# BakerAvenue Wealth Management — Full Content> Auto-generated from live site content for LLM ingestion. For a short curated link index instead, see https://www.bakerave.com/llms.txt.Transforming your wealth into the life and
legacy you envision.
We partner with you to build, preserve, and transition your wealth with care. Our in-house experts bring intention to every decision, delivering integrated solutions tailored to your needs. We seek to optimize your wealth to create the outcomes you value today and craft a legacy that endures for generations to come.## Case Study: Liquidity Events &<br>Wealth Transition<p>Liquidity events such as IPOs, acquisitions, and business sales are defining moments for executives and business owners. BakerAvenue’s liquidity event planning integrates pre-IPO financial planning, business exit wealth strategies, and post-transaction investment design to guide you from preparation through reinvestment. Our team coordinates tax, estate, and diversification strategies to protect your family’s financial future while honoring the legacy you’ve built.</p>## Case Study: Concentrated Stock &<br>Equity Planning<p>Concentrated stock positions can create both opportunity and risk, whether driven by executive compensation plans, business ownership, or long-held investments. BakerAvenue’s risk-managed investment strategies combine active and tax-aware investment management to support thoughtful diversification and income generation through options strategies. Our team coordinates equity planning to manage downside risk and enhance cash flow across market cycles.</p>## Case Study: Multi-Generational<br>Wealth & Legacy<p>High-net-worth families face complex challenges across every stage of wealth, from retirement planning and inheritance to navigating life transitions such as divorce. BakerAvenue’s wealth advisory services deliver integrated, multi-generational wealth planning that aligns investment strategy, tax efficiency, and estate design. Our fiduciary approach is designed to ensure that decisions reflect your values and long-term vision as we partner with you through life’s most important moments.</p>> "...we were a late addition to the BakerAvenue family, and [the tax manager] inherited our return at the last minute. She quickly dispelled any concerns I had and quickly dealt with our return. We are fans... [she] was fantastic, she was professional, thorough, responsive and a pleasure to work with. She is by far the best tax professional we have worked with." — Client Since 2026> "[Our advisor] is an exceptional wealth coach who takes the time to listen to our needs and risk tolerance levels. In addition to [our advisor], the extended team has provided value from tax planning to wills and trusts creation, as well as support with our daughters' inheritance trusts from their grandfather. It's been an amazing year working with [our advisor] and his team." — Client Since 2024> "Working with [my advisor] has helped me visualize and understand the financial portion of my life for the next few decades. [BakerAvenue’s tax team] has been a great aid in helping me understand how to optimize my selling of securities and retirement drawdown to optimize for my desired outcome. In all, I am very happy with the team delivering value individualized to my needs." — Client Since 2023> "Your staff are all responsive and highly responsible. To a person, they are available, give clear feedback and attend to any issue that needs to be addressed. We are most happy with the performance of the portfolios as well as the ancillary services including tax assistance/advice and estate planning. Your staff is top notch." — Client Since 2023> "[The tax manager and partner] were very prompt in setting up a pre-filing review that I requested and did a great job highlighting and explaining the (significant) differences from last year's taxes." — Client Since 2022> "Availability. Responsiveness. Patience. Care. Knowledge. I am very pleased with the service I receive from BakerAvenue. [Our advisor and tax partner] are great at responding to my questions and have really shared valuable information with me to educate me on finances and the best strategy for my retirement." — Client Since 2021> "...a conversation took place with [the Tax Team] and our wonderful [Advisor], in which [my partner/spouse] and I learned a great deal about how to organize our record-keeping for the new adventures we have undertaken which became, from a tax perspective, businesses. And we did so, with the additional help of our accountant. And in the end, the financial savings generated by your Tax Team have been huge, which we greatly appreciate! Plus, we are ever so much more organized for [the upcoming tax year] as well." — Client Since 2017> "...[The Investment] team has depth on the bench for investment knowledge & strategies. The crazy markets do not keep us awake at night. We know our investments are safe with you." — Client Since 2016> "[My advisor] and his team have been very responsive to promptly answering questions, explaining things clearly, and assisting in a variety of matters (especially helping me to detangle from K-1 investments), giving me great peace of mind and the confidence that led me to transfer more of my assets to the firm earlier in the year. I feel I am more than just a number and that it is not a bother when I ask questions or seek assistance outside of regular quarterly/semi-annual check-ins. I am looking forward to working with the tax department in handling my returns and working with [my advisor] to plan investments and strategies that will make sense for me (and eventually the portfolio my heirs will inherit)." — Client Since 2014## Services### Wealth Management
https://www.bakerave.com/wealth-managementPlan With Confidence. Live With Clarity.
Transforming Your Wealth Into the Life & Legacy You Envision<p>BakerAvenue partners with you to build, preserve, and transition your wealth with care. Our in-house experts bring intention to every decision, delivering integrated solutions tailored to your needs. We seek to optimize your wealth to create the outcomes you value today and craft a legacy that endures for generations to come.</p><p>As partners in your success, we help you define your personalized plan that communicates an understanding of your priorities, interests, and aspirations while effectively linking financial strategies to your life goals. Through our Growth, Lifestyle, and Legacy framework, we guide you through in-depth wealth management solutions and active portfolio management designed to grow and protect your wealth as you go through life’s defining moments.</p>
Personalized Wealth Management with BakerAvenue begins by first understanding and defining your life goals with your team of financial experts who are here for you before, during, and after any of life’s changes.- **Trust &amp; Estate Planning**:<p
class="body-text">Our team works with you to create a trust and estate plan that includes succession planning and asset protection. We’ll discuss power of attorney, living trusts, wills, guardianship, and probate (what probate is, and how and why you may want to avoid it). We’ll develop a tax-efficient succession plan for your children and grandchildren that incorporates your values and legacy wishes. In addition, we will evaluate trusts to make sure your assets are protected. If you already have an estate plan, we’ll review it and offer guidance for any adjustments to align it with your priorities.</p><p></p><p>When you’re ready to pass on your wealth, we’ll provide assistance on reducing estate and gift taxes, strategically managing your assets, and making distributions to your heirs – efficiently minimizing expenses, delays or probate.</p><p><a
class="btn btn--cta" href="/trust-and-estate-planning">Learn More</a></p>- **Tax Planning**:<p
class="body-text">BakerAvenue will evaluate your current situation to identify tax-planning opportunities and obligations, and to address new tax laws and how they apply to your circumstances. We’ll guide you through life decisions that have tax implications, such as structuring a new business, buying or selling property, gifting, contributing to a ROTH or traditional IRA, and retiring.</p><p></p><p></p><p>Our dedicated experts navigate through complex and ever-changing US tax codes to provide direction on how these laws can work for you. ​</p><p> <b><a
href="/tax-planning">Learn More</a></b></p>- **Retirement Planning**:<p>Retirement planning starts with talking about your timeframe and spending needs. Guidance for funding your future includes assessing the best balance of investments and tax-advantaged retirement accounts to help grow your wealth. Plus we look at other tools to safeguard your savings, such as living trusts, life insurance, and long-term care insurance.</p><p></p><p>When you are saving for a financially secure retirement, time really is money. We’ll help you understand your best options for investing over the long term to meet your goals. Then we work with you to manage asset allocations to keep you on track in retirement.</p><p><a
href="/financial-planning#retirement-planning-fp">Learn More</a></p>- **Risk Management**:<p>As part of our comprehensive approach to risk management, we understand the various insurance types and levels of coverage that clients need. Our team of advisors can identify gaps or overlaps in your current policies, and suggest ways to obtain and optimize necessary coverages for your family.</p><p>We’ll look at your current situation and assess your risk exposure and asset protection needs. We’ll evaluate your insurance policies and discuss options, including Life, Disability, Long-Term Care, Property &amp; Casualty, Auto, Umbrella, etc. We can recommend implementation plans and tap into a range of insurance professionals.</p><p><small>BakerAvenue is not an insurance company or agent and does not receive any compensation for policy recommendations.<small></small></small></p>- **Philanthropy**:<p>We advise clients on how to combine their passion and purpose with investments that deliver the performance to make meaningful change.</p><p>We pride ourselves on our commitment to understanding your core values and integrating them to provide a customized, strategic giving plan to achieve the highest possible impact with your investments. We deliver services for all levels of philanthropic giving – from individuals making their first investment, to those exploring entrepreneurial social initiatives that are bold, cutting-edge, and evidence-based. For those contemplating the establishment or growth of a family foundation, we perform high-level listening tours with all stakeholders to preserve generational values, optimize family harmony, and achieve long-term philanthropic impact.</p><p><a
href="/philanthropic-planning">Learn More</a></p><p
class="body-text"> <b> Other Resources: <br>
</b></p><ul><li> <a
href="/insights/article/philanthropy">Philanthropy and Your Guide to Giving</a></li><li> <a
href="/give">How to Get Started</a></li><li> <a
href="/insights/article/charitable-remainder-trust">Charitable Remainder Trusts</a></li></ul><ul></ul>- **Legacy Planning**:<p
class="body-text">Making your legacy an integral part of your wealth management plans can potentially save money for your heirs and beneficiaries. BakerAvenue works collectively to develop a family mission statement that captures your values and commitment to future generations. Our team of experts incorporate these values throughout every aspect of our work, and uses our learnings to guide and educate future generations on the responsibilities of wealth stewardship.</p><p
class="body-text">Our team includes specialists in estate planning, law, and tax strategy to assist with the complexities of inherited wealth. If you wish to ensure your gifts have a positive impact, our advisory team can create high-impact philanthropic giving plans that ensure your legacy and values are honored. Lastly, we provide guidance on financial well-being, stewardship education, and mentoring for future generations.</p><p></p>- **Family Office**:<p
class="body-text">Ultra-affluent individuals and families often have more complex situations and require services beyond the expected. For these clients, we offer customized analysis and guidance for complex financial-planning needs and family succession, including Family Governance, Trust &amp; Estate Planning, Financial &amp; Tax Planning, Investment Management, and Art Investments.</p><p
class="body-text">Our family office relationships are managed by the partners of our firm. We provide families peace of mind by helping to coordinate and manage the complexities of their financial lives. In addition, we design and oversee high-impact philanthropy and investment plans, and we partner with industry-leading companies to provide state-of-the-art cybersecurity and privacy protection for our clients. ​</p><p
class="body-text"><a
href="/family-office">Learn More</a></p>**Growth** —<h4>Maximize Your Investments</h4><div
class="oxford-blue-fg"><ul
class="oxford-blue-fg"><li>Maximize funds in tax-advantaged accounts with post-tax 401(k) contributions, back-door Roth conversions, and taking deferred compensation</li><li>Manage capital gains using tax-loss harvesting, Opportunity Zones, 1031 Exchanges, Section 121, and Charitable Trusts</li><li>Understand the complexities of stock options, such as AMT, RSUs, 83(b) elections, and when to exercise</li></ul><p></p></div>**Lifestyle** —<h4>Plan for the Future</h4><div
class="sycamore-fg"><ul
class="sycamore-fg"><li>Establish an estate plan optimizing family planning, asset protection, and tax-efficient structures</li><li>Utilize lifetime gifting strategies to transfer / protect wealth and maximize the estate and gift tax exemption</li><li>Analyze assets to understand tax basis, character, and appreciation potential in order to implement income and estate tax-efficiencies</li></ul><p></p></div>**Legacy** —<h4>Establish &amp; Protect Your Legacy</h4><div
class="brandy-rose-fg"><ul
class="brandy-rose-fg"><li>Identify financial goals and beneficiaries</li><li>Plan and implement optimal designs for life insurance, retirement, and education planning</li><li>Determine charitable intentions during life and death</li><li>Understand the potential estate and gift tax concerns you may be facing, as well as the optimal structures to eliminate or mitigate such taxes</li></ul><p></p></div>**Q: What is integrated wealth management, and how is it different from traditional financial planning?**<p>BakerAvenue&#8217;s integrated wealth management model combines investment management, in-house tax preparation, and estate planning under one roof, coordinated by a single advisory team. Traditional financial advisors focus primarily on financial planning and reliance on outside investment teams, and often require clients to coordinate separately with outside CPAs and estate attorneys. The integrated model eliminates those silos so that tax considerations directly inform investment decisions and estate strategies, and vice versa, in real time.</p>**Q: How does BakerAvenue approach wealth management for high-net-worth individuals?**<p>BakerAvenue structures wealth management around a Growth, Lifestyle, and Legacy framework designed to connect financial strategies to the defining moments of a client’s life. This includes personalized financial planning, active portfolio management, tax-efficient investing and planning, and estate structuring — all delivered by in-house specialists who are present before, during, and after life transitions such as retirement, a liquidity event, or the sale of a business.</p>**Q: What is a fiduciary wealth manager, and why does it matter?**<p>A fiduciary wealth manager is legally and ethically required to act in a client’s best interest at all times. BakerAvenue operates as a fee-only, fiduciary registered investment advisor (RIA), meaning the firm’s compensation is not tied to product sales or transaction volume, and every recommendation is made with the client’s goals as the sole priority.</p>**Q: When should a high-net-worth individual consider working with a wealth management firm?**<p>High-net-worth individuals typically benefit most from professional wealth management when their financial complexity exceeds what general financial planning can address. Common triggers include a liquidity event (IPO, business sale, or inheritance), concentrated stock exposure, multi-state tax obligations, or the need to coordinate an estate plan across multiple assets and beneficiaries. BakerAvenue works with clients at all stages of wealth accumulation and transition.</p>**Q: How does BakerAvenue incorporate tax planning into investment management?**<p>BakerAvenue&#8217;s in-house Enrolled Agents and investment advisors work on the same team, which means tax implications are evaluated in tandem with investment decisions. This includes strategies such as tax-loss harvesting, Roth conversion planning, optimal asset location across taxable and tax-advantaged accounts, and timing of capital gains realization. The result is a portfolio managed toward after-tax outcomes, not only pre-tax returns.</p>**Q: What does BakerAvenue&#8217;s wealth management include beyond investment management?**<p>Beyond portfolio management, BakerAvenue&#8217;s wealth management services encompass tax preparation and planning, estate planning, retirement planning, risk management and insurance review, and philanthropic strategy. These services are delivered by in-house specialists, allowing BakerAvenue to provide cohesive, conflict-free guidance across every dimension of a client&#8217;s financial life.</p>### Financial Planning
https://www.bakerave.com/financial-planningConfidently Enjoy the Lifestyle You Envision<p>Financial planning is the centerpiece of BakerAvenue’s wealth management process. We build comprehensive financial plans customized to the unique needs of each client.</p><ul><li>Goals planning with success rate probabilities</li><li>Budgeting and savings planning</li><li>Scenario stress testing</li><li>Customized and actively managed investment portfolios</li><li>Advanced cash flow planning</li><li>Tax analysis and strategies for current and future tax obligations</li><li>Incorporation of estate planning strategies</li><li>Concentrated stock solutions</li><li>Access to specialized investment management products</li></ul><h2></h2>- **Goals &amp; Cash Flow Planning**:<ul><li>Establishes near- and long-term financial goals with probability-weighted projections for success.</li><li>Comprehensive cash flow analysis across income sources, expenses, and savings targets.</li><li>Budgeting frameworks designed to sustain your lifestyle today while building long-term wealth.</li><li>Ongoing plan monitoring and adjustment as life circumstances and markets evolve.</li></ul>- **Retirement Planning**:<ul><li>Models retirement income needs, withdrawal sequencing, and longevity risk across multiple scenarios.</li><li>Social Security optimization and pension coordination integrated into your income strategy.</li><li>Tax-efficient distribution planning across all account types — IRAs, 401(k)s, Roth, and taxable.</li><li>Stress-tested projections to confirm retirement readiness in adverse market conditions.</li></ul>- **Marriage &amp; Divorce**:<ul><li>Financial planning through marital transitions, including asset coordination, cash flow restructuring, and updated beneficiary designations across accounts.</li><li>Pre- and post-nuptial financial analysis to clarify each partner’s full financial picture and establish a shared wealth strategy.</li><li>Divorce financial planning support, including asset division analysis, QDRO (Qualified Domestic Relations Order), coordination for retirement accounts, and modeling of post-settlement cash flow and net worth.</li><li>Full plan reassessment following a marital transition, including tax filing status changes, revised estate documents, and updated insurance coverage.</li></ul>- **Estate Settlement**:<ul><li>Guidance through the financial complexities of settling an estate, including asset inventory, valuation, and coordinated distribution in alignment with the decedent’s wishes.</li><li>Tax analysis of inherited assets, including step-up in basis planning, estate tax obligations, and income tax treatment of retirement account distributions.</li><li>Trust administration support in coordination with BakerAvenue’s in-house estate attorneys, ensuring efficient and compliant asset transfer.</li><li>Strategic review of inherited concentrated positions, illiquid assets, and alternative investments with a path forward that reflects the beneficiary’s own financial plan.</li></ul>**Q: What is the difference between financial planning and wealth management?**<p>BakerAvenue uses the terms to describe different but connected services: financial planning focuses on building a forward-looking roadmap across income, taxes, retirement, insurance, and estate goals, while wealth management encompasses the ongoing, integrated execution of that plan — including investment management, tax strategy, and estate planning working together. Many advisory firms separate these services; BakerAvenue delivers both under one roof through a single, coordinated team.</p>**Q: What does BakerAvenue&#8217;s financial planning process include?**<p>BakerAvenue’s financial planning process covers six interconnected areas: investment management, tax planning, estate and legacy planning, retirement income planning, risk management and insurance review, and philanthropic strategy. Rather than treating each as a standalone service, BakerAvenue integrates them into a single, continuously updated plan aligned with each client’s evolving life goals, organized around our Growth, Lifestyle, and Legacy framework.</p>**Q: What is BakerAvenue&#8217;s Growth, Lifestyle, and Legacy framework?**<p>BakerAvenue’s Growth, Lifestyle, and Legacy framework is a three-part structure used to organize a client’s financial priorities across time horizons. Growth planning focuses on tax-efficient wealth accumulation, including investment strategy, retirement accounts, and equity compensation. Lifestyle planning addresses current cash flow, protection, and near-term goals. Legacy planning covers estate design, generational transfer, charitable intent, and long-term wealth stewardship. The framework ensures every financial decision is connected to a client’s broader life objectives.</p>**Q: What is a fee-only fiduciary financial advisor, and is BakerAvenue one?**<p>A fee-only fiduciary financial advisor is compensated exclusively by client fees (not by commissions, product sales, or referral arrangements) and is legally required to act in the client&#8217;s best interest at all times. BakerAvenue operates as a fee-only registered investment advisor (RIA) and fiduciary, meaning every recommendation is made with the client&#8217;s goals as the sole priority, with no financial incentive to recommend any particular investment product.</p>**Q: How does BakerAvenue incorporate tax planning into financial planning?**<p>BakerAvenue employs in-house Enrolled Agents, holders of the highest tax credential awarded by the IRS, who work directly alongside the investment and planning team. This structure means tax implications are evaluated before financial decisions are made, not after. Services include tax-loss harvesting, Roth conversion planning, asset location across taxable and tax-advantaged accounts, capital gains timing, and multi-year tax projection modeling. The result is a financial plan managed toward after-tax outcomes.</p>**Q: How does BakerAvenue help clients plan financially for retirement?**<p>BakerAvenue&#8217;s retirement planning process begins by modeling each client&#8217;s projected income needs, gap analysis, and spending plan across retirement phases. From there, your advisor develops a strategy covering retirement account optimization (401(k), IRA, Roth), Social Security timing, Required Minimum Distribution (RMD) planning, gap-year Roth conversions, and transition from accumulation to distribution. Planning is integrated with the client&#8217;s tax and estate strategy to support wealth preservation alongside income generation.</p>**Q: How does BakerAvenue support clients through a liquidity event or business sale?**<p>BakerAvenue guides clients through liquidity events — including business sales, IPOs, and significant inheritances — by coordinating the tax, investment, and estate dimensions of the transition simultaneously. Pre-transaction planning may include entity structuring, Qualified Small Business Stock (QSBS) analysis under Section 1202, installment sale structuring, and charitable trust design. Post-transaction, the firm develops a long-term wealth management plan aligned with the client&#8217;s new financial position and goals.</p>**Q: How is investment management connected to financial planning at BakerAvenue?**<p>At BakerAvenue, investment management is not a separate service, it is built directly into the financial plan. Portfolio construction reflects each client&#8217;s tax situation, time horizon, liquidity needs, risk tolerance, and estate goals. Decisions such as asset location, tax-loss harvesting, rebalancing frequency, and alternative asset allocation are made in coordination with the overall financial plan, ensuring the portfolio supports the client&#8217;s broader objectives rather than operating independently.</p>**Q: Does BakerAvenue offer financial planning for families with multi-generational wealth?**<p>Yes. BakerAvenue provides multi-generational financial planning services that address the complexity of coordinating wealth across family members, entities, and generations. Services include family governance design, trust structuring for generational transfer, financial education and stewardship mentoring for heirs, and coordination among family advisors including attorneys and CPAs. For ultra-high-net-worth families, these services are delivered through BakerAvenue’s <a
href="/family-office" title=""><b>Family Office practice</b></a> with direct partner-level attention.</p>**Q: How do I get started with financial planning at BakerAvenue?**<p>BakerAvenue begins every new client relationship with an introductory conversation focused on understanding the client’s current financial picture, priorities, and near- and long-term goals. From there, the advisory team develops a personalized financial plan and coordinates implementation across investment management, tax planning, and estate strategy. To learn more, <a
href="/contact" title=""><b>contact us</b></a> or <a
href="/schedule" title=""><b>schedule an introductory meeting</b></a>.</p>### Tax Planning
https://www.bakerave.com/tax-planningIt’s Not Only What You Earn, It’s What You Get To Keep<p
class="intro-copy text-center">Our experts can support you in navigating the complexities of the US tax code and probates. We provide guidance on current and prospective tax regulations to assist you through life decisions that have tax implications.</p><p></p><p></p><ul><li>Maximizing tax-deductible retirement contributions</li><li>Planning for tax-free income in retirement</li><li>Using lower-income years (“gap years”) between working and taking RMD distributions</li><li>Tax-loss harvesting to minimize taxable income</li><li>Selling an investment property tax-efficiently</li><li>Diversifying concentrated stock portfolios tax-efficiently</li><li>Maximizing tax benefits of charitable donations</li><li>Strategies to tax-efficiently pass estate to heirs</li></ul><p> <br
style="display: block; content: " ";="" margin-top:="" 5px;"=""></p><h3>BakerAvenue’s Enrolled Agents</h3><p>The Enrolled Agent license is the highest tax credential awarded by the IRS. Our experts have obtained this elite certification, and bring with them experience from the Big 4 accounting firms, law firms, and banking. They are committed to ensuring that the advice you receive is timely and tailored to your circumstances.</p>- **Investments**:<p><b>Lower Rates:</b></p><ul><li>Fully utilize lower rates for capital gains vs. ordinary income</li><li>Know when and how to avoid net investment income</li><li>Hold stocks for qualified dividends that are taxed at preferential rates</li><li>Employ tax-loss harvesting to match realized gains and losses</li></ul>- **Retirement**:<p><b>Apply Deductions:</b></p><ul><li>Apply deductions to pension plans and retirement accounts</li><li>Implement rollover and conversion strategies for tax-free income</li><li>Use gap years to recognize gains and convert to Roth IRA</li><li>Donate using qualifying charitable distributions from IRAs to satisfy RMD requirements</li><li>Utilize triple-exempt bond investments for tax-free income in retirement</li></ul>- **Estate Planning**:<p><b>Transfer Taxes:</b></p><ul><li>Monitor impact of transfer taxes (estate and gift) on current estate value</li><li>Fully use current exemption amounts through lifetime gifting strategies</li><li>Review legislative developments as they affect your estate</li><li>Consider use of specialized trusts to remove assets from taxable estates, favor selected charities, and pass wealth to heirs</li></ul>- **Concentrated Stock**:<p><b>Diversify:</b></p><ul><li>Understand charitable giving solutions to defer taxes on stock diversification strategy</li><li>Implement tax-loss harvesting strategy to offset gains on income tax returns</li><li>If stock positions include significant incentive stock options, estimate alternative minimum tax (AMT) exposure when exercising options and use the taxes through AMT credit off-set</li></ul>**Q: What is tax-aware investing, and how does it differ from standard investment management?**<p>Tax-aware investing means every portfolio decision, from asset selection to rebalancing to loss harvesting, is evaluated through a tax lens before execution. Standard investment management typically optimizes for pre-tax returns; tax-aware investing targets after-tax wealth accumulation. BakerAvenue&#8217;s in-house Enrolled Agents work directly alongside investment advisors, enabling real-time coordination between portfolio strategy and tax planning, which is a structural advantage most advisory firms do not have.</p>**Q: What is an Enrolled Agent, and why does BakerAvenue have them on staff?**<p>An Enrolled Agent (EA) holds the highest tax credential awarded by the IRS, authorizing the holder to represent taxpayers before the IRS in all matters. BakerAvenue employs Enrolled Agents with backgrounds at Big 4 accounting firms, law firms, and financial institutions. By embedding this level of tax expertise in-house, rather than referring clients to outside CPAs, BakerAvenue integrates tax strategy directly into investment and estate planning decisions.</p>**Q: What tax strategies are available to high-net worth clients to reduce capital gains?**<p>BakerAvenue employs a range of capital gains reduction strategies for high net-worth clients, including tax-loss harvesting, qualified opportunity zone (QOZ) deferral and potential exclusion, charitable remainder trusts (CRTs) to convert appreciated assets into a tax-deferred income stream, and donor-advised funds (DAFs) for immediate charitable deductions. The optimal combination depends on each client&#8217;s profile, asset type, holding period, and charitable objectives.</p>**Q: How do Roth conversion strategies work for high-net-worth individuals?**<p>A Roth conversion involves transferring funds from a traditional IRA or 401(k) into a Roth IRA, paying income tax on the converted amount now in exchange for tax-free growth and tax-free distributions in retirement. For high-net-worth individuals, the optimal window for Roth conversions is often a &#8216;gap year&#8217; — a period between retirement and Required Minimum Distributions (RMDs) when taxable income is temporarily lower. BakerAvenue models multi-year Roth conversion schedules designed to minimize lifetime tax liability across ordinary income, capital gains, and estate tax dimensions.</p>**Q: How should I approach tax planning during a business sale or liquidity event?**<p>A business sale or liquidity event compresses what is normally a multi-year tax planning horizon into a single transaction. BakerAvenue advises clients on pre-transaction strategies including installment sales, Qualified Small Business Stock (QSBS) exclusions under Section 1202, charitable trust structures, and entity structuring to reduce ordinary income and capital gains exposure. Planning ideally begins months before a transaction closes, as many strategies lose effectiveness once a deal is signed or funded.</p>**Q: What is the difference between tax preparation and tax planning, and does BakerAvenue offer both?**<p>Tax preparation is the filing of past-year returns; tax planning is the forward-looking strategy to structure decisions in ways that reduce future tax liability. BakerAvenue provides both services in-house. The firm&#8217;s Enrolled Agents prepare annual returns for clients and simultaneously integrate those findings into the broader wealth management plan, identifying opportunities for the current and future tax years based on each client&#8217;s evolving financial picture.</p>### Estate & Trust Planning
https://www.bakerave.com/estate-planning and https://www.bakerave.com/trust-and-estate-planning (same content, two live routes)Ensuring Your Legacy Is Defined & Maintained<p>Our team will collaborate with you and your legal counsel to ensure that you establish and execute an estate plan that is specifically tailored to meet your goals. Your estate plan works best when it is kept up to date with your evolving personal and financial circumstances. We will help ensure that any requisite changes to your plan are carefully considered and properly implemented.</p><ul><li>Analyzing your assets to help you understand how your estate and financial plan currently function</li><li>Helping you identify structures to protect your assets and beneficiaries</li><li>Providing insight on estate and gift tax mitigation strategies</li><li>Identifying federal or state specific transfer regulations that may impact you</li><li>Reviewing your plan with you to ensure that it is up to date</li><li>Partnering with you to design a plan that is optimized for you and your loved ones</li></ul><p> <br
style="display: block; content: " ";="" margin-top:="" 5px;"=""></p><p>Estate planning can be an uncomfortable subject that many people prefer not to discuss because it involves confronting difficult scenarios. However, establishing an estate plan and keeping it updated is important in order to avoid unintended consequences for your family and other beneficiaries.</p><h3>REVOCABLE ESTATE PLANNING DOCUMENTS</h3>- **Revocable Trust**:<ul><li>Primary document in a Trust-based estate plan</li><li>Contains the dispositive provisions of your plan (i.e., who gets what)</li></ul>- **Will**:<ul><li>Primary document in a Will-based plan</li><li>In a Trust-based plan, the Will functions in coordination with your trust to manage assets that are not in your trust at the time of your death</li></ul>- **Power of Attorney**:<ul><li>Allows you to appoint an individual to act on your behalf for financial matters if you become incapacitated</li></ul>- **Health Care Directive**:<ul><li>Allows you to appoint an individual to act on your behalf for medical matters if you become incapacitated</li></ul>**Q: What documents do I need for a complete estate plan?**<p>A comprehensive estate plan typically includes four core documents: a revocable trust or will (which governs asset distribution), a durable power of attorney (authorizing someone to manage financial matters if you become incapacitated), a health care directive (authorizing someone to make medical decisions on your behalf), and beneficiary designations on retirement accounts and insurance policies. BakerAvenue works with clients and their legal counsel to ensure all documents are current, coordinated, and aligned with the client’s overall financial plan.</p>**Q: What is the difference between a will and a revocable trust, and which do I need?**<p>A will directs how assets are distributed after death but passes through probate, a court-supervised process that can be time-consuming and costly. A revocable trust achieves the same distribution goals while bypassing probate, providing privacy, and allowing more efficient administration across multiple states or asset types. For high-net-worth clients with complex assets, multi-state properties, or privacy concerns, a trust-based estate plan is typically the better option.</p>**Q: How do I reduce estate taxes for my heirs?**<p>Estate tax reduction strategies vary and depend on a client’s particular circumstances and goals. Utilizing various exemptions, including the annual gift tax exclusion and/or the unified estate and gift tax exemption, are essential. Various trust structures such as Spousal Lifetime Access Trusts (SLATs) and Grantor-Retained Annuity Trusts (GRATs) can be leveraged to transfer appreciating assets outside the taxable estate. Charitable exemptions and vehicles such as charitable remainder trusts (CRTs) and donor-advised funds (DAFs) may also find their way into a design. BakerAvenue evaluates each client’s estate exposure and coordinates gifting and trust strategies with the investment and tax planning teams to help minimize transfer taxes across generations.</p>**Q: How often should I review and update my estate plan?**<p>Estate plans should be reviewed every five or so years or after any major life event — marriage, divorce, the birth of a child or grandchild, the death of a beneficiary or named fiduciary, a significant change in net worth, or a move to a different state. BakerAvenue conducts ongoing reviews as part of its wealth management relationship to ensure the estate plan remains aligned with each client&#8217;s current circumstances and with any changes in federal or state tax law.</p>**Q: What is a corporate trustee, and when should I consider one?**<p>A corporate trustee is an institutional entity, such as <a
href="/trust-services" title=""><b>BakerAvenue Trust Company</b></a>, appointed to administer a trust rather than an individual family member or friend. Corporate trustees offer continuity of administration across generations, institutional investment expertise, impartiality in discretionary distribution decisions, and regulatory oversight. Corporate trustees provide value in a variety of situations including complex estate settlements, dynasty trusts administrations, or when family dynamics make an independent trustee preferable.</p><p><small>Baker Avenue Asset Management, LP is a Trust Representative Office of National Advisors Trust Company (NATC) and National Advisors Trust of South Dakota, Inc. (NATSD) doing business as BakerAvenue Trust Company.</small></p>**Q: How does estate planning connect to investment management and tax strategy?**<p>Effective estate planning cannot be designed in isolation. It requires alignment with the investment portfolio (e.g., which assets to hold in trust versus individual ownership), the tax plan (e.g., timing of gifts to use exemptions before legislative changes), and the overall financial plan (e.g., ensuring liquidity for estate taxes does not require forced asset sales). BakerAvenue’s in-house integration of wealth management, tax, and estate planning allows the firm to design estate strategies that are financially coherent, tax-efficient, and executable.</p>### Executive Compensation
https://www.bakerave.com/executive-compensationTurn Complex Equity Compensation Into Lasting, Tax-Aware Wealth<p>For executives, founders, and employees navigating concentrated or highly appreciated stock, incentive stock options and AMT exposure, or a pending IPO, BakerAvenue brings investment management, in-house tax planning, and estate planning together under one roof to help you diversify, reduce tax exposure, and plan your next chapter.</p><p>Concentrated wealth creates complex decisions. BakerAvenue helps clients work through them with a coordinated team.</p><ul><li>When should I exercise my options?</li><li>How do I protect the value of my shares?</li><li>How can I reduce my tax exposure?</li><li>How do I obtain funds to exercise?</li><li>How much should I sell — and when?</li></ul><p></p>{ecs_services}
- **{ecs_services:title}**: {ecs_services:sv_description}
{/ecs_services}### Concentrated Stock
https://www.bakerave.com/concentrated-stockStriving to Optimize Concentrated Wealth<p>BakerAvenue employs a multi-disciplinary approach that strives to optimize the value of concentrated stock positions. We encompass solutions for strategic diversification, hedging, income generation, and tax minimization. Through a synthesis of Technical, Macro, and Fundamental disciplines, we guide clients through the complexity of managing a concentrated stock position while simultaneously working towards maximizing its potential value.</p><p><span>This expertise extends to many of the complexities </span>that often accompany concentrated positions, including highly appreciated assets, Incentive Stock Options (ISOs) and Alternative Minimum Tax (AMT) considerations, alternative investments, and planning surrounding pre- and post-IPO liquidity events. View <a
href="/executive-compensation" target="_blank">executive compensation strategies</a> to diversify and reduce tax exposure to learn more.</p><p></p><ul><li>Strive to add value with comprehensive competency on a single-stock concentration</li><li>In-depth technical, macro, fundamental analysis of the stock, company, and market</li><li>Monitor business and developments: earnings updates and competitive landscape</li><li>Recommend actions designed to optimize concentrated stock position</li></ul><h2>A Framework Built to Optimize Your Concentrated Stock</h2><p>We evaluate every available path in an effort to build a strategy aligned with your goals and timeline.</p><p></p><ul><li> Deliver comprehensive strategies designed to protect and grow your wealth</li><li>Seek to maximize the value of your position through rigorous tax planning</li><li>Aim to maintain upside exposure while protecting against substantial loss through options-based income strategies and active hedging</li><li>Look to transform your concentrated stock into a vehicle intended to have generational impact through gifting strategies, charitable vehicles, and estate planning</li></ul>- **Diversification &amp; Monetization**:<p>We help construct a personalized portfolio mix designed to balance income, growth, and legacy objectives.</p><ul><li>Lifestyle-oriented allocations, including dividend-paying stocks, high-quality equities, and municipal or taxable bonds, designed to help generate disposable income while protecting purchasing power.</li><li>Growth allocations that seek higher returns through momentum and growth stocks, emerging markets, and alternative investments such as private equity and venture capital, with commensurate risk tolerance.</li><li>Legacy allocations intended to prioritize long-term capital preservation through growth equities, real estate, natural resources, and absolute return strategies intended to transfer wealth to future generations or beneficiaries.</li></ul>- **Tax-Reduction Strategies**:<p>We take a systematic approach to tax planning, reviewing your full tax picture to help ensure that every diversification decision, charitable strategy, and estate move is optimized for after-tax outcomes:</p><ul><li>Analyze prior-year tax returns and all stock compensation awards to ensure diversification is achieved in a tax-optimized manner, with particular attention to Same Day Sale versus Exercise and Hold decisions and long-term capital gains rate optimization.</li><li>Track all <b>Alternative Minimum Tax (AMT)</b> incurred to ensure timely recovery of available AMT credits in subsequent years.</li><li>Apply tax-loss harvesting across your portfolio throughout the year, not just at year-end, to offset gains and reduce tax drag.</li><li>Evaluate <b>Charitable Remainder Trust (CRT)</b> structures to defer capital gains taxes on diversification while generating upfront charitable deductions and supporting philanthropic goals.</li><li>Integrate lifetime gifting strategies using the current federal estate and gift tax exemption to reduce estate tax exposure and coordinate income and capital gains planning within your broader estate plan.</li><li>Proactively model the impact of proposed tax law changes to ensure your strategy remains optimized under evolving legislation.</li></ul>- **Gifting &amp; Philanthropy**:<p>Strategic charitable giving allows you to diversify concentrated stock positions, potentially reducing tax liability, while supporting the causes and communities that matter most to you.</p><ul><li>Gifting appreciated stock directly to a charity or Donor-Advised Fund (<b>DAF</b>) may eliminate capital gains tax on the transferred shares while generating a fair-market-value charitable deduction.</li><li>A <b>Donor-Advised Fund (DAF)</b> can provide immediate tax benefits while allowing you to recommend grants to charitable causes over time.</li><li>A <b>Charitable Remainder Trust (CRT)</b> allows you to transfer concentrated stock into a trust, defer capital gains taxes, receive an income stream for a defined period, and direct the remainder to charity, combining diversification with philanthropic impact.</li><li>We integrate lifetime gifting strategies with your estate plan to make full use of the federal gift and estate tax exemption, potentially reducing the taxable value of your estate while transferring assets to heirs or beneficiaries during your lifetime.</li></ul>- **Generating Income**:<p>While traditional hedging approaches employ a static “hedge-it-and-forget-it” mentality, we believe in an active approach designed to optimize the value of the concentrated stock position.</p><ul><li>We use options strategies in an effort to create income from concentrated positions and hedging strategies to safeguard the positions against substantial loss.</li></ul>- **Hedging &amp; Reducing Risk**:<p>We leverage options strategies to potentially create income from concentrated positions and safeguard the positions against substantial loss.</p><p></p><ul><li>Collars offer minimum price level for sale (put) while retaining upside exposure to call strike (call) mitigation levels</li><li>Flexibility to select call and put strike prices to achieve desired payoffs and risk</li></ul><h3 style="margin-top: .75rem; margin-bottom: .75rem;">Potential Benefits</h3><ul><li>Upside participation to call strike price</li><li>Helps protect against significant declines on a stock below put strike price</li><li>Retain shares, dividends, and voting rights</li></ul><h3 style="margin-top: .75rem; margin-bottom: .75rem;">Risks and Considerations</h3><ul><li>Upside capped above call strike price (unless calls are bought back)</li><li>Exposure to losses down to put strike price</li></ul>**Q: What is a concentrated stock position, and why is it considered a risk?**<p>A concentrated stock position occurs when a single stock represents a disproportionate share of an investor’s total portfolio, often as a result of equity compensation, a long-held investment, or a liquidity event. While concentration can generate significant wealth, it also exposes the portfolio to the performance of a single company, increasing the risk of substantial loss without the offset of diversification. BakerAvenue specializes in helping clients evaluate, manage, and systematically reduce concentrated positions while seeking to minimize tax consequences.</p>**Q: How can I diversify a concentrated stock position without triggering a large capital gains tax bill?**<p>BakerAvenue employs several strategies designed to diversify concentrated stock positions tax-efficiently, including exchange funds, charitable remainder trusts (CRTs), qualified opportunity zone (QOZ) investments, and tax-loss harvesting to offset realized gains. The right approach depends on your specific tax basis, holding period, charitable intent, and liquidity needs. A BakerAvenue advisor can model multiple scenarios to identify the strategy, or combination of strategies, that are designed to optimize your after-tax outcome.</p>**Q: What options do I have for managing Incentive Stock Options (ISOs) and Alternative Minimum Tax (AMT)?**<p>Incentive Stock Options (ISOs) require careful planning because exercising ISOs can trigger significant AMT liability depending on the spread between the strike price and fair market value at exercise. BakerAvenue&#8217;s approach includes modeling AMT exposure before exercise, identifying the optimal number of shares to exercise in a given tax year, and applying AMT credits in future years when regular tax liability exceeds AMT. The firm also advises on 83(b) elections for early exercise and holds deep expertise in pre- and post-IPO planning scenarios.</p>**Q: What should I do with my company stock before or after an IPO?**<p>Pre-IPO and post-IPO planning require fundamentally different strategies. Before an IPO, clients may have opportunities to exercise options at a lower valuation, make 83(b) elections, or transfer shares to trusts to reduce future estate and income tax exposure. After an IPO, lockup expiration, trading window restrictions, and Rule 10b5-1 plan construction become central considerations. BakerAvenue guides clients through both phases with a coordinated tax, investment, and estate planning approach.</p>**Q: How does BakerAvenue manage concentrated stock differently from other wealth managers?**<p>BakerAvenue’s in-house concentrated stock team uses a multi-disciplinary investment framework integrating technical, macro, and fundamental analysis to evaluate the risk and timing dimensions of a position, not only the tax implications. This allows our team to assess when diversification makes sense relative to the underlying company’s trajectory, rather than applying a one-size-fits-all diversification schedule. Combined with in-house tax expertise, the firm structures a coordinated plan addressing concentration risk, tax liability, and portfolio construction simultaneously.</p>**Q: Can I generate income from a concentrated stock position while planning a longer-term diversification strategy?**<p>Yes. BakerAvenue offers strategies to potentially generate income from concentrated positions, including covered call writing and other options-based structures, which can produce cash flow while a longer-term diversification plan is developed. These approaches can also provide a measure of downside protection. An advisor will evaluate your specific position, tax basis, and risk tolerance to determine which income-generating strategies are appropriate for your situation.</p>### Family Office
https://www.bakerave.com/family-officeEnsuring Your Legacy Lasts for Lifetimes<p>Preserving family wealth and purpose across generations requires more than traditional investment management. It calls for disciplined planning, thoughtful governance, and a coordinated approach that helps families navigate complexity while building a lasting legacy.</p><p><span>Our Family Office relationship team works closely with </span>you and your family to help organize, oversee, and institutionalize the many dimensions of your financial life — from wealth planning and risk management to family priorities, philanthropy, and succession. We focus on helping families make informed decisions today that support their values, vision, and long-term continuity for generations to come.</p><p>With dedicated partner-level attention, we provide the insight, coordination, and high-touch service needed to address the practical realities and evolving responsibilities of significant wealth. Our role is to serve as a trusted advisor to your family, helping transform wealth into an enduring legacy.</p><p>BakerAvenue’s family office offering is built for those whose wealth has evolved into highly complex matters — those managing interconnected assets, multiple advisors, real estate, philanthropy, and complex tax situations. Our service delivers a single, coordinated layer of oversight so you can focus on what matters most, and feel confident that every dimension of your financial life is being managed with continuity and discretion.</p><p></p><ul><li>Unified approach to managing complex, multifaceted assets across investment, tax, and estate dimensions</li><li>Direct access to firm partners ensures continuity, discretion, and consistently high-touch service</li><li>Investment management, estate and tax planning, risk management, liquidity solutions, and external advisor coordination under one roof</li><li>Strategic design of giving initiatives, nonprofit governance, and multi-generational legacy frameworks</li><li>Oversight of properties, household staff, travel logistics, and major purchases</li><li>Advanced digital, personal, and financial security protocols through best-in-class partners</li></ul>- **Simplifying the Complex**:<p>We help families simplify the complexities of significant wealth by building the processes, systems, and governance needed to manage assets with greater clarity and confidence — freeing you to focus on your family, lifestyle, and legacy.</p>- **Senior-Level Attention**:<p>At BakerAvenue, partner-level attention is not a promise made during the introduction — it is how we manage the relationship. Family office clients are advised directly by experienced partners and stakeholders of the firm, with no hand-off to junior staff and no dilution of accountability over time.</p>- **Wealth Management**:<p>We provide a comprehensive suite of services:</p><ul><li>Wealth &amp; Investment Management</li><li>Trust &amp; Estate Planning</li><li>Tax &amp; Gifting Strategies</li><li>Risk Management</li><li>Strategic Cash Management</li><li>Pre- and Post-IPO Planning</li><li>Access to Capital Markets</li><li>Guidance, Education, and Mentoring for Your Future Generations</li><li>Collaboration with Your Team of Advisors</li></ul><p> BakerAvenue also provides governance and investment strategies that are uniquely designed for non-profit boards, diverging from traditional finance advisement to meet your specific legacy and fiscal challenges.</p>- **Philanthropy &amp; Impact**:<p>We review, design, and implement tailored, high-impact philanthropic giving plans by understanding your goals and bridging your financial and social objectives. In addition, we provide consultative services related to best practices for philanthropic investments.</p>- **Lifestyle Management**:<ul><li>Airplane/jet leasing</li><li>Personal and cyber security</li><li>Estate document management</li><li>Real estate purchase coordination</li><li>Financial alternatives and collectibles, such as art investments</li><li>Travel planning, including flights, accommodations, and ground transportation</li></ul>- **Estate Management**:<ul><li>Oversee estate operations and maintenance</li><li>Oversee home projects and initiatives</li><li>Coordination of vendors and household staff</li><li>Develop household budgets related to household staff</li><li>Streamline processes and improve operational efficiency of estate operations</li><li>Move planning and coordination</li><li>Home organization</li></ul>- **Privacy &amp; Security**:<p>We are committed to protecting our clients’ privacy and security. We partner with vetted, industry-leading companies to provide solutions for identity theft, password protection, and document and email encryption.</p>**Q: What is a family office, and how do I know if I need one?**<p>A family office is a private advisory structure that provides integrated wealth, tax, estate, investment, and lifestyle management services. Individuals or families with complex, multi-generational wealth, significant alternative assets, private foundation responsibilities, or a need for coordinated management across many professional advisors typically benefit most. BakerAvenue’s Family Office practice serves ultra-affluent clients whose needs extend beyond traditional wealth management.</p>**Q: What services does BakerAvenue&#8217;s Family Office include?**<p>BakerAvenue’s Family Office services encompass wealth and investment management, trust and estate planning, tax and gifting strategies, risk management, strategic cash management, pre- and post-IPO planning, access to capital markets, and education and mentoring for the next generation. The firm also provides lifestyle management services, including real estate purchase coordination, financial alternatives and collectibles (such as art investments), personal and cybersecurity, and estate operations management.</p>**Q: How is BakerAvenue&#8217;s Family Office different from a traditional wealth manager?**<p>The primary distinction is depth and seniority of attention. BakerAvenue&#8217;s Family Office relationships are managed exclusively by firm partners. All services, from investment oversight to estate coordination to philanthropic strategy, are delivered through a single, cohesive team with direct partner access. There is no hand-off to support staff, and no siloed service delivery across disconnected departments.</p>**Q: What role does a family office play in multi-generational wealth transfer?**<p>A family office plays a central role in multi-generational wealth transfer by coordinating the legal, tax, investment, and governance dimensions of the transfer over time. BakerAvenue works with families to develop family governance structures, design trust architectures that protect and grow assets across generations and provide financial education and stewardship mentoring for heirs. The goal is not simply to transfer wealth, but to transfer the values and decision-making capacity that sustain it.</p>**Q: Can BakerAvenue help establish or manage a private foundation?**<p>Yes. BakerAvenue’s Family Office team assists families with the formation and ongoing management of private foundations, including crafting a mission statement and giving strategy, designing a tax structure that optimizes the foundation’s assets, establishing board governance, and integrating the foundation’s investment portfolio with the family’s broader wealth strategy. We also provide guidance on philanthropic best practices and impact measurement.</p>**Q: How does BakerAvenue protect the privacy and security of ultra-high-net-worth families?**<p>BakerAvenue partners with vetted, industry-leading firms to provide cybersecurity and privacy protection, including identity theft prevention, password management, document and email encryption, and personal security coordination. These services are integrated into the Family Office relationship and delivered alongside investment and estate management, recognizing that for ultra-affluent families, financial security and personal security are inseparable.</p>### Investing Overview & Investment FAQs
https://www.bakerave.com/investing-overview and https://www.bakerave.com/invest_faqs (same content, two live routes)View Our Investment Series<p><span>Watch our “Money Clips” to learn more about the foundations of investing.</span></p>Investing
- **Investing**:<p><b>Overview for New Investors</b></p><p>Regardless of what generation you are, learning how to invest is a powerful skill that can provide you with an edge. Learn more about how you can get started in investing and view <a
href="/investment-terms">commonly used investment terms</a>.</p><p><b> </b></p>How to Choose the Right Type of Advisory Firm
- **How to Choose the Right Type of Advisory Firm**:<p>There are many different offerings within the financial services industry for financial management companies, including asset management, wealth management, and family office services. When choosing an advisor, it’s key to understand the differences between these terms and the capabilities that different types of managers offer. View this video or read more on <a
href="https://blog.bakerave.com/blog/choosing-a-financial-advisor?hsLang=en" title="">choosing a financial advisory firm</a>.</p><p>Transforming your wealth into the life and legacy you envision.</p><p>If you are interested in our comprehensive wealth management services, please send us a note or <a
href="/schedule" title="">click to schedule</a> an introductory meeting.</p><p></p><p>To speak with your advisor, contact them <a
href="/schedule" title="">here.</a></p>### Investments
https://www.bakerave.com/investmentsAchieve Your Long-Term Financial Goals
Grow & Protect Philosophy<p>BakerAvenue believes that achieving long-term financial success demands an investment philosophy that grows and protects financial assets. To achieve this goal, a key pillar of our investment philosophy seeks to defend capital against severe down markets. Our process combines three primary investment disciplines, Technical, Macro, and Fundamental analyses, into one comprehensive view.</p><p>Multiple points of view lead to a broader perspective.</p><p>In today’s complex financial world, with its hyperconnected markets, we believe relying on one singular investing point of view is narrow-minded. Yet, many managers still do. Our process blends three primary investment principles into a focused strategy: Technical, Macro, and Fundamental (TMF) Analysis.</p><p>By bringing all three perspectives together, we take a more thorough and prudent approach resulting in deeper insights for the long-term.</p><h2>Our Strategies</h2>- **Equities**:<ul><li><span
class="strategy">Dynamic Core</span> – Actively manages holdings and risk with broad market exposure, raising cash in severe down markets to preserve capital.</li><li><span
class="strategy">Blue Chip</span> – Focuses on long-term capital appreciation and downside protection by investing in high-quality stocks and ETFs, moving to cash during high-risk periods.</li><li><span
class="strategy">All Cap</span> – Aggressively seeks capital growth through strong stocks and ETFs across all capitalizations, protecting principal by allocating to cash in risky markets.</li><li><span
class="strategy">Global Tactical</span> – Seeks to generate long-term capital growth using active security selection and a combination of dynamic asset class and sector tilts.</li><li><span
class="strategy">Impact</span> – Seeks to generate long-term capital growth through active security selection and dynamic asset class and sector tilts, using technical, macro, and fundamental factors.</li></ul>- **Income**:<ul><li><span
class="strategy">Tactical Fixed Income</span> – Aims for income and capital appreciation by diversifying across bonds and adjusting portfolios based on interest rate and credit cycles.</li><li><span
class="strategy">Global Income</span> – Strives to deliver above-average yields with below-average volatility by investing in diverse income-producing securities and rotating between equity and fixed income.</li><li><span
class="strategy">Taxable and Tax-Free Bond Ladders</span> – Customized credit quality and duration.</li></ul>- **Alternatives**:<ul><li><span
class="strategy">Growth</span> – Aims to provide access to private market investments with high potential returns, diversification, lower volatility, and unique opportunities.</li><li><span
class="strategy">Income</span> – Seeks to provide access to private market investments with the goal of generating income streams, offering diversification, higher yields, lower volatility, and unique opportunities.</li><li><span
class="strategy">Market Neutral</span> – Seeks to generate returns while minimizing market volatility exposure, providing diversification, risk mitigation, and access to unique opportunities.</li><li><span
class="strategy">Real Estate</span> – Seeks to provide expertise and access in financing, exchanges, and tax-advantaged strategies.</li></ul><p></p>- **Structured Equity/Options**:<ul><li><span
class="strategy">Options Overlay Strategies</span> – Seek to provide upside participation while generating income, without giving up ownership, dividends, or voting rights of the underlying shares.</li><li><span
class="strategy">Buffer Strategy</span> – Seeks to provide market participation with built-in downside protection.</li><li><span
class="strategy">Ordinary Income Offset Strategy</span> – Seeks to deliver returns while leveraging tax-optimizing strategies to help reduce ordinary income taxes.</li><li><span
class="strategy">Long/Short Tax-Loss Harvesting</span> – Seeks to provide equity exposure and consistent tax benefits to help mitigate portfolio risk, using modest long/short extension that can be funded with cash or securities in-kind.</li><li><span
class="strategy">TaxEnhanced Core</span> – Implements Direct Indexing as a complement to our Grow &amp; Protect philosophy.</li></ul><p></p>**Q: What is BakerAvenue&#8217;s investment philosophy?**<p>BakerAvenue&#8217;s &#8220;Grow and Protect&#8221; investment philosophy is built on a simple but disciplined premise: growing long-term wealth requires an equal commitment to defending capital during severe market downturns. Rather than pursuing returns at any cost, BakerAvenue constructs portfolios designed to capture meaningful upside while limiting the kind of deep losses that permanently impair wealth. This approach guides every investment decision across market cycles, making it particularly well-suited for high-net-worth and ultra-high-net-worth investors who cannot afford to sacrifice years of compounding to recover avoidable losses.</p>**Q: How does BakerAvenue build and manage investment portfolios?**<p>BakerAvenue uses a proprietary three-factor investment framework, TMF (Technical, Macro, and Fundamental analysis), to build a comprehensive, disciplined view of markets and manage risk. By integrating all three analytical lenses into a single, repeatable process, BakerAvenue’s investment team identifies opportunities and risks that a single-factor approach may miss. This framework drives portfolio construction, ongoing risk monitoring, and tactical adjustments across all client accounts. The result is a process that is both rigorous, adaptive, and grounded in analysis.</p>**Q: What investment strategies does BakerAvenue offer for high-net-worth investors?**<p>BakerAvenue offers a full suite of investment strategies designed for the complex financial needs of high-net-worth and ultra-high-net-worth individuals, families, executives, and foundations. Each strategy is managed through a tax-aware lens. Strategies include:</p><ul><li><b>Dynamic Core — </b>Adaptive, actively managed core equity strategy designed to perform across market environments.</li><li><b>Blue Chip — </b>Large-cap equity portfolios focused on quality companies with durable competitive advantages.</li><li><b>All Cap — </b>Broad equity exposure across large-, mid-, and small-cap market segments.</li><li><b>Global Income — </b>Fixed income and income-oriented strategies designed for capital preservation and yield.</li><li><b>Global Tactical — </b>Actively managed security selections with high relative strength and momentum.</li><li><b>Impact — </b>Portfolios aligned with client values, without sacrificing investment discipline.</li><li><b>Fixed Income — </b>Customized bond portfolios designed for tax efficiency and income planning.</li><li><b>Concentrated Stock Management — </b>Specialized strategies for highly appreciated, restricted, or pre-IPO equity positions.</li><li><b>Alternative &amp; Private Investments — </b>Access to institutional-quality private equity, private credit, and real assets.</li></ul>**Q: Does BakerAvenue offer access to alternative investments and private markets?**<p>Yes. BakerAvenue offers clients premier access to alternative investments and private markets, including private equity, private credit, and real assets — which historically have only been available to institutional investors. BakerAvenue also employs structured equity and options strategies, including options overlay and buffer-style approaches, designed to manage risk and enhance outcomes for clients with complex or concentrated portfolios. All alternative allocations are evaluated and integrated within each client’s comprehensive wealth plan, with full coordination between investment management, tax planning, and estate planning.</p>**Q: Does BakerAvenue provide tax-aware investment management?**<p>Yes. Tax-aware investing is a core principle of BakerAvenue’s investment approach. BakerAvenue actively employs tax-loss harvesting, tax-efficient asset location, and gain deferral strategies designed to maximize after-tax outcomes. What makes this particularly effective is BakerAvenue’s integrated structure: investment management, in-house tax preparation, and estate planning operate as a unified team. Investment decisions are made with full visibility into each client’s tax picture, which most standalone investment managers cannot offer.</p>**Q: How does BakerAvenue integrate investment management with tax and estate planning?**<p>BakerAvenue operates as a fully integrated wealth management firm: investment management, in-house tax preparation, and in-house estate planning are housed under one roof and function as a coordinated team. This integration means that investment decisions are informed by each client’s current tax situation and long-term estate objectives — and vice versa. For high-net-worth families navigating business sales, executive equity compensation, concentrated stock positions, or multi-generational wealth transfer, this coordination seeks to produce materially better outcomes than working with separate advisors who lack a shared view of the client’s full financial picture.</p>**Q: Can BakerAvenue help manage a concentrated stock position?**<p>Yes. Concentrated stock management is one of BakerAvenue’s best-in-class capabilities and a primary reason many executives, founders, and pre-liquidity shareholders choose us. BakerAvenue’s dedicated in-house team applies our TMF (Technical, Macro, Fundamental) analytical framework to develop customized strategies that seek to maximize the value of concentrated positions while managing concentration risk and minimizing tax exposure. Core capabilities include:</p><ul><li><b>Concentrated &amp; Appreciated Assets — </b>Strategic diversification, hedging, options overlay, income generation, and tax minimization for highly appreciated or restricted positions.</li><li><b>Executive Compensation Planning — </b>ISO/NSO analysis, AMT planning, RSU/PSU optimization, and equity award sequencing.</li><li><b>IPO Planning — </b>Pre- and post-IPO liquidity planning, lockup strategy, and tax-efficient selling plans.</li><li><b>Alternative Investments — </b>Portfolio diversification into private equity and other alternatives aims to reduce reliance on a single public position.</li></ul>**Q: How can I diversify a concentrated stock position without triggering a large tax bill?**<p>Diversifying a concentrated stock position while minimizing taxes requires a coordinated strategy that accounts for the type of stock (restricted, unrestricted, or pre-IPO), cost basis, holding period, and the client&#8217;s overall tax situation. Effective approaches often combine several tools: phased diversification across multiple tax years, exchange funds, charitable strategies such as donor-advised funds or charitable remainder trusts, options-based hedging, and tax-loss harvesting elsewhere in the portfolio to offset gains. BakerAvenue&#8217;s concentrated stock management team develops customized diversification plans that integrate investment strategy, tax planning, and estate planning in a coordinated framework, allowing clients to reduce risk without unnecessarily accelerating their tax liability.</p>**Q: How does BakerAvenue manage investment risk for high-net-worth portfolios?**<p>BakerAvenue integrates risk management into every stage of portfolio design and ongoing oversight. Each client’s allocation reflects their individual risk tolerance, time horizon, liquidity needs, and financial goals. BakerAvenue’s investment team proactively rebalances portfolios and adjusts exposures as market conditions and client circumstances evolve. The TMF (Technical, Macro, Fundamental) framework is designed to provide continuous, multi-factor risk evaluation, enabling more timely and informed portfolio decisions than single-factor approaches allow.</p>**Q: Who will be working on my account, and how accessible is my team?**<p>At BakerAvenue, each client is served by a dedicated advisory team with a named lead advisor as your primary contact, supported by direct access to in-house investment, tax, and estate planning specialists who are actively involved in your account. Your lead advisor stays engaged beyond onboarding, proactively reaching out when markets move or your situation changes, and routing specialist questions directly to the right person on your team.</p>**Q: Is BakerAvenue a fiduciary wealth manager?**<p>Yes. BakerAvenue is a fiduciary and SEC-registered investment advisor (RIA). As a fiduciary, BakerAvenue is legally and ethically obligated to act in clients&#8217; best interests at all times, prioritizing client outcomes over our own. BakerAvenue&#8217;s fee structure is fully transparent, with no hidden commissions or undisclosed conflicts of interest. For high-net-worth and ultra-high-net-worth clients, working with a fiduciary RIA is a meaningful protection, and a baseline expectation for the quality of advice they deserve.</p>### Philanthropic Planning
https://www.bakerave.com/philanthropic-planning and https://www.bakerave.com/philanthropy-and-impact (same content, two live routes)Philanthropic Planning With Purpose & Perspective<p>We understand that governance, clarity, and financial stewardship are essential to effective giving, and we’re here to help. Our team works with individuals, families, and nonprofit leaders to align philanthropic goals with strategic planning and investment expertise.</p><div
id="hs_cos_wrapper_widget_1761756807857" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module widget-type-cta" style="" data-hs-cos-general-type="widget" data-hs-cos-type="module"><span
id="hs_cos_wrapper_widget_1761756807857_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_cta" data-hs-cos-general-type="widget" data-hs-cos-type="cta"><span
class="hs-cta-wrapper" id="hs-cta-wrapper-64c2d93b-1651-434e-abd4-f359115f9515"><span
class="hs-cta-node hs-cta-64c2d93b-1651-434e-abd4-f359115f9515" id="hs-cta-64c2d93b-1651-434e-abd4-f359115f9515" data-hs-drop="true"></span></span></span></div><p>Our investment management approach is tailored to the unique needs of private foundations and individuals, balancing the nuances of philanthropic intentions with the pragmatism of financial performance and risk management.</p><ul><li>Review current philanthropic portfolio and interests</li><li>Educate on best practices for high-impact philanthropic investments</li><li>Strategize short- and long-term social impact strategies</li><li>Design and implement a tailored, high-impact philanthropic giving plan</li><li>Evaluate and measure philanthropic impact and giving strategies</li></ul><p><i><br>
</i></p><p><i>Our values are at the heart of everything we do </i><i>and are our inspiration for how we serve you and the community we share.” </i><i>- </i><i>Simon Baker, CEO</i></p><ul></ul>- **Environmental**:<ul><li>Energy Management</li><li>Water Management</li><li>Sustainable Product</li><li>GHG Emissions Management</li><li>Waste Management</li></ul>- **Social**:<ul><li>Occupational Health &amp; Safety Management</li><li>Product Quality Management</li><li>Ethics &amp; Compliance</li><li>Labor &amp; Employment Practices</li><li>Community Rights &amp; Relations</li></ul>- **Governance**:<ul><li>Board Composition</li><li>Executive Compensation</li><li>Shareholder Rights</li><li>Audit</li></ul>- **Serving Your Mission**:<h2>Serving Your Mission</h2><p><b>Governance and Leadership:<i> </i></b>We assist in articulating your purpose and developing evidence-based targets. We also actively monitor your portfolio’s growth within a sound investment strategy framework and provide evidence-based best practice solutions that align investment strategy with your foundation’s goals.</p><p><b>Grant &amp; Proposal Reviews:<i> </i></b>We collaborate with you to review grant proposals and assist initiatives that reflect your philanthropic goals. By aligning your mission with investment management expertise, we help support the financial sustainability of your charitable efforts.</p><p><b>Gift Structuring:</b> Our approach optimizes tax advantages to ensure each major gift aligns with your investment objectives.</p><p><b>Philanthropic Evaluations &amp; Best Practices:<i> </i></b>When it comes to gifting strategies, we continuously monitor, evaluate, and refine the process. This approach is based on investment management principles to help ensure your assets and impact grow in tandem.</p><p><a
href="/give"><span
class="btn btn--learn-more">LEARN MORE</span></a></p>- **Bridging Social &amp; Financial Objectives**:<h2>Impact Investing: Bridging Social &amp; Financial Objectives</h2><p>Explore the benefits of socially responsible investing. You don’t need to choose between changing the world and reaching your financial goals. ​Our mission is to help you create an impact by contributing to positive change, alongside maximizing your portfolio performance during all market cycles.​​ Our investment team has deep expertise and experience guiding our clients on Impact investment strategies, and uses screening criteria tailored to align with your values.</p>**Q: What types of philanthropic giving structures does BakerAvenue advise on?**<p>BakerAvenue advises clients on a range of charitable giving vehicles, including donor-advised funds (DAFs), which allow an immediate tax deduction with flexible grant timing; charitable remainder trusts (CRTs), which convert appreciated assets into a tax-deferred income stream with a charitable remainder; private foundations, which provide control over grantmaking and investment strategy; and direct charitable gifting integrated with estate planning. The right structure depends on each client&#8217;s tax situation, charitable goals, and desired level of involvement.</p>**Q: How can charitable giving reduce taxes for high-net-worth individuals?**<p>Strategic charitable giving can reduce several categories of tax for high-net-worth clients. Contributions of appreciated securities to a donor-advised fund or charitable remainder trust avoid capital gains tax on the appreciation while generating an income tax deduction. Charitable bequests reduce the size of a taxable estate. Qualifying charitable distributions (QCDs) from IRAs satisfy Required Minimum Distributions (RMDs) tax-free for eligible donors over age 70.5. BakerAvenue coordinates charitable giving with the client&#8217;s broader tax and estate plan to help structure giving in the most tax-efficient manner.</p>**Q: Can BakerAvenue help design and implement a philanthropic strategy?**<p>Yes. BakerAvenue’s philanthropic advisory process includes reviewing each client’s current giving portfolio and charitable interests, identifying the structures and vehicles best suited to their goals, developing a short- and long-term giving strategy, and designing a plan that integrates philanthropy with the client’s financial and estate plan. For families with complex philanthropic ambitions, BakerAvenue can also assist with establishing and governing a private foundation or donor-advised fund.</p>**Q: Does BakerAvenue work with private foundations and family philanthropy initiatives?**<p>Yes. BakerAvenue provides advisory services to private foundations and family philanthropy programs, including assistance with mission statement development, investment policy design, board governance best practices, grantmaking strategy, and impact measurement. Our advisors also help families integrate the foundation&#8217;s investment portfolio with the family&#8217;s broader wealth strategy to ensure alignment across financial, tax, and legacy objectives.</p>**Q: What does it mean that BakerAvenue is a certified B Corporation?**<p>B Corporation certification is awarded by B Lab to companies that meet rigorous standards of social and environmental performance, accountability, and transparency. BakerAvenue is one of a small number of registered investment advisors to hold B Corp certification, reflecting our commitment to operating as a responsible business.</p>**Q: How does philanthropy fit into an estate plan for high-net-worth individuals?**<p>Philanthropy and estate planning are closely connected for high-net-worth individuals. Charitable vehicles such as charitable remainder trusts, private foundations, and donor-advised funds can reduce the size of a taxable estate while directing wealth toward causes that reflect the client&#8217;s values and legacy. BakerAvenue coordinates philanthropic intent with estate structure, ensuring that giving strategies are designed to work within and enhance the overall estate plan rather than operating independently from it.</p>### BakerAvenue Trust Company
https://www.bakerave.com/trust-servicesProtecting Your Legacy With Intention
Secure What Matters Most<p>BakerAvenue Trust Company provides clients with independent trustee services that are designed to help you protect and manage your legacy with clarity and confidence. We are committed to helping clients navigate all trust-related matters and deliver corporate-directed trustee solutions that reflect your goals and adapt to life’s evolving complexities. Whether you’re navigating transitions or planning for future generations or philanthropic goals, our team ensures your trust strategy is both resilient and refined — so your legacy endures with peace of mind.</p><h3>PARTNERING FOR SUCCESS</h3><p>BakerAvenue Trust Company was launched to provide our clients with the ability to utilize independent trustee services while maintaining efficient communication between trustees and investment managers. Baker Avenue Asset Management LP is a Trust Representative Office of National Advisors Trust Company (NATC) and National Advisors Trust of South Dakota Inc. (NATSD) doing business as BakerAvenue Trust Company. Under our bifurcated model, corporate Trustee services are delivered exclusively by National Advisors Trust Company doing business as BakerAvenue Trust Company, while Baker Avenue Asset Management LP delivers wealth management services and collaborates with NATC to deliver a seamless client experience. This structure helps ensure you have a personalized and responsive trust administration service from an independent federally chartered trust company, all while maintaining the trusted relationship you have with Baker Avenue Asset Management LP.</p><ul><li>Review and administer trusts in accordance with the document and governing statutes</li><li>Process and coordinate fiduciary actions including discretionary distributions, document interpretation, tax compliance, and account maintenance</li><li>Safeguard trust assets and securities, including unique assets</li><li>Adhere to principal and income accounting standards</li><li>Prepare and distribute trust accountings and statements</li></ul><p> <br
style="display: block; content: " ";="" margin-top:="" 5px;"=""></p><p>One of the most important decisions in your estate plan is choosing a trustee. This individual or entity will be responsible for managing your assets and carrying out your wishes for your beneficiaries. While many people default to naming a family member or friend, appointing a corporate trustee is a powerful alternative that can offer security and peace of mind for you and your family.</p>**Q: What is a corporate trustee, and what does one do?**<p>A corporate trustee is an institution, rather than an individual, appointed to administer a trust, manage its assets, and carry out its provisions in accordance with the trust document and applicable law. BakerAvenue Trust Company serves as a professional corporate trustee for high-net-worth and ultra-high-net-worth families, providing fiduciary oversight, investment management, tax coordination, and distribution administration. Unlike an individual trustee, a corporate trustee provides institutional continuity and does not become incapacitated, predecease beneficiaries, or create conflicts of interest that can arise when a family member holds the role.</p>**Q: What are the benefits of using a corporate trustee instead of a family member or friend?**<p>Using BakerAvenue Trust Company as a corporate trustee provides several advantages over naming an individual. Corporate trustees offer uninterrupted continuity across the life of the trust, objective and impartial administration of discretionary distributions, professional investment management aligned with trust objectives, legal accountability under fiduciary standards, and coordination with attorneys and CPAs on tax and compliance matters. For trusts that span multiple generations or hold complex assets, a corporate trustee reduces the administrative burdens placed on family members.</p>**Q: When should I consider appointing a professional corporate trustee for my trust?**<p>A professional corporate trustee can be appropriate in a variety of situations including: long-term trusts intended to benefit multiple generations; significant or complex assets such as business interests, real property, or concentrated stock; complex family dynamics that make impartial administration important; or the absence of a family member with the financial expertise and time to serve effectively. BakerAvenue Trust Company is appointed in situations where the grantor wants professional continuity and the integration of trust administration with ongoing investment and tax management.</p>**Q: How is BakerAvenue Trust Company different from other corporate trustees?**<p>BakerAvenue Trust Company is an independent trust company that is directly integrated with BakerAvenue’s wealth management, tax planning, and estate planning teams. This means trust assets are managed within the same investment framework used for the client’s broader portfolio and coordinated with the client’s tax plan and estate strategy. Some bank trust departments operate separately from a client’s investment advisor; BakerAvenue Trust Company’s integration eliminates that disconnect and provides a single, cohesive advisory relationship across wealth, trust, and tax.</p>**Q: What types of trusts does BakerAvenue Trust Company administer?**<p>BakerAvenue Trust Company can be named as successor trustee in revocable living trusts and as trustee in all types of irrevocable trusts, including: testamentary trusts; charitable remainder trusts (CRTs); special needs trusts (SNTs); grantor retained annuity trusts (GRATs); spousal lifetime access trusts (SLATs); intentionally defective grantor trusts (IDGTs); dynasty trusts designed for multi-generational wealth preservation, and trusts arising from estate settlement. BakerAvenue Trust Company can serve as sole trustee, co-trustee alongside a family member or another institution, or successor trustee when an individual trustee steps down or is no longer able to serve.</p>**Q: How are trust assets managed and invested by BakerAvenue Trust Company?**<p>Trust assets managed by BakerAvenue Trust Company are invested through the same disciplined, tax-aware investment process used across BakerAvenue&#8217;s wealth management practice. Portfolio construction reflects the trust&#8217;s specific objectives, time horizon, distribution requirements, and beneficiary needs, and coordinated with the trust&#8217;s tax structures and the overall estate plan. BakerAvenue&#8217;s investment team manages trust portfolios across equities, fixed income, and alternative assets as appropriate.</p>**Q: What fiduciary responsibilities does BakerAvenue Trust Company have as trustee?**<p>As a corporate trustee, BakerAvenue Trust Company is subject to fiduciary standards requiring the firm to act solely in the best interest of the trust’s beneficiaries, prudently manage trust assets in accordance with the trust document and applicable state law, administer distributions according to the trust’s terms, maintain accurate records and provide regular accountings, and avoid conflicts of interest. These obligations apply at all times and are enforced by the regulatory framework governing trust companies in each jurisdiction where BakerAvenue Trust Company operates.</p>**Q: Can BakerAvenue Trust Company coordinate with my estate attorney and CPA?**<p>Yes. BakerAvenue Trust Company works alongside estate attorneys, CPAs, and other professional advisors to meet our clients’ needs. BakerAvenue Trust Company’s role as trustee is designed to complement (not replace) the client’s existing professional relationships. In practice, this coordination ensures that trust administration aligns with the broader estate plan, that tax filings are completed accurately and on time, and that any amendments or trust modifications are executed correctly in collaboration with legal counsel.</p>**Q: Does BakerAvenue Trust Company serve clients outside of California?**<p>BakerAvenue Trust Company can serve as trustee in all 50 states.</p>**Q: How do I establish a trust relationship with BakerAvenue Trust Company?**<p>Establishing a trust relationship with BakerAvenue Trust Company begins with a consultation to review the prospective client’s estate structure, existing trust documents, and goals for professional trustee services. The BakerAvenue Trust Company team coordinates with the client’s estate attorney to review or draft trust documents naming BakerAvenue Trust Company as trustee, and transitions asset management into BakerAvenue’s integrated investment platform. To schedule an introductory conversation, <a
href="/contact" title=""><b>contact us</b></a> or reach out to your BakerAvenue advisor directly.</p>## About### About BakerAvenue
https://www.bakerave.com/about<p>Since 2004, BakerAvenue has guided clients through personal and professional transitions. Our firm provides comprehensive wealth management and investment expertise for high-net-worth individuals, families, trusts, foundations, and endowments. We’re headquartered in San Francisco with offices in New York, Dallas, Houston, Austin, Atlanta, San Diego, and Naples.</p><p>As fiduciaries, it is our legal and ethical obligation to protect your interests ahead of our own. Our dedication to purpose, passion, and performance drives our innovative approach, and we are committed to delivering an impeccable client experience.</p><p> For more information, <a
href="/contact" title="">contact us</a> or call 888.585.1750.</p>Our Values<p><span></span>Excellence, trust, and community are at the heart of everything we do. These values are our inspiration for how we serve you and the community we share.</p><p><span></span></p><ul><p></p><li>We take a holistic approach to align your portfolios with your values.</li><li>We strive to deliver service excellence to you and challenge the status quo.</li><li>Trust and integrity serve as our cornerstone. We know trust is earned, not given, and we are determined to earn and honor it in everything we do.</li></ul><p></p><p> As a certified B Corporation member, we are proud to partner with organizations to build a more sustainable economy through the highest verified standards of social and environmental performance, transparency, and accountability.</p>**Simon Baker**, Founder, Executive Chairman & Partner<p>Simon is chairman of our executive committee, a member of the investment committee and he sets the firm’s vision and development of strategies and services. He also has responsibility for the firm’s Family Office clients.</p><p>Before launching BakerAvenue in 2004, Simon was a Managing Director at Bank of America Securities, Donaldson, Lufkin and Jenrette (DLJ) and Credit Suisse First Boston (CSFB).</p><p>Simon is a Trustee at Lycée Francais de San Francisco and an active member of the San Francisco chapter of the Young Presidents Organization (YPO). Simon lives in Marin with his wife Emilie and children Barclay, Oscar &amp; Juliette.</p><p><b>Making an Impact</b></p><p>Simon helped start the Baker/Simpson fellowship. Each year, the group gives five fully paid scholarships to students from Hartwick College, his alma mater. Students work at a San Francisco start-up and end the summer encouraged, uplifted and realizing anything is possible—with the only requirement they pay it forward with their own positive efforts</p><p><b>A Secret About Simon </b></p><p>For a summer job, Simon covered Wimbledon for HBO during a year that had constant rain delays. During one stormy stoppage, Simon challenged Chris Collinsworth, the famed sportscaster, to a live “slide off” down a muddy embankment. Chris literally jumped into the challenge while Simon, the instigator, held back. Simon’s response: “Those crazy Americans.”</p>**Doug Couden**, Chief Investment Officer & Partner<p>Doug is a tested market specialist with multiple cycles under his belt. He leads the firm’s multi-disciplined (technical, macro, and fundamental) investment approach and is a partner and member of the firm’s executive committee. He is responsible for managing the investment team, the firm’s research process, risk control, due diligence, asset allocation, and the overall performance of BakerAvenue’s strategies.</p><p>He enjoys sharing the firm’s market view with clients and external media, pens the firm’s weekly and quarterly updates, and has responsibility for individual client accounts. Doug is a Chartered Financial Analyst (CFA) and has held analytical and managerial roles at PaineWebber, Seneca Capital, and Virtus Investment Partners.</p><p><b>Making an Impact</b></p><p>From volunteering time to the National Charities League, Sacred Heart Schools, The Presidio Stewards, and recreational sports, the Coudens maintain an energetic local presence. Doug also manages BakerAvenue’s Impact strategy, which adds a socially responsible overlay to our investment approach.</p><p><b>A S</b><b>ecret About Doug</b></p><p>Doug is quite proud of his former mullet. An avid soccer and basketball player, Doug is fond of saying his flowing locks “gave him wings back in the day.” It even helped him dunk in a high school basketball game once—so he says.</p>**King Lip**, Chief Strategist & Partner<p>As Chief Strategist, King serves on the executive and investment committees of the firm and is responsible for managing, developing, and communicating our investment strategies and thought leadership, both internally and externally.</p><p>King leads the firm’s specialized strategies on Concentrated Stock management and Options. King is also a member of the S&amp;P Dow Jones Indices U.S. Index Committee Advisory Panel and a member of BlackRock’s RIA Advisory Council. He is a regular commentator on CNBC and has been nominated as a Top 100 Independent Wealth Advisor in Barron’s magazine and the <a
href="https://www.bakerave.com/disclosures#financial_times_magazine">San Francisco Business Times</a>. King was named as one of the Top 10 Rising Stars of ETF investing by ETF Report and was named as an expert ETF strategist in the book, “ETF Investment Strategies”.</p><p><b>Making an Impact</b></p><p>King is passionate about bettering the lives of our furry companions, especially dogs. He donates his time, money, and photography skills to animal shelters and sanctuaries finding new homes for animals. Unlike their human counterparts, animals don’t mind his lack of photographic abilities.</p><p><b>A Secret About King</b></p><p>Without reading the cooking instructions, King has an uncanny ability to know the exact microwave cook time of virtually any food item. Unfortunately, this party trick has failed to impress his friends and family.</p>**Jerry Luff**, Chief Operating Officer & Partner<p>Jerry is responsible for overseeing the strategic direction of the firm including marketing, finance, and human resources as well as sitting on the investment committee.</p><p>Prior to joining BakerAvenue, Jerry served as vice president in the Global Wealth Management group at Bank of America Investments. He was also an institutional advisor at both Bear Stearns and Morgan Stanley. His primary responsibility involved fixed-income analysis and portfolio strategies to endowments, corporations, and municipalities, including General Motors, U.S. Steel, and the Regents of the University of California.</p><p>Jerry holds a B.A. in Finance from The University of Texas at Arlington and an M.B.A. in Finance from Fordham University.</p><p><b>Making an Impact </b></p><p>Jerry coaches Special Olympics and is also a member of the fundraising committee for Giant Steps Therapeutic Equestrian Center, an innovative nonprofit program for people with disabilities and other special needs. Jerry also has led a project to fund and build a computer lab for Old First Reach, an afterschool mentoring program for inner-city youth.</p><p><b>A Secret About Jerry </b></p><p>Jerry experiments with spot and arc welding. After mastering a few more techniques, he plans to weld a metal sculpture for his home garden—assuming his wife Alison approves.</p>**Tom Ngo**, Chief Executive Officer & Partner<p>Tom chairs BakerAvenue’s Executive Committee, serves on the Investment Committee, and leads the firm’s strategic roadmap. He is closely engaged with several of the firm’s family office and wealth management relationships, and takes tremendous pride in making BakerAvenue the best company to work with — and to work at.</p><p>Before joining BakerAvenue, Tom held senior leadership and operating roles at wealth management firms and multi-family offices, including Chief Operating Officer at ICONiQ Capital and Chief Technology Officer and Head of Operations at Wetherby Asset Management. He also held leadership positions within Wells Fargo’s Wealth Management Group and Consumer Credit Group.</p><p>Tom’s career reflects a rare blend of entrepreneurship, technology, and wealth management. He co-founded MiFund, an international cloud-based FinTech company, raising $35 million in Series A and Series B funding. Earlier, he spent several years managing U.S. and international software development teams at SS&amp;C/Advent, and began his career in management consulting — an experience he credits for the disciplined, creative approach he brings to solving problems today.</p><p>Tom holds a BA from UCLA and an MBA from UC Berkeley’s Haas School of Business. He is a Certified Financial Planner (CFP®), a member of the Financial Planning Association of San Francisco, and a proud veteran who served in Psychological Operations (PSYOP) in the U.S. Army.</p><p><b>Making an Impact</b></p><p>Tom is proud of his work supporting Marin’s immigrant community. A former board member at Canal Alliance, he continues to champion the same organization that helped his own family when they immigrated to the United States in the 1970s.</p><p><b>A Secret About Tom</b></p><p>Not quite Doogie Howser, but close: Tom started kindergarten at age three. He’ll tell you it was because he was gifted. His parents stick to a different story — it was simply a chance to get one of their five kids out of the house.</p>**Joanna Allgood**, Tax Manager<p>Joanna is an Enrolled Agent with eighteen years of experience in tax preparation and tax planning. She grew up in Poland, where she worked for several financial institutions, including ING Bank.</p><p>Before joining BakerAvenue, Joanna worked at William Shine Company, preparing and reviewing complex tax returns. Her expertise lies in the preparation and analysis of individual, corporate, and partnership returns and tax resolution with the IRS. Joanna’s goal is to identify tax-saving opportunities for her clients.</p><p>Joanna holds a Master’s degree in Economics and has completed postgraduate studies in Marketing and Accounting.</p><p><b>Making an Impact</b></p><p>As an immigrant, Joanna understands the importance of community support. She gives back by sharing her experiences with various organizations, including the Polish Professional Women of Silicon Valley and The Expat Woman.</p><p><b>A Secret About Joanna</b></p><p>Joanna is passionate about scuba diving and has achieved a Dive Master certificate.</p>**Nicole Baldassari**, Head of Family Office Accounting<p>Nicole is a Sonoma County native with a Bachelor of Science in Business and Accounting and over fifteen years of accounting experience, including eight-plus years in public accounting at firms such as Mengali Accountancy, Moss Adams, and Baker Tilly. She has supported a diverse portfolio of clients across industries including high-net-worth individuals, real estate, financial advisory firms, wineries, and more. Nicole is known for her precision and ability to bring order to complex financial situations, serving as the go-to resource for clean-up work, file remediation, and payroll. She treats every client’s business with the same care she does her own.</p><p><b>Making an Impact</b></p><p>Nicole has a passion for giving back that has taken her across the globe. She has traveled throughout California visiting care homes, spending time with elderly residents and singing alongside a choir. In 2010, she spent three weeks in Kenya volunteering at all-girls schools and hospitals across the region.</p><p><b>A Secret About Nicole</b></p><p>Before becoming a mom of two (soon to be three!), Nicole was a passionate Olympic weightlifter - and she fully intends to get back under the barbell.</p>**Jonathan Bernstein**, Wealth Advisor, Managing Director<p>Jon has over twenty years of professional experience advising individuals, families, and businesses. He prides himself in providing customized financial advice specifically tailored to the needs of his clients. You will often hear Jon say to “go slower to go faster” as he believes spending time truly understanding a client’s concerns, family dynamic, and passions, are the cornerstone to a successful investment plan.</p><p>Prior to joining Baker Avenue, Jon worked as a Senior Wealth Consultant at Charles Schwab where he was a member of the ultra-high net worth team and maintained relationships that had over $5.5 billion with the firm. Jon also spent ten years at Fidelity Investments, both as a Financial Consultant as well as a Vice President on the Advanced Planning Team. Before Fidelity, Jon worked as an attorney in New York and New Jersey with a focus on tax law as well as representing financial services firms.</p><p>Jon holds a LL.M. in Taxation with a concentration in Estate Planning from Boston University, a JD from The Ohio State University, and doubled majored at Miami University (Ohio) with Bachelors of Science in Finance and Decision Science.</p><p><b>Making an Impact</b></p><p>Jon believes in giving to those who are less fortunate, both locally and abroad. He volunteers at a local community center. He also collects gently used goods and sends the goods to the less fortunate overseas. Jon is a father of two young girls. In his spare time, he loves coaching soccer and being involved in the community.</p><p><b>A Secret About Jon</b></p><p></p><p>Jon grew up on several naval bases as the son of an aviator. He remembers his youth having weekly dinners on an aircraft carrier to spending hours visiting Blue Angels pilots who shared the hanger with his dad’s squadron. In college Jon thought briefly about pursuing a career in aviation himself and became a certified private pilot.</p>**Julia Joyce Bialek**, Wealth Advisor, Director<p>Julia is a key member of BakerAvenue’s Wealth Advisory team in New York City, where she collaborates with clients to develop and implement tailored wealth management strategies. With a focus on aligning financial goals with long-term planning, she leverages her expertise to guide clients through complex financial decisions, ensuring they maximize their financial potential.</p><p></p><p>Before joining BakerAvenue, Julia was an Associate Wealth Planner at CISA Trust Company, an international trust firm, where she specialized in wealth planning, client relationship management, and trust administration. During her tenure, she earned the Trust and Estate Practitioner (TEP) designation and became a member of the Society of Trust and Estate Practitioners (STEP). Additionally, she holds her Series 65 license and is a Certified Financial Planner (CFP®).</p><p><b>Making an Impact</b></p><p> Before transitioning into the financial services industry, Julia worked for various nonprofits and foundations. Most notably, she worked for the Goñi and Rey Foundation based in Seville, Spain. The Foundation’s main goal is to accelerate technological development to face major global issues such as healthcare, education, and climate change. During her time at the Foundation, she organized Singularity University’s global summit on how to best utilize exponential technologies to solve humanity’s biggest challenges.<b><br>
</b></p><p><b>A Secret About Julia<br>
</b></p><p>Some may be surprised to know that Julia is from a tiny coastal town in Maine with only 8,500 residents. She even grew up on a farm…but sadly with no animals!</p><p></p>**Kathryn Burris**, Growth & Experiences Associate<p>Kathryn is a Financial Paraplanner Qualified Professional (FPQP®) and a member of the Growth &amp; Experiences team, where she assists with strategic initiatives to drive growth, efficiency, and excellence throughout the firm. Her position focuses on project management, creating intuitive processes and impactful experiences for clients and colleagues that align with firm goals.</p><p>Before joining BakerAvenue, Kathryn worked as an educational consultant, assisting bright students across the Bay Area with applications to some of the most competitive high schools in the country. She holds a dual bachelor’s degree in Cultural Anthropology and History from Santa Clara University and loves that she can bring her varied experience to a firm that closely aligns with her desire to make an impact in her community.</p><p><b>Making an Impact</b></p><p>Kathryn is a big proponent of public history and volunteers her time and historical knowledge to the San Francisco Historical Society. She is also an advocate for homeless outreach efforts and has supported her neighbors experiencing housing insecurity and addiction issues in Portland, San Jose, and San Francisco through street outreach efforts.</p><p><b>A Secret About Kathryn</b></p><p>Kathryn is an avid reader and aims to read 50 books a year! She considers herself to be a “print purist” and owns an expansive library containing over one thousand titles (and counting). She’s more than happy to lend you a book — if you return it within the due date, of course.</p>**Brian Carlson**, Senior Client Service Associate<p>Brian has enjoyed eight years in the banking industry helping others achieve their financial goals and prioritizing client relationships to make their experience as real and human as possible. As part of the Client Service team, Brian works collaboratively with his colleagues to bring the highest level of service and satisfaction to our clients.</p><p>Brian earned a B.A. in Dance from San Francisco State University. He also earned an A.A. in Dance and Transfer Studies in addition to a Certificate of Achievement in Japanese from Diablo Valley College.</p><p></p><p><b>Making an Impact</b></p><p>Brian has donated to STAND! For Families Free of Violence which promotes safe, strong families and aims to eliminate family violence in our communities. He also volunteered at The Spahr Center to bring to life Marin County’s first ever Pride event to celebrate and manifest a future where every LGBTQ+ person and persons living with HIV can thrive.</p><p></p><p><b>A Secret About Brian</b></p><p>He danced semi-professionally for several years performing in several productions with the Benicia Ballet School—including <i>The Nutcracker</i>, <i>Swan Lake</i>, and <i>Sleeping Beauty</i>. Additionally, he performed around the Bay Area with the Coterie Dance Company under artistic director, Kimberly Valmore, where he helped bring her many visions to life.</p>**Daniel Cassell**, Portfolio Manager<p>Dan is a Portfolio Manager at BakerAvenue and serves on the investment and financial planning committees. Dan has responsibility for investment strategies, implementations, tax and estate planning, as well as multigenerational/dynasty requisites that materialize across our client base.</p><p>Prior to joining BakerAvenue, Dan was a Portfolio Associate at Bingham, Osborn and Scarborough, LLC where he developed comprehensive wealth management solutions for affluent individuals, families, and institutions.</p><p>Dan graduated from Santa Clara University with a B.S. in Finance. While at Santa Clara, he served on the financial committee that oversaw part of the school’s endowment. He is a Chartered Financial Analyst (CFA) and member of the CFA Society of San Francisco. He has also earned the CFA Institute Certificate in ESG Investing to further his knowledge about incorporating Environmental, Social and Governance factors into investment management.</p><p><b>Making an Impact</b></p><p>Dan volunteers with The Guardsmen, a group of young professionals volunteering their time to raise money to provide scholarships and send underprivileged youth to Bay Area camps. He’s also president of San Francisco Ballet Encore!, a group of young professionals supporting the ballet through social events and education.</p><p><b>A Secret About Dan</b></p><p>Dan can single-handedly cook for large groups, frequently preparing meals for 40-50 people all by himself. He even co-chairs an event that cooks a meal for 3,500 people with just fifteen assistants.</p>**David Chan**, Senior Technology Operations Associate<p>At BakerAvenue, David is an integral part of the operations team, primarily supporting processes related to alternative investments. He is responsible for booking and recording transactions and valuation changes among the various vehicles our clients are invested in.</p><p>Prior to joining BakerAvenue, David worked as a Senior Client Service Associate at Wetherby Asset Management and as a Credit Analyst with First Republic Bank, where he has built considerable experience in client service, financial analysis, and operations.</p><p>David graduated with a B.S. in Finance and a minor in Japanese from San Francisco State University. David has also completed the CFP program with UC Berkeley.</p><p><b>Making an Impact</b></p><p>David is a hobby photographer and enjoys sharing photos of his travels to unique destinations around the world. Through photography, he hopes to educate and share with others how beautiful the Earth is.</p><p><b>A Secret About David</b></p><p>David loves to travel and has been to 21 different countries! Within the U.S., David frequently travels between the East and West coast during the holidays. His most interesting travel story involves him diving the Great Barrier Reef at night and swimming by a shark and sea turtle on the ocean floor.</p>**Howard Chang**, Client Service Associate<p>Howard is a Client Service Associate at BakerAvenue, where he works closely with our team of advisors and support staff to ensure every client feels supported and well-informed in their financial journey. He brings a calm, organized, and client-focused approach to his work, taking pride in making others’ lives a little easier.</p><p>Before joining BakerAvenue, Howard worked as an Admin and Client Support Specialist at Radex Markets — a Taiwan/UK-based forex trading platform. Over the past decade, he has gained diverse experience across industries ranging from sales to construction, and each role has reinforced the importance of clear communication, teamwork, and building genuine, lasting friendships.</p><p><b>Making an Impact</b></p><p>Howard is deeply passionate about arts and culture and enjoys supporting creative communities in meaningful ways — whether that be by attending local shows or purchasing pieces from emerging artists. He has also been an active blood donor and supporter of UNICEF, hoping to make a small but meaningful difference in the lives of people facing difficult or uncontrollable circumstances.</p><p><b>A Secret About Howard</b></p><p>He has a love for film photography and rarely travels without a camera in hand. Howard enjoys capturing everyday moments and hidden details around the city. One of his photographs even made it to the top ten of an annual competition hosted by Monster Children magazine.</p>**Annie Clark**, Human Resources Manager<p>​As Human Resources Manager at BakerAvenue, Annie partners across the firm to strengthen culture, streamline processes, and ensure that every employee’s experience reflects the firm’s values of care, collaboration, and excellence.</p><p>Annie is passionate about creating a workplace where people feel supported, connected, and inspired to do their best work. She brings over ten years of experience in HR and People Operations, most recently in the tech industry, where she focused on building thoughtful programs that helped teams grow and thrive.</p><p><b>Making an Impact</b></p><p>As an avid reader and advocate for public services, Annie enjoys volunteering with the Oakland Library in the summer, helping to provide free lunches to community members.</p><p><b>A Secret About Annie</b></p><p>Some might be surprised to learn that Annie was a certified archery instructor years ago, and since moving near a range in the beautiful Oakland Hills, she’s recently picked the hobby back up.</p>**Ryan Davis**, Wealth Advisor, Managing Director<p>Ryan is a Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC®), and Chartered Life Underwriter (CLU®) with over 26 years of experience in the financial services industry. Based in the Austin office, he delivers extensive expertise across multiple facets of financial services, specifically focusing on comprehensive financial planning and discretionary wealth management. He firmly believes that the best financial relationships are built on trust and transparency and that, combined with a fiduciary platform, this trust delivers client success as the ultimate reward.</p><p>Prior to joining BakerAvenue, Ryan spent 25 years at Fidelity Investments, including 15 years in advisory leadership, leading Investor Centers across Dallas/Fort Worth, Houston, and Austin. Ryan is a former collegiate athlete at the University of Mississippi, where he graduated with a BBA in both Managerial and Banking Finance.</p><p><b>Making an Impact</b></p><p>Ryan stays active in youth sports alongside his two sons, often coaching on the baseball field or joining school cross country practices to escort the team, even if it’s getting increasingly difficult to catch up. He is also a passionate dog lover with a deep affinity for Labrador Retrievers, dedicating countless hours to training them. Driven by personal family experiences, Ryan and his family devote time to vital community causes benefiting autism, Alzheimer’s, and mental health.</p><p><b>A Secret About Ryan</b></p><p>As a native Texan, Ryan can probably be found annoying the locals at ski resorts around Colorado and Montana during major holiday weeks. However, no matter how far he travels, home will always be the town of Fredericksburg, Texas, where his family loves to escape and spend every single free chance they get.</p>**Michael Dely**, Technology, Director<p>Michael’s day-to-day responsibilities include strengthening the client experience, as well as driving efficiency within the firm. He plays an active role in rolling out new software for BakerAvenue and enhancing our overall productivity.</p><p>Michael brings over 15 years of investment and technology experience to BakerAvenue. Prior to joining to joining the firm, Michael worked as a Director of Operations for a boutique wealth management RIA firm, responsible for client performance reporting, overseeing the portfolio management systems, trading and rebalancing, and workflow automation.</p><p>Michael graduated from California State University, Northridge with a B.A. in Business Finance and Economics.</p><p><b>Making an Impact</b></p><p>Michael studies herbs and their many functions to heal the human body. He has made a positive impact in helping family members and friends close to him with conditions including diabetes, migraines, digestion, circulation, and more. One of Michael’s favorite quotes is from Paracelsus: “The art of healing comes from nature and not from the physician. Therefore, the physician must start from nature with an open mind.”</p><p><b>A Secret About Michael</b></p><p>Michael has a passionate admiration for the art, philosophy, music, and traditions of Asian culture, influenced early in his career when he worked in Hong Kong.</p>**Karen Dere**, Senior Client Service Associate<p>Karen brings over 20 years of experience to the client service team at BakerAvenue, drawing on a diverse background in private investments and customer service. As part of the Client Service team in San Francisco, Karen partners closely with colleagues across the firm to ensure clients feel supported and connected.</p><p>While pursuing a degree in Biochemistry at the University of British Columbia, Karen took a job at a bank and discovered the world of wealth management. What started as a part-time role sparked a career devoted to helping individuals and families navigate financial decisions with care and confidence.</p><p><b>Making an Impact</b></p><p>Karen’s love for animals has led her to become a proud proponent of animal rescue operations, like her favorite advocate, Rocky Kanaka. Karen also volunteers with her children at Peninsula Food Runners, picking up excess perishable and prepared food from participating donors and delivering the surplus to community organizations that feed those in need around the Bay Area.</p><p><b>A Secret about Karen</b></p><p> Karen can be found laughing hysterically at videos or commercials where animals behave like humans. Although she would not be laughing if she ever found her 4-year-old, 100-pound Labrador retriever, Diogee, cooking dinner… She would be overjoyed!</p>**Tom Dowd**, Wealth Advisor, Director<p><span>Tom has over thirty years of experience in the financial services industry, after picking up the Wall Street Journal for the very first time and never putting it down. Based in Atlanta, he prides himself on being a “people person” and is happiest connecting with new families to help them achieve their goals. </span></p><p><span>Prior to BakerAvenue, Tom spent over 20 years at Fidelity Investments in high-net-worth client-facing advisory roles. He was most recently the Director of Subadvisory Services for Crawford Investment Counsel from 2020 to 2026. Tom is also a Certified Wealth Strategist</span><b>®</b><span>.</span></p><p><b><span>Making an Impact</span></b></p><p><span>During the spring and fall sports seasons, Tom volunteers as a coach for North Metro Miracle League. NMML is an organization that provides supportive programming for children, youth, and adults with disabilities. It’s a family affair that provides players with a team jersey, the chance to learn a new sport, and parents get some time off to make memories and cheer on their kids.</span></p><p><b><span>A Secret About Tom</span></b></p><p><span>Growing up in the Northeast with two working parents, Tom and his sister were the first “latchkey” kids in his neighborhood, left largely to their own devices. After a big snowstorm, he took the initiative to knock on neighbors’ doors to shovel driveways at just seven years old. He continued to do the same with a lawnmower in the summers, and this enterprising spirit taught him a strong work ethic at a very young age. His first investments with his earnings were baseball cards, not stocks and bonds, which he admits was a bad decision.</span></p>**Michael Dunn**, Wealth Solutions, Managing Director<p>Michael is the Managing Director, Wealth Solutions for BakerAvenue and will be working with strategic partners, attorneys, CPAs, executives, and new clients referred to BakerAvenue to make sure we are a fit to work together. He will be working in states West of the Mississippi River to help match BakerAvenue’s capabilities with client needs, to ensure an exceptional experience for everyone working together.</p><p></p><p>Michael graduated with a bachelor’s degree in Business Management from Webster University in Irvine, California and then completed an Executive MBA from the University of Colorado in Denver. Michael began his career in the financial services in the early 90’s after serving in the United States Marine Corps. He completed the Morgan Stanley new Financial Advisor training program in 1997 and was recruited to Wells Fargo Advisors in 1999 and spent almost 17 years at the firm with increasing responsibility, leaving in 2015 as a Senior Vice President and Area Sales Manager. Since that time Michael has been a Director at Fidelity Investments, Senior Director of Sales for a technology start-up, a Region Manager for US Bancorp Wealth Management and is now happy to call BakerAvenue his home.</p><p></p><p><b>Making an Impact</b></p><p>Michael’s career has had him moving coast to coast across the United States and back. He most recently returned to Southern California in October 2021 and he looks forward to finding local opportunities to serve his community. In the past he has been involved in projects with Habitat for Humanity, home renovation (and disaster cleanup) projects through his church in Florida, assisting with food backs in different states, and coaching and officiating youth sports.</p><p></p><p><b>A Secret About Michael</b></p><p></p><p>Michael is an adrenaline junkie. His favorite movie from the 90’s is Point Break so much that his oldest son is named Bodee after Patrick Swayze’s character Bodhi in the movie. Michael has been a skateboarder, surfer, motocross racer, snowboarder, has tried skydiving and paragliding, been cliff jumping and done many more exciting things. He continues to have a love of the outdoors but now does more surfing and the occasional triathlon. Michael completed a bucket list goal of completing a full Ironman race (2.4-mile swim, 112 mile bike ride, and a 26.2 run for a total of 140.6 miles of fun) at elevation in Boulder Colorado in 2017.</p>**Geoff Erwin**, Wealth Advisor, Managing Director<p>With nearly 25 years of experience, Geoff specializes in helping clients build generational wealth through strategic retirement planning. He is dedicated to a philosophy of service and defines success by his ability to help clients reach their goals for financial independence and make their lifestyle dreams a reality.</p><p>Prior to BakerAvenue, Geoff served in regional management roles in Texas and Florida at Fidelity Investments and spearheaded mentoring programs for young consultants. He helped guide Texas’ Plano Investor Center in reaching the #1 spot at Fidelity nationally. Geoff’s niche understanding of market dynamics (especially during downturns) helped him tailor long-term relationships with hundreds of families over the years and he has been recognized as a company leader in client satisfaction scores.</p><p>Geoff received a Bachelor of Science degree in Broadcast Production from Eastern New Mexico University. He is also a Certified Financial Planner™.</p><p><b>Making an Impact</b></p><p>As an advocate for helping others achieve security, Geoff cares deeply about making a difference for Dallas’ homeless. He volunteers his time at fundraising events for <i>Operation Care International, </i>an organization that has helped more than 300,000 local households since 1993. Geoff is also active with the <i>NTX Community Food Pantry, </i>including work on the annual ‘Soup &amp; Bowl’ event that raises hundreds of thousands of dollars by teaming up with popular area restaurants.</p><p><b>A Secret About Geoff</b></p><p>As a left-handed pitcher with a 90 mile-per-hour fastball in college, Geoff set multiple records at Eastern New Mexico University including a highly-celebrated ‘no hitter’ against a tough division rival. He went on to play professional minor league ball in Clarksville, Tennessee and his love of athletics now carries over to mountain biking, kayaking, and eco-destination travel.</p>**Nick Espiritu**, Wealth Advisor, Director<p>With 24 years of dedicated experience in financial services, Nick is passionate about enhancing the financial well-being of high net worth and ultra-high net worth individuals, small businesses, and private endowments. Drawing on extensive expertise, he guides clients through complex wealth management challenges, including wealth transfer strategies, tax and estate optimization, investments, and comprehensive planning, including a special focus on strategic philanthropy. Nick’s commitment is to deliver tailored and customized solutions, ensuring clients can feel confident and secure in their financial health, both now and as their needs evolve.</p><p>Prior to joining BakerAvenue, Nick was a VP – Sr. Financial Consultant at Charles Schwab where he served wealth management clients in a similar capacity as he does today. He has a Bachelor of Business Administration with a concentration in finance and is a current Certified Financial Planner professional.</p><p><b>Making an Impact</b></p><p>Nick is committed to the San Francisco community and participates in a mix of volunteer opportunities ranging from lending a hand to the homeless at the St. Anthony’s Dining Room to organizing holiday gift/fundraising events for families experiencing homelessness at Raphael House. In addition, Nick spends time educating his two young daughters on the importance of being good environmental stewards and fostering their desire to help their neighborhood by picking up trash and keeping their local storm drain clear.</p><p><b>A Secret About Nick</b></p><p>As a passionate outdoorsman, Nick has found himself with multiple, less than ideal, wild animal encounters including a bear, moose, wolf, and a mountain lion. The bear was the funniest, the moose the scariest, the wolf the sneakiest, and the mountain lion the coolest.</p><p><o:p> </o:p></p><p><o:p> </o:p></p><p><o:p> </o:p></p><p></p><p><o:p> </o:p></p>**Brie Ford**, Wealth Advisory Manager<p>Brie is a Wealth Advisory Manager at BakerAvenue, where she provides comprehensive support to clients and collaborates closely with the advisory team. She began her career in financial services at First Republic Bank before joining Capital Advantage, a mid-sized Bay Area wealth management firm. During her time there, she earned her Series 65 license and the Certified Financial Planner™ designation.</p><p>Prior to BakerAvenue, Brie served as a Wealth Advisor at Conquis Financial, a boutique firm where she specialized in advising top-tier law firm partners on comprehensive financial planning and investment management strategies.</p><p>Originally from Orange County, Brie now lives in Berkeley with her husband and two daughters.</p><p><b>Making an Impact</b></p><p>Brie is actively involved with Financial Women of San Francisco, where she supports the organization’s mission by interviewing scholarship candidates and mentoring recipients as they begin their careers in financial services. She regularly attends FWSF events to connect with peers, learn from more tenured professionals, and help support and inspire the next generation of women in the industry.</p><p><b>A Secret About Brie</b></p><p>She starts each day with a workout—whether it’s Pilates, Peloton, or weightlifting—which she considers an essential part of her routine and a key driver of positive momentum for the day ahead. Her favorite Peloton instructor is Cody Rigsby, and you’ll often find her riding along in one of his pop rides.</p>**Erik Gholtoghian**, Tax Planning, Director<p>Erik is an Enrolled Agent (EA) and Retirement Income Certified Professional (RICP®) who brings eleven years of tax preparation and tax planning experience to the team.</p><p> Before joining BakerAvenue, Erik worked at Moskowitz LLP preparing and reviewing complex tax returns. His specialty is preparing and analyzing individual, entity, trust, and gift tax returns and modeling retirement income options. Many of the returns Erik has prepared have been used in sensitive tax court cases and audits. Erik’s goal is to highlight your personal tax saving opportunities.</p><p> Erik has earned an astonishing five different master’s degrees, including one in each of the following subjects: Taxation, Financial Analysis, Financial Planning, Accounting Data &amp; Analytics, and his most recent, Financial Technology. He also has graduate certificates in Estate Planning and in Accountancy, and a bachelor’s degree in Managerial Economics.</p><p><b>Making an Impact</b></p><p> To make an impact, Erik tries to make time to tutor students in need in their college courses, especially in business-related subjects. He enjoys seeing others learn.</p><p><b>A Secret About Erik</b></p><p>Erik is an avid fan of <i>The Office</i>.<o:p> </o:p></p>**Tim Gordon**, Wealth Solutions, Managing Director<p>Tim has over 20 years of experience in the financial services industry. He works with our strategic referral partners east of the Mississippi River to make sure that BakerAvenue is a good fit for what their clients want to accomplish with their financial goals.</p><p>Tim graduated from Cabrini College with a Bachelor’s degree in English and Communications. Prior to joining BakerAvenue, Tim worked as the Head of Business Development at Crawford Investment Counsel. Throughout his career, he has worked in a variety of sales roles for Hartford Financial, JP Morgan, Invesco, and Prudential, and really enjoys seeing clients set and achieve their financial goals in life. He is happy to be at BakerAvenue and loves the boutique, family-friendly feel of the firm.</p><p><b>Making an Impact</b></p><p>Tim enjoys volunteering to help coach his three boys’ ice hockey, basketball, and baseball teams. He was fortunate to have some great coaches throughout his life and hopes to make the same impact for the next generation.</p><p></p><p><b>A Secret About Tim</b></p><p>Tim is the youngest of eight children and credits much of his success in life to getting beat up constantly by his older brothers. He played basketball in college and has a high score of 42 points in one game.</p>**Shayan Hamid**,  Senior Tax Preparer<p>As an experienced tax preparer, Shayan brings eight years of tax planning and experience in both individual and business taxation to BakerAvenue. His background includes work on the partnership team at BPM, where he prepared real estate partnership returns and calculated partner basis.</p><p>Shayan holds a Master’s in Accounting from Saint Mary’s College, where he strengthened his technical tax knowledge through various roles in public accounting.</p><p><b>Making an Impact</b></p><p>As the son of small business owners, Shayan goes out of his way to support locally owned, small businesses in the Bay Area. His favorite thing to do is organize monthly hiking excursions he’s coined “Trail &amp; Lunch Day” that conclude with a meal at a family-owned restaurant, reflecting his belief that strengthening community starts with supporting the small businesses that anchor it.</p><p><b>A Secret About Shayan</b></p><p>Shayan loves to spend his free time hiking around the Bay Area and is working towards a goal of visiting every National Park in California. He is also passionate about the art of making coffee and hopes to one day open his own small-town coffee shop — although he doesn’t particularly enjoy caffeine himself!</p>**Terry Hawkins**, Senior Client Service Associate<p>Terry brings over 20 years of client service experience in the financial industry. He plays an integral role on BakerAvenue’s client service team, primarily supporting the Southwest region.</p><p>With a design background from Otis Parsons School of Design, he relocated to the Bay Area to work with a hand painted fabric designer involved with the international interior design market. At that time, he realized he had an interest in finance as well and made the decision to transition to a financial services role.</p><p><b>Making an Impact</b></p><p>Terry enjoys anything nature-related and has participated in local park and neighborhood clean-ups to beautify and support the community. He provides support to an organization dedicated to Redwood Forest conservation efforts, and any chance he has to go on a hike and have a picnic is high on his list of activities, where he often picks up any litter on the trails when possible. He has also spent time volunteering for the local public television station.</p><p><b>A Secret About Terry</b></p><p></p><p>Terry is highly interested in the arts and frequents the local museums as often as possible, rarely missing a season of San Francisco’s world class ballet and opera performances, as well as attending many theatrical events throughout the year.</p>**Amy Hepburn**, Head of Impact and Philanthropy<p>Amy Hepburn is a recognized Impact Investing expert and social entrepreneur who believes in pushing the boundaries of philanthropy. She accelerates social change by strategically leveraging resources, talent and amplifier platforms for maximum social impact.</p><p>She has spent 20 years driving social change in the public and private sectors with expertise in the advancement of women and girls globally and protection of children in crises. Amy is on faculty at Duke University and George Washington University and advises governments, philanthropists, corporations, and foundations on social impact strategies committed to finding new solutions to society’s most complex challenges.</p><p><b>Making an Impact</b></p><p>Amy was an appointed Delegate on the 2018 G7 Gender Equality Advisory Council and a current member of the Global Women’s Forum for Economy and Society. She co-founded the Duke University Global Governance and Policy Program on Human Rights and Humanitarian Action in Geneva, Switzerland.</p><p><b>A Secret About Amy</b></p><p>Looking for adventure two weeks after college graduation, Amy boarded a plane to Sarajevo at the conclusion of the Balkan war. What began as a 2-month volunteer commitment turned into a 20-year humanitarian career. Amy’s “adventure” has affirmed the most fundamental tenet to her social impact work – that we are all more similar than we are different.</p>**James Hong**, Investment Management, Director<p>James is a Director of Investment Management at BakerAvenue and has responsibilities in the firm’s specialized strategies on concentrated stock management and options. James primarily focuses on technical analysis to evaluate the trends and patterns of the markets. As a member of the Investment Committee, he also supports the team on research and analysis.</p><p>Prior to joining BakerAvenue, James was a Portfolio Manager at Cresset Capital where he was responsible for the construction and implementation of client portfolios.</p><p>James attended Cal State Fullerton and graduated Cum Laude with a B.A. in Finance. He is a Chartered Financial Analyst (CFA®) and a member of the CFA Society of San Francisco.</p><p><b>Making an Impact</b></p><p>James and his wife are passionate about education, donating funds to support local education initiatives in the Bay Area. Their financial contributions have provided art supplies, technology tools, and books to local elementary and middle school classrooms in the public school district where James’ wife works as a teacher. As a team, James and his wife are working to create a series of teachable units geared towards educating students on the real-world applications of math and developing basic financial literacy to better prepare children for their future.</p><p><b>A Secret About James</b></p><p></p><p>James is fluent in three languages: Korean, Spanish, and English. He is a Korean native and lived in Ecuador for six years before moving to the States when he was 12 years old.</p>**Koji Iwata**, Senior Tax Preparer<p>Koji is an Enrolled Agent, the highest credential awarded by the Internal Revenue Service. As a valued member of our tax team, he specializes in tax return preparation and strategic tax planning, helping clients identify and maximize tax-saving opportunities.</p><p>Koji has worked with several tax accounting firms, most recently Smith &amp; Company, CPAs. His primary expertise is in the preparation and analysis of individual income tax returns, where his detail-oriented approach ensures accuracy, compliance, and optimal outcomes for clients.</p><p>He holds a PhD in Physics and brings exceptional analytical and problem-solving skills to his tax practice, allowing him to navigate complex tax matters with precision.</p><p><b>Making an Impact</b></p><p>Koji is deeply committed to youth education and community involvement. He volunteers with the Japanese Bilingual-Bicultural Program at Rosa Parks Elementary School, where he draws on his Japanese heritage and prior experience as an educator to support students’ learning and cultural development.</p><p><b>A Secret About Koji</b></p><p>Koji’s professional journey is uniquely diverse. Before pursuing a career in taxation, he worked as both a scientist and an elementary school teacher. Outside of work, he enjoys surfing, cooking, and reading.</p>**Cassandra Johnson**, Client Service Associate<p>Cassandra graduated from high school a year early in Colorado and relocated to Texas, where she continued her education while launching her professional career. Over the past five years, she has worked directly with clients in the RV industry, guiding them through the buying and selling process while managing documentation and ensuring accuracy at every step. Supporting clients through complex transactions strengthened her client-focused approach and attention to detail — qualities she now brings to BakerAvenue as a Client Service Associate, with a passion for helping others navigate important decisions with care, clarity, and confidence.</p><p><b>Making an Impact</b></p><p>Cassandra is active in her community, where she co-leads a women’s bible study. She also enjoys encouraging others and finding meaningful ways to spread positivity, which often includes creating thoughtful, handmade gifts that she loves to share.</p><p><b>A Secret About Cassandra</b></p><p> Cassandra loves staying active in the CrossFit community and playing golf, but she’s also a homebody at heart who enjoys homestead-style activities and cozying up with a good book.</p>**Terra Kelly**, Senior Client Service Associate<p>Terra supports the operations team as a Senior Client Service Associate in the San Francisco office. Prior to her work at BakerAvenue, over the course of four years, Terra earned both a B.A. in Economics and an M.S. in Applied Economics and Finance from the University of California, Santa Cruz.</p><p></p><p><b>Making an Impact</b></p><p>In recent years, Terra has actively participated in various volunteer opportunities, including local trash clean-ups and food drives. During her college tenure, Terra took part in philanthropic initiatives benefiting her local CASA organization and has contributed to various fundraisers, including designing and selling sweatshirts to support the Step-Up Women’s Network.</p><p></p><p><b>A Secret About Terra</b></p><p>Beyond her professional endeavors, Terra finds joy in pottery, cooking, spending quality time with friends and family, and exploring new destinations.</p>**Sonia Khaki**, Senior Wealth Associate<p>Sonia is a Senior Wealth Associate at BakerAvenue, where she supports the Wealth Advisory team. After several years teaching high school seniors in Johannesburg, Sonia transitioned into finance, earning her CFA designation along the way. She brings a unique perspective, blending her passion for education with the analytical rigor of wealth management. Sonia is excited to apply her skills to help clients achieve their financial goals.</p><p><b>Making an Impact</b></p><p>Before moving to the U.S., Sonia led impact initiatives at her previous job, focusing on expanding educational access and addressing broader community needs. Now in the U.S., she’s excited to find new volunteer opportunities and has already begun leading community yoga classes for her neighbors in her building.</p><p><b>A Secret About Sonia</b></p><p></p><p>An avid amateur dancer, Sonia peaked during a spontaneous dance-off at a local hotspot in Johannesburg. Armed with a not-so-smooth moonwalk and a sprinkle of jazz hands, she left her opponents spinning and strutted off with a brand-new Blackberry as her prize. Now semi-retired from her dance floor glory, her shoes are hung up… but never too far from reach!</p>**Hannah Kim**, Wealth Advisory Manager<p></p><p> Hannah started at BakerAvenue in 2012. She has played an integral part in developing a strong client service and operations team and contributed to the tremendous growth and success of the firm. After a decade of working in client service and operations at BakerAvenue, Hannah parted with the firm. Two years later, however, upon finding a new calling, she has returned and is transitioning her career to explore a path in wealth management.</p><p>Before joining the firm, Hannah held roles with Ameriprise Financial Advisors and Northwestern Mutual followed by a role in retail banking with Citibank in San Francisco. Hannah was in a banking and wealth management position with Credit Suisse when she met Simon Baker and joined BakerAvenue.</p><p><b>Making an Impact </b></p><p>Hannah is incredibly grateful for the opportunity to raise her two children in San Francisco, a city that offers countless ways to teach them the value of community engagement. When she isn’t carpooling them across the Bay Area for their sports activities, you’ll find her volunteering at a local food bank with coworkers, running 5ks to support her children’s school, or finding other meaningful ways to give back to her community.</p><p><b>A Secret About Hannah</b></p><p>Hannah has two birthdays: a “real” one and a “fake” one. In South Korea where she was born, birth certificates used to be hand-written. Her parents got the day mixed up and wrote down the incorrect date by two days. Her identity is now tied to a wrong birthday, and even a different horoscope sign. The silver linings, however, were she turned 21 two days sooner, and now celebrates an entire birth week.</p>**Kris Krauszer**, Wealth Advisor, Managing Director<p>With 27 years in the Financial Services industry, Kris has extensive experience delivering integrated wealth and estate planning, retirement planning, and risk management solutions to clients. In addition to his advisory role at BakerAvenue, he focuses on working with strategic partners, such as attorneys and CPAs of clients, to develop lasting relationships.</p><p>Prior to joining BakerAvenue, he spent the first seven years of his career at two prominent wealth and estate planning firms in and around New York City. He later joined Fidelity Investments, where he worked for ten years as a Vice President, Financial Consultant in their Orlando Branch, and as a Vice President, Wealth Management Advisor for their Private Wealth Management division serving ultra-high-net-worth clients in northern Florida.</p><p>Kris holds a Bachelor of Science in Financial Management from Clemson University and currently belongs to the Financial Planning Association of Central Florida.</p><p><b>Making an Impact</b></p><p>As a former lacrosse player in the Northeast, Kris volunteered as a coach for both his daughters’ middle school lacrosse teams for nine years (18 seasons). He decided to hang up the whistle this past season and now volunteers his time to his youngest daughter’s Varsity high school lacrosse team and other activities in which she participates. He and his family also volunteer to assist in building homes with Habitat for Humanity at one of their local chapters in Orlando during the summer months.</p><p><b>A Secret About Kris</b></p><p> Adventurous by nature, Kris’s hobbies include fishing, boating, snow skiing, surfing, world travel, and taking trips on the family boat to the Bahamas and Florida Keys. He and his family even bought a piece of land on an island on the Caribbean side of Panama and built a small bungalow-style surf and fishing home on the property. The home was only accessible by boat as there were no roads or cars on the island. The area was called Bocas del Toro, and the inhabitants were primarily indigenous tribes.</p>**Sanden Leavers**, Wealth Associate<p>Sanden joined the BakerAvenue team as a Wealth Associate and plays an integral role supporting advisors in the Dallas office.</p><p>Sanden graduated from Stephen F. Austin State University with a bachelor’s degree in international business and finance, where he focused on financial planning and investment management. He worked for the school’s financial advising office and as an analyst for the school investment fund.</p><p><b>Making an Impact</b></p><p>Sanden has been a longtime supporter and volunteer of the Appalachian Service Project (ASP), where he has served impoverished communities by raising money to do projects such as house remodeling.</p><p><b>A Secret About Sanden</b></p><p>Sanden grew up in Baltimore, MD and always enjoyed the snowy season.</p>**Joe Lesnick**, Wealth Associate<p>Joe is a Wealth Associate at BakerAvenue, where he plays a key role in supporting advisors in the Dallas office. He brings a strong foundation in financial planning and a deep commitment to client success.</p><p>Joe earned his bachelor’s degree in Personal Financial Planning from Texas Tech University. During his time there, he was actively involved in student organizations dedicated to promoting financial literacy, including Red to Black and Knowledge Empowering You (KEY). Inspired by his grandmother, who worked in the financial services industry for over 20 years, Joe knew early on he wanted to help others make informed, confident financial decisions.</p><p>Prior to joining BakerAvenue, Joe began his career at Charles Schwab, where he cultivated his passion for delivering exceptional client experiences in a fast-paced brokerage environment.</p><p><b>Making an Impact</b></p><p>Joe is passionate about financial education and enjoys giving back to the community through Moneywise America in the Fort Worth area. He was also actively involved with local food drives, thrift stores, museums, and libraries in the Midland and Lubbock communities.</p><p><b>A Secret about Joe</b></p><p> Joe comes from a family of avid golfers and enjoys playing new courses whenever he gets a chance.</p>**Edgar Liu**, Salesforce Administrator<p>Edgar joins BakerAvenue as the Salesforce Administrator, bringing over 17 years of experience in the tech industry and more than 10 years of experience in Salesforce implementations, focusing on optimizing customer relationships. At BakerAvenue, he is responsible for troubleshooting Salesforce-related ticket requests and collaborating with team members on process improvement initiatives.</p><p>Before joining BakerAvenue, Edgar led the technology department at a middle school in San Francisco, where he designed and implemented case management and asset tracking systems on the Salesforce platform. He also led the development of an AI-driven chatbot to enhance the customer experience on public-facing websites and improved case management at a global enterprise legal tech company.</p><p>Edgar graduated from the University of San Francisco with a Master’s in Information Systems and holds a BS in Computer Engineering from San Jose State University.</p><p><b>Making an Impact</b></p><p>Edgar joined AmeriCorps for volunteer work and served at a high school in West Oakland, where he helped develop classroom tech integration and incorporate technology into curricula. He regularly takes his kids to volunteer at the SF Food Bank and the San Francisco Ronald McDonald House to emphasize the importance of giving back to the community.</p><p><b>A Secret About Edgar</b></p><p>In his free time, Edgar enjoys traveling with his family and exploring different cultures and cuisines. He likes cooking for family and friends. Ask him about his special crab dip recipe and refreshing blueberry gin and tonic recipe. In his spare time, he enjoys gardening in his small backyard.</p>**Eddie Lopez**, Wealth Associate<p>Prior to BakerAvenue, Eddie worked in Human Resources for 3 years. He developed a passion for client-facing roles, while helping people navigate their career trajectory. At BakerAvenue, he plays a fundamental role in supporting the San Francisco Wealth Advisory team and looks forward to helping people navigate their finances.</p><p>Eddie discovered his enjoyment of learning about financial instruments and investment vehicles while he studied economics at San Diego State University.</p><p><b>Making an Impact</b></p><p>Eddie enjoys taking part in beach cleanups and supporting organizations that protect the ocean.</p><p><b>A Secret About Eddie</b></p><p>In his free time, Eddie likes to travel, go on road trips along the coast, and learn about nutrition/fitness.</p>**Simon Mayali**, Estate Planning, Director<p>As BakerAvenue’s Director of Estate Planning, Simon Mayali works with clients to identify their estate planning goals and options and helps them understand the complexities of estate and gift taxation. He began his career as an attorney in Chicago, where he developed a passion for helping clients plan for the future and navigate the intricacies of estate administration. He later obtained his LL.M in taxation with a focus on estate planning in order to work with clients on complex estate and gift tax issues.</p><p>Prior to joining BakerAvenue, Simon was an associate in the International Tax department at PricewaterhouseCoopers in Houston, and an attorney for several boutique trusts and estates firms in San Francisco. He holds a B.A. from UCLA, a J.D. from Chicago-Kent College of Law, and a Taxation LL.M from Northwestern School of Law. He is a member of the San Francisco Bar Association and is licensed to practice law in California, Illinois, Texas, and Washington D.C.</p><p><b>Making an Impact</b></p><p>As the former co-chair of The Bar Association of San Francisco Barristers Estate Planning, Probate and Trust Section, Simon helped put together a training session for attorneys to use when establishing pro bono estate plans for frontline workers when the pandemic first started.</p><p><b>A Secret About Simon</b></p><p>Simon loves to travel and has been stung by a jellyfish twice (likely not the same jellyfish but who knows), once in Miami and another time in Thailand. He’s not striving for a third sting but would probably take it if it meant he could be on a beach in the Seychelles.</p><p></p>**Madeline McHale**, Client Service Associate<p>Madeline is a Client Service Associate based in the San Francisco office. Before joining the team, she spent eight years in the nonprofit and philanthropic sector, providing strategic operations support to mission-driven organizations, including the Bill &amp; Melinda Gates Foundation. She brings strong organizational skills and a collaborative, solutions-focused mindset to her work and is excited to transition into the financial service space. Madeline takes a human-centered approach to client service and believes thoughtful, personalized support is key to helping clients manage their wealth and achieve their goals.</p><p>Madeline earned her BA from Connecticut College, where she majored in Sociology, minored in Dance, and completed a certificate in Public Policy and Community Action.</p><p><b>Making an Impact</b></p><p>Madeline is deeply committed to community engagement and social impact, particularly in housing, healthcare, and food access. Growing up in Seattle, she volunteered with Plymouth Housing, a nonprofit providing permanent supportive housing for individuals experiencing homelessness. She spent the last three years as a Volunteer Committee Member, organizing fundraising events and promoting the organization’s mission. Since relocating to San Francisco, she has continued her involvement in the community through Foodwise, a nonprofit that operates the Ferry Building Farmers Market and delivers food education programming and access throughout the Bay Area.</p><p><b>A Secret About Madeline</b></p><p> Madeline has 17 years of training in ballet and modern dance and has been practicing yoga for over 15 years. She became a certified yoga teacher in 2018 and stays connected to movement by taking classes regularly, attending dance performances, and advocating for arts programming.</p>**Nicholas McInnis**, Investment Management, Director<p>At BakerAvenue, Nick has responsibility for executing equity and fixed income trades. Being a member of the Investment Committee, he supports the team on research and analysis. In addition, he coordinates portfolio implementation and strategy rebalancing with the Wealth Advisory team.</p><p></p><p>Nick grew up in Sonoma County where he attended Sonoma State University and graduated Cum Laude with a B.S. in both Accounting and Finance. From there, he pursued his MBA at St. Mary’s College of California in Moraga. He graduated with Honors with a Finance Concentration.</p><p><b>Making an Impact</b></p><p>Nick has pitched in with his local high school baseball team, helping the players learn from his experience playing in college. Nick was also a Eucharistic minister at his local church.</p><p><b>A Secret About Nick</b></p><p>Nick went to speech class until he was 10 when he discovered he had a hearing issue. Surprisingly, he cannot go to the movies because the theaters are too loud for him.</p>**Antonio Mercado**, Investment Operations Associate<p>Antonio brings over 25 years of industry experience to BakerAvenue, working in Operations, as a Trader, and more recently as a Client Service Associate with various other RIA’s. He enjoys helping others achieve their financial goals by providing exceptional service so they can focus on the things that matter to them most.</p><p>Antonio has a B.A. in Economics from San Francisco State University.</p><p><b>Making an Impact</b></p><p>Antonio’s mantra in life is to make each day a better day than yesterday. He practices this not just in the workplace, but also every day in life, especially when there’s an opportunity to help and improve local communities like volunteering at Habitat for Humanity. He also enjoys volunteering as a basketball and volleyball coach at local elementary schools.</p><p><b>A Secret About Antonio</b></p><p>Antonio is an avid traveler, having been to Zurich, Hamburg, Frankfurt, Rome, Barcelona, Athens, Santorini, Mykonos, Palermo, London, Paris, and Manila. If he could have any superpower, he wishes to have the superpower to fly so he can travel the world wherever and whenever he wants. In the meantime, getting on an airplane will have to do.</p>**Michael Moran**, Chief Compliance Officer<p>Mike is Chief Compliance Officer at BakerAvenue, where he works closely with firm leadership, advisors, and business teams to foster a culture of integrity, accountability, and practical risk management. With more than 25 years of experience in financial services compliance, including leadership roles at Charles Schwab, Wells Fargo, and Bank of America, Mike has spent his career helping firms navigate complexity while maintaining the confidence and trust that are essential to strong client relationships.</p><p>He believes compliance is most effective when it protects clients, supports advisors, and helps preserve the trust placed in the firm every day.</p><p><b>Making an Impact</b></p><p>Beyond BakerAvenue, Mike has been actively involved in the San Mateo County community for many years. He has volunteered through his children’s schools, participated in local park cleanups, and helped deliver food to families during holiday food drives. He also enjoys taking part in community traditions and has spent time behind the microphone as an announcer for his hometown’s annual Fourth of July parade. Supporting the community where his family lives has always been important to him.</p><p><b>A Secret About Michael</b></p><p>Growing up in Colorado sparked Mike’s love of the outdoors, a passion he continues to enjoy today in California. Whether it’s skiing, hiking, fishing, or simply spending time outside with family and friends, he’s happiest when he’s out exploring.</p>**Cheryl Morand**, Head of Estate Management<p>Cheryl is a fifth-generation San Franciscan with over 16 years of experience across corporate and domestic operations. She has served as Chief of Staff and Business Operations lead for Bay Area startups and corporations, and as Director of Residences, Estate Manager, House Manager, and Personal &amp; Executive Assistant in private households. Her deep local network and meticulous organizational skills make her a trusted resource for streamlining operations and elevating service standards.</p><p><b>Making an Impact</b></p><p>Cheryl has performed Chief of Staff duties for several Bay Area startups and corporations, including interfacing with senior leaders on strategic issues and leading philanthropy initiatives for public and private fundraising, as well as raising charitable donations.</p><p><b>A Secret About Cheryl</b></p><p>Beyond her professional accomplishments, Cheryl is a certified 200-hour Yoga Alliance instructor and an OSHA-certified Ergonomics Specialist. She’s performed workplace ergonomics assessments for some of the largest companies in the Bay Area and across the nation—helping teams stay healthy, productive, and aligned.</p>**Charles Morrison**, Wealth Associate<p>Charles joined the BakerAvenue team as a Wealth Associate and brings a unique perspective to the world of finance with a strong background in education. Before transitioning into wealth management, Charles spent 15 years teaching upper-level mathematics at Title I schools, where he was deeply committed to helping students build strong foundations for their futures. His experience in education cultivated his strengths in communication, problem-solving, and guiding others toward long-term success—skills that translate seamlessly into supporting clients and advisors in the financial world.</p><p>Charles holds a Bachelor of Science in Mathematics from the University of North Texas and is passionate about continuing to learn and grow in the financial planning space.</p><p></p><p><b>Making an Impact</b></p><p>Charles continues to support education by volunteering at Newman Smith High School, where he mentors students and advocates for academic opportunity and achievement.</p><p></p><p><b>A Secret About Charles</b></p><p>On weekends, Charles can often be found in his garage woodworking shop, where he enjoys designing and building furniture by hand.</p>**Matt Munro**, Wealth Advisor, Managing Director<p>Matt has over a decade of wealth management experience across Silicon Valley and New York City, specializing in high-net-worth wealth planning, concentrated stock management, and equity compensation. He believes in building deep, long-term relationships with clients to better understand their financial goals and develop comprehensive financial plans that provide a clear framework for achieving them.</p><p>Matt is a Certified Financial Planner (CFP®) and earned his degree in Financial Counseling and Planning from Purdue University. The program is ranked by Financial Planning as one of the <a
href="https://www.financial-planning.com/slideshow/inside-25-great-financial-planning-schools" target="_blank">Top 25 Great Financial Planning</a> programs within the United States.</p><p><b>Making an Impact</b><br>
Matt is a member of the Emerging Advisors Network at the San Francisco Foundation, where he meets with peers throughout the year to exchange ideas and insights on philanthropy and issues impacting the Bay Area. Through this involvement, Matt is committed to deepening his understanding of philanthropy and how thoughtful giving can improve the quality of life across the region.</p><p><b>A Secret About Matt</b><br>
An avid traveler, Matt studied abroad in Florence during college and continued traveling throughout Western Europe, visiting 16 countries and more than 26 cities. He has since expanded his travels to include Thailand, Mexico City, Japan, and Portugal.</p>**Gerry O’Connell**, Tax Planning, Partner<p>Gerry brings 25 years of tax experience gained at public accounting firms KPMG and Deloitte, investment banks Lazard and Sociiete Generale, and most recently San Francisco tax law firm Moskowitz LLP. Gerry is an Enrolled Agent (EA) the premier tax accreditation recognized by the IRS. Areas of special interest include estate planning strategies, retirement planning, real estate tax minimization and US reporting of assets held overseas.</p><p><b>Making an Impact</b></p><p></p><p>Gerry supports the Northern California chapter of the Cystic Fibrosis Foundation after the genetic condition took a beloved brother and sister at a young age.</p><p><b>A</b><b> Secret About Gerry</b></p><p>Growing up in Belfast, Ireland, Gerry was an All-Ireland Irish Dance Champion at the tender age of 14 - (think Riverdance) - although weekends are now devoted to the much more gentler pursuit of getting thrown off his surfboard by a 3-footer at Bolinas beach in Marin county..</p><p></p>**Elena Panco**, Senior Wealth Advisory Manager<p><o:p>Elena works closely with the BakerAvenue Wealth Advisory team based in San Francisco. She assists her team to deliver comprehensive financial solutions to our clients so they can reach both their short- and long-term financial goals. Elena is pursuing the CERTIFIED FINANCIAL PLANNER™ designation and she has recently passed the CFP® exam. Prior to joining BakerAvenue, she interned with the Financial Planning Association of San Francisco. As part of their virtual financial planning program, Elena acquired both theoretical and technical skills in personal finance. While studying in college, she also had the opportunity to serve clients at Bank of America, and intern at First Republic Bank on the Private Equity Loan team.</o:p></p><p><o:p><b>Making an Impact</b> </o:p></p><p></p><p><o:p>Elena believes financial literacy should be taught from a young age. Last year she volunteered with OrangeNote, a nonprofit that empowers students by teaching them what matters in the real world. During tax season, Elena also volunteers as a tax preparer with VITA, a tax program founded by the IRS to help low-income individuals and families file their taxes at no cost.</o:p></p><p><o:p><b>A Secret About Elena</b></o:p></p><p></p><p>Not many know that Elena grew up in a small village in Moldova, on a large farmland with many domestic animals- including a horse named Dusea. During her childhood, she and her family used a carriage to travel around her village. In Moldova, Elena received her degree in teaching, as she loves helping others. She is looking forward to the opportunity to once again ride a horse along a coastal beach.</p>**Christina Perry**, Client Service Associate<p>Christina brings over 12 years of expertise to BakerAvenue’s Client Service Team, with a background spanning client success, consumer lending, and financial services at Goldman Sachs, OneMain Financial, and a fintech startup. Based in Dallas, she is passionate about delivering an exceptional client experience and serving as a trusted advocate. Christina’s strong problem-solving skills and professionalism enable her to anticipate client needs and provide solutions that foster confidence and long-term relationships.</p><p><b>Making an Impact</b></p><p>Christina is passionate about giving back to her community through donations and volunteering. She actively supports several Dallas-based organizations, such as Genesis Women’s Shelter and Modest Muse — the latter of which she previously served as a board member, empowering women through personal and business development resources and community support.</p><p><b>A Secret About Christina</b></p><p> Christina is extremely family-oriented and is the proud middle child of five sisters. On the weekends, you’ll often find her hosting gatherings for friends and family, riding her bike, or taking classes at a local yoga studio. Her guilty pleasure is watching cooking shows, and she’s currently learning to bake by creating new desserts every month.</p>**Amy Pettigrew**, Client Service Associate<p>With a diverse background spanning private equity, the mortgage industry, marketing, and customer service, Amy brings a well-rounded, relationship-focused approach to her role as Client Service Associate at BakerAvenue Wealth Management. Prior to joining BakerAvenue, she worked in investor relations within private equity, where she supported capital raising efforts, investor onboarding, SEC compliance, and event planning. Building and nurturing relationships with investors was at the core of her role. Amy’s varied professional journey has helped her to develop strong organizational skills, attention to detail, and a commitment to delivering excellent client service.</p><p><b>Making an Impact</b></p><p>Giving back to her community is something Amy holds dear to her heart. Alongside her daughters, she volunteers at her local humane society and the Tarrant County Food Bank. Amy is also actively involved at her children’s schools, supporting events and classroom activities whenever possible. Each year, Amy participates in a local initiative to distribute Thanksgiving meals to families in need, which continues to remind her of the importance of both service and compassion.</p><p><b>A Secret About Amy</b></p><p>Outside of work, you’ll often find Amy in the kitchen baking—especially cookies! She loves trying out new recipes and sharing homemade treats with family and neighbors. Amy also has a passion for travel and enjoys planning and taking adventures with her kids. Creating meaningful memories and experiences together is something she truly values, as Amy believes those shared moments are far more lasting than material possessions.</p>**Sheila Rabaut**, Wealth Advisor, Director<p>Sheila brings over 20 years of client management experience to BakerAvenue. She partners with her clients to help them envision, plan for, and create the lives that they desire. She co-chairs BakerAvenue’s Financial Feminism initiative with the goal of helping women reach their highest financial potential, both personally and professionally. She has served on the FPA of San Francisco Board since 2018 and most recently held the President role.</p><p> Sheila holds a B.A. in History and a Masters in Business Administration from Santa Clara University. She is also a Certified Financial Planner (CFP®) and serves on the board of the San Francisco Financial Planning Association.</p><p><b>Making an Impact</b></p><p>Sheila helps move women forward in economic empowerment and political participation in human rights by serving on the Vital Voices Bay Area Council. She also serves as Secretary and Treasurer for the Rabaut Family Foundation, which invests in organizations taking on the complicated issues around mental health.</p><p><b>A Secret About Sheila</b></p><p>Sheila’s family moved a lot growing up – about every three years. This instilled a curiosity in the energy and diversity of cultures and people from an early age, from exploring big cities like Istanbul to chilling under the stars on the shores of a Michigan lake.</p>**Glen Rives**, Wealth Advisor, Director<p>Glen Rives has been helping clients plan their futures for over 25 years. He provides comprehensive wealth management, financial planning, and coordination of all aspects of a client’s financial life with strategic partners such as estate attorneys and CPAs.</p><p>Prior to BakerAvenue, Glen worked as a wealth advisor for both small RIAs and large financial institutions. He practiced estate and probate law in Texas for several years prior to becoming a wealth advisor and obtaining his CFP.</p><p>Glen holds his JD from South Texas College of Law, a Master of Science in Sports Studies from Miami University (Ohio), and a Bachelor of Arts in History from the University of Texas in Austin. Glen and his wife, Adele, have two children, Luke who plays football and runs track at Dartmouth, and Haley, who is a student at the University of Texas in Austin.</p><p><b>Making an Impact</b></p><p>Glen helps families with athletes who are being recruited to college to play sports. When he was a practicing attorney, Glen organized and lead the ARC of Texas Guardianship project where he organized local attorneys to provide pro bono legal services for families with special needs children who were turning 18 years of age and needing a guardianship.</p><p><b>A Secret About Glen</b></p><p>Glen has his Masters in Sports Studies/Administration and should be an athletic director in the college ranks. Any talks on conference realignment, the role of the NCAA, the changing landscape of college athletics, and good ol’ football talk, Glen will more than happily join the discussion.</p>**Tim Rizzuti**, Wealth Advisory Manager<p>Tim Rizzuti brings a practical, client-focused approach to financial planning and wealth management at BakerAvenue. He began his career in the financial services industry at Bank of America before most recently working at an Ameriprise office in Walnut Creek, where he supported clients with financial planning and portfolio management. Tim recently earned his Certified Financial Planner™ (CFP®) designation and is excited to continue expanding his expertise. At BakerAvenue, he combines a strong planning foundation, retirement-focused experience, and a genuine passion for helping clients feel confident and informed about their financial decisions.</p><p><b>Making an Impact</b></p><p>Outside of work, Tim is actively involved in his community. He enjoys helping expand access to the arts in East Contra Costa County, with a special interest in poetry and spoken word, and he also gives back by coaching Little League, where he focuses on teaching young players the value of teamwork, communication, and working toward a shared goal.</p><p><b>A Secret About Tim</b></p><p>Tim loves heading up to Lake Tahoe to snowboard and has recently begun tackling bigger jumps and park features. He also enjoys sharing the mountain with his son and teaching him how to ride safely.</p>**Ryan Robles**, Senior Office Manager<p>Ryan is BakerAvenue’s Senior Office Manager, responsible for ensuring the smooth day-to-day operations of the firm from our San Francisco office. He plays a key role in managing office logistics and creating an efficient and welcoming work environment. Before joining BakerAvenue, Ryan spent four years at a technology company as an Office Manager and Executive Assistant, providing high-level support to multiple executives.</p><p><b>Making an Impact</b></p><p>Ryan spends time assisting elderly and fixed-income members of his community with yard and home maintenance work. He also enjoys taking part in beach cleanups at Ocean Beach in San Francisco.</p><p><b>A Secret About Ryan</b></p><p>One of Ryan’s favorite weekend activities is visiting his local library with his wife and young daughter. Spending time together reading and playing with his daughter has made the library one of his favorite spaces — who knew it could be so fun?!</p>**Austin Roesler**, Senior Wealth Advisory Manager<p>Austin is a Senior Wealth Advisory Manager based in Dallas, where he provides direct support to both clients and advisors in the Southwest region. He began his career at Ameriprise Financial and later joined Charles Schwab, where he gained valuable experience as a lead financial advisor. Austin is also a Certified Financial Planner© and is excited to use his communication and relationship management skills at BakerAvenue.</p><p>Originally from Wisconsin, Austin now calls Texas home. He graduated from the University of Wisconsin-Eau Claire with a B.S. in Finance &amp; Marketing.</p><p><b>Making an Impact</b></p><p>Austin is deeply involved in his local church community, where he fundraises for charitable initiatives such as Coats for Kids, homeless outreach programs, and programs for single mothers. He also plays an active role in the church’s youth group, mentoring and supporting young adults. In addition, Austin is a member of the local Financial Planning Network, where advisors collaborate to improve their craft and expand access to quality financial advice.</p><p><b>A Secret About Austin</b></p><p>Austin is a passionate sports fan and is highly competitive by nature. He has won numerous golf tournaments and has come within inches of a hole-in-one – more than once. Outside of work, he is working toward earning his private pilot’s license and enjoys traveling to attend concerts and performances, meeting new people along the way. Although Austin leads a very active and health-conscious lifestyle (filled with yoga, martial arts, and long walks), he’s never one to turn down a great cheeseburger, especially if it’s topped with Wisconsin cheese.</p>**Tracy Pham Salvador**, Operations, Partner<p>Tracy is dedicated to providing the highest level of professionalism and service to her clients and team. As <span>Partner, Operations</span>, Tracy works closely with executive level management to strategize and develop long-term operational plans. She brings over 10 years of client service and operations experience to BakerAvenue and is responsible for overseeing operational efficiency for the firm.</p><p>In addition to her operational functions, Tracy partners with the HR team to assist with policy design and development. She strives to create a culture that empowers quality, productivity, and ongoing development in workplace.</p><p><b>Making an Impact</b></p><p>Tracy volunteers once a month with One Brick, a non-profit organization that works to inspire and support a community of volunteers to take on important projects. She has also worked with the Susan G. Komen Foundation, Second Harvest Food Bank, and the Homeless Prenatal Program.</p><p><b>A Secret About Tracy</b></p><p>Tracy has a 7-year old dachshund named Peanut and has a weakness for really cute animals.</p>**Scott Stephens**, Wealth Advisor, Partner<p>As a Partner, Managing Director and Certified Wealth Strategist (CWS) on the Central Wealth Advisory Team, Scott enjoys building lifelong relationships with friends, clients, and other business professionals in his community.</p><p>For the last 10 years, Scott has overseen the BakerAvenue Texas office where he has built relationships throughout Texas and Midwest locations. Over the last several years, Scott has focused his expertise in helping clients protect and divest large concentrated company stock exposure with customization tools and personal attention. Various companies include Texas Instruments, Exxon/Mobil, Royal Dutch Shell, Lennox, AT&amp;T and Oracle.</p><p>Prior to joining BakerAvenue, Scott was employed by Fidelity Investments for 13 years in both Boston and Dallas locations working as a Vice President and Senior Executive in various High Net Worth roles.</p><p><b>Making an Impact</b></p><p>Scott enjoys volunteer coaching for youth sports. He also sits on the board of the Positive Coach Alliance (PCA), North Texas Chapter. This non-profit organization transforms the youth sports culture into a Development Zone to help all youth and high school athletes have a positive, character-building experience.</p><p><b>A Secret About Scott</b></p><p>Scott has always had a romanticism with water and the ocean. This is a slight problem in his life since he lives in Texas. “Having a swimming pool in Texas does not substitute for the nature of a lake or ocean, but it does keep my kids happy.”</p>**Brynne Terry**, Senior Growth & Experiences Manager<p>Brynne plays a key role in turning insights into strategic initiatives that drive growth, efficiency, and excellence across the firm. She focuses on aligning people with business goals to create intuitive processes and meaningful experiences that strengthen engagement, loyalty, and overall satisfaction for both clients and colleagues.</p><p>Prior to joining BakerAvenue, Brynne began her career in digital marketing before transitioning to occupational therapy, where she supported young adults in building balance and purpose into their daily lives. Her enduring passion for helping others thrive—both personally and professionally—continues to shape her human-centered approach to work.</p><p>Brynne holds a B.A. in Human Performance with a minor in Marketing from the University of Southern California (USC). She also completed her Master’s in Occupational Therapy at USC and her Doctorate in Occupational Therapy at Boston University.</p><p><b>Making an Impact</b></p><p>Brynne finds purpose in creating a positive impact on the health and wellbeing of the community around her. She has coached dozens of individuals to facilitate behavior change in their habits and routines. She regularly created and contributed resources, from blog posts to podcasts, on various wellness-related topics.</p><p><b>A Secret About Brynne</b></p><p></p><p>Many are surprised to learn that Brynne spent six months during the pandemic experiencing the van life. During that time, she lived in Colorado, North Carolina, and Florida, visiting many states in between!</p>**Maurissa Thomas**, Client Service, Director<p>Maurissa collaborates and supports the Client Services team, primarily for our Dallas office. Before joining the BakerAvenue team, she worked as an auditor with an accounting firm in San Francisco. Maurissa found her true passion for assisting and serving others when she managed a team at Starbucks during and after college, where she earned her bachelor’s degree in Political Science.</p><p><b>Making an Impact</b></p><p>During the Covid pandemic, while the world was shut down around her, Maurissa began volunteering at the SF Marin Food Bank to help support families in need of food and resources. She prepared and distributed healthy meals for her local community.</p><p><b>A Secret About Maurissa</b></p><p>Maurissa has a preference for TV shows rather than movies, so is shockingly unfamiliar with the ‘classics’ that are always referenced around her (e.g. Star Wars, Breakfast at Tiffany’s, Forrest Gump, E.T.). Her goal is to eventually catch up and watch some of them so she can finally understand their significance in pop culture history, and participate in the conversations.</p>**Andrew Thompson**, Director, Finance<p>Andrew leverages technology and process improvement to provide organizations with high level efficiency. Having worked in the private, public, and nonprofit sectors, he brings 30 years of client service and operations experience to BakerAvenue. As Finance Director, he oversees accounting and financial reporting activities for the firm.</p><p>Andrew has an undergraduate degree in mathematics and a master’s in international affairs. He supplemented his educational background with real estate and computer programming courses.</p><p><b>Making an Impact</b></p><p>Andrew is a former SPCA volunteer and has worked for the Salvation Army and North Marin Community Services. He currently volunteers for school lunch distribution and chicken care at a private school in Marin County.</p><p><b>A Secret About Andrew</b></p><p></p><p>Andrew once authored a bill that went before the California legislature.</p>**Michael Tideman**, Wealth Advisor, Managing Director<p>Michael has over 15 years of financial planning and investment management experience working with high-net-worth families, including advising on their charitable foundations and endowments. He is passionate about helping clients achieve their financial goals so they can focus on what matters most to them.</p><p>Michael graduated with a bachelor’s degree in Economics from the University of New Mexico, then completed his financial planning certification through Boston University. He was awarded the Certified Financial Planner (CFP®) designation in 2011 and became a Chartered Financial Analyst (CFA®) charter-holder in 2019. He has also earned the CFA Institute Certificate in ESG Investing to further his knowledge about incorporating Environmental, Social and Governance factors into investment management.</p><p><b>Making an Impact </b><br>
Michael has volunteered for many organizations, including <i><ins><a
href="https://www.fpasf.org/volunteer/financial-planning-day/" title="">San Francisco Financial Planning Day</a></ins></i>, where people receive free financial planning advice. This event is a valuable opportunity to help underserved communities learn about financial planning topics such as budgeting, getting out of debt, and paying for college - that can significantly impact their lives. Michael’s desire to help clients who want to align their investment portfolios with their ethical beliefs while realizing improved financial outcomes led him to pursue the Certificate in ESG Investing.</p><p><b>A Secret About Michael</b><br>
Right after graduating from college, Michael toured the country playing the guitar in a rock band. They performed in over twenty cities from New York to Seattle and Portland. Sadly, after the tour, the band moved to San Francisco and never played another show. He blames the end of his Rock-star career on the decline in music sales due to streaming services and file sharing… as well as not being very good at the guitar.</p>**Richard Torres**, Senior Wealth Associate<p>Richard works with the Wealth Management team to support clients in planning and meeting their goals. Before joining BakerAvenue, Richard was a Senior Financial Planner at EP Wealth, delivering personalized, high-touch financial planning services to high-net-worth clients. His journey in the financial services industry started as an eMoney Advisor, where he helped advisors get up to speed with advanced financial planning software.</p><p>He earned his B.A. in Economics from the University of California, San Diego, and is a Certified Financial Planner® (CFP®). Currently, he is also pursuing the Enrolled Agent (EA) designation with the IRS.</p><p></p><p><b>Making an Impact</b></p><p>Richard is passionate about giving back, and frequently volunteers at the Castro Country Club. A safe and welcoming community center for everyone, especially those in the LGBTQIA+ community.</p><p><b>A Secret About Richard</b></p><p>Richard is a bit of a meme connoisseur—no matter the situation, he can always pull up a meme that fits perfectly. It’s his go-to way to lighten the mood and share a laugh!</p>**Tanya Welch**, Wealth Advisor, Partner<p>Prior to joining BakerAvenue, Tanya was the Director of Wealth Management for Polaris Wealth Advisers. In addition to advising some of the wealthiest clients at the firm, she was responsible for overseeing vision, training, and execution of the wealth management team. Prior to this, Tanya began her career in the financial services industry with UBS where she worked as a Financial Advisor.</p><p>Tanya graduated from the Wharton School, University of Pennsylvania, with a B.S. in Economics. She is a Certified Financial Planner® (CFP®) and Chartered Financial Analyst (CFA) charter holder and also an active member of the Financial Planning Association of San Francisco and CFA Society of San Francisco.</p><p><b>Making an Impact</b></p><p>Tanya is a board director of Friends of the Children – SF Bay Area. A nonprofit dedicated to breaking the cycle of generational poverty through professional mentors. Tanya also volunteered at an orphanage in Nairobi, Kenya to discover how the AIDS epidemic had changed Africa and what was being done to make a difference. Tanya currently supports many organizations including the Salvation Army, International Justice Mission, San Francisco SPCA, and Youth Speaks.</p><p><b>A Secret About Tanya</b></p><p>Tanya loves to forage for mushrooms, inspired by a trip to the Mendocino Mushroom Festival. On Tanya’s first trip into the forest, a veteran forager commented on her “special connection” with mushrooms.</p>**David White**, Senior Wealth Associate<p>David works with the BakerAvenue team in San Francisco to help achieve clients’ financial goals. Prior to BakerAvenue, David spent several years teaching English as a second language in Spain before moving back to California. It was shortly after his return he got started in financial planning at North Capital. From there, David had stops at a few family-sized financial planning firms before joining BakerAvenue.</p><p>He received his B.A. in politics from the University of California, Santa Cruz.</p><p><o:p> </o:p></p><p><b>Making an Impact</b></p><p>David is avid fan of sports, and a big believer in how youth sports can teach important lessons about teamwork and leadership. He plans on coaching youth soccer to help the next generation learn these lessons.</p><p><o:p> </o:p></p><p><b>A Secret About David</b></p><p>David has been playing the drums since he was eight years old. Even today, he continues playing in a rock band. The band plays shows and has even uploaded a couple albums to Spotify.</p>### Our Difference
https://www.bakerave.com/our-differenceProactive & Integrated Wealth Management
BakerAvenue is an integrated wealth management firm built for the complexity of significant wealth. Unlike firms that route clients to outside specialists, our in-house team of wealth managers, tax professionals, and estate planning attorneys coordinates across every discipline, ensuring each financial decision reflects your full picture. From concentrated stock and liquidity events to multigenerational legacy planning, we serve as a single, coordinated partner through every transition that matters.<p>From tax-efficient wealth management and estate planning to concentrated stock management and alternative investments, BakerAvenue delivers highly customized solutions for high-net-worth and ultra-high-net-worth clients:</p><ul><li>Advise on optimal timing for equity compensation and stock option exercises</li><li>Implement active hedging strategies, including protective puts and exchange funds</li><li>Provide access to alternative investments to diversify portfolios and hedge against inflation</li><li>Structure beneficiary designations, trust distributions, and multi-generational wealth transfers</li><li>Deploy active tax-loss harvesting designed to reduce taxable gains year-round</li><li>Align financial strategies with philanthropic and social impact objectives</li><li>Leverage tax-deferral vehicles and deductible strategies designed to optimize after-tax wealth</li></ul><p><small>To learn more about our differentiated services, <a
href="/downloads/Our_Difference.pdf" title="View our eBrochure">view our eBrochure</a>.</small></p>BakerAvenue’s integrated team offers a full suite of in-house services designed to ensure your financial plan aligns with your life goals. When you have questions, we have personalized, in-depth wealth management solutions for you.- **Investment Management**:<ul><li>Develop a personalized investment strategy</li><li>Manage risk to protect capital in high-risk markets</li><li>Create tailored asset allocations</li><li>Rebalance portfolios proactively and regularly</li><li>Diversify concentrated stock positions</li></ul><p><a
href="/investments">Learn More</a></p><ul></ul>- **Concentrated Stock**:<ul><li>Strive to add value with comprehensive competency on a single-stock concentration</li><li>In-depth technical, macro, fundamental analysis of stock, company and market</li><li>Monitor business and developments: earnings updates, competitive landscape</li><li>Recommend actions to optimize concentrated stock position</li></ul><p><a
href="/concentrated-stock">Learn More</a><br></p><ul></ul><p><small>The company names and logos shown are provided for illustrative purposes only. Baker Avenue Asset Management, LP has managed client positions in certain of the companies depicted; others are included solely to reflect the types of equity concentrations for which clients commonly seek guidance. Inclusion does not imply an ongoing company/client relationship or endorsement.</small></p>- **Financial Planning**:<ul><li>Conduct retirement and life transition cash flow analysis</li><li>Stress-test your plan for weaknesses</li><li>Analyze Roth IRA conversions</li><li>Strategize Social Security optimization</li><li>Navigate payout options for pension or deferred comp</li></ul><p><a
href="/financial-planning">Learn More</a></p><ul></ul>- **Trust &amp; Estate**:<ul><li>Review current estate plan and make changes as required</li><li>Minimize problems and costs associated with probate</li><li>Strategize for tax-efficient transfer of wealth</li><li>Evaluate and recommend estate planning options</li></ul><p><a
href="/trust-and-estate-planning">Learn More</a></p><ul></ul>- **Tax Planning &amp; Preparation**:<ul><li>Review tax returns by our Enrolled Agents</li><li>Maximize contributions to tax-deferred accounts</li><li>Maximize tax benefit of charitable donations</li><li>Determine tax-efficient ways to distribute assets</li><li>Collaborate with your CPA</li></ul><p><a
href="/tax-planning">Learn More</a></p><ul></ul>- **Family Office Services**:<ul><li>Design and implement integrated strategies to streamline multifaceted assets, freeing you to focus on lifestyle, legacy, and long-term priorities</li><li>Client relationship led directly by firm partners to ensure continuity, discretion, and high-touch attention</li><li>Fully integrated services including investment management, estate and tax strategy, IPO planning, risk management, liquidity access, and advisor coordination</li><li>Strategic guidance to align wealth with impact by designing philanthropic initiatives, nonprofit governance frameworks, and legacy planning</li><li>Oversight of properties, staff, travel, major purchases, and daily operations, bringing structure, efficiency, and peace of mind to complex lives</li><li>Advanced protections across digital, personal, and financial domains, leveraging best-in-class partners to safeguard your family and assets</li></ul><p><a
href="/family-office">Learn More</a></p><ul></ul>- **BakerAvenue Trust Company**:<ul><li>Review and administer trusts in accordance with the document and governing statutes</li><li>Process and coordinate fiduciary actions including discretionary distributions, document interpretation, tax compliance, and account maintenance</li><li>Safeguard trust assets and securities, including unique assets</li><li>Adhere to principal and income accounting standards</li><li>Prepare and distribute trust accountings and statements</li></ul><p><a
href="/trust-services">Learn More</a></p><ul></ul><p> <small>Baker Avenue Asset Management LP is a Trust Representative Office of National Advisors Trust Company (NATC) and National Advisors Trust of South Dakota Inc. (NATSD) doing business as BakerAvenue Trust Company.</small></p>- **Philanthropic Planning**:<ul><li>Review current philanthropic portfolio and interests</li><li>Educate on best practices for high impact philanthropic investments</li><li>Strategize short and long-term social impact strategies</li><li>Design and implement a tailored, high-impact philanthropic giving plan</li><li>Evaluate and measure philanthropic impact and giving strategies</li></ul><p><a
href="/philanthropic-planning">Learn More</a></p><ul></ul>### Culture & Careers
https://www.bakerave.com/culture-and-careersDriven by Purpose<p>As a purpose-driven team, our values of community, excellence, trust, and inclusion are at the heart of everything we do. These values are our inspiration for how we serve our clients and the community we share. We are united in a singular mission to go above and beyond for our clients by delivering an impeccable client experience each and every day — and to do the same for one another.</p><p><a
class="btn btn--cta" href="/about">About BakerAvenue</a></p><p><i>When you grow, we grow, too.</i></p><p></p><ul><li>We care about you as an individual</li><li>We celebrate your successes</li><li>We ensure that you feel your work is meaningful</li><li>We provide opportunities to learn and grow</li></ul><p> <br
style="display: block; content: " ";="" margin-top:="" 5px;"=""></p><p><a
class="btn btn--cta" target="_blank" href="https://bakerave.bamboohr.com/careers">Join Us</a></p><h2>Our Values</h2>- **Excellence**:<p><span>First and foremost, we honor our role as a fiduciary and steward of client capital, always putting our client’s best interest first. We seek to foster innovation, challenge the status quo, and be solutions-oriented. We are intellectually curious and strive to continually improve, while leaning into feedback as a way to achieve more positive results and grow.</span></p>- **Trust**:<p>We encourage open, honest communication and demonstrate accountability for our actions. We adopt a can-do and flexible attitude in the face of change, ambiguity, or uncertainty. While we seek to communicate issues early, we see errors as learning opportunities and ensure mistakes are not repeated.</p>- **Community**:<p>While we encourage employees to think and act like an owner, we promote collaborative efforts over individual contribution. We look for those who help to develop others and share best practices and learning broadly, while performing at the highest level to continuously challenge each other to grow to reach their full potential.</p>- **Inclusion**:<p>While we believe we are all more similar than we are different, it is those differences that drive our innovative approach. We foster teamwork to ensure everyone is fully integrated, and a diversity of opinions is encouraged. We demonstrate empathy with our clients and colleagues, while taking proactive steps to enhance our own development.</p>- **Making an Impact**:<p>Giving back is at the heart of BakerAvenue. We are proud of and honored to support several non-profit organizations. In alignment with our values, our mission is to help create a meaningful impact, alongside maximizing our clients’ portfolios.</p><p><b><a
class="btn btn--cta" href="/give/#community-partners">Learn More About Our Impact</a></b></p>- **Belonging at BakerAvenue **:<p>Creating a culture where everyone feels valued and has the opportunity to thrive is a top priority. While we believe we are all more similar than we are different, it is through those differences that drive our innovative approach.</p><p>Building an environment in which each individual feels included, represented, and valued, not only elevates our internal community, but it also supports our business objectives of delivering intelligent wealth management strategies while fostering long-term value creation.</p><p><b><a
class="btn btn--cta" target="_blank" href="https://bakerave.bamboohr.com/careers">View Our Open Roles</a></b></p>- **Top Tier Team **:<p><quote>“I’m always so impressed with my colleagues. Not only are they top talent in the industry, but they are also some of the most compassionate people I’ve had the pleasure to work with.”</quote></p><p><quote>— Employee Review, August 2023<quote></quote></quote></p>- **Awards &amp; Recognition**:<p>BakerAvenue is proud to be recognized by leading companies and organizations for our commitment to excellence within. Our award-winning culture has maintained our Great Place to Work certification for 5+ years. As a company committed to doing good, we are honored to be named a certified B Corporation.</p><p>At BakerAvenue, we know that the best way to support our clients is by supporting our people first. We offer premier benefits that aim to support the whole you. From personal wellness, financial health, family matters, and beyond, we’ve got you covered.</p>**Q: Health and Wellness**<ul><li>Medical / Dental / Vision / Life / Disability Insurance</li><li>High-deductible plan option with health savings account</li><li>Employee assistance program</li><li>Flexible spending account</li><li>Wellness allowance up to $75 per month</li></ul><p></p>**Q: Professional Growth**<ul><li>Learning and Development stipend up to $1,000 annually</li><li>Annual mentorship program</li></ul>**Q: Family Matters**<ul><li>Parental bonding leave with up to 100% of salary for 12 weeks</li></ul>**Q: Giving Back**<ul><li>Quarterly team volunteer event</li><li>1 personal Volunteer PTO day per quarter</li><li>Donation match to your charity of choice up to $500 annually</li></ul><p></p>**Q: Long-Term Planning**<ul><li>401(k) with 3% salary contribution from BakerAvenue</li></ul>**Q: Generous Time Off**<ul><li>Vacation PTO days in addition to bank holidays</li><li>Birthday PTO</li><li>TESS-Era (Time off to Explore, Self-reflect and Serve) sabbaticals at your BakerAvenue 5-, 10-, 20-year milestones</li></ul><p></p>### Awards & Recognition
https://www.bakerave.com/awardsOur Values Are at the Heart of Everything We Do<p>BakerAvenue Wealth Management is honored to have received recognition from independent organizations for its commitment to clients, workplace culture, and responsible business practices. The awards, rankings, and certifications described below are based on criteria established by the respective awarding organizations.</p>- **B Certified**:<h4><span><a
href="https://www.bcorporation.net/en-us/find-a-b-corp/company/baker-avenue-wealth-management" target="_blank">Certified B Corporation®</a></span></h4><p>BakerAvenue Wealth Management is a Certified B Corporation®, a designation awarded by B Lab, a nonprofit organization that evaluates companies based on standards relating to social and environmental performance, accountability, and transparency. BakerAvenue initially achieved Certified B Corporation status on May 13, 2020, and was recertified on May 13, 2023. Based on its most recent B Impact Assessment, BakerAvenue earned an overall B Impact Score of 99.3, exceeding the minimum score of 80 required for certification.</p>- **Forbes Top RIA Firms 2025**:<h4><a
href="https://www.forbes.com/sites/rjshook/2025/10/01/methodology-americas-top-ria-firms-2025/" target="_blank">Forbes America&#8217;s Top RIA Firms</a></h4><p>BakerAvenue Wealth Management was recognized in the 2025 Forbes America&#8217;s Top RIA Firms ranking published by Forbes in partnership with SHOOK Research. The ranking was awarded on October 1, 2025, and was based on data collected during the period from April 1, 2024, through March 31, 2025. The ranking is independently determined by Forbes and SHOOK Research using their proprietary methodology.</p>- **2025 Great Place to Work® **:<h4><a
href="https://www.greatplacetowork.com/certified-company/7023454" target="_blank">Great Place to Work® Certification</a></h4><p>BakerAvenue Wealth Management has been recognized as a Great Place to Work® Certified organization. Great Place to Work® Certification is awarded by Great Place to Work® based primarily on employee feedback and workplace culture assessments. BakerAvenue received this certification on December 1, 2025, based on employee survey responses submitted between November 10, 2025, and December 1, 2025, together with an evaluation of workplace practices and culture during calendar year 2025.</p>## Team### Ryan Davis, CFP®, ChFC®, CLU®
https://www.bakerave.com/team-bio/ryan-davisWealth Advisor, Managing Director<p>Ryan is a Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC®), and Chartered Life Underwriter (CLU®) with over 26 years of experience in the financial services industry. Based in the Austin office, he delivers extensive expertise across multiple facets of financial services, specifically focusing on comprehensive financial planning and discretionary wealth management. He firmly believes that the best financial relationships are built on trust and transparency and that, combined with a fiduciary platform, this trust delivers client success as the ultimate reward.</p><p>Prior to joining BakerAvenue, Ryan spent 25 years at Fidelity Investments, including 15 years in advisory leadership, leading Investor Centers across Dallas/Fort Worth, Houston, and Austin. Ryan is a former collegiate athlete at the University of Mississippi, where he graduated with a BBA in both Managerial and Banking Finance.</p><p><b>Making an Impact</b></p><p>Ryan stays active in youth sports alongside his two sons, often coaching on the baseball field or joining school cross country practices to escort the team, even if it’s getting increasingly difficult to catch up. He is also a passionate dog lover with a deep affinity for Labrador Retrievers, dedicating countless hours to training them. Driven by personal family experiences, Ryan and his family devote time to vital community causes benefiting autism, Alzheimer’s, and mental health.</p><p><b>A Secret About Ryan</b></p><p>As a native Texan, Ryan can probably be found annoying the locals at ski resorts around Colorado and Montana during major holiday weeks. However, no matter how far he travels, home will always be the town of Fredericksburg, Texas, where his family loves to escape and spend every single free chance they get.</p>
### Michael Moran
https://www.bakerave.com/team-bio/michael-moranChief Compliance Officer<p>Mike is Chief Compliance Officer at BakerAvenue, where he works closely with firm leadership, advisors, and business teams to foster a culture of integrity, accountability, and practical risk management. With more than 25 years of experience in financial services compliance, including leadership roles at Charles Schwab, Wells Fargo, and Bank of America, Mike has spent his career helping firms navigate complexity while maintaining the confidence and trust that are essential to strong client relationships.</p><p>He believes compliance is most effective when it protects clients, supports advisors, and helps preserve the trust placed in the firm every day.</p><p><b>Making an Impact</b></p><p>Beyond BakerAvenue, Mike has been actively involved in the San Mateo County community for many years. He has volunteered through his children’s schools, participated in local park cleanups, and helped deliver food to families during holiday food drives. He also enjoys taking part in community traditions and has spent time behind the microphone as an announcer for his hometown’s annual Fourth of July parade. Supporting the community where his family lives has always been important to him.</p><p><b>A Secret About Michael</b></p><p>Growing up in Colorado sparked Mike’s love of the outdoors, a passion he continues to enjoy today in California. Whether it’s skiing, hiking, fishing, or simply spending time outside with family and friends, he’s happiest when he’s out exploring.</p>
### Tom Dowd, CWS®
https://www.bakerave.com/team-bio/tom-dowdWealth Advisor, Director<p><span>Tom has over thirty years of experience in the financial services industry, after picking up the Wall Street Journal for the very first time and never putting it down. Based in Atlanta, he prides himself on being a “people person” and is happiest connecting with new families to help them achieve their goals. </span></p><p><span>Prior to BakerAvenue, Tom spent over 20 years at Fidelity Investments in high-net-worth client-facing advisory roles. He was most recently the Director of Subadvisory Services for Crawford Investment Counsel from 2020 to 2026. Tom is also a Certified Wealth Strategist</span><b>®</b><span>.</span></p><p><b><span>Making an Impact</span></b></p><p><span>During the spring and fall sports seasons, Tom volunteers as a coach for North Metro Miracle League. NMML is an organization that provides supportive programming for children, youth, and adults with disabilities. It’s a family affair that provides players with a team jersey, the chance to learn a new sport, and parents get some time off to make memories and cheer on their kids.</span></p><p><b><span>A Secret About Tom</span></b></p><p><span>Growing up in the Northeast with two working parents, Tom and his sister were the first “latchkey” kids in his neighborhood, left largely to their own devices. After a big snowstorm, he took the initiative to knock on neighbors’ doors to shovel driveways at just seven years old. He continued to do the same with a lawnmower in the summers, and this enterprising spirit taught him a strong work ethic at a very young age. His first investments with his earnings were baseball cards, not stocks and bonds, which he admits was a bad decision.</span></p>
### Tim Rizzuti, CFP®
https://www.bakerave.com/team-bio/tim-rizzutiWealth Advisory Manager<p>Tim Rizzuti brings a practical, client-focused approach to financial planning and wealth management at BakerAvenue. He began his career in the financial services industry at Bank of America before most recently working at an Ameriprise office in Walnut Creek, where he supported clients with financial planning and portfolio management. Tim recently earned his Certified Financial Planner™ (CFP®) designation and is excited to continue expanding his expertise. At BakerAvenue, he combines a strong planning foundation, retirement-focused experience, and a genuine passion for helping clients feel confident and informed about their financial decisions.</p><p><b>Making an Impact</b></p><p>Outside of work, Tim is actively involved in his community. He enjoys helping expand access to the arts in East Contra Costa County, with a special interest in poetry and spoken word, and he also gives back by coaching Little League, where he focuses on teaching young players the value of teamwork, communication, and working toward a shared goal.</p><p><b>A Secret About Tim</b></p><p>Tim loves heading up to Lake Tahoe to snowboard and has recently begun tackling bigger jumps and park features. He also enjoys sharing the mountain with his son and teaching him how to ride safely.</p>
### Brie Ford, CFP®
https://www.bakerave.com/team-bio/brie-fordWealth Advisory Manager<p>Brie is a Wealth Advisory Manager at BakerAvenue, where she provides comprehensive support to clients and collaborates closely with the advisory team. She began her career in financial services at First Republic Bank before joining Capital Advantage, a mid-sized Bay Area wealth management firm. During her time there, she earned her Series 65 license and the Certified Financial Planner™ designation.</p><p>Prior to BakerAvenue, Brie served as a Wealth Advisor at Conquis Financial, a boutique firm where she specialized in advising top-tier law firm partners on comprehensive financial planning and investment management strategies.</p><p>Originally from Orange County, Brie now lives in Berkeley with her husband and two daughters.</p><p><b>Making an Impact</b></p><p>Brie is actively involved with Financial Women of San Francisco, where she supports the organization’s mission by interviewing scholarship candidates and mentoring recipients as they begin their careers in financial services. She regularly attends FWSF events to connect with peers, learn from more tenured professionals, and help support and inspire the next generation of women in the industry.</p><p><b>A Secret About Brie</b></p><p>She starts each day with a workout—whether it’s Pilates, Peloton, or weightlifting—which she considers an essential part of her routine and a key driver of positive momentum for the day ahead. Her favorite Peloton instructor is Cody Rigsby, and you’ll often find her riding along in one of his pop rides.</p>
### Nicole Baldassari
https://www.bakerave.com/team-bio/nicole-baldassariHead of Family Office Accounting<p>Nicole is a Sonoma County native with a Bachelor of Science in Business and Accounting and over fifteen years of accounting experience, including eight-plus years in public accounting at firms such as Mengali Accountancy, Moss Adams, and Baker Tilly. She has supported a diverse portfolio of clients across industries including high-net-worth individuals, real estate, financial advisory firms, wineries, and more. Nicole is known for her precision and ability to bring order to complex financial situations, serving as the go-to resource for clean-up work, file remediation, and payroll. She treats every client’s business with the same care she does her own.</p><p><b>Making an Impact</b></p><p>Nicole has a passion for giving back that has taken her across the globe. She has traveled throughout California visiting care homes, spending time with elderly residents and singing alongside a choir. In 2010, she spent three weeks in Kenya volunteering at all-girls schools and hospitals across the region.</p><p><b>A Secret About Nicole</b></p><p>Before becoming a mom of two (soon to be three!), Nicole was a passionate Olympic weightlifter - and she fully intends to get back under the barbell.</p>
### Cassandra Johnson
https://www.bakerave.com/team-bio/cassandra-johnsonClient Service Associate<p>Cassandra graduated from high school a year early in Colorado and relocated to Texas, where she continued her education while launching her professional career. Over the past five years, she has worked directly with clients in the RV industry, guiding them through the buying and selling process while managing documentation and ensuring accuracy at every step. Supporting clients through complex transactions strengthened her client-focused approach and attention to detail — qualities she now brings to BakerAvenue as a Client Service Associate, with a passion for helping others navigate important decisions with care, clarity, and confidence.</p><p><b>Making an Impact</b></p><p>Cassandra is active in her community, where she co-leads a women’s bible study. She also enjoys encouraging others and finding meaningful ways to spread positivity, which often includes creating thoughtful, handmade gifts that she loves to share.</p><p><b>A Secret About Cassandra</b></p><p> Cassandra loves staying active in the CrossFit community and playing golf, but she’s also a homebody at heart who enjoys homestead-style activities and cozying up with a good book.</p>
### Shayan Hamid
https://www.bakerave.com/team-bio/shayan-hamidSenior Tax Preparer<p>As an experienced tax preparer, Shayan brings eight years of tax planning and experience in both individual and business taxation to BakerAvenue. His background includes work on the partnership team at BPM, where he prepared real estate partnership returns and calculated partner basis.</p><p>Shayan holds a Master’s in Accounting from Saint Mary’s College, where he strengthened his technical tax knowledge through various roles in public accounting.</p><p><b>Making an Impact</b></p><p>As the son of small business owners, Shayan goes out of his way to support locally owned, small businesses in the Bay Area. His favorite thing to do is organize monthly hiking excursions he’s coined “Trail &amp; Lunch Day” that conclude with a meal at a family-owned restaurant, reflecting his belief that strengthening community starts with supporting the small businesses that anchor it.</p><p><b>A Secret About Shayan</b></p><p>Shayan loves to spend his free time hiking around the Bay Area and is working towards a goal of visiting every National Park in California. He is also passionate about the art of making coffee and hopes to one day open his own small-town coffee shop — although he doesn’t particularly enjoy caffeine himself!</p>
### Koji Iwata, EA
https://www.bakerave.com/team-bio/koji-iwataSenior Tax Preparer<p>Koji is an Enrolled Agent, the highest credential awarded by the Internal Revenue Service. As a valued member of our tax team, he specializes in tax return preparation and strategic tax planning, helping clients identify and maximize tax-saving opportunities.</p><p>Koji has worked with several tax accounting firms, most recently Smith &amp; Company, CPAs. His primary expertise is in the preparation and analysis of individual income tax returns, where his detail-oriented approach ensures accuracy, compliance, and optimal outcomes for clients.</p><p>He holds a PhD in Physics and brings exceptional analytical and problem-solving skills to his tax practice, allowing him to navigate complex tax matters with precision.</p><p><b>Making an Impact</b></p><p>Koji is deeply committed to youth education and community involvement. He volunteers with the Japanese Bilingual-Bicultural Program at Rosa Parks Elementary School, where he draws on his Japanese heritage and prior experience as an educator to support students’ learning and cultural development.</p><p><b>A Secret About Koji</b></p><p>Koji’s professional journey is uniquely diverse. Before pursuing a career in taxation, he worked as both a scientist and an elementary school teacher. Outside of work, he enjoys surfing, cooking, and reading.</p>
### Christina Perry
https://www.bakerave.com/team-bio/christina-perryClient Service Associate<p>Christina brings over 12 years of expertise to BakerAvenue’s Client Service Team, with a background spanning client success, consumer lending, and financial services at Goldman Sachs, OneMain Financial, and a fintech startup. Based in Dallas, she is passionate about delivering an exceptional client experience and serving as a trusted advocate. Christina’s strong problem-solving skills and professionalism enable her to anticipate client needs and provide solutions that foster confidence and long-term relationships.</p><p><b>Making an Impact</b></p><p>Christina is passionate about giving back to her community through donations and volunteering. She actively supports several Dallas-based organizations, such as Genesis Women’s Shelter and Modest Muse — the latter of which she previously served as a board member, empowering women through personal and business development resources and community support.</p><p><b>A Secret About Christina</b></p><p> Christina is extremely family-oriented and is the proud middle child of five sisters. On the weekends, you’ll often find her hosting gatherings for friends and family, riding her bike, or taking classes at a local yoga studio. Her guilty pleasure is watching cooking shows, and she’s currently learning to bake by creating new desserts every month.</p>
### Madeline McHale
https://www.bakerave.com/team-bio/madeline-mchaleClient Service Associate<p>Madeline is a Client Service Associate based in the San Francisco office. Before joining the team, she spent eight years in the nonprofit and philanthropic sector, providing strategic operations support to mission-driven organizations, including the Bill &amp; Melinda Gates Foundation. She brings strong organizational skills and a collaborative, solutions-focused mindset to her work and is excited to transition into the financial service space. Madeline takes a human-centered approach to client service and believes thoughtful, personalized support is key to helping clients manage their wealth and achieve their goals.</p><p>Madeline earned her BA from Connecticut College, where she majored in Sociology, minored in Dance, and completed a certificate in Public Policy and Community Action.</p><p><b>Making an Impact</b></p><p>Madeline is deeply committed to community engagement and social impact, particularly in housing, healthcare, and food access. Growing up in Seattle, she volunteered with Plymouth Housing, a nonprofit providing permanent supportive housing for individuals experiencing homelessness. She spent the last three years as a Volunteer Committee Member, organizing fundraising events and promoting the organization’s mission. Since relocating to San Francisco, she has continued her involvement in the community through Foodwise, a nonprofit that operates the Ferry Building Farmers Market and delivers food education programming and access throughout the Bay Area.</p><p><b>A Secret About Madeline</b></p><p> Madeline has 17 years of training in ballet and modern dance and has been practicing yoga for over 15 years. She became a certified yoga teacher in 2018 and stays connected to movement by taking classes regularly, attending dance performances, and advocating for arts programming.</p>
### Austin Roesler, CFP®
https://www.bakerave.com/team-bio/austin-roeslerSenior Wealth Advisory Manager<p>Austin is a Senior Wealth Advisory Manager based in Dallas, where he provides direct support to both clients and advisors in the Southwest region. He began his career at Ameriprise Financial and later joined Charles Schwab, where he gained valuable experience as a lead financial advisor. Austin is also a Certified Financial Planner© and is excited to use his communication and relationship management skills at BakerAvenue.</p><p>Originally from Wisconsin, Austin now calls Texas home. He graduated from the University of Wisconsin-Eau Claire with a B.S. in Finance &amp; Marketing.</p><p><b>Making an Impact</b></p><p>Austin is deeply involved in his local church community, where he fundraises for charitable initiatives such as Coats for Kids, homeless outreach programs, and programs for single mothers. He also plays an active role in the church’s youth group, mentoring and supporting young adults. In addition, Austin is a member of the local Financial Planning Network, where advisors collaborate to improve their craft and expand access to quality financial advice.</p><p><b>A Secret About Austin</b></p><p>Austin is a passionate sports fan and is highly competitive by nature. He has won numerous golf tournaments and has come within inches of a hole-in-one – more than once. Outside of work, he is working toward earning his private pilot’s license and enjoys traveling to attend concerts and performances, meeting new people along the way. Although Austin leads a very active and health-conscious lifestyle (filled with yoga, martial arts, and long walks), he’s never one to turn down a great cheeseburger, especially if it’s topped with Wisconsin cheese.</p>
### Cheryl Morand
https://www.bakerave.com/team-bio/cheryl-morandHead of Estate Management<p>Cheryl is a fifth-generation San Franciscan with over 16 years of experience across corporate and domestic operations. She has served as Chief of Staff and Business Operations lead for Bay Area startups and corporations, and as Director of Residences, Estate Manager, House Manager, and Personal &amp; Executive Assistant in private households. Her deep local network and meticulous organizational skills make her a trusted resource for streamlining operations and elevating service standards.</p><p><b>Making an Impact</b></p><p>Cheryl has performed Chief of Staff duties for several Bay Area startups and corporations, including interfacing with senior leaders on strategic issues and leading philanthropy initiatives for public and private fundraising, as well as raising charitable donations.</p><p><b>A Secret About Cheryl</b></p><p>Beyond her professional accomplishments, Cheryl is a certified 200-hour Yoga Alliance instructor and an OSHA-certified Ergonomics Specialist. She’s performed workplace ergonomics assessments for some of the largest companies in the Bay Area and across the nation—helping teams stay healthy, productive, and aligned.</p>
### Annie Clark
https://www.bakerave.com/team-bio/annie-clarkHuman Resources Manager<p>​As Human Resources Manager at BakerAvenue, Annie partners across the firm to strengthen culture, streamline processes, and ensure that every employee’s experience reflects the firm’s values of care, collaboration, and excellence.</p><p>Annie is passionate about creating a workplace where people feel supported, connected, and inspired to do their best work. She brings over ten years of experience in HR and People Operations, most recently in the tech industry, where she focused on building thoughtful programs that helped teams grow and thrive.</p><p><b>Making an Impact</b></p><p>As an avid reader and advocate for public services, Annie enjoys volunteering with the Oakland Library in the summer, helping to provide free lunches to community members.</p><p><b>A Secret About Annie</b></p><p>Some might be surprised to learn that Annie was a certified archery instructor years ago, and since moving near a range in the beautiful Oakland Hills, she’s recently picked the hobby back up.</p>
### Howard Chang
https://www.bakerave.com/team-bio/howard-changClient Service Associate<p>Howard is a Client Service Associate at BakerAvenue, where he works closely with our team of advisors and support staff to ensure every client feels supported and well-informed in their financial journey. He brings a calm, organized, and client-focused approach to his work, taking pride in making others’ lives a little easier.</p><p>Before joining BakerAvenue, Howard worked as an Admin and Client Support Specialist at Radex Markets — a Taiwan/UK-based forex trading platform. Over the past decade, he has gained diverse experience across industries ranging from sales to construction, and each role has reinforced the importance of clear communication, teamwork, and building genuine, lasting friendships.</p><p><b>Making an Impact</b></p><p>Howard is deeply passionate about arts and culture and enjoys supporting creative communities in meaningful ways — whether that be by attending local shows or purchasing pieces from emerging artists. He has also been an active blood donor and supporter of UNICEF, hoping to make a small but meaningful difference in the lives of people facing difficult or uncontrollable circumstances.</p><p><b>A Secret About Howard</b></p><p>He has a love for film photography and rarely travels without a camera in hand. Howard enjoys capturing everyday moments and hidden details around the city. One of his photographs even made it to the top ten of an annual competition hosted by Monster Children magazine.</p>
### Edgar Liu
https://www.bakerave.com/team-bio/edgar-liuSalesforce Administrator<p>Edgar joins BakerAvenue as the Salesforce Administrator, bringing over 17 years of experience in the tech industry and more than 10 years of experience in Salesforce implementations, focusing on optimizing customer relationships. At BakerAvenue, he is responsible for troubleshooting Salesforce-related ticket requests and collaborating with team members on process improvement initiatives.</p><p>Before joining BakerAvenue, Edgar led the technology department at a middle school in San Francisco, where he designed and implemented case management and asset tracking systems on the Salesforce platform. He also led the development of an AI-driven chatbot to enhance the customer experience on public-facing websites and improved case management at a global enterprise legal tech company.</p><p>Edgar graduated from the University of San Francisco with a Master’s in Information Systems and holds a BS in Computer Engineering from San Jose State University.</p><p><b>Making an Impact</b></p><p>Edgar joined AmeriCorps for volunteer work and served at a high school in West Oakland, where he helped develop classroom tech integration and incorporate technology into curricula. He regularly takes his kids to volunteer at the SF Food Bank and the San Francisco Ronald McDonald House to emphasize the importance of giving back to the community.</p><p><b>A Secret About Edgar</b></p><p>In his free time, Edgar enjoys traveling with his family and exploring different cultures and cuisines. He likes cooking for family and friends. Ask him about his special crab dip recipe and refreshing blueberry gin and tonic recipe. In his spare time, he enjoys gardening in his small backyard.</p>
### Karen Dere
https://www.bakerave.com/team-bio/karen-dereSenior Client Service Associate<p>Karen brings over 20 years of experience to the client service team at BakerAvenue, drawing on a diverse background in private investments and customer service. As part of the Client Service team in San Francisco, Karen partners closely with colleagues across the firm to ensure clients feel supported and connected.</p><p>While pursuing a degree in Biochemistry at the University of British Columbia, Karen took a job at a bank and discovered the world of wealth management. What started as a part-time role sparked a career devoted to helping individuals and families navigate financial decisions with care and confidence.</p><p><b>Making an Impact</b></p><p>Karen’s love for animals has led her to become a proud proponent of animal rescue operations, like her favorite advocate, Rocky Kanaka. Karen also volunteers with her children at Peninsula Food Runners, picking up excess perishable and prepared food from participating donors and delivering the surplus to community organizations that feed those in need around the Bay Area.</p><p><b>A Secret about Karen</b></p><p> Karen can be found laughing hysterically at videos or commercials where animals behave like humans. Although she would not be laughing if she ever found her 4-year-old, 100-pound Labrador retriever, Diogee, cooking dinner… She would be overjoyed!</p>
### Joe Lesnick
https://www.bakerave.com/team-bio/joe-lesnickWealth Associate<p>Joe is a Wealth Associate at BakerAvenue, where he plays a key role in supporting advisors in the Dallas office. He brings a strong foundation in financial planning and a deep commitment to client success.</p><p>Joe earned his bachelor’s degree in Personal Financial Planning from Texas Tech University. During his time there, he was actively involved in student organizations dedicated to promoting financial literacy, including Red to Black and Knowledge Empowering You (KEY). Inspired by his grandmother, who worked in the financial services industry for over 20 years, Joe knew early on he wanted to help others make informed, confident financial decisions.</p><p>Prior to joining BakerAvenue, Joe began his career at Charles Schwab, where he cultivated his passion for delivering exceptional client experiences in a fast-paced brokerage environment.</p><p><b>Making an Impact</b></p><p>Joe is passionate about financial education and enjoys giving back to the community through Moneywise America in the Fort Worth area. He was also actively involved with local food drives, thrift stores, museums, and libraries in the Midland and Lubbock communities.</p><p><b>A Secret about Joe</b></p><p> Joe comes from a family of avid golfers and enjoys playing new courses whenever he gets a chance.</p>
### Amy Pettigrew
https://www.bakerave.com/team-bio/amy-pettigrewClient Service Associate<p>With a diverse background spanning private equity, the mortgage industry, marketing, and customer service, Amy brings a well-rounded, relationship-focused approach to her role as Client Service Associate at BakerAvenue Wealth Management. Prior to joining BakerAvenue, she worked in investor relations within private equity, where she supported capital raising efforts, investor onboarding, SEC compliance, and event planning. Building and nurturing relationships with investors was at the core of her role. Amy’s varied professional journey has helped her to develop strong organizational skills, attention to detail, and a commitment to delivering excellent client service.</p><p><b>Making an Impact</b></p><p>Giving back to her community is something Amy holds dear to her heart. Alongside her daughters, she volunteers at her local humane society and the Tarrant County Food Bank. Amy is also actively involved at her children’s schools, supporting events and classroom activities whenever possible. Each year, Amy participates in a local initiative to distribute Thanksgiving meals to families in need, which continues to remind her of the importance of both service and compassion.</p><p><b>A Secret About Amy</b></p><p>Outside of work, you’ll often find Amy in the kitchen baking—especially cookies! She loves trying out new recipes and sharing homemade treats with family and neighbors. Amy also has a passion for travel and enjoys planning and taking adventures with her kids. Creating meaningful memories and experiences together is something she truly values, as Amy believes those shared moments are far more lasting than material possessions.</p>
### Ryan Robles
https://www.bakerave.com/team-bio/ryan-roblesSenior Office Manager<p>Ryan is BakerAvenue’s Senior Office Manager, responsible for ensuring the smooth day-to-day operations of the firm from our San Francisco office. He plays a key role in managing office logistics and creating an efficient and welcoming work environment. Before joining BakerAvenue, Ryan spent four years at a technology company as an Office Manager and Executive Assistant, providing high-level support to multiple executives.</p><p><b>Making an Impact</b></p><p>Ryan spends time assisting elderly and fixed-income members of his community with yard and home maintenance work. He also enjoys taking part in beach cleanups at Ocean Beach in San Francisco.</p><p><b>A Secret About Ryan</b></p><p>One of Ryan’s favorite weekend activities is visiting his local library with his wife and young daughter. Spending time together reading and playing with his daughter has made the library one of his favorite spaces — who knew it could be so fun?!</p>
### Joanna Allgood, EA
https://www.bakerave.com/team-bio/joanna-allgoodTax Manager<p>Joanna is an Enrolled Agent with eighteen years of experience in tax preparation and tax planning. She grew up in Poland, where she worked for several financial institutions, including ING Bank.</p><p>Before joining BakerAvenue, Joanna worked at William Shine Company, preparing and reviewing complex tax returns. Her expertise lies in the preparation and analysis of individual, corporate, and partnership returns and tax resolution with the IRS. Joanna’s goal is to identify tax-saving opportunities for her clients.</p><p>Joanna holds a Master’s degree in Economics and has completed postgraduate studies in Marketing and Accounting.</p><p><b>Making an Impact</b></p><p>As an immigrant, Joanna understands the importance of community support. She gives back by sharing her experiences with various organizations, including the Polish Professional Women of Silicon Valley and The Expat Woman.</p><p><b>A Secret About Joanna</b></p><p>Joanna is passionate about scuba diving and has achieved a Dive Master certificate.</p>
### Kathryn Burris, FPQP®
https://www.bakerave.com/team-bio/kathryn-burrisGrowth & Experiences Associate<p>Kathryn is a Financial Paraplanner Qualified Professional (FPQP®) and a member of the Growth &amp; Experiences team, where she assists with strategic initiatives to drive growth, efficiency, and excellence throughout the firm. Her position focuses on project management, creating intuitive processes and impactful experiences for clients and colleagues that align with firm goals.</p><p>Before joining BakerAvenue, Kathryn worked as an educational consultant, assisting bright students across the Bay Area with applications to some of the most competitive high schools in the country. She holds a dual bachelor’s degree in Cultural Anthropology and History from Santa Clara University and loves that she can bring her varied experience to a firm that closely aligns with her desire to make an impact in her community.</p><p><b>Making an Impact</b></p><p>Kathryn is a big proponent of public history and volunteers her time and historical knowledge to the San Francisco Historical Society. She is also an advocate for homeless outreach efforts and has supported her neighbors experiencing housing insecurity and addiction issues in Portland, San Jose, and San Francisco through street outreach efforts.</p><p><b>A Secret About Kathryn</b></p><p>Kathryn is an avid reader and aims to read 50 books a year! She considers herself to be a “print purist” and owns an expansive library containing over one thousand titles (and counting). She’s more than happy to lend you a book — if you return it within the due date, of course.</p>
### Charles Morrison
https://www.bakerave.com/team-bio/charles-morrisonWealth Associate<p>Charles joined the BakerAvenue team as a Wealth Associate and brings a unique perspective to the world of finance with a strong background in education. Before transitioning into wealth management, Charles spent 15 years teaching upper-level mathematics at Title I schools, where he was deeply committed to helping students build strong foundations for their futures. His experience in education cultivated his strengths in communication, problem-solving, and guiding others toward long-term success—skills that translate seamlessly into supporting clients and advisors in the financial world.</p><p>Charles holds a Bachelor of Science in Mathematics from the University of North Texas and is passionate about continuing to learn and grow in the financial planning space.</p><p></p><p><b>Making an Impact</b></p><p>Charles continues to support education by volunteering at Newman Smith High School, where he mentors students and advocates for academic opportunity and achievement.</p><p></p><p><b>A Secret About Charles</b></p><p>On weekends, Charles can often be found in his garage woodworking shop, where he enjoys designing and building furniture by hand.</p>
### Terry Hawkins
https://www.bakerave.com/team-bio/terry-hawkinsSenior Client Service Associate<p>Terry brings over 20 years of client service experience in the financial industry. He plays an integral role on BakerAvenue’s client service team, primarily supporting the Southwest region.</p><p>With a design background from Otis Parsons School of Design, he relocated to the Bay Area to work with a hand painted fabric designer involved with the international interior design market. At that time, he realized he had an interest in finance as well and made the decision to transition to a financial services role.</p><p><b>Making an Impact</b></p><p>Terry enjoys anything nature-related and has participated in local park and neighborhood clean-ups to beautify and support the community. He provides support to an organization dedicated to Redwood Forest conservation efforts, and any chance he has to go on a hike and have a picnic is high on his list of activities, where he often picks up any litter on the trails when possible. He has also spent time volunteering for the local public television station.</p><p><b>A Secret About Terry</b></p><p></p><p>Terry is highly interested in the arts and frequents the local museums as often as possible, rarely missing a season of San Francisco’s world class ballet and opera performances, as well as attending many theatrical events throughout the year.</p>
### Sanden Leavers
https://www.bakerave.com/team-bio/sanden-leaversWealth Associate<p>Sanden joined the BakerAvenue team as a Wealth Associate and plays an integral role supporting advisors in the Dallas office.</p><p>Sanden graduated from Stephen F. Austin State University with a bachelor’s degree in international business and finance, where he focused on financial planning and investment management. He worked for the school’s financial advising office and as an analyst for the school investment fund.</p><p><b>Making an Impact</b></p><p>Sanden has been a longtime supporter and volunteer of the Appalachian Service Project (ASP), where he has served impoverished communities by raising money to do projects such as house remodeling.</p><p><b>A Secret About Sanden</b></p><p>Sanden grew up in Baltimore, MD and always enjoyed the snowy season.</p>
### Tim Gordon, CIMA<sup>&reg;</sup>
https://www.bakerave.com/team-bio/tim-gordonWealth Solutions, Managing Director<p>Tim has over 20 years of experience in the financial services industry. He works with our strategic referral partners east of the Mississippi River to make sure that BakerAvenue is a good fit for what their clients want to accomplish with their financial goals.</p><p>Tim graduated from Cabrini College with a Bachelor’s degree in English and Communications. Prior to joining BakerAvenue, Tim worked as the Head of Business Development at Crawford Investment Counsel. Throughout his career, he has worked in a variety of sales roles for Hartford Financial, JP Morgan, Invesco, and Prudential, and really enjoys seeing clients set and achieve their financial goals in life. He is happy to be at BakerAvenue and loves the boutique, family-friendly feel of the firm.</p><p><b>Making an Impact</b></p><p>Tim enjoys volunteering to help coach his three boys’ ice hockey, basketball, and baseball teams. He was fortunate to have some great coaches throughout his life and hopes to make the same impact for the next generation.</p><p></p><p><b>A Secret About Tim</b></p><p>Tim is the youngest of eight children and credits much of his success in life to getting beat up constantly by his older brothers. He played basketball in college and has a high score of 42 points in one game.</p>
### Richard Torres, CFP®
https://www.bakerave.com/team-bio/richard-torresSenior Wealth Associate<p>Richard works with the Wealth Management team to support clients in planning and meeting their goals. Before joining BakerAvenue, Richard was a Senior Financial Planner at EP Wealth, delivering personalized, high-touch financial planning services to high-net-worth clients. His journey in the financial services industry started as an eMoney Advisor, where he helped advisors get up to speed with advanced financial planning software.</p><p>He earned his B.A. in Economics from the University of California, San Diego, and is a Certified Financial Planner® (CFP®). Currently, he is also pursuing the Enrolled Agent (EA) designation with the IRS.</p><p></p><p><b>Making an Impact</b></p><p>Richard is passionate about giving back, and frequently volunteers at the Castro Country Club. A safe and welcoming community center for everyone, especially those in the LGBTQIA+ community.</p><p><b>A Secret About Richard</b></p><p>Richard is a bit of a meme connoisseur—no matter the situation, he can always pull up a meme that fits perfectly. It’s his go-to way to lighten the mood and share a laugh!</p>
### Sonia Khaki, CFA
https://www.bakerave.com/team-bio/sonia-khakiSenior Wealth Associate<p>Sonia is a Senior Wealth Associate at BakerAvenue, where she supports the Wealth Advisory team. After several years teaching high school seniors in Johannesburg, Sonia transitioned into finance, earning her CFA designation along the way. She brings a unique perspective, blending her passion for education with the analytical rigor of wealth management. Sonia is excited to apply her skills to help clients achieve their financial goals.</p><p><b>Making an Impact</b></p><p>Before moving to the U.S., Sonia led impact initiatives at her previous job, focusing on expanding educational access and addressing broader community needs. Now in the U.S., she’s excited to find new volunteer opportunities and has already begun leading community yoga classes for her neighbors in her building.</p><p><b>A Secret About Sonia</b></p><p></p><p>An avid amateur dancer, Sonia peaked during a spontaneous dance-off at a local hotspot in Johannesburg. Armed with a not-so-smooth moonwalk and a sprinkle of jazz hands, she left her opponents spinning and strutted off with a brand-new Blackberry as her prize. Now semi-retired from her dance floor glory, her shoes are hung up… but never too far from reach!</p>
### Nick Espiritu, CFP®
https://www.bakerave.com/team-bio/nick-espirituWealth Advisor, Director<p>With 24 years of dedicated experience in financial services, Nick is passionate about enhancing the financial well-being of high net worth and ultra-high net worth individuals, small businesses, and private endowments. Drawing on extensive expertise, he guides clients through complex wealth management challenges, including wealth transfer strategies, tax and estate optimization, investments, and comprehensive planning, including a special focus on strategic philanthropy. Nick’s commitment is to deliver tailored and customized solutions, ensuring clients can feel confident and secure in their financial health, both now and as their needs evolve.</p><p>Prior to joining BakerAvenue, Nick was a VP – Sr. Financial Consultant at Charles Schwab where he served wealth management clients in a similar capacity as he does today. He has a Bachelor of Business Administration with a concentration in finance and is a current Certified Financial Planner professional.</p><p><b>Making an Impact</b></p><p>Nick is committed to the San Francisco community and participates in a mix of volunteer opportunities ranging from lending a hand to the homeless at the St. Anthony’s Dining Room to organizing holiday gift/fundraising events for families experiencing homelessness at Raphael House. In addition, Nick spends time educating his two young daughters on the importance of being good environmental stewards and fostering their desire to help their neighborhood by picking up trash and keeping their local storm drain clear.</p><p><b>A Secret About Nick</b></p><p>As a passionate outdoorsman, Nick has found himself with multiple, less than ideal, wild animal encounters including a bear, moose, wolf, and a mountain lion. The bear was the funniest, the moose the scariest, the wolf the sneakiest, and the mountain lion the coolest.</p><p><o:p> </o:p></p><p><o:p> </o:p></p><p><o:p> </o:p></p><p></p><p><o:p> </o:p></p>
### David White, CFP®
https://www.bakerave.com/team-bio/david-whiteSenior Wealth Associate<p>David works with the BakerAvenue team in San Francisco to help achieve clients’ financial goals. Prior to BakerAvenue, David spent several years teaching English as a second language in Spain before moving back to California. It was shortly after his return he got started in financial planning at North Capital. From there, David had stops at a few family-sized financial planning firms before joining BakerAvenue.</p><p>He received his B.A. in politics from the University of California, Santa Cruz.</p><p><o:p> </o:p></p><p><b>Making an Impact</b></p><p>David is avid fan of sports, and a big believer in how youth sports can teach important lessons about teamwork and leadership. He plans on coaching youth soccer to help the next generation learn these lessons.</p><p><o:p> </o:p></p><p><b>A Secret About David</b></p><p>David has been playing the drums since he was eight years old. Even today, he continues playing in a rock band. The band plays shows and has even uploaded a couple albums to Spotify.</p>
### Jonathan Bernstein, JD, LL.M., CFP®
https://www.bakerave.com/team-bio/jonathan-bernsteinWealth Advisor, Managing Director<p>Jon has over twenty years of professional experience advising individuals, families, and businesses. He prides himself in providing customized financial advice specifically tailored to the needs of his clients. You will often hear Jon say to “go slower to go faster” as he believes spending time truly understanding a client’s concerns, family dynamic, and passions, are the cornerstone to a successful investment plan.</p><p>Prior to joining Baker Avenue, Jon worked as a Senior Wealth Consultant at Charles Schwab where he was a member of the ultra-high net worth team and maintained relationships that had over $5.5 billion with the firm. Jon also spent ten years at Fidelity Investments, both as a Financial Consultant as well as a Vice President on the Advanced Planning Team. Before Fidelity, Jon worked as an attorney in New York and New Jersey with a focus on tax law as well as representing financial services firms.</p><p>Jon holds a LL.M. in Taxation with a concentration in Estate Planning from Boston University, a JD from The Ohio State University, and doubled majored at Miami University (Ohio) with Bachelors of Science in Finance and Decision Science.</p><p><b>Making an Impact</b></p><p>Jon believes in giving to those who are less fortunate, both locally and abroad. He volunteers at a local community center. He also collects gently used goods and sends the goods to the less fortunate overseas. Jon is a father of two young girls. In his spare time, he loves coaching soccer and being involved in the community.</p><p><b>A Secret About Jon</b></p><p></p><p>Jon grew up on several naval bases as the son of an aviator. He remembers his youth having weekly dinners on an aircraft carrier to spending hours visiting Blue Angels pilots who shared the hanger with his dad’s squadron. In college Jon thought briefly about pursuing a career in aviation himself and became a certified private pilot.</p>
### David Chan
https://www.bakerave.com/team-bio/david-chanSenior Technology Operations Associate<p>At BakerAvenue, David is an integral part of the operations team, primarily supporting processes related to alternative investments. He is responsible for booking and recording transactions and valuation changes among the various vehicles our clients are invested in.</p><p>Prior to joining BakerAvenue, David worked as a Senior Client Service Associate at Wetherby Asset Management and as a Credit Analyst with First Republic Bank, where he has built considerable experience in client service, financial analysis, and operations.</p><p>David graduated with a B.S. in Finance and a minor in Japanese from San Francisco State University. David has also completed the CFP program with UC Berkeley.</p><p><b>Making an Impact</b></p><p>David is a hobby photographer and enjoys sharing photos of his travels to unique destinations around the world. Through photography, he hopes to educate and share with others how beautiful the Earth is.</p><p><b>A Secret About David</b></p><p>David loves to travel and has been to 21 different countries! Within the U.S., David frequently travels between the East and West coast during the holidays. His most interesting travel story involves him diving the Great Barrier Reef at night and swimming by a shark and sea turtle on the ocean floor.</p>
### Brian Carlson
https://www.bakerave.com/team-bio/brian-carlsonSenior Client Service Associate<p>Brian has enjoyed eight years in the banking industry helping others achieve their financial goals and prioritizing client relationships to make their experience as real and human as possible. As part of the Client Service team, Brian works collaboratively with his colleagues to bring the highest level of service and satisfaction to our clients.</p><p>Brian earned a B.A. in Dance from San Francisco State University. He also earned an A.A. in Dance and Transfer Studies in addition to a Certificate of Achievement in Japanese from Diablo Valley College.</p><p></p><p><b>Making an Impact</b></p><p>Brian has donated to STAND! For Families Free of Violence which promotes safe, strong families and aims to eliminate family violence in our communities. He also volunteered at The Spahr Center to bring to life Marin County’s first ever Pride event to celebrate and manifest a future where every LGBTQ+ person and persons living with HIV can thrive.</p><p></p><p><b>A Secret About Brian</b></p><p>He danced semi-professionally for several years performing in several productions with the Benicia Ballet School—including <i>The Nutcracker</i>, <i>Swan Lake</i>, and <i>Sleeping Beauty</i>. Additionally, he performed around the Bay Area with the Coterie Dance Company under artistic director, Kimberly Valmore, where he helped bring her many visions to life.</p>
### Terra Kelly
https://www.bakerave.com/team-bio/terra-kellySenior Client Service Associate<p>Terra supports the operations team as a Senior Client Service Associate in the San Francisco office. Prior to her work at BakerAvenue, over the course of four years, Terra earned both a B.A. in Economics and an M.S. in Applied Economics and Finance from the University of California, Santa Cruz.</p><p></p><p><b>Making an Impact</b></p><p>In recent years, Terra has actively participated in various volunteer opportunities, including local trash clean-ups and food drives. During her college tenure, Terra took part in philanthropic initiatives benefiting her local CASA organization and has contributed to various fundraisers, including designing and selling sweatshirts to support the Step-Up Women’s Network.</p><p></p><p><b>A Secret About Terra</b></p><p>Beyond her professional endeavors, Terra finds joy in pottery, cooking, spending quality time with friends and family, and exploring new destinations.</p>
### Glen Rives, JD, CFP®
https://www.bakerave.com/team-bio/glen-rivesWealth Advisor, Director<p>Glen Rives has been helping clients plan their futures for over 25 years. He provides comprehensive wealth management, financial planning, and coordination of all aspects of a client’s financial life with strategic partners such as estate attorneys and CPAs.</p><p>Prior to BakerAvenue, Glen worked as a wealth advisor for both small RIAs and large financial institutions. He practiced estate and probate law in Texas for several years prior to becoming a wealth advisor and obtaining his CFP.</p><p>Glen holds his JD from South Texas College of Law, a Master of Science in Sports Studies from Miami University (Ohio), and a Bachelor of Arts in History from the University of Texas in Austin. Glen and his wife, Adele, have two children, Luke who plays football and runs track at Dartmouth, and Haley, who is a student at the University of Texas in Austin.</p><p><b>Making an Impact</b></p><p>Glen helps families with athletes who are being recruited to college to play sports. When he was a practicing attorney, Glen organized and lead the ARC of Texas Guardianship project where he organized local attorneys to provide pro bono legal services for families with special needs children who were turning 18 years of age and needing a guardianship.</p><p><b>A Secret About Glen</b></p><p>Glen has his Masters in Sports Studies/Administration and should be an athletic director in the college ranks. Any talks on conference realignment, the role of the NCAA, the changing landscape of college athletics, and good ol’ football talk, Glen will more than happily join the discussion.</p>
### Kris Krauszer, CFP®, CWS®
https://www.bakerave.com/team-bio/kris-krauszerWealth Advisor, Managing Director<p>With 27 years in the Financial Services industry, Kris has extensive experience delivering integrated wealth and estate planning, retirement planning, and risk management solutions to clients. In addition to his advisory role at BakerAvenue, he focuses on working with strategic partners, such as attorneys and CPAs of clients, to develop lasting relationships.</p><p>Prior to joining BakerAvenue, he spent the first seven years of his career at two prominent wealth and estate planning firms in and around New York City. He later joined Fidelity Investments, where he worked for ten years as a Vice President, Financial Consultant in their Orlando Branch, and as a Vice President, Wealth Management Advisor for their Private Wealth Management division serving ultra-high-net-worth clients in northern Florida.</p><p>Kris holds a Bachelor of Science in Financial Management from Clemson University and currently belongs to the Financial Planning Association of Central Florida.</p><p><b>Making an Impact</b></p><p>As a former lacrosse player in the Northeast, Kris volunteered as a coach for both his daughters’ middle school lacrosse teams for nine years (18 seasons). He decided to hang up the whistle this past season and now volunteers his time to his youngest daughter’s Varsity high school lacrosse team and other activities in which she participates. He and his family also volunteer to assist in building homes with Habitat for Humanity at one of their local chapters in Orlando during the summer months.</p><p><b>A Secret About Kris</b></p><p> Adventurous by nature, Kris’s hobbies include fishing, boating, snow skiing, surfing, world travel, and taking trips on the family boat to the Bahamas and Florida Keys. He and his family even bought a piece of land on an island on the Caribbean side of Panama and built a small bungalow-style surf and fishing home on the property. The home was only accessible by boat as there were no roads or cars on the island. The area was called Bocas del Toro, and the inhabitants were primarily indigenous tribes.</p>
### Erik Gholtoghian, EA, RICP®
https://www.bakerave.com/team-bio/erik-gholtoghianTax Planning, Director<p>Erik is an Enrolled Agent (EA) and Retirement Income Certified Professional (RICP®) who brings eleven years of tax preparation and tax planning experience to the team.</p><p> Before joining BakerAvenue, Erik worked at Moskowitz LLP preparing and reviewing complex tax returns. His specialty is preparing and analyzing individual, entity, trust, and gift tax returns and modeling retirement income options. Many of the returns Erik has prepared have been used in sensitive tax court cases and audits. Erik’s goal is to highlight your personal tax saving opportunities.</p><p> Erik has earned an astonishing five different master’s degrees, including one in each of the following subjects: Taxation, Financial Analysis, Financial Planning, Accounting Data &amp; Analytics, and his most recent, Financial Technology. He also has graduate certificates in Estate Planning and in Accountancy, and a bachelor’s degree in Managerial Economics.</p><p><b>Making an Impact</b></p><p> To make an impact, Erik tries to make time to tutor students in need in their college courses, especially in business-related subjects. He enjoys seeing others learn.</p><p><b>A Secret About Erik</b></p><p>Erik is an avid fan of <i>The Office</i>.<o:p> </o:p></p>
### Antonio Mercado
https://www.bakerave.com/team-bio/antonio-mercadoInvestment Operations Associate<p>Antonio brings over 25 years of industry experience to BakerAvenue, working in Operations, as a Trader, and more recently as a Client Service Associate with various other RIA’s. He enjoys helping others achieve their financial goals by providing exceptional service so they can focus on the things that matter to them most.</p><p>Antonio has a B.A. in Economics from San Francisco State University.</p><p><b>Making an Impact</b></p><p>Antonio’s mantra in life is to make each day a better day than yesterday. He practices this not just in the workplace, but also every day in life, especially when there’s an opportunity to help and improve local communities like volunteering at Habitat for Humanity. He also enjoys volunteering as a basketball and volleyball coach at local elementary schools.</p><p><b>A Secret About Antonio</b></p><p>Antonio is an avid traveler, having been to Zurich, Hamburg, Frankfurt, Rome, Barcelona, Athens, Santorini, Mykonos, Palermo, London, Paris, and Manila. If he could have any superpower, he wishes to have the superpower to fly so he can travel the world wherever and whenever he wants. In the meantime, getting on an airplane will have to do.</p>
### James Hong, CFA, CMT
https://www.bakerave.com/team-bio/james-hongInvestment Management, Director<p>James is a Director of Investment Management at BakerAvenue and has responsibilities in the firm’s specialized strategies on concentrated stock management and options. James primarily focuses on technical analysis to evaluate the trends and patterns of the markets. As a member of the Investment Committee, he also supports the team on research and analysis.</p><p>Prior to joining BakerAvenue, James was a Portfolio Manager at Cresset Capital where he was responsible for the construction and implementation of client portfolios.</p><p>James attended Cal State Fullerton and graduated Cum Laude with a B.A. in Finance. He is a Chartered Financial Analyst (CFA®) and a member of the CFA Society of San Francisco.</p><p><b>Making an Impact</b></p><p>James and his wife are passionate about education, donating funds to support local education initiatives in the Bay Area. Their financial contributions have provided art supplies, technology tools, and books to local elementary and middle school classrooms in the public school district where James’ wife works as a teacher. As a team, James and his wife are working to create a series of teachable units geared towards educating students on the real-world applications of math and developing basic financial literacy to better prepare children for their future.</p><p><b>A Secret About James</b></p><p></p><p>James is fluent in three languages: Korean, Spanish, and English. He is a Korean native and lived in Ecuador for six years before moving to the States when he was 12 years old.</p>
### Andrew Thompson
https://www.bakerave.com/team-bio/andrew-thompsonDirector, Finance<p>Andrew leverages technology and process improvement to provide organizations with high level efficiency. Having worked in the private, public, and nonprofit sectors, he brings 30 years of client service and operations experience to BakerAvenue. As Finance Director, he oversees accounting and financial reporting activities for the firm.</p><p>Andrew has an undergraduate degree in mathematics and a master’s in international affairs. He supplemented his educational background with real estate and computer programming courses.</p><p><b>Making an Impact</b></p><p>Andrew is a former SPCA volunteer and has worked for the Salvation Army and North Marin Community Services. He currently volunteers for school lunch distribution and chicken care at a private school in Marin County.</p><p><b>A Secret About Andrew</b></p><p></p><p>Andrew once authored a bill that went before the California legislature.</p>
### Brynne Terry
https://www.bakerave.com/team-bio/brynne-terrySenior Growth & Experiences Manager<p>Brynne plays a key role in turning insights into strategic initiatives that drive growth, efficiency, and excellence across the firm. She focuses on aligning people with business goals to create intuitive processes and meaningful experiences that strengthen engagement, loyalty, and overall satisfaction for both clients and colleagues.</p><p>Prior to joining BakerAvenue, Brynne began her career in digital marketing before transitioning to occupational therapy, where she supported young adults in building balance and purpose into their daily lives. Her enduring passion for helping others thrive—both personally and professionally—continues to shape her human-centered approach to work.</p><p>Brynne holds a B.A. in Human Performance with a minor in Marketing from the University of Southern California (USC). She also completed her Master’s in Occupational Therapy at USC and her Doctorate in Occupational Therapy at Boston University.</p><p><b>Making an Impact</b></p><p>Brynne finds purpose in creating a positive impact on the health and wellbeing of the community around her. She has coached dozens of individuals to facilitate behavior change in their habits and routines. She regularly created and contributed resources, from blog posts to podcasts, on various wellness-related topics.</p><p><b>A Secret About Brynne</b></p><p></p><p>Many are surprised to learn that Brynne spent six months during the pandemic experiencing the van life. During that time, she lived in Colorado, North Carolina, and Florida, visiting many states in between!</p>
### Eddie Lopez
https://www.bakerave.com/team-bio/eddie-lopezWealth Associate<p>Prior to BakerAvenue, Eddie worked in Human Resources for 3 years. He developed a passion for client-facing roles, while helping people navigate their career trajectory. At BakerAvenue, he plays a fundamental role in supporting the San Francisco Wealth Advisory team and looks forward to helping people navigate their finances.</p><p>Eddie discovered his enjoyment of learning about financial instruments and investment vehicles while he studied economics at San Diego State University.</p><p><b>Making an Impact</b></p><p>Eddie enjoys taking part in beach cleanups and supporting organizations that protect the ocean.</p><p><b>A Secret About Eddie</b></p><p>In his free time, Eddie likes to travel, go on road trips along the coast, and learn about nutrition/fitness.</p>
### Simon Mayali, JD, LL.M
https://www.bakerave.com/team-bio/simon-mayaliEstate Planning, Director<p>As BakerAvenue’s Director of Estate Planning, Simon Mayali works with clients to identify their estate planning goals and options and helps them understand the complexities of estate and gift taxation. He began his career as an attorney in Chicago, where he developed a passion for helping clients plan for the future and navigate the intricacies of estate administration. He later obtained his LL.M in taxation with a focus on estate planning in order to work with clients on complex estate and gift tax issues.</p><p>Prior to joining BakerAvenue, Simon was an associate in the International Tax department at PricewaterhouseCoopers in Houston, and an attorney for several boutique trusts and estates firms in San Francisco. He holds a B.A. from UCLA, a J.D. from Chicago-Kent College of Law, and a Taxation LL.M from Northwestern School of Law. He is a member of the San Francisco Bar Association and is licensed to practice law in California, Illinois, Texas, and Washington D.C.</p><p><b>Making an Impact</b></p><p>As the former co-chair of The Bar Association of San Francisco Barristers Estate Planning, Probate and Trust Section, Simon helped put together a training session for attorneys to use when establishing pro bono estate plans for frontline workers when the pandemic first started.</p><p><b>A Secret About Simon</b></p><p>Simon loves to travel and has been stung by a jellyfish twice (likely not the same jellyfish but who knows), once in Miami and another time in Thailand. He’s not striving for a third sting but would probably take it if it meant he could be on a beach in the Seychelles.</p><p></p>
### Geoff Erwin, CFP®
https://www.bakerave.com/team-bio/geoffrey-erwinWealth Advisor, Managing Director<p>With nearly 25 years of experience, Geoff specializes in helping clients build generational wealth through strategic retirement planning. He is dedicated to a philosophy of service and defines success by his ability to help clients reach their goals for financial independence and make their lifestyle dreams a reality.</p><p>Prior to BakerAvenue, Geoff served in regional management roles in Texas and Florida at Fidelity Investments and spearheaded mentoring programs for young consultants. He helped guide Texas’ Plano Investor Center in reaching the #1 spot at Fidelity nationally. Geoff’s niche understanding of market dynamics (especially during downturns) helped him tailor long-term relationships with hundreds of families over the years and he has been recognized as a company leader in client satisfaction scores.</p><p>Geoff received a Bachelor of Science degree in Broadcast Production from Eastern New Mexico University. He is also a Certified Financial Planner™.</p><p><b>Making an Impact</b></p><p>As an advocate for helping others achieve security, Geoff cares deeply about making a difference for Dallas’ homeless. He volunteers his time at fundraising events for <i>Operation Care International, </i>an organization that has helped more than 300,000 local households since 1993. Geoff is also active with the <i>NTX Community Food Pantry, </i>including work on the annual ‘Soup &amp; Bowl’ event that raises hundreds of thousands of dollars by teaming up with popular area restaurants.</p><p><b>A Secret About Geoff</b></p><p>As a left-handed pitcher with a 90 mile-per-hour fastball in college, Geoff set multiple records at Eastern New Mexico University including a highly-celebrated ‘no hitter’ against a tough division rival. He went on to play professional minor league ball in Clarksville, Tennessee and his love of athletics now carries over to mountain biking, kayaking, and eco-destination travel.</p>
### Michael Dunn
https://www.bakerave.com/team-bio/michael-dunnWealth Solutions, Managing Director<p>Michael is the Managing Director, Wealth Solutions for BakerAvenue and will be working with strategic partners, attorneys, CPAs, executives, and new clients referred to BakerAvenue to make sure we are a fit to work together. He will be working in states West of the Mississippi River to help match BakerAvenue’s capabilities with client needs, to ensure an exceptional experience for everyone working together.</p><p></p><p>Michael graduated with a bachelor’s degree in Business Management from Webster University in Irvine, California and then completed an Executive MBA from the University of Colorado in Denver. Michael began his career in the financial services in the early 90’s after serving in the United States Marine Corps. He completed the Morgan Stanley new Financial Advisor training program in 1997 and was recruited to Wells Fargo Advisors in 1999 and spent almost 17 years at the firm with increasing responsibility, leaving in 2015 as a Senior Vice President and Area Sales Manager. Since that time Michael has been a Director at Fidelity Investments, Senior Director of Sales for a technology start-up, a Region Manager for US Bancorp Wealth Management and is now happy to call BakerAvenue his home.</p><p></p><p><b>Making an Impact</b></p><p>Michael’s career has had him moving coast to coast across the United States and back. He most recently returned to Southern California in October 2021 and he looks forward to finding local opportunities to serve his community. In the past he has been involved in projects with Habitat for Humanity, home renovation (and disaster cleanup) projects through his church in Florida, assisting with food backs in different states, and coaching and officiating youth sports.</p><p></p><p><b>A Secret About Michael</b></p><p></p><p>Michael is an adrenaline junkie. His favorite movie from the 90’s is Point Break so much that his oldest son is named Bodee after Patrick Swayze’s character Bodhi in the movie. Michael has been a skateboarder, surfer, motocross racer, snowboarder, has tried skydiving and paragliding, been cliff jumping and done many more exciting things. He continues to have a love of the outdoors but now does more surfing and the occasional triathlon. Michael completed a bucket list goal of completing a full Ironman race (2.4-mile swim, 112 mile bike ride, and a 26.2 run for a total of 140.6 miles of fun) at elevation in Boulder Colorado in 2017.</p>
### Maurissa Thomas
https://www.bakerave.com/team-bio/maurissa-thomasClient Service, Director<p>Maurissa collaborates and supports the Client Services team, primarily for our Dallas office. Before joining the BakerAvenue team, she worked as an auditor with an accounting firm in San Francisco. Maurissa found her true passion for assisting and serving others when she managed a team at Starbucks during and after college, where she earned her bachelor’s degree in Political Science.</p><p><b>Making an Impact</b></p><p>During the Covid pandemic, while the world was shut down around her, Maurissa began volunteering at the SF Marin Food Bank to help support families in need of food and resources. She prepared and distributed healthy meals for her local community.</p><p><b>A Secret About Maurissa</b></p><p>Maurissa has a preference for TV shows rather than movies, so is shockingly unfamiliar with the ‘classics’ that are always referenced around her (e.g. Star Wars, Breakfast at Tiffany’s, Forrest Gump, E.T.). Her goal is to eventually catch up and watch some of them so she can finally understand their significance in pop culture history, and participate in the conversations.</p>
### Michael Tideman, CFA, CFP®
https://www.bakerave.com/team-bio/michael-tidemanWealth Advisor, Managing Director<p>Michael has over 15 years of financial planning and investment management experience working with high-net-worth families, including advising on their charitable foundations and endowments. He is passionate about helping clients achieve their financial goals so they can focus on what matters most to them.</p><p>Michael graduated with a bachelor’s degree in Economics from the University of New Mexico, then completed his financial planning certification through Boston University. He was awarded the Certified Financial Planner (CFP®) designation in 2011 and became a Chartered Financial Analyst (CFA®) charter-holder in 2019. He has also earned the CFA Institute Certificate in ESG Investing to further his knowledge about incorporating Environmental, Social and Governance factors into investment management.</p><p><b>Making an Impact </b><br>
Michael has volunteered for many organizations, including <i><ins><a
href="https://www.fpasf.org/volunteer/financial-planning-day/" title="">San Francisco Financial Planning Day</a></ins></i>, where people receive free financial planning advice. This event is a valuable opportunity to help underserved communities learn about financial planning topics such as budgeting, getting out of debt, and paying for college - that can significantly impact their lives. Michael’s desire to help clients who want to align their investment portfolios with their ethical beliefs while realizing improved financial outcomes led him to pursue the Certificate in ESG Investing.</p><p><b>A Secret About Michael</b><br>
Right after graduating from college, Michael toured the country playing the guitar in a rock band. They performed in over twenty cities from New York to Seattle and Portland. Sadly, after the tour, the band moved to San Francisco and never played another show. He blames the end of his Rock-star career on the decline in music sales due to streaming services and file sharing… as well as not being very good at the guitar.</p>
### Matt Munro, CFP®
https://www.bakerave.com/team-bio/matt-munroWealth Advisor, Managing Director<p>Matt has over a decade of wealth management experience across Silicon Valley and New York City, specializing in high-net-worth wealth planning, concentrated stock management, and equity compensation. He believes in building deep, long-term relationships with clients to better understand their financial goals and develop comprehensive financial plans that provide a clear framework for achieving them.</p><p>Matt is a Certified Financial Planner (CFP®) and earned his degree in Financial Counseling and Planning from Purdue University. The program is ranked by Financial Planning as one of the <a
href="https://www.financial-planning.com/slideshow/inside-25-great-financial-planning-schools" target="_blank">Top 25 Great Financial Planning</a> programs within the United States.</p><p><b>Making an Impact</b><br>
Matt is a member of the Emerging Advisors Network at the San Francisco Foundation, where he meets with peers throughout the year to exchange ideas and insights on philanthropy and issues impacting the Bay Area. Through this involvement, Matt is committed to deepening his understanding of philanthropy and how thoughtful giving can improve the quality of life across the region.</p><p><b>A Secret About Matt</b><br>
An avid traveler, Matt studied abroad in Florence during college and continued traveling throughout Western Europe, visiting 16 countries and more than 26 cities. He has since expanded his travels to include Thailand, Mexico City, Japan, and Portugal.</p>
### Elena Panco,  CFP®
https://www.bakerave.com/team-bio/elena-pancoSenior Wealth Advisory Manager<p><o:p>Elena works closely with the BakerAvenue Wealth Advisory team based in San Francisco. She assists her team to deliver comprehensive financial solutions to our clients so they can reach both their short- and long-term financial goals. Elena is pursuing the CERTIFIED FINANCIAL PLANNER™ designation and she has recently passed the CFP® exam. Prior to joining BakerAvenue, she interned with the Financial Planning Association of San Francisco. As part of their virtual financial planning program, Elena acquired both theoretical and technical skills in personal finance. While studying in college, she also had the opportunity to serve clients at Bank of America, and intern at First Republic Bank on the Private Equity Loan team.</o:p></p><p><o:p><b>Making an Impact</b> </o:p></p><p></p><p><o:p>Elena believes financial literacy should be taught from a young age. Last year she volunteered with OrangeNote, a nonprofit that empowers students by teaching them what matters in the real world. During tax season, Elena also volunteers as a tax preparer with VITA, a tax program founded by the IRS to help low-income individuals and families file their taxes at no cost.</o:p></p><p><o:p><b>A Secret About Elena</b></o:p></p><p></p><p>Not many know that Elena grew up in a small village in Moldova, on a large farmland with many domestic animals- including a horse named Dusea. During her childhood, she and her family used a carriage to travel around her village. In Moldova, Elena received her degree in teaching, as she loves helping others. She is looking forward to the opportunity to once again ride a horse along a coastal beach.</p>
### Gerry O’Connell, EA
https://www.bakerave.com/team-bio/gerry-oconnell-enrolled-agentTax Planning, Partner<p>Gerry brings 25 years of tax experience gained at public accounting firms KPMG and Deloitte, investment banks Lazard and Sociiete Generale, and most recently San Francisco tax law firm Moskowitz LLP. Gerry is an Enrolled Agent (EA) the premier tax accreditation recognized by the IRS. Areas of special interest include estate planning strategies, retirement planning, real estate tax minimization and US reporting of assets held overseas.</p><p><b>Making an Impact</b></p><p></p><p>Gerry supports the Northern California chapter of the Cystic Fibrosis Foundation after the genetic condition took a beloved brother and sister at a young age.</p><p><b>A</b><b> Secret About Gerry</b></p><p>Growing up in Belfast, Ireland, Gerry was an All-Ireland Irish Dance Champion at the tender age of 14 - (think Riverdance) - although weekends are now devoted to the much more gentler pursuit of getting thrown off his surfboard by a 3-footer at Bolinas beach in Marin county..</p><p></p>
### Julia Joyce Bialek, CFP®, TEP
https://www.bakerave.com/team-bio/julia-bialekWealth Advisor, Director<p>Julia is a key member of BakerAvenue’s Wealth Advisory team in New York City, where she collaborates with clients to develop and implement tailored wealth management strategies. With a focus on aligning financial goals with long-term planning, she leverages her expertise to guide clients through complex financial decisions, ensuring they maximize their financial potential.</p><p></p><p>Before joining BakerAvenue, Julia was an Associate Wealth Planner at CISA Trust Company, an international trust firm, where she specialized in wealth planning, client relationship management, and trust administration. During her tenure, she earned the Trust and Estate Practitioner (TEP) designation and became a member of the Society of Trust and Estate Practitioners (STEP). Additionally, she holds her Series 65 license and is a Certified Financial Planner (CFP®).</p><p><b>Making an Impact</b></p><p> Before transitioning into the financial services industry, Julia worked for various nonprofits and foundations. Most notably, she worked for the Goñi and Rey Foundation based in Seville, Spain. The Foundation’s main goal is to accelerate technological development to face major global issues such as healthcare, education, and climate change. During her time at the Foundation, she organized Singularity University’s global summit on how to best utilize exponential technologies to solve humanity’s biggest challenges.<b><br>
</b></p><p><b>A Secret About Julia<br>
</b></p><p>Some may be surprised to know that Julia is from a tiny coastal town in Maine with only 8,500 residents. She even grew up on a farm…but sadly with no animals!</p><p></p>
### Nicholas McInnis, CFA
https://www.bakerave.com/team-bio/nicholas-mcinnisInvestment Management, Director<p>At BakerAvenue, Nick has responsibility for executing equity and fixed income trades. Being a member of the Investment Committee, he supports the team on research and analysis. In addition, he coordinates portfolio implementation and strategy rebalancing with the Wealth Advisory team.</p><p></p><p>Nick grew up in Sonoma County where he attended Sonoma State University and graduated Cum Laude with a B.S. in both Accounting and Finance. From there, he pursued his MBA at St. Mary’s College of California in Moraga. He graduated with Honors with a Finance Concentration.</p><p><b>Making an Impact</b></p><p>Nick has pitched in with his local high school baseball team, helping the players learn from his experience playing in college. Nick was also a Eucharistic minister at his local church.</p><p><b>A Secret About Nick</b></p><p>Nick went to speech class until he was 10 when he discovered he had a hearing issue. Surprisingly, he cannot go to the movies because the theaters are too loud for him.</p>
### Daniel Cassell, CFA
https://www.bakerave.com/team-bio/daniel-cassellPortfolio Manager<p>Dan is a Portfolio Manager at BakerAvenue and serves on the investment and financial planning committees. Dan has responsibility for investment strategies, implementations, tax and estate planning, as well as multigenerational/dynasty requisites that materialize across our client base.</p><p>Prior to joining BakerAvenue, Dan was a Portfolio Associate at Bingham, Osborn and Scarborough, LLC where he developed comprehensive wealth management solutions for affluent individuals, families, and institutions.</p><p>Dan graduated from Santa Clara University with a B.S. in Finance. While at Santa Clara, he served on the financial committee that oversaw part of the school’s endowment. He is a Chartered Financial Analyst (CFA) and member of the CFA Society of San Francisco. He has also earned the CFA Institute Certificate in ESG Investing to further his knowledge about incorporating Environmental, Social and Governance factors into investment management.</p><p><b>Making an Impact</b></p><p>Dan volunteers with The Guardsmen, a group of young professionals volunteering their time to raise money to provide scholarships and send underprivileged youth to Bay Area camps. He’s also president of San Francisco Ballet Encore!, a group of young professionals supporting the ballet through social events and education.</p><p><b>A Secret About Dan</b></p><p>Dan can single-handedly cook for large groups, frequently preparing meals for 40-50 people all by himself. He even co-chairs an event that cooks a meal for 3,500 people with just fifteen assistants.</p>
### Scott Stephens, CWS®
https://www.bakerave.com/team-bio/scott-stephensWealth Advisor, Partner<p>As a Partner, Managing Director and Certified Wealth Strategist (CWS) on the Central Wealth Advisory Team, Scott enjoys building lifelong relationships with friends, clients, and other business professionals in his community.</p><p>For the last 10 years, Scott has overseen the BakerAvenue Texas office where he has built relationships throughout Texas and Midwest locations. Over the last several years, Scott has focused his expertise in helping clients protect and divest large concentrated company stock exposure with customization tools and personal attention. Various companies include Texas Instruments, Exxon/Mobil, Royal Dutch Shell, Lennox, AT&amp;T and Oracle.</p><p>Prior to joining BakerAvenue, Scott was employed by Fidelity Investments for 13 years in both Boston and Dallas locations working as a Vice President and Senior Executive in various High Net Worth roles.</p><p><b>Making an Impact</b></p><p>Scott enjoys volunteer coaching for youth sports. He also sits on the board of the Positive Coach Alliance (PCA), North Texas Chapter. This non-profit organization transforms the youth sports culture into a Development Zone to help all youth and high school athletes have a positive, character-building experience.</p><p><b>A Secret About Scott</b></p><p>Scott has always had a romanticism with water and the ocean. This is a slight problem in his life since he lives in Texas. “Having a swimming pool in Texas does not substitute for the nature of a lake or ocean, but it does keep my kids happy.”</p>
### Tracy Pham Salvador
https://www.bakerave.com/team-bio/tracy-salvadorOperations, Partner<p>Tracy is dedicated to providing the highest level of professionalism and service to her clients and team. As <span>Partner, Operations</span>, Tracy works closely with executive level management to strategize and develop long-term operational plans. She brings over 10 years of client service and operations experience to BakerAvenue and is responsible for overseeing operational efficiency for the firm.</p><p>In addition to her operational functions, Tracy partners with the HR team to assist with policy design and development. She strives to create a culture that empowers quality, productivity, and ongoing development in workplace.</p><p><b>Making an Impact</b></p><p>Tracy volunteers once a month with One Brick, a non-profit organization that works to inspire and support a community of volunteers to take on important projects. She has also worked with the Susan G. Komen Foundation, Second Harvest Food Bank, and the Homeless Prenatal Program.</p><p><b>A Secret About Tracy</b></p><p>Tracy has a 7-year old dachshund named Peanut and has a weakness for really cute animals.</p>
### Michael Dely
https://www.bakerave.com/team-bio/michael-delyTechnology, Director<p>Michael’s day-to-day responsibilities include strengthening the client experience, as well as driving efficiency within the firm. He plays an active role in rolling out new software for BakerAvenue and enhancing our overall productivity.</p><p>Michael brings over 15 years of investment and technology experience to BakerAvenue. Prior to joining to joining the firm, Michael worked as a Director of Operations for a boutique wealth management RIA firm, responsible for client performance reporting, overseeing the portfolio management systems, trading and rebalancing, and workflow automation.</p><p>Michael graduated from California State University, Northridge with a B.A. in Business Finance and Economics.</p><p><b>Making an Impact</b></p><p>Michael studies herbs and their many functions to heal the human body. He has made a positive impact in helping family members and friends close to him with conditions including diabetes, migraines, digestion, circulation, and more. One of Michael’s favorite quotes is from Paracelsus: “The art of healing comes from nature and not from the physician. Therefore, the physician must start from nature with an open mind.”</p><p><b>A Secret About Michael</b></p><p>Michael has a passionate admiration for the art, philosophy, music, and traditions of Asian culture, influenced early in his career when he worked in Hong Kong.</p>
### Sheila Rabaut, CFP®
https://www.bakerave.com/team-bio/sheila-rabautWealth Advisor, Director<p>Sheila brings over 20 years of client management experience to BakerAvenue. She partners with her clients to help them envision, plan for, and create the lives that they desire. She co-chairs BakerAvenue’s Financial Feminism initiative with the goal of helping women reach their highest financial potential, both personally and professionally. She has served on the FPA of San Francisco Board since 2018 and most recently held the President role.</p><p> Sheila holds a B.A. in History and a Masters in Business Administration from Santa Clara University. She is also a Certified Financial Planner (CFP®) and serves on the board of the San Francisco Financial Planning Association.</p><p><b>Making an Impact</b></p><p>Sheila helps move women forward in economic empowerment and political participation in human rights by serving on the Vital Voices Bay Area Council. She also serves as Secretary and Treasurer for the Rabaut Family Foundation, which invests in organizations taking on the complicated issues around mental health.</p><p><b>A Secret About Sheila</b></p><p>Sheila’s family moved a lot growing up – about every three years. This instilled a curiosity in the energy and diversity of cultures and people from an early age, from exploring big cities like Istanbul to chilling under the stars on the shores of a Michigan lake.</p>
### Tom Ngo, CFP®
https://www.bakerave.com/team-bio/tom-ngoChief Executive Officer & Partner<p>Tom chairs BakerAvenue’s Executive Committee, serves on the Investment Committee, and leads the firm’s strategic roadmap. He is closely engaged with several of the firm’s family office and wealth management relationships, and takes tremendous pride in making BakerAvenue the best company to work with — and to work at.</p><p>Before joining BakerAvenue, Tom held senior leadership and operating roles at wealth management firms and multi-family offices, including Chief Operating Officer at ICONiQ Capital and Chief Technology Officer and Head of Operations at Wetherby Asset Management. He also held leadership positions within Wells Fargo’s Wealth Management Group and Consumer Credit Group.</p><p>Tom’s career reflects a rare blend of entrepreneurship, technology, and wealth management. He co-founded MiFund, an international cloud-based FinTech company, raising $35 million in Series A and Series B funding. Earlier, he spent several years managing U.S. and international software development teams at SS&amp;C/Advent, and began his career in management consulting — an experience he credits for the disciplined, creative approach he brings to solving problems today.</p><p>Tom holds a BA from UCLA and an MBA from UC Berkeley’s Haas School of Business. He is a Certified Financial Planner (CFP®), a member of the Financial Planning Association of San Francisco, and a proud veteran who served in Psychological Operations (PSYOP) in the U.S. Army.</p><p><b>Making an Impact</b></p><p>Tom is proud of his work supporting Marin’s immigrant community. A former board member at Canal Alliance, he continues to champion the same organization that helped his own family when they immigrated to the United States in the 1970s.</p><p><b>A Secret About Tom</b></p><p>Not quite Doogie Howser, but close: Tom started kindergarten at age three. He’ll tell you it was because he was gifted. His parents stick to a different story — it was simply a chance to get one of their five kids out of the house.</p>
### Tanya Welch, CFA, CFP®
https://www.bakerave.com/team-bio/tanya-welchWealth Advisor, Partner<p>Prior to joining BakerAvenue, Tanya was the Director of Wealth Management for Polaris Wealth Advisers. In addition to advising some of the wealthiest clients at the firm, she was responsible for overseeing vision, training, and execution of the wealth management team. Prior to this, Tanya began her career in the financial services industry with UBS where she worked as a Financial Advisor.</p><p>Tanya graduated from the Wharton School, University of Pennsylvania, with a B.S. in Economics. She is a Certified Financial Planner® (CFP®) and Chartered Financial Analyst (CFA) charter holder and also an active member of the Financial Planning Association of San Francisco and CFA Society of San Francisco.</p><p><b>Making an Impact</b></p><p>Tanya is a board director of Friends of the Children – SF Bay Area. A nonprofit dedicated to breaking the cycle of generational poverty through professional mentors. Tanya also volunteered at an orphanage in Nairobi, Kenya to discover how the AIDS epidemic had changed Africa and what was being done to make a difference. Tanya currently supports many organizations including the Salvation Army, International Justice Mission, San Francisco SPCA, and Youth Speaks.</p><p><b>A Secret About Tanya</b></p><p>Tanya loves to forage for mushrooms, inspired by a trip to the Mendocino Mushroom Festival. On Tanya’s first trip into the forest, a veteran forager commented on her “special connection” with mushrooms.</p>
### Amy Hepburn
https://www.bakerave.com/team-bio/amy-hepburnHead of Impact and Philanthropy<p>Amy Hepburn is a recognized Impact Investing expert and social entrepreneur who believes in pushing the boundaries of philanthropy. She accelerates social change by strategically leveraging resources, talent and amplifier platforms for maximum social impact.</p><p>She has spent 20 years driving social change in the public and private sectors with expertise in the advancement of women and girls globally and protection of children in crises. Amy is on faculty at Duke University and George Washington University and advises governments, philanthropists, corporations, and foundations on social impact strategies committed to finding new solutions to society’s most complex challenges.</p><p><b>Making an Impact</b></p><p>Amy was an appointed Delegate on the 2018 G7 Gender Equality Advisory Council and a current member of the Global Women’s Forum for Economy and Society. She co-founded the Duke University Global Governance and Policy Program on Human Rights and Humanitarian Action in Geneva, Switzerland.</p><p><b>A Secret About Amy</b></p><p>Looking for adventure two weeks after college graduation, Amy boarded a plane to Sarajevo at the conclusion of the Balkan war. What began as a 2-month volunteer commitment turned into a 20-year humanitarian career. Amy’s “adventure” has affirmed the most fundamental tenet to her social impact work – that we are all more similar than we are different.</p>
### Hannah Kim
https://www.bakerave.com/team-bio/hannah-kimWealth Advisory Manager<p></p><p> Hannah started at BakerAvenue in 2012. She has played an integral part in developing a strong client service and operations team and contributed to the tremendous growth and success of the firm. After a decade of working in client service and operations at BakerAvenue, Hannah parted with the firm. Two years later, however, upon finding a new calling, she has returned and is transitioning her career to explore a path in wealth management.</p><p>Before joining the firm, Hannah held roles with Ameriprise Financial Advisors and Northwestern Mutual followed by a role in retail banking with Citibank in San Francisco. Hannah was in a banking and wealth management position with Credit Suisse when she met Simon Baker and joined BakerAvenue.</p><p><b>Making an Impact </b></p><p>Hannah is incredibly grateful for the opportunity to raise her two children in San Francisco, a city that offers countless ways to teach them the value of community engagement. When she isn’t carpooling them across the Bay Area for their sports activities, you’ll find her volunteering at a local food bank with coworkers, running 5ks to support her children’s school, or finding other meaningful ways to give back to her community.</p><p><b>A Secret About Hannah</b></p><p>Hannah has two birthdays: a “real” one and a “fake” one. In South Korea where she was born, birth certificates used to be hand-written. Her parents got the day mixed up and wrote down the incorrect date by two days. Her identity is now tied to a wrong birthday, and even a different horoscope sign. The silver linings, however, were she turned 21 two days sooner, and now celebrates an entire birth week.</p>
### King Lip, CFA, CMT
https://www.bakerave.com/team-bio/king-lipChief Strategist & Partner<p>As Chief Strategist, King serves on the executive and investment committees of the firm and is responsible for managing, developing, and communicating our investment strategies and thought leadership, both internally and externally.</p><p>King leads the firm’s specialized strategies on Concentrated Stock management and Options. King is also a member of the S&amp;P Dow Jones Indices U.S. Index Committee Advisory Panel and a member of BlackRock’s RIA Advisory Council. He is a regular commentator on CNBC and has been nominated as a Top 100 Independent Wealth Advisor in Barron’s magazine and the <a
href="https://www.bakerave.com/disclosures#financial_times_magazine">San Francisco Business Times</a>. King was named as one of the Top 10 Rising Stars of ETF investing by ETF Report and was named as an expert ETF strategist in the book, “ETF Investment Strategies”.</p><p><b>Making an Impact</b></p><p>King is passionate about bettering the lives of our furry companions, especially dogs. He donates his time, money, and photography skills to animal shelters and sanctuaries finding new homes for animals. Unlike their human counterparts, animals don’t mind his lack of photographic abilities.</p><p><b>A Secret About King</b></p><p>Without reading the cooking instructions, King has an uncanny ability to know the exact microwave cook time of virtually any food item. Unfortunately, this party trick has failed to impress his friends and family.</p>
### Doug Couden, CFA
https://www.bakerave.com/team-bio/doug-coudenChief Investment Officer & Partner<p>Doug is a tested market specialist with multiple cycles under his belt. He leads the firm’s multi-disciplined (technical, macro, and fundamental) investment approach and is a partner and member of the firm’s executive committee. He is responsible for managing the investment team, the firm’s research process, risk control, due diligence, asset allocation, and the overall performance of BakerAvenue’s strategies.</p><p>He enjoys sharing the firm’s market view with clients and external media, pens the firm’s weekly and quarterly updates, and has responsibility for individual client accounts. Doug is a Chartered Financial Analyst (CFA) and has held analytical and managerial roles at PaineWebber, Seneca Capital, and Virtus Investment Partners.</p><p><b>Making an Impact</b></p><p>From volunteering time to the National Charities League, Sacred Heart Schools, The Presidio Stewards, and recreational sports, the Coudens maintain an energetic local presence. Doug also manages BakerAvenue’s Impact strategy, which adds a socially responsible overlay to our investment approach.</p><p><b>A S</b><b>ecret About Doug</b></p><p>Doug is quite proud of his former mullet. An avid soccer and basketball player, Doug is fond of saying his flowing locks “gave him wings back in the day.” It even helped him dunk in a high school basketball game once—so he says.</p>
### Jerry Luff
https://www.bakerave.com/team-bio/jerry-luffChief Operating Officer & Partner<p>Jerry is responsible for overseeing the strategic direction of the firm including marketing, finance, and human resources as well as sitting on the investment committee.</p><p>Prior to joining BakerAvenue, Jerry served as vice president in the Global Wealth Management group at Bank of America Investments. He was also an institutional advisor at both Bear Stearns and Morgan Stanley. His primary responsibility involved fixed-income analysis and portfolio strategies to endowments, corporations, and municipalities, including General Motors, U.S. Steel, and the Regents of the University of California.</p><p>Jerry holds a B.A. in Finance from The University of Texas at Arlington and an M.B.A. in Finance from Fordham University.</p><p><b>Making an Impact </b></p><p>Jerry coaches Special Olympics and is also a member of the fundraising committee for Giant Steps Therapeutic Equestrian Center, an innovative nonprofit program for people with disabilities and other special needs. Jerry also has led a project to fund and build a computer lab for Old First Reach, an afterschool mentoring program for inner-city youth.</p><p><b>A Secret About Jerry </b></p><p>Jerry experiments with spot and arc welding. After mastering a few more techniques, he plans to weld a metal sculpture for his home garden—assuming his wife Alison approves.</p>
### Simon Baker
https://www.bakerave.com/team-bio/simon-bakerFounder, Executive Chairman & Partner<p>Simon is chairman of our executive committee, a member of the investment committee and he sets the firm’s vision and development of strategies and services. He also has responsibility for the firm’s Family Office clients.</p><p>Before launching BakerAvenue in 2004, Simon was a Managing Director at Bank of America Securities, Donaldson, Lufkin and Jenrette (DLJ) and Credit Suisse First Boston (CSFB).</p><p>Simon is a Trustee at Lycée Francais de San Francisco and an active member of the San Francisco chapter of the Young Presidents Organization (YPO). Simon lives in Marin with his wife Emilie and children Barclay, Oscar &amp; Juliette.</p><p><b>Making an Impact</b></p><p>Simon helped start the Baker/Simpson fellowship. Each year, the group gives five fully paid scholarships to students from Hartwick College, his alma mater. Students work at a San Francisco start-up and end the summer encouraged, uplifted and realizing anything is possible—with the only requirement they pay it forward with their own positive efforts</p><p><b>A Secret About Simon </b></p><p>For a summer job, Simon covered Wimbledon for HBO during a year that had constant rain delays. During one stormy stoppage, Simon challenged Chris Collinsworth, the famed sportscaster, to a live “slide off” down a muddy embankment. Chris literally jumped into the challenge while Simon, the instigator, held back. Simon’s response: “Those crazy Americans.”</p>## Case Studieshttps://www.bakerave.com/case-studiesStrategic Guidance for Complex Wealth & Life's Defining Moments<p>Every client arrives with a different version of complexity — a legacy that spans generations, a concentrated stock position years in the making, or a liquidity event that redefines what’s at stake. At BakerAvenue, we bring together wealth management, investments, in-house tax preparation, and estate planning in a single, coordinated relationship, so that no decision is made in isolation.</p><p>BakerAvenue’s fiduciary advisors have helped high-net-worth and ultra-high-net-worth clients navigate situations including concentrated equity risk, executive compensation planning, multigenerational wealth transfer, and complex liquidity events.</p><p>The scenarios below are designed to illustrate how different strategies may be considered in a variety of real-world wealth management, tax, and financial planning situations.</p>### Multi-Generational Wealth &amp; Legacy<p><b>High-net-worth families face complex challenges across every stage of wealth, from retirement planning and inheritance wealth management to navigating life transitions such as divorce.</b> BakerAvenue’s family wealth advisory services deliver integrated, multi-generational wealth planning that aligns investment strategy, tax efficiency, and estate design. Our fiduciary approach is designed to ensure decisions reflect your values and long-term vision as we partner with you through life’s most important financial moments.</p>### Concentrated Stock &amp; Equity Planning<p><b>Concentrated stock positions can create both opportunity and risk, whether driven by executive compensation planning, business ownership, or long-held investments.</b> BakerAvenue’s risk-managed investment strategies combine active and tax-aware investment management to support thoughtful diversification and income generation through options strategies. Our fiduciary team coordinates executive stock option planning and timing decisions to manage downside risk and enhance cash flow across market cycles.</p>### Liquidity Events &amp; Wealth Transition<p><b>Liquidity events such as IPOs, acquisitions, and business sales are defining moments for executives and business owners.</b> BakerAvenue’s liquidity event planning integrates pre-IPO financial planning, business exit wealth strategies, and post-transaction investment design to guide you from preparation through reinvestment. Our fiduciary team coordinates tax, estate, and diversification strategies designed to protect your family’s financial future while honoring the legacy you’ve built.</p>## Visit Us### Your Visit to BakerAvenue
https://www.bakerave.com/visit-bakeravenue/dallasDallas<h2>Preparing for Your Visit</h2>**Getting to Our Office**:<h3><a
href="https://maps.app.goo.gl/cYW8iEAMnaGTRL8G8" target="_blank">550 Reserve St, Ste. 210, Southlake, TX 76092</a></h3><p>Easily located off Hwy 114 in the Southlake Town Square, our office is best accessed via car. When you arrive, you will notice there are two office buildings of the same name in this location. Our office is inside Granite Place 1.</p><p></p><p>Parking is free and easy in front of Granite Place 1 along Reserve and Division Street. The parking garage behind our building, with an accessible entrance on State Street, is also available.</p><p>Once inside the lobby of Granite Place 1, head straight up the elevator to floor two. Exit the elevator to the left and walk all the way down the hall to our office in suite 210.</p>**Parking Instructions**:<h2>Free Parking</h2><p>550 Reserve St, Ste. 210<br>
Southlake, TX 76092</p><p></p><p><i> </i></p><p><i>Parking is free and easy in front of Granite Place 1 along Reserve and Division Street. The parking garage behind our building, with an accessible entrance on State Street, is also available.</i></p><h3>For Questions/Directions, Contact Us Here: <a
href="tel:+12143069849">(214) 306-9849</a></h3>**Nearby Hotels**:**Restaurant Recommendations**:**Explore Dallas**:### Your Visit to BakerAvenue
https://www.bakerave.com/visit-bakeravenue/new-yorkNew York<h2>​Preparing for Your Visit</h2>**Getting to Our Office**:<h3><a
href="https://www.google.com/maps/place/66+Hudson+Blvd+E+Fl.+24,+Ste.+2417,+New+York,+NY+10001/data=!4m2!3m1!1s0x89c259b376af2129:0x7516a642c6e79fc2?sa=X&amp;ved=1t:242&amp;ictx=111" target="_blank">66 Hudson Blvd E, Fl. 24, Ste. 2417, New York, NY 10001</a></h3><p>Our office, located in the state-of-the-art skyscraper known as, “The Spiral,” is conveniently located next to the 34th Street and Hudson Yards stop on the 7 line and is a ten-minute walk from the A and C trains at Penn Station. For those driving into the city, parking is available but will need to be arranged in advance. Please see the next tab for more information regarding parking.</p><p>Prior to your scheduled arrival time to the office, you will be emailed a QR code. Once you enter the main lobby of the building on Hudson Blvd E, check-in with security by providing them your ID and QR code.</p><p>From the lobby, head to the elevator bank for the 24th floor. When you arrive on the 24th floor, be prepared to check-in again with your ID and QR code with reception at the Studio lobby before entering the workspace.</p>**Parking Instructions**:<h2>Valet Parking</h2><p>504 W 35 th<br>
St, New York, NY 10001</p><p>Valet parking is available by reservation only. Please visit <a
href="https://iconparking.com/" target="_blank">iconparking.com</a> and input the above address to reserve your spot at least two days in advance.</p><h3>For Questions/Directions, Contact Us Here: <a
href="tel:+12122023188">(212) 202-3188</a></h3>**Nearby Hotels**:**Restaurant Recommendations**:**Explore New York City**:### Your Visit to BakerAvenue
https://www.bakerave.com/visit-bakeravenue/san-franciscoSan Francisco<h2>Preparing for Your Visit</h2>**Getting to Our Office**:<h3><a
href="https://www.google.com/maps/place/1+Embarcadero+Ctr+Fl+25,+Ste+2530,+San+Francisco,+CA+94111/@37.7946981,-122.3998726,16z/data=!3m1!4b1!4m5!3m4!1s0x808580710862f093:0x1594e635082651c7!8m2!3d37.7946981!4d-122.3998726?entry=ttu&amp;g_ep=EgoyMDI1MDYxNS4wIKXMDSoASAFQAw%3D%3D" title="BakerAvenue Asset Management" target="_blank">1 Embarcadero Center Fl. 25, Ste. 2530, San Francisco, CA 94111</a></h3><p>You will be emailed a QR code 2 hours prior to your scheduled arrival time at our office.</p><p>Once you have arrived, take the elevator to the main floor/street level and look for the escalator. When you get off the escalator, look for the double glass doors to get to the lobby.</p><p>Once through the glass doors, scan your QR code on the right-hand side of the lobby gates to enter. If you have difficulty scanning the QR code, please ask the front desk attendant for assistance.</p><p>From the lobby, take the right-hand bank of elevators up to the 25th floor. You must scan your QR code in the elevator before pressing the floor button. Upon exiting the elevator, look for the BakerAvenue sign.</p>**Parking Instructions**:<h2>Validated Parking</h2><p>1 Embarcadero Center<br>
San Francisco, CA 94111</p><p></p><p><i>Located east of Battery Street or west of Front Street is a parking garage with red entrance signs. Park here and we will validate your time with us by providing you with parking tickets upon departure.</i></p><h3>For Questions/Directions, Contact Us Here: <a
href="tel:+14159861110">(415) 986-1110</a></h3>**Nearby Hotels**:**Restaurant Recommendations**:**Explore San Francisco**:**San Francisco** — 1 Embarcadero Center<br/>Fl 25, Ste 2530, San Francisco, CA 94111 — 415.986.1110**New York** — 66 Hudson Blvd E,<br> Fl 24, Ste 2417, New York, NY 10001 — 212.202.3188**Dallas** — 550 Reserve St, Ste 210, Southlake, TX 76092 — 214.306.9849**Houston** — 1980 Post Oak Blvd<br>Ste 100-#3425, Houston, TX 77056 — 346.521.4740**Austin** — 9442 Capital of Texas Highway N<br>Arboretum Plaza, Ste 500, Austin, TX 78759 — 737.394.1875**San Diego** — 12636 High Bluff Dr, <br>Ste 400-11722, Del Mar, CA 92130 — 858.283.2880**Atlanta** — 5 Concourse Pkwy<br>Ste 3000, Atlanta, GA 30328 — 770.229.8425**Naples** — 780 5th Ave S, Ste 200, Naples, FL 34102 — 239.922.1525## Client Onboardinghttps://www.bakerave.com/client-onboardingWhat to Expect Next<p>Thank you for placing your trust in us. We are excited to work with you and help you reach your financial goals. On this page, we will walk you through what to expect during your onboarding experience. If you have any questions throughout the process, please do not hesitate to reach out to your advisor directly.</p>Share Our Difference<p>From tax-efficient wealth management and estate planning to concentrated stock management and alternative investments, BakerAvenue delivers highly customized solutions for high-net-worth and ultra-high-net-worth clients:</p><ul><li>Advise on optimal timing for equity compensation and stock option exercises</li><li>Implement active hedging strategies, including protective puts and exchange funds</li><li>Provide access to alternative investments to diversify portfolios and hedge against inflation</li><li>Structure beneficiary designations, trust distributions, and multi-generational wealth transfers</li><li>Deploy active tax-loss harvesting designed to reduce taxable gains year-round</li><li>Align financial strategies with philanthropic and social impact objectives</li><li>Leverage tax-deferral vehicles and deductible strategies designed to optimize after-tax wealth</li></ul><p></p><p><b><a
class="btn btn--cta" href="/our-difference" title="">Share the BakerAvenue Difference</a></b></p>{cob_our_services}
- **{cob_our_services:title}**: {cob_our_services:sv_description}
{/cob_our_services}- **Step 1: Gathering Your Information**:<h3>Step 1: Gathering Your Information</h3><p>We will kick off your onboarding experience with a welcome email introducing the Client Service team member who will guide you through the onboarding process. The email contains links to the following:</p><ul><li>Meet <a
href="/downloads/BakerAvenue_Client_Service_Team.pdf" target="_blank">Your Dedicated Client Service Team</a></li><li>Review <b>Important Disclosures: </b><ul><li><a
href="/downloads/CRS.pdf" target="_blank">Client Relationship Summary</a></li><li><a
href="/downloads/ADV_2A.pdf" target="_blank">Form ADV Part 2A</a></li><li><a
href="/downloads/Part_2B-All.pdf" target="_blank">Form ADV Part 2B</a></li><li><a
href="/privacy-policy" target="_blank">Privacy Policy</a></li></ul><p></p></li><li>Complete the <b>Client Information Form</b>, if additional information is needed</li><li>Review the <b>next steps</b> in the onboarding process</li></ul><p>Your Client Service team member may follow up with additional questions or requests for documentation as needed.</p>- **Step 2: Paperwork &amp; Account Set Up **:<h3>Step 2: Paperwork &amp; Account Set Up</h3><p>After gathering your information, our Client Service team will prepare the necessary account paperwork and notify you when documents are ready for signature. Depending on the complexity of your request, there may be multiple rounds of signatures throughout the setup process.</p><p>Once the paperwork is finalized, you’ll receive DocuSign documents from BakerAvenue and/or your custodian. Depending on your account type(s), you may be asked to sign some or all of the following:</p><ul><li>Investment Management Agreement (IMA)</li><li>New Brokerage Account Application or Add Advisor / LPOA</li><li>Margin Application</li><li>Prime Brokerage Agreement</li><li>Transfer of Assets (TOA)</li><li>Options Application (for concentrated stock clients)</li><li>IRA Beneficiary Designation</li><li>Standing Instructions / Bank Links</li></ul><p></p>- **Step 3: Finalizing Your Implementation Plan &amp; Timeline **:<h3>Step 3: Finalizing Your Implementation Plan &amp; Timeline</h3><p>Once BakerAvenue has received your signed paperwork, we will utilize your confirmed risk tolerance and asset allocation to establish your customized implementation plan.</p>- **Step 4: Onboarding Meeting **:<h3>Step 4: Onboarding Meeting</h3><p>The next step is your <b>Onboarding Meeting</b>, where you’ll meet with your Advisor to:</p><ul><li>Review your financial plan and collect additional information</li><li>Update any paperwork as needed</li><li>Introduce you to your client portal and related technologies</li><li>Determine your meeting cadence and review additional client communications to expect</li></ul>- **Step 5: Onboarding Survey **:<h3>Step 5: Onboarding Survey</h3><p>We are always looking to improve our processes and enhance your experience as a client of BakerAvenue. As part of our onboarding process, we will send you a brief survey to hear your feedback on your onboarding experience. We appreciate any and all feedback!</p>- **Step 6: Ongoing Review &amp; Monitoring **:<h3>Step 6: Ongoing Review &amp; Monitoring</h3><p>Our team looks forward to building a long-lasting relationship with you. Over the course of our relationship, we will conduct comprehensive annual review meetings and touch base with you on an as-needed basis.</p><p>BakerAvenue is here to help you navigate through your personal and professional life transitions. If you ever run into any questions or concerns, please don’t hesitate to reach out.</p><p>You are welcome to schedule a meeting with your advisor at your convenience.</p><div
class="ct-disclaimer"><p><a
class="btn btn--cta" href="/schedule">SCHEDULE A MEETING</a></p><p></p></div>**Q: What is an IMA?**<p>The Investment Management Agreement (IMA) is a formal agreement that outlines the roles and responsibilities of BakerAvenue and our clients with respect to their investment management. The IMA outlines the terms and services of the agreement, the advisor’s fee structure, client acknowledgments, etc.</p>**Q: Who should I reach out to if I have questions about the IMA?**<p>For questions regarding the IMA, please reach out to your advisor.</p>**Q: How do I skip to the documents that require my e-signature in DocuSign?**<p>Once you access the DocuSign envelope, simply click on the orange “Start” tab to the left. This will bring you to the documents that require your e-signature. We encourage you to scroll back to the top to view and read the disclosures. Click “Finish” to complete the signing process.</p><p>After all signers, including a signatory from our firm, have completed the request, you’ll receive an email with the fully executed documents, which you can download and retain for your records.</p>**Q: Why did I receive multiple DocuSign requests from the custodian and BakerAvenue?**<p>We make every attempt to include all forms in a single DocuSign when possible. However, please understand that there may be times when you will receive multiple DocuSign requests depending on the complexity of the onboarding and/or constraints with the systems and platforms that we use.</p><p>Please note that DocuSign requests may come from BakerAvenue’s DocuSign or from the applicable custodian or alternative investment platform for your signature.</p>**Q: I am having issues completing the required signatures in DocuSign. Who should I reach out to?**<p>If you run into issues with DocuSign, please reach out to the Client Service team member leading your onboarding. They will be able to troubleshoot the issue and provide alternative solutions if necessary.</p>**Q: What are other signing methods if I prefer to not use DocuSign?**<p>BakerAvenue is happy to accommodate different methods of onboarding to fit your needs. We offer secure file sharing or overnight mail should you prefer to not use DocuSign. Please reach out to the Client Service team member leading your onboarding to discuss the best option for you.</p>**Q: What is Prime Brokerage and why do I need it?**<p>Prime Brokerage, although rarely used, provides flexibility by having a third party execute the trades, rather than the custodian. For instance, BakerAvenue may be trading a block of shares on a security that represents a large percent of its daily volume, and the Prime Broker may be able to get the block filled more efficiently than the custodian. Prime Brokers may also be able to get a better execution price by reaching out to potential investors who would want to take the other side of the trade. Many prime brokerage relationships provide ancillary services that, while we may not currently utilize, we may in the future (e.g., securities lending, synthetic financing for structured trades, risk monitoring, outsourced trading, digital currency trading and custody, research, etc.).</p>**Q: What is Margin and why do I need it?**<p>Margin allows Clients to borrow against the positions in their account. At BakerAvenue, our strategies do not invest on margin, so there are only a few unique situations where an account would go on margin. For example, if a client needs cash immediately and there is not enough cash in the account, margin allows the client to have liquidity without delay. Depending on when a request is received, trades can take a day or two to settle before cash can be taken out of the account. If a client has margin, they can take cash out right away, rather than having to wait for the trades to settle.</p>**Q: What is the Client Portal (also known as Orion and Vault) and why do I need it?**<p>Orion is our secure client portal, which allows clients to conveniently access up-to-date performance, portfolio allocation, capital gain/loss summary, recent transactions and projected income estimates. It is also where clients can easily view and download quarterly performance reports, as well as share documents securely with your advisory team.</p>## Contacthttps://www.bakerave.com/contact-usLearn More About BakerAvenue<p>If you are interested in our comprehensive wealth management services, please send us a note or <a
href="/schedule" title="">click to schedule</a> an introductory meeting. To speak with your advisor, contact them <a
href="/schedule" title="">here.</a></p>### Schedule a Consultation
https://www.bakerave.com/scheduleWhy Choose BakerAvenue<ul><li>Founded in 2004</li><li>SEC Registered Investment Advisors and Fiduciaries</li><li>Team Credentials: CFA, CFP®, TEP, CIMA®, CWS, CMT, Enrolled Agent, CPA, JD, LL.M</li><li>Integrated &amp; Proactive Wealth and Investment Management</li></ul><ul><li>Concentrated Stock Strategies, Access to Alternative Investments</li><li>In-House Investment, Tax, and Estate Planning</li><li>Nationwide Presence: Headquartered in San Francisco with offices in New York, Dallas, Houston, Atlanta, San Diego, and Naples</li></ul>## Givehttps://www.bakerave.com/giveDoing Good Is Our Quarterly Benchmark<p>Giving back is at the heart of BakerAvenue, and generosity deserves the same discipline as any other part of your financial plan. Our philanthropic advisory team helps you define giving priorities, structure tax-efficient vehicles, and measure the impact of every dollar, helping to turn good intentions into lasting change.</p><div
style="display: flex;flex-direction: column;gap: 1.5rem;"><div
data-sr-id="0" style="display: flex;flex-direction: row;flex: auto;align-items: center;gap: 2rem;"><div
class="col-12 col-md-2" style=""><div
class="cred-image text-center"><img
class="img-fluid" src="/assets/images/credentials/Philanthropy1.svg" alt=""></div><p></p></div><div
class="col-12 col-md-10"><h4 class="cred-name icon-copy">DISCOVER</h4><div
class="cred-name icon-copy">Discover and review your current philanthropic portfolio and interests</div><p></p></div><p></p></div><div
data-sr-id="2" style="display: flex;flex-direction: row;flex: auto;align-items: center;gap: 2rem;"><div
class=""><div
class="cred-image"> <img
class="img-fluid" src="/assets/images/credentials/Philanthropy2.svg" alt=""></div><p></p></div><div
class="col-12 col-md-10"><h4 class="cred-name icon-copy">EDUCATE</h4><p
class="cred-name icon-copy">Educate on best practices for high impact philanthropic investments</p><p></p></div><p></p></div><div
data-sr-id="3" style="display: flex;flex-direction: row;flex: auto;align-items: center;gap: 2rem;"><div
class="col-12 col-md-2"><p
class="cred-image"> <img
class="img-fluid" src="/assets/images/credentials/Philanthropy3.svg" alt=""></p><p></p></div><div
class="col-12 col-md-10"><h4 class="cred-name icon-copy">STRATEGIZE</h4><div
class="cred-name icon-copy">Strategize short and long-term social impact strategies</div><p></p></div><p></p></div><div
data-sr-id="4" style="display: flex;flex-direction: row;flex: auto;align-items: center;gap: 2rem;"><div
class="col-12 col-md-2"><div
class="cred-image"> <img
class="img-fluid" src="/assets/images/credentials/Philanthropy4.svg" alt=""></div><p></p></div><div
class="col-12 col-md-10"><h4 class="cred-name icon-copy">DESIGN &amp; IMPLEMENT</h4><div
class="cred-name icon-copy">Design and implement a tailored, high-impact philanthropic giving plan</div><p></p></div><p></p></div><div
data-sr-id="5" style="display: flex;flex-direction: row;flex: auto;align-items: center;gap: 2rem;"><div
class="col-12 col-md-2"><div
class="cred-image"> <img
class="img-fluid" src="/assets/images/credentials/Philanthropy5.svg" alt=""></div><p></p></div><div
class="col-12 col-md-10"><h4 class="cred-name icon-copy">EVALUATE</h4><div
class="cred-name icon-copy">Evaluate and measure philanthropic impact and giving strategies</div><p></p></div><p></p></div><p></p></div>**Baker-Simpson Women&#8217;s Entrepreneurial Leadership Program**: The Baker-Simpson Women's Entrepreneurial Leadership Program funds five rising Hartwick College seniors in a summer "start-up" experience.**Achieve**: Achieve is a year-round, 4-year high school scholarship and enrichment program for underserved students from low-income families.**Cancer Support Community**: Cancer Support Community provides free emotional support, education, and wellness programs to anyone touched by a cancer diagnosis.**BPSOS**: BPSOS empowers Vietnamese refugees and immigrants with legal assistance, community programs, and advocacy to build lives in liberty and dignity.**Become a CASA Volunteer  **: By becoming a CASA volunteer, you can make a positive impact for a child in foster care in our community.**Donors Choose a School to Give**: At school or at home…wherever learning happens, you can make a difference.**FARA**: FARA funds research and clinical trials to find treatments and a cure for Friedreich's ataxia, a rare degenerative neuromuscular disease.**Fr1ends of the Ch1ldren**: Friends of the Children pairs kids facing the greatest obstacles with a salaried, professional mentor for 12+ years — no matter what.**Friends of Oakland Animal Services**: Friends of Oakland Animal Services funds emergency medical care, foster programs, and adoption support for the thousands of animals that pass through Oakland's only open-admission shelter each year.**Harlem Grow**: Harlem Grown cultivates urban farms and hands-on education to inspire Harlem's youth toward healthy, sustainable futures.**Support La Casa De Las Madres**: The mission of La Casa de las Madres is to respond to calls for help from domestic violence victims, of all ages, 24 hours a day, 365 days a year.**NAMI**: NAMI is the nation's largest grassroots organization dedicated to improving the lives of the millions of Americans affected by mental illness.## Insights### Q2 2026 - Impact Investing Newsletter: Governance
https://www.bakerave.com/insights/article/q2-2026-impact-investing-newsletter-governance<p>​Invests in preeminent and financially solid companies that allocate their resources with the goal of creating positive change in their communities and the world.</p>
### King talks the next evolution in custom AI chips
https://www.bakerave.com/insights/article/king-talks-the-next-evolution-in-custom-ai-chips<h3>BakerAvenue’s King Lip joins ‘Closing Bell’ to discuss the evolving AI tech trade</h3><p><iframe
width="560" height="349" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000423225" frameborder="0" scrolling="no" allowfullscreen="" webkitallowfullscreen="" mozallowfullscreen="" oallowfullscreen="" msallowfullscreen=""></iframe></p>
### August Insights
https://www.bakerave.com/insights/article/bakeravenue-august-insights-rolling-rotations-record-earnings<p>​August 11, 2026 BakerAvenue Insights Newsletter: Rolling Rotations &amp; Record Earnings</p>
### August 2026 Market Update
https://www.bakerave.com/insights/article/august-2026-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1217388439?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the August Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/marketupdate_08112026.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/august-2026### 2026 A Mid-Year Checkup
https://www.bakerave.com/insights/article/2026-a-mid-year-checkup<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1212384365?h=1083849464&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download 2026 Mid-Year Checkup slides by Doug Couden, King Lip and Michael Dunn</p><p> <a
href="/.pdfFiles/2026-A-Mid-Year-Checkup-Webinar.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### July Insights
https://www.bakerave.com/insights/article/july-insights-summer-break-more-dispersion-but-less-disruption<p>​July 14, 2026 BakerAvenue Insights Newsletter: Summer ‘Break’? More Dispersion, but Less Disruption</p>
### July 2026 Market Update
https://www.bakerave.com/insights/article/july-2026-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1209674076?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the July Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/marketupdate_07142026.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/july-2026### Pre- to Post-IPO Planning to Optimize Your Stock Options
https://www.bakerave.com/insights/article/pre-to-post-ipo-planning-to-optimize-your-stock-options### Preparing for OpenAI IPO
https://www.bakerave.com/insights/article/preparing-for-openai-ipo<p>High‑level IPO planning guide for OpenAI executives and employees preparing for a potential liquidity event. Learn how BakerAvenue helps clients navigate complex equity compensation, tax strategy, and long‑term wealth planning before and after an IPO.</p>
### June Insights
https://www.bakerave.com/insights/article/bakeravenue-june-insights-weighing-investor-sentiment-too-euphoric-or-too-skeptical<p>June 9, 2026 BakerAvenue Insights Newsletter: Weighing Investor Sentiment: Too Euphoric or Too Sentimental?</p>
### June 2026 Market Update
https://www.bakerave.com/insights/article/june-2026-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1199832734?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the June Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/marketupdate_06092026.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/june-2026### Trump Accounts Explained
https://www.bakerave.com/insights/article/trump-accounts-explained### Preparing for Anthropic IPO
https://www.bakerave.com/insights/article/preparing-for-anthropic-ipo<p>High‑level IPO planning guide for Anthropic executives, founders, and employees preparing for a potential liquidity event. Learn how BakerAvenue helps clients navigate complex equity compensation, tax strategy, and long‑term wealth planning before and after an IPO.</p>
### May Insights
https://www.bakerave.com/insights/article/bakeravenue-may-insights-earnings-learnings<p>May 12, 2026 BakerAvenue Insights Newsletter: Earnings Learnings</p>
### May 2026 Market Update
https://www.bakerave.com/insights/article/may-2026-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1191654911?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the May Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/marketupdate_05122026.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/may-2026### The Mega Backdoor Roth Strategy Explained
https://www.bakerave.com/insights/article/the-mega-backdoor-roth-strategy-explained<p>The Mega Backdoor Roth Strategy is one of the most powerful retirement and tax-planning strategies available to high-income earners. It allows individuals to move significant sums into Roth status each year, far exceeding normal Roth IRA contribution limits.</p>
### Q1 2026 - Impact Investing Newsletter: Social
https://www.bakerave.com/insights/article/q1-2026-impact-investing-newsletter-social<p>Invests in preeminent and financiallysolid companies that allocate their</p><p>resources with the goal of creating<br>
positive change in their communities and<br>
the world.</p>
### It&#8217;s a &#8216;show me&#8217; quarter for the upcoming megacap tech earnings
https://www.bakerave.com/insights/article/its-a-show-me-quarter-for-the-upcoming-megacap-tech-earnings<h3>BakerAvenue’s King Lip joins ‘Closing Bell’ to discuss upcoming megacap tech earnings</h3><p></p><iframe
width="560" height="349" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000410881" frameborder="0" scrolling="no" allowfullscreen="" webkitallowfullscreen="" mozallowfullscreen="" oallowfullscreen="" msallowfullscreen=""><p></iframe>
### Trust Administration Essentials From Estate Settlement to Ongoing Trust Oversight
https://www.bakerave.com/insights/article/trust-administration-essentials-from-estate-settlement-to-ongoing-trust-oversight<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1186005145?h=1083849464&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download Trust Administration Essentials From Estate Settlement to Ongoing Trust Oversight slides by Simon Mayali, Glen Rives, and Jonathan Bernstein</p><p> <a
href="/.pdfFiles/Trust_Admin_Webinar_04.22.26.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### April Insights
https://www.bakerave.com/insights/article/bakeravenue-april-insights-strait-talk<p>April 14, 2026 BakerAvenue Insights Newsletter: Strait Talk</p>
### Preparing for SpaceX IPO
https://www.bakerave.com/insights/article/preparing-for-spacex-ipo<p>High‑level IPO planning guide for SpaceX executives, founders, and employees preparing for a potential liquidity event. Learn how BakerAvenue helps clients navigate complex equity compensation, tax strategy, and long‑term wealth planning before and after an IPO.</p>
### April 2026 Market Update
https://www.bakerave.com/insights/article/april-2026-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1183099522?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the April Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/marketupdate_04142026.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Preparing for Databricks IPO
https://www.bakerave.com/insights/article/preparing-for-databricks-ipo<p>High‑level IPO planning guide for Databricks executives, founders, and employees preparing for a potential liquidity event. Learn how BakerAvenue helps clients navigate equity compensation, tax strategy, and long‑term wealth planning before and after an IPO.</p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/april-2026### March Insights
https://www.bakerave.com/insights/article/bakeravenue-march-insights-a-crude-awakening<p>March 10, 2026 BakerAvenue Insights Newsletter: A Crude Awakening</p>
### March 2026 Market Update
https://www.bakerave.com/insights/article/march-2026-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1172237153?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the March Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/marketupdate_03102026.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/march-2026### Qualified Opportunity Zones (QOZ) 2.0
https://www.bakerave.com/insights/article/qualified-opportunity-zones-qoz-2.0### Your Comprehensive Tax Season 2025 Guide
https://www.bakerave.com/insights/article/your-comprehensive-tax-season-2025-guide<p>Your Comprehensive Tax Season 2025 Guide. BakerAvenue consolidated some of our tax expertise into this practical guide designed to support your year-end planning. We have incorporated the relevant provisions from the recently passed “One Big Beautiful Bill” in this guide.</p>
### February 2026 Market Update
https://www.bakerave.com/insights/article/february-2026-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1163694440?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the February Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_02102026.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### February Insights
https://www.bakerave.com/insights/article/february-insights-rotating-broadening-and-extending<p>February 10, 2026 BakerAvenue Insights Newsletter: Rotating, Broadening, and Extending</p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/february-2026### Q4 2025 - Impact Investing Newsletter: Environmental
https://www.bakerave.com/insights/article/q4-2025-impact-investing-newsletter-environmental### 2026 Tax Planning Checklist
https://www.bakerave.com/insights/article/2026-tax-planning-checklist<p>2026 Tax Planning Checklist. BakerAvenue consolidated some of our tax expertise into this practical guide designed to support your year-end planning. We have incorporated the relevant provisions from the recently passed “One Big Beautiful Bill” in this guide.</p>
### 2026 Market Outlook
https://www.bakerave.com/insights/article/2026-market-outlook<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1157001875?amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the 2026 Market Outlook slides by Doug Couden, King Lip, and Geoff Erwin</p><p> <a
href="/.pdfFiles/2026_Market_Outlook_Deck.01.21.26.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Benefits of a Corporate Trustee: Professional Management for a Lasting Legacy
https://www.bakerave.com/insights/article/benefits-of-a-corporate-trustee-professional-management-for-a-lasting-legacy<p>Benefits of a Corporate Trustee: Professional Management for a Lasting Legacy</p><p>One of the most important decisions in your estate plan is choosing a trustee. While many people default to naming a family member or a friend, appointing a corporate trustee is a powerful alternative that many people consider.</p><p>What is a Corporate Trustee?</p>
### Fiduciary Roles in Your Estate Plan: Delegating Authority With Confidence and Clarity
https://www.bakerave.com/insights/article/fiduciary-roles-in-your-estate-plan-delegating-authority-with-confidence-and-clarity<p>Fiduciary Roles in Your Estate Plan: Delegating Authority With Confidence and Clarity</p><p>Naming the fiduciaries to serve in your trust, will, power of attorney, and health care directive documents is one of the most important decisions in an estate plan. Each of these appointees has a legal duty to act in your best interests, but they manage different parts of your estate and are activated by different legal documents. It is important to understand the roles and responsibilities of each.</p>
### January Insights
https://www.bakerave.com/insights/article/bakeravenue-january-insights-new-year-expanding-opportunity-sets<p>January 13, 2026 BakerAvenue Insights Newsletter: New Year, Expanding Opportunity Sets</p>
### January 2026 Market Update
https://www.bakerave.com/insights/article/january-2026-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1154038056?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the January Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_01132026.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/january-2026### Understanding the ABCs in Medicare Options, Plans and Alternatives
https://www.bakerave.com/insights/article/understanding-the-abcs-in-medicare-options-plans-and-alternatives<p><a
href="/.pdfFiles/Medicare_White_Paper.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p></p><p></p><p
style="display: none">Q1 2019 Market Insights</p>
### Higher tech valuations supported by more accommodative Fed
https://www.bakerave.com/insights/article/higher-tech-valuations-supported-by-more-accommodative-fed<h4><yt-formatted-string>Higher tech valuations supported by more accommodative Fed: BakerAvenue’s Lip </yt-formatted-string></h4><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/srJANeOEw4k?si=A0Ij1L-VWGj7lduN" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### December Insights
https://www.bakerave.com/insights/article/bakeravenue-december-insights-closing-out-and-looking-forward<p>December 9, 2025 BakerAvenue Insights Newsletter: Closing Out, and Looking Forward</p>
### December 2025 Market Update
https://www.bakerave.com/insights/article/december-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1144963873?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the December Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_12092025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/december-2025### What Are the Important 2026 Tax Numbers (Annual Limits)?
https://www.bakerave.com/insights/article/2026-important-numbers### November 2025 Market Update
https://www.bakerave.com/insights/article/november-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1135859935?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the November Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_11112025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### November Insights
https://www.bakerave.com/insights/article/bakeravenue-november-insights-a-data-intensive-backdrop-actives-advantage<p><span>November 11, 2025 BakerAvenue Insights Newsletter: A Data-Intensive Backdrop: Active’s Advantage</span></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/november-2025### Your 2025 Year-End Tax Planning Checklist
https://www.bakerave.com/insights/article/your-2025-year-end-tax-planning-checklist<p>Your 2025 Year-End Tax Planning Checklist: Includes Updates for the “One Big Beautiful Bill” Tax Changes</p><p>As we approach the year-end, we are here to help you make the most of this important season. We’ve compiled our tax planning expertise into a practical guide designed to support your year-end planning. We have incorporated the relevant provisions from the recently passed “One Big Beautiful Bill” in this guide.</p>
### Q3 2025 - Impact Investing Newsletter: Governance
https://www.bakerave.com/insights/article/q3-2025-impact-investing-newsletter-governance### The Family Table: Conversations That Shape Financial Legacies
https://www.bakerave.com/insights/article/the-family-table-conversations-that-shape-financial-legacies<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1129684722?amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download The Family Table: Conversations That Shape Financial Legacies slides by Tanya Welch, Scott Stephens and Leeann Cornes</p><p> <a
href="/.pdfFiles/the-family-table-conversations-that-shape-financial-legacies.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Designating Beneficiaries for Retirement Accounts
https://www.bakerave.com/insights/article/designating-beneficiaries-for-retirement-accounts### October Insights
https://www.bakerave.com/insights/article/bakeravenue-october-insights-autumns-enigma-record-profits-macro-volatility<p>October 14, 2025 BakerAvenue Insights Newsletter: Autumn’s Enigma: Record Profits &amp; Macro Volatility</p>
### October 2025 Market Update
https://www.bakerave.com/insights/article/october-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1127255093?h=1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the October Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_10142025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/october-2025### September Insights
https://www.bakerave.com/insights/article/september-insights-rates-down-profits-up<p>September 9, 2025 BakerAvenue Insights Newsletter: Rates Down, Profits Up</p>
### September 2025 Market Update
https://www.bakerave.com/insights/article/september-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1117108793?h= 1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the September Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_09092025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/september-2025### August Insights
https://www.bakerave.com/insights/article/august-insights-momentum-meets-the-dog-days<p>August 12, 2025 BakerAvenue Insights Newsletter: Momentum Meets the Dog Days</p>
### August 2025 Market Update
https://www.bakerave.com/insights/article/august-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1109429171?h= 1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the August Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_08122025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/august-2025### One Big Beautiful Bill Act: Significant Tax Changes
https://www.bakerave.com/insights/article/one-big-beautiful-bill-act-significant-tax-changes### Q2 2025 - Impact Investing Newsletter: Social
https://www.bakerave.com/insights/article/q2-2025-impact-investing-newsletter-social### Halftime Insights: 2025 Mid-Year Update
https://www.bakerave.com/insights/article/halftime-insights-2025-mid-year-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1102300491?amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download Halftime Insights: 2025 Mid-Year Update slides by Doug Couden, King Lip and Tim Gordon</p><p> <a
href="/.pdfFiles/halftime-insights-2025-mid-year-update.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### The &#8220;One Big Beautiful Bill&#8221;: Key Tax Provisions You Should Know
https://www.bakerave.com/insights/article/the-one-big-beautiful-bill-key-tax-provisions-you-should-know### July 2025 Market Update
https://www.bakerave.com/insights/article/july-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1099628853?h= 1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the July Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_07072025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### July Insights
https://www.bakerave.com/insights/article/july-insights-halftime-ruminations-plenty-of-discourse-and-resilience<p>July 8, 2025 BakerAvenue Insights Newsletter: Halftime Ruminations: Plenty of Discourse—and Resilience</p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/july-2025### Maximizing Tax Benefits with Qualified Small Business Stock (QSBS)
https://www.bakerave.com/insights/article/maximizing-tax-benefits-with-qualified-small-business-stock### June 2025 Market Update
https://www.bakerave.com/insights/article/june-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1092241107?h= 1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the June Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_06102025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/june-2025### June Insights
https://www.bakerave.com/insights/article/bakeravenue-june-insights-market-grit-resilience-amid-the-uncertainty<p>June 10, 2025 BakerAvenue Insights Newsletter: Market Grit: Resilience Amid the Uncertainty</p>
### May Insights
https://www.bakerave.com/insights/article/bakeravenue-may-insights-tone-change<p>May 13, 2025 BakerAvenue Insights Newsletter: Tone Change?</p>
### May 2025 Market Update
https://www.bakerave.com/insights/article/may-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1083849464?h= 1083849464&amp;autoplay&amp;quality=4k" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the May Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_05132025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/may-2025### Q1 2025 - Impact Investing Newsletter: Environmental
https://www.bakerave.com/insights/article/q1-2025-impact-investing-newsletter-environmental<p>Q1 2025 - Quarterly Focus: Environmental</p><p>Energy Efficiency, Greenhouse Gas Emissions, Carbon Emissions, Product Carbon Footprint, Sustainable Water, Policy Regulatory Adherance</p>
### Maximizing Tax Efficiency Through Advanced Tax-Loss Harvesting Strategies
https://www.bakerave.com/insights/article/maximizing-tax-efficiency-through-advanced-tax-loss-harvesting-strategies<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1078100498?amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download The Maximizing Tax Efficiency Through Advanced Tax-Loss Harvesting Strategies slides by King Lip, Nick Espiritu, and Sonia Khaki</p><p> <a
href="/.pdfFiles/Tax-Loss Harvesting_2025.04.23.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### April 2025 Market Update
https://www.bakerave.com/insights/article/april-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1073654897?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the April Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_04082025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### April Insights
https://www.bakerave.com/insights/article/bakeravenue-april-insights-the-tariff-tantrum<p><b>​</b><b>April 8, 2025 BakerAvenue Insights Newsletter: The Tariff Tantrum</b></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/april-2025### March 2025 Market Update
https://www.bakerave.com/insights/article/march-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1064792529?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the March Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_03112025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### March Insights
https://www.bakerave.com/insights/article/bakeravenue-march-insights-the-growth-scare-signals-and-noise<p>March 11, 2025 BakerAvenue Insights Newsletter: The Growth Scare: Signals and Noise</p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/march-2025### Rebuilding After the Wildfires Phase 2: Filing and Managing Your Insurance Claim
https://www.bakerave.com/insights/article/rebuilding-after-the-wildfires-phase-2-filing-and-managing-your-insurance-claim<h1>Rebuilding After the Wildfires Phase 2: Filing and Managing Your Insurance Claim</h1><p>Recovering from the devastation of a wildfire is a long and complex process. After reviewing your insurance policy and securing short-term housing, the next critical phase is filing and managing your insurance claim effectively. This guide provides a step-by-step breakdown of the claims process and offers essential tips to maximize your coverage and ensure a smooth recovery.</p>
### February 2025 Market Update
https://www.bakerave.com/insights/article/february-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1055680086?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the February Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_02112025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/february-2025### February Insights
https://www.bakerave.com/insights/article/bakeravenue-february-insights-tariff-ic-earnings-offsetting-macro-volatility<p>February 11, 2025 BakerAvenue Insights Newsletter: ‘Tariff-ic’ Earnings Offsetting Macro Volatility</p>
### Q4 2024 - Impact Investing Newsletter: Governance
https://www.bakerave.com/insights/article/q4-2024-quarterly-focus-governance<p>Q4 2024 - Quarterly Focus: Governance Impact Disclosure, Scores, Corporate Behavior, Anti-Competitive, Practices, Corruption &amp; Instability, Financial System, Instability, Compensation, Structure</p>
### 2024 Tax Season Disaster Relief Information
https://www.bakerave.com/insights/article/2024-tax-season-disaster-relief-information<h1>2024 Tax Season Disaster Relief Information</h1><p>Important Disaster Relief Information from the IRS</p>
### Rebuilding After the Wildfires Phase 1: Action Plan and Insurance Policy Review
https://www.bakerave.com/insights/article/rebuilding-after-the-wildfires-phase-1<h1>Rebuilding After the Wildfires Phase 1: Action Plan and Insurance Policy Review</h1><p>Experiencing a loss of a home due to wildfires is devastating and navigating the process can be difficult and time-consuming. It’s important to take specific actions after a loss to ensure you understand your options and the home insurance policy you have in place. If you were affected by the wildfires, we have provided an action plan and guide to help you understand your home insurance policy.</p>
### 2025 Market Outlook
https://www.bakerave.com/insights/article/2025-market-outlook<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1047325225?amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the 2025 Market Outlook slides by Doug Couden, King Lip, and Michael Tideman</p><p> <a
href="/.pdfFiles/2025_Market_Outlook_Deck.1.15.25.final_.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### January 2025 Market Update
https://www.bakerave.com/insights/article/january-2025-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1046544202?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the January Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_01142025.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/january-2025### January Insights
https://www.bakerave.com/insights/article/bakeravenue-january-insights-sensible-enthusiasm<p>January 14, 2025 BakerAvenue Insights Newsletter: Sensible Enthusiasm</p>
### The Complete Guide to Tax Strategies for ISOs and AMT Optimization
https://www.bakerave.com/insights/article/wp-quick-guide-to-tax-strategies-for-isos-and-amt-optimization<p
class="mt-3">Access The Complete Guide to Tax Strategies for ISOs and AMT Optimization slide deck by Gerry O’Connell</p><p><a
href="/assets/images/insights/Quick_Guide_to_Tax_Strategies_for_ISOs_and_AMT_Optimization.pdf"><button
class="btn"><i
class="fa fa-download" aria-hidden="true"></i> Download</button></a></p>
### We Expect Cash Will Go Back to Tech Winners in 2025
https://www.bakerave.com/insights/article/we-expect-cash-will-go-back-to-tech-winners-in-2025<h4><yt-formatted-string>King Lip joins ‘Closing Bell’ to share insights on the tech sector heading into 2025 </yt-formatted-string></h4><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/ynHMqQqcZzI?si=RRSVFMTA6jds67tD" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### December Insights
https://www.bakerave.com/insights/article/bakeravenue-december-insights-regime-change<p>December 10, 2024 BakerAvenue Insights Newsletter: Regime Change</p>
### December 2024 Market Update
https://www.bakerave.com/insights/article/december-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1037600389?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0" style="border: 1px solid #ADAEB0 !important;"></iframe></p><p>Download the December Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_12102024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/december-2024### November Insights
https://www.bakerave.com/insights/article/bakeravenue-november-insights-uncertainty-ease<p>November 12, 2024 BakerAvenue Insights Newsletter: Uncertainty Ease</p>
### November 2024 Market Update
https://www.bakerave.com/insights/article/november-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1028515662?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the November Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_11122024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/november-2024### Q3 2024 - Impact Investing Newsletter: Social
https://www.bakerave.com/insights/article/q3-2024-impact-investing-newsletter-social<p>Q3 2024 - Impact Investing Newsletter: Social read about why DEI is so critical to your company’s success, impact of Happy Employees, what the UK is doing for Workers’ Rights and how our Impact Strategy’s performance.</p>
### The Current Tax Landscape Essential Updates and Election Proposals
https://www.bakerave.com/insights/article/the-current-tax-landscape-essential-updates-and-election-proposals<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1018420834?amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download The Current Tax Landscape Essential Updates and Election Proposals slides by Gerry O’Connell, Julia Bialek, and Glen Rives</p><p> <a
href="/.pdfFiles/2024-Tax-Updates.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### October 2024 Market Update
https://www.bakerave.com/insights/article/october-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1017634707?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the October Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_10082024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/october-2024### October Insights
https://www.bakerave.com/insights/article/bakeravenue-october-insights-geopolitical-risks-growing-but-so-are-profits<p>October 8,2024 BakerAvenue Insights Newsletter: Geopolitical Risks Growing, But So Are Profits</p>
### September 2024 Market Update
https://www.bakerave.com/insights/article/september-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/1008199247?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the September Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_09102024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### September Insights
https://www.bakerave.com/insights/article/bakeravenue-september-insights-the-softish-landing-meets-a-september-to-remember<p>September 10, 2024 BakerAvenue Insights Newsletter: The Soft(ish) Landing Meets a September to Remember</p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/september-2024### Intel’s Breakup Makes Sense, It Could Reinvigorate the Company
https://www.bakerave.com/insights/article/intels-breakup-makes-sense-it-could-reinvigorate-the-company<h4><yt-formatted-string>King Lip Joins ‘Closing Bell’ Discuss Intel’s Breakup Making Sense to Reinvigorate the Company</yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/QDBy2-iKvmI?si=tqIXny2sZ03UbzY-" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### August Insights
https://www.bakerave.com/insights/article/bakeravenue-august-insights-summertime-unwind<p>August 13, 2024 BakerAvenue Insights Newsletter: Summertime Unwind</p>
### August 2024 Market Update
https://www.bakerave.com/insights/article/august-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/997893548?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the August Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_08132024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Google Unveils New AI Feature and Our Barbell Approach
https://www.bakerave.com/insights/article/google-unveils-new-ai-feature-and-our-barbell-approach<h4><yt-formatted-string>King Lip Joins ‘Closing Bell’ to Discuss Google’s AI Play and Our Barbell Approach - Tech &amp; Growth</yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/6OPANWtkFic?si=4ELQLwsLIFQvrru1" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/august-2024### Q2 2024 - Impact Investing Newsletter: Environmental
https://www.bakerave.com/insights/article/q2-2024-impact-investing-newsletter-environmental<p>Q2 2024 - Impact Investing Newsletter: Environmental hear about solar policies that differ from Democrat’s and Republican’s climate policy differences.</p>
### Halftime Insights: 2024 Mid-Year Review
https://www.bakerave.com/insights/article/halftime-insights-2024-mid-year-review<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/986113029?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the Halftime Insights: 2024 Mid-Year Review slides by Doug Couden, King Lip and Jon Bernstein</p><p> <a
href="/assets/images/insights/BakerAvenue-2024-Halftime-Insights.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Despite the tech pullback, there&#8217;s still more upside in the sector
https://www.bakerave.com/insights/article/despite-the-tech-pullback-theres-still-more-upside-in-the-sector<h4><yt-formatted-string>King Lip joins ‘Closing Bell’ to discuss our tech stock playbook for the second half of the year.</yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/gD-Zi1wa1aU?si=pLm9fctbWwNj5MBI" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### July Insights
https://www.bakerave.com/insights/article/bakeravenue-july-insights-mid-year-summary-growing-but-slowing-trending-with-few-contributing<p>July 9, 2024 BakerAvenue Insights Newsletter: Mid-Year Summary: Growing but Slowing, Trending With Few Contributing</p>
### July 2024 Market Update
https://www.bakerave.com/insights/article/july-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/980884541?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the July Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_07092024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/july-2024### Tech Momentum to Last Through Summer, Expect Seasonal Weakness in Fall
https://www.bakerave.com/insights/article/tech-momentum-to-last-through-summer-expect-seasonal-weakness-in-fall<h4><yt-formatted-string>King Lip joins ‘Closing Bell’ to discuss how the tech momentum is expected to last through summer, expect seasonal weakness in fall. </yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/gD-Zi1wa1aU?si=pLm9fctbWwNj5MBI" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### June Insights
https://www.bakerave.com/insights/article/bakeravenue-june-insights-the-slow-road-to-normal-rate-cuts-dragging-technology-expanding<p>June 11, 2024 Market Update BakerAvenue Insights Newsletter (BAI): The Slow Road to Normal: Rate Cuts Dragging, Technology Expanding</p>
### June 2024 Market Update
https://www.bakerave.com/insights/article/june-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/956003819?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the June Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_06112024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### NASDAQ Record Close In Sight
https://www.bakerave.com/insights/article/nasdaq-record-close-in-sight<h4><yt-formatted-string>King Lip joins ‘Closing Bell’ to discuss the AI trade and how it’ll impact the mega-cap tech stocks. </yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/uCQl_HWKfvY?si=h27FYtH4-CKmE98R" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/june-2024### May 2024 Market Update
https://www.bakerave.com/insights/article/may-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/946295492?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the May Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_05142024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### May Insights
https://www.bakerave.com/insights/article/bakeravenue-may-insights-rates-repricing-earnings-surprising<p>May 14, 2024 Market Update, BakerAvenue Insights Newsletter (BAI): Rates Repricing, Earning Surprising</p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/may-2024### Apple&#8217;s Refresh Cycle Could Gain Momentum From AI
https://www.bakerave.com/insights/article/apples-refresh-cycle-could-gain-momentum-from-ai<h4><yt-formatted-string>King Lip joins ‘Closing Bell’ to discuss the AI trade and how it’ll impact the mega-cap tech stocks. </yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/KERy_SgH3bU?si=ReMG3rtO7-YNb3d2" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### Tax Implications &amp; Key Considerations: RSUs, NQSOs, ISOs, and QSBS
https://www.bakerave.com/insights/article/tax-implications-key-considerations-rsus-nqsos-isos-and-qsbs<p>RSU, ISO, NQSO, and QSBS: What Are the Differences?</p><p>The alphabet soup of executive compensation. For most employees, the names themselves are difficult to navigate, let alone the tax implications involved with each type of compensation.</p><p></p><p></p>
### Concentrated Stock &amp; Executive Compensation Strategies
https://www.bakerave.com/insights/article/holistic-concentrated-stock-management-executive-compensation-strategies<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/938779401?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the Holistic Concentrated Stock Management &amp; Executive Compensation Strategies slides by King Lip, Gerry O’Connell, and Matt Munro</p><p> <a
href="/.pdfFiles/CS.ExecComp.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Q1 2024 - Impact Investing Newsletter: Governance
https://www.bakerave.com/insights/article/q1-2024-impact-investing-newsletter-governance<p>Q1 2024 - Impact / ESG Investing Newsletter, focus on governance factors, is now available. Learn about BakerAvenue’s primary governance screening factors. This issue focuses on improving corporate governance effectiveness and the increased complexities of board oversight. Plus, view our quarterly Impact Strategy performance.</p>
### What Earnings Season Could Mean for Tech Stocks
https://www.bakerave.com/insights/article/what-earnings-season-could-mean-for-tech-stocks<h4><yt-formatted-string>King Lip, joins ‘Closing Bell’ to discuss the tech sell-off and what he’s expecting from tech earnings this week. </yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/f2Ufk5YK4TA?si=QJJnDr94BkfnWgn3" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### &#8216;Overdue&#8217; pullback in US stocks to test dip-buyers&#8217; resolve
https://www.bakerave.com/insights/article/overdue-pullback-in-us-stocks-to-test-dip-buyers-resolve<p>“Overdue’ pullback in US stocks to test dip-buyers’ resolve, ” said King Lip, Chief Strategist at BakerAvenue Wealth Management, and we’ll see what earnings season means for tech stocks.</p><p><cnx><cnx></cnx></cnx></p><p><b>Reuters: ETFs</b>, April 22, 2024: ​Read the full article “’<a
href="https://www.reuters.com/markets/us/overdue-pullback-us-stocks-test-dip-buyers-resolve-2024-04-22/" target="_blank">Overdue’ pullback in US stocks to test dip-buyers’ resolve</a>”</p><figure></figure><figure
class="rte-img-chosen" style="text-align: center;"><img
alt="Reuters: ETFs, 04.22.24 " src="https://www.bakerave.com/assets/images/KL_Reuters_04.22.24.png"><figcaption>Reuters: ETFs, 04.22.24 </figcaption></figure>
### April Insights
https://www.bakerave.com/insights/article/bakeravenue-april-insights-some-spring-in-the-cyclical-step### April 2024 Market Update
https://www.bakerave.com/insights/article/april-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/932202656?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the April Market Update slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_04092024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/april-2024### The Other 95%: How Philanthropic Foundations Can Do Good and Do Well
https://www.bakerave.com/insights/article/the-other-95<p>The Other 95%: How Philanthropic Foundations Can Do Good and Do Well</p><p>What is commonly known as “the Rule” within the philanthropic space is a fact that is little-known to the general public–in order to maintain foundation status, organizations have to grant out 5% of their endowments per year.Last year, foundations donated over $88 billion dollars to charitable giving. According to a survey from Foundation Source, the average distribution percentage in 2020 across foundations of all sizes was 7.4% of assets. This was during a year that saw record philanthropic giving due to the urgency of the global Covid-19 pandemic. The largest average distribution size–which was concentrated amongst the smallest foundations–reached 15%.</p>
### March Insights
https://www.bakerave.com/insights/article/bakeravenue-march-insights-earnings-march-into-march### March 2024 Market Update
https://www.bakerave.com/insights/article/march-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/922180850?h=45d37f6628&amp;autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the March Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_03122024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/march-2024### Alphabet has an attractive valuation, but is a &#8216;show me&#8217; stock
https://www.bakerave.com/insights/article/alphabet-has-an-attractive-valuation-but-is-a-show-me-stock<h4><yt-formatted-string>Alphabet has an attractive valuation, but is a ‘show me’ stock, says BakerAvenue’s King Lip</yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/K0yGRDUu0G0?si=1ymvdARFIvB8MvXk" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### Holistic Concentrated Stock Strategy
https://www.bakerave.com/insights/article/holistic-concentrated-stock-strategy<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/913864365?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Holistic Concentrated Stock Strategy</p><div
class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### February 2024 Market Update
https://www.bakerave.com/insights/article/february-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/912713735?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the February Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_02132024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/february-2024<p>February 13, 2024 BakerAvenue Insights: New High, Old Narrative</p>
### February Insights
https://www.bakerave.com/insights/article/bakeravenue-february-insights-new-high-old-narrative### S&amp;P on Track for Record Close
https://www.bakerave.com/insights/article/sp-on-track-for-record-close<h4><yt-formatted-string>Adobe’s generative AI business is ‘extremely compelling’, says BakerAvenue’s King Lip</yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/XrLCTJQk-_M?si=5xhcuneeSW3QiyAf" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### Q4 2023 - Impact Investing Newsletter: Social
https://www.bakerave.com/insights/article/q4-2023-impact-investing-newsletter-social<p><b>Inside our <a
href="https://magazine.bakerave.com/cD0d?utm_campaign=Investments%2FImpact&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-_ThRHKqrrBvzYyBNOQeKS-af3_hTSKEu6EnVr1TywSpZBHuKnZs4tHVQGT3FzoPNnbxOSj" title="">Q4 2023 Impact Investing Newsletter</a><a
href="https://tax.bakerave.com/tax-and-estate-planning-guide/0431551001675443400?utm_campaign=Investments%2FImpact&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-_ThRHKqrrBvzYyBNOQeKS-af3_hTSKEu6EnVr1TywSpZBHuKnZs4tHVQGT3FzoPNnbxOSj" title="">,</a> theme focus on social factors, you’ll find: </b></p><ul><li>Impact strategy fact sheet and performance</li><li>How the shift to younger demographics will materialize</li><li>The ESG risks of AI companies</li><li>Top 3 trends in Occupational Safety and Health</li></ul>
### 2024 Market Outlook: Addressing the Key Issues
https://www.bakerave.com/insights/article/2024-market-outlook-addressing-the-key-issues<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/906199641?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the 2024 Market Outlook: Addressing the Key Issues slides by Doug Couden, King Lip and Kris Krauszer</p><p> <a
href="/assets/images/insights/2024_Market_Outlook_Deck.1.24.24.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### January Insights
https://www.bakerave.com/insights/article/bakeravenue-january-insights-shifting-tides### January 2024 Market Update
https://www.bakerave.com/insights/article/january-2024-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/900944033?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the January Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_01092024.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/january-2024<p>January 9, 2024 BakerAvenue Insights: Shifting Tides?</p>
### TaxEnhancedCore Strategy Factsheet
https://www.bakerave.com/insights/article/taxenhancedcore-strategy-factsheet### Alphabet could see better gains than Microsoft in 2024
https://www.bakerave.com/insights/article/alphabet-could-see-better-gains-than-microsoft-in-2024<h4><yt-formatted-string>Alphabet could see better gains than Microsoft in 2024, says BakerAvenue’s King Lip</yt-formatted-string></h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/nhXChl7fDO0?si=llIN1l8t8vStFdl_" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></p>
### Inherited IRAs Tax Update: Incorporating IRS Notice 2023-54
https://www.bakerave.com/insights/article/inherited-iras### December Insights
https://www.bakerave.com/insights/article/bakeravenue-december-insights-down-the-stretch-with-hints-of-shifting-narratives### December 2023 Market Update
https://www.bakerave.com/insights/article/december-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/893532887?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the December Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_12112023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/december-2023<p>December 12, 2023 BakerAvenue Insights: Down the Stretch with Hints of Shifting Narratives</p>
### Microsoft&#8217;s AI Chip Announcement Could Be Negative for NVIDIA
https://www.bakerave.com/insights/article/microsofts-ai-chip-announcement-could-be-negative-for-nvidia<h4>“​Microsoft’s AI chip announcement could be negative for NVIDIA, says BakerAvenue’s King Lip”</h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/MtfhndpnWxc?si=wJu4hrQrHAT8fEuP" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="">></iframe></p>
### 2023-2024 Energy Tax Credits
https://www.bakerave.com/insights/article/2023-2024-energy-tax-credits<p>2023-2024 Energy Credits Summary Sheet to view solar, EV, home improvement and energy credit search tools.</p>
### November Insights
https://www.bakerave.com/insights/article/november-insights-good-trends-messy-internals-what-gives### November 2023 Market Update
https://www.bakerave.com/insights/article/november-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/884515516?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the November Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_11142023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/november-2023<p>November 14, 2023 BakerAvenue Insights: Good Trends, Messy Internals: What Gives?</p>
### Estate Planning Essentials
https://www.bakerave.com/insights/article/estate-planning-essentials<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/880341091?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the Estate Planning Essentials slides on Inheritance, Roles, and Responsibilities slides by Simon Mayali, Glen Rives and Tanya Welch</p><p> <a
href="/assets/images/insights/Estate_Planning_Essentials_11.1.2023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Q3 2023 - Impact Investing Newsletter: Environmental
https://www.bakerave.com/insights/article/q3-2023-impact-investing-newsletter-environmental<p><b>Inside our <a
href="https://magazine.bakerave.com/z8gd" title="">Q3 2023 Impact Investing Newsletter</a><a
href="https://tax.bakerave.com/tax-and-estate-planning-guide/0431551001675443400" title="">,</a> on Environmental factors, you’ll find: </b></p><ul><li>Impact Strategy Fact Sheet</li><li>Preparing for Net Zero</li><li>The End of the Fossil Fuel Era?</li><li>The Real Cost of Solar Panels</li><li>Tesla Semi-Truck Charging Network</li></ul>
### October Insights
https://www.bakerave.com/insights/article/bakeravenue-october-insights-the-rate-growth-dilemma-an-elusive-endgame### October 2023 Market Update
https://www.bakerave.com/insights/article/october-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/872655399?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the October Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_10102023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/october-2023<p>October 10, 2023 BakerAvenue Insights: The Rate-Growth Dilemma: An Elusive Endgame</p>
### KeyBanc Downgrades Apple
https://www.bakerave.com/insights/article/keybanc-downgrades-apple<h4>“​KeyBanc Downgrades Apple, King Lip Says the Stock Is Not Trading at a Premium”</h4><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/B4lDlXbrs90?si=wJu4hrQrHAT8fEuP" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="">></iframe></p>
### Still Bullish on the Tech Sector?
https://www.bakerave.com/insights/article/still-bullish-on-the-tech-sector<h4>“​Despite Recent Headwinds, King Lip Discusses Why We’re Still Bullish on the Tech Sector”</h4><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/SeZLu_786rc?si=fsjtmIg2cNuQrb0d" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="">></iframe></p>
### 5 Commonly Asked Questions About Venture Capital
https://www.bakerave.com/insights/article/about-venture-capital<p>Venture Capital Explained. Venture Capital (VC) is a type of business financing typically focused on startups and small businesses that have significant growth opportunities early in their lifecycle.  These investments are high-risk but also can provide substantial investment returns.</p>
### September 2023 Market Update
https://www.bakerave.com/insights/article/september-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/863248463?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the September Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_09112023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/september-2023<p>September 12, 2023 BakerAvenue Insights: The Choppy Path</p>
### September Insights
https://www.bakerave.com/insights/article/bakeravenue-september-insights-the-choppy-path-when-good-is-bad### 5 Advanced Wealth Management Techniques for Preservation and Growth
https://www.bakerave.com/insights/article/5-advanced-wealth-management-techniques-for-preservation-and-growth### &#8220;Alive &amp; Well&#8221; Despite Waning Momentum
https://www.bakerave.com/insights/article/alive-well-despite-waning-momentum<h4>“​Still a Long Runway for the AI-Driven Growth”</h4><p></p><p></p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/FxSxOXXXvtI?si=mAVCazCUVDVGP5M5" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""><p></iframe></p>
### Building Your Financial Dream Team
https://www.bakerave.com/insights/article/building-your-financial-dream-team### Time to Appreciate the Value of the Net Unrealized Appreciation (NUA) Strategy?
https://www.bakerave.com/insights/article/nua### Nvidia&#8217;s $25 Billion Buyback &#8216;A Head-Scratcher&#8217; for Some Shareholders
https://www.bakerave.com/insights/article/nvidias-25-billion-buyback-a-head-scratcher-for-some-shareholders<p>​</p><p>“It’s a little bit of a head-scratcher,” said King Lip, Chief Strategist at Baker Avenue Wealth Management, which has $2.5 billion in assets under management and counts Nvidia as a top-10 holding.</p><p><b>Reuters: Technology</b>, August 25, 2023: ​Read the full article “<a
href="https://www.reuters.com/technology/nvidias-25-billion-buyback-a-head-scratcher-some-shareholders-2023-08-25/" target="_blank">Nvidia’s $25 billion buyback ‘a head-scratcher’ for some shareholders</a>”</p><figure
class="rte-img-chosen" style="text-align: center;"><figcaption><figure
class="rte-img-chosen" style="text-align: center;"><a
href="https://www.reuters.com/technology/nvidias-25-billion-buyback-a-head-scratcher-some-shareholders-2023-08-25/" target="_blank"><img
alt="Nvidia's $25B Buyback" src="https://www.bakerave.com/assets/images/insights/Nvidias_Article_25B_Buyback.png"></a><figcaption>Nvidia’s $25B Buyback</figcaption></figure><p></p><p></p><p></p><p></p><p> </figcaption></p><p></p>
</figure>
### The Return on Investment of Wealth Advisory Services
https://www.bakerave.com/insights/article/the-true-value-of-a-wealth-advisor<p>​The Return on Investment (ROI) on the true value of an advisor: Vanguard study 3% ROI, Typical Fees &amp; Estimated ROI of a Wealth Advisory Firm and Typical Fees</p>
### August 2023 Market Update
https://www.bakerave.com/insights/article/august-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/852497577?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the August Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_08082023.pdf"><button
class="btn"><i
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### August Insights
https://www.bakerave.com/insights/article/bakeravenue-august-insights-summertime-grind### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-august-2023<p>August 8, 2023 BakerAvenue Insights: Summertime Grind?</p>
### Tech at a Turning Point?
https://www.bakerave.com/insights/article/tech-at-a-turning-point<p
class="text-center">“We remain bullish on tech despite seasonal headwinds.”</p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/Tk76m_P_cgU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""><p></iframe></p>
### Halftime Insights: 2023 Mid-Year Review
https://www.bakerave.com/insights/article/halftime-insights-2023-mid-year-review<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/846794227?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the Halftime Insights: 2023 Mid-Year Review slides by Scott Stephens, Doug Couden and King Lip</p><p> <a
href="/assets/images/insights/BakerAvenue-2023-Halftime-Insights.pdf"><button
class="btn"><i
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### Is a Qualified Personal Residence Trust (QPRT) Right for You?
https://www.bakerave.com/insights/article/qualified-personal-residence-trust### Q2 2023 - Impact Investing Newsletter: Governance
https://www.bakerave.com/insights/article/q2-2023-impact-investing-newsletter-governance### July Insights
https://www.bakerave.com/insights/article/bakeravenue-july-insights-rounding-the-bend### July 2023 Market Update
https://www.bakerave.com/insights/article/july-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/843956083?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the July Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_07112023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-july-2023<p>July 11, 2023 BakerAvenue Insights: Resilient Economy, Nervous Markets: Rounding the Bend</p>
### Will the Industrial Sector See Earnings Growth Like Tech?
https://www.bakerave.com/insights/article/the-industrial-sector-will-see-earnings-growth-like-tech<p>2nd Half Setup for Tech</p><p
class="embed-responsive embed-responsive-16by9 text-center">​<iframe
width="560" height="349" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000306280" frameborder="0" scrolling="no" allowfullscreen="" webkitallowfullscreen="" mozallowfullscreen="" oallowfullscreen="" msallowfullscreen=""></iframe></p>
### Global Tactical Strategy Factsheet
https://www.bakerave.com/insights/article/global-tactical-strategy-factsheet### June 2023 Market Update
https://www.bakerave.com/insights/article/june-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/835531793?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the June Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_06132023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-june-2023<p>June 13, 2023 BakerAvenue Insights: More Participation, Less Agitation</p>
### June Insights
https://www.bakerave.com/insights/article/bakeravenue-june-insights-more-participation-less-agitation### Our Difference: In-House, Specialized Expertise
https://www.bakerave.com/insights/article/our-difference-in-house-specialized-expertise### Apple&#8217;s &#8216;Vision Pro&#8217; priced too high to be innovation for the masses
https://www.bakerave.com/insights/article/apples-vision-pro-priced-too-high-to-be-innovation-for-the-masses-says-bakeravenues-king-lip<p
class="text-center">“Apple’s ‘Vision Pro’ priced too high to be innovation for the masses.”</p><p
class="embed-responsive embed-responsive-16by9"> <iframe
class="embed-responsive-item" width="560" height="315" src="https://www.youtube.com/embed/khMcq66_HeU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""><p></iframe></p>
### What&#8217;s on TAP: Investments, Education and Estate Planning
https://www.bakerave.com/insights/article/whats-on-tap<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/825258165?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Retirement &amp; What’s on TAP”</p><p><a
href="https://www.bakerave.com/.pdfFiles/https://www.bakerave.com/.pdfFiles/Whats_On_TAP_5.7.23_Final_.pdf"><button
class="btn">Download</button></a></p>
### May 2023 Market Update
https://www.bakerave.com/insights/article/may-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/824948140?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the May Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_05092023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-may-2023### May Insights
https://www.bakerave.com/insights/article/bakeravenue-may-insights### Tax Mitigation Strategies When Selling Your Investment Properties
https://www.bakerave.com/insights/article/tax-mitigation-strategies-investment-properties### Q1 2023 ESG - Impact Investing Newsletter: Social
https://www.bakerave.com/insights/article/q1-2023-esg-impact-investing-newsletter### FAQs: Retirement &amp; Volatile Markets
https://www.bakerave.com/insights/article/faqs-retirement### Retirement &amp; Volatile Markets
https://www.bakerave.com/insights/article/retirement-volatile-markets<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/817415870?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Retirement &amp; Volatile Markets” or <a
href="https://blog.bakerave.com/blog/faqs-retirement" title="Addt'l Questions Asked During Retirement Webinar">read additional Q&amp;As</a></p><p><a
href="https://www.bakerave.com/.pdfFiles/Retirement-and-Volatile-Markets.pdf"><button
class="btn">Download</button></a></p>
### April Insights
https://www.bakerave.com/insights/article/bakeravenue-april-insights-storm-before-the-calm### April 2023 Market Update
https://www.bakerave.com/insights/article/april-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/816207766?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the April Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_04102023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-april-2023### FAQs: What Is a 1031 Exchange and What Are the Benefits?
https://www.bakerave.com/insights/article/1031-exchange### March 2023 Market Update
https://www.bakerave.com/insights/article/march-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/808081679?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the March Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_03142023.pdf"><button
class="btn"><i
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### March Insights
https://www.bakerave.com/insights/article/march-insights-contagion-cogitation### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-march-2023### The Great Wealth Transfer Is Coming
https://www.bakerave.com/insights/article/the-great-wealth-transfer-is-coming### February Insights
https://www.bakerave.com/insights/article/bakeravenue-february-insights-rescheduling-that-retrenchment### February 2023 Market Update
https://www.bakerave.com/insights/article/february-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/798512964?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the February Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_02132023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-february-2023### Q4 2022 ESG - Impact Investing Newsletter: Environmental
https://www.bakerave.com/insights/article/q4-2022-esg-impact-investing-newsletter-environmental### January Insights
https://www.bakerave.com/insights/article/bakeravenue-january-2023-insights### January 2023 Market Update
https://www.bakerave.com/insights/article/january-2023-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/787703391?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the January Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_10012023.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-january-2023### See Through Trusts for Retirement Summary
https://www.bakerave.com/insights/article/see-through-trusts-for-retirement-summary### Irrevocable Life Insurance Trust Summary
https://www.bakerave.com/insights/article/irrevocable-life-insurance-trust-summary### Family Limited Partnership Summary
https://www.bakerave.com/insights/article/family-limited-partnership-summary### Basis Step Up Summary
https://www.bakerave.com/insights/article/basis-step-up-summary### December 2022 Market Update
https://www.bakerave.com/insights/article/december-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/780525208?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the December Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_13122022.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### December Insights
https://www.bakerave.com/insights/article/bakeravenue-december-insights### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-december### Have You Considered Gifting to the Older Generation? Here&#8217;s Why You Should
https://www.bakerave.com/insights/article/upstream-gifting### The Great Wealth Transfer: How Will It Affect You?
https://www.bakerave.com/insights/article/great-wealth-transfer###  Wall Street ends sharply higher on sign of cooling inflation
https://www.bakerave.com/insights/article/wall-street-ends-sharply-higher-on-sign-of-cooling-inflation<p>“This is a big deal,” said King Lip, Chief Strategist at BakerAvenue Wealth Management in San Francisco. “We have been calling the peak of inflation for the last couple of months and just have been incredibly frustrated that it hasn’t shown up in the data. For the first time, it has actually shown up in the data.”</p><p><b>Full Article: Reuters U.S. Markets,</b> November 10, 2022<b>: </b><a
href="https://www.reuters.com/markets/us/futures-rise-focus-shifts-inflation-data-2022-11-10/" title="">Wall Street ends sharply higher on sign of cooling inflation</a></p>
### What Issues Should I Consider Before the End of the Year?
https://www.bakerave.com/insights/article/issues-to-consider-before-the-end-of-the-year### A Deeper Dive Into Tax-Loss Harvesting
https://www.bakerave.com/insights/article/tax-loss-harvesting### November Insights
https://www.bakerave.com/insights/article/bakeravenue-november-insights### November 2022 Market Update
https://www.bakerave.com/insights/article/november-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/768259138?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the November Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_11072022.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-november### What Issues Should I Consider When Reviewing My Estate Planning Documents?
https://www.bakerave.com/insights/article/issues-to-consider-estate-planning-documents### Am I Eligible for Social Security Benefits as a Surviving Spouse?
https://www.bakerave.com/insights/article/social-security-benefits-surviving-spouse### What Issues Should I Consider If My Spouse Passed Away?
https://www.bakerave.com/insights/article/issues-to-consider-spouse-passed-away### Will I Receive a Step-Up in Basis for the Appreciated Property I Inherited?
https://www.bakerave.com/insights/article/step-up-in-basis-for-inherited-property### Will I Receive a Step-Up in Basis for This Gifted Property?
https://www.bakerave.com/insights/article/step-up-in-basis-for-gifted-property### Should I Use a Donor Advised Fund (DAF) When Giving to Public Charities?
https://www.bakerave.com/insights/article/donor-advised-fund-daf### Q3 2022 ESG - Impact Investing: Governance
https://www.bakerave.com/insights/article/2022-q3-esg-impact-investing-newsletter### Meta&#8217;s core business is strong, but investing in non-ROI&#8230;
https://www.bakerave.com/insights/article/metas-core-business-is-strong-but-investing-in-non-roi<p
class="text-center">“Meta: Core business is strong, but investing in the non-ROI business is a losing proposition.”</p><p
class="embed-responsive embed-responsive-16by9 text-center">​<iframe
width="560" height="349" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000270123" frameborder="0" scrolling="no" allowfullscreen="" webkitallowfullscreen="" mozallowfullscreen="" oallowfullscreen="" msallowfullscreen=""></iframe></p>
### October Insights
https://www.bakerave.com/insights/article/bakeravenue-october-insights### October 2022 Market Update
https://www.bakerave.com/insights/article/october-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/758914448?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the October Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_10102022.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-october### The Role of Place to Live a Long, Purposeful, and Financially Secure Life
https://www.bakerave.com/insights/article/financial-feminism-masterclass-series-presents-the-role-of-place-to-live-a-long-purposeful-and-financially-secure-life<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/754453225?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Financial Feminism MasterClass Series Presents: The Role of Place to Live a Long, Purposeful, and Financially Secure Life”</p><p><a
href="https://www.bakerave.com/.pdfFiles/Role-of-Place.pdf"><button
class="btn">Download</button></a></p>
### Sept. 26th 2022 Market Update
https://www.bakerave.com/insights/article/september-26th-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/753970185?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the September Market Updates slides by Doug Couden and King Lip</p><p> <a
href="/assets/images/insights/webinar_09262022.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### What Issues Should I Consider When Establishing My Charitable Giving Strategy?
https://www.bakerave.com/insights/article/issues-to-consider-charitable-giving### FedEx Corp&#8217;s warning last week of a global demand slowdown has weighed on U.S. equities
https://www.bakerave.com/insights/article/fedex-corps-warning-last-week-of-a-global-demand-slowdown-has-weighed-on-u.s-equities-says-king-lip<p>“FedEx Corp’s <a
href="https://www.reuters.com/companies/FDX.N" title="">(FDX.N)</a> warning last week of a global demand slowdown has weighed on U.S. equities as investors reassess stock valuations, said King Lip, Chief Investment Strategist at BakerAvenue Wealth Management in San Francisco.”<b><br>
</b></p><p><b>Reuters</b>, September 19, 2022: ​Read the full article “<a
href="https://www.reuters.com/markets/europe/global-markets-wrapup-1-pix-2022-09-19/" target="_blank">Treasury yields jump before Fed meeting, dollar gains</a>”</p>
### September Insights
https://www.bakerave.com/insights/article/bakeravenue-september-insights### September 2022 Market Update
https://www.bakerave.com/insights/article/september-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/749355425?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the September Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_08122022.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-september### Tax Treatment of Your Restricted Stock Units (RSUs): Vesting Can Be Taxing
https://www.bakerave.com/insights/article/vesting-rsu-tax### Who Should Be the Beneficiary of Your Retirement Accounts?
https://www.bakerave.com/insights/article/retirement-accounts-beneficiary### How a Basis Step-Up Can Result in Significant Tax Savings
https://www.bakerave.com/insights/article/basis-step-up### Q2 2022: ESG - Impact Investing: Social
https://www.bakerave.com/insights/article/2022-q2-esg-impact-investing-newsletter### Apple is both defensive and offensive, says King Lip
https://www.bakerave.com/insights/article/apple-is-both-defensive-and-offensive-says-bakeravenue-wealth-managements-king-lip<p
class="text-center">“Apple has been one of those names that has been so resilient despite the macroeconomic uncertainties.”</p><p
class="embed-responsive embed-responsive-16by9 text-center">​<iframe
width="560" height="349" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000258662" frameborder="0" scrolling="no" allowfullscreen="" webkitallowfullscreen="" mozallowfullscreen="" oallowfullscreen="" msallowfullscreen=""><p></iframe></p>
### 2022 Review &amp; 2nd Half Outlook
https://www.bakerave.com/insights/article/2022-review-2nd-half-outlook<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/738429658?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the 2022 Review &amp; 2nd Half Outlook slides</p><p> <a
href="/assets/images/insights/2022-Market-Outlook-Webinar.pdf"><button
class="btn"><i
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### August Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-8.9.22### August 2022 Market Update
https://www.bakerave.com/insights/article/august-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/737650163?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the August Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_07082022.pdf"><button
class="btn"><i
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### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-august### Nascent U.S. stock rally hangs in balance as Wall Street awaits megacap earnings
https://www.bakerave.com/insights/article/nascent-u.s-stock-rally-hangs-in-balance-as-wall-st-awaits-megacap-earnings<p><b></b><a
href="https://www.reuters.com/markets/europe/wall-street-surges-after-omicron-selloff-with-boost-nike-micron-2021-12-21/" title=""></a></p><p>“What they forecast is ‘pretty representative of how the economy is doing,’ said King Lip, Chief Strategist at BakerAvenue Wealth Management in San Francisco. ‘If Microsoft comes in and says things are ok, if Google says things are ok, then that represents a significant weight in not just market cap but the overall economy.’”</p><p><b>Reuters RPT - Europen Markets</b>, July 26, 2022: <a
href="https://www.reuters.com/markets/europe/nascent-us-stock-rally-hangs-balance-wall-st-awaits-megacap-earnings-2022-07-26/" target="_blank">Nascent U.S. stock rally hangs in balance as Wall St awaits megacap earnings</a><a
href="https://www.reuters.com/markets/europe/wall-street-surges-after-omicron-selloff-with-boost-nike-micron-2021-12-21/" title=""></a></p>
### Meta&#8217;s growth potential makes it an attractive stock, says BakerAvenue&#8217;s King Lip
https://www.bakerave.com/insights/article/metas-growth-potential-makes-it-an-attractive-stock-says-baker-avenues-king-lip<p
class="text-center">“Meta’s growth potential makes it an attractive stock”</p><p
class="embed-responsive embed-responsive-16by9 text-center">​<iframe
class="embed-responsive-item" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000256037" frameborder="0" scrolling="no" allowfullscreen="" webkitallowfullscreen="" mozallowfullscreen="" oallowfullscreen="" msallowfullscreen=""></iframe></p>
### Top 10 Tax Benefits of a Charitable Remainder Trust (CRT)
https://www.bakerave.com/insights/article/10-reasons-for-crt### What Issues Should I Consider When Dealing With High Inflation?
https://www.bakerave.com/insights/article/issues-to-consider-high-inflation### What Issues Should I Consider For My Aging Parents?
https://www.bakerave.com/insights/article/issues-to-consider-aging-parents###  July 2022 Market Update
https://www.bakerave.com/insights/article/july-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/730471981?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the July Market Updates slides by Doug Couden and King Lip</p><p> <a
href="/assets/images/insights/webinar_06152022.pdf"><button
class="btn"><i
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### July Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-7.15.22### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-july### What Types of Interest Can I Deduct for Taxes?
https://www.bakerave.com/insights/article/tax-deductible-interest### What Issues Should I Consider During a Recession or Market Correction?
https://www.bakerave.com/insights/article/issues-to-consider-recession-market-correction### What Issues Should I Consider Before I Update My Estate Plan?
https://www.bakerave.com/insights/article/issues-to-consider-update-estate-plan### What Issues Should I Consider If I Experience a Sudden Wealth Event?
https://www.bakerave.com/insights/article/issues-to-consider-sudden-wealth-event### About Charitable Remainder Trusts
https://www.bakerave.com/insights/article/charitable-remainder-trust<p><a
href="/.pdfFiles/Charitable_Remainder_Trust.pdf"><button
class="btn"><i
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### About REITs as an Investment Alternative
https://www.bakerave.com/insights/article/reits-investment-alternative### Should I Diversify My Investments With REITs?
https://www.bakerave.com/insights/article/diversify-with-reits### What Issues Should I Consider If My Parent Passed Away?
https://www.bakerave.com/insights/article/issues-to-consider-parent-passed-away### June 2022 Market Update
https://www.bakerave.com/insights/article/june-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/720049533?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the June Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_05132022.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### June Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-6.14.22### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-june### Integrating Estate Planning Into Your Wealth Management Plan
https://www.bakerave.com/insights/article/integrating-estate-planning-to-your-wealth-management-plan<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/708854831?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the Estate Planning white paper by Simon Mayali</p><p> <a
href="/assets/images/insights/Estate_Planning_White_Paper.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### May Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-5.10.22### May 2022 Market Update
https://www.bakerave.com/insights/article/may-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/708350510?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the March Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_04092022.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Neutral Long Term
https://www.bakerave.com/insights/article/prudence-says-neutral-long-term-may### Q1 2022: ESG - Impact Investing: Environmental
https://www.bakerave.com/insights/article/2022-q1-esg-impact-investing-newsletter-letter### What Are Digital Assets?
https://www.bakerave.com/insights/article/what-are-digital-assets### Estate and Gift Tax Planning Tips
https://www.bakerave.com/insights/article/estate-and-gift-tax-planning-tips<h4><b>2022 Readiness - Estate and Gift Tax Planning Tips</b></h4><p>We understand the importance of considering all the Estate and Gift Tax planning options when it comes time to prepare for a new year and a new tax season.</p><h5><b>ESTATE AND GIFT TAX</b></h5><p>The current, ultra-high estate and gift tax exemptions are due to sunset after 2025 – the Biden tax platform includes reducing these exemption levels to much lower historic norms, possibly before 2025.</p><p>The Federal estate and gift tax system has been revised several times over the last 20 years. Prior to the 2001 tax cuts implemented during the Bush administration, the estate and gift tax exemption amount was $675,000. The top marginal rate for estate tax was 55%. Over the next 20 years, the estate/gift tax exemption amounts have increased 20-fold.</p><p></p><figure
class="rte-img-chosen" style="text-align: center;"><figure
class="rte-img-chosen" style="text-align: center;"><img
alt="Historical Estate Tax Exemption Amounts 2022" src="https://www.bakerave.com/assets/images/insights/Historical_Estate_Tax_Exemption_Amounts_2022.png"></figure><p></p>
</figure><figure
class="rte-img-chosen" style="text-align: center;"> <figcaption><a
href="https://www.financialsamurai.com/historical-estate-tax-exemption-amounts-and-tax-rates/">Source: IRS, FinacialSamurai.com</a></figcaption><figcaption><br>
</figcaption></figure><h5>STRATEGIES THAT CAN HELP TO MINIMIZE THE ESTATE AND GIFT TAX</h5><ul><li><span><b>Fully utilize the historically high Lifetime Unified Gift/Estate Tax exemption<br>
</b></span>$12.06M in 2022 ($24.12M if MFJ). Will be reduced to $5M (plus indexation) after 2025 and may be reduced to “historic norms” before 2025 under a Biden administration.</li></ul><ul><li><b>Use the Annual Gift Tax Exclusion amount <br>
</b>$16K per individual recipient of a gift.</li></ul><ul><li><b>Charitable gifts of cash <br>
</b>Gifts of cash to public charities are deductible up to 60% of AGI. The AGI limitation for cash gifts to a Donor Advised Fund remains 60%. All gifts to charity remove the asset permanently from the donor’s estate without estate or gift tax consequences.</li></ul><ul><li><b>Charitable gifts of appreciated property <br>
</b>Deductible at Market Value for stocks and real estate, subject to 30% AGI limitation.</li></ul><ul><li><b>Direct gifts of tuition and medical expenses <br>
</b>Are never taxable gifts – no limit.</li></ul><ul><li><b>Inter-generational loans <br>
</b>These can be made free of gift tax. Interest can be funded using annual gift tax exclusion of $16,000.</li></ul><h5><br></h5><h5>TRUST AND PARTNERSHIPS</h5><p>In March of 2022, the Treasury released its Green Book on revenue raising proposals for 2023. Many of the Trusts and techniques outlined below were mentioned as possible targets for what the Treasury considers tax loopholes. For 2022, these strategies are still effective – any legislative changes (if there are any at all) will only take effect from January 1,2023.</p><ul><li><b>Qualified Personal Residence Trust <br>
</b>Compresses the Gift Tax transfer valuation due to carve-out of the right to reside in the property. The donor must survive the trust term to be effective. Gift tax efficient.</li></ul><ul><li><b>Grantor Retained Annuity Trust <br>
</b>For those who want asset growth to pass to next generation free of gift/estate tax. Donor transfers assets likely to appreciate to a GRAT but retains an annuity from the assets. The appreciation of the assets while in the Trust goes to donor’s heirs after the Trust term free of Gift/Estate Tax. Gift tax efficient.</li></ul><ul><li><b>Charitable Remainder Trust (Split Interest) <br>
</b>Effective vehicles for recognizing gains on appreciated assets tax efficiently. Defers capital gains tax over Trust term, creates an annuity for the donor from Trust assets and allows an up-front tax deduction for the remainder interest going to charity.</li></ul><ul><li><b>Charitable Lead Trust (Split Interest) <br>
</b>Charity receives an annuity from Trust during the Trust term. The growth in the trust assets during the life of the Trust can pass to heirs/beneficiaries free of gift tax.</li></ul><ul><li><b>Family Limited Partnership (FLP)<br>
</b>For those who wish to transfer business assets to the next generation, FLPs allow a discounted transfer value for Gift tax purposes while still retaining substantial operating control for the donor.</li></ul><ul><li><b>Irrevocable Life Insurance Trust <br>
</b>Life insurance proceeds add to the insured’s estate (and estate tax) if owned directly by the decedent. Life insurance contracts should rather be held by a Life Insurance Trust with the insured’s family as beneficiary.</li></ul><ul></ul><p><a
href="http://bakerave.com/contact" title="">Contact us</a> if you’d like guidance to <o:p>navigate through these complexities.</o:p></p><p></p><p><b> </b></p>
### All Cap Strategy Fact Sheet
https://www.bakerave.com/insights/article/all-cap-strategy-factsheet### Ensuring Your Legacy Lasts for Lifetimes
https://www.bakerave.com/insights/article/ensuring-your-legacy-lasts### Is It Too Soon to Start Thinking About Your Estate Plan?
https://www.bakerave.com/insights/article/estate-plan-is-it-too-soon### April Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-4.12.22### April 2022 Market Update
https://www.bakerave.com/insights/article/april-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/698368568?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the April Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_04112022.pdf"><button
class="btn"><i
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-april### 2022: What Issues Should You Consider During a Recession or Market Correction?
https://www.bakerave.com/insights/article/what-you-should-consider-2022### March Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-3.8.22<h1>The Fog of War</h1><p></p><p><i>“There are some things you learn best in calm, and some in storm.”</i></p><p><i>-Willa Sibert Cather</i></p><p> Russia’s attack on Ukraine has injected material uncertainty into the capital markets. Risk appetites have disappeared, and financial conditions have tightened, driven primarily by the spike in commodity prices. The world has settled into an uncomfortable war of attrition, with investors pondering the circumstances and timing of de-escalation or worsening global economic drag. Encouragingly, the invasion and corresponding market correction are happening against a backdrop of strong economic growth and record corporate profitability. <a
href="https://blog.bakerave.com/bapi/prudence-says-positive-long-term-march?utm_campaign=BakerAvenue%20Insights&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--hfGuE9IcHUmlV7bQfEAsTuE9ziETWv7t8tytf4qsam7AM3mMQ-AlPq7_LAoD3vo9VVmc3VS58OR33Z6xWW1rEB9aWvQ" title="">Click to view our latest market update video and read the full March BakerAvenue Prudence Indicator (BAPI) commentary</a> from BakerAvenue’s Chief Investment Officer, Doug Couden, CFA.</p><p></p><p></p>
### March 2022 Market Update
https://www.bakerave.com/insights/article/march-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/685646703?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the March Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_03072022.pdf"><button
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-march### Understanding Alternative Investments
https://www.bakerave.com/insights/article/understanding-alternative-investments### What Issues Should I Consider at the Start of the New Year?
https://www.bakerave.com/insights/article/issues-to-consider-new-year### February Insights
https://www.bakerave.com/insights/article/view-bakeravenue-insights-2.8.22<h1>Getting Comfortable With Being Uncomfortable</h1><p></p><p><i>“Worry never robs tomorrow of its sorrow, it only saps today of its joy.”</i></p><p><i>- Leo Buscaglia</i></p><p></p><p>From monetary and fiscal policy headwinds to Covid and supply chain tailwinds, we continue to see 2022 as a transformational year. The capital markets are adjusting to a more normalized backdrop, and volatility is the uncomfortable companion going along for the ride. Encouragingly, the adjustments (e.g., interest rates, growth rates, valuations, etc.) are happening against a backdrop of strong economic growth and record corporate profitability. Investors are skeptical, but in time, should get comfortable with the new backdrop. <a
href="https://blog.bakerave.com/bapi/prudence-says-positive-long-term-feb?utm_campaign=BakerAvenue%20Insights&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--V3iFxvLEXtM8sR5SJShN32s04JWS4eBhu7sV9k_MZhAzcx1K4hMlcUIrEZ1ZKJ-sGO7JBO-meYh4zvwyA-DxI1zW-zg" title="">Click to view our latest market update video and read the full February BakerAvenue Prudence Indicator (BAPI) commentary</a> from BakerAvenue’s Chief Investment Officer, Doug Couden, CFA.</p>
### February 2022 Market Update
https://www.bakerave.com/insights/article/february-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/674675013?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the February Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_02082022.pdf"><button
class="btn"><i
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-feb### Q4 2021: ESG - Impact Investing: Governance
https://www.bakerave.com/insights/article/2021-q4-esg-impact-investing-newsletter-letter### January Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-1.11.22<h1>The Winds of Change</h1><p></p><p><i>“It is better to know some of the questions than all of the answers.”</i></p><p><i>- James Grover Thurber</i></p><p>After a run of historically low-interest rates, catalyzed by accommodative monetary and fiscal policy, signs are emerging that change is in the air as we move into 2022. Encouragingly, that change is happening against a backdrop of strong economic growth and record corporate profitability. From monetary and fiscal policy to Covid trends and supply chains, we see 2022 as a transformational year. How should investors be positioned as the winds of change blow through the capital markets?</p><p></p><p><a
href="https://blog.bakerave.com/bapi/prudence-says-positive-long-term-jan?utm_campaign=BakerAvenue%20Insights&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--28Mdg_QNNlgsuMblceHnzXW0JODANdEyJV74fJXX3x5LEbXx57sqQHPOiuDNaI55ZwvZGHDgmtrMhxhmhRLcj5xf-vQ" title="">Click to view our latest market update video and read the full January BakerAvenue Prudence Indicator (BAPI) commentary</a> from BakerAvenue’s Chief Investment Officer, Doug Couden, CFA.</p>
### January 2022 Market Update
https://www.bakerave.com/insights/article/january-2022-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/664501958?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the January Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_01112022.pdf"><button
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-jan### Wall Street surges after Omicron selloff, with boost from Nike, Micron
https://www.bakerave.com/insights/article/wall-street-surges-after-omicron-selloff-with-boost-from-nike-micron<p>“If Micron’s forecast is strong, that tells us broadly speaking that demand is strong across many different industries,” said King Lip, chief strategist at BakerAvenue Weath Management, adding that Micron’s products “go into so many different industrial applications”.</p><p><b>Reuters RPT - Europen Markets</b>, December 21, 2021: <a
href="https://www.reuters.com/markets/europe/wall-street-surges-after-omicron-selloff-with-boost-nike-micron-2021-12-21/" target="_blank">Wall Street surges after Omicron selloff, with boost from Nike, Micron</a></p>
### December Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-12.7.21### Wall Street regains some ground with help from easing virus fears
https://www.bakerave.com/insights/article/wall-street-regains-some-ground-with-help-from-easing-virus-fears<p>“People are less worried about the variant,” said King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco.</p><p>Lip also cited a boost from news that China’s central bank would cut the amount of cash that banks must hold in reserve, potentially boosting overseas companies that sell products in China as well as China’s economy.</p><p>Read the full article:</p><p><b>Reuters RPT - US Stocks</b>, December 6, 2021: <a
href="https://www.reuters.com/article/usa-stocks-idCNL1N2SR2K8" title="">Wall Street regains some ground with help from easing virus fears</a></p>
### December 2021 Market Update
https://www.bakerave.com/insights/article/december-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/653905631?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the December Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_12072021.pdf"><button
class="btn"><i
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-dec### See Why Impact Investing Is Trending Among All Generations
https://www.bakerave.com/insights/article/see-why-impact-investing-is-trending-among-all-generations### Aligning Your Money With Your Values: Impact Investing
https://www.bakerave.com/insights/article/finfem-impact-investing### Comprehensive Guide to Concentrated Stock, ISOs and Tax Strategies
https://www.bakerave.com/insights/article/cs-isos-and-tax-strategies### November Insights
https://www.bakerave.com/insights/article/view-bakeravenue-insights-11.9.21### November 2021 Market Update
https://www.bakerave.com/insights/article/november-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/643717910?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the November Market Updates slides by Doug Couden</p><p> <a
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-nov### Q3 2021: ESG - Impact Investing: Social
https://www.bakerave.com/insights/article/2021-q3-esg-impact-investing-newsletter-letter### Ask For What You Want: Negotiating Job Offers
https://www.bakerave.com/insights/article/ff-negotiating-job-offers### October Insights
https://www.bakerave.com/insights/article/october-2021-insights### October 2021 Market Update
https://www.bakerave.com/insights/article/october-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/629475784?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the October Market Updates slides by Doug Couden</p><p> <a
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-oct### How the New Tax Legislation May Impact Your Investments and Estate Plan
https://www.bakerave.com/insights/article/how-the-new-tax-legislation-may-impact-your-investments-and-estate-plan<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/619105251??autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “How the New Tax Legislation May Impact Your Investments and Estate Plan” or download the presentation slides.</p><p><a
href="https://www.bakerave.com/.pdfFiles/Tax.Invest_.Estate_webinar_.9.29.pdf"><button
class="btn">Download</button></a></p><div
class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### September Insights
https://www.bakerave.com/insights/article/september-2021-insights### September 2021 Market Update
https://www.bakerave.com/insights/article/september-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/604358104?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the September Market Updates slides by Doug Couden</p><p> <a
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-sept### Integrating Your Financial Plan with Tax Planning
https://www.bakerave.com/insights/article/integrating-your-financial-plan-with-tax-planning<div
class="embed-responsive embed-responsive-16by9 ff-embed" style="margin-bottom: 2rem;"> <iframe
src="https://player.vimeo.com/video/585920542" allow="autoplay; fullscreen" allowfullscreen="" width="640" height="360" frameborder="0"></iframe></div>
### August Insights
https://www.bakerave.com/insights/article/august-insights-bai### August 2021 Market Update
https://www.bakerave.com/insights/article/august-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/585119229?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the July Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_08092021.pdf"><button
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### Prudence Says Positive Long Term
https://www.bakerave.com/insights/article/prudence-says-positive-long-term-aug-21### Q2 2021: ESG - Impact Investing: Environmental
https://www.bakerave.com/insights/article/2021-q2-esg-impact-investing-newsletter-letter### July Insights
https://www.bakerave.com/insights/article/july-insights-bai###  July 2021 Market Update
https://www.bakerave.com/insights/article/july-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/574572048?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the July Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_07132021.pdf"><button
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### Can Thinking About How We Think Make Us Better Investors?
https://www.bakerave.com/insights/article/bahavioral-finance### Inflation, Tax Updates and the Market
https://www.bakerave.com/insights/article/inflation-tax-updates-and-the-market<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/561856536?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Inflation, Tax Updates and the Market” or download the presentation slides.</p><p><a
href="/.pdfFiles/Insights_on_Taxes_Inflation__the_Market.pdf"><button
class="btn">Download</button></a></p>
### June Insights
https://www.bakerave.com/insights/article/june-insights###  June 2021 Market Update
https://www.bakerave.com/insights/article/june-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/560495122?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the June Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_06082021.pdf"><button
class="btn"><i
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### Prudence Says Positive
https://www.bakerave.com/insights/article/prudence-says-positive-june<figure
class="rte-img-chosen" style="text-align: center;"><img
alt="" src="https://www.bakerave.com/assets/images/People_Bicycle_.jpeg"></figure><figure
class="rte-img-chosen" style="text-align: center;"><b>“Life is like riding a bicycle, to keep your balance you must keep moving.” – Albert Einstein</b></figure><p>Business cycles are comprised of concerted cyclical upswings and downswings in the broad measures of economic activity. Investors constantly try to understand where they are in the cycle (e.g., expansion, peak, contraction, trough, etc.) to help navigate the financial markets. This particular business cycle is unique in that all phases may have happened in a historically short time. The current economic recovery has been one of the fastest on record, with real GDP likely to surpass its previous record high (2019) this quarter.</p><p>Powered by fiscal stimulus, vaccination progress, and excess savings built over the past year, economic forecasts have seen a steady stream of positive revisions over the past few months and GDP growth for 2021 is expected to be the strongest in forty years. Many economic readings are already above pre-pandemic levels (e.g., ISM manufacturing, corporate profits, etc.). That favorable backdrop helped push stocks higher in May, with the S&amp;P logging its fourth consecutive monthly rise.</p><p>As the recovery matures, growth rates will start to decelerate as we lap early days of the pandemic-induced shutdown. The move from accelerating growth to decelerating growth is a natural progression of any business cycle, but investors will need to get used to the concept. While we recognize a sustained expansion is quite different than quick normalization, we suspect favorable policy decisions, economic growth, and earnings will continue to support a further grind higher in equities.</p><p>We have noted for months that the promise of vaccination-induced economic normalization could lead to pronounced investor enthusiasm as investors discount what the backdrop will look like six-to-twelve months from now. Arguably, the cycle has matured to the point where a healthy portion of that optimism is now priced in. But, we believe the market today has yet to fully reflect the above consensus growth we expect in the coming quarters. With trillions still parked in money market funds, it is clear many investors remain under-exposed to that attractive growth setup.</p><p>For those who have been following our weekly market updates <a
href="https://www.bakerave.com/insights-impact/market-updates" title="">(click here to see the videos)</a>, you will be familiar with several of our key concerns and opportunities. For well over a year we stated that the retrenchment in economic activity in 2020, while necessary, is self-inflicted, not structural, and prone to snapping back as re-opening resumes or vaccines enter the narrative <a
href="https://www.bakerave.com/insights-impact/prudence-indicator" title="">(read previous market commentary here</a>). We are seeing that snapback happening now with the economic recovery in full stride.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental, and macro analyses indicate. Currently, our short-term metrics are in a neutral position. Long-term trends are increasingly painting a more optimistic picture (positive).</p><p>The current macro discussion starts with an understanding of vaccination trends (and thus the reopening). Coupled with the passing of several stimulus bills, all signs lead to a continued rebound in economic growth in 2021 and 2022. And, this is before the infrastructure and family stimulus packages are included.</p><p>The world’s central banks (e.g., the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low-interest rates, a series of government support packages and a commitment by the Fed to highly accommodative policies have buffeted the pandemic shutdowns and laid the groundwork for the recovery. Despite a more seasoned expansion, we believe they will continue to be tailwinds and see little tightening in the cards before mid-2022. The Fed is anchoring short-term interest rates and has expressed unequivocal accommodation, despite increased inflation expectations.</p><p>We don’t think investors should fear the pickup in inflation readings or the Fed’s reaction. We believe a sustained expansion is the base case, and interest rates will continue to normalize to that outlook. While rising inflation over the coming months will test some nerves, policy makers seem committed to looking through it and holding the accommodative line.</p><p>The current technical backdrop remains in decent shape. Most major indices remain in well-defined price channels with shallow pullbacks doing little to alter their longer-term trend. There have been five tests of the 50-day moving average (S&amp;P 500) this year, each met with a staunch defense. Leadership has turned less risk-on (e.g., IPO/SPACs are performing poorly, volumes are anemic, stock reaction to quarterly earnings results has been muted, and equity inflows are slowing), and we suspect that reflects some healthy skepticism. Internal metrics are a little extended (e.g., the percentage of stocks trading above key moving averages), and sentiment is mixed, and those factors increase the odds of tactical consolidations. However, we still don’t think investor sentiment is euphoric.</p><p>Absent a negative catalyst, stretched technicals and bullish positioning alone are unlikely to cause a sharp correction, despite making the market more vulnerable to bad news. We feel pullbacks present opportunities to deploy capital for the long term. Rotation within the market continues to be a weekly theme. Recovery optimism, and higher inflation forecasts, will boost cyclicals, value, and yields one day, only to see longer-duration assets (e.g., Treasuries, growth stocks, etc.) take the lead the next day. We expect this churning behavior to continue as uncertainty over the pace of the recovery remains. Despite the back-and-forth among asset classes, we were glad to see most major indices continue to hover near all-time highs.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Earnings estimates continue to be revised higher and we suspect 2021 will end with profit levels at record highs. Recent earnings results have underpinned the acceleration theme. Of course, we are focusing on sustainability and fully recognize supply chain constraints along with input cost pressures may impact the linearity of upcoming quarters, if just temporarily. Labor supply shortages also bear watching.</p><p>Valuations are stretched in some pockets of the market, but only slightly above long-term averages in others. The pace of the expansion in corporate profits has bested price, so multiples are now lower than where they were at the start of the year. Valuation dispersion remains at record levels with a sizable gap between the secular growers and the more economically sensitive recovery plays. During the recent rotation, it has been the cyclicals that have benefited most. We expect that trend to continue, albeit with less dispersion.</p><p>The credit backdrop has improved with both investment-grade and high-yield spreads vs. Treasuries back to pre-pandemic levels. Because continued tightening here is consistent with a rally in stocks, it has been encouraging to see. Dividend reinstatements (or increases) are now running well ahead of dividend cuts. As corporations’ confidence in their outlook continues to improve, we expect share buybacks, and M&amp;A, to follow.</p><p>In sum, we are comfortable with the maturing recovery. We believe pressures are building, the bar is higher, but systemic risks are low given the accompanying growth backdrop. A key question going forward is not whether inflation will pick up (it already is), but whether it will be strong enough to stress the current consensus call on the Fed and force the market to price in a more aggressive interest rate path. The final word on tax increases and infrastructure spending could have an impact, albeit more pronounced at the sector and industry level (as opposed to the overall market). Our forecast for a maturing, but sustained, economic expansion strengthens our belief that investor focus should be on “how” one is positioned, not “if” they should have exposure at all.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to maintain our steady positioning. Of course, should the backdrop start to destabilize, we will take a more defensive stance.</p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical, and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### Fashion: Seeking Sustainable Solutions
https://www.bakerave.com/insights/article/fashion-seeking-sustainable-solutions<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/553825701?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Fashion: Seeking Sustainable Solutions” or download the presentation slides.</p><p><a
href="https://www.bakerave.com/.pdfFiles/Fashion_Seeking_Sustainable.pdf"><button
class="btn">Download</button></a></p>
### May Insights
https://www.bakerave.com/insights/article/may-insights### May 2021 Market Update
https://www.bakerave.com/insights/article/may-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/547697747?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the May Market Update slide deck by Doug Couden</p><p> <a
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### Prudence Says Positive
https://www.bakerave.com/insights/article/prudence-says-positive-may<figure
class="rte-img-chosen" style="text-align: center;"><img
alt="" src="https://www.bakerave.com/assets/images/BAI_May.jpeg"><b><br>
“I’m not afraid of storms, for I’m learning how to sail my ship.” - Louisa May Alcott</b>
</figure><p>An accelerating economic recovery, the largest U.S. fiscal stimulus outside of war times and the Fed’s commitment to keep monetary policy easy until higher inflation is sustained has stoked concerns that inflation will overheat. With commodity prices and inflation breakevens (the breakeven inflation rate is a market-based measure of expected inflation) at multi-year highs, we understand the trepidation. The overheating debate has cast a spotlight on earlier episodes in U.S. history when inflation rose sharply in a booming economy.</p><p>The inflation surge after World War II was a unique event caused by factors with little relevance to today’s backdrop. The other example of high inflation, in the 1960s and 1970s, has some similarities. The job market became very tight as fiscal policy turned expansionary and monetary policy remained unnecessarily easy. Wage growth and inflation spiraled upward as inflation expectations became unanchored.</p><p>However, the growth outlook wasn’t as good as we have it now and the starting point for inflation was much higher. The Consumer Price Index (CPI), a common inflation measure, was 4% in the mid-‘60’s and moved up to 7%. Currently, we are coming off decades of deflation with CPI’s consistently running below the Fed’s target of 2%. Technological innovation (i.e. the Amazon effect) and globalization, not nearly as prevalent fifty years ago, serve as deflationary forces helping to keep prices in check.</p><p>The world economy is set to grow at its fastest rate in decades, powered by fiscal stimulus, vaccination progress and excess savings built over the past year. Economic forecasts have seen a steady stream of positive revisions over the past few months and GDP growth for 2021 is expected to be the strongest in forty years. With many economic readings already above pre-pandemic levels (e.g. ISM manufacturing, corporate profits, etc.), and others well on their way (e.g. employment), it is natural for prices (inflation) to follow.</p><p>A key question going forward is not whether inflation will pick up (it already is), but whether it will be strong enough to stress the current consensus call on the Fed and force the market to price in a more aggressive interest rate path. Low-interest rates and accommodative monetary (and fiscal) policy have been a key driving force behind investors’ willingness to allocate more and more money to stocks.</p><p>Recoveries tend to have loose policy backgrounds, and this one has been turbo-charged (i.e. despite only a fraction of the GDP damage relative to the GFC, we have had four times the stimulus). Expansions, on the other hand, particularly those with concerning inflation readings, have historically carried with them, tighter policy.</p><p>We don’t think investors should fear the pickup in inflation readings, or the Fed’s reaction. We believe a sustained expansion is coming, interest rates will continue to adjust to the robust outlook and, while rising inflation over the coming months will test some nerves, policy makers seem committed to looking through it and holding the accommodative line. Importantly, we have seen little pushback in terms of consumer spending (it continues to expand) nor interest rates (they remain historically low).</p><p>For those who have been following our weekly market updates <a
href="https://www.bakerave.com/insights-impact/market-updates">(click here to see the videos)</a>, you will be familiar with several of our key concerns and opportunities. Since the beginning of the pandemic we stated that the retrenchment in economic activity, while necessary, is self-inflicted, not structural, and prone to snapping back as re-opening resumes or vaccines enter the narrative <a
href="https://www.bakerave.com/insights-impact/prudence-indicator">(read previous market commentary here</a>). We are seeing that snapback happening now with the recovery in full stride.</p><p>While we recognize a sustained expansion is quite different than quick normalization, we suspect favorable policy decisions, economic growth, and earnings will continue to support a further grind higher in equities. We have noted for months that the promise of vaccination-induced economic normalization could lead to pronounced investor enthusiasm as investors discount what the backdrop will look like six-to-twelve months from now. Arguably, a lot of that optimism is priced in now, but we believe upside remains, and we see no reason to change that view.</p><p>April got the second quarter off on solid footing with a sizable gain (e.g. the S&amp;P 500 was up +5.2%). As the recovery broadened, former laggards continued to pick up relative strength (e.g. materials, financials, economically sensitive groups like industrials, etc.). The rise in inflation expectations added fuel to the rotation as many deep cyclical groups (e.g. energy stocks) benefitted. We see ample room for these rotations within the market to continue, but don’t want to completely fade secular growth stocks that have been recently under pressure. We continue to believe there is room for both.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro analyses indicate. Currently, our short-term metrics are in a neutral position. Long-term trends are increasingly painting a more optimistic picture (positive).</p><p>The current macro discussion starts with an understanding of vaccination trends (and thus the reopening). Coupled with the recent passing of a new $1.9 trillion stimulus bill, all signs lead to a robust rebound in economic growth in 2021 and 2022. And this is before the infrastructure and family stimulus packages are included.</p><p>The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low-interest rates, a series of government support packages and a commitment by the Fed to highly accommodative policies have buffeted the pandemic shutdowns and laid the groundwork for the recovery. While we begin to transition to an expansion, we believe they will continue to be tailwinds and see little tightening in the cards before mid-2022. The Fed is anchoring short-term interest rates and has expressed unequivocal accommodation, despite longer-term rates sniffing out a recovery and pushing higher. We will need to monitor any change here, but so far, the rate backup feels warranted, and hasn’t altered the Fed’s stance.</p><p>The current technical backdrop remains in decent shape. Most major indices remain in well-defined price channels with shallow pullbacks doing little to alter their longer-term trend. Leadership has turned less risk-on (e.g. IPO/SPACs are performing poorly, volumes are anemic, stock reaction to quarterly earnings results has been muted and equity inflows are slowing). Internal metrics are a little extended (e.g. the percentage of stocks trading above key moving averages), and sentiment is a bit stretched, and those factors increase the odds of tactical consolidations. However, we still don’t think investor sentiment is euphoric. There are still trillions of dollars in money market funds and, despite the advance, flows into equities over the past few years are far below those of bonds and cash.</p><p>Absent a negative catalyst, stretched technicals and bullish positioning alone is unlikely to cause a sharp correction, despite making the market more vulnerable to bad news. We feel pullbacks present opportunities to deploy capital for the long term. Rotation within the market continues to be a weekly theme. Recovery optimism, and higher inflation forecasts, will boost cyclicals, value and yields one day, only to see longer duration assets (e.g. Treasuries, growth stocks, etc.) take the lead the next day. We expect this churning behavior to continue as uncertainty over the pace of the recovery remains. Despite the back-and-forth among asset classes, we were glad to see most major indices hover near all-time highs.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Earnings estimates continue to be revised higher and we suspect 2021 will end with profit levels at record highs. Recent earnings results have underpinned the acceleration theme. The most recent quarter has seen earnings growth rates move up to +49%, from +25% at the start of earnings season and the +16% expected at the start of the quarter. Of course, we are focusing on sustainability and fully recognize supply chain constraints along with input cost pressures may impact the linearity of upcoming quarters, if just temporarily.</p><p>Valuations are stretched in some pockets of the market, but only slightly above long-term averages in others. Valuation dispersion is at record levels with a big gap between the secular growers and more economically sensitive recovery plays. During the recent rotation, it has been the cyclicals that have benefited most. We expect that trend to continue, albeit with less dispersion.</p><p>The credit backdrop has improved with both investment-grade and high-yield spreads vs. Treasuries back to pre-pandemic levels. Because continued tightening here is consistent with a rally in stocks, it has been encouraging to see. Dividend reinstatements (or increases) are now running well ahead of dividend cuts. As corporations’ confidence in their outlook continue to improve, we expect share buybacks, and M&amp;A, to follow.</p><p>In sum, we are comfortable with the inflationary backdrop. We believe pressures are building, but systemic risks are low at this point given the accompanying growth backdrop. Interest rates will be the fulcrum by which the story is played out, and we suspect they are biased higher. Our forecast for a sustained economic expansion strengthens our belief that investor focus should be on “how” one is positioned, not “if” they should have exposure at all.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to maintain our steady positioning. Of course, should the backdrop start to destabilize, we will take a more defensive stance.</p><p></p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### Impact Investing Strategy Factsheet
https://www.bakerave.com/insights/article/impact-investing-strategy-factsheet### Tactical Fixed Income Strategy Factsheet
https://www.bakerave.com/insights/article/tactical-fixed-income-strategy-factsheet### Global Income Strategy Factsheet
https://www.bakerave.com/insights/article/global-income-strategy-factsheet### Blue Chip Strategy Factsheet
https://www.bakerave.com/insights/article/blue-chip-strategy-factsheet### Dynamic Core Strategy Factsheet
https://www.bakerave.com/insights/article/dynamic-core-strategy-factsheet### Celebrating Earth Day: How You Can Make a Difference
https://www.bakerave.com/insights/article/celebrating-earth-day-2021### About Various Financial Advisors
https://www.bakerave.com/insights/article/choosing-a-financial-advisor### April Insights
https://www.bakerave.com/insights/article/april-insights### April 2021 Market Update
https://www.bakerave.com/insights/article/april-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/536189782?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the April Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_04132021.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive
https://www.bakerave.com/insights/article/prudence-says-positive-april<figure
class="rte-img-chosen" style="text-align: center;"><figure
class="rte-img-chosen" style="text-align: center;"><img
alt="" src="https://www.bakerave.com/assets/images/shutterstock_1688041690.jpeg"></figure><p></p>
</figure><figure
class="rte-img-chosen" style="text-align: center;"><b>“Let us not look back in anger, nor forward in fear, but around in awareness.” - James Grover Thurber</b> </figure><p>The world economy is set to grow at its fastest rate in decades, powered by fiscal stimulus, vaccination progress and excess savings built over the past year. Economic forecasts have seen a steady stream of positive revisions over the past few months and GDP growth for 2021 is expected to be the strongest in forty years. With many economic readings already above pre-pandemic levels (e.g. ISM manufacturing, corporate profits, etc.), and others well on their way (e.g. employment), the handoff from recovery to expansion is at hand.</p><p>A key question going forward is not whether the data will be strong, but whether it will be strong enough to stress the current consensus call on the Fed and force the market to price in a more aggressive interest rate path. Low interest rates and accommodative monetary (and fiscal) policy have been a key driving force behind investors’ willingness to allocate more and more money to stocks. Despite trading at all-time highs, last quarter was the first time since the Global Financial Crisis (GFC) that we have seen significant inflows into domestic equity mutual funds and ETFs.</p><p>Recoveries tend to have loose policy backgrounds, and this one has been turbo-charged (i.e. despite only a fraction of the GDP damage relative to the GFC, we have had four times the stimulus). Expansions, on the other hand, historically carry with them tighter policy. As we move from recovery to expansion, investors will need to decide how to price in a shifting policy landscape. Will the ensuing expansion bring more restrictive policy? If so, is the current optimism regarding the outlook misplaced?</p><p>We don’t think investors should fear the handoff. We believe a sustained expansion is coming, interest rates will continue to adjust to the robust outlook and, while rising inflation over the coming months will test some nerves, policy makers seem committed to looking through it and holding the accommodative line.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="https://www.bakerave.com/insights-impact/market-updates">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. Since the beginning of the pandemic we stated that the retrenchment in economic activity, while necessary, is self-inflicted, not structural, and prone to snapping back as re-opening resumes or vaccines enter the narrative (<a
href="https://www.bakerave.com/insights-impact/prudence-indicator">read previous market commentary here</a>). We are seeing that snapback happening now with the recovery in full stride.</p><p>While we recognize a sustained expansion is quite different than quick normalization, we suspect favorable policy decisions, economic growth, and earnings will continue to support a further grind higher in equities. We have noted for months that the promise of vaccination-induced economic normalization could lead to pronounced investor enthusiasm as investors discount what the backdrop will look like six-to-twelve months from now. Arguably, a lot of that optimism is in the price now, but we believe upside remains, and we see no reason to change that view.</p><p>March closed out a strong quarter, the fourth straight (the S&amp;P 500 was +5.8% in the first quarter, the Russell 2000 was +12.4%). As the recovery broadened, former laggards continued to pick up relative strength (e.g. materials, financials, economically sensitive groups like energy, etc.). The rise in rates added fuel to the rotation as many recovering groups (e.g. banks) benefitted from the steepening yield curve. We see ample room for these rotations within the market to continue, but don’t want to completely fade secular growth stocks that have been recently under pressure. In fact, March closed with many large-cap growth stocks beginning to resume leadership roles. We continue to believe there is room for both.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro analyses indicate. Currently, our short-term metrics are in a neutral position. Long-term trends, influenced by our recessionary and bear market views, are increasingly painting a more optimistic picture (positive).</p><p>The current macro discussion starts with an understanding of vaccination trends (and thus the reopening). Forecasts continue to show declining new cases, suggesting that ‘herd immunity’ will be essentially attained much quicker than expected. Coupled with the recent passing of a new $1.9 trillion stimulus bill, all signs lead to a robust rebound in economic growth in 2021. And this is before the infrastructure and family stimulus packages are included. We believe US GDP growth will be the best in forty years in 2021.</p><p>The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, a series of government support packages and a commitment by the Fed to highly accommodative policies have buffeted the pandemic shutdowns and laid the groundwork for the recovery. While we begin to transition to an expansion, we believe they will continue to be tailwinds and see little tightening in the cards before mid-2022. The Fed is anchoring short-term interest rates and has expressed unequivocal accommodation, despite longer-term rates sniffing out a recovery and pushing higher. We will need to monitor any change here, but so far, the rate backup feels warranted, and hasn’t altered the Fed’s stance.</p><p>The current technical backdrop remains in decent shape. Most major indices remain in well-defined price channels with shallow pullbacks doing little to alter their longer-term trend. Internal metrics are a little extended (e.g. the percentage of stocks trading above key moving averages), and sentiment is a bit stretched (e.g. AAII “bulls” are the highest in years), and those factors increase the odds of tactical consolidations. However, we still don’t think investor sentiment is euphoric. There are still trillions of dollars in money market funds and, despite the advance, flows into equities are far below those of bonds and cash. We feel pullbacks present opportunities to deploy capital for the long-term.</p><p>Rotation within the market continues to be a weekly theme. Recovery optimism will boost cyclicals, value and yields one day, only to see longer duration assets (e.g. Treasuries, growth stocks, etc.) take the lead the next day. We expect this churning behavior to continue as uncertainty over the pace of the recovery remains. Despite the back-and-forth among asset classes, we were glad to see the Volatility Index, the VIX, close below 20 for the first time in months.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Earnings estimates continue to be revised higher and we suspect 2021 will end with profit levels at record highs. Valuations are stretched in some pockets of the market, but only slightly above long-term averages in others. Valuation dispersion is at record levels with a big gap between the secular growers and more economically sensitive recovery plays. During the recent rotation, it has been the cyclicals that have benefited most. We expect that trend to continue, albeit with less dispersion.</p><p>The credit backdrop has improved with both investment-grade and high-yield spreads vs. Treasuries back to pre-pandemic levels. Because continued tightening here is consistent with a rally in stocks, it has been encouraging to see. Dividend reinstatements (or increases) are now running well ahead of dividend cuts. As corporations’ confidence in their outlook continue to improve, we expect share buybacks, and M&amp;A, to follow.</p><p>In sum, we are comfortable with the upcoming shift from recovery to expansion. We believe the shift in narrative, while subtle, will carry with it challenges and opportunities. Interest rates will be the fulcrum by which the story is played out, and we suspect they are biased higher. Our forecast for a sustained economic expansion strengthens our belief that investor focus should be on “how” one is positioned, not “if” they should have exposure at all.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to maintain our steady positioning. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance.</p><p></p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### Blue Chip Income With Performance
https://www.bakerave.com/insights/article/blue-chip-income-with-performance### S&amp;P rises above 400
https://www.bakerave.com/insights/article/sp-rises-above-400<p>“If we break above with strength, the market will continue to move higher. We’re still bullish for this year, and we think that with stimulus, with the Fed committed to being dovish, with the economy reopening due to more of the U.S. getting vaccinated, overall you’re going see corporate earnings do pretty well.” - <i>King Lip, Chief Strategist at BakerAvenue Wealth Management</i></p><p><i></i></p><p>Read the full article:</p><p><b>Reuters </b>Business News, April 1, 2021: <b><a
href="https://www.reuters.com/article/us-usa-stocks-instant/sp-rises-above-4000-level-for-first-time-idUSKBN2BO642" target="_blank">S&amp;P rises above 4,000 level for first time</a></b></p>
### Infrastructure impact and stimulus hope
https://www.bakerave.com/insights/article/infrastructure-impact-and-stimulus-hope<p>“There are multiple tailwinds - stimulus, expectations of record earnings, vaccines - driving stocks higher, said King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco.” - <i>King Lip, Chief Strategist at BakerAvenue Wealth Management</i></p><p><i><br>
</i></p><p>Read the full article:</p><p><b>Reuters</b> US Dollar Rport, April 1, 2021: <b><a
href="https://www.reuters.com/article/global-markets/global-markets-global-equities-surge-on-factory-data-stimulus-hopes-idUSL1N2LU19P" target="_blank">GLOBAL MARKETS-Global equities surge on factory data, stimulus hopes</a></b></p><p></p>
### Choosing a Wealth Advisor: When, Why, How
https://www.bakerave.com/insights/article/choosing-a-wealth-advisor-what-when-where<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/521156184?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Choosing a Wealth Advisor: What, When Where” or download the presentation slides.</p><p><a
href="https://www.bakerave.com/.pdfFiles/Transitions Video Intro.pdf"><button
class="btn">Download</button></a></p>
### March Insights
https://www.bakerave.com/insights/article/march-insights### March 2021 Market Update
https://www.bakerave.com/insights/article/march-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/521500578?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Download the March Market Updates slides by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_03092021.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive
https://www.bakerave.com/insights/article/prudence-says-positive-march<p>The 10-Year Treasury Yield is arguably the most quoted proxy for market interest rates. At the beginning of the year, the yield stood at 0.9%. It is around 1.6% as of this writing and recently climbed above its pre-pandemic levels. While still low by historical measures, the recent move higher has been sharp and notable in percentage terms. For reference, the all-time high in yields was over 15.5% in the early ‘80’s, while an all-time low of 0.6% was reached just last year. Nevertheless, the recent move higher has sparked a significant rotation within asset classes and ignited a debate regarding its ramifications.</p><p>Bond math can be complicated, so for simplicity sake we are just going to focus on levels. And, more importantly, the reasons behind those levels. The pace and duration of interest rate moves are the most significant considerations for capital markets. Too fast, and asset prices turn volatile as they need time to adjust. Too prolonged, and valuations suffer while secular winners turn into secular losers. While short in duration (roughly three months), the recent move higher in yields was the fastest pace in almost fifty years.</p><p>Bond prices carry an inverse relationship with yields. As those yields move higher, bond prices move down (and vice versa). But it’s not just bond prices that are affected. Any asset that has a future profit stream that needs to be discounted back to present value will have a lower value if higher rates are utilized in the calculation. The stock market has grown accustomed to lower interest rates (and higher values), so any change in the mechanics always raises a few eyebrows (ala the “Taper Tantrum” of 2013).</p><p>Importantly, we believe yields are rising but for the right reasons – higher expected inflation and growth – which historically has not been a headwind for the capital markets. That said the rate move is causing significant changes in relative performance across sectors, industries and asset classes. And for this reason, we are spending a lot of time reviewing the interest rate sensitivity of our positioning. We believe rates gradually increase this year, but the associated risks remain contained.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="https://www.bakerave.com/insights-impact/market-updates">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. Since the beginning of the pandemic we stated that the retrenchment in economic activity, while necessary, is self-inflicted, not structural, and prone to snapping back as re-opening resumes or vaccines enter the narrative (see <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a>, <a
href="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D" title="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D">Escape Velocity,</a> <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED" title="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED">Navigating the K-Shaped Recovery</a>, <a
href="https://bakeravenue.cmail20.com/t/ViewEmail/r/F67FF4800D2A1D742540EF23F30FEDED/01545358A4F5A4543EDEEDC46EB9B960" title="">Election Vexation</a>, <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/021EE09E247373422540EF23F30FEDED" title="">Back To Basics</a>, <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/170B249D1151E4552540EF23F30FEDED" title="">Inoculating The Unprecedented</a>, <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/4C84C1907DA3DED32540EF23F30FEDED" title="">New Year, New Leadership? and Gamestop. Bubble Trouble, or Storm In a Teacup? here</a>). We are seeing that snapback happening now with economic forecasts increasing significantly. We see the move higher in rates as a symptom of that working narrative.</p><p>We wrote last month that despite the volatility, the promise of economic normalization could lead to pronounced sector and industry rotation. We noted that investors are continuing to discount what a backdrop may look like six-to-twelve months from now and expressed confidence a vaccine can take us from pandemic to panacea, towards normalcy and away from some of the uncertainty. We see no reason to change that view.</p><p>February more than reversed January’s losses, with most markets posting impressive returns (e.g. the S&amp;P 500 was +2.6%, the Russell 2000 was +6.1%). Former laggards continued to pick up relative strength (e.g. materials, financials, economically sensitive groups like energy, etc.) as the recovery broadened. The rise in rates added fuel to the rotation as many recovering groups (e.g. banks) benefitted from the steepening yield curve. We continue to see ample room for these rotations within the market to continue, but don’t want to completely fade secular growth stocks that have been recently under pressure. We believe there is room for both.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro analyses indicate. Currently, our short-term metrics are in a neutral position. Long-term trends, influenced by our recessionary and bear market views, are increasingly painting a more optimistic picture (positive).</p><p>The current macro discussion starts with an understanding of vaccination trends (and thus the reopening). Forecasts show new cases/infections dropping to 50% by early April 2021 and then falling to near zero by May 2021, suggesting that ‘herd immunity’ will be essentially attained much quicker than expected. Coupled with the recent passing of a new $1.9 trillion stimulus bill, this all but guarantees a robust rebound in economic growth in 2021. We believe US GDP growth will be the best in forty years in 2021.</p><p>The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, a series of government support packages and a commitment by the Fed to highly accommodative policies have buffeted the pandemic shutdowns and laid the groundwork for the recovery. They will continue to be tailwinds well into 2021. The Fed is anchoring short-term interest rates and has expressed unequivocal accommodation, despite longer-term rates sniffing out a recovery and pushing higher. We will need to monitor any change here, but so far, the rate backup hasn’t altered the Fed’s stance.</p><p>Inflation expectations have increased as signs of a global economic recovery increase. Inflation has been relatively non-existent since the Global Financial Crisis (arguably for 40 years) and is worth watching in 2021. Many macro indicators are adjusting (e.g. the yield curve steepened further to the widest level in three years, TIPS inflation readings broke out to seven-year high, Brent oil touched $63, etc.), but we feel broad measures of inflation look contained. At these levels, we welcome any narrative shift from deflation to inflation.</p><p>The current technical backdrop remains in decent shape. We wrote last month that several short-term metrics we monitor were a bit stretched (e.g. put-call ratios were low, the percentage of stocks trading above key moving averages were high, etc.). Encouragingly, market breadth is expanding, and the highly concentrated market of 2020 continues to ease. Small-cap stocks are outperforming large-cap stocks by a wide amount so far this year. A broad market is a healthier market, so we welcome this development.</p><p>We still don’t think investor sentiment is euphoric. We sense healthy skepticism, with the recent consolidation helping to burn off some excessive optimism. There are still trillions of dollars in money market funds and, despite the advance, flows into equities are far below those of bonds and cash. We feel pullbacks present opportunities to deploy capital for the long-term.</p><p>Fundamentally, we are focusing on the trend in corporate profits and. credit metrics. Earnings estimates continue to be revised higher and we suspect 2021 will end with profit levels at record highs. Valuations are stretched in some pockets of the market, but only slightly above long-term averages in others. Valuation dispersion is at record levels with a big gap between the secular growers and more economically sensitive recovery plays. During the recent rotation, it has been the cyclicals that have benefited most. We expect that trend to continue, albeit with less dispersion.</p><p>The credit backdrop has improved with both investment-grade and high-yield spreads vs. Treasuries back to pre-pandemic levels. Because continued tightening here is consistent with a rally in stocks, it has been encouraging to see. Dividend reinstatements (or increases) are now running well ahead of dividend cuts. As corporations’ confidence in their outlook continue to improve, we expect share buybacks to follow.</p><p>In sum, we are comfortable with the recent move higher in interest rates. We believe it is happening for “good” reasons, and don’t see any systemic risks at this juncture. The move has strengthened our belief that investor focus should be on “how” one is positioned, not “if” they should have exposure at all.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to maintain our steady positioning. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance.</p><p></p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### Education Accounts Overview [pdf]
https://www.bakerave.com/insights/article/college-planning-overview### About 529 Plans &amp; Distributions
https://www.bakerave.com/insights/article/what-are-some-college-planning-options<h4><b>529 Plans - It’s not just for college anymore</b></h4><p>The biggest challenge for students and parents when planning for education is the financial costs. It’s not just for college anymore – added to the tuition eligibility are K-12, private and religious schools. Funds can be used for four and two-year colleges, trade schools, graduate programs, and some international institutions.</p><p>Section 529 of the IRS Tax Code authorized these tax advantage savings to help with the costs of education. 529 distributions are subject to guidelines for financial aid eligibility, state and learning institution limitations. Good news, distributions are not taxed at the federal level, but you do need to understand the rules for qualifying expenses.</p><h5>Education at all levels is important, and planning is essential for achieving this challenge successfully. To take advantage of the 529 distribution:<br></h5><ul><li>Submit your request for the cash during the same calendar year.</li><li>If you inadvertently request cash during the academic year, you may owe taxes as a nonqualified withdrawal.</li><li> Discuss with family members and the future student to create a withdrawal plan that works for the student’s needs, the school’s curriculum and the program’s eligibility. It helps everyone to understand how best to use the 529 distributions while establishing a manageable budget for qualified and non-qualified purchases.</li></ul><p><b> The advent of technology has introduced changes to learning methods and academic practices. </b><br>
Computers and some electronics have been added to the list of qualified education expenses as part of the 529 distributions. They must be required as part of the students’ study programs. Students need to check with the school about class or course prerequisites that include computers. <br>
<br>
Check with the school; there may be specialized expenses as students enter college as a freshman. The same applies as they complete the final years of study, preparing to enter the career world.</p><p> <b>A tax-advantage 529 plan has the potential to grow more quickly than a taxable investment earning the exact same returns.</b></p><p><b></b></p><figure
class="rte-img-chosen" style="text-align: center;"><b><img
class="img-fluid" alt="Souce: JP Morgan" src="https://www.bakerave.com/assets/images/Screen_Shot_2021-03-05_at_11.26.54_AM_.png" style=""><figcaption><br>
</figcaption></b></figure><h5>Educational Planning</h5><ol><li>College or graduate tuition and fees. Post-secondary (after high school) are eligible to participate in the federal student aid program administered by the U.S Department of Education and qualify for use of 529 funds.</li><li>Vocational and trade school tuition and fees. Culinary students can draw from the 529 account to pay expenses related to culinary institute courses. The institution must participate in the U.S Department of Education for federal student aid.</li><li>K-12 schools, public, private, and religious institutions can now use 529 plan distributions up to 10,000 dollars per student for tuition.</li></ol><h5>Lifestyles and Supplies</h5><ol><li>Campus housing can be paid through 529 distributions including college room and board fees. Off-campus housing rentals qualify up to the same cost of the room and board on campus</li><li>Books and supplies include paper, pens, textbooks required by the specific course are qualified expenses. Schools set the budget limit for books and supplies. You need to check with the school of attendance for the allowable amount each academic year.</li><li>Special needs equipment and services qualify for 529 distribution. Students using equipment for mobility (wheelchairs) may be eligible for 529 distribution purchases. Depending on the circumstances transportation may also apply.</li></ol><h5>Welcoming Technology</h5><ol><li>Computers must be used primarily by the student during any of the years the student is enrolled at the eligible educational institution.</li><li>Software may qualify as a 529 distribution expense. For example, technical engineering or design classes may involve computerized assignments.</li><li>Internet services can be paid using 529 funds.</li></ol><p><img
src="/assets/images/article_orange.svg" class="fluid block mr-1"><b><a
href="https://www.bakerave.com/insights-impact/article/college-planning-overview">Click to download more information on Educational Account Options</a></b></p><p>If you are trying to figure out the best way to go forward with your children’s education expenses, <a
href="https://www.bakerave.com/contact" title="">BakerAvenue</a> is here for you. Our wealth advisors will be able to guide your family through your transition.</p><p>Interested in Financial Feminism topics? Visit <a
href="https://wealth.bakerave.com/ff" title="">BakerAvenue’s Financial Feminism MasterClass series</a> to learn more.</p><p><small>This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.</small></p><section> </section>
### Concerns about rising interest rates are increasing volatility
https://www.bakerave.com/insights/article/concerns-about-rising-interest-rates<p>“Concerns about rising interest rates are increasing the volatility of the equity markets. We believe the Fed is willing to be patient and rising profits in 2021 are likely to be a tailwind for stocks.” - <i>King Lip, Chief Strategist at BakerAvenue Wealth Management</i></p><p>Read full articles:</p><ul><li><b>Reuters:</b> NEW YORK, Feb 24 (Reuters) - Shares on Wall Street rallied on Wednesday (Feb 24, 2021), with the Dow hitting a record high, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell’s comments calmed inflation worries. More on <a
href="https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-advances-as-feds-powell-soothes-inflation-worries-idUSL4N2KU4WP" title="">US STOCKS-Wall Street advances as Fed’s Powell soothes inflation worries</a>: <i>“Powell’s remark was a factor in the market on Wednesday.” - King Lip<br>
<br>
</i></li><li><b>ETF Trends:</b> U.S. markets and stock exchange traded funds climbed Wednesday after Federal Reserve Chairman Jerome Powell reaffirmed his stance on keeping interest rates near zero and maintaining the central bank’s supportive bond purchasing programs.<br>
<br>
On Wednesday, the <a
href="http://etfdb.com/etf/QQQ" title="" style="">Invesco QQQ Trust (NASDAQ: QQQ)</a> was up 0.6%, <a
href="http://etfdb.com/etf/DIA" title="" style="">SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA)</a> rose 1.3%, and <a
href="http://www.etfdb.com/etf/IVV" title="" style="">iShares Core S&amp;P 500 ETF (NYSEArca: IVV)</a> was 1.1% higher. More on <a
href="https://www.etftrends.com/innovative-etfs-channel/u-s-stock-etfs-bounce-after-powell-confirms-accommodative-fed-stance/" target="_blank">U.S. Stock ETFs Bounce after Powell Confirms Accommodative Fed Stance</a>: <i> “The market is very concerned about inflation and the rise in interest rates. But that’s in contrast to what the Fed is saying,” - King Lip<br>
<br>
</i></li><li><b>Financial World: </b>On Wednesday (Feb 24, 2021), all three key indices of <a
href="https://www.financial-world.org/news/news/stock_markets/7223/wall-st-pummels-as-tech-stocks-sour-sampp-500-dow-end-higher-in-latesession-uturn/" title="">Wall Street had sharply clawed back with trade-sensitive Dow spiking to a fresh all-time closing high</a> as a sell off wave in tech-related stocks over valuation concerns eased off and a growing bet on defensives such as cyclicals which had borne the heaviest brunt last year due to a global-scale pandemic outbreak, seemingly had gathered steam further. <a
href="https://www.financial-world.org/news/news/stock_markets/7230/wall-st-rallies-as-feds-powell-s-remark-solaces-inflation-frets/" target="_blank">Wall St. rallies as Fed’s Powell’s remark solaces inflation frets</a>: <i>“The market is very concerned about inflation and the rise in interest rates. But that’s in contrast to what the Fed is saying” - King Lip</i></li></ul>
### 10-year Treasury yield jumps to a one-year high of 1.6%, a rapid move unnerving investors
https://www.bakerave.com/insights/article/10-year-treasury-yield-jumps-to-a-one-year-high-of-1.6-a-rapid-move-unnerving-investors<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://scontent-lga3-1.xx.fbcdn.net/v/t66.36240-6/10000000_987928878280748_5917125724404554177_n.mp4?_nc_cat=110&amp;ccb=3&amp;_nc_sid=985c63&amp;efg=eyJ2ZW5jb2RlX3RhZyI6Im9lcF9oZCJ9&amp;_nc_ohc=DNpSAUSRbEUAX95VRE-&amp;_nc_oc=AQm-PkhgapFvxCd3Rk5Yt8wEOwX1_2Z6q9OKe9aS_Ug3vmZJi2S4N-MMpGAdHB0XjMo&amp;_nc_ht=scontent-lga3-1.xx&amp;oh=f28b10869ab6f19c56b216e843f806c4&amp;oe=6060F43E" "="" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>BakerAvenue’s Chief Strategist, King Lip, interviewed on CNBC International. <br>
The 10-year U.S. Treasury yield briefly topped the 1.6% level recently (trading at its highest level in more than a year), raising concerns for investors across asset classes.</p>
### Ordinary Income and Long Term Capital Gains Tax Rates
https://www.bakerave.com/insights/article/ordinary-income-and-long-term-capital-gains-tax-rates### February Insights
https://www.bakerave.com/insights/article/february-insights### February 2021 Market Update
https://www.bakerave.com/insights/article/february-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/510360187?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the February Market Update slide deck by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_02092021.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive
https://www.bakerave.com/insights/article/prudence-says-positive-february<p>GameStop (GME) shares traded at an average price of $13 during 2018. The stock fell precipitously between mid-2019 and mid-2020, hovering around $5 per share. At the end of 2020, a sharp rally pushed the shares to $19 by year-end. But that was nothing. By mid-January the stock hit $30 and then jumped to $65 by January 22. The progression during the five days from January 25 to January 29 was something to behold: $78, $148, $348, $193, and the stock ended the month at $325, up 1,600% since the start of the year. And predictably, recently the shares have plunged by 85%.</p><p>GameStop wasn’t alone. Stocks with an extremely high short interest were stampeded by a group of social media-inspired investors (note: short interest is a measure of shares sold against shares outstanding; selling shares short is a way to capitalize on share prices moving down no period here should be after). A record amount of call options supercharged the stock price and forced those investors who were short to cover at increasingly higher share prices. The situation was compounded because orders were placed with broker-dealers who suspended trading in order to meet the minimum capital requirements of the Depository Trust &amp; Clearing Corp (DTCC).</p><p>For those of us who were managing money during the dot-com era, the story had a familiar ring to it. The last stock market bubble formed when a new generation embraced equity trading as a cultural phenomenon. Are we seeing history repeat itself, as younger cohorts live vicariously through online risk-taking brought on by the pandemic? Is this a sign of the top, or much ado about nothing? The answer, of course, is not a simple “yes” or “no.” Yes, the disorderly sequence of events has implications for market structure and oversight. But, more importantly, no, we do not? believe investors should adjust their financial plans based on fortunes made, and lost, in GameStop. Quite simply, there are more important forces at work.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="https://www.bakerave.com/insights-impact/market-updates">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. Since the beginning of the pandemic we stated that the retrenchment in economic activity, while necessary, is self-inflicted, not structural, and prone to snapping back as re-opening resumes or vaccines enter the narrative (see <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a>, <a
href="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D" title="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D">Escape Velocity,</a> <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED" title="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED">Navigating the K-Shaped Recovery</a>, <a
href="https://bakeravenue.cmail20.com/t/ViewEmail/r/F67FF4800D2A1D742540EF23F30FEDED/01545358A4F5A4543EDEEDC46EB9B960">Election Vexation</a>, <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/021EE09E247373422540EF23F30FEDED">Back To Basics</a>, <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/170B249D1151E4552540EF23F30FEDED">Inoculating The Unprecedented</a> and <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/4C84C1907DA3DED32540EF23F30FEDED">New Year, New Leadership? here</a>).</p><p>We also wrote last month that despite the volatility it is important to maintain a disciplined approach to investing. A new year brings with it promise of normalization in many facets of the capital markets, several of which are materializing with pronounced sector and industry rotation. We noted that investors are continuing to discount what a backdrop may look like six-to-twelve months from now. We expressed confidence a vaccine can take us from pandemic to panacea, towards normalcy and away from some of the uncertainty.</p><p>January was a mixed month. The S&amp;P 500 closed in negative territory, but other indices, including small-cap and international markets, closed higher. Former laggards continued to pick up relative strength (e.g. materials, financials, economically sensitive groups like energy, etc.) as the recovery broadened. Recently, investors have begun to question the outlooks for key drivers of positioning (e.g. low interest rates, low inflation and economic growth, the extraordinary success of the technology sector vs. ongoing headwinds in the financial and commodity sectors, etc.). We noted last month that there is ample room for rotations within the market to continue. We are sticking with that view.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro analyses indicate. Currently, our short-term metrics are in a neutral position. Long-term trends, influenced by our recessionary and bear market views, are? increasingly painting a more optimistic picture (positive).</p><p>For us, the macro discussion centers around policy. The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, a series of government support packages and a commitment by the Fed to highly accommodative policies have buffeted the pandemic shutdowns and laid the groundwork for the recovery. They will continue to be tailwinds well into 2021. While the Fed is anchoring short-term interest rates, longer-term rates are sniffing out a recovery and are pushing higher.</p><p>Inflation expectations have increased as signs of a global economic recovery increase. Consensus forecasts for global GDP growth in 2021 is almost 6%, the highest in many decades. Inflation has been relatively non-existent since the Global Financial Crisis (arguably for 40 years), and is worth watching in 2021. Many macro indicators are adjusting (e.g. the yield curve steepened last month to the widest level in three years, TIPS inflation readings broke out to seven-year high, Brent oil touched $60, etc.), but we feel broad measures of inflation look contained.</p><p>We welcome any narrative shift from deflation to inflation as we? feel the market can handle higher interest rates. After all, Treasury yields have been in a bull market for nearly 40 years since peaking at 16% in 1981. We are encouraged by the prospects of an economic ‘reopening.’ Vaccination trends are promising, and hospitalizations are declining faster than projections.</p><p>The current technical backdrop remains in good shape, although many of the short-term metrics we monitor are a bit stretched (e.g. put-call ratios are low, the percentage of stocks trading above key moving averages is high, etc.). Encouragingly, market breadth is expanding, and the highly concentrated market of 2020 continues to ease. A broad market is a healthier market, so we welcome this development.</p><p>Despite the move back to all-time highs, we still don’t think investor sentiment is euphoric. We sense healthy skepticism. There are still trillions of dollars in money market funds and, despite the advance, flows into equities are far below those of bonds and cash. The strong price moves of late increase the odds of a technical consolidation, but we feel pullbacks present opportunities to deploy capital for the long-term.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Earnings estimates continue to be revised higher and we suspect 2021 will end with profit levels at record highs. Valuations are stretched in some pockets of the market, but only slightly above long-term averages in others. Valuation dispersion is at record levels with a big gap between “haves” and “have-nots.” During the recent rotation, it’s the “have-nots” that have benefited most. It is worth noting that historically low interest rates make the earnings yield offered by stocks attractive relative to bonds and provides a strong counter-point to any valuation concern.</p><p>The credit backdrop has improved with both investment-grade and high-yield spreads vs. Treasuries back to pre-pandemic levels. Because continued tightening here is consistent with a rally in stocks, it has been encouraging to see. Dividend reinstatements (or increases) are now running well ahead of dividend cuts. As corporations’ confidence in their outlook continue to improve, we expect share buybacks to follow.</p><p>The disorderly trading of GameStop and other highly-shorted stocks has revealed market structure vulnerabilities that are sure to be reviewed. The sequence of events is a reminder that investing is often not the study of finance. It’s the study of how people behave, and sometimes that behavior is astonishing. Disruptive innovation also played a role here, as free trading apps and social media have empowered a new sort of trader. Add in the pandemic (and shut-ins), and the recipe for non-linear outcomes increased. While we are mindful, we see isolated risks with little if any systemic follow-through.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to maintain our steady positioning. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance.</p><p></p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### Pandemic Impact on Increased Divorce Rates
https://www.bakerave.com/insights/article/pandemic-impact-on-increased-divorce-rates<h4>In addition to the tragic loss of lives and financial hardship, the pandemic also resulted in higher divorce rates.</h4><p>According to <a
href="https://www.natlawreview.com/article/divorce-rates-and-covid-19" target="_blank">October 2020 National Law Review</a>, during the early stages of the Pandemic from March - June 2020, there was a 34% increase in divorce rates compared to 2019. Additionally, a full 20% of couples who had been married for five months or less sought divorce during this time period (compared with only 11% in 2019), illustrating a divorce trend due to the multitude of stresses experienced during the pandemic.</p><p>The chart below shows the phases through which a community moves in the wake of trauma. The curve shows increased energy and a sense of community cohesion in the period of time immediately following a disaster—it’s the “We’ll get through this together!” phase of disaster response. After a few weeks, the energy wears off, and disillusionment and depression can set in. During this period, couples may begin to struggle.</p><figure
class="rte-img-chosen" style="text-align: center;"><img
alt="Phases of Disaster" src="https://www.bakerave.com/assets/images/insights/phases-of-disaster-large.jpg" style=""><figcaption>Source: <a
href="https://www.samhsa.gov/dtac/recovering-disasters/phases-disaster" target="_blank">SAMHSA: Disaster Response Curve</a></figcaption></figure><h4>Another traumatic outcome that may not be as obvious is how divorce can impact your credit score and financial outlook.</h4><p>Divorce can bring a substantial hit on your finances if you aren’t careful. As a married couple, when you have merged your money matters together it can be a tricky situation to untangle after the fact. Your names even being linked together on a variety of purchases, credit cards, and loans can be complicated to dissolve.</p><p>It can especially tie the two of you together credit-wise until long after the divorce papers are signed and finalized. Keep in mind you still have an individual credit score even if you are married, but how you used your credit jointly as a couple during the marriage can reflect the financial habits that you created together. This is only true for the most part when you have joint accounts opened during the marriage. Here are four ways that divorce can affect your credit score.</p><h5>1. When an Ex-Spouse Doesn’t Pay Joint Accounts on Time</h5><p>If you have settled in court who is going to pay which credit card bills after the divorce, it’s important to make sure those debts get paid off on time. This could affect your credit score if those bills are paid late or not at all. The creditors don’t care that you two got a divorce, they just want your debts paid off on time.</p><h5>2. Not Enough Credit History</h5><p>In a marriage, if all the credit used was from one spouse then the other spouse might not have a fully utilized credit history or any credit history at all. For example, say you got married pretty young and everything was in your spouse’s name because you stayed home to raise the children, then you might not have fully used your credit. This can cause you to have a pretty low credit score which can prevent you from getting the loans or higher credit limits you could need later on to buy a house or purchase a car. This situation is common when one spouse is the primary keeper of the household finances.</p><p>If you are struggling to understand how credit scores and anything debt-related works, start by reading up on the basics from sites such as <a
href="https://www.investopedia.com/terms/c/credit_score.asp#:~:text=A%20credit%20score%20is%20a,repayment%20history%2C%20and%20other%20factors." title="">Investopedia</a>, visit the <a
href="https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/" target="_blank">Consumer Financial Protection Bureau</a> (a U.S. government-based website with helpful consumer tools and resources) or speak to <a
href="https://www.bakerave.com/contact" title="">an advisor</a>.</p><h5>3. Credit Limits Go Down</h5><p>If you separate your joint accounts and your sole income is significantly less than your combined income while married, this could affect your credit score.</p><h5>4. Not Paying Your Own Bills on Time</h5><p>The financial impact of divorce can also make you late to pay your own bills when you find that your own solo income doesn’t stretch as far. That can be difficult to get used to at first. Sometimes it means making a total lifestyle change. Making a budget and sticking to it can help you get in the habit of paying your bills on time and planning your new reality post-marriage.</p><p>Divorce is an emotional time filled with many important decisions especially financial ones that will affect your future. If you are struggling to figure out the best way to go forward with financial confidence once your marriage is dissolved, <a
href="https://www.bakerave.com/contact">BakerAvenue</a> is here for you. Our wealth advisors will be able to guide you through your transition.</p><p><small>Consumer Finance Sources: </small></p><ul><li><small><a
href="https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/" target="_blank">Credit Reports and Scores</a></small></li><li><a
href="https://www.investopedia.com/terms/c/credit_score.asp#:~:text=A%20credit%20score%20is%20a,repayment%20history%2C%20and%20other%20factors" target="_blank"><small>Investopedia: Credit Scores</small></a></li><li><small><a
href="https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791/" target="_blank">Why is the 43% debt-to-income ratio important?</a></small></li></ul>
### Divorce Financial Planning
https://www.bakerave.com/insights/article/divorce-financial-planning### Q4/2020: Tactical Fixed Income Strategy Fact Sheet
https://www.bakerave.com/insights/article/q4-2020-tactical-fixed-income-strategy-fact-sheets### Q4/2020: Impact Strategy Performance
https://www.bakerave.com/insights/article/q4-2020-impact-strategy-performance### Q4/2020: Impact Strategy Fact Sheet
https://www.bakerave.com/insights/article/q4-2020-impact-strategy-fact-sheets### Q4/2020: Global Income Strategy Fact Sheet
https://www.bakerave.com/insights/article/q4-2020-global-income-strategy-fact-sheet### Q4/2020: Blue Chip Strategy Fact Sheet
https://www.bakerave.com/insights/article/q4-2020-blue-chip-strategy-fact-sheet### Q4/2020: Dynamic Core Strategy Fact Sheet
https://www.bakerave.com/insights/article/q4-2020-dynamic-core-strategy-fact-sheet### Estate Planning During your Life’s Transitions Infographics
https://www.bakerave.com/insights/article/estate-planning-during-your-lifes-transitions-infographics### Other.limit
https://www.bakerave.com/insights/article/other.limit### Retire.Limit
https://www.bakerave.com/insights/article/retire.limit### tax.limit
https://www.bakerave.com/insights/article/tax.limit### Medicare.limit
https://www.bakerave.com/insights/article/medicare.limit### LTCG.limit
https://www.bakerave.com/insights/article/ltcg.limit### Your Wealth: 4 Simple Steps to Achieve a Brighter New Year
https://www.bakerave.com/insights/article/your-wealth-4-simple-steps-to-achieve-a-brighter-new-year<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/505432267?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Your Wealth: 4 Simple Steps to Achieve a Brighter New Year” or download the presentation slides.</p><p><a
href="https://www.bakerave.com/.pdfFiles/4_Simple_Steps_to_Achieve_a_Brighter_New_Year.pdf"><button
class="btn">Download</button></a></p>
### For California Homeowners: Proposition 19 Impact
https://www.bakerave.com/insights/article/for-ca-homeowners-prop19-impact<h4>Proposition 19 and What it Means for California Homeowners: The Good and Bad News<br>
<br></h4><h5><b>The Good News</b></h5><ul><li>Homeowners aged over 55 (or those with disabilities or affected by the wildfires/natural disasters) will be able to transfer their original Property Tax assessed value to a newly purchased property anywhere in California - previously the ability to transfer assessed values was restricted to a limited number of counties with reciprocal arrangements. <br>
<br></li><li>This new relief is effective April 1, 2021. Sellers can move up to 3 times in their lifetimes and still carry their original assessed value to a new property.<br>
<br></li><li>If the new property’s purchase price is less than the sale price of the original property, then no increase in assessed value will be made.<br>
<br></li><li>Where the new property’s purchase price is greater than the selling price of the original property – the homeowner may still qualify for partial relief with only the excess of the purchase price over the selling price being subject to an increased assessment.<br>
<br></li></ul><h5><b>The Bad News</b></h5><ul><li>Under the existing rules, parents can transfer ownership of their principal residence to their kids or grandkids (by lifetime gift or at their passing) without triggering a property tax reassessment in almost all circumstances. <br>
<br></li><li>Under Prop 19, transfers to kids/grandkids made after February 15, 2021 will be subject to reassessment unless the heirs use the home as their principal residence immediately after the transfer and claim an exemption from reassessment within 1 year of the transfer.<br>
<br></li><li>If the home is not used by a child/grandchild as a principal residence immediately after the transfer, (i.e. it is rented or used only as a vacation home), then the reassessment will be on the full market value of the home at the time of the transfer.<br>
<br></li><li>Even where a child/grandchild does occupy the home and claims an exemption from reassessment, the relief from reassessment on post-February 15, 2021 transfers will be subject to a limit. <br>
<br></li><li>That limit is calculated as the original assessed value (i.e. the assessed value applicable to the parents) plus $1M. If the new assessed value exceeds this limit, then the excess is subject to tax in the usual way and added to the original assessment.<br>
<br></li></ul><h5><b>Takeaway</b></h5><p>Homeowners who wish to transfer their home, and their original property tax assessed value (!), to their kids’/grandkids will need to ensure that the home is to be used as a principal residence by one of the heirs if the transfer takes place after February 15, 2021. Even where this is the case, relief from reassessment may be limited to the original assessed value plus $1M.</p><h5><b>Planning Point</b></h5><ul><li>Transfers that take place before February 16, 2021 will not be subject to the principal residence requirement or the limit on relief - the transfer will be governed by the law existing prior to the introduction of Proposition 19.</li></ul><p>If you are considering a lifetime transfer to your kids/grandkids prior to February 16, 2021 in order to take advantage of the “old” property tax assessment rules, bear in mind that a lifetime transfer will mean that your kids/grandkids will forgo the “step-up in tax basis” for capital gains tax purposes that would apply had they inherited the property at your passing.</p><p>As you go through your transitions, know that BakerAvenue is here for you and your family. <a
href="https://www.bakerave.com/bakerave.com/contact" title="">Contact us </a>for additional property tax questions you may have.</p><p><small>Source: <a
href="https://www.boe.ca.gov/prop19/">CA.gov</a></small></p>
### January Insights
https://www.bakerave.com/insights/article/january-insights### International Tax Planning Overview
https://www.bakerave.com/insights/article/international-tax-planning-overview### Kick the market in high gear
https://www.bakerave.com/insights/article/kick-market-in-higher-gear<p>BakerAvenue’s Chief Strategist, King Lip, was quoted “The outlook has to be good… it would really kick the market into higher gear if we are hearing more companies raise guidance.”</p><p>Read Reuter’s full article <a
href="https://www.reuters.com/article/marketsNews/idUSL1N2JI23N?il=0" target="_blank">Analysis: Value stocks surge boosts 2020’s losers as investors bet on economic revival</a>.</p>
### January 2021 Market Update
https://www.bakerave.com/insights/article/january-2021-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/499416244?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the January Market Update slide deck by Doug Couden</p><p> <a
href="/assets/images/insights/webinar_01112021.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Positive
https://www.bakerave.com/insights/article/prudence-says-positive-january<p>To be clear, we are talking market leadership, not Washington leadership. But they are related. Despite the increase in new infections, the Democratic win in the Georgia runoffs, combined with the OPEC oil supply cuts and stronger-than-expected economic data, has provided support for further rotation across and within asset classes. Small-cap stocks have continued to lead their large-cap brethren, cyclical and value pockets of the equity market have led long-time winners growth and momentum, and ten-year interest rates have broken above 1% as inflation forecasts have ticked higher. It’s a new year, but already there are signs new leadership is taking hold.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="https://www.bakerave.com/insights-impact/market-updates">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. Since the beginning of the pandemic we stated that the retrenchment in economic activity, while necessary, is self-inflicted, not structural, and prone to snapping back as re-opening resumes or vaccines enter the narrative (see <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a>, <a
href="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D" title="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D">Escape Velocity,</a> <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED" title="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED">Navigating the K-Shaped Recovery</a>,<a
href="https://bakeravenue.cmail20.com/t/ViewEmail/r/F67FF4800D2A1D742540EF23F30FEDED/01545358A4F5A4543EDEEDC46EB9B960"> Election Vexation</a>, <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/021EE09E247373422540EF23F30FEDED">Back To Basics</a> and <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/170B249D1151E4552540EF23F30FEDED">Inoculating The Unprecedented here</a>). We also wrote last month that during election cycles it is important to maintain a disciplined approach to investing. When it comes to investing, there are more important considerations than who sits in the Oval Office. We noted that investors are beginning to discount what the backdrop may look like six-to-twelve months from now, a time when the worries of today are an afterthought. We expressed confidence that a vaccine would take us from pandemic to panacea, towards normalcy and away from these ‘unprecedented’ times.</p><p>That optimism was picked up by the market with further gains in December to close out a volatile, but profitable year (the S&amp;P 500 was +3.7% in December, and +16.5% for 2020). A highlight of the ‘risk-on’ rotation, small-cap stocks posted their best quarter in history (the Russell 2000 was +30.9% in the fourth quarter of 2020). Of course, this comes in a year where they also had their worst quarter ever (-31.0% in the first quarter of 2020). The year’s best performing sectors and asset classes stalled out (e.g. technology, consumer discretionary, momentum, etc.) and former laggards picked up relative strength (e.g. materials, financials, economically sensitive groups like energy, etc.). Investors further embraced the idea that a return to normalization is at hand, spurred on by vaccination hopes and historic fiscal support.</p><p>One of the most enduring features of the past several years has been the secular outperformance of growth stocks vs. value and, to a lesser extent, defensives relative to cyclicals. There have been rotations, but these have generally been short-lived. The drivers of these long-term trends have been the combination of low interest rates, low inflation and economic growth, coupled with the extraordinary success of the technology sector vs. ongoing headwinds in the financial and commodity sectors. The gap started to close at the end of last year, and we noted there is ample room for that rotation to continue. We are sticking with that view.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro analyses indicate. Currently, our short-term metrics are in a neutral position. Long-term trends, influenced by our recessionary and bear market views, increasingly painting a more optimistic picture (positive).</p><p>For us, the macro discussion centers around policy. The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, a series of government support packages and a commitment by the Fed to highly accommodative policies have buffeted the pandemic shutdowns and laid the groundwork for the recovery. They will continue to be tailwinds well into 2021. While the Fed is anchoring short-term interest rates, longer-term rates are sniffing out a recovery and are pushing higher.</p><p>Inflation expectations have increased, and the dollar has continued its weakening trend, both encouraging signs of a global economic recovery. Inflation has been relatively non-existent since the Global Financial Crisis (arguably for 40 years) and is worth watching in 2021. Right now, broad measures of inflation look contained and, at these levels, we welcome any narrative shift from deflation to inflation. After all, Treasury yields have been in a bull market for nearly 40 years since peaking at 16% in 1981.</p><p>Political uncertainty remains, but we think a new era in Washington has more to do with positioning than the market, in aggregate. The Georgia Senate runoff was a game-changer from a fiscal spending point-of-view. In short, we expect more. The further stimulus will help to bridge the gap between economic reality and wide-spread vaccination. According Bloomberg, consensus forecasts for global GDP growth in 2021 is almost 6%, the highest in many decades.</p><p>The current technical backdrop remains in good shape, although many of the short-term metrics we monitor are a bit stretched (e.g. put-call ratios are low, the percentage of stocks trading above key moving averages is high, etc.). Encouragingly, market breadth is expanding, and the highly concentrated market of 2020 continues to ease. A broad market is a healthier market, so we welcome this development.</p><p>Despite the move back to all-time highs, we still don’t think investor sentiment is euphoric; we sense healthy skepticism. There are still trillions of dollars in money market funds and, despite the advance, flows into equities are far below those of bonds and cash. The strong price moves of late increase the odds of a technical consolidation, but we feel pullbacks present opportunities to deploy capital for the long-term.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Earnings estimates continue to be revised higher and we suspect 2021 will end with profit levels at record highs. Valuations are stretched in some pockets of the market, but only slightly above long-term averages in others. Valuation dispersion is at record levels with a big gap between “haves” and “have nots.” During this rotation, it’s the “have-nots” that have benefited most. It is worth noting that historically low interest rates make the earnings yield offered by stocks attractive relative to bonds and provides a strong counter-point to any valuation concern.</p><p>The credit backdrop has improved with both investment-grade and high-yield spreads starting the year at levels not seen since the beginning of the pandemic. Because continued tightening here is consistent with a rally in stocks, it was encouraging to see. Dividend reinstatements (or increases) are now running well ahead of dividend cuts. As corporations’ confidence in their outlook continue to improve, we expect share buybacks to follow.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Many of those assets are rotational beneficiaries. Should our base case hold, we plan to hold our positioning steady. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance.</p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p><p></p><p><o:p> </o:p></p>
### December Insights
https://www.bakerave.com/insights/article/december-insights### Prudence Says Positive
https://www.bakerave.com/insights/article/prudence-says-positive-december<p>We are ready to stop using the word “unprecedented” when discussing the financial markets. This year’s “unprecedented” hall of fame includes the historic fall off (and corresponding recovery) in economic activity, the sharpest bear and bull market in history, the widest performance gaps between growth and value stocks on record, historically low bond yields and, lest we forget, the greatest (and quickest) policy support ever. And the year is not even over! We are confident a vaccine can take us from pandemic to panacea, towards normalcy and away from, yes, these unprecedented times.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="https://www.bakerave.com/insights-impact/market-updates">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. Since the beginning of the pandemic we stated that the retrenchment in economic activity, while necessary, is self-inflicted, not structural, and prone to snapping back as re-opening resumes or vaccines enter the narrative (see <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a>, <a
href="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D" title="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D">Escape Velocity,</a> <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED" title="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED">Navigating the K-Shaped Recovery</a>, <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/021EE09E247373422540EF23F30FEDED">Election Vexation and Back To Basics here</a>). We also wrote last month that during election cycles it is important to maintain a disciplined approach to investing. When it comes to investing, there are more important considerations than who sits in the Oval Office. We noted that investors are beginning to discount what the backdrop may look like six-to-twelve months from now, a time when worries of today are an afterthought.</p><p>November was the tenth best month in the past seventy years (+10.7% for the S&amp;P 500). Coming off the consolidation in September-October, markets sprang to life. Resolution of two issues that had been keeping investors jittery and anxious, politics and the pandemic, was the catalyst. We aren’t out of the woods yet, but one way or another, we are close to settling the political debate. And, arguably more importantly, we are inching ever closer to a widely-distributed vaccine that should go a long way toward restoring some of the normalcy that has disrupted so many lives. The recent resurgence and corresponding shut-ins are a reminder that the process will take time, but it is our belief that return-to-normal is closer than not.</p><p>We suspect that as the year closes out investors will continue to refocus their energy on the key pillars of stock market returns, building blocks that define long-term risk and returns. Virus influence will wane, but metrics like growth and valuation will be here forever. Presidents will come and go, but interest rates and technical strength will forever play a role in investing. This extraordinary year of 2020 will soon give way to one where investors focus on more traditional factors.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macroeconomic market analyses indicate. Currently, our short-term metrics are in a neutral position. Long-term trends, influenced by our recessionary and bear market views, and are increasingly painting a more optimistic picture (positive).</p><p>For us, the macro discussion centers around policy. The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, government support packages and a commitment by the Fed to highly-accommodative policies have buffeted the pandemic shutdowns and laid the groundwork for the recovery. They will continue to be tailwinds. As the stock market reached new highs last month, interest rates climbed higher and yield curves steepened. While the Fed is anchoring short-term interest rates, longer-term rates are sniffing out a recovery and are pushing higher. Inflation expectations increased and the dollar continued its weakening trend, both encouraging signs of a global economic recovery.</p><p>Political uncertainty remains, particularly as it relates to the Senate picture, but the worst outcomes for the market seem to have been avoided. Divided governments historically have the best long-term return profiles. There are growing concerns that the US recovery may lose steam without further fiscal stimulus. We continue to believe another stimulus program will be agreed upon, and it will help to bridge the gap between economic reality and wide-spread vaccination. Consensus forecasts for global GDP growth in 2021 is almost 6%, the highest since 2010.</p><p>The current technical backdrop remains in good shape, although many of the short-term metrics we monitor are a bit stretched (e.g. put-call ratios are low, the percentage of stocks trading above key moving averages is high, etc.). Encouragingly, market breadth is expanding with smaller names catching up to their large-cap peers. The highly concentrated nature of the market has started to ease. A broad market is a healthier market, so we welcome this development.</p><p>Rotation amongst asset classes is almost a daily occurrence. The much-maligned value and cyclical growth sectors are slowly making a comeback as inflation pressures return. We note there is ample room for continued improvement on the small-cap and value side of the rotation debate. Despite the move back to all-time highs, we think investor sentiment is not euphoric. There are still trillions of dollars in money market funds and, despite the advance, flows into equities remain negative year-to-date.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Mirroring the economic contraction, we suspect the pullback in corporate profits troughed in April. For the past two quarters, earnings reports have surpassed projections by more than 20%. We expect the upside surprises to continue well in to 2021. Valuations are stretched in some pockets of the market, but only slightly above long-term averages in most. Of course, historically low interest rates make the earnings yield offered by stocks attractive relative to bonds and provides a counter-point to valuation concerns.</p><p>The credit backdrop has improved with both investment-grade and high-yield spreads closing out the month at levels not seen since the beginning of the pandemic. Because continued tightening here is consistent with a rally in stocks, it was encouraging to see. Dividend reinstatements (or increases) are now running well ahead of dividend cuts. As corporations confidence in their outlook continue to improve, we expect share buybacks to follow.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to hold our positioning steady. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance. The extent of those allocations (or, tilts) are predicated on the continued move away from, or an inoculation of, the “unprecedented” backdrop of 2020.</p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### December Market Update
https://www.bakerave.com/insights/article/december-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/488313785?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the December Market Update slide deck by Doug Couden.</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_12082020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Tesla is a very under-owned stock across actively managed fund
https://www.bakerave.com/insights/article/tesla-is-a-very-under-owned-stock-across-actively-managed-fund<p>BakerAvenue’s Chief Strategist, King Lip, says “Tesla is a very under-owned stock across actively managed funds”. Read Reuter’s full article <a
class="orange" href="https://www.reuters.com/article/us-tesla-stocks/tesla-surges-as-fund-managers-face-big-decision-how-much-to-own-idUSKBN27X1FQ">Tesla surges as fund managers face big decision: How much to own.</a></p>
### Giving Back: Aligning Life, Work and Purpose
https://www.bakerave.com/insights/article/giving-back-aligning-life-work-and-purpose<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/480790360?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Giving Back: Aligning Life, Work and Purpose” or download the presentation slides.</p><p><a
href="https://www.bakerave.com/.pdfFiles/Giving_Back.pdf"><button
class="btn">Download</button></a></p><div
class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### November Insights
https://www.bakerave.com/insights/article/november-insights### Prudence Says Neutral
https://www.bakerave.com/insights/article/prudence-says-neutral-november<p>October kept its reputation as one of the most volatile months intact, further consolidating a pullback that started in September. The market has been restless and agitated over the past few months as headlines related to the pandemic and politics sucked all the air out of the room. However, we believe the associated volatility may have peaked with a path for resolution on both fronts. One way or another, we are close to settling the political debate. And, arguably more importantly, we are inching ever closer to a vaccine that should go a long way toward restoring some of the normalcy that was disrupted by the virus.</p><p>We suspect that as the year closes out investors will once again refocus their energy on the key pillars of stock market returns, building blocks that define long-term risk and returns . Virus influence will wane, but metrics like growth and valuation will be here forever. Presidents will come and go, but interest rates and technical strength will forever play a role in investing. We welcome the move back to the basics.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. We have previously stated that the unprecedented retrenchment in economic activity caused by the pandemic will keep market volatility elevated. However, we also noted most of the shutdown is self-inflicted, not structural, and prone to snapping back as social distancing guidelines are lifted (see <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a>, <a
href="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D" title="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D">Escape Velocity,</a> <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED" title="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED">Navigating the K-Shaped Recovery</a> and <a
href="https://bakeravenue.cmail20.com/t/ViewEmail/r/F67FF4800D2A1D742540EF23F30FEDED/01545358A4F5A4543EDEEDC46EB9B960">Election Vexation here</a>). We also wrote last month that during election cycles , it is important to maintain a disciplined approach to investing. When it comes to investing, there are more important considerations than who sits in the Oval Office.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macroeconomic market analyses indicate. Currently, our short-term metrics are in a neutral position. Long-term trends, also neutral, are influenced by our recessionary and bear market views and are increasingly painting an optimistic picture.</p><p>For us, the macro discussion centers around policy. The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, government support packages and a commitment to highly-accommodative policies buffeted the pandemic shutdowns and laid the groundwork for a recovery. While the stock market retrenched again last month, interest rates and yield curves were stable. We believe that had a lot to do with the monetary ‘backstop’ in place. The Fed has stated numerous times that they will remain accommodative, regardless of political volatility (or, in spite of).</p><p>There are growing concerns that the US recovery may lose steam without further fiscal stimulus. Political uncertainty remains, particularly as it relates to the Senate, but the worst outcomes for the market seem to have been avoided. Divided governments historically had best long-term return profiles.</p><p>Technical trends have improved significantly from the March 23rd lows but have further work to do. For most of the recovery, large-cap stocks (particularly mega-cap technology stocks) have been doing the heavy lifting, but, as the past few days have highlighted, they remain vulnerable to profit-taking. There is ample room for improvement in the small-cap and value side of the rotation debate. We will be watching to see if the recent pickup in market breadth (a measure of participation) continues. Despite the move back to all-time highs, we think investor sentiment remains subdued. There is still over $1.0 trillion in money market funds and, despite the advance, flows into equities remain negative year-to-date.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Mirroring the economic contraction, we suspect the pullback in corporate profits troughed in April. For the past two quarters, earnings reports have surpassed projections by more than 20%. We expect the upside surprises to continue. Valuations are stretched in some pockets of the market, but only slightly above long-term averages in most. Of course, historically low interest rates make the earnings yield offered by stocks attractive relative to bonds and provides a counter-point to valuation concerns. The credit backdrop has improved with both investment-grade and high-yield spreads closing out the month at levels not seen since the beginning of the pandemic. Because continued tightening here is consistent with a rally in stocks, it was encouraging to see little movement (widening) in spreads as equities sold off last month.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to hold our positioning steady. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance. The building blocks will play an increasing role for us in determining those allocations.</p><p></p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### November Market Update
https://www.bakerave.com/insights/article/november-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/477324947?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the November Market Update slide deck by Doug Couden.</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_11102020_(003).pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Election Outcome: Potential Changes in Impact Investing
https://www.bakerave.com/insights/article/election-outcome-potential-changes-in-impact-investing<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/475307359?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Election Outcome: Potential Changes in Impact Investing” or download the presentation slides.</p><p><a
href="https://www.bakerave.com/.pdfFiles/YPO_Series_III.10.27.pdf"><button
class="btn">Download</button></a></p><div
class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### Impact Invest Performance
https://www.bakerave.com/insights/article/impact-invest-performance<p><a
href="/.pdfFiles/4_Critical_Factors_in_Managing_Concentrated_Stock.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p></p><p></p><p
style="display: none">Q1 2019 Market Insights</p>
### What Is Impact Investing and How Do I Get Started?
https://www.bakerave.com/insights/article/what-is-impact-investing-and-how-to-get-started<p><a
href="/.pdfFiles/Impact_Investing_White_Paper._11_.03._Final_(1)_.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### How to Evaluate and Invest in ESG / Impact Investments
https://www.bakerave.com/insights/article/how-to-evaluate-and-invest-in-esg-impact-investments<h4>​ESG / Impact Investing: Learn How to Evaluate and Start from our Experts</h4><p>When BakerAvenue clients want to incorporate personal values and passions into their portfolios, we start by discussing their intentions for the investments.</p><p>One framework we use for these discussions is the United Nations’ 17 Sustainable Development Goals (UNSDGs) that were adopted by world leaders in 2015 at a historic UN Summit. In the past five years, there has been increasing alignment around using the SDGs as a common vocabulary to talk about impact investing and what clients hope to achieve.</p><p>For example, if their focus is the environment, that includes clean energy, climate change, and water. Or they may wish to support issues like equality, education, different types of sustainability for cities and businesses, etc. And although this is quite a comprehensive list, there are other purposes for which impact investing can be used, such as animal rights and welfare.</p><h5><b> </b><figure
class="rte-img-chosen" style="text-align: center;"><a
href="https://sdgs.un.org/goals" target="_blank"><img
alt="United Nations Sustainable Development Goals" class="img-fluid" src="https://www.bakerave.com/assets/images/insights/Screen_Shot_2020-10-29_at_3.25.16_PM_.png" style=""></a><figcaption><span>Source: <a
href="https://sdgs.un.org/goals" target="_blank">United Nations Sustainable Development Goals</a></span></figcaption></figure><p></p></h5><h5 class="mt-5"> <b>Data of impact potential for thousands of stocks</b></h5><p>The data to analyze publicly traded securities to align clients’ portfolios with their values is now available. We can screen for factors like a governance rating, a board’s diversity, greenhouse gas per unit of revenue, employee satisfaction scores, women in managerial roles, renewable energy projects, etc.</p><p>Plus we can review a company’s returns and social results. For example, if they focus on women-owned businesses in the developing world, we will see their financial reports as well as their impact reports on the demographics of people they reach, what countries, how access to capital is improving, etc.</p><p>Furthermore, we help clients understand the trade-offs of different types of bespoke strategy. They may be looking for market-rate competitive investments that are also impact-embedded. Or they might want something with an impact perspective that will be below market, and we will discuss potential implications for return or volatility.</p><figure
class="rte-img-chosen mt-4" style="text-align: center;"><b
style="font-size: 16px;"><img
class="img-fluid" alt="How BakerAvenue Screens Public Investments" src="https://www.bakerave.com/assets/images/insights/Screen_Shot_2020-10-29_at_3.27.39_PM_.png" style=""><figcaption>How BakerAvenue Screens Public Investments</figcaption></b></figure><h5><b
style="font-size: 16px;">Standardizing data</b></h5><p>The financial services industry is moving closer to a consistent standardization of analytical screening, metrics, ratings, scoring, and other data to evaluate how a specific goal such as access to education can, or can’t, be achieved through a specific investment.</p><p>There are now standards bodies, including the Suitability Accounting Standards Board (SASB) and International Financial Reporting Standards (IFRS), that are helping to frame and align the disclosures companies need to provide, similar to the Financial Accounting Standards Board’s (FASB) guidance on accounting.</p><h5> <b>How to start making an impact</b></h5><ul><li>Understand what you already own, e.g., what are the exposures, are there areas you want to add exposure to, are there areas you want to avoid?</li><li>Know what you want to achieve based on your financial needs and goals.</li><li>Think about your personal values and what you’d like to accomplish.</li></ul><p> Our role is to help incorporate those values into your broader, longer-term financial plan. We’ve found that encouraging action around the dynamics you’re looking for is a good way to think about responsible investing.</p><p><b>The Private Markets</b></p><p>The following are a few examples (not specific endorsements) of private companies that are focused on impact / ESG investing.</p><p>Previously, companies like these would not have attracted market-rate capital. But with the surging interest in aligning investments with values, three of the four are now considered market-rate competitive.</p><div
class="row mb-3"><div
class="col-2"><a
href="https://microvestfund.com/" target="_blank"><img
class="img-fluid d-block text-center mx-auto" alt="MicorVest" src="https://www.bakerave.com/assets/images/insights/microvest.png"></a></div><div
class="col-10"><p><b><a
href="https://microvestfund.com/" target="_blank">MicroVest</a></b> is a Fixed Income Fund focusing on short-term financing to microfinance institutions. Microfinance is financing opportunities typically in developing countries, although not exclusively, for very small start-ups. They tend to focus on women-owned businesses to provide capital for aspiring entrepreneurs to start and grow businesses.</p><p></p></div><p></p></div><div
class="row mb-3"><div
class="col-2"><a
href="https://www.map-energy.com/" target="_blank"><img
class="img-fluid d-block text-center mx-auto" alt="Map" src="https://www.bakerave.com/assets/images/insights/MAP.svg"></a></div><div
class="col-10"><p><b><a
href="https://www.map-energy.com/" target="_blank">MAP</a></b> is a real estate fund investing exclusively in renewable energy and on-the-ground conservation. MAP funds projects that are directly replacing energy generated from fossil fuels where the projects add access to clean energy through a real estate strategy, which can be financially competitive.</p><p></p></div><p></p></div><div
class="row mb-3"><div
class="col-2"><a
href="https://www.theimpactengine.com/" target="_blank"><img
class="img-fluid d-block text-center mx-auto" alt="Impact Engine" src="https://www.bakerave.com/assets/images/insights/impacteng.png"></a></div><div
class="col-10"><p><b><a
href="https://www.theimpactengine.com/" target="_blank">Impact Engine</a></b> is a private equity firm that seeks investment opportunities that have the potential to drive both competitive financial returns and sustainable, scalable social or environmental impact. The firm looks at companies that directly improve education, health, economic empowerment or environmental sustainability.</p><p></p></div><p></p></div><div
class="row mb-3"><div
class="col-2"><a
href="https://www.unicefusa.org/unicef-bridge-fund" target="_blank"><img
class="img-fluid d-block text-center mx-auto" style="width: 50%" alt="Impact Engine" src="https://www.bakerave.com/assets/images/insights/unicef.jpeg"></a></div><div
class="col-10"><p><b><a
href="https://www.unicefusa.org/unicef-bridge-fund" target="_blank">UNICEF</a></b> has a bridge fund, through a donor-advised fund, with below-market rates offering a very low interest rate. It’s a line of capital, immediately available and replenished over time, for distributing supplies as quickly as possible in the event of a disaster.</p><p></p></div><p></p></div><p
class="mt-3 mb-3"><small
style="color: var(--coolgrey);line-height: 1rem;">Any suggestion of cause and effect or of the predictability of economic or investment cycles is unintentional. Past performance is never a guarantee of future performance. Baker Avenue Asset Management LP may currently own or have previously owned a specific stock or company referenced, and a list of our past holdings can be found at the <a
href="https://www.sec.gov/cgi-bin/browse-edgar?company=baker+avenue&amp;owner=exclude&amp;action=getcompany" title="">SEC website</a>. <a
href="https://www.bakerave.com/disclosures" title="">Click to view full disclosures.</a></small></p><p><b
style="font-size: 18px;">Standardizing data</b></p><p>The financial services industry is moving closer to a consistent standardization of analytical screening, metrics, ratings, scoring, and other data to evaluate how a specific goal such as access to education can, or can’t, be achieved through a specific investment.</p><p>There are now standards bodies, including the Suitability Accounting Standards Board (SASB) and International Financial Reporting Standards (IFRS), that are helping to frame and align the disclosures companies need to provide, similar to the Financial Accounting Standards Board’s (FASB) guidance on accounting.</p><h5><b>How to start making an impact</b></h5><ul><li>Understand what you already own, e.g., what are the exposures, are there areas you want to add exposure to, are there areas you want to avoid?</li><li>Know what you want to achieve based on your financial needs and goals</li><li>Think about your personal values and what you’d like to accomplish</li></ul><p>Our role is to help incorporate those values into your broader, longer-term financial plan. We’ve found that encouraging action around the dynamics you’re looking for is a good way to think about responsible investing.</p><p>Because investments in companies that look to the future – such as improving carbon efficiency or using sustainable sourcing strategies for supply chains – will help people and the environment alongside financial return.</p><p><b>If you would like to learn more visit <a
href="/impact-invest" title="Impact Investing">bakerave.com/impact-invest</a> or to get started, <a
href="/contact">contact us</a>.</b></p>
### Learn Why 72% of Americans Are Interested in Impact Investing
https://www.bakerave.com/insights/article/learn-why-72-of-americans-are-interested-in-impact-investing<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/470735024?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Learn why 72% of Americans are Interested in Impact Investing” or download the presentation slides.</p><p><a
href="https://www.bakerave.com/.pdfFiles/YPO.Impact_.Inv_.Webinar_.SeriesII_.pdf"><button
class="btn">Download</button></a></p><div
class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### Insights on the Upcoming Election
https://www.bakerave.com/insights/article/insights-on-the-upcoming-election<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/468563517?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Click to view “Insights on the Upcoming Election” or download the presentation slides.</p><p><a
href="https://bakerave.com/.pdfFiles/elections_webinar10.13.pdf"><button
class="btn">Download</button></a></p><div
class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### Defining Impact Investing: How Has It Evolved?
https://www.bakerave.com/insights/article/defining-impact-investing-how-has-it-evolved<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/466001577?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Defining Impact Investing. How Has it Evolved?</p><p> <a
href="https://www.bakerave.com/assets/images/insights/Impact.Inv_.SeriesI_..pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><div
class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### October Insights
https://www.bakerave.com/insights/article/october-insights### October Market Update
https://www.bakerave.com/insights/article/october-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/465814263?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the October Market Update slide deck by Doug Couden.</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_10062020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Neutral
https://www.bakerave.com/insights/article/prudence-says-neutral-october<p>After gains in the preceding five months, September posted the first down month since the market bottomed. While the consolidation of recent gains was natural, we suspect the associated volatility got an added boost from this year’s election developments. The agendas of the candidates are getting plenty of airtime, and rightfully so. After all, their policy priorities will indeed have economic consequences. However, we see bigger forces in play. It will be important for investors to sift through the noise and stay focused on the real, sustainable drivers of risk and return.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. We have previously stated that the unprecedented retrenchment in economic activity caused by the pandemic will keep market volatility elevated. However, we also noted most of the shutdown is self-inflicted, not structural, and prone to snapping back as social distancing guidelines are lifted (see <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a>, <a
href="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D" title="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D">Escape Velocity,</a> and <a
href="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED" title="https://bakeravenue.createsend1.com/t/ViewEmail/r/10D7ADBAB07F64162540EF23F30FEDED">Navigating the K-Shaped Recovery here</a>).</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macroeconomic market analyses indicate. During election cycles, this discipline becomes important as the noise level rises. Currently, our short-term metrics are in a neutral position, while long-term trends, which are influenced by our recessionary and bear market views, have healed (also neutral).</p><p>The macro discussion centers around policy. The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, government support packages and a commitment to highly-accommodative policies buffeted the pandemic shutdowns and laid the groundwork for a recovery. While the stock market retrenched last month, partly on growth concerns, interest rates, yield curves and the US Dollar were stable. We believe that had a lot to do with the monetary ‘backstop’ in place.</p><p>There are growing concerns that the US recovery may lose steam without further fiscal stimulus. The recent passing of Supreme Court Justice Ruth Bader Ginsburg and the process of confirming her replacement now adds a new dimension to the political landscape and could re-shape stakes in a number of key Senate races. We will be watching closely. Election-related volatility is sure to pick up as the days tick by, but, like most elections, it will most likely play second fiddle to the economic backdrop (click here to register for our upcoming election webinar).</p><p>Technical trends have improved significantly from the March 23rd lows but have further work to do. Large-cap stocks (particularly mega-cap technology stocks) have been doing the heavy lifting, but, as the past few days have highlighted, remain vulnerable to profit-taking. There is ample room for improvement in the small-cap and value side of the rotation debate. We will be watching to see if the recent pickup in market breadth (a measure of participation) continues. Investor sentiment remains subdued (a good thing). There is still over $1.5 trillion in money market funds and, despite the advance, flows into equities remain negative year-to-date.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Mirroring the economic contraction, we suspect the pullback in corporate profits troughed in April. Visibility remains limited (more than half of the companies in the S&amp;P 500 have withdrawn guidance), but is improving as reopening gains steam. Valuations are stretched in some pockets of the market, but only slightly above long-term averages in most. Of course, historically low interest rates make the earnings yield offered by stocks attractive relative to bonds and provides a counter-point to valuation concerns. The credit backdrop has improved with both investment-grade and high-yield spreads more than halfway back to their pre-crisis levels. Because continued tightening here is consistent with a rally in stocks, it was encouraging to see little movement (widening) in spreads as equities sold off last month.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to hold our positioning steady. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance.</p><p></p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### Philanthropy
https://www.bakerave.com/insights/article/philanthropy<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/463154021?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Philanthropy</p><p> <a
href="https://www.bakerave.com/assets/images/insights/Philanthropy.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><div
class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### September 22nd Market Update
https://www.bakerave.com/insights/article/september-22nd-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/460421556?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the September 22nd Market Update slide deck by Doug Couden.</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_09222020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Why Markets Are Trending Upwards While Small Businesses Continue to Suffer
https://www.bakerave.com/insights/article/why-markets-are-trending-upwards-while-small-businesses-continue-to-suffer<h4><b>Why are stocks trending upwards while small businesses continue to suffer? </b></h4><h5><b>The Stock Market is not the Economy.</b></h5><p>Those in the finance world hear this all the time, and the COVID -19 pandemic may be one of the best examples of this statement in action.</p><ul><li
style=""><b>The Economy </b>encompasses the overall wealth of a country, specifically in regard to the growth or decline of production. It is measured by Gross Domestic Product (GDP).</li><li
style=""><b>The Stock Market</b> consists of an exchange of stocks. It is the buying and selling of ownership shares in a corporation. It is measured by indices (DJIA, S&amp;P 500, Nasdaq Composite, etc.).</li></ul><p>Although stay at home orders and the close of businesses across the globe have been very helpful to combat COVID -19, there is no doubt that it continues to be detrimental for small businesses. As an indicator, 55% of small businesses closed on Yelp have shut down permanently during the coronavirus pandemic. If these businesses haven’t closed for good, they have been required to reduce their hours, their capacity, and/or minimize their offerings and their ability to acquire loans to manage through this difficult time. This is not something that we necessarily see reflected in the stock market. In fact, markets have recently surpassed the highs set before the pandemic hit.</p><figure
class="rte-img-chosen" style="text-align: center;"><br>
<img
class="img-fluid" alt="" src="https://www.bakerave.com/assets/images/insights/Restaurants_and_Retail_Continue_to_Struggle_%281%29.png" style="font-style: normal;"> <figcaption>Closed Small Businesses Since March 1, 2020<b><sup><a
href="#sup1">1</a></sup></b></figcaption></figure><figure
class="rte-img-chosen" style="text-align: center;"><img
class="img-fluid" alt="Based on State and Regions" src="https://www.bakerave.com/assets/images/insights/Where_are_Businesses_Closing_at_the_Highest_Rate.png"> <figcaption>Based on State and Regions<b><sup><a
href="#sup1">1</a></sup></b></figcaption></figure><p>Over the past few months, many of our clients have been puzzled by the rising stock market, considering that amidst the pandemic, GDP<i> </i>dropped 5% in the first quarter and 31% in the second (year over year). Individuals filing for unemployment reached a high of 14.7% at the end of April<sup><a
href="#sup2">2</a></sup>. That is higher than the peak of 10% in 2009. You have to go all the way back to 1940 to get a number that high. Despite this, stocks have surged and continue to trend upward since initially entering a bear market on March 11<sup>th</sup>. Why is this?</p><h5><b>The Stock Market Does Not Represent All Americans</b></h5><p>Companies represented in the stock market are large businesses, they are not the family-owned restaurants, salons, cafes, gyms, etc. Small businesses have struggled to receive loans after the first wave of emergency lending. Comparatively, large businesses have significant cash reserves and the ability to issue large quantities of debt at very low-interest rates or even issue stock to raise cash to get them through this tough time. Small businesses do not have that luxury. Massive businesses such as Amazon have actually been profiting more due to the pandemic since people have been forced to shop online versus in person. Other large technology companies like Apple, Microsoft, Google, Facebook, and Netflix have also seen minimal disruption in their businesses. These companies make up a significant portion of the stock market to help explain the disparity.</p><ol><li><b>The Stock Market Is Forward-Looking<br>
</b>Stocks are valued by their future earnings. Any short-term hiccup can be quickly muted if the long-term earnings forecasts are still intact. Back in March, the future of the economy was extremely uncertain. The economic recovery timeline was unable to be foreseeable. Uncertainty is not good for the stock market. Once we could start to see a way back to normalcy, even if it would take months, it can be enough for the stock market to see this as mostly temporary.<br>
<br></li><li><b>Investors May Be Driven by Reactions &amp; Emotions<br>
</b>As a result, their behavior may not be mimicking the economy’s current state nor affairs happening in real-time. Investors often overcorrect and create undue elevated volatility in the short term.</li></ol><figure
class="rte-img-chosen" style="text-align: center;"> <figure
class="rte-img-chosen" style="text-align: center;"><img
class="img-fluid" alt="" src="https://www.bakerave.com/assets/images/insights/Screen_Shot_2020-09-22_at_1.16.48_PM_.png"></figure><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p><figcaption>Most Viewed Retail Stocks<b><sup><a
href="#sup3">3</a></sup></b></figcaption></p><p></p>
</figure><p> When we think of the country’s financial health, we tend to lump a variety of metrics together – GDP, debt levels, unemployment levels, the stock market performance, savings rates, etc. It is important to recognize, however, that although they have a lot to say about the current state of a country, they don’t tell the same story at the same time.</p><p>With the elections around the corner and uncertainty of the pandemic, the market can be extremely unpredictable and volatile. If you would like to receive BakerAvenue’s market updates, watch upcoming webinars, or get insights on our economy, <a
href="/contact">contact us</a>.</p><p><small> </small></p><p></p><p><small><b>Sources: </b></small></p><ol
style="font-size: 80%"><li
id="sup1"><a
href="http://www.qsrmagazine.com/consumer-trends/yelp-nearly-16000-restaurants-have-permanently-closed-due-covid" target="_blank" style="">Yelp: Nearly 16,000 Restaurants Have Permanently Closed Due to COVID</a></li><li
id="sup2">U.S. Bureau of Labor Statistics and Economic Analysis</li><li
id="sup3"><a
href="https://www.tradingview.com/chart/AMZN/7kec2HNh-The-most-viewed-retail-stocks-on-TradingView/" target="_blank">The most viewed retail stocks on TradingView</a></li></ol><p>Interested in Financial Feminism topics? Visit <a
href="https://wealth.bakerave.com/ff" title="">BakerAvenue’s Financial Feminism MasterClass series</a> to learn more.<span><br>
</span></p>
### Snowflake shares could ‘double from here
https://www.bakerave.com/insights/article/snowflake-shares-could-double-from-here<p
class="body-copy">King Lip, Chief Strategist and Partner at BakerAvenue Wealth Management, commentary on Snowflake&#8217;s IPO.</p><p
class="embed-responsive embed-responsive-16by9"><iframe
class="embed-responsive-item" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000154814" frameborder="0" scrolling="no" allowfullscreen="" webkitallowfullscreen="" mozallowfullscreen="" oallowfullscreen="" msallowfullscreen=""></iframe></p>
### September Insights
https://www.bakerave.com/insights/article/september-insights### September Market Update
https://www.bakerave.com/insights/article/september-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/456307419?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the September Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_09092020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Neutral
https://www.bakerave.com/insights/article/prudence-says-neutral-september<figure
class="rte-img-chosen" style="text-align: center;"><figure
class="rte-img-chosen" style="text-align: center;"><figure
class="rte-img-chosen" style="text-align: center;"><figure
class="rte-img-chosen" style="text-align: center;"><br>
</figure><p></p>
</figure><p></p>
</figure><p></p>
</figure><p>Last week, the market closed out an eventful summer with the best August in thirty-four years. However, depending on where a business sits in the new Covid-19 economy, they could be booming or struggling just to survive. Overall, the recovery is well on its way, but the road has been uneven and often volatile. The “K-shaped” recovery should ultimately converge into a broader, more inclusive expansion, but it is clear it will take time.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. We have previously stated that the unprecedented retrenchment in economic activity caused by the pandemic will keep market volatility elevated. However, we also noted most of the shutdown is self-inflicted, not structural, and prone to snapping back once social distancing guidelines are lifted (see <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a>, <a
href="http://createsend.com/t/r-F73CE6B779F03A622540EF23F30FEDED" title="">Turning the Corner here</a> and <a
href="https://bakeravenue.cmail19.com/t/ViewEmail/r/4410623EB84A103E2540EF23F30FEDED/A52A1F238389FCDC35C280A9D773061D">Escape Velocity here</a>).</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macroeconomic market analyses indicate. Currently, our short-term metrics are in a neutral position, while long-term trends, which are influenced by our recessionary and bear market views, have healed (also neutral).</p><p>The macro discussion centers around policy. The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, government support packages and a commitment to highly-accommodative policies buffeted the pandemic shutdowns and laid the groundwork for a recovery. The market took notice last month, as interest rates drifted higher, yield curves steepened slightly and the US Dollar fell.</p><p>We believe intensifying US-China tensions have increased uncertainty but, much like last year’s trade war, will ultimately avoid the most-dire scenarios. Election-related volatility is sure to pick up as the days tick by, but, like most elections, will most likely play second fiddle to the economic backdrop (expect more from us on politics as the election nears).</p><p>Technical trends have improved significantly from the March 23<sup>rd</sup> lows but have further work to do. Large-cap stocks (particularly mega-cap technology stocks) have been doing the heavy lifting but, as the past few days have highlighted, remain vulnerable to profit-taking. Investor sentiment remains subdued (a good thing). There is still over $1.5 trillion in money market funds and, despite the advance, flows into equities remain negative year-to-date.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Mirroring the economic contraction, we suspect the pullback in corporate profits troughed in April. Visibility remains limited (more than half of the companies in the S&amp;P 500 have withdrawn guidance), but is improving as reopening gains steam. Valuations are stretched in some pockets of the market, but only slightly above long-term averages in most. Of course, historically low interest rates make the earnings yield offered by stocks attractive relative to bonds and provides a counter-point to valuation concerns. The credit backdrop has improved with both investment-grade and high-yield spreads more than halfway back to their pre-crisis levels. Continued tightening here is consistent with the ongoing rally in stocks.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners (the top line of the “K”) while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to hold our positioning steady. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance.</p><p></p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### September 1st Market Update
https://www.bakerave.com/insights/article/september-1st-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/453761195?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the September 1st Market Update slide deck by Doug Couden.</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_09012020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Falling Off the New York Estate Tax Cliff?
https://www.bakerave.com/insights/article/are-you-going-to-fall-off-the-new-york-estate-tax-cliff<h4 style="text-align: left;">What is the Estate Tax Cliff?</h4><p>That doesn’t sound fun, what is it and what does it mean for you? This is an often-overlooked issue and one that can cause significant headaches for your heirs if it is not addressed. We often hear from wealthy clients “After the Trump Tax cuts, I don’t have to worry about paying estate tax.” This may be true, but for many of our clients, it is far from reality. The New York estate tax exemption is a fraction of what is available in the Federal System. The New York approach to estate tax contains a feature that can result in a tax liability double or even triple the amount in excess of the exemption ceiling, an estate that exceeds the New York exemption amount by $250,000 can end up with a tax liability of $490,000. Effective tax rates in this zone can be in excess of 200%. Our team at BakerAvenue takes a proactive approach to address this potential liability that can result in substantial tax savings.</p><p>When people speak about the estate tax, they are typically referring to the Federal Government’s rules regarding assets that are passed at death. This is distinct from an inheritance tax. In other words, the deceased is responsible for the tax liability as opposed to the person inheriting these assets. Depending on your state residency you may also owe estate tax at the State level. These tax liabilities can be overlooked as many people are only concerned with Federal Estate tax liability.</p><h5>There are two key concepts regarding estate tax liability, the exemption amount, and portability.</h5><p>The Estate Tax exemption refers to the amount of assets that are excluded from any calculation of potential tax. If there is a $1 million exemption and you have a net worth of $2 million, the exemption excludes the first million from tax while any amount over $1 million is taxable. In this example, the estate would have a tax based on $1 million, the value above the exemption amount at the time of death. Every individual has their own personal exemption.</p><p>Portability is the concept of “sharing” an individual’s personal exemption with their spouse. Effectively this doubles the exemption amount for a married couple. It is important to note portability is a feature of the Federal estate tax system some states do not offer portability of exemptions.</p><p></p><p>The Federal estate tax system has been revised several times over the last 20 years. Prior to 2001 tax cuts implemented during the Bush administration, the exemption amount was $675,000. In addition, there was no concept of portability. The top marginal rate for estate tax at this time was 55%. Over the next 20 years, the amounts have changed greatly.</p><p
class="mx-auto text-center"><img
alt="" class="img-fluid mx-auto" src="https://www.bakerave.com/assets/images/insights/BC_Graph_1.png"></p><p><small></small></p><p
class="mx-auto text-center"><small>Source: <a
href="https://www.thebalance.com/exemption-from-federal-estate-taxes-3505630" title="">How the Federal Estate Tax Exemption Changed From 1997 to Today</a></small></p><ul></ul><h5>Now about that dreaded cliff, there are a few basics you should know.</h5><p><b>1. </b> Are you a New York state resident? We often hear “I spend the winter in Florida, so I don’t have anything to worry about it”. Unfortunately, this view can lead to unpleasant surprises for many people. The State of New York is widely regarded as having an aggressive approach to determining who is a resident. We have seen clients battling the state about their status so it is important to clarify a few terms.</p><p><b>Resident - You are a New York State resident for income tax purposes if:</b></p><ul><li>your domicile is New York State or</li><li>your domicile is not New York State but you maintain a permanent place of abode in New York State for more than 11 months of the year and spend 184 days or more in New York State during the tax year. Note: Any part of a day is a day for this purpose.</li></ul><p></p><p><b>Domicile - In general, your domicile is:</b></p><ul><li>the place you intend to have as your permanent home</li><li>where your permanent home is located</li><li>the place you intend to return to after being away (as on vacation, business assignments, educational leave, or military assignment).</li></ul><p>You can only have one domicile. Your New York domicile does not change until you can demonstrate that you have abandoned your New York domicile and established a new domicile outside New York State.</p><h5>Permanent place of abode</h5><p>In general, a permanent place of abode is a residence (a building or structure where a person can live) that:</p><ul><li>you permanently maintain, whether you own it or not; and</li><li>is suitable for year-round use.</li></ul><p><a
href="https://www.tax.ny.gov/pit/file/pit_definitions.htm" target="_blank">A permanent place of abode</a> usually includes a residence your spouse owns or leases for several years.</p><p><b>2.</b> Do you own a home or other real estate? Do you have a 401k/IRA? Are you a business owner? If you answered yes to any of these questions, you may have a hidden estate tax liability. <a
href="bakerave.com/contact"> </a>At <a
href="https://www.bakerave.com/about">BakerAvenue</a> we have worked with many of our clients to address tax challenges.</p><p></p><p>The New York State estate tax systems operate differently than the Federal estate tax system. The biggest difference being the aforementioned “Cliff.” New York state law has decoupled from the Federal system when the 2017 Trump Tax legislation was passed, formerly the Tax Cuts and Job Act of 2017 (TCJA). New York state has an exemption amount of $5.85 million for 2020. This amount is roughly 50% lower than the Federal exemption. In addition, New York State does not recognize the concept of portability, effectively reducing the Estate tax exemption by 75% compared to the Federal system. The difference is sizable, but perhaps the most important difference is New York’s approach to determine what the estate tax is based on. This factor is drastically different and why it is called the “Cliff”.</p><p>The Federal system (and many others) completely excludes the value of deceased assets below the exemption amount. A single person has an exemption amount of $11.58 million. The taxable amount is calculated on a person’s asset-based minus the exemption amount. The tax base for an estate of $15 million is $3.42 million ($15 million - $11.58 million). The State of New York includes the ENTIRE estate for any deceased whose assets are about 105% of the exemption amount. The current (2020) New York State estate tax exemption is $5.85 million. If your net worth is currently below this amount there is no tax liability. New York starts to phase in the estate at levels above this amount.</p><p
class="mx-auto text-center"><img
class="img-fluid" alt="" src="https://www.bakerave.com/assets/images/insights/graph_2_v3.png"></p><p><small></small></p><p
class="mx-auto text-center"><small>Source: NYS Department of Taxation and Finance, BakerAvenue</small></p><ul></ul><p>The reality of sizable tax liability can cause many people to panic. The good news is there are a number of steps and techniques that can be implemented to help you manage this liability. Solutions can range from family-oriented, charitable methods to mitigate and sometimes eliminate this liability. The key is proper planning and the sooner you plan, the more likely it is to be effective. If you would like help with these transitions, <a
href="https://www.bakerave.com/contact">contact us</a>. BakerAvenue has worked with numerous clients to address these concerns and welcome conversations around this issue.</p><p
style="margin-bottom: 0px;"><small><b>Additional Resources: </b></small></p><ul><li><small><b><a
href="https://www.thebalance.com/exemption-from-federal-estate-taxes-3505630" target="_blank">How the Federal Estate Tax Exemption Changed From 1997 to Today</a></b></small></li><li><small><b><a
href="https://www.tax.ny.gov/pit/file/pit_definitions.htm" target="_blank">NYS Department of Taxation and Finance: Income Tax Definitions </a></b></small></li></ul>
### Getting Divorced? 5 Key Tax Questions to Consider
https://www.bakerave.com/insights/article/getting-divorced-here-are-5-tax-tips<h4>Steer clear of potential tax-planning pitfalls</h4><p>Obviously divorce is an extremely emotional and traumatic time and probably the last thing you want to think about is taxes. It is easy for estranged couples to overlook the serious financial issues that arise as they seek to divide up their assets and establish independent lives. But even in the midst of fraught divorce proceedings, it is important to consider the tax implications of property division, custody arrangements, and child and spousal support agreements.</p><h5><b>Main Considerations: </b></h5><p><b>1.</b> How will taxes affect you in the next phase of your life. It is important because it determines not what you get but what you keep. Changing from “Married” filing jointly to filing “Single” can double your taxes owed to Uncle Sam.</p><p>For example, $163,300 of income for a married couple is taxed at the 22% tax bracket for married couples versus the 32% tax bracket for single filers.</p><p><b>2.</b> If you have children, the other important consideration is dependent exemptions and who will claim the dependent(s). The number of tax exemptions is advantageous because it reduces the amount of taxable income. Reducing the amount of income that is taxed can also be viewed as earning or receiving more income. The less your income is taxable, the more income you keep. Therefore, you should define exemptions as part of your divorce settlement agreement to help your financial objectives.</p><h4>5 key questions before signing any divorce-related legal agreements:<br></h4><h5><b>1. What is my filing status?</b></h5><p>If you and your partner were divorced on the final day of the tax year, you must file as single or head of household. You may also be permitted to choose these filing categories if you and your partner lived apart for at least the final six months of the year, or if you have a legally binding separation agreement.</p><p>If, however, you were still legally married on December 31 and were not living separately during the second half of the year, you are required to file a joint return or individual returns with the married filing separately status. Assuming you and your partner trust each other to provide honest information and divide fairly your collective tax obligations, you may choose to file a joint return. But if the divorce is acrimonious—especially if you suspect your spouse of tax evasion or criminal activity—filing separate returns could be the safer route.</p><p>The filing status most advantageous for you and your ex-spouse depends on your individual circumstances. In most cases, married filing jointly and head of household filers owe less in federal taxes than single and married filing separately filers. A major drawback of the married filing separately status is that the partners may not itemize deductions individually: if one spouse itemizes, the other must as well. You also forfeit certain tax deductions by filing separately instead of jointly.</p><h5><b>2. Who claims dependent exemptions?</b></h5><p>The IRS generally presumes the custodial parent will claim the exemption for dependent children following a divorce or legal separation. But, while it is never possible to split the exemption for a single child, the divorced or separated parents may agree to divide between them the exemptions for two or more children. The custodial parent also has the option of transferring one or more exemptions to the non-custodial parent.</p><h5><b>3. Should we agree to alimony or child support payments?</b></h5><p>Child support payments are not deductible to the parent paying them, while alimony payments are taxable to the parent receiving them. Because the non-custodial parent making the payments is often the higher earner, he or she may wish to save on taxes by remitting the money in the form of alimony, rather than child support. While this is generally allowed, the IRS has complex rules about what forms of alimony may be deducted. Alimony that looks like some form of child support or property settlement, such as spousal support payments that taper off or stop as the children get older, may not be considered fully deductible.</p><h5><b>4. What happens to the house and other property? </b></h5><p>You and your spouse are permitted to make tax-free transfers of the property before signing divorce papers, usually as part of a property settlement agreement. Your options include signing over ownership of major assets such as a house or car, or selling the property and splitting the proceeds.</p><p><o:p> </o:p></p><p>If, however, one partner retains ownership in the appreciated property and buys out the other partner’s share, the tax consequences are more complicated. Before agreeing to pay out half the value of the appreciated property, take into account any capital gains or other taxes that could eventually be owed when the item is sold. If you are leaving the marital home while your ex remains in residence, a properly framed agreement should allow you to retain a stake in the property but avoid owing taxes when the house is sold.</p><h5><b>5. How do we split the retirement accounts?</b></h5><p>Retirement savings in the form of company pensions, 401(k) accounts, or IRAs may be among a couple’s biggest assets. Even if an account is in one partner’s name only, a divorce agreement may specify that the ex-spouse receives a designated portion of the account’s funds. A qualified domestic relations order (QDRO) is typically used to make a former spouse a co-beneficiary of a qualified employer-provided retirement account. Like the plan participant, the partner who receives the retirement benefits is responsible for paying any taxes owed upon withdrawal of the funds. If transfers are made to a child under a QDRO, the participant must pay the taxes due.</p><p>No QDRO is needed to transfer all or a portion of the funds from your own IRA to an IRA set up for your ex-partner, but the divorce agreement must contain the proper language specifying that the rollover is intended to be tax-free, or you will be liable to pay taxes, and possibly a penalty, on what is essentially considered to be a premature withdrawal of funds.</p><p>Even divorces that are relatively straightforward and amicable can be surprisingly complicated when it comes to paying taxes.</p><p>The information provided is related to Federal Income tax and there may be additional state or local tax considerations. If you are preparing to divorce, <a
href="bakerave.com/contact">contact us</a> to help you through your transition.</p><p>Interested in Financial Feminism topics? Visit <a
href="https://wealth.bakerave.com/ff" title="">BakerAvenue&#8217;s Financial Feminism MasterClass series</a> to learn more.</p><p><small> </small></p><p></p><div
class="mt-0"><p></p><p
class="pb-0 mb-0"><small><b>Additional Resources: </b></small></p><ul><small><li><small><a
href="https://www.cbpp.org/research/federal-tax/policy-basics-tax-exemptions-deductions-and-credits" target="_blank">Policy Basics: Tax Exemptions Deductions and Credits</a></small></li><li><small><a
href="https://www.irs.gov/forms-pubs/about-publication-50" target="_blank">Publication 504 Divorced and Separated individuals</a></small></li><li><small><a
href="https://institutedfa.com/what-cdfa-1/" target="_blank" style="">Institute for Divorce Financial Analysts – What is a CDFA?</a></small></li><li><small><a
href="https://taxfoundation.org/2020-tax-brackets/" target="_blank" style="">Tax Foundation: 2020 Tax bracket information</a></small></li></small></ul><p><small
style="color: var(--coolgrey);">Baker Avenue does not provide tax or legal advice. You should contact your tax advisor and/or attorney before making any decisions with tax or legal implications.</small></p><p></p></div>
### August 18th Market Update
https://www.bakerave.com/insights/article/august-18th-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/448602666?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the August 18th Market Update slide deck by Doug Couden</p><p> <a
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### Politics and the Markets
https://www.bakerave.com/insights/article/politics-and-the-markets<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/447986376?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Politics and the Markets</p><p> <a
href="https://www.bakerave.com/assets/images/insights/Impact_and_Elections.pdf"><button
class="btn"><i
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class="body-text" id="disc-small"><p><small
style="color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### August Insights
https://www.bakerave.com/insights/article/august-insights### Prudence Says Neutral
https://www.bakerave.com/insights/article/prudence-says-neutral-august<p>Watching the SpaceX rocket transport astronauts to and from the International Space Station made for colorful conversation at our recent Investment Committee meeting. Beyond the clear engineering wonder and commercial success of the flight(s), we couldn’t help but think about parallels between today’s stock market and the mission’s. Yes, markets have shot up from their bear-market lows of late March. And yes, like the stock market, the journey has been marked by a volatile and highly-combustible backdrop. But to the point, watching the rocket’s mighty struggle to move into orbit made us think about escape velocity.</p><p>Technically speaking, escape velocity is the minimum speed needed for a free, unsupported, non-propelled object to escape gravity. At some point, a rocket no longer relies on its propulsion to provide the accelerating force pushing it through the Earth’s gravitational pull. And that’s a good thing, because fuel supply is not infinite.</p><p>The world’s central banks (e.g. the Fed, the ECB, etc.) have provided the monetary fuel to help boost the recovery. Low interest rates, support packages and a commitment to highly-accommodative policies buffeted the pandemic shutdowns and laid the groundwork for a recovery. Governments around the world have supplied their own brand of fiscal fuel via employment assurances, benefit packages, and debt relief, to name a few. And more are coming. It is estimated that monetary and fiscal support totals more than $10 trillion, more than five times the amount thrown at the Global Financial Crisis.</p><p>Following the sharpest bear market in history, these policies have helped the economy lift off the ground, but it remains far from escape velocity. Last week we received the 2nd quarter GDP, and it came in at a -32% annualized rate, the worst ever recorded. Fortunately, estimates for 3rd quarter GDP growth are running around +15%, so a recovery is indeed afoot, in no small part from all the stimulus. The market has taken notice and followed up with the sharpest rally in history. We believe those gains have a much greater chance of being sustainable if investors start to recognize the economic rocket is being boosted less by policy support and more by a ‘free, unsupported, non-propelled’ engine.</p><p>For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. We have previously stated that the unprecedented retrenchment in economic activity caused by the pandemic will keep market volatility elevated. However, we also noted most of the shutdown is self-inflicted, not structural, and prone to snapping back once social distancing guidelines are lifted (see <a
href="http://createsend.com/t/r-325EA2798662D3CB2540EF23F30FEDED" title="">In The Throes</a>, <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a> and <a
href="http://createsend.com/t/r-F73CE6B779F03A622540EF23F30FEDED">Turning the Corner here</a>).</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macroeconomic market analyses indicate. Our disciplines exited July in decent shape. Accordingly, our positioning remained optimistic and we enjoyed the fruits of our exposure as the market (S&amp;P 500) posted its fourth consecutive gain.</p><p>Our views of the pace and shape of the economic ascent, and the odds of reaching escape velocity, will continue to be defined by the output from our disciplines. Let’s start with the macro backdrop. Over the past several weeks, investor focus has rightfully shifted from infection to economic trajectory (they are clearly linked). Upside surprises on incoming economic data (e.g. July’s ISM manufacturing index jumped further into expansion territory to 54.2 from 52.6 in May) continue to support the narrative of a recovery in activity and related optimism in financial markets. Housing reports and durable goods orders echo that optimism.</p><p>However, unemployment claims remain the highest since the Great Depression and are a reminder of how far we need to go to get back to pre-COVID levels of employment. Also, weaker-than-expected consumer confidence is consistent with the slowdown in fiscal disbursements, the uncertainty if they will be extended, and the surge in new case growth. The market wants to see a fiscal package get passed soon. We believe it will.</p><p>We stated previously that, as the world’s economies open back up, cases will tick higher. However, the market is most focused on hospitalization and mortality rates and the trends there are, so far at least, less bad. While the resurgence debate may affect the trajectory of the recovery, we doubt it will directionally alter the way forward. Simply, there is a high hurdle to re-engage in full shutdowns.</p><p>Regardless, broad skepticism about the prospects for a V-shaped economic recovery remain. We believe the worst of the economic contraction occurred in April, but the May through July recovery only reverses a small fraction of that retrenchment. The Fed took notice and reaffirmed their commitment to highly accommodative policy. Yields moved lower and the US Dollar fell on a ‘lower-for-longer’ rate view.</p><p>The fiscal response to this crisis (‘fiscal fuel’) has been equally impressive and dwarfs the lawmakers’ packages of the Global Financial Crisis. It is worth reminding investors that all of this liquidity has been added to the capital markets at a blistering pace. While the initial Covid-19 contraction is larger than the Global Financial Crisis we believe its cumulative impact on the economy will likely be less as long as the policy response(s) remains strong enough to cushion the blow. This ‘backstop’ makes a re-run of the March panic in financial markets unlikely, a key assumption underpinning our current positioning.</p><p>But, as stated earlier, it won’t last forever. Investor focus will soon shift towards how long it will take to get economic activity back to pre-pandemic levels. The U.S. economy was healthy leading into the COVID-19 crisis and the ensuing recession was caused by an exogenous shock. This is not a typical end to the business cycle driven by economic overheating and could hold promise for the recovery. Regardless, we believe it is prudent to be guarded and continue to suspect more of a U-shaped recovery.</p><p>We believe intensifying US-China tensions have increased uncertainty but, much like last year’s trade war, will ultimately avoid the most-dire scenarios. Election-related volatility is sure to pick up as the year progresses, but, like most elections, will play second fiddle to the economic backdrop (expect more from us on politics as the election nears).</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Mirroring the economic contraction, we suspect the pullback in corporate profits troughed in April. Visibility remains limited (more than half of the companies in the S&amp;P 500 have withdrawn guidance), but it is improving as the reopening gains steam. Earnings surprises relative to expectations this quarter are running around 23%, a record.</p><p>We monitor credit closely as a risk metric and measure of liquidity. The credit backdrop has improved with both investment-grade and high-yield spreads more than halfway back to their old pre-crisis levels. Continued tightening here is consistent with the ongoing rally in stocks. Capital raises (e.g. secondary offerings, corporate bond issuance) have exploded as balance sheets are fortified. Defaults have ticked higher, and bear watching, but at this point we do not see any systemic risk.</p><p>Valuations are stretched as the rally (and depressed earnings) has pushed P/E multiples to the highest levels in two decades. The economic slowdown and market cap expansion has the level of stock market capitalization-to-GDP ratio (also known as the Buffet Indicator) at all-time highs. But there are still many pockets of opportunity, and when you consider other market metrics (e.g. interested rates), those elevated valuations look more palatable.</p><p>Valuation is often reviewed in the context of interest rates. On that front, the 10yr Treasury yield stands at 0.56% today, just a few basis points above its record low set earlier this year. These historically low rates make the earnings yield offered by stocks attractive relative to bonds and provides a counter-point to valuation concerns.</p><p>Sector and industry valuations differ, of course, with a record amount of dispersion (the top 20% of the S&amp;P 500 trades at 28x vs. 11x for the bottom 20% - the widest in 20 years). Now is the time for earnings growth to take over and, encouragingly, profit revisions have trended higher over the past three months.</p><p>Technical trends continue to improve. Market breadth (a measure of participation) and relative strength carry significant weight in our work. Both are showing signs of improvement, but large-cap stocks (particularly mega-cap technology stocks) are doing the heavy lifting. The top five stocks in the S&amp;P 500 make up almost 23% of the index (the top twenty-five make up almost 42%). So, there is room for improvement as far as participation goes.</p><p>The relative strength of various asset classes, sectors and industries is encouraging. We are seeing some strong performance coming from the traditionally cyclical side of the market (e.g. industrials metals, materials, etc.). Should investors continue to reward these portions of the market, confidence in the recovery will be emboldened.</p><p>Investor sentiment remains subdued (a good thing). There is still over $1.5 trillion in money market funds and, despite the advance, flows into equities remain negative year-to-date. The number of bulls as measured by AAII fell to only 22%. We suspect elevated volatility continues to play a role here. The S&amp;P 500 has moved 1% up or down on over half of trading days so far this year and the Volatility Index (the VIX) has remained stubbornly high. Should those trends reverse, expect more money to enter the equity market.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. Currently, our short-term metrics are in a neutral position, while long-term trends, which are influenced by our recessionary and bear market views, have healed (also neutral). Pullbacks and consolidations have been few and far-between since the market bottom, but we have remained active in our strategies, tilting our strategies towards areas of the market where we see opportunity.</p><p>With our cash positions now residual in nature, we are focusing on strategy positioning vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to hold our positioning steady. Of course, should the backdrop start to de-stabilize, we will take a more defensive stance.</p><p>While there is notable uncertainty in the marketplace, we suspect the method by which the recent historic policy support hands off to unsupported growth will be key to watch. We will lean heavily on our disciplines to illuminate how the handoff is progressing. In the meantime, asset prices should stay volatile as investors swing from recovery optimism, to shut-down pessimism, and back again. The next few weeks will be most influenced by virus-related news flow, and specifically reports of economic traction regarding re-openings. Headlines related to geopolitics and corporate earnings will also carry significant weight.</p><p></p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### August Market Update
https://www.bakerave.com/insights/article/august-market-update<p
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src="https://player.vimeo.com/video/444368721?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the August Market Update slide deck by Doug Couden</p><p> <a
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### Why 72% of Americans Are Interested in Impact Investing
https://www.bakerave.com/insights/article/why-72-of-americans-are-interested-in-impact-investing<p><a
href="https://www.bakerave.com/assets/images/insights/Impact.Inv_.Webinar_.7.29.pdf"> <img
class="img-fluid d-block text-center mx-auto" alt="Impact investing" src="https://www.bakerave.com/assets/images/insights/Impact-Invest.jpg"></a></p><p>Download to view the Impact Investing webinar presentation</p><p> <a
href="https://www.bakerave.com/assets/images/insights/Impact.Inv_.Webinar_.7.29.pdf"></a></p><p> <a
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### Impact Investing: What Is It and How Has It Evolved?
https://www.bakerave.com/insights/article/impact-investing-right-for-me<h4>Impact, Environmental Social Governance (ESG), Sustainable Investing, what is it and how has it evolved?</h4><p>The origins of Impact investing began with a desire to invest with purpose. When people hear about progressively-minded corporations, they think about solar panels, wind power and Fair Trade types. These are valid, but it’s broader than that. One should also think about timber companies that don’t just bulldoze and harvest timber but do so in sections that get replanted as they go to keep this land sustainable. Another example is investing in eye-care clinics in India that may be too burdensome and less profitable for a major hospital but provide the local community with essential care. You may also have heard the term microfinance. This is the idea of lending money to entrepreneurs with very short-term goals and for a relatively small amount of money. A well-known example is loaning funds to a family to purchase a few livestock to feed their family and to also sell eggs, milk and cheese to locals.</p><h5><b>Can the average investor participate in Impact in this form?</b></h5><p>These are all wonderful ideas, but for the average investor, it may not be recommended. Investing in some of these businesses requires capital that will be tied up for years and may be difficult to sell, creating an illiquidity for the investment that the average investor may need. These types of investments are concentrated in a few industries and may not provide the diversification for a reasonable return/risk profile. Many of these companies require significant funds to get them off the ground and many of them fail. This makes it prohibitively risky for the average investor. For all of these reasons, historically, this type of investing was typically done in the private equity, venture capital and institutional world. Who else got involved to push Impact to a broader audience?</p><figure
class="rte-img-chosen" style="text-align: center; float: right;"><img
alt="Evolution" src="https://www.bakerave.com/assets/images/insights/evolve1.sm_.png"><figcaption>Evolution</figcaption></figure><h5><b>Who else got involved to push Impact to a broader audience?</b></h5><p>Impact’s next evolution started with the questioning of particular investments in portfolios of endowments, foundations and pension funds asking why their constituents’ funds should invest in companies related to gambling, alcohol, tobacco and weapons manufacturing. The solution was to screen out for these types of companies and not include them in the investable assets of these portfolios. As you can imagine, these screens got bigger and more refined to be tailored to the individual organization and its mission.</p><h5>What does Impact investing look like today?</h5><figure
class="rte-img-chosen img-fluid pr-4 pt-4" style="text-align: center; float: left;"><img
alt="Growth in ESG Assets" src="https://www.bakerave.com/assets/images/insights/Growth_in_ESG_assets_1.png" style=""><figcaption><span>Growth in ESG Assets</span></figcaption></figure><p></p><p>Today, Impact investing has expanded to reach the broader investor and allow them to not just utilize exclusionary screens, but also screen positively for diversity, equal pay, carbon emissions, and others. The portfolios we see today aren’t just a handful of companies in concentrated industries, but more of an overlay of a broadly diversified portfolio. This overlay takes a universe of stocks, breaks down what the manager’s preferences are for weights in different asset classes and/or sectors and then screens the companies in those classes or sectors for the companies that screen best for the factors mentioned above. What you end up with is a portfolio of stocks that are doing better than their peers when it comes to social, environmental and corporate governance heuristics. What this helps achieve or solve is having a socially responsible portfolio of stocks with the added benefit of diversification and more predictable risk and return profile.</p><p></p><p>The growth in this space is staggering. Impact investing is one, if not the fastest, accumulator of assets for a style of investing. Forbes estimates that $228 billion of AUM is Impact related and has doubled in the last year. Many mutual funds and ETFs offer Impact investing but charge higher fees for the added management needed. Many of them do not use the rigorous and customized screening that BakerAvenue utilizes. We do this with no additional fees. It is part of the high level of service our clients expect.</p><p>If you would like to learn more, <a
href="bakerave.com/contact">contact us</a> to discuss Impact / ESG portfolios that can offer competitive returns while making the world a better place, one investment at a time.</p>
### 5 Potential Tax Policy Changes 2021
https://www.bakerave.com/insights/article/money-clip-5-potential-tax-policy-changes-2021<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/449099364?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>5 Potential Tax Policy Changes in 2021</p><p> <a
href="https://www.bakerave.com/assets/images/insights/BA_Potential_Tax_Policy_Changes.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><div
class="body-text"><p><small
style="font-size: 12.8px !important; line-height: unset !important ;color: var(--coolgrey);">The legal and/or tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.</small></p><p></p></div>
### Canceled Travel Plans? Top 3 Financial Strategies
https://www.bakerave.com/insights/article/cancelled-travel-plans-top-3-financial-strategies<h4>Trips canceled? Look on the bright side, here are some good money-saving tips. Top 3 Financial Strategies</h4><p>My 2020 travel plans have been canceled, and it’s likely that yours have been as well. As we navigate this uncharted territory, take advantage of it. Each decision is an opportunity to build your net worth or reduce it. There are financial tips and strategies that you can benefit from. And on top of that, I’ve got some great pro tips from Marcos Mendonca, a travel and events organizer, on how to navigate travel perks.</p><h5>Travel Industry</h5><p>Get status: Extremely long hold times are exhausting. And the results are often pointless with vendors avoiding cash refunds. Getting status isn’t just about upgrades, it offers tremendous value with dedicated phone lines for elite customers and experienced customer service agents.</p><ol><li>Refunds vs Credits: The recent Senate bill requiring cash refunds doesn’t state a deadline of when that refund must be provided. It’s worth considering the credit incentives offered as an alternative. With a 30% bonus on credits, it may be easier for you to redeem these in the future rather than wait for the eventual cash credit. Also, it’s nerve-racking to see your trip date approaching without an official cancellation from the vendor, but be patient and wait for the cancellation. If the vendor cancels, you get a refund, even for a scheduling change.</li><li><a
href="https://www.visitorscoverage.com/coronavirus-travel-insurance/" target="_blank">Travel Insurance</a>: We often depend on travel insurance offered as a benefit of credit cards or purchased directly. Be aware that the Coronavirus is not a covered reason for most travel insurance programs. If you are looking to plan a new vacation and want the reassurance of trip cancellation protection, purchase insurance with “cancel for any reason” coverage.</li><li>Mileage sales and Redeeming miles for travel: Airlines need money. You may see 50% off sales for buying miles, which could be a great deal for frequent travelers. Just don’t plan on using those miles right now because airlines have quietly inflated mileage requirements for plane tickets to incentivize cash purchases. Also, stick with a carrier such as United and Southwest that have a reputation for easy mileage redemption.</li></ol><h5>Financial Planning Strategies</h5><ol><li><a
href="https://www.bakerave.com/insights-impact/blog-entry/rmds-waived-for-2020">Waive 2020 RMDs</a>: The CARES act has waived the required minimum distributions for retirement accounts. If you aren’t currently using your IRA distributions for necessary living expenses, consider canceling your distributions. This would defer any taxes owed on that money till you distribute it at a later date.</li><li>Roth Conversions of Expected RMDs: Take it a step further and do a Roth conversion with the money that you had planned on distributing from your RMD. That money will now grow tax-free until it is distributed with no distribution requirements. Keep in mind that you will want to pay the taxes owed with money that you already have on hand. Also, you must keep the money converted to the Roth IRA in it for 5 tax years in order to receive the tax-free deferral benefit.</li><li><a
href="https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts" target="_blank">High-Yield Savings Accounts</a>: For the money already sitting in your savings account, consider moving it to a high-yield savings account. The online banking platforms are still offering FDIC insured cash yields of approx. 1%. With the recent decline in interest rates, you are earning practically nothing in normal savings or checking account and it may be this way for a while yet.</li></ol>
### July Insights
https://www.bakerave.com/insights/article/july-insights### July Market Update
https://www.bakerave.com/insights/article/july-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/436833796?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the July Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_07072020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Prudence Says Neutral
https://www.bakerave.com/insights/article/prudence-says-neutral-july<p>One of the under-appreciated joys of growing up in America’s Heartland was long drives down winding roads. Vacations, sporting events, drives to the lake and trips to see the grandparents were just a few of the getaways that only later in life I’ve grown to appreciate for their monotony. Hours on the road meant plenty of time for mindless escapes like counting license plates and turning clouds into animals. Watching the upcoming bend in the road was a particular favorite of the Couden family as a game of “Who can guess what is around the corner?” was a common occurrence.</p><p>Given the historically volatile first half of 2020, many people are asking themselves what lies around the corner for their investments. The sharpest bear market in history, followed by the sharpest rally in history, has more than a few investors scratching their heads. For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates" title="">click here to see the videos</a>), you will be familiar with several of our key concerns and opportunities. We have previously stated that the unprecedented retrenchment in economic activity caused by the pandemic will keep market volatility elevated. However, we also noted most of the shutdown is self-inflicted, not structural, and prone to snapping back once social distancing guidelines are lifted (see <a
href="http://createsend.com/t/r-325EA2798662D3CB2540EF23F30FEDED" title="">In The Throes</a>, <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED" title="">The Road Back</a>, <a
href="http://createsend.com/t/r-F5E604EA31CAC12E2540EF23F30FEDED" title="">Resilient, or Delusional?</a> here).</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro market analyses indicate. Our disciplines exited June in better shape than May (and May was better than April, in aggregate). Accordingly, our positioning turned more optimistic as the weeks rolled by. In short, we are turning the corner on better footing. Our interpretation of what’s around that corner will continue to be defined by the output from our disciplines.</p><p>Let’s start with the macro backdrop. Over the past several weeks, investor focus has rightfully shifted from infection to economic trajectory (they are clearly linked). Upside surprises on incoming economic data (e.g. June’s ISM manufacturing index unexpectedly jumped to an expansionary 52.6 from contractionary 43.1 in May) continue to support the narrative of a recovery in activity and related optimism in financial markets. However, surging COVID-19 cases raise the question of whether improvement has been achieved through premature easing of restrictions.</p><p>We stated previously that, as the world’s economies open back up, cases will tick higher. However, the market is most focused on hospitalization and mortality rates and the trends there are, so far at least, less bad. While the resurgence debate may affect the trajectory of the recovery, we doubt it will directionally alter the way forward. Simply, there is a high hurdle to re-engage in full shutdowns.</p><p>Regardless, broad skepticism about the prospects for a V-shaped economic recovery remain. We believe the worst of the economic contraction occurred in April, but May and June’s recovery only reverses a small fraction of that retrenchment. Odds are this quarter will show the steepest contraction in modern history, but most investors are focused on directional improvement. As such, we are comfortable saying we are turning the corner. Steepening yield curves, a weaker US Dollar, tighter credit spreads and record levels in economic surprise indices have supported that view.</p><p>While markets have been focused on the growth outlook, we believe that monetary and fiscal policy will remain a key driver of the market rebound. The Fed’s balance sheet is now three times larger than it was in 2008, and they got there in record time. The fiscal response to this crisis has been equally impressive and dwarfs the Global Financial Crisis in terms of size and speed (Congress has passed four economic support packages worth almost $3 trillion). All of that liquidity has been added to the capital markets at a blistering pace.</p><p>The initial Covid-19 contraction is larger than the great financial crisis, we believe its cumulative impact on the economy will likely be less as long as the policy response remains strong enough to cushion the blow. A central bank ‘backstop’ makes a re-run of the March panic in financial markets unlikely, a key assumption underpinning our current positioning.</p><p>Investor focus will soon shift towards how long it takes to get economic activity back to pre-pandemic levels. The U.S. economy was healthy leading into the COVID-19 crisis and the ensuing recession was caused by an exogenous shock. This is not a typical end to the business cycle driven by economic overheating and could hold promise for the recovery. Regardless, we believe it is prudent to be guarded and continue to suspect more of a U-shaped recovery.</p><p>While COVID-19 trends are dominating the headlines, we are keeping our eye on other macro catalysts. We believe intensifying US-China tensions have increased trade uncertainty but, much like last year’s trade war, will ultimately avoid the most-dire scenarios. Election-related volatility is sure to pick up as the year progresses, but, like most elections, will play second fiddle to the economic backdrop.</p><p>Fundamentally, we are focusing on the trend in corporate profits and credit metrics. Mirroring the economic contraction, we suspect the pullback in corporate profits troughed in April. Visibility remains limited (more than half of the companies in the S&amp;P 500 have withdrawn guidance), but it is improving as the reopening gains steam.</p><p>We monitor credit closely as a risk metric and measure of liquidity. The credit backdrop has improved with both investment-grade and high-yield spreads more than halfway back to their old pre-crisis levels. Continued tightening here is consistent with the ongoing rally in stocks. Capital raises (e.g. secondary offerings, corporate bond issuance) have exploded as balance sheets are fortified. Our phones were ringing off the hook as secondary offerings in the U.S. raised $113 billion in the second quarter, the most on record.</p><p>Valuations are stretched as the rally (and depressed earnings) has pushed P/E multiples to the highest levels in two decades. Sector and industry valuations differ, of course, with a record amount of dispersion (the top 20% of the S&amp;P 500 trades at 28x vs. 11x for the bottom 20% - the widest in 20 years). Now is the time for earnings growth to take over and, encouragingly, profit revisions have trended higher over the past two months.</p><p>It should be noted that valuation is often reviewed in the context of interest rates. On that front, the 10yr Treasury yield stands at 0.65% today, just 15bps above its record low set earlier this year. Those historically low rates make the earnings yield offered by stocks attractive relative to bonds and provides a counter-point to valuation concerns.</p><p>Technical trends continue to improve. Market breadth (a measure of participation) and relative strength carry significant weight in our work. Both are showing signs of improvement, but return attribution clearly shows the largest names are carrying the load by record amounts (i.e. almost half of the the S&amp;P 500’s 25% return in the second quarter was due to the top ten stocks). So, there is room for improvement as far as participation goes.</p><p>The relative strength of various asset classes, sectors and industries is encouraging. The best performing sector since the March 23rd lows has been energy, a deeply cyclical (economically sensitive) group. The worst groups have been telecom and consumer staples, both historically defensive sectors. Should investors continue to reward these portions of the market, confidence in the recovery will be emboldened.</p><p>Investor sentiment remains subdued (a good thing). There was over $1.5 trillion put into money markets from March to May, and that trend has only started to reverse with its first unwinding (-$84 billion in June) in four months. We suspect elevated volatility continues to play a role here. The S&amp;P 500 has moved +1% up or down on over half (54%) of trading days so far this year and the Volatility Index (the VIX) has remained stubbornly high. Should those trends reverse, expect more money to enter the equity market.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. Currently, our short-term metrics are in a neutral position, while long-term trends, which are influenced by our recessionary and bear market views, have healed (also neutral). Pull backs and consolidations have been few and far-between since the market bottom, but we have remained active in our strategies, opportunistically using recent volatility to invest our dry powder.</p><p>With our cash positions now residual in nature, we are focusing on strategy ‘tilts’ vs. our respective benchmarks to control risk. We have championed a ‘barbell’ approach by investing with secular winners while simultaneously allocating capital toward assets that will benefit most in a recovery. Should our base case hold, we plan to hold our positioning steady. Of course, should the backdrop not continue to stabilize, we will take a more defensive stance.</p><p>While there is notable uncertainty about what lies around the bend, we believe we are turning the economic corner and are firmly in recovery mode. Asset prices should stay volatile as investors swing from recovery optimism, to shut-down pessimism, and back again. The next few weeks will be most influenced by virus-related news flow, and specifically reports of economic traction regarding re-openings. Headlines related to geopolitics and corporate earnings will also carry significant weight.</p><p>Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### How to Determine What’s Creating Financial Stress
https://www.bakerave.com/insights/article/managing-financial-stress<div
class="container"><div
class="row"><div
class="col-12"><div><div><div><h4>How to evaluate your finances to determine what’s creating financial stress.</h4><p>During the recent health and financial disruptions, many people have faced increasing levels of stress. Stress can be caused by many issues with money or financial concerns often being a major cause. The stress of finances affects many people and can cause not only poor health but also family complications. Learning to control financial stress is vital to your health as well as the health of your family unit. BakerAvenue recommends evaluating your financial health by following a process that can identify areas of need and provides a roadmap to reducing your financial stress</p><p><br>
If you do not know where your money is spent it is impossible to evaluate your financial life to determine what is creating financial stress. Think of every item that you might possibly spend money on during the month and include them in a monthly budget. Start with your “needs”; mortgage, electric, food, household repairs etc. These should be no more than 50% of your monthly income. Second, think about items that are “wants” and make sure to include even items that you may not spend money on every month but will spend throughout the year such as restaurants, clothing, and vacations. The “wants” category should be no more than 30% of your income. Try to estimate the total amount you will use throughout the year and break it down into months.</p><h5><b>1. Create a budget! </b></h5><p>Once you have created your detailed budget, you will need to analyze it against your monthly income and see if there is a surplus or deficit. If there is a deficit, you’ll want to look at where in your budget you can cut expenses, making each month less stressful to meet your budget and bill needs. To avoid a stressful situation, make sure that your budget balances at the end of each month. Finally, remember to think about the future. Wants and needs should take up 80% of your budget with the final 20% allocated towards savings.</p><p>For many people, just the act of creating a budget will allow for a high-level view of their finances and after seeing all of this information laid out, enables them to easily determine the best places to make cuts.</p><h5><b>2. Focus on eliminating stressors</b></h5><p>Once you have determined what your budget and financial needs are, you now have the information to evaluate what is causing your financial stress. The next step is to determine what changes you can make now to alleviate financial stress. Evaluate your spending through the lens of you own life, essentials can vary widely from person to person. Focus on reducing or eliminating the “wants” first. These are non-necessities from your budget and are an easy place to start. Many people find after evaluating their budget there is plenty of room to make changes and still have a fulfilling enjoyable life. The simple act of taking control of your spending often significantly reduces money related stress. If after paring down your budget to just the essentials you decide that to meet the financial goals you need to make more money, you will need to come up with additional ways to increase your income.</p><h5><b>3. Plan for an Emergency</b></h5><p>One of the biggest aspects of financial stress is being unprepared when financial needs arise. Unanticipated financial needs are oftentimes the largest single cause of financial stress. This can come from surprise bills or a sudden loss of income. The recent Covid-19 related economic disruptions caught many people by surprise and those who were not prepared suffered significant financial stress.</p><p>You can alleviate some of this stress by starting an emergency fund. You should set a goal to build it to cover at least three to six months’ worth of expenses and try to maintain it once you get there. While it may feel as though putting savings into an emergency fund is straining your budget at first, do your best to include this savings as part of your regular bills, a goal of 10%- 20% of income towards savings is a good target. Remind yourself that you are doing this so that the necessary funds will be there when an emergency arises, and you will not have to skip paying bills or accrue additional debt to cover the financial emergency.</p><h5><b>4. Don’t Be Afraid to ask for Help</b></h5><p>The important thing to realize is not everyone is good with finances and that is OK. If you are having problems creating a budget or getting debt under control, contact a credit counseling service or seek the help of a financial advisor. You can find many services that will help you come up with a plan to address your financial issues and get you back on track. Once you have a plan and begin to implement it, the stress of out-of-control finances will begin to be alleviated.</p><p><small>Other Good Articles:</small></p><p><small> </small></p><p><small></p><ul><li><a
href="https://bettermoneyhabits.bankofamerica.com/en/debt/how-to-overcome-financial-problems" target="_blank">How to Tackle Financial Stress</a></li><li><a
href="https://greatist.com/happiness/stressed-about-money" target="_blank">10 Ways to Make Financial Stress… Well, Less Stressful</a></li><li><a
href="https://www.thebalance.com/dealing-with-financial-stress-2385957">5 Strategies to Deal With Financial Stress</a></li></ul><p> </small></p><p></p></div><p></p></div><p></p></div><p></p></div><p></p></div><p></p></div>
### Update: Paycheck Protection Program
https://www.bakerave.com/insights/article/ppp### June Insights
https://www.bakerave.com/insights/article/bakeravenue-insights-newsletter### The Expert Interviews Webinar:&nbsp; 3 Powerful Wealth Strategies
https://www.bakerave.com/insights/article/the-expert-interviews-webinar-3-powerful-wealth-optimization-strategies<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/432671895?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p>
### Combating Racism: A Civil Rights Approach
https://www.bakerave.com/insights/article/combating-racism-a-civil-rights-approach<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/430533964?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p>
### June 23rd Market Update
https://www.bakerave.com/insights/article/june-23-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/431889015?autoplay&amp;quality=1080p" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item" frameborder="0"></iframe></p><p>Access the June 23rd Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_06232020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### 3 Powerful Wealth Optimization Strategies
https://www.bakerave.com/insights/article/three-powerful-wealth-optimization-strategies<p>Three Powerful Wealth Optimization Strategies</p>
### Prudence Says Neutral
https://www.bakerave.com/insights/article/prudence-says-neutral-june<figure
class="rte-img-chosen" style="text-align: center;"><figure
class="rte-img-chosen" style="text-align: center;"><img
alt="Illlusion" src="https://www.bakerave.com/assets/images/The-young-old-woman-illusion-also-known-as-the-My-Wife-and-My-Mother-In-Law-illusion_%281%29.png"></figure><p></p>
</figure><p>The answer to the question posed above depends on your frame of reference. In the picture, do you see an old lady, or a young girl? Or both? This picture is one of the most famous optical illusions and usually requires a long stare to see both sides. This market is no different. With all that is going on, it is easy to see how many smart investors can come to completely opposite conclusions about the state of the market. “Justifiably resilient! Delusional to the risks!” The BakerAvenue investment team has had more than one conversation debating the merits of each over the past several weeks. The sharpest bear market in history (-20% in twenty days; -30% in twenty-two days), followed by the sharpest rally in history (+40% in fifty-three days), will test anyone’s outlook.</p><p></p><p>To remove the suspense, we’ll say up front that the market’s resiliency is warranted. And as fiduciaries, that’s a conclusion we don’t take lightly. Amidst a global pandemic, heightened trade/geopolitical tensions between the US and China, unemployment at eighty year highs, rising uncertainty in regards to the upcoming elections, and protests in nearly all major US cities, it is also justifiably debatable. For those who have been following our weekly market updates (<a
href="https://www.bakerave.com/insights-impact/market-updates">click here to see the videos</a>), you will be familiar with several of our key concerns and potential opportunities. We have previously stated that the unprecedented retrenchment in economic activity caused by the pandemic will keep market volatility elevated. However, we also noted most of the shutdown is self-inflicted, not structural, and prone to snapping back once social distancing guidelines are lifted (see <a
href="http://createsend.com/t/r-325EA2798662D3CB2540EF23F30FEDED">In The Throes here</a>, and <a
href="http://createsend.com/t/r-9C83881A7B1957302540EF23F30FEDED">The Road Back here</a>).</p><p></p><p>Over the past several weeks, as headlines related to the virus have improved (or, more specifically, turned less bad), a sense of optimism has returned. Investor focus has rightfully shifted from infection to economic trajectory (they are clearly linked). While we believe infection rates have crested, uncertainty regarding the reopening remains. And that’s where the justified resiliency comes into play. By our work, optimism regarding pandemic trends are justified, while continued economic uncertainty makes the move higher a resilient one. Importantly, not delusional.</p><p></p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro market analyses indicate. Our disciplines exited May in better shape than April (and April was better than March, in aggregate). Accordingly, while we maintained some prudent conservatism in exposure levels, our positioning has turned more optimistic. Our interpretation of the market going forward will continue to be defined by the output from our disciplines.</p><p></p><p>Let’s start with the macro backdrop. Continued improvement in virus infection and mortality rates are a must. As the world’s economies open back up, we do suspect these rates will tick higher. However, while concerning, we don’t believe the uptick will be enough to re-enforce shelter-in-place requirements. A vaccine would, of course, be a game changer. Right now, more than 100 companies and research institutions are working on a COVID-19 vaccine.</p><p></p><p>While the pandemic is cresting, broad skepticism about the prospects for a V-shaped economic recovery remain. We believe the worst of the economic contraction occurred in April, but May’s recovery only reverses a small fraction of that retrenchment. Odds are this quarter will show the steepest contraction in modern history, but most investors are focused on directional improvement. As such, interest rates have ticked higher, yield curves have steepened and the US Dollar has sold off.</p><p></p><p>While markets have been focused on the growth outlook recently, we believe that monetary and fiscal policy will remain a key driver of the market rebound. The Fed’s balance sheet is now three times larger than it was in 2008, and they got there in record time. The fiscal response to this crisis has been equally impressive and dwarfs the Global Financial Crisis in terms of size and speed (Congress has passed four economic support packages worth almost $3 trillion). All of that liquidity has been added to the capital markets at a blistering pace.</p><p></p><p>Once we move past directional improvement, we believe investor focus will soon shift towards how long it takes to get economic activity back to pre-pandemic levels. Here we are a bit more guarded and suspect more of a U-shaped recovery. We believe intensifying US-China tensions have increased trade uncertainty but, much like last year’s trade war, will ultimately avoid the most dire scenarios.</p><p></p><p>Fundamentally, we will be focusing on the trend in corporate profits and credit metrics. Mirroring the economic contraction, we suspect the pullback in corporate profits troughed in April. Visibility remains limited (more than half of the companies in the S&amp;P 500 have withdrawn guidance), but it is improving as the reopening gains steam. In a testament to sustainable high margins, despite the largest earnings decline on record, the S&amp;P 500 is set to earn more at the trough of the this crisis than it did at the top of the mid-2000s housing bubble.</p><p></p><p>We monitor credit closely as a risk metric and measure of liquidity. The credit backdrop has improved with both investment-grade and high-yield spreads more than halfway back to their old pre-crisis levels. Continued tightening here is consistent with the ongoing rally in stocks. Capital raises (e.g. secondary offerings, corporate bond issuance) have exploded as balance sheets are fortified.</p><p></p><p>Valuations are stretched with the S&amp;P 500 now trading north of 20x forward earnings. Sector and industry valuations differ, of course, with a record amount of dispersion (last month the top 20% of the S&amp;P 500 traded at 27x vs. 9x for the bottom 20% - the widest in 20 years). The move off the March 23rd lows has been entirely driven by valuation (multiple) expansion. We get the sense now is the time for earnings growth to take over.</p><p></p><p>Technically, reviewing market internals will be influential to our positioning. Market breadth (a measure of participation) and relative strength carry significant weight in our work. Both are showing signs of improvement. The improvement in relative performance of small-cap and value stocks has boosted overall market breadth. Simply stated, the average stock is starting to participate more in the recovery. A month ago the top five stocks in the S&amp;P 500 represented the highest weighting ever, and narrow markets tend not to last, so this is a welcomed development.</p><p></p><p>The relative strength of various asset classes, sectors and industries will also help guide the way. The best performing sector since the March 23rd lows has been energy, a deeply cyclical (economically sensitive) group. The worst groups have been telecom and consumer staples, both historically defensive sectors. Should investors continue to reward these portions of the market, confidence in the recovery will be emboldened. Currently, our short-term metrics are in a neutral position, while long-term trends, which are influenced by our recessionary and bear market views, have healed (also neutral). While a deep, prolonged technical retrenchment (ala 2001 or 2008) was never our base case, we did expect a more complex bottoming process than we have seen thus far. Pull backs and consolidations have been few and far-between.</p><p></p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. We have remained active in our strategies, opportunistically deploying capital while keeping cash levels somewhat elevated (our cash position is well below those levels held during the peak of the crisis). Should our base case hold, we plan to use any pandemic-related volatility to re-engage further. Of course, should the backdrop not continue to stabilize, we will take a more defensive stance.</p><p></p><p>We would be remiss not to comment on the movement sweeping the nation. It goes without saying that racism has absolutely no place in any society. The folks at BakerAvenue believe we must tackle this issue head on and fight to make this country a better place for everyone (<a
href="https://www.linkedin.com/posts/simonbaker_memo-to-firm-activity-6673981660020789248-dIIh">read our CEO Simon Baker’s statement here</a>). We also wish to express our sincerest concern for everyone impacted by the pandemic. With lives and businesses still at risk, we hope that conditions continue to improve as quickly, and as safely, as possible.</p><p></p><p></p><p>The market has been resilient, and we believe justifiably so. It’s not lost on us that, like the picture, if you stare at it long enough you might get a different view. And that, in turn, will keep us busy over the next few months. The next few weeks will be influenced by virus-related news flow, and specifically reports of economic traction regarding re-openings. Headlines related to geopolitics and corporate earnings will also carry significant weight. Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments.</p>
### June Market Update
https://www.bakerave.com/insights/article/june-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/427167202?autoplay&amp;quality=1080p" frameborder="0" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item"></iframe></p><p>Access the June Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_06092020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### June 4th Market Update
https://www.bakerave.com/insights/article/june-4th-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/425732910?autoplay&amp;quality=1080p" frameborder="0" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item"></iframe></p><p>Access the June 4th Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_06032020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### May 28th Market Update
https://www.bakerave.com/insights/article/may-28th-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/423732567?autoplay&amp;quality=1080p" frameborder="0" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item"></iframe></p><p>Access the May 28th Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_05282020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### May 20th Market Update
https://www.bakerave.com/insights/article/may-20th-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/420799794?autoplay&amp;quality=1080p" frameborder="0" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item"></iframe></p><p>Access the May 20th Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_05202020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### May 2020 Market Update
https://www.bakerave.com/insights/article/may-13th-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/417766523?autoplay&amp;quality=1080p" frameborder="0" allow="autoplay; fullscreen" allowfullscreen="" class="embed-responsive-item">></iframe></p><p>Access the May 13th Market Update slide deck by Doug Couden</p><p> <a
href="/downloads/webinar_05132020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
###  Prudence Says Negative
https://www.bakerave.com/insights/article/prudence-says-negative-may<p>We, at BakerAvenue wish to express our sincere concern for everyone impacted by the pandemic. With lives still at risk, we hope that conditions continue to improve as quickly, and as safely, as possible. The day will come when Covid-19 is a memory, but for now investors must continue to manage through the complexities and uncertainties brought forth by the virus. There is no shortage of catalysts, both positive and negative, to consider. For those of you that have been following our weekly market updates <a
href="https://www.bakerave.com/insights-impact/market-updates">(click here to see the videos)</a>, you will be familiar with several of our key concerns and opportunities.</p><p>Last month, we wrote that the unprecedented retrenchment in economic activity caused by the pandemic will keep market volatility elevated. However, we also noted most of the shutdown is self-inflicted, not structural, and prone to snapping back once social distancing guidelines are lifted <a
href="http://createsend.com/t/r-325EA2798662D3CB2540EF23F30FEDED">(see In The Throes here)</a>. The market (S&amp;P 500) peaked on February 19th, an all-time high. In the past fifty-six trading days we have witnessed the fastest bear market ever, the end to an historic eleven-year bull market run, the sharpest retrenchment in global growth on record and, more recently, the swiftest bear market bounce on record. If the pandemic “felt” worse than the Global Financial Crisis in terms of equity market volatility, that’s because it was. The 30-day standard deviation of daily returns (a measure of volatility) for the S&amp;P 500 peaked out during the Global Financial Crisis at 5.0%. This time around, the peaks was 5.3% (April 8th).</p><p>Over the past several weeks, as headlines related to the virus have improved (or, more specifically, turned less bad), a sense of anxious optimism has returned. Investor focus has shifted from infection to economic trajectory (they are clearly linked). While we believe infection rates have crested, uncertainty regarding the depth of the economic contraction remains.</p><p>The road back to new highs exists, and given the rally in April (the best month for the S&amp;P 500 since 1987), one could accept that we are well on our way. However, we suspect there will be more twists and turns along the way, even some backtracking. At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro market analyses indicate. In aggregate, our disciplines exited April in better shape than March. Accordingly, while we maintained prudent conservatism in exposure levels, our positioning turned slightly more optimistic. For us, the road ahead will continue to be defined by the output.</p><p>Let’s start with the macro backdrop. Continued improvement in virus infection and mortality rates are a must. As the world economies open back up, we do suspect these rates will tick higher. However, while concerning, we don’t believe the uptick will be enough to re-enforce shelter-in-place requirements. A vaccine would, of course, be a game changer. Right now, more than 100 companies and research institutions are working on a COVID-19 vaccine.</p><p>While there continues to be a sense that the pandemic is cresting, broad skepticism (which we share) about the prospects for a V-shaped economic recovery is a significant overhang. Recessionary conditions have taken hold, with unemployment claims now surpassing the Global Financial Crisis. A fifty-year low in unemployment (3.5% in February of 2020) seems like a distant memory.</p><p>We have spent a lot of time analyzing event-driven (e.g. 2011) vs. secular recessions (e.g. 2001 &amp; 2008). The understandable takeaway is that, for the markets at least, the duration of a recession matters more than the depth. So, while we are seeing the sharp retrenchment in economic activity manifested in the incoming data, at this point we continue to define the pullback as event-driven, and therefore finite. Should this quarter prove to be the trough in economic activity (2nd quarter US GDP may show the steepest contraction in history), the directional movement will go a long way to boost animal spirits.</p><p>Finally, and quite simply, we will be watching to see if the historic policy response to the pandemic works. The fiscal response to this crisis dwarfs the Global Financial Crisis in terms of size and speed (Congress has passed three economic support packages worth over $2 trillion). Not to be outdone, the monetary response has been equally impressive (the Fed’s balance sheet will shortly be more than three times larger than it was in 2008). We expect more stimulus in the weeks ahead, but we suspect the political climate for more relief and/or stimulus may be more contentious. Regardless, for the market to recover further it will be important to see tangible signs that what is already in place is working, and that the commitment to accommodation remains.</p><p>Fundamentally, we will be focusing on the trend in corporate profits and credit metrics. Over the past couple months, companies have shuttered stores and production, announced cost-savings actions, suspended buybacks/ dividends and tapped credit lines. Visibility remains low and management teams have almost unanimously pulled forward guidance. The net effect will be the largest earnings decline on record. However, markets tend to bottom as quarterly profit growth does, and right now investors are questioning if that trough will be this quarter (2Q) or next (3Q).</p><p>We monitor credit closely as a risk metric and measure of liquidity. The credit backdrop has improved, but corporate bond spreads vs. Treasuries are still elevated. Currently, high yield or junk bonds yield over 7% more than Treasuries (lower than the March 23rd stock market low of 14%, but higher than February’s stock market high of 4%). Further improvement in spreads would go a long way towards signaling a more stable investment climate.</p><p>Technically, reviewing market internals will be influential to our positioning. Market breadth (a measure of participation) and relative strength carry significant weight in our work. The improvement in relative performance of small-cap stocks in the back half of April boosted overall market breadth. Simply stated, the average stock is starting to participate more in the recovery. The top five stocks in the S&amp;P 500 represent the highest weighting ever, and narrow markets tend not to last, so this is a welcomed development.</p><p>The relative strength of various asset classes, sectors and industries will also help guide the way. The best performing sector since the March 23rd lows has been energy, a deeply cyclical (economically sensitive) group. The worst groups have been telecom and consumer staples, both historically defensive sectors. Should investors continue to reward these portions of the market, confidence in the recovery will be emboldened. Currently, our short-term metrics in a neutral position while long-term trends remain negative but are healing. While a deep, prolonged technical retrenchment (a la 2001 or 2008) was never our base case, we continue to see a challenging workout period. We expect a complex bottoming process with a number of jerky, erratic, and volatile moves.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. We have remained active in our strategies, holding a de-risked posture while opportunistically deploying capital. Cash levels are elevated, but are below those levels held during the peak of the crisis. Should our base case hold, we plan to use the volatility emanating from the collision between better pandemic data and poor economic numbers to re-engage further. Of course, should the backdrop not stabilize, we will take a more defensive stance.</p><p></p><p></p><p>The road back exists, but it won’t be a straight line. The next few weeks will be influenced by virus-related news flow, and specifically reports of economic traction regarding re-openings. Headlines related to additional policy support and the tail end of earnings season will also carry significant weight. Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments. Stay safe.</p>
### May Insights
https://www.bakerave.com/insights/article/may-5th-insights-newsletter<p>The Paycheck Protection Program (PPP), the Money Market Mutual Fund Liquidity Facility (MMLF), the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), the Term Asset-Backed Securities Loan Facility (TALF), the Main Street Lending Program, the Municipal Liquidity Facility (MLF), the Commercial Paper Funding Facility (CPFF), and the Primary Dealer Credit Facility (PDCF). Collectively, these acronyms represent about $6 trillion of new money created through <a
href="https://www.investopedia.com/government-stimulus-efforts-to-fight-the-covid-19-crisis-4799723" title="">joint efforts between the U.S. Treasury and U.S. Federal Reserve (Fed)</a> to help mitigate the economic and market implications of COVID-19.</p>
### May 5th Market Update
https://www.bakerave.com/insights/article/may-5th-market-update<p
class="embed-responsive embed-responsive-16by9"><iframe
src="https://player.vimeo.com/video/415178599?autoplay&amp;quality=1080p" frameborder="0" allow="autoplay; fullscreen" allowfullscreen=""  class="embed-responsive-item"></iframe></p><p>Access the May 5th Market Update slide deck by Doug Couden</p><p> <a
href="/downloads/webinar_05042020_1.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Change vs. Transition
https://www.bakerave.com/insights/article/change-vs-transition<p></p><p><a
href="/downloads/Change_vs_Transition.pdf"><button
class="btn"><i
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style="display: none">Q1 2019 Market Insights</p>
### April 29th Market Update
https://www.bakerave.com/insights/article/april-29th-market-update<p><iframe
src="https://player.vimeo.com/video/413335257" width="100%" height="360" frameborder="0" style="max-width: 640px; height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p><p>Access the April 29th Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_04292020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### April 22nd Market Update
https://www.bakerave.com/insights/article/april-22nd-market-update<p><iframe
src="https://player.vimeo.com/video/410775237" width="100%" height="360" frameborder="0" style="max-width: 640px; height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p><p>Access the April 22nd Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_04222020_%28004%29.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### April 15th Market Update
https://www.bakerave.com/insights/article/april-15th-market-update<p><iframe
src="https://player.vimeo.com/video/408071714" width="100%" height="360" frameborder="0" style="max-width: 640px; height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p><p>Access the April 15th Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_04152020.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### Buy the bounce, or bet on a bottom
https://www.bakerave.com/insights/article/buy-the-bounce-or-bet-on-a-bottom<p>BakerAvenue’s Chief Strategist, King Lip, says he is content to hang on to a much larger-than-usual allocation to cash despite the recent bounce. <a
class="orange" href="https://www.reuters.com/article/uk-health-coronavirus-bottom-analysis/the-choice-facing-investors-buy-the-bounce-or-bet-on-a-bottom-idUKKCN21U0F4">Read the Reuters article here.</a></p>
###  Prudence Says Negative
https://www.bakerave.com/insights/article/prudence-says-negative<p>First and foremost, our thoughts are with anyone, or any business, affected by the devastating virus. With lives at risk, we hope that conditions improve as quickly, and as safely, as possible. It has been just thirty-three trading days since the market peaked (February 19th, 2020) and in that time we have seen the fastest bear market on record end a historic eleven-year bull market run. We have witnessed the virus force an unprecedented retrenchment in economic activity as social distancing gained traction around the globe. Event cancellations, school closures, travel restrictions, work-from-home mandates, business shutdowns and a seemingly non-stop flurry of negative headlines have kept investors appropriately anxious.</p><p>So, where are we now? Quite simply, in the throes To say the backdrop is unprecedented would be an understatement as today’s crisis has no real precedent or playbook. Visibility is limited given we are in the midst of a global pandemic that has essentially shut down the global economy. However, most of the shutdown is self-inflicted, not structural, and prone to snapping back once social distancing guidelines are lifted.</p><p>Currently, signs of optimism are mixing with economic uncertainty. Last month we wrote that the virus-related uncertainty would keep market volatility elevated with higher probabilities of big draw downs, and rallies (<a
class="orange" href="http://createsend.com/t/r-28328DF822B11D032540EF23F30FEDED">see Fatter Tails here</a>). Record volatility indeed! Unfortunately, it has been skewed negative. The first quarter was one of the worst first quarters on record (e.g. the S&amp;P 500 was -20%, the Russell 2000 was -31%!) and the month of March was the worst (March) in seventy years. The outlook going forward will remain highly dependent on the virus path and will be measured both in terms of infection and economic trajectory. While there are signs infection rates are peaking, the economic damage has not.</p><p>At BakerAvenue, we maintain analytical independence from pre-written market narratives. We remove preconceived biases from the equation and defer to our analytical output. Ultimately, our views are only as optimistic or pessimistic as our technical, fundamental and macro market analyses indicate. Given the output, we exited March more guarded than we have been in several years. Last month we noted that, should the backdrop stay volatile, taking defensive measures was prudent. Prior to the virus, we had been championing a slower, but non-recessionary, growth backdrop temporarily held captive by the trade negotiations. We advocated a view that defensively positioned investors would serve as a backstop to any corrections or pullbacks. Thawing trade tensions supported our economic acceleration view and pushed stocks to a record high reached just over a month ago.</p><p>However, over the past couple months we have noted that the virus-induced economic uncertainty has turned that previously positive narrative upside down. Recessionary conditions have quickly taken hold. The past two weeks have seen unemployment claims jump by over 10 million (a record increase) and manufacturing activity fall to levels not seen since the Global Financial Crisis. A fifty-year low in unemployment (3.5% in February of 2020) seems like a distant memory.</p><p>We have spent a lot of time analyzing event-driven (e.g. 2011) vs. secular recessions (e.g. 2001 &amp; 2008). The understandable takeaway is that, for the markets at least, the duration of a recession matters more than the depth. So, while we are seeing the sharp retrenchment in economic activity manifested in the incoming data, at this point we continue to define the pullback as event-driven, and therefore, finite.</p><p>While the situation remains fluid, it is clear the ultimate economic impact will depend on social distancing guidelines. We continue to monitor confirmed infections and, morbidly, fatality rates to help gauge the potential timing. Recent infection trends are encouraging, particularly in epicenter areas (e.g. Spain, Italy, New York, etc.). New cases in China have grinded to a halt, and economic activity there is starting to pick up. Regardless, last month consensus forecasts for 2nd quarter US GDP moved towards the steepest contraction in history (~20%). While most forecasts project a steep upturn in 3rd and 4th quarter activity, it is clear the retrenchment will set some unwelcome records.</p><p>There were only a few developments outside of the virus that received attention last month, but oil was one of them. Oil markets faced a moment of truth due to a disagreement between key OPEC+ members. The disagreement raised supplies just as large-scale demand destruction (due to the virus) was impacting market balances. Oil fell over 50% in March alone! And, given energy companies account for over 11% of the high-yield marketplace, the credit and banking linkage felt some additional pain. Fortunately, recent headlines seem to indicate Saudi Arabia and Russia are close to hammering out a fresh supply agreement.</p><p>Our short-term metrics are currently in a neutral position. The historically sharp move down has simultaneously caused several oversold signals to pop up in our work. While a deep, prolonged technical retrenchment (ala 2001 or 2008) is not our base case, recessionary conditions do exist. Those conditions, combined with a breakdown in longer-term technical trends, pushed our long-term view to negative (from neutral) last month. Prior upheavals (e.g. 2011, 2016 and 2018) were harsh with the long-term uptrend line tested or violated. Within a week or two, those trend lines were recaptured, and a new uptrend commenced. We see a more challenging workout period this time around.</p><p>We are watching the internals for signs of stability (there are a few) and at this stage believe a complex bottoming process with a number of jerky, erratic, and volatile moves should be expected. Somewhat encouragingly, investor sentiment has already reached levels of pessimism not seen since the Global Financial Crisis (e.g. the AAII bulls vs. bears ratio recently set a fresh low). Stocks are beginning to price in the palpable anxiety of a looming recession, and dislocations for some portions of the market are approaching the limits of, and in some cases have exceeded, what we think is fair value. Currently, only 15% of stocks in the S&amp;P 500 are trading above their 200-day moving average. We would be remiss to not point out that the under-reported catalysts (i.e. an under-invested investor base, dramatic monetary and fiscal policy responses, new virus vaccination options, etc.) may act at any time to push markets up sharply.</p><p>Company valuations are now cheap relative to history as valuation metrics (e.g. P/E multiples) have re-rated below fair value. The issue, of course, is that there is quite a bit of uncertainty in the denominator of that equation (earnings). Over the past few weeks management teams have continued to acknowledge the heightened uncertainty - and growing downside risks - posed by the virus. Companies shuttered stores and production, withdrew guidance, announced cost-savings actions, suspended buybacks and dividends and tapped credit lines. The earnings of a variety of sectors, especially those with global business models and a large portion of face-to-face interaction, including leisure, lodging, gaming, airlines, transports, and other service industries, will see significant cuts. In aggregate, we expect earnings to show a sizable decline in the coming quarter (~25%), followed by an equally impressive growth in the second half of 2020.</p><p>While we (and the market) fully expect global growth to slow materially in the near-term, the real question is whether future growth will be impacted by one quarter, or several. After all, stocks discount activity levels well in advance. Fortunately, policy makers realize the timing uncertainty and are taking an aggressive stance. Last month the Fed slashed interest rates to zero, announced unlimited and expanded QE (quantitative easing) and unveiled seven facilities to boost market liquidity. The Fed’s balance sheet will shortly be more than three times larger than it was in 2008. Not to be outdone, Congress passed a third economic support package in late March worth more than $2 trillion. We expect more stimulus in the weeks ahead.</p><p>Our investment philosophy is based on a dual mandate of growing, and protecting, client assets. We have remained active in our strategies, holding a de-risked posture where appropriate. Cash levels are elevated, but we stand ready to take a more active approach to strategy positioning in the coming weeks. Of course, should the backdrop not stabilize, we will take a more defensive stance. The potential for rotation (e.g. into value stocks from growth, into small-caps from large, into international from domestic) and snap-back rallies is high given extreme price discrepancies and defensive positioning, but we will wait for volatility to subside before getting too aggressive.</p><p>We are in the throes of the crisis. The next few weeks will be mostly influenced by virus-related news flow. Policy response traction and the upcoming earnings season where corporate updates, particularly surrounding liquidity, will also carry significant weight. Given the volatile and ever-changing backdrop, we believe a strategy that combines disciplined fundamental, technical and macro analyses has the best chance of generating superior risk-adjusted returns. While our forecasts are subject to revision, our commitment to client service is rock solid. Should you have any questions, please reach out to us. We are happy to share our thoughts in greater detail and welcome your questions or comments. Stay safe.</p>
### April 7th Market Update
https://www.bakerave.com/insights/article/april-7th-market-update<p><iframe
src="https://player.vimeo.com/video/405111972" width="100%" height="360" frameborder="0" style="max-width: 640px; height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p><p>Access the April 7th Market Update slide deck by Doug Couden</p><p> <a
href="https://www.bakerave.com/assets/images/insights/webinar_04072020.pdf"><button
class="btn"><i
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###  Resilience in the Time of COVID-19
https://www.bakerave.com/insights/article/resilience-in-the-time-of-covid-19<p></p><p><a
href="/downloads/Resilience_in_the_Time_of_COVID-19.pdf"><button
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style="display: none">Q1 2019 Market Insights</p>
### April 1st Market Update
https://www.bakerave.com/insights/article/april-1st-market-update<p><iframe
src="https://player.vimeo.com/video/403046050" width="100%" height="360" frameborder="0" style="max-width: 640px; height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p><p>Access the April 1st Market Update slide deck by Doug Couden</p><p> <a
href="/downloads/April_1_Market_Update.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p>
### March 26th Market Update
https://www.bakerave.com/insights/article/march-26th-market-update<p><iframe
src="https://player.vimeo.com/video/401147829?autoplay=1 " width="100%" height="360" frameborder="0" style="max-width: 640px; height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p>
### March 18th Market Update
https://www.bakerave.com/insights/article/march-18th-market-update<p><iframe
src="https://player.vimeo.com/video/398640140?autoplay=1 " width="100%" height="360" frameborder="0" style="max-width: 640px; height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p>
### March 13th Market Update
https://www.bakerave.com/insights/article/march-13th-market-update<p><iframe
src="https://player.vimeo.com/video/397526246?autoplay=1 " width="640" height="360" frameborder="0" style="height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p>
### March 2020 Market Update
https://www.bakerave.com/insights/article/march-2020-market-update<p><iframe
src="https://player.vimeo.com/video/396746918" width="640" height="360" frameborder="0" allow="autoplay; fullscreen" style="height: 380px;" allowfullscreen=""></iframe>​</p>
### Prudence Says Positive
https://www.bakerave.com/insights/article/prudence-says-positive<p>A volatile third quarter of 2019 has come and gone. Despite ongoing fears regarding trade, attacks on Saudi oil facilities, more Brexit drama, problems in the repo market, and, finally, the possibility of impeaching the President of the United States, the American economy is holding up well in relative terms. The S&amp;P 500 managed to register a small gain over the summer months while the small-cap laden Russell 2000 posted a small loss.</p><p>Many of the themes we have been highlighting continue to push and pull on investor sentiment. We believe trade-related headlines are proving to be the most influential with daily swings between the prospects of a new cold war with China and hope for a more congenial resolution. We place higher odds on the later, but our patience is being tested. Coming into the summer, our disciplines were tilting positive and we felt the market had room to run. We also noted that while the pace of returns should slow, bear market or recessionary conditions simply were not prevalent (see Trade Tirade here).</p><p>Currently, our short-term metrics are bouncing back and forth between positive, neutral and negative (neutral as of this writing). We continue to expect choppy and erratic trading as investor anxiety levels are elevated, particularly surrounding the macro backdrop. Encouragingly, longer-term metrics remain positive. While the S&amp;P 500 is only a few percentage points from another all-time high, there is a noticeable absence of bulls. We continue to note one of the most positive aspects of this market is the overwhelming lack of optimism from investors (e.g. AAII bullish levels are muted, cash levels are elevated, positioning is decidedly bearish, etc.).</p>
### Strategies for the Sandwich Generation
https://www.bakerave.com/insights/article/strategies-for-the-sandwich-generation<p></p><p><a
href="/downloads/Strategies_for_the_Sandwich_Generation.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p></p><p></p><p
style="display: none">Q1 2019 Market Insights</p>
### February 27th Market Update
https://www.bakerave.com/insights/article/february-27-market-update<p><iframe
src="https://player.vimeo.com/video/394257357" width="640" height="360" frameborder="0" style="height: 380px;" allow="autoplay; fullscreen" allowfullscreen=""></iframe></p>
### February 2020 Market Update
https://www.bakerave.com/insights/article/february-2020-market-update<p><iframe
src="https://player.vimeo.com/video/390592305" width="640" height="360" frameborder="0" allow="autoplay; fullscreen" style="height: 380px;" allowfullscreen=""></iframe>​</p>
### Many Boomers Choose a New Perspective
https://www.bakerave.com/insights/article/many-boomers-choose-a-new-perspective<p>​“Boomers come to see their lives as a second chance to grab the brass ring on the merry-go-round of life,” read our latest article to figure out your purpose.</p><p><a
href="/downloads/Many_Boomers_Choose_a_New_Perspective.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### 4 Critical Factors in Managing Concentrated Stock
https://www.bakerave.com/insights/article/four-critical-factors-in-managing-concentrated-stock<p><a
href="“/.pdfFiles/4_Critical_Concepts_in_Managing_Concentrated_Stock.pdf”"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### January 2020 Market Update
https://www.bakerave.com/insights/article/january-2020-market-update<p><iframe
src="https://player.vimeo.com/video/383177328" width="640" height="360" frameborder="0" allow="autoplay; fullscreen" style="height: 380px;" allowfullscreen=""></iframe>​</p>
### Responding to &amp; Initiating Change
https://www.bakerave.com/insights/article/responding-to-initiating-change<p> As we approach the new year our latest article, “Responding to &amp; Initiating Change,” will help you overcome challenges and take advantage of opportunities this year.</p><p><a
href="/downloads/Responding_to__Initiating_Change.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### December 2019 Market Update
https://www.bakerave.com/insights/article/december-2019-market-update<p><iframe
src="https://player.vimeo.com/video/378467892" width="640" height="360" frameborder="0" allow="autoplay; fullscreen" style="height: 380px;" allowfullscreen=""></iframe></p>
### Goal Setting Outside of the Box
https://www.bakerave.com/insights/article/goal-setting-outside-of-the-box<p> As we end the decade and approach 2020, our latest article, “Goal Setting Outside of the Box,” may help you begin reflecting on what is most important to you.</p><p><a
href="/downloads/Goal_Setting_Outside_of_the_Box.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### November 2019 Market Update
https://www.bakerave.com/insights/article/november-2019-market-update<p><iframe
src="https://player.vimeo.com/video/371022511" width="640" height="360" frameborder="0" allow="autoplay; fullscreen" style="height: 380px;" allowfullscreen=""></iframe></p>
### Kids Need Money Mentors
https://www.bakerave.com/insights/article/kids-need-money-mentors<p> In our latest article, “Kids Need Money Mentors,”we share a few tips and tricks on how you can prepare the children in your lives for financial success.</p><p><a
href="/downloads/Kids_Need_Money_Mentors.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### October 2019 Market Update
https://www.bakerave.com/insights/article/october-2019-market-update<p><iframe
src="https://player.vimeo.com/video/364905291" width="640" height="360" frameborder="0" allow="autoplay; fullscreen" style="height: 380px;" allowfullscreen=""></iframe></p>
### Defining &#8220;True Wealth&#8221;
https://www.bakerave.com/insights/article/defining-true-wealth<p>Read our latest article “Defining ‘True Wealth’,” and reconsider what is most important to you.</p><p><a
href="/downloads/Defining_True_Wealth.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### September 2019 Market Update
https://www.bakerave.com/insights/article/september-2019-market-update<p><iframe
src="https://player.vimeo.com/video/357918404" width="640" height="360" frameborder="0" allow="autoplay; fullscreen" style="height: 380px;" allowfullscreen=""></p><p></iframe></p>
### The Role of Satisfaction &amp; Values in Designing Our Financial Lives
https://www.bakerave.com/insights/article/the-role-of-satisfaction-values-in-designing-our-financial-lives<p>Our latest article, “The Role of Satisfaction &amp; Values in Designing Our Financial Lives” explains the importance of clarifying priorities, to help make financial and life decisions.</p><p><a
href="/downloads/The_Role_of_Satisfaction__Values_in_Designing_Our_Financial_Lives.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### July 2019  Market Update
https://www.bakerave.com/insights/article/q2-2019-market-update<p><iframe
src="https://player.vimeo.com/video/349964003" width="640" height="564" "="" frameborder="0" allowfullscreen="" style="height: 380px;" webkitallowfullscreen="" mozallowfullscreen=""></iframe></p>
### Leisure &amp; Life Satisfaction
https://www.bakerave.com/insights/article/leisure-life-satisfaction<p>Our latest article, “Leisure &amp; Life Satisfaction” explains the importance of choosing activities that are meaningful and purposeful to your life.</p><p><a
href="/downloads/Leisure__Life_Satisfaction.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### Trade Tirade
https://www.bakerave.com/insights/article/trade-tirade<p>What trade tensions between the world’s largest economies mean for growth, volatility and the markets.</p><p><a
href="/downloads/2019_2Q_Trade_Tirade.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### Impact Investing: Doing What&#8217;s Best for the Planet and Your Portfolio
https://www.bakerave.com/insights/article/doing-good-for-the-planet-and-your-portfolio<p
class="intro-copy">The global issues we face are real. A warming planet, a growing gap between rich and poor, inequalities among race and gender, and doubts that our generation will hand off a sustainable environment for future generations. With the rise of all these pressing issues, more of our clients are turning to Impact Investing to fund causes they care about and generate positive returns to fund their legacy.</p><p>Impacting investing isn’t writing a one-time check to a favorite charity. The Global Impact Investing Network (GIIN) defines impact as investments made into companies, organizations and funds with the intention to generate measurable social and environmental impact alongside a financial return. The goal is long-term sustainability. To identify and adopt specific impact objectives, define a strategy, monitor effectiveness against impact and returns, and refine the strategy based on results and shifting priorities.</p><p>So how do you become an Impact Investor? At BakerAvenue, we find our proprietary MOSAIC process is an effective tool to help clients adopt impact investing on either a minor or major scale. Using the Mosaic, we better understand your aspirations and can work to make Impact Investing a reality. In a time when we’re all making smarter decisions about what we eat, what to wear and where to live, how to invest with the most impact should be part of anyone’s investment plan.</p><p
style="display: none">Impact Investing</p>
### Back from the Brink. Now What?
https://www.bakerave.com/insights/article/q1-2019-back-from-the-brink-now-what<p
class="intro-copy">The market has recovered from the sharp sell-off in late 2018. What caused the bounce, and what’s our outlook going forward?</p><p><a
href="/downloads/Q1_2019_Back_from_the_Brink.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q1 2019 Market Insights</p>
### January 2019 Market Update
https://www.bakerave.com/insights/article/january-2019-market-update<div
class="mx-auto"> <iframe
width="640" height="564" src="https://player.vimeo.com/video/314387380" frameborder="0" allowfullscreen="" style="height: 380px;" webkitallowfullscreen="" mozallowfullscreen=""></iframe></div><p
style="display: none">Market Update</p>
### More Bad or Less Good?
https://www.bakerave.com/insights/article/more-bad-or-less-good<p>As a new year begins, investors are burdened by elevated uncertainty. The steep sell-off from October through Christmas Eve has damaged investor sentiment and caused many to question the outlook going forward. What caused this sell-off and, more importantly, what should we expect going forward?</p><p><a
href="https://www.bakerave.com/downloads/Q4_2018_More_Bad_or_Less_Good.pdf"><button
class="btn"><i
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style="display: none">Q4 2018 Market Insights</p>
###  Investors shouldn&#8217;t run away from Apple
https://www.bakerave.com/insights/article/baker-avenues-lip-says-investors-shouldnt-run-away-from-apple<p
class="body-copy">King Lip, chief strategist and partner at Baker Avenue Asset Management, discusses Apple cutting its 1Q revenue guidance and what it means for the company. He speaks on “Bloomberg Markets: China Open.” (Source: Bloomberg)</p><p
class="embed-responsive embed-responsive-16by9"><iframe
class="embed-responsive-item" src="https://www.bloomberg.com/multimedia/api/embed/iframe?id=b74b4717-5b90-4ae1-a09d-0c8e5efacf93" frameborder="0" style="border:none; " allowscriptaccess="always">​</iframe></p><p
style="display: none">Baker Avenue’s Lip Says</p>
### GM layoffs a ‘sensitive issue’ for Trump
https://www.bakerave.com/insights/article/gm-layoffs-a-sensitive-issue-for-trump<p>King Lip, Chief Strategist at Baker Avenue Asset Management discusses the automaker’s announced cuts to the production and workforce and what it means for the U.S. administration.</p><p><iframe
width="530" height="298" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000052803&amp;size=530_298" allowfullscreen="true" style="border:none; height: 298px;" type="application/x-shockwave-flash" bgcolor="#131313"></iframe></p><p
style="display: none">Baker Avenue’s Lip Says</p>
### Watch out for the earnings of semiconductor stocks
https://www.bakerave.com/insights/article/watch-out-for-the-earnings-of-semiconductor-stocks<p>King Lip of Baker Avenue Asset Management says semiconductor stocks tend to be “leading indicators” for the technology sector.</p><p><iframe
width="530" height="298" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000047035&amp;size=530_298" allowfullscreen="true" style="border:none; height: 298px;" type="application/x-shockwave-flash" bgcolor="#131313"></iframe></p><p
style="display: none">Baker Avenue’s Lip Says</p>
### Looking Back, Moving Forward
https://www.bakerave.com/insights/article/looking-back-moving-forward<p>It’s been ten years since the Great Recession of 2008. The decennial anniversary of one of the worst financial crises provides an opportunity to look back and reflect on the similarities and, encouragingly, differences between now and then. Click the button below to read our review of the 3rd quarter, as well as our outlook for the remainder of the year.</p><p><a
href="/downloads/Q3_2018_Looking_Back,_Moving_Forward.pdf"><button
class="btn"><i
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style="display: none">Q3 2018 Market Insights</p>
### October 2018 Market Update
https://www.bakerave.com/insights/article/october-2018-market-update<p><iframe
width="640" height="564" src="https://player.vimeo.com/video/294856477" frameborder="0" allowfullscreen="" style="height: 380px;" webkitallowfullscreen="" mozallowfullscreen=""></iframe></p><p
style="display: none">Market Update</p>
### Estate Planning Blunders of the Rich &amp; Famous
https://www.bakerave.com/insights/article/estate-planning-blunders-of-the-rich-famous<p>With the recent passing of the Queen of Soul, Aretha Franklin, it has come to light that, yet another celebrity has died without a proper estate plan in place. While many believe that an estate plan is unnecessary because of their net worth, or that their death is not imminent, everyone – regardless of age, income, or celebrity status – should have an estate plan. Click the button below to learn why.</p><p><a
href="/downloads/Estate_Planning_Blunders_of_the_Rich_and_Famous_2018.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Trust &amp; Planning - September 2018</p>
### Estate Planning Blunders of the Rich &amp; Famous
https://www.bakerave.com/insights/article/estate-planning-blunders-of-the-rich-famous-video<p><iframe
width="640" height="360" src="https://player.vimeo.com/video/291178464" frameborder="0" allowfullscreen="" style="height: 380px;" mozallowfullscreen="" webkitallowfullscreen=""></iframe></p><p
style="display: none">Trust &amp; Planning - September 2018</p>
### IRA Beneficiary Designation
https://www.bakerave.com/insights/article/ira-beneficiary-designation<p><iframe
width="640" height="360" src="https://player.vimeo.com/video/284795144" frameborder="0" allowfullscreen="" style="height: 380px;" mozallowfullscreen="" webkitallowfullscreen=""></iframe></p><p
style="display: none">Trust &amp; Planning - August 2018</p>
### The Wall of Worry
https://www.bakerave.com/insights/article/the-wall-of-worry<p><span>Investors are currently facing a steep “wall of worry,” causing minute-by-minute market volatility. Can the market continue working through its challenges and scaling to new heights? Or will this “wall of worry” prove too steep for even experienced climbers? Click the button below to read our review of the violently flat 2nd quarter, and our outlook for what we expect for Q3.</span></p><p><a
href="/downloads/Q2_2018_The_Wall_of_Worry.pdf"><button
class="btn"><i
class="fa fa-download"></i> Download</button></a></p><p
style="display: none">Q2 2018 Market Insights</p>
### A T&#8217;d Off Bull
https://www.bakerave.com/insights/article/a-td-off-bull<p><span>The bull market is ticked off, thanks to a group of “T’s”: tariffs, technology weakness and treasury prices. It is clear to us that the abnormally high-return, low-volatility regime investors have enjoyed over the previous couple of years is normalizing. Click the button below to read our take on the factors that contributed to the volatility in Q1, and our outlook going forward. </span></p><p><a
href="/downloads/Q1_2018_A_Td_Off_Bull.pdf"><button
class="btn"><i
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style="display: none">Q1 2018 Market Insights</p>
### It&#8217;s still a &#8216;trade battle&#8217; rather than an all-out trade war: Strategist
https://www.bakerave.com/insights/article/its-still-a-trade-battle-rather-than-an-all-out-trade-war-strategist<p>President Trump is “pandering to his voter base” and the latest tariffs are likely to make his voters happy, says King Lip of Baker Avenue Asset Management.</p><p>​<iframe
width="530" height="298" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000011100&amp;size=530_298" allowfullscreen="true" style="border:none; height: 298px;" type="application/x-shockwave-flash" bgcolor="#131313"></iframe></p><p
style="display: none">Baker Avenue’s Lip Says</p>
### Don&#8217;t be &#8216;too concerned&#8217; over recent decline in US retail, says strategist
https://www.bakerave.com/insights/article/dont-be-too-concerned-over-recent-decline-in-us-retail-says-strategist<p>A combination of market corrections, bad weather and a delay in the impact of tax reform likely contributed to the U.S. retail slowdown, says King Lip of Baker Avenue Asset Management.</p><p><iframe
width="530" height="298" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000005605&amp;size=530_298" allowfullscreen="true" type="application/x-shockwave-flash" bgcolor="#131313"></iframe></p><p
style="display: none">Baker Avenue’s Lip Says</p>
### February 2018 Market Update
https://www.bakerave.com/insights/article/market-update-february-2018<p><iframe
width="640" height="360" src="https://player.vimeo.com/video/255975490" frameborder="0" allowfullscreen="" style="height: 380px;" mozallowfullscreen="" webkitallowfullscreen=""></iframe></p><p
style="display: none">Market Update</p>## Regulatory & Legal### Disclosures
https://www.bakerave.com/disclosures<h3>Baker Avenue Asset Management, LP General Disclosures</h3><p>Baker Avenue Asset Management, LP is an SEC registered investment adviser headquartered in San Francisco with offices located in Dallas and New York; however, such registration does not imply any level of skill or training and no inference of such skill or training should be made. Baker Avenue Asset Management, LP may only transact business in those states in which it is notice-filed, or qualifies for an exemption or exclusion from registration requirements. A copy of Baker Avenue Asset Management, LP’s current written disclosure statement discussing its business operations, services, and fees is available upon written request or may be obtained at https://adviserinfo.sec.gov/.</p><p>Past performance is no guarantee of future results. Therefore, no current or prospective client should assume that future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended or undertaken by Baker Avenue Asset Management LP) or product made reference to directly or indirectly by Baker Avenue Asset Management LP on its website, or indirectly via a link to an unaffiliated third party website, will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client’s investment portfolio. There is a risk of loss from an investment in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor’s financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. Historical performance results for investment indices and/or categories generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. Baker Avenue Asset Management, LP encourages you to consult with a professional financial advisor prior to making any investment decision.</p><p>There are different costs associated with different types of securities and investors may be responsible for paying fees separate and distinct from those paid to Baker Avenue Asset Management, LP to invest in such securities. Importantly, the fees specific to what Baker Avenue Asset Management, LP charges do not include certain fees and charges imposed by third parties such as custodial fees, mutual fund fees and expenses, and additional fees charged by wrap sponsors. Baker Avenue Asset Management, LP’s clients’ assets can also be subject to asset-based transaction fees, brokerage fees and commissions, retirement plan administration fees (if applicable), deferred sales charges on mutual funds, 12b-1 fees, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on custodial accounts and securities transactions. For mutual fund and exchange traded fund (“ETFs”) investments, investors are charged internal management fees, distribution fees and other expenses, which are described in each fund’s prospectus. All custodial fees and any other charges, fees and commissions incurred in connection with transactions for a Baker Avenue Asset Management, LP client’s account are generally paid out of the assets in their managed account and are in addition to the investment management fees charged by Baker Avenue Asset Management, LP. Notably, neither Baker Avenue Asset Management, LP nor any of its employees receive any portion of the third-party fees. Investors should consider all fees that may be charged to their account and also understand that lower fees for comparable services may be available from other investment advisory firms.</p><p>Baker Avenue Asset Management LP is neither an attorney nor accountant, and no portion of the website content should be interpreted as legal, accounting or tax advice. Furthermore, the prospective client is solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for the prospective client based on the prospective client’s investment objectives and personal and financial situation. The prospective client should consult with an investment professional, or an attorney or tax professional regarding their specific investment, legal or tax situation.</p><p> Baker Avenue Asset Management, LP’s website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Baker Avenue Asset Management, LP’s website on the Internet should not be construed by any consumer and/or prospective client as a solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Baker Avenue Asset Management, LP does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party pertaining to Baker Avenue Asset Management, LP, whether linked to Baker Avenue Asset Management, LP’s website or incorporated herein, and takes no responsibility thereto. All such information is provided solely for informational purposes only and all users thereof should be guided accordingly.</p><h3>Baker Avenue Asset Management, LP Website Disclosures</h3><p>Certain portions of Baker Avenue Asset Management, LP’s website (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Baker Avenue Asset Management, LP’s (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. This information may have been previously disseminated by Baker Avenue Asset Management, LP to its clients or associates. Any forward-looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. The assumptions and projections displayed are estimates, hypothetical in nature, and meant to serve solely as a guideline. The results and analysis are not guarantees of future results because they are derived from mathematical modeling techniques of the economic and financial markets and due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Baker Avenue Asset Management, LP, or from any other investment professional. You should not rely on any opinion expressed as a specific inducement to make a particular investment or follow a particular strategy. Opinions expressed on this site or in the articles accessible are subject to change without notice and, due to the rapidly changing nature of the security markets, may quickly become outdated. Opinions are based upon information considered reliable, but neither Baker Avenue Asset Management, LP nor its affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Although all information presented is believed to be true and accurate at the time of publication, Baker Avenue Asset Management, LP is under no obligation to update or correct any information provided on this website.</p><p>To the extent that any client or prospective client utilizes any economic calculator or similar device contained within or linked to Baker Avenue Asset Management, LP’s website, the client and/or prospective client acknowledges and understands that the information resulting from the use of any such calculator/device, is not, and should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Baker Avenue Asset Management, LP, or from any other investment professional. Each client and prospective client agrees, as a condition precedent to his/her/its access to Baker Avenue Asset Management, LP’s website, to release and hold harmless Baker Avenue Asset Management, LP, its officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from Baker Avenue Asset Management LP.</p><p> Links to third party websites and articles are provided for your convenience and informational purposes only. Baker Avenue Asset Management, LP is not responsible for information contained on third party websites, and links to third party website does not imply approval or endorsement by Baker Avenue Asset Management, LP. Baker Avenue Asset Management, LP makes no guarantee that information provided on third-party websites or contained in third-party articles is accurate or complete. Any reference to specific stocks or companies traded on a public exchange are not considered recommendations and should not be interpreted as such. BakerAvenue may currently own or have previously owned the specific stock or company referenced, and a list of our past holdings can be found at the <a
href="https://www.sec.gov/cgi-bin/browse-edgar?company=baker+avenue&amp;owner=exclude&amp;action=getcompany" title="">SEC website here</a>. Information provided on third-party websites is subject to change at any time, and reflect the views and opinions of the author and do not necessarily reflect the views and opinions of Baker Avenue Asset Management, LP or its employees.</p><p>Information in any third-party articles reposted on the Firm’s social media sites, are based upon information considered reliable, but neither Baker Avenue Asset Management, LP nor its affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Although all information presented is believed to be true and accurate at the time of publication, Baker Avenue Asset Management, LP is under no obligation to update or correct any information provided on these websites or contained in these articles. Nothing presented on any third-party website is or is intended to constitute investment advice, and no investment decision should be made based solely on any information provided therein. Past performance is no guarantee of future results. Baker Avenue Asset Management, LP has not taken into account the investment objectives, financial situations or particular needs of any individual client or investor accessing any third-party websites.</p><p> Baker Avenue Asset Management, LP uses social media websites to share content, contact clients, and for other business purposes. Baker Avenue Asset Management, LP acknowledges that social media websites are considered to be a form of advertising. Therefore, in order to comply with Rule 206(4)-1 of the Advisers Act, Baker Avenue Asset Management, LP has a social media policy that outlines guidelines and requirements for social media postings by employees and/or Baker Avenue Asset Management, LP. No social media accounts can contain the publication or posting of any client testimonials, and neither Baker Avenue Asset Management, LP nor its employees will publish any testimonials or third-party advertisements that attest to Baker Avenue Asset Management, LP’s conduct as an adviser. Baker Avenue Asset Management, LP employees are prohibited from using any social media website to conduct business on behalf of the firm, or for other business purposes, unless the employee has received prior written approval from Baker Avenue Asset Management, LP’s CCO. Baker Avenue Asset Management, LP requires its employees who participate in social networking to adhere to the specific guidelines relative to any communications related to Baker Avenue Asset Management, LP and violations of this policy may result in disciplinary action which may include termination for Baker Avenue Asset Management, LP’s employees. Clients and prospective clients may contact Baker Avenue Asset Management, LP with any questions regarding the social media policy or to request a copy of the policy.</p><p></p><h3>Disclosure for Third-Party Articles and Websites</h3><h3>Baker Avenue Asset Management, LP Social Media Policy</h3><p>Before considering Alternative Investments, review the following information and qualifications. Alternative Investments can offer unique opportunities, but they also involve significant risks. Being aware of these risks and your qualifications as an investor is crucial. Nature of Alternative Investments: Alternative Investments encompass a range of non-traditional assets, including private equity, hedge funds, real estate, and commodities. These investments often have distinct characteristics compared to traditional assets like stocks and bonds. They may involve longer investment horizons, less liquidity, and greater volatility. Risks Associated with Alternative Investments: Investing in Alternative Investments presents inherent risks that may not be suitable for all investors. These risks can include but are not limited to</p><p></p><h3>About Alternative Investments</h3><ul><li>Lack of Liquidity: Alternative Investments are often less liquid than publicly traded securities, which means you may not be able to sell your investment when desired easily. Market Volatility: Alternative Investments can experience substantial price fluctuations due to market conditions, economic factors, or specific industry trends.</li><li>Complexity: Many Alternative Investments require a deeper understanding of the underlying assets and strategies involved. Lack of Regulation: Some Alternative Investments may have limited regulatory oversight, which could lead to increased risks of fraud or mismanagement.</li><li>Qualifications for Alternative Investments and Risk Tolerance: Alternative Investments are typically riskier than traditional assets. Assess your risk tolerance and investment goals to determine if these investments align with your financial objectives. Financial Sophistication: Due to the complex nature of Alternative Investments, a certain level of financial sophistication and understanding is required.</li><li>Investment Horizon: Alternative Investments often involve longer holding periods. Ensure your investment horizon matches the illiquid nature of these assets. Given the intricate nature of Alternative Investments, it’s highly recommended to consult with qualified financial and investment professionals who specialize in alternative investments. While Alternative Investments can offer diversification and the potential for higher returns, they come with significant risks and require a thorough understanding. We encourage you to conduct thorough due diligence and seek professional advice before making any investment decision. Past performance is not indicative of future results. Your investment’s value can fluctuate, and returns cannot be guaranteed.</li></ul>### Privacy Policy
https://www.bakerave.com/privacy-policy<h2>BakerAvenue Privacy Policy Statement</h2><h3>- <a
href="/privacy-policy#CCPA" title="California Consumer Privacy Act ">California Consumer Privacy Act (CCPA)</a></h3><h3>Privacy Policy</h3><p>BakerAvenue has adopted this privacy policy with recognition that protecting the privacy and security of the personal information we obtain about our customers is an important responsibility. We also know that you expect us to service you in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. We want you to know what information we collect and how we use and safeguard that information.</p><p><b>Information We Collect: </b>We collect certain nonpublic information about you (“Customer Information”). The essential purpose for collecting Customer Information is to allow us to provide advisory services to you. Customer Information we collect may include:<br>
Information we receive from consumer reporting agencies (e.g., credit bureaus), as well as other various materials we may use to provide an appropriate recommendation or to fill a service request.</p><ul><li>Information that you or your affiliates provide to BakerAvenue, on applications or other forms. This Customer Information may include personal and household information such as income, spending habits, investment objectives, financial goals, statements of account, and other records concerning your financial condition and assets, together with information concerning employee benefits and retirement plan interests, wills, trusts, mortgages and tax returns.</li><li>Identifying information such as your name, age, address, social security number, etc.</li><li>Information about your transactions with us, or others (e.g., broker-dealers, clearing firms, or other chosen investment sponsors).</li></ul><p><b>Security of Your Information: </b>We restrict access to your nonpublic personal information to those employees who need to know that information to service your account. We maintain physical, electronic and procedural safeguards that comply with applicable federal or state standards to protect your nonpublic personal information.</p><p><b>Information We Disclose: </b>We do not disclose the nonpublic personal information we collect about our customers to anyone except: (i) in furtherance of our business relationship with our customers and then only to those BakerAvenue employees, affiliates and third-party service providers necessary to effect the transactions and provide the authorized services (such as broker-dealers, custodians, independent managers, software providers, etc.); (ii) to persons assessing our compliance with industry standards (e.g., professional licensing authorities, consultants, etc.); (iii) our attorneys, accountants, and auditors; or (iv) as otherwise provided by law. We are permitted by law to disclose the nonpublic personal information about you to governmental agencies and other third parties in certain circumstances (such as third parties that perform administrative or marketing services on our behalf or for joint marketing programs). These third parties are prohibited to use or share the information for any other purpose.</p><p><b>Former Clients: </b>If you decide to close your account(s) or become an inactive customer, we will adhere to our privacy policies, which may be amended from time to time but will not share or disclose any of customer’s nonpublic personal information with third parties except as otherwise expressly provided under the provisions of Section 3.</p><p><b>Changes to Our Privacy Policy: </b>In the event there were to be a material change to our privacy policy regarding how we use your confidential information, we will provide written notice to you. Where applicable, you would be given an opportunity to limit or opt-out of such disclosure arrangements.</p><p><b>Questions: </b>If you have questions about this privacy notice or about the privacy of your customer information call our main number 415-986-1110 and ask to speak to the Chief Compliance Officer.<br>
<b>Notice for California Consumers:</b></p><h3><a
name="CCPA" id="CCPA" href="https://www.oag.ca.gov/privacy/ccpa" target="_blank">California Consumer Privacy Act (CCPA)</a></h3><p>The California Consumer Privacy Act of 2018 (“CCPA”) becomes effective on January 1, 2020 and creates a variety of privacy rights for California consumers. We share the same information about our practices with everyone but use this notice to make disclosures required by the CCPA.</p><p>This notice includes the following parts and make this information available to you in our Privacy Policy above.<br>
<b>You have the right to know:</b><br>
In addition, we may share personal information with third parties for other notified purposes, as permitted by the CCPA.</p><ul><li><b>Transparency:</b> We are transparent about how your personal information is collected, used, shared and sold.</li><li><b>Control:</b> We put you in control of your personal information, including accessing and deleting your personal information.</li><li><b>Benefits to You:</b> We use your personal information to benefit you and to make your experiences better.</li></ul><ul><li>what kinds of personal information Baker Avenue Asset Management, LP is collecting and our business purposes for that collection.</li><li>how personal information is obtained, how it is used, and our business purposes for that use.</li><li>if your personal information is shared with any third parties. We may share personal information to have Service Providers, as defined by the CCPA, perform services specified by written contract.</li></ul><p><b>We Do Not Sell Your Personal Information</b></p><p><b>You have the right to:</b><br>
For more detailed inquiries, you can submit a request to bakeravenue@bakerave.com</p><ul><li><b>Know</b> what specific pieces of personal information Baker Avenue Asset Management, LP has collected and retained about you over the previous 12 months.</li><li><b>Receive</b> a copy of your personal information.</li><li><b>Delete</b> your personal information.</li></ul><p><b>Non-Discrimination</b></p><p>The CCPA prohibits businesses from discriminating against you for exercising your rights under the law. Such discrimination may include denying a good or service, providing a different level or quality of service, or charging different prices. The CCPA permits businesses to provide differing levels or quality or different prices where the business can demonstrate that the difference is reasonably related to the value to the business of the consumer’s personal information.</p><p></p><p>1 Nonpublic personal information means personally identifiable financial information and any list, description or other grouping of consumers that is derived using any personally identifiable financial information that is not publicly available.</p>### Terms of Use
https://www.bakerave.com/terms-of-use<p>You are currently connected to the “www.bakerave.com” website. This site is the exclusive property of Baker Avenue Asset Management, LP.</p><h4>Introduction</h4><p>The purpose of this site is to provide information about Baker Avenue Asset Management, LP (“BakerAvenue”). Visits to the site are governed by the applicable regulations and these conditions of use.</p><h4>Disclaimer concerning the products and services presented on the site</h4><p> Information contained on this website is not an offer of investment advice. We are prohibited from transacting business in states where we are not appropriately registered, or excluded or exempted from such registration. Without registration or exemption, we cannot make individualized responses to persons that involve either the effecting of transactions in securities, or the rendering of personalized investment advice for compensation. All information on this site is for informational purposes only and is not investment advice; nothing herein constitutes a solicitation or offer to purchase or sell securities or investment advisory services.</p><p>Baker Avenue Asset Management, LP makes every effort to ensure that the information presented on the site is correct and up to date. The content of the site may be corrected at any time, without notice. BakerAvenue cannot and does not guarantee that the information provided is complete and that it has not been altered by a hacker or due to a virus. BakerAvenue accepts no responsibility for any errors or omissions in the information provided.</p><p>Access to this website is based on current service levels and BakerAvenue has no responsibility for any transmission problems or for any network breakdowns.</p><p>BakerAvenue does not give any explicit or implicit guarantee concerning the website. In particular, BakerAvenue does not guarantee that this website meets or will meet the current or future needs of visitors, that uninterrupted access to the site will be maintained, that the information presented on the site is relevant, reliable and free of errors, or that any results obtained by using this website are accurate and reliable.</p><p>BakerAvenue does not guarantee the quality and/or the legality of any content not created by BakerAvenue and will not accept any liability for any claims, lawsuits or appeals initiated by any third party on the grounds of the third party’s exclusive rights over said content and/or its use or on any other grounds.</p><p>No verbal and/or written advice or information and no video advice or information obtained from this website shall give rise to any guarantees or liability except as explicitly mentioned.</p><p>The website may include or third parties may add links to other websites or other Internet sources. BakerAvenue has no control over these sites and external sources and, accordingly, cannot be held responsible for making available these sites and external sources, or for the content, fairness, current nature, quality, completeness, relevance or legality of any advertisements, products, service or other material available on or from these sites or external sources. Visitors to the site acknowledge that BakerAvenue cannot be held liable for any proven or alleged, direct or consequential losses arising from the use of or reliance on the content of these sites or external sources, or any goods or services available on these sites or from these external sources, viewed on screen or obtained by e-mail or by any other method. The confidentiality and integrity of information on the Internet are not guaranteed. Any electronic messages sent by users of the site may be intercepted and/or altered. BakerAvenue shall have no responsibility for any messages that are intercepted and/or altered.</p><p>The trademarks and brand names referred to on the site are the property of Baker Avenue Asset Management, LP. Reproduction of all or part of any trade marks, brand names and/or logos is forbidden.</p><p>BakerAvenue has no responsibility for any hypertext links to other websites contained on this site.</p><h4>Copyright</h4><h4>Hypertext links and viruses</h4><p>Visitors to and users of the BakerAvenue website may not install a hypertext link to this site without the formal prior consent of BakerAvenue.</p><p></p><p>Users are responsible for taking the necessary precautions to ensure that the site selected does not contain any viruses or parasites. Under no circumstances may BakerAvenue be held responsible for any direct or consequential losses arising from the use of its website or any other sites accessed by a hypertext link.</p>## Glossary### Investment Terms
https://www.bakerave.com/investment-terms**Who qualifies as an accredited investor?**:<p>An accredited investor generally includes an individual whose net worth, or joint net worth with a spouse, exceeds $1 million at the time of purchase (excluding the value of the primary residence); or an individual with income exceeding $200,000 in each of the two most recent years (or joint income with a spouse exceeding $300,000 for those years), with a reasonable expectation of the same income level in the current year.</p><p></p><p>Source: SEC</p>**What does the “ask” price mean?**:<p>The ask is the lowest price an owner is willing to accept for an investment.</p><p></p>**What counts as an asset?**:<p>An asset is something that has the potential to earn money for you. It is something you own that can reasonably be expected to produce value. Assets include stocks, bonds, commodities, real estate, and other investments.</p>**What is asset allocation, and why does it matter?**:<p>Asset allocation is one way to divide the holdings in your portfolio — in this case, by asset class. Because different assets often perform differently from one another, allocating (or diversifying) your portfolio by asset type can help limit some of your risk.</p>**What does a balance sheet show?**:<p>A balance sheet is a statement showing what a company owns, the liabilities it carries, and its outstanding shareholder equity.</p>**What is a bear market?**:<p>A bear market is a market that is falling (i.e., one with a downward trend). Someone who believes the market is headed for a drop is often called a “bear.” Bear markets can last anywhere from a few weeks to several years.</p><p></p>**What does the “bid” price mean?**:<p>A bid is the highest price a buyer is willing to pay for an investment. Today, electronic trading makes it possible for asks and bids to be matched up automatically and almost instantly.</p>**What makes a stock a “blue chip”?**:<p>Blue chip companies generally have long operating histories, strong balance sheets, and a history of regular dividends. They are generally considered financially strong, well-established companies and are often viewed as relatively stable investments.</p>**What is a bond?**:<p>A bond is an investment that represents what an entity owes you. Essentially, you lend money to a government or a company, and you are promised that your principal will be returned plus interest.</p>**How is book value calculated?**:<p>Book value generally refers to a company&#8217;s assets minus its liabilities. It is often viewed as the company&#8217;s shareholders&#8217; equity on the balance sheet and may differ from the company&#8217;s market value.</p>**What does a broker do?**:<p>A broker is a firm or individual that engages in the business of buying and selling securities – stocks, bonds, mutual funds, exchange-traded funds (ETFs), and certain other investments on behalf of its customers.</p>**What is a brokerage account?**:<p>A brokerage account is an investment account that allows an investor to deposit funds and buy or sell investments such as stocks, bonds, mutual funds, and ETFs. The investor owns the assets held in the account.  Investment income and gains in the account may be subject to taxes.</p>**What is a bull market?**:<p>A time when stock prices are rising and market sentiment is optimistic. Generally, a bull market occurs when there is a rise of 20% or more in a broad market index over at least a two-month period. If you think the market is going to go up, you’re considered a “bull.” Like “bear,” the term can also apply to how you feel about an individual investment. If you’re “bullish” on a specific company, you think its stock price will rise.</p>**What is the difference between a capital gain and a capital loss?**:<p>A capital gain or loss is the difference between what you paid for an investment and what you sell it for. If you buy 100 shares of a stock at $10 a share (spending $1,000) and later sell them for $25 a share ($2,500), you have a capital gain of $1,500. A loss occurs when you sell for less than you paid. If you sell that same stock for $5 a share ($500) and you have a capital loss of $500.</p>**What is a derivative?**:<p>Financial instruments whose performance is derived, at least in part, from the performance of an underlying asset, security or index.</p>**What does diversification mean in a portfolio?**:<p>Diversity is a portfolio strategy designed to ensure that you hold more than one type of asset. It also means choosing investments across different sectors, industries, or geographic locations.</p>**What is a dividend?**:<p>A dividend is a company’s decision to divide up some of its profits among shareholders. Dividends can be paid once, as a special distribution, or more regularly — monthly, quarterly, semi-annually, or annually.</p>**How does dividend yield work?**:<p>The dividend yield is the current yield of a common stock based on its present dividend rate. It is the ratio between the dollar value of the dividend a company pays and its current share price. If a stock trades at $100 per share and pays out $5 in annual dividends, the dividend yield would be 5%.</p>**What is dollar cost averaging?**:<p>Dollar cost averaging is an investment strategy in which an investor divides the total amount to be invested across periodic purchases of a target asset (often a stock) to reduce the impact of price changes on the overall purchase. Purchases occur at regular intervals regardless of the asset’s price. The aim is to avoid making one poorly timed lump-sum investment.</p>**What is the Dow Jones Industrial Average?**:<p>The Dow Jones Industrial Average is a stock market index that tracks 30 large, publicly traded, blue-chip companies trading on the New York Stock Exchange and the NASDAQ. It was designed to serve as a proxy for the health of the broader U.S. economy.</p>**What is an exchange?**:<p>An exchange is a place where investments, such as stocks, bonds, commodities, and other assets, are bought and sold, connecting brokers (buyers and sellers) and others. While many exchanges have “trading floors,” most orders these days are executed electronically.</p>**What is an ETF (exchange-traded fund)?**:<p>An ETF is a type of investment fund that trades like a stock, bought and sold on the same exchanges as shares of stock. ETFs can track indexes, sectors, commodities, or other assets, allowing investors to gain diversified exposure through a single investment.</p>**What is a Form 10-K?**:<p>Form 10-K is an annual disclosure document that certain public companies are required to file with the Securities and Exchange Commission. It contains in-depth information about a business, including its finances and business model.</p><p><a
href="https://www.thebalance.com/what-is-a-10-k-and-why-should-an-investor-read-it-357303" title=""></a></p>**What is a hedge fund?**:<p>A hedge fund is a private investment fund that pools money from investors and invests according to a specified strategy. Hedge funds often have greater flexibility than mutual funds and are generally available only to investors who meet certain eligibility requirements, such as accredited investor or qualified purchaser standards.</p>**What is a high-water mark?**:<p>A high-water mark ensures that a fund only takes performance-related fees on new profits. For example, suppose a $1,000,000 investment is made and the fund declines 20% in year one, leaving $800,000. In year two, the fund returns 25%, bringing the value back to $1,000,000. With a high-water mark, the fund would not take incentive fees on year two’s return, because the investment did not exceed its previous high value. The fund only takes incentive fees once the investment rises above its prior high-water mark of $1,000,000.</p>**What is a hurdle rate?**:<p>A hurdle rate is the minimum rate of return a hedge fund must achieve before it can collect performance fees. For example, if a hedge fund has a 5% hurdle rate, it generally may collect incentive fees only when returns exceed 5%.</p>**What is an index?**:<p>An index is a tool used to statistically measure the progress of a group of investments that share characteristics, such as a group of stocks, bonds, or other assets.</p>**What is an index fund?**:<p>An index fund is a type of mutual fund that lets an individual buy investments that mimic the trends of an index. These are generally more passive investments with lower fees than actively managed mutual funds.</p>**What is an IRA?**:<p>An IRA (Individual Retirement Account) is a tax-advantaged retirement account. There are several types of IRAs. Generally, individuals with taxable compensation may be eligible to contribute to an IRA, subject to IRS contribution limits and eligibility requirements.</p>**What does liquidity mean?**:<p>Liquidity is the ease with which an investment product or fund can be sold or redeemed without significantly impacting its market value. Hedge funds, for example, may only offer quarterly or annual liquidity, meaning they allow investors to redeem their shares that often.</p>**What does buying on margin mean?**:<p>Margin is money borrowed from a broker to purchase investments. It allows investors to increase their buying power and invest more than the cash available in their account, but it also increases investment risk because losses can be magnified.</p>**What is market capitalization?**:<p>A company’s market cap is calculated by multiplying its current public market price of one share by the number of total shares outstanding.</p>**What is a money market account?**:<p>A money market account is an interest-bearing bank account that may pay a higher interest rate than a traditional bank savings account.</p>**What is a mutual fund?**:<p>A mutual fund pools money from many investors to invest in a portfolio of stocks, bonds, or other securities. Mutual funds may be actively or passively managed and generally charge management and operating fees.</p>**What is the NASDAQ?**:<p>NASDAQ is a U.S. securities exchange where stocks and other securities are bought and sold. The term &#8220;NASDAQ&#8221; may also refer to stock market indexes such as the NASDAQ Composite, which tracks many companies listed on the exchange.</p>**What is the New York Stock Exchange?**:<p>The New York Stock Exchange (NYSE) is one of the most well-known stock exchanges in the world. It is a marketplace where stocks of U.S. and international companies are bought and sold.</p>**What are offshore funds?**:<p>Offshore funds are investment funds organized outside an investor&#8217;s home country. They are often used by non-U.S. investors and certain tax-exempt investors and may offer tax, regulatory, or operational benefits depending on the fund structure.</p>**What are onshore funds?**:<p>Onshore funds are investment funds organized within an investor&#8217;s home country. They are commonly used by domestic investors and are generally subject to the country&#8217;s local tax and regulatory rules.</p>**What is a performance fee?**:<p>A performance fee is a fee paid to a fund manager based on the fund&#8217;s investment performance. The fee is typically calculated as a percentage of profits and may be subject to conditions such as a high-water mark or hurdle rate.</p><h3></h3>**What is a personal investment strategy?**:<p>A personal investment strategy is exactly what it sounds like: your own approach to investing. There is no single right way to invest: learn how investing works, then define and execute the strategy that fits you.</p>**What does the P/E ratio tell you?**:<p>A company&#8217;s price-to-earnings (P/E) ratio compares its stock price to its earnings per share. Investors often use the P/E ratio to compare a company&#8217;s valuation to its historical levels, industry peers, or the broader market. For example, if a company earns $5 per share and its stock trades at $75 per share, its P/E ratio is 15.</p>**What is the PEG ratio?**:<p>The price/earnings-to-growth (PEG) ratio is a modified form of the P/E ratio that factors growth into the metric. For example, a company growing earnings at 15% per year and trading at 20 times earnings may have a lower PEG ratio than a company trading at 8 times earnings whose earnings are shrinking.</p>**What makes someone a qualified purchaser?**:<p>To be considered a “qualified purchaser,” at least one of the following criteria must be met:</p><ul><li>The purchaser is an individual or family-owned business that owns $5 million or more in investments. A family-owned business cannot be formed solely for the purpose of investing in the fund.</li><li>The purchaser is a trust sponsored and managed by qualified purchasers that was not formed for the sole purpose of investing in the fund.</li><li>The purchaser is an individual or other entity that invests at least $25 million, either for their own account or on others’ behalf, and was not formed specifically to invest in the fund (e.g., a professional investment manager or a corporation).</li><li>Any entity in which all owners are qualified purchasers.</li></ul><p></p>**What is a recession?**:<p>A period of significant decline in economic activity across the economy. While recessions are often associated with two consecutive quarters of declining GDP, in the United States the official determination is made using a broader range of economic indicators.</p>**What is a redemption?**:<p>The sale of shares or interests back to an investment fund, or the repayment of a security by its issuer, in exchange for cash.</p>**What is a Registered Investment Advisor (RIA)?**:<p>A firm or individual that provides investment advice and portfolio management services for compensation and is registered with securities regulators. RIAs are required to act in their clients&#8217; best interests and to place clients&#8217; interests ahead of their own when providing investment advice.</p>**What is a Rollover IRA?**:<p>An IRA designed to receive assets transferred from an employer-sponsored retirement plan, such as a 401(k). The account preserves the tax advantages of retirement savings and generally operates like a Traditional IRA.</p>**What is a Roth IRA?**:<p>A Roth IRA is an individual retirement account funded with after-tax contributions. Earnings grow tax-free, and qualified withdrawals in retirement are generally not subject to federal income tax. Eligibility to contribute is subject to income limits.</p><p><b></b></p>**What is the S&amp;P 500?**:<p>The Standard &amp; Poor’s 500 is a stock market index that tracks the value of 500 large-cap companies in the United States. By comparison, the Dow Jones Industrial Average tracks 30 of the largest American companies.</p>**What is a SIMPLE IRA?**:<p>A retirement plan available to small businesses with 100 or fewer employees. Both employers and employees can contribute, helping employees save for retirement on a tax-advantaged basis.</p>**What is a stock?**:<p>A stock represents ownership in a company. Companies divide their ownership into shares, and the number of shares an investor owns reflects their ownership stake. Investors typically buy stocks with the expectation that the company&#8217;s value will grow over time, allowing them to sell their shares at a profit.</p>**What is a SEP-IRA?**:<p>A SEP-IRA can be used by self-employed people and small business owners under certain circumstances. Its contribution limits are generally higher than those of a Traditional or Roth IRA.</p>**What is a taxable account?**:<p>A taxable account is one you can use for trading stocks, bonds, mutual funds, and more. Taxable accounts do not carry any tax advantages, so you will be taxed on your investment income and capital gains.</p>**What is a tax-advantaged account?**:<p>An account that offers special tax benefits designed to encourage saving and investing. Depending on the type of account, contributions may be tax-deductible, investment earnings may grow tax-deferred or tax-free, and withdrawals may receive favorable tax treatment.</p><h3></h3>**What is volatility?**:<p>The degree to which the price of an investment or market rises and falls over time. Frequent or significant price swings, whether upward or downward, are generally considered signs of higher volatility.</p>**What does trading volume measure?**:<p>Volume is the number of shares being traded in the entire market during a given period. Each transaction during trading hours adds to the total volume count.</p>**What is yield?**:<p>The income generated by an investment, expressed as a percentage of its value or purchase price. For example, a stock paying $5 in annual dividends and trading at $100 per share has a dividend yield of 5%.</p>**What is a 403(b)?**:<p>A retirement savings plan available to employees of public schools and certain nonprofit organizations. Like a 401(k), it allows employees to save for retirement through payroll contributions and may include employer contributions.</p>**What is a 529 plan?**:<p>A tax-advantaged savings plan designed to help pay for qualified education expenses. Earnings grow tax-free, and withdrawals used for qualified expenses are generally tax-free.</p>### Tax Terms
https://www.bakerave.com/tax-terms**What is an above-the-line deduction?**:<p>An above-the-line deduction is an amount you can claim on your taxes that reduces how much tax you’ll owe. You can claim above-the-line deductions whether or not you choose to itemize your deductions.</p><p>Some examples of above-the-line deductions are educator expenses, the student loan interest deduction, contributions to a health savings account, and amounts paid for tuition and fees.</p><p>You can claim above-the-line deductions by completing <a
href="https://www.irs.gov/pub/irs-pdf/f1040s1.pdf" title="">Schedule 1</a> and attaching it to your federal income tax return.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is adjusted gross income (AGI)?**:<p>Your adjusted gross income (AGI) is your taxable income minus certain deductions. It’s a significant number because the IRS uses your AGI to calculate if you qualify for other tax credits or deductions.</p><p>Also, the IRS may ask you to provide last year’s AGI to file your tax return electronically.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is a below-the-line deduction?**:<p>Below-the-line deductions are amounts you can claim to reduce your overall taxes. Generally, there are two types: itemized deductions and the standard deduction (though many people do not typically refer to the standard deduction as a below-the-line deduction). You can choose the deduction that lowers your tax bill the most.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is a capital gain?**:<p><a
href="https://www.forbes.com/advisor/taxes/capital-gains-tax/" title=""> </a></p><p> A capital gain occurs when you sell a capital asset, such as real estate, stocks, or bonds, for more than you paid for it. The amount of tax you pay depends on how long you hold the asset.</p><p>If you hold your capital asset for one year or less, your gains are taxed at ordinary income tax rates. If you hold it longer than a year, your gains are taxed at long-term capital gains rates, which are generally lower.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is a capital loss?**:<p>You may incur a capital loss when you sell an asset for less than you paid for it. For example, if you purchase a stock and later sell it for less than your purchase price, the difference is your capital loss.</p><p>When your total capital losses exceed your capital gains in a year, you can claim a limited amount of the loss to reduce your taxable income. The IRS allows you to carry any unused losses forward to future tax years.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is the child and dependent care credit?**:<p>The child and dependent care credit is a tax credit available to families who pay for the care of a loved one while working, or looking for work. The amount of the credit is a percentage of how much you paid for care, up to a maximum amount.</p><p>A qualifying person must meet one of the following requirements:</p><ul><li>Your dependent under the age of 13, or</li><li>Your spouse or a dependent who is unable to care for themselves and lives with you more than half of the year.</li></ul><ul></ul><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is the child tax credit?**:<p>The child tax credit provides a financial benefit to families with qualifying children. The credit lowers the amount you owe in taxes and, when refundable, can generate a refund even if you do not owe taxes.</p><p>Your child must meet the following qualifications to claim the credit:</p><ul><li>You must claim your child as a dependent on your tax return, and they must be related to you.</li><li>Your child must be within the qualifying age limit and a U.S. citizen, national, or resident alien.</li><li>Your child must have a valid Social Security number and live with you for at least half of the year.</li><li>You must provide at least half of their financial support.</li></ul><ul></ul><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is cost basis?**:<p>The cost basis is the original amount paid for an asset. For example, if you buy a stock, the price you pay for it is your cost basis.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**How is cryptocurrency taxed?**:<p>Generally, the IRS taxes cryptocurrency similar to capital gains. How much you’ll pay in taxes on your crypto depends on how long you hold it before you sell or use it. If you hold it for more than one year, any gains are taxed at the lower long-term capital gains rate. If you hold it for one year or less, your gains are taxed at ordinary income tax rates.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is a dependent?**:<p>A dependent is someone who relies on the taxpayer for financial support. For tax purposes, the IRS allows you to claim a dependent, which may entitle you to tax breaks.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is the earned income tax credit (EITC)?**:<p><a
href="https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/qualifying-child-rules" title=""></a></p><p> The earned income tax credit (EITC) is designed to provide financial assistance to taxpayers who earn a low-to-moderate income. The EITC is a refundable tax credit, which means it can reduce the amount of taxes you owe and generate a refund.</p><p>The EITC is based on a percentage of the income you’ve earned during the year, including wages, tip income, and self-employment income. However, unemployment income, alimony, child support, and interest aren’t considered earned income. Generally, the amount you can claim increases with the number of qualifying children.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What are estimated tax payments?**:<p>You must pay federal income taxes when you receive income throughout the year. Typically, if you’re an employee, your employer will withhold federal income taxes and pay them on your behalf. However, if you own a business, you must make estimated tax payments throughout the year.</p><p>Estimated tax payments are generally due on a quarterly basis, with deadlines that fall in April, June, and September, and in January of the following year. Confirm the exact due dates for the current tax year, as they can shift slightly.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is filing status?**:<p>Your filing status is an IRS classification based generally on your marital status. It is used for your filing requirements, standard deduction, ability to claim certain tax breaks and the amount of your tax. There are five filing statuses:</p><p></p><ul><li>Single</li><li>Head of Household</li><li>Married filing separately</li><li>Married filing jointly</li><li>Qualifying Widow(er)</li></ul><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is an interest deduction?**:<p>Interest deduction causes a reduction in taxable income. If a taxpayer or business pays interest, in certain cases the interest may be deducted from income subject to tax. Some examples of interest payments that can be deducted are interest payments for a home mortgage or home equity loan, margin account interest, and student loan interest.</p><p>Source: <a
href="https://www.investopedia.com/terms/i/interest-deduction.asp" title="">Investopedia</a></p>**What is investment interest?**:<p>An investment interest expense is any amount of interest that is paid on loan proceeds used to purchase investments or securities. Investment interest expenses include margin interest used to leverage securities in a brokerage account and interest on a loan used to buy property held for investment. An investment interest expense is deductible in certain circumstances.</p><p>Source: <a
href="https://www.investopedia.com/terms/i/investment-interest-expense.asp" title="">Investopedia</a></p>**What are itemized deductions?**:<p>Itemized deductions are expenses you can claim on your federal income tax return to lower your taxes. Some examples are medical and dental costs, charitable donations, state income taxes and casualty losses. When choosing whether to itemize your deductions, or go with the standard deduction, use whichever is the higher amount.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**How are long-term capital gains taxed?**:<p>Long-term capital gains are derived from assets that are held for more than one year before they are disposed of. Long-term capital gains are taxed according to graduated thresholds for taxable income, at rates that are generally lower than ordinary income tax rates. Most taxpayers who report long-term capital gains are taxed at a rate below their ordinary income tax rate.</p><p>Source: <a
href="https://www.investopedia.com/articles/personal-finance/101515/comparing-longterm-vs-shortterm-capital-gain-tax-rates.asp" title="">Investopedia</a></p>**What is margin interest?**:<p>Margin interest is the interest that is due on loans made between you and your broker concerning your portfolio’s assets. For instance, if you short sell a stock, you must first borrow it on margin and then sell it to a buyer. Or, if you purchase on margin, you will be offered the ability to leverage your money to purchase more shares than the cash you outlay.</p><p>Source: <a
href="https://www.investopedia.com/ask/answers/07/margin_interest.asp" title="">Investopedia</a></p>**What is nontaxable income?**:<p>Nontaxable income is any income you receive on which you don’t have to pay taxes. Some examples of nontaxable income are child support payments, gifts, and cash rebates.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is an ordinary dividend?**:<p>Ordinary, or non-qualified, dividends are a share of a company’s profits passed on to the shareholders periodically. The dividends are taxed as ordinary income.</p><p>Source: <a
href="https://www.investopedia.com/terms/o/ordinary-dividends.asp" title="">Investopedia</a></p>**What is a personal exemption?**:<p>A personal exemption was a dollar amount you could deduct from your taxable income, which would reduce the income on which you are taxed. The personal exemption was suspended by the Tax Cuts and Jobs Act (TCJA) for tax years 2018 through 2025. Whether a personal exemption applies in any given year depends on current tax law, so confirm the latest rules.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is a qualified dividend?**:<p>A qualified dividend is a dividend that must meet special requirements put in place by the IRS and falls under capital gains tax rates, which are lower than the income tax rates applied to unqualified or ordinary dividends. Because of this difference in rates, the distinction between ordinary and qualified dividends can be substantial when it comes time to pay taxes.</p><p>Source: <a
href="https://www.investopedia.com/terms/q/qualifieddividend.asp" title="">Investopedia</a></p>**What is self-employment income?**:<p>Self-employment income is money or property received for services you provide. Typically, a self-employed person is a sole proprietor, freelancer, or independent contractor.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**How are short-term capital gains taxed?**:<p>A short-term gain is a profit realized from the sale of personal or investment property that has been held for one year or less. The amount of the short-term gain is the difference between the basis of the capital asset – or the purchase price – and the sale price received for selling it. Short-term gains are taxed at the taxpayer’s ordinary income tax rate.</p><p>Source: <a
href="https://www.investopedia.com/terms/s/short-term-gain.asp" title="">Investopedia</a></p>**What is a sole proprietor?**:<p>A sole proprietor is someone who owns a business by themselves. They report their share of income and expenses on <a
href="https://www.irs.gov/pub/irs-pdf/f1040sc.pdf" title="">Form 1040, Schedule C.</a></p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is the standard deduction?**:<p>A standard deduction is a flat amount that the IRS allows you to use to reduce your taxes based on your filing status, and it is adjusted for inflation each year. The IRS allows you to choose between deducting your itemized deductions or the applicable standard deduction — choose the method that lowers your tax bill the most.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is a tax deduction?**:<p>A tax deduction is an amount that reduces the amount of your income that can be taxed, lowering your tax bill. Examples of tax deductions are standard deductions, itemized deductions, or above-the-line deductions.</p><p>Source: <a
href="https://www.forbes.com/advisor/taxes/tax-terms-to-know-when-filing-taxes/" title="">Forbes</a></p>**What is taxable interest?**:<p>Taxable interest is interest on bonds, mutual funds, CDs, and demand deposits at or above a minimum reporting threshold. Taxable interest is taxed just like ordinary income.</p><p>Source: <a
href="https://www.investopedia.com/articles/tax/10/interest-income.asp" title="">Investopedia</a></p>**What is taxable interest income?**:<p>Taxable interest income is the money you earn on investments (for example, bonds, mutual funds, and interest-bearing accounts) for which you’re required to pay taxes. In most cases, your tax rate on earned interest income is the same rate as the rest of your income.</p>