Where Deep Research Meets Personalized Wealth Strategy
We build portfolios from the ground up, one investment at a time.
We don’t believe in mass-produced advice. Every investment we select is stress-tested, fundamentally researched, and chosen for a reason.
We serve a select group of individuals and families who value high-touch, high-integrity guidance. Our clients want to build and preserve wealth through clarity, conviction, and care.
Our insights featured in
This Week in Intelligent Investing
This Week in Intelligent Investing examines timely and timeless investment topics to help you become a better investor. Enjoy authentic, unscripted discussion, featuring Elliot Turner of RGA Investment Advisors and John Mihaljevic of MOI Global.
Alex Morris on His New Book, “Buffett and Munger Unscripted”, and Disney $DIS
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Eric Markowitz on How the World’s Oldest and Most Resilient Businesses Stay Alive
In this episode, co-hosts Elliot Turner and John Mihaljevic welcome Eric Markowitz,…
Ryan O’Connor and Toan Tran on AST SpaceMobile $ASTS
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Investment Strategy
We invest with a 3 to 5 year timeframe, hoping to hold each position as long as possible, though knowing markets often overshoot to the upside as they do the downside. Given this reality, we understand that an infinite holding period is the exception, not the rule. We target the 3 to 5 year timeframe because while the market itself tends to price in a long duration, the average annual turnover of US stocks is over 250% per year, and consequently, the average transaction is premised on the quarterly newsflow of a given company rather than the long-term value proposition. This mismatch between the duration of equities and the holding period of the average investor is a crucial source of inefficiency in market valuations. Moreover, longer holding periods provide a tax advantage and minimize transaction fees.
Portfolio Construction
We operate what we would call a moderately concentrated portfolio. We target 25 total positions, with a standard deviation of 5. Our top 10 positions will consistently account for around half of our portfolio. We sometimes build individual positions with more than one security (for example, we might own a stock itself and call options on the stock), though we view this as one position, not two for the purposes of our 25 position target. When we develop a broader thesis worthy of conviction, we will target a portion of our portfolio towards that thesis, but divide the allocation amongst several separate and distinct securities.
Research
Too many advisors claim there is One Key, or One Secret, that allows them to buy stocks just as they are ready to go up. Simplicity is appealing, but we’ve found that magic and investment don’t mix. We think the Key to identifying investment opportunities lies in robust, well-rounded analysis, balanced across a variety of metrics.
Frequently Asked Questions
What does it mean to be a Fiduciary?
As a fiduciary, we are legally bound to act solely in the interests of our clients. In finance, the fiduciary standard is the single highest standard of care in an asset manager/client relationship. We take this obligation very seriously, and to that end, we have purposely structured our business to be designed with one goal: serving our clients’ best interests.
What do Fee-only and RIA
As a Fee-Only financial advisor we are only paid by the fee that our clients pay us. This means we don’t receive any commissions or referral fees for recommendations of financial products or services we give to our clients. By working with an advisor who is Fee-Only you know for sure that you will be receiving objective financial advice. Someone who is Fee-Based may work for a fee but also has the ability to receive commissions, it’s difficult for you to be sure how much you are really paying for advice with a Fee-Based or commissioned based financial advisor. RIA stands for Registered Investment Advisor, as a Registered Investment Advisor with the SEC, we have a fiduciary obligation to put our clients’ interests above our own. A financial advisor who is not an RIA is working more like a stock broker and is considered a registered representative of a larger firm and does not have a fiduciary obligation to put the clients’ interests first.
Who custodies my assets when I am a client of RGA?
All assets are custodied at our third-party broker clients. We use TD Ameritrade Institutional as our management platform, because TD Ameritrade has an outstanding balance sheet and low transaction costs. Your account is in your name, with your own login access, we simply build the strategy and execute on it for you. At no point do assets ever end up within our custody.
How does RGA get paid?
We are a “fee-only” advisor which means we get paid a fixed percentage of the assets under management in your account. We do not sell a single product and do not engage in any commission-based business. Clients may pay brokerage transaction fees for certain equity securities, which are charged by TD Ameritrade. Combined with our very low turnover (we make as few transactions as possible on an annualized basis), these transaction fees have little impact over the long-run.
How accessible is my advisor at RGA?
We pride ourselves on being available to our client’s needs. Communication is immensely important and everyone is free to speak with the Advisor making the actual decisions on your accounts.
Does RGA perform its own research?
All investment research is done in-house at RGA. We diligently inspect each potential investment to determine whether its risk/reward profile fits our clients’ needs.
How do I know my money will be safe?
Your investments are held with our third party custodian, TD Ameritrade. We never custody any of your investments. As your fiduciary, we can only execute trades in your account and bill for our services. We never have the ability to withdraw your investments. You will receive two sets of statements: one from TD and one from us.
Will my money be safe at TD?
TD Ameritrade, our custodian, is a member of the Securities Investor Protection Corporation (SIPC). The assets you have with TD Ameritrade are insured by the SIPC up to $500,000 for each separate account, including up to $100,000 in cash. TD Ameritrade is 45% owned by Toronto Dominion Bank one of the few AAA rated banks in the world. Unlike most of the other large brokerage firms, TD Ameritrade did not take any TARP money from the government in 2008/2009.
Are RGA’s fees tax deductible?
Investment fees and other expenses are no longer deductible per ‘Miscellaneous Deductions Subject to the 2% AGI Limit” in IRS Publication 529 (December 2019).
Do RGA partners invest their own money the same way as they do for clients?
Each of the RGA partners invest in the very same securities that our clients do, based on the same principles.
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