of equities is to ride out their frequent but ultimately temporary declines.
Regarding Interest rates and Bond market performance our investment themes remain unchanged: relatively low interest rates, though because of economic growth and the subsequent inflationary pressures the trend for interest rates is up.
Most importantly, we would like to thank you for your trust and business. We deeply appreciate the opportunity to serve you, and the trust you have placed in us, as your investment and wealth management advisory firm.
It would be our pleasure to provide you with a copy of our most current disclosure brochure (Form ADV Part 2A). The brochure describes our firm, our investment and financial planning offerings, fees, and other business activities.
If you would like us to send you a copy of the brochure, please contact us at 412-261-5966 or firstname.lastname@example.org.
Additional information about our firm is also available on the internet at www.adviserinfo.sec.gov. You may view the firm’s information on this website by searching for our firm. You may search for information by using Hapanowicz & Associates Financial Services, Inc. name or by using our firm’s CRD number, 157523.
Please view our policy statement outlining our commitment to protecting the privacy of your non-public information. Please contact us if you have any questions concerning our privacy policies.
Also, please view our ADV Part 3, Relationship Summary. This document provides a brief introduction to H&A and a summary designed to assist investors with the decision of engaging an Advisor.
Again, thank you for selecting H&A as your investment advisor. As always, we appreciate the opportunity to serve you.
Robert E. Hapanowicz
O. (412) 261.5966
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult me prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. The economic forecasts set forth in this letter may not develop as predicted. Investing involves risk including loss of principal. No strategy assures success or protects against loss.
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This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change. References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Hapanowicz & Associates, a registered investment advisor and separate entity from LPL Financial.