Insights

1st Quarter Update and annual SEC Form ADV (disclosure brochure) and Privacy Policy

We are pleased to welcome four new clients to the firm this quarter. It’s an honor to serve you and we look forward to many years of working together. Thank you to those who continue to share what we do with friends and family.
1st Quarter Commentary
U.S. stocks ended the quarter modestly higher, which is a remarkable turn of events given the sell-off that kicked off the year. The U.S. large company S&P 500 Index returned 1.35% so far in 2016. New rules designed to stabilize China’s stock markets seem to have had the opposite effect, leading to dramatic downward swings in prices. These swings highlighted underlying weakness in the Chinese economy and led to growing concern about emerging markets and global growth. Weak global demand and continued supply growth spelled trouble for crude oil futures as they plunged to the lowest levels in years.
But as the quarter moved on, these fears subsided and equities began to turn higher. China’s market stabilized, even if the underlying concerns about the health of the country’s economy remained. Signs that oil producers were willing to talk about freezing supply at current levels helped bring crude prices off their lows. Add in both words and actions from global central banks that made it clear we are still in an era of very loose monetary policy, and equity markets in the U.S. were able to make up the lost ground in short order.*
Among equities, ZRC emerging market stock investments (funds and ETFs) were the best performers, followed by real estate investments, and value-oriented U.S. stock investments across the capitalization range (large, mid, and small companies). Every investment in your portfolio has a specific role and we are happy to discuss with you why we own that investment (even if it hasn’t performed well relative to other investments in the last year, month, or week).
Client Survey Results
Thank you to everyone who took the time to respond to our annual survey. We are overwhelmed, humbled, and flattered by the responses. While the typical response rate to such a survey is only 5% – 10%, we sent our survey to just over 200 of you and received 61 responses – for a 30% response rate!!!
The purpose of the survey was to provide our clients an opportunity to give us candid and anonymous feedback. Though we spend a lot of time staying at the forefront of the profession, we wanted to hear from you (not from some industry guru) that we are doing everything we can for you. As you’ve often heard us say, we strive to be pro-active in anticipating your needs, finding solutions, and helping you achieve your financial and life’s goals.
Overwhelming respondents were very pleased with our services, communications, ZRC meeting or exceeding their expectations, and are upbeat about the future. A few of the key findings we got from the survey;
80% – 95% of respondents “Agreed” that ZRC . . .
“… understands my goals for the future.”
“…takes a proactive approach to managing our relationship.”
“…calls and emails are returned promptly.”
“…confident in the skills and expertise ZRC has.”
“…comforted and reassured about my concerns.”
“…am more focused on the long-term performance of my investments.”
“…understand ZRC’s investment approach and have confidence in it.”
One thing we heard is that many respondents are interested in learning more about ZRC’s investment approach, how we select specific investments, and attending an educational event. Based on that, in future meetings and communications, we’ll be prepared to cover these topics in much greater detail with you. Additionally, we are looking into hosting educational events before the end of the year. One question we failed to ask was your opinion of our website! As we are about to begin a redesign of our website – please share with us anything you would like to see on it.
Lastly, below are a few of the individual responses we received.
“I value that each of you are so available.”
“We appreciate the personal touch.”
“I feel that you truly care about my family.”
“A sound investment strategy and financial security are what I value most.”
“I can see how we are achieving our financial plan and can retire with confidence.”
Annual ADV and Privacy Policy
On the home page of our website www.zrcwm.com at the bottom of the website you will find links to our updated Form ADV and Privacy Policy.
The Form ADV (also known as a “Disclosure Brochure”) is an important regulatory document we file with the United States Securities and Exchange Commission (SEC). As a Registered Investment Advisor, ZRC is required to update this document whenever there are material changes at the firm (and at least annually). The brochure provides important information about ZRC, its business practices, and the qualifications of its representatives. We recommend you read it and the Privacy Policy – and contact us if you have any questions.
If it has been some time since we reviewed your financial goals or something has changed in your financial life (you have changed jobs, lost a loved one, or are nearing retirement) – please call the office to schedule a meeting. As always, we are here to be a resource to you and those important to you.
 
Sincerely,
Barry N. Mendelson, CFP | Richard P, Clarke, CPA, PFS | Ryan K. Kosakura, CFA | John L. Davis, CFP