“Tryin’ to make it real, compared to what?” 

One of the greatest live albums ever recorded was Swiss Movement by Les McCann and Eddie Harris. It was culled from a performance in Montreux, Switzerland in June 1969. Some of the album was instrumental, with hits like “Cold Duck Time”, featuring Harris’ funky tenor saxophone backed by a punchy rhythm section led by McCann’s piano. But the signature tune was the anti-war anthem “Compared to What”. The five stanzas of lyrics painted a canvas of America trying to get a grip on itself during a turbulent period.

I’ve opined many times in these missives that I felt that our country is in a mental state akin to the late 1960s. The backdrop for that time period was a largely unpopular war in Vietnam as well as social unrest stemming from the civil rights movement. There were palpable significant divides – Black-White, North-South, pro-war-anti-war, wealthy-poor. To take a cue from the Talking Heads’ lead singer David Byrne, it feels like “the same as it ever was”. The Vietnam war has been replaced by the mask or no mask of COVID-19, but the other backdrops apply. Pundits say that history repeats itself, and I guess that’s where we are. It’s uncomfortable and scary, to be sure. Cities across America are facing mass protests related to the Minneapolis killing of George Floyd, sadly often resulting in looting and violence. My hometown of Columbus instituted a curfew Saturday night to quell downtown protests. Where all this leads is anyone’s guess. Folks are frustrated. The Coronavirus epidemic has led to historic death and unemployment. The world is slowing trying to re-open, but the toll on many businesses and entire industries looks to be massive. Like the late ’60s and early ’70s, it may take several years to recover from this combination of forces.

May’s stock market performance showed a welcome rebound. You’ll be pleased to see your monthly statements when they arrive. The S & P 500 reclaimed the 3000 mark, and NASDAQ had a strong surge. The Dow Industrials and small cap stocks lagged but still had outsized gains. Like the opening song lyrics, it seems as though equities are trying to state what’s really going to happen instead of taking its cue from the present scenario. To me, there’s a massive disconnect between Wall Street and Main street. It’s true that the stock market has been a historically efficient predictive mechanism. But isn’t it possible that we’re getting a little ahead of ourselves here? Is the shortest bear market in history over? Was it just a bump in the road for the overall bullishness? Are we going to have the V-shaped recovery that the markets are signaling?

I wish that I had answers. There are several factors that will be critical in the months ahead:

1. Sustained volatility in the markets. Despite the nice upward trend in stocks, the VIX is still at elevated levels nearly three times what it was a year ago.
2. The curve in unemployment claims is trending lower, but there’s still almost 40 million without a job. How quickly will people regain their former standard of living?
3. The added unemployment compensation benefits run out this month. Will they be extended?
4. Will there be another round of individual stimulus checks and corporate lending?
5. Will the Federal Reserve continue its aggressive asset purchasing and lending practices?
6. What will corporate earnings look like?
7. How and when will the American consumer get back to historic spending habits?
8. Can the stock market justify higher multiples if earnings are substandard?
9. Can we remain in a relative détente position with China?
10. How long will the protests in our streets last and what will be their overall effect?
11. Will we have additional spikes in COVID-19, particularly in the fall?
12. Who will win the Presidential election in November? What happens to control of Congress?

In my humble opinion, it’s been virtually impossible to trade this market. Wall Street hates uncertainty, and the dozen items above don’t totally encompass the challenges that lie ahead. May’s rally has been based on two items of perhaps wishful thinking. There’s anticipation of rapid advancement of a COVID vaccine or at least a prophylactic treatment akin to Tamiflu. There’s also the supposition that America will economically recover sooner rather than later. Whether these hopes are realized could spell the difference between extending the current rally or returning to the levels of February and March.

The bottom line is that we need to be patient. If you feel that you want to discuss risk tolerance and how your goals or strategies have changed, please make an appointment with us. Our team longs for the day when we can see you again without masks and social distancing. However, we are well equipped to handle get-togethers with technology.

I’m optimistic that science will triumph. America and the world will recover at some point. Trying to make it real in a pandemic world has few comparisons. But we’ll get through these crises… we always manage to do so. Most importantly, stay healthy and take care.

Sincerely,
Bill Schiffman

Registered Representative

The opinions expressed in this letter are those of William Schiffman and should not be construed as specific investment advice. All information is believed to be from reliable sources; however, no representation is made to its completeness or accuracy. All economic and performance information is historical and not indicative of future results. Diversification cannot assure a profit or guarantee against a loss. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. Indices are unmanaged and do not incur fees. One cannot directly invest in an index. Fee-Based Planning offered through W3 Wealth Advisors, LLC – a State Registered Investment Advisor – Third Party Money Management offered through ValMark Advisers, Inc. a SEC Registered Investment Advisor – Securities offered through ValMark Securities, Inc. Member FINRA, SIPC – 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 * 1-800-765-5201 – W3 Wealth Management, LLC and W3 Wealth Advisors, LLC are separate entities from ValMark Securities, Inc. and ValMark Advisers, Inc.

“Sometimes in our lives, we all have pain… we all have sorrow… but if we are wise, we know that there’s always tomorrow… lean on me, when you’re not strong… and I’ll be your friend… I’ll help you carry on… for it won’t be long… ‘til I’m gonna need somebody to lean on…”

A rather obvious choice for this installment as we honor Bill Withers – a great singer and perhaps even a better songwriter – who died recently at age 81. The combination of a simplistic melody (key of C major) and powerful words makes a perfect song for the age of COVID-19. We’re a little further on in the cycle, but there’s still a long way to go.

Three weeks ago, I used the Serenity Prayer as the backdrop for my thoughts. It’s perhaps even more important now as our lives continue to markedly change. In Ohio, the population has done an excellent job following the directives of Governor DeWine. He and a handful of other governors (Washington, California, New York, New Jersey) have taken the science seriously from the beginning. As a result, Ohio has far fewer Coronavirus cases and fatalities. We’re sheltering in place, working from home (those of us who still have jobs), and keeping proper social distancing. How long we’ll be doing these things is a matter of speculation. But I have no doubt that some behavioral patterns will permanently change when we’re through the tunnel.

One example is that I’ll be spending less physical time in the office. I’m comfortable working from home (as long as our four dogs aren’t barking). Technology allows us to communicate with our team on a daily basis. We have a set Microsoft Teams call at 9:30 AM every weekday to discuss what we need to be working on that day. Following that chat, we’re either on our own or collaborating remotely to get things accomplished. There are some inefficiencies (we have to use more complex applications than Zoom because of privacy issues), but we’re muddling through them. Will we continue to rely on remote work when the proverbial coast is clear? I’m not sure, but it’s not a bad bet that we will.

The simple exercise of being with other people will take significant adjustment. Sheltering in place, like anything we do, becomes a habit after a few weeks. How long will it take folks to get comfortable being in a crowd again? When will I get on a plane to see out-of-town clients? Will I ever be at ease attending a major sporting event? The thought of watching Buckeye football with 110,000 of my closest friends is currently anathema.

The Federal government was late to the recognition of the seriousness of COVID-19. The United States is still woefully lagging in testing for the virus. Medical supplies for first responders and health care workers have been spotty. There are daily disagreements between the White House and the doctors on their Coronavirus task force. States and cities have been left largely to fend for themselves. It’s where we now stand, and I don’t see things changing any time soon. The sad fact of the matter is that we’re not much further along in the fight to eradicate Coronavirus than we were in February. I’m confident that science will eventually win, but how long it will take to do so is anybody’s guess. The worldwide economy, with a few exceptions, has ceased. Unemployment will possibly reach levels not seen since the Great Depression. Programs to get money in the hands of folks that need it most are slowly ramping up, but not smoothly working yet. Fortunately, the Federal Reserve has opened its checkbook and seemingly will do all that’s necessary to keep things afloat.

Everybody wants to get back to work. Everybody wants the economy to rebound as quickly as prudently possible. I understand this imprimatur, but am leery of its execution. Just because a restaurant or shopping mall re-opens doesn’t mean that people are going to immediately patronize them. I honestly feel that folks are underestimating the psychological damage that will result from this crisis. Anxiety levels are quite high (as they should be) as we fear for our health and well-being. Economic hardship only adds to the scenario. The ethos of angst can’t go away with the snap of a finger or a government directive. It’s simply going to take time to arrive at any semblance of “normal” as we knew it.

Since the primary purpose of these letters is to comment on the markets, I’ll share a few thoughts. The last couple months have given us the most rapid bear market in history (per CNBC¹). The major averages plummeted around 35% at their nadir, but had a double digit percentage recovery last week. Volatility, while lessening a bit, is still roughly four times the level that it was in January. Swings of 3-7% in equities are near daily occurrences. To try to anticipate what will happen in the short-term is folly.

This quarter’s earnings season begins this week. I’m guessing that reports will be almost uniformly negative with future guidance omitted. Even with the Fed being so accommodative, the earnings backdrop won’t be a plus for bulls. My feeling is that things will continue to be very choppy until we receive some positive science news on COVID-19. Wall Street has already punted on 2020, and is looking to 2021. Because of the psychological issues mentioned above, I don’t think that the hoped-for V-shaped recovery is possible. A U-shape might happen, or even an L. Believe me, I’d love to be wrong about this.

Perhaps we overshot to the downside… I simply don’t know. The chartist in me says that a retest of the lows would be healthy for the market. I’d prefer not to go there emotionally, but there’s no way to tell yet. Investing in the current market is extremely difficult because of the volatility. Algorithms are running the show and are wholly dependent on minute-by-minute news flow. We have always been long-term in our framework, and will continue to be.

I’m optimistic for the long-term. America has weathered significant storms before. We will make great strides as a country because of COVID-19, not in spite of it. Crises tend to spur innovation. They also tend to promote a sense of unity and overall respect. I can profoundly feel a new sense of caring and cooperation. I am hopeful that these sentiments will linger long after the Coronavirus is gone.

In the meantime, take Bill Withers’ lyrics to heart. Don’t be afraid to lean on someone (from a proper social distance, of course). Try to control only what you can control on a day-to-day basis. Continue to make the best out of this difficult situation. Most importantly, stay safe and healthy.

Feel free to let me know your thoughts. RC, Christie, Ruth, and I have been working on a couple new initiatives which you’ll be seeing in the next couple weeks. They will have nothing to do with investments… just a tease for now… take care.

Sincerely,
Bill Schiffman
Registered Representative

1https://www.cnbc.com/2020/04/11/the-sp-500-has-rebounded-25percent-in-less-than-three-weeks-heres-whats-going-on.html The opinions expressed in this letter are those of William Schiffman and should not be construed as specific investment advice. All information is believed to be from reliable sources; however, no representation is made to its completeness or accuracy. All economic and performance information is historical and not indicative of future results. Diversification cannot assure a profit or guarantee against a loss. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. Indices are unmanaged and do not incur fees. One cannot directly invest in an index. Fee-Based Planning offered through W3 Wealth Advisors, LLC – a State Registered Investment Advisor – Third Party Money Management offered through ValMark Advisers, Inc. a SEC Registered Investment Advisor – Securities offered through ValMark Securities, Inc. Member FINRA, SIPC – 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 * 1-800-765-5201 – W3 Wealth Management, LLC and W3 Wealth Advisors, LLC are separate entities from ValMark Securities, Inc. and ValMark Advisers, Inc.

“M-m-m-m-m-m-my Corona!”

A little twist on the catchy 1979 song “My Sharona” by one-hit wonders The Knack. Given what the stock market is doing today, it’s a rather obvious choice for this month’s song title. Because many of us are rightfully concerned about the impact of the Coronavirus on our investments, I thought that I’d get the normal month-end missive out a week early.

Up to today, equities have behaved decently in the face of what could become a worldwide pandemic. Early last week showed a decline in new cases along with a relatively optimistic view of containment in China. Unfortunately, hundreds of victims have been found in South Korea and Italy over the weekend and massive quarantining now has been mandated in both countries.

The bottom line is that the Coronavirus is a very fluid scenario. Chinese supply chains have already been adversely affected. The travel and leisure industries are seeing massive cancellations and a few new bookings. The price of crude oil is bottoming due to projected lower demand. With today’s steep selloff, the usual suspects of bonds and gold are doing well as safe-haven alternatives.

As we mentioned last month, the market seemed in need of a correction, and the Coronavirus provides a powerful catalyst. February saw a rise in frothiness, as Tesla literally doubled to over $900 in several trading days. Virgin Galactic through mid-last week was up a mere 239% since the beginning of the year. Fear of missing out makes for speculative plunging, and we’re seeing the back side of these trades as we speak.

Somewhat overlooked in all the Coronavirus discussion is another potential proverbial Black Swan – the rapid ascendancy of Bernie Sanders in Iowa, New Hampshire, and Nevada. While the overall Democratic race and debates have resembled a circular firing squad, Sanders has all but eliminated Elizabeth Warren from contention in the progressive lane of the party. All of the others, including the new face Mike Bloomberg, are vying for the support of the more moderate lane. Sanders just might be able to garner an insurmountable need after Super Tuesday next week, and the top of the ticket would feature an unabashed Socialist. As you can imagine, Wall Street would be quite unhappy with anyone who would attempt to radically change economic policy.

There are many apt comparisons between Sanders in 2020 and President Trump in 2016. Both men are outsiders in the lens of traditional government. They have both appealed to the less centrist voters in their parties. Trump had the nomination won quite early in the caucus process in 2016, and Sanders appears to be heading that way now. Trump ended up winning in what still is considered a surprise, and who’s to say that demographics couldn’t provide a similarly shocking Sanders win in November? Wall Street has a right to be nervous.

When human traders become anxious, so do their bloodless black box counterparts. The “shoot now, ask questions later” mentality reigns supreme. The VIX, or Volatility Index, is skyrocketing. But should we as long-term investors follow suit?

Believe me, I understand both your angst and pain, but let’s put some things in perspective. Today’s carnage puts us only slightly underwater for 2020 equities performance. This is following an extraordinary 2019. If you were to get out of the market now, when would you have the confidence to get back in? The SARS epidemic of 2002 saw a peak to trough decline of 7% in the S & P 500. I wouldn’t be surprised if the Coronavirus/Sanders news flow doesn’t lead to a worse result. But this is temporary. The market rebounded after SARS was contained, and it hopefully will again when there’s more visibility.

There is no doubt that the Coronavirus will have a significant impact on many areas of the economy. Retail stores will see inventory shortages in electronics and soft goods. It might take a while for folks to get comfortable being on an airplane or a cruise ship. But, as the famous philosopher once said, “this too shall pass”. When it does, people should get comfortable investing again.

I keep coming back to the fact that the ten-year benchmark Treasury is now around 1.4%. This figure is lower than the dividend yield on the S & P 500, and that equities yield goes higher when stocks go down. If the economy slows down too noticeably, the Federal Reserve will have little choice other than to lower rates again. This would potentially make stocks even more attractive.

This morning on CNBC, Warren Buffett was his usual measured and brilliant self. He said that there was no reason to buy OR sell today based on the Coronavirus. He kept mentioning the fundamentals of the strong US economy and the fact that things would not be changing dramatically any time soon. He also mentioned how inexpensive borrowing money is underpinning stocks.

It’s a scary time, but we’ve been through these types of events before. Our team of Kelley, RC, Christie, and I are here to guide you through these difficult waters. Please feel free to call or e-mail with questions or comments. In the meantime, don’t forget to breathe and think in the longer term.

Sincerely,

Bill Schiffman

Registered Representative

The opinions expressed in this letter are those of William Schiffman and should not be construed as specific investment advice. All information is believed to be from reliable sources; however, no representation is made to its completeness or accuracy. All economic and performance information is historical and not indicative of future results. Diversification cannot assure a profit or guarantee against a loss. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. Indices are unmanaged and do not incur fees. One cannot directly invest in an index. Fee-Based Planning offered through W3 Wealth Advisors, LLC – a State Registered Investment Advisor – Third Party Money Management offered through ValMark Advisers, Inc. a SEC Registered Investment Advisor – Securities offered through ValMark Securities, Inc. Member FINRA, SIPC – 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 * 1-800-765-5201 – W3 Wealth Management, LLC and W3 Wealth Advisors, LLC are separate entities from ValMark Securities, Inc. and ValMark Advisers, Inc.

“Faster than a speeding bullet… more powerful than a locomotive… able to leap tall buildings at a single bound…Look! Up in the sky! It’s a bird… it’s a plane… it’s the 2019 stock market!”

What a year for equity investors! 2019 will go down as a banner one, with overall performance not seen since 1997. It’s been a happy time for us all, and we’d like nothing better than for the parade to continue. Why was 2019 so positive, and what’s in store for 2020?

There were many factors for the tremendous equities gains – low-interest rates, solid corporate earnings, minimal unemployment, lack of any major exogenous trauma, manageable inflation, and momentum. Almost every asset class was profitable. Fixed income had slight gains, and commodities did well. Gold had its best year in a while, and even the price of crude rebounded in the fourth quarter. All in all, 2019 exceeded the expectations of virtually every pundit, including me. I was confident that we’d have a rebound, but I certainly didn’t foresee the out-sized gains we experienced.

2020 promises to be an interesting change. From a statistical point of view, according to S & P, after equities post a gain of 20% or more during a year, the next year averages another 11.2% leg up. I’m not sure that we’ll get to that level, but I remain optimistically constructive about the underlying macroeconomics. What could possibly derail the train? The upcoming Presidential election could have a significant impact on investor sentiment. At this juncture, many voters might let their portfolios make their choice for them, in which case a Trump re-election seems likely. A victory by a progressive Democrat (Sanders, Warren) would almost certainly be viewed negatively by Wall Street. My first proverbial line in the sand will be drawn after “Super Tuesday” in early March. At that time, we’ll perhaps know who Trump’s opponent will be. Handicapping November 2020 might become easier after that. Don’t forget that Wall Street hates uncertainty more than anything else, and clarity about America’s next four years of leadership will be helpful. Traders have done an excellent job divorcing themselves from the DC miasma thus far, and there’s no reason to assume that they won’t continue along this path.

Last December, we were in the process of bottoming out on the major averages after a disastrously negative (down 19% at nadir) quarter. I opined that it was not time to panic and that the elevated volatility levels we were experiencing would soon subside. We stayed rather bullish on stocks and were rewarded for our steadfastness. Santa re-appeared this year because there was no tax-motivated loss harvesting. In addition, under-performing hedge funds had to “window dress” their portfolios by adding equities holdings. It’s been a strong December in 2019, adding to the already nice news of the past year. We might see a bit of profit-taking in January, but the groundwork for more gains hasn’t changed. There’s also the psychology of “FOMO” at work. Fear of missing out might spur retail investors to invest idle cash which is still sitting at elevated levels. We’ll continue to assess 2020 as the year unfolds, but it’s nice to take a victory lap every once in a while.

The last market letter of the year allows us to review our prior year predictions and give some hypotheses for the coming twelve months.

Let’s first go over last year’s thoughts:

1.) The Mueller probe will be completed in the first quarter of 2019 with devastating consequences for the President and many of his allies. THE REPORT ARRIVED MID-YEAR AND DID NOT HAVE THE EFFECT THAT WAS EXPECTED. PRESIDENT TRUMP CONTINUED HIS TERM LARGELY UNSCATHED.

2.) The Federal Reserve will only raise rates once in 2019. Jay Powell will continue to be the Chairman. BOWING TO PRESIDENTIAL PRESSURE, THE FED ACTUALLY LOWERED RATES IN 2019. CHAIRMAN POWELL CONTINUES HIS TENURE.

3.) In a stunning reversal, Brexit will not occur. Theresa May will be replaced as Prime Minister. Another major Western European leader will also depart in 2019. I MIGHT HAVE DONE A BETTER JOB PREDICTING THE EUROZONE THAN AMERICA LAST YEAR. BREXIT HAS NOT OCCURRED YET, AND BORIS JOHNSON IS THE NEW BRITISH PM. ALL OTHER MAJOR LEADERS ON THE CONTINENT ARE STILL THERE, BUT PERHAPS NOT FOR LONG.

4.) ISIS and Al-Qaeda will be emboldened and resume terrorist activity. THANKFULLY, NOT AS WIDESPREAD AS PREDICTED, BUT THEY’RE BACK ON THE MAP.

5.) Relations with North Korea will remain status quo. CORRECT THUS FAR.

6.) Syrian Kurds will suffer significant losses after American troops leave their country. SAD, BUT TRUE.

7.) Stock market volatility will remain elevated for most of 2019. CERTAINLY MISSED ON THIS ONE. WE WENT FROM AROUND 30 ON THE VIX INDEX AT 2018 YEAR-END TO AROUND 13 TWELVE MONTHS LATER. MOST OF 2019 WAS QUITE PLACID INDEED.

8.) There will be a resolution to the US-China tariff issue, but not as favorable as originally designed. PRETTY MUCH CALLED THIS ONE ON THE MONEY.

9.) The Cleveland Browns will make the NFL playoffs, and the Columbus Blue Jackets will reach at least the NHL conference finals. WHAT WAS I THINKING?

10.) The stock market will rebound, but not after several periods of choppiness. We’ll be back in the black. Fixed income and commodities will remain relatively flat. AS MENTIONED ABOVE, DID NOT FORESEE THE MAGNITUDE OF THE GAINS, BUT I’D RATHER UNDER-PROMISE AND OVER-DELIVER.

11.) BONUS PREDICTION – Donald Trump will resign the Presidency in 2019 following the indictment of his eldest son. MAYBE I NEED TO GO BACK TO THE BROWNS AND BLUE JACKETS?

Perhaps not a stellar year for the crystal ball, but the portfolio results (pardon the pun) trumped my State Fair predictive abilities.

Let’s reload for 2020:

1.) The Presidential election will be contested by two seventy somethings.

2.)  Angela Merkel will step down from the Chancellorship of Germany.

3.) 2020 will be another record year for climate change related events (fires, earthquakes, hurricanes, cyclones, ice cap melt).

4.) Both the Senate and House of Representatives will be under Democratic control. At least one prominent Republican senator will lose his/her seat because of fallout related to the impeachment trial.

5.) The Federal Reserve will neither raise nor lower interest rates in 2020.

6.) US stocks will have a positive year, with gains in the high single digits. International markets will slightly out-perform on a relative basis.

7.) Gold will temporarily spike in price during the election cycle due to fear that President Trump will not be re-elected.

8.) The Boeing 737 Max fleet will finally be approved for world air travel.

9.) There sadly will be a major terrorist event on either American or European soil.

10.) Major network televiewing habits will decline in 2020 on account of political commercial fatigue.

I was lucky enough to visit Vietnam and Cambodia this month. Vietnam is a most exciting country… they’ve made incredible strides since the end of the war 45 years ago. It’s a fascinating blend of rampant capitalism under Communist rule. There is a massive dichotomy between the almost Western feeling cities of Saigon and Hanoi, and the rural central highlands or northern agrarian areas. There are still vestiges of the war, from the tunnel city of Cu Chi to the third generation of Agent Orange babies. But you can’t help experiencing the youth and optimism of this rapidly developing part of Southeast Asia. I can’t wait to go back. Cambodia, on the other hand, was quite difficult for me. The country is preternaturally beautiful, and I spent the better part of three days exploring 12th-century temples in Angkor Wat.

However, I couldn’t get my arms wrapped around the fact that the Pol Pot regime basically killed 6000 people daily from 1975 through 1979. There’s literally no one between the ages of 40-65 living in the country. An entire generation was lost. There’s not enough work for the young generation, so they migrate to Vietnam or Thailand. There’s little, if any, semblance of health care for the populace. Cambodia reminded me a bit of Cuba – wonderfully gentle people living in tropical natural beauty, but with little chance of bettering their lot in life. It’s simply a matter of opportunity, which is one of the many things we take for granted in America.

As we close out the year and decade, I again want to thank you for your trust and support. Our team of Kelley, RC, Christie, and me will continue to assist you with any questions that you have as we all get a bit older. Hug and kiss the ones you love…

Happy New Year!

Sincerely,

Bill Schiffman

Registered Representative

The opinions expressed in this letter are those of William Schiffman and should not be construed as specific investment advice. All information is believed to be from reliable sources; however, no representation is made to its completeness or accuracy. All economic and performance information is historical and not indicative of future results. Diversification cannot assure a profit or guarantee against a loss. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. Indices are unmanaged and do not incur fees. One cannot directly invest in an index. Fee-Based Planning offered through W3 Wealth Advisors, LLC – a State Registered Investment Advisor – Third Party Money Management offered through ValMark Advisers, Inc. a SEC Registered Investment Advisor – Securities offered through ValMark Securities, Inc. Member FINRA, SIPC – 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 * 1-800-765-5201 – W3 Wealth Management, LLC and W3 Wealth Advisors, LLC are separate entities from ValMark Securities, Inc. and ValMark Advisers, Inc.