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January 18, 2011 - Vol 5 Issue 3
Dear Reader, Let Dan Richards help you make 2011 a breakthrough year for new clients. On Wednesday, Jan 26, Dan Richards is starting a six-week online program to help advisors boost prospecting results in 2011. Click here to learn more. If you are experiencing problems opening or navigating through our newsletters, we can send you a text-only version. Please send an email to feedback@advisorperspectives.com requesting the "text-only" version. If you have received this newsletter in error, or you do not wish to receive future newsletters, please reply to this email with the word “unsubscribe” in the subject line.
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 Refuting Meredith Whitney
By Robert Huebscher
Wealthy investors, seeking safe tax-free income, have historically centered their portfolios on municipal bonds. The fiscal problems faced by many states and local governments, however, are leading many to question that strategy, none more vocally than the analyst Meredith Whitney, who predicted 'hundreds of billions' in municipal bond defaults in a recent 60 Minutes interview. We present the rebuttal to Whitney.
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Put More Hours Back Into Your Day Sponsored Content by ByAllAccounts In today's fast-paced environment, we're all looking for more time to deal with high-priority tasks, and to meet with clients and prospects. Time has become one of our most valuable commodities. So why not take steps to streamline activities that are a drain on resources? Wondering how account aggregation technology can help put more hours back in your day? Sign up for this live webinar below (no hyperlink) on Jan 20th at 2PM ET to get all the details. The webinar will cover: Is it worth it to make the investment in aggregation technology? What systems does it integrate with? How will this technology fit into my practice as it grows? What is the implementation process?
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Richard Bernstein: The Antidote to Pessimism
By Robert Huebscher
For an antidote to the bearish sentiment coming from David Rosenberg, look at Richard Bernstein. In contrast to Rosenberg's vision of Japan's lost decade, Bernstein expects the S&P to outperform emerging markets, at least in the near term.
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Jeffrey Gundlach: The Greatest Investment Opportunity of 2011 and 2012
By Robert Huebscher
In June of 2007, against a backdrop of strong equity and corporate bond performance, Doubleline's Jeffrey Gundlach was one of the first to warn investors that sub-prime mortgages were 'a total unmitigated disaster, and they are going to get worse.' In an equally bold statement, last week he identified the asset class he considers the greatest investment opportunity for the next two years. Again, it was one for investors to avoid.
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Marketing Ideas I've Learned from My Clients
By Kristen Luke One of the favorite parts of my job is learning new ideas. Sometimes they come from campaigns that my clients have implemented over the years and sometimes these ideas come from collaborating with clients to find a solution to a problem they are facing. Here are my three favorite ideas from the past year.
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Working Smart v. Working Hard: Your Most Important Resolution for 2011
By Dan Richards
Of the countless resolutions advisors can make in 2011, there's one that could have the highest payoff - to work smarter, by building regular 'thinking time' into your business.
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Build Loyalty through Annual Client Reviews: Four Questions All Advisors Must Ask Their Clients By Ani Yessaillian In today's highly competitive marketplace, you'll never be able to grow your business if you're losing clients. Trust fosters loyalty - but how do you build that kind of trust with your clients? The annual review is one of your best opportunities.
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Rumble in the (Concrete) Jungle
By Mariko Gordon Investing, like boxing, has been responsible for more than a few black eyes and knockouts. Mariko Gordon applies lessons from the ring to your 2011 financial practices.
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Letters to the Editor A number of readers respond to Nancy Opiela's article, Tactical Asset Allocation and Market Timing: What's the Difference?, and one reader responds to Michael Lewitt's article, The Wages of Growth. Both articles appeared last week.
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Highlights from Market Commentaries
Below are the three most widely read commentaries during the last week:
 "Illusory Prosperity" - Ludwig von Mises on Monetary Policy
Perhaps more than any other economist, Ludwig von Mises got the theory of money and credit right, because he made distinctions between various forms of money and credit that are often conflated by other theorists. The amount of real physical investment in the economy is, and must be, precisely equal to the amount of output not allocated to consumption but instead to savings. Unlike many other economists, Von Mises not only recognized this identity, but carried it through to what it implied for monetary policy. "Illusory Prosperity" - Ludwig von Mises on Monetary Policy by John P. Hussman of Hussman Funds  Sushi with Dave
Consider the charts below the equivalent of 10,000 words explaining why the U.S. post-bubble economic and financial backdrop is looking more and more like the Japanese experience of the past two-decades. Sushi with Dave by David Rosenberg of Gluskin Sheff Call it the Wile E. Coyote Market While Bob Farrell's rule number nine warns us to be wary of widespread consensus opinions, it may well turn out that all the bullish Wall Street analysts end up being correct that 2011 proves to be another wonderful year. But the one thing we can assure you, as was the case in 2010, is that it will not be a straight line up. In fact, we would argue that there are more headwinds, potholes, and event risks this year than there were last year. Call it the Wile E. Coyote Market by David A. Rosenberg of Gluskin Sheff
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