Successful investing isn't about finding the right stock or timing the market. It's about building a disciplined strategy and sticking to it, through volatility, headlines, and uncertainty. Portfolios are built using low-cost, tax-efficient ETFs (occasionally mutual funds) and designed around each client's financial plan, goals, liquidity needs, and risk tolerance.
I implement factor-based investment strategies grounded in decades of academic research. Exposure to factors like size, value, quality, profitability, and momentum has historically been associated with higher expected returns over long periods.
This approach is considered more aggressive than traditional portfolio management styles; however, research incorporating these factors into portfolios has shown significant diversification benefits when combined, especially across US and international markets. Over short time frames, these portfolios may drop more than a traditional portfolio, yet they tend to recover faster.
While I believe that the academic research supporting factor strategy investing is solid and not a statistical anomaly, I do recognize that all research is based on the past. And we recall that past performance doesn't guarantee future performance. To paraphrase Mark Twain's quote, "History doesn't repeat itself, but it often rhymes," I don't bank on these factors returning at their exact premiums, but I do anticipate them rhyming, and what was found in the research will remain generally true in future research 30 years from now. However, the greatest risk of this approach is that it may not play out the same way as it did in the past. That's why this is considered investing! There are no guarantees.
Research by finance professor Scott Cederburg challenges the conventional wisdom that you should become more conservative in your asset allocation as you age, near retirement, or especially when you retire.
His body of work has found that a globally diversified, 100% stock portfolio historically had lower failure rates in retirement than a traditional 60/40 portfolio. This is actually pretty earth-shattering, as it goes against what is traditionally taught in portfolio management!
The math and statistical significance behind his research is compelling. However, the biggest long-term risk for most investors who accept his approach isn’t volatility; it’s the psychological and emotional weight of living through portfolio drawdowns when the market inevitably crashes, which it will.
This is why I believe working with a financial advisor who knows investing research well and can coach and support you through these tough market environments is so valuable! As it’s been said, “Nobody gets hurt on a roller coaster unless they jump off.” My job, as your investment guide, is to keep you in your seat throughout the entire ride!
As a result, I tend to keep clients invested more aggressively than conventional advice would suggest, across all stages of life, within reason.
Rebalancing is done strategically, not mechanically based on a calendar. Vanguard’s whitepaper on rebalancing showed that the more frequently rebalancing occurred, the lower the return and the higher the tax bill. The truth is that most rebalancing is like pulling back on your winners before they’ve finished winning.
I monitor allocations regularly and consider rebalancing when drift exceeds established tolerance bands, typically using a 5/25-style framework, while factoring in taxes, transaction costs, and cash flows. These bands are wide enough to allow stocks, and certain segments of the stock market, to go on runs and make significant gains before trimming your gains and reinvesting the earnings elsewhere.
Rather than setting an arbitrary allocation based on age or a risk questionnaire score, I use a bucket strategy that matches assets to their purpose and timeline. This affects how a Client arrives at their asset allocation.
I consider this method more a “backing into your asset allocation” rather than arbitrarily picking an asset allocation based on your risk profile or age.
In retirement, the goal is to create a runway: holding enough cash or low-volatility assets to cover a couple of years or more of spending needs beyond guaranteed income sources like Social Security or a pension. That runway protects clients through a market downturn without forcing lifestyle cuts during the recovery, helping to minimize the risk of a bad sequence of returns. Everything beyond that runway stays invested for growth, helping offset inflation and maintain purchasing power over a retirement that could last 30+ years.
In the accumulation phase, most clients are invested 100% in equities, excluding a personalized cash reserve for emergencies or upcoming spending needs. This is often a combination of an Emergency Fund and a Sinking Fund. The reserve is sized based on income stability, risk temperament, and individual preferences, allowing everything else to grow aggressively over time.
I use Income Lab to help retirement clients monitor their spending through market cycles. When markets drop, guardrails help clients make informed adjustments before problems compound. When portfolios grow, they signal spending more or giving more generously, rather than leaving money on the table out of unnecessary caution.
Lastly, the purpose of a well-managed portfolio isn't to beat a benchmark, though I certainly believe in doing our very best because we don’t know what the future holds. Rather, the purpose is to support financial independence, fund the life you want to live, and give you the freedom to be generous. Investing is one of the most powerful tools for building long-term wealth, and it works best when it's disciplined, patient, and aligned with a plan.