Embracing America’s Colorful Future

By: Anuradha Gaggar, CFA, FRM

The COVID-19 pandemic has exacerbated many issues that have been plaguing the social fiber of our nation for many years, including racial discrimination and economic and gender inequalities. Communities, governing organizations, and companies have responded by enacting regulations, guidelines, and programs that address these issues while also emphasizing the changing preferences of consumers. Below, I’ll unpack the business and investing case for addressing our nation’s evolving demographics. We should do so not because it’s “the right thing to do,” but because understanding this topic is necessary for resonance with consumers and investors now and in the future.

America’s Changing Façade

The year 2020 is expected to be a pivotal year for U.S. demographics. According to the U.S. Census Bureau projections, just under one half of children under the age of 18—49.8 percent to be exact—living in the U.S. in 2020 will be determined to be non-Hispanic whites. This number should decline even further over the coming decades. As demonstrated in the following chart, two out of every three children are expected to be a race other than non-Hispanic white by 2060.

While the aggregate U.S. population still looks like a white majority, whites should become a minority by 2043, dropping below 50 percent of our population. Additionally, working-age Americans (those between the ages of 18 and 64) should become a “majority-minority” by the year 2039. Given the pervasive impact of race on nearly every aspect of American society, these demographic shifts will have major implications for the future of the country. Our policies, economy, businesses, and even our investments will change. With these tectonic demographic shifts on the horizon, it’s unsurprising that social justice issues have dominated news headlines of late.

Spending Habits by Race

When assessing consumer spending by race, it’s also unsurprising that Americans in different income brackets tend to spend their money differently. Yet the differences in spending habits extend far beyond the dollars earned by families. For example, families who are within the same socioeconomic bracket but who are not the same race tend to spend money differently. The table below illustrates the average annual expenditure of consumers in the U.S. by race. In 2019, Asian Americans, on average, spent the most dollars on housing, transportation, food, personal insurance and pensions, and education. Black Americans spent the most on apparel and services. Whites and all other races spent the most on health and personal care, entertainment, alcohol, and tobacco. The evidence clearly supports the notion that consumer spending habits vary by race—a fundamental element for businesses to consider in positioning their products and services.

As the second-largest—and second-fastest-growing—demographic in the U.S., Hispanic Americans should account for a third of the American population by 2060 and will likely outspend whites in comparable economic brackets over their lifetimes. Only a few decades ago, Hispanic Americans were an emerging niche, primarily made up of migrant farm and factory workers and lower-income service workers. In 2020, however, according to the latest Hispanic American Market Report by Claritas, Hispanic households spent 17 percent more than other U.S. households on soaps, detergents, and other laundry and cleaning products. Accordingly, consumer-packaged goods companies might consider Hispanic households an attractive target market. In addition, Hispanic Americans tend to embrace the DIY (do-it-yourself) model, particularly when it comes to automobiles. This characteristic should make Hispanic Americans an excellent target group for automotive aftermarket retailers, as well as manufacturers of vehicle parts and fluids.

Nearly 50 million strong, Black Americans are the second-largest minority group in the U.S. after Hispanic Americans. The spending power of Black Americans has been well documented, especially compared with that of other races. Spending more than a trillion dollars a year, Black Americans have a buying power that’s greater than the GDP of many countries. In 2019, Nielsen, a renowned market research company, released a report on trends in Black buying power, highlighting the influence of advertising on Black consumers’ spending habits. Interestingly, the report found that Black Americans are 42 percent more likely than other Americans to respond to mobile ads. They also shell out 19 percent more on beauty and grooming products than any other U.S. demographic. Contrary to the shoppers powering the recent boom in e-commerce, Black Americans prefer in-store shopping experiences, typically at high-end department stores. This demographic also tends to emphasize giving, donating a larger share of their income to charities than any other group in the nation.

Although the smallest demographic cohort in the U.S., the Asian-American population is the fastest growing. When assessing consumer spending and engagement, the most compelling factor to highlight is the sheer buying power of the Asian-American demographic. The current average household income is 36 percent greater than overall household income and 22 percent greater than the average household income for whites. In its latest Asian American Market Report, Claritas found, on average, today’s Asian household members will spend $1.2 million more than members of non-Hispanic white households over the remainder of their lifetimes. Additionally, Asian-American households spend 21 percent more annually on consumer goods and services than the average U.S. household. That means Asian-American households rank first among all cultural groups, including non-Hispanic white households, for total consumer expenditures. It’s also worth noting that Asian Americans access social media on smartphones 23 percent more than other Americans and are twice as likely to use LinkedIn.

Investing in Demographic Trends

As with other economic trends, demographic trends create both risks and opportunities for businesses, economies, and society as a whole. A demographic turning point such as the one we’re currently experiencing will have a long-term impact on capital markets. For investors, it’s essential to monitor evolving trends, such as consumer spending habits, when identifying investment opportunities and planning strategies to mitigate risks. Furthermore, as the data presented here projects, minorities will soon emerge as the leading component of our nation’s youth and working population—and will also constitute a majority of the voting population. As a consequence, investors should pay attention to and prepare for the disruptive demographic shifts on the horizon. The pace of minority growth in America, coupled with the significant lifetime purchasing power of groups currently in the minority, is worth acknowledging (and embracing!). Therefore, the investment insight we should derive from the coming demographic megatrend is this: Invest in companies with the strategic foresight to pivot their businesses based on the demands of changing demographics

Matthew Lang is a financial advisor located at 236 N Washington St, Monument, CO 80132. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at 719-481-0887 or at matt@langinvestmentservices.com.

© 2020 Commonwealth Financial Network®

Stock market ebb and flow

The worries on the market ebb and flow like the tides.

Last autumn, the worries were in full force: are we nearing a recession, is inflation coming, is this the big market correction, will the trade war escalate, will we have a lasting government shutdown, and many more.  Consequently, the market had a big drop in Q4 of last year, bottoming on Dec 24 with a drop of about 20% in 3 months.  Ouch.

Then something remarkable happened.  The worries all seemed to go away.  And just like that, the market has bounced back entirely and is right now butting up against the all-time high levels.

So what happened?  Nothing. The worries which existed in Q4 still exist.  In actuality these worries plus a myriad of other worries are always present.  The worries represent the balance of risk, which is essential in a functioning market.

I remember when I was a 25 year old advisor in 1999 at the peak of the tech bubble (we didn’t know it was a bubble then however) hardly anyone was worried, including myself.  “This is the new, connected world….a new economy,” was what everyone was saying.  And my least favorite expression of all, which I still hear on the financial news is, “we are in a goldilocks economy.”  I know what the talking heads are trying to say; the economy is neither too hot or too cold…just right; but personally I think they should find an example that doesn’t have bears in it.  More to my point, in 1999 the worries were gone, but the underlying risks were as high as ever.  The second chapter of the Goldilocks should have been published in 2000 with the bears chasing down a terrified Goldilocks and getting even.

The current worry list has some of the same entries as Q4 last year, minus a few that are resolved and plus a few new ones.  I’m happy the worries are there.  I’m happy the market risk is balanced.  I’ll be worried when everyone else is not.  I’m not worried about rain while its raining, I’m worried about rain while its sunny.

We’ve enjoyed a 2019 rally (bouncing off the 2018 swoon) and the market is probably due for a breather in the short term.  However, I think this will continue to be a good year in the market overall.  Instead of looking at the worries, I look at the reality.  We have a great economy, everyone who wants a job has one, low inflation, low interest rates, people are spending money, business is expanding, capital expenditures are up, and people are generally happy.

Spring is in the air.  In Colorado we are having our first 70 degree days this week.  Enjoy this time of year…..and leave the worrying about your money to me!

 

Matthew Lang is a financial advisor located at 236 N Washington St, Monument, CO 80132. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at 719-481-0887 or at matt@langinvestmentservices.com.

Market volatility

The Beginning of the End? A Look at October 2018 Market Volatility

Not for the first time, October was a difficult period for the stock market. With the drop seen over this past month, there is increasing fear that this is it—the big one that will take us back to the depths of 2008. Although that level of concern is certainly understandable, a closer look at the real economic and market situation around the world suggests that the volatility we are now seeing (and may well continue to see) is perfectly normal. Over time, this kind of turbulence is why stocks can yield the returns they do.

Still, how do we know whether this decline is normal and whether we’re headed for another 2008? Is there a way to tell?

Is this decline normal?

Let’s start with the easy question first. As of this writing (October 31, 2018), the S&P 500 was down about 7 percent from its peak. It has recovered somewhat from its bottom, when it was down about 10 percent. That seems like a big decline; by recent standards, it is. When we look back further, however, this drawdown remains normal.

Since 1980, for example, declines during a calendar year have ranged between 2 percent and 49 percent, with the average at just more than 14 percent. So, the October declines are well within the normal range. The market could drop another 7 percent (i.e., as much as we have already seen), and we’d still be at the average decline for a typical year.

Another way to answer this question is to see how often a decline of any given size occurs. Markets experience a 10-percent decline every year, on average. Even if things get worse—we are not there yet—this is about the fifth drop we’ve seen in the past five years. In that sense, we are once again right in line with the averages.

Are we headed for another 2008?

These facts are all well and good. Even if things are normal now, however, we need to think about how much worse this situation could get. There are no guarantees, of course. But if we look at past bear markets (defined as declines of 20 percent or more), we can make a few observations.

First, of 10 such events since 1929, 80 percent have occurred during a recession. The U.S. economy, despite some slowing trends, continues to grow; we are not in a recession. A growing economy tends to support market values and limit declines.

Second, 40 percent of past bear markets have come during times of rapidly rising commodity prices (e.g., the 1973 oil embargo). Rising prices tend to choke off economic activity and slam profit margins. Now, we have moderate commodity prices overall, which support economic growth and help profit margins, at least here in the U.S. These moderate prices, generally speaking, are not a problem.

Third, during 40 percent of past bear markets, the Federal Reserve has aggressively raised interest rates. While rates have been rising, they are still very low by historical standards. In fact, they are at the lower end of the range that prevailed from 2008 to 2011, after the crisis. They are also likely to stay low by historical standards for some time. As such, we certainly do not have the conditions that fuel a bear market. Despite the recent increases, low rates continue to benefit the economy, which has supported the market so far and will continue to do so.

Finally, half of the bear markets were born when market values were extreme. Current valuations are high by historical standards but low by the standards of the past five years. As we are seeing, an adjustment to lower valuations is painful. But it also means the risk of a further drop dissipates, which takes us back to the fact that periodic drawdowns are not only necessary but healthy.

Almost all bear markets have more than one of these traits; right now, we have (at most) one and really more like one-half of one. This doesn’t mean that we won’t see further declines. It does suggest that they are less likely—and would probably be short lived.

We can also look at recent history to evaluate how much trouble we might see if the situation were to worsen. Earlier this year, for example, markets pulled back by 10 percent, only to rebound and reach new highs. In early 2016, markets were also down more than 10 percent, only to bounce back to new highs. And we can go back further, to even worse pullbacks. In 2011, when Greece almost declared bankruptcy and broke up the European Union, we saw markets drop 19 percent. In 1998, during the Asian financial crisis, we also saw a pullback of 19 percent. Despite the headlines, our current economic situation is much more like early 2018 and 2016, and it is nowhere near as bad as either 1998 or 2011. Even with those declines, the annual return for each year wasn’t disastrous. In 2011, the market ended flat; in 1998, it gained 27 percent.

What is the outlook for the rest of 2018?

Markets have recovered somewhat from October’s midmonth lows, and the economic fundamentals remain good. While further volatility is possible, based on history, it does not seem likely that we will see a further massive and sustained decline that takes us back to 2008. Worst case, if the Chinese trade confrontation situation gets as bad as the Asian financial crisis or the Greek crisis, we could see additional damage. But we likely won’t see anything worse than what occurred during those pullbacks.

With a growing economy, with strong employment and spending growth, and with moderate oil prices and interest rates, the U.S. is well positioned to ride out any storms—more so, in fact, than we were in 2011. Current conditions look much more like 2016 than 2011. As the island of stability in the world, we are also very attractive to foreign investors, as we can see by the strength of the dollar.

Look beyond the headlines

By understanding the history and economic context of today’s turmoil, it is clear that markets may get worse in the short term. Still, the foundations remain solid, which should lessen the effect and duration of any further damage. Yes, the headlines are very scary, but things aren’t that bad. So, we will be postponing the beginning of the end . . . again.

Certain sections of this commentary contain forward-looking statements based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.

 All indices are unmanaged and investors cannot actually invest directly into an index. Unlike investments, indices do not incur management fees, charges, or expenses. Past performance does not guarantee future results.

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Matthew Lang is a financial advisor located at 236 N Washington St, Monument, CO 80132. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at 719-481-0887 or at matt@langinvestmentservices.com.

© 2018 Commonwealth Financial Network®

2018 economic forecast

2018 Midyear Outlook: Will the Economy and Markets Keep Growing?

After the performance we saw last year, we had high hopes for the economy and markets in 2018, but the first half of the year was disappointing. Expectations softened as the stock market pulled back early in the year, economic growth slowed, and risks—largely in trade—rose. As we hit midyear, though, those initial hopes appear to be more realistic than they were even a month ago.

For example, job growth has accelerated this year, bringing us, more or less, to full employment. And with continued wage income growth and ongoing high confidence, consumers are both able—and willing—to spend. Businesses are confident, too, and business investment is showing signs of accelerating. Meanwhile, tax cuts and fiscal stimulus have taken government from a headwind to a tailwind.

With this foundation, we should see continued growth in the second half, fueled by the following:

  • Employment—which is likely to continue to grow, albeit at a potentially slower pace than in the first half of the year
  • Businesses—which should keep and even increase their investment as capacity utilization rises and labor becomes scarcer
  • Government spending—which should continue to revert to growth now that the tax cuts and spending deal are in place

What does this mean, then, for real economic growth? We can expect to see growth of around 3 percent, with the potential for better results. Assuming consumer spending growth of around 3 percent, business investment growth near 5 percent, and government spending growth around 2 percent, this 3-percent figure appears both reasonable and achievable. Combined with an anticipated inflation level of 2 percent for the year, nominal growth should approach 5 percent.

Opportunities and Risks

As always, there are risks to this outlook—both to the upside and the downside.

Looking at the economy, if wage growth increases, consumer spending power could increase more quickly. If consumer borrowing were to pick up, spending could grow even faster. Business investment could respond to improving demand and rise more than expected. Local and state governments could increase investment and hiring more than expected.

Politics presents the greatest risk on the downside. Here in the U.S., the midterm elections will certainly disrupt the political process. If it appears likely that Democrats will take one or both houses of Congress, it could raise substantial economic uncertainties. In the nearer term, the administration’s trade policies could disrupt supply chains and increase costs, which would have consequences for financial markets. Abroad, risks include North Korea and continued political turmoil in Europe. Any of these could result in systemic damage and create real drag on the U.S. economy and financial markets.

Another major downside risk is rising interest rates. In its most recent press conference, the Federal Reserve (Fed) seemed to declare victory on both employment and inflation, which could mean faster rate increases than previously anticipated. Current expectations are for at least two more increases in 2018, and with long-term rates constrained, we could be at risk for an inverted yield curve, which historically has been a sign of upcoming recession.

Turning to the stock market, the rest of 2018 could be quite exciting, in both a positive and a negative sense. Earnings growth should continue to improve overall on the heels of economic expansion, as companies reap the benefits from the tax cuts. As growth accelerates and risks from Europe and North Korea subside, valuations may rise back to previous highs—or even higher on a positive shift in investor sentiment.

There are certainly risks to the market on the downside, however. Valuations are at or above 2007 levels; in other words, they are at historic highs. Profit margins are also at historic highs, and the tailwinds that got them there are disappearing as interest rates rise and wage growth continues to pick up. That’s not to mention that rising interest rates could make bonds more attractive as an investment, which would also weigh on valuations.

Looking at the past three years, a typical lower-end multiple has been 15x forward earnings. Based on current analyst expectations of $176.52 in S&P 500 earnings for 2019, and using a 15x multiple, the 2018 year-end target for the index would be around 2,650, which represents a decline of about 5 percent from mid-June levels. This is a reasonable downside scenario for the end of the year.

If the economy continues to grow, and businesses continue to operate at very high profitability levels, valuations could rise back to around 17x forward earnings. This reasonable upside scenario would leave the S&P 500 around 3,000 at year-end, an increase of almost 8 percent above current numbers.

 Are Things Looking Up?

This is definitely not a prediction of a flat, boring market. Absent the Fed’s security blanket, the market should be more volatile, and it likely will be. A sell-off at some point in the next six months is very possible, with the rising concerns about trade one potential cause. In addition, as rates rise, investors will likely reassess the attractiveness of U.S. stocks versus fixed income. Meanwhile, accelerating wage growth should have a negative effect on profit margins, even as it boosts the economy as a whole.

While the downside risks are real, the ongoing strength of the U.S. economy should protect us from the worst and even continue to offer some upside. The second half of 2018, therefore, seems likely to provide us with more growth in the real economy and financial markets.

Certain sections of this commentary contain forward-looking statements based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.

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Matthew Lang is a financial advisor located at 236 N Washington St, Monument, CO 80132. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at 719-481-0887 or at matt@langinvestmentservices.com.

© 2018 Commonwealth Financial Network®

Division of assets

Dividing Retirement Assets at Divorce

For many couples, retirement assets represent a significant portion of net worth. During a divorce, in order to split assets equitably, most couples divide the benefits available in their employer retirement plans and the money they invested in their individual retirement accounts.

Court-ordered division of assets

The rules for splitting accounts are unique to each type of retirement account, but one rule is uniform: To avoid current taxation, the division of the retirement accounts must be done as a result of a court-ordered property division, divorce, or separation agreement.

  • Qualified domestic relations order (QDRO): Before a traditional pension, 401(k), 403(b), or 457(b) plan can be divided, a document called a QDRO is needed. A QDRO is a court order that tells the retirement plan administrator how to divide the retirement assets. In the QDRO, the employee is referred to as the participant spouse, and the recipient of the assets is called the alternate payee. In lieu of a QDRO, some employers prefer to provide their own standardized form for court approval.
  • Transfer of account incident to a divorce: IRAs, including traditional, Roth, SIMPLE, and SEP accounts, can also be divided by a court order. The term for dividing an IRA or nonqualified annuity between the IRA owner and the former spouse is a transfer of account incident to a divorce. Note that without the specific direction of a court-approved settlement, a transfer of part of an IRA to a spouse or former spouse will trigger taxes. The IRA owner, not the former spouse, is responsible for the taxes and any penalties due.

Separating the benefits

Retirement plans. As noted above, prior to making any changes to a participant spouse’s plan benefits, employers require a QDRO document, signed by a judge. Before the QDRO is written and issued, it is a best practice to talk with your or your former spouse’s retirement plan administrator about plan requirements. Once the QDRO is written, it takes a court order to make corrections or changes.

Depending on individual plan rules, benefits may separate immediately (the separate interest approach) or at the participant spouse’s earliest retirement eligibility (the shared payment approach).

  • With the separate interest approach, the alternate payee’s benefits are assigned immediately but may not be accessible until a later date.
  • With the shared payment approach, benefits for the alternate payee are available only when they become available to the participant spouse.

IRAs. Practices and requirements among IRA custodians differ. The key to a successful transfer is to have a settlement agreement that clearly specifies the accounts to be transferred. Under Internal Revenue Code Section 408(d)(6), this transfer is intended to be tax-free.

There are two basic ways to split up an IRA. The most common method of transfer is to segregate the assets into a new IRA for the former spouse. Alternatively, a check can be cut to the recipient spouse, who has 60 days to open his or her own IRA to avoid taxes.

Additional important details regarding QDROs

Employer plans can be categorized as defined contribution, like the popular 401(k) plans, and defined benefit, commonly called pensions. A defined contribution plan has readily ascertainable account balances. These are usually split shortly after a divorce has been finalized.

A defined benefit is typically paid as a monthly benefit at retirement. With the separate interest model, the former spouse is treated as an employee, and benefits are paid until his or her death. With a shared interest model, benefits usually stop at the participant spouse’s death, even if the former spouse is still alive.

A former spouse qualifies for a survivor annuity only if the QDRO clearly provides it and the retirement plan can accommodate it. If the plan cannot provide survivor benefits to a former spouse, or if the former spouse’s claim ends at the participant spouse’s remarriage, the former spouse may consider life insurance as an alternative means of income.

If the QDRO specifies payout instructions not offered by the retirement plan, it cannot be honored; however, the QDRO can require early retirement benefits for the alternate payee even if the participant spouse chooses to delay retirement.

Unlike an alimony award, retirement plan property settlements are not generally severed when a former spouse remarries.

Tax issues

QDROs. Which party is responsible for taxes? It depends on whether a separate account has been set up for the former spouse or whether monies are paid out of the participant spouse’s benefits. With separate accounts, each party is responsible for his or her own taxes. With shared benefits, all taxes are paid by the participant spouse.

Note that a QDRO-ordered distribution to a child or other dependent is always taxed to the participant spouse.

One of the advantages of a QDRO is that the 10-percent penalty does not apply for early withdrawals from a 401(k), 403(b), or 457(b) plan made to a former spouse who is younger than 59½; however, the mandatory 20-percent withholding tax does. To avoid the tax on monies intended for IRA rollover, elect a direct transfer to the new IRA custodian.

Divided IRAs. Remember that an informal or mediated agreement between spouses to divide individual IRA assets is not recognized by the IRS and will result in taxes. Also, unlike with QDROs, a divorce does not qualify as an exception to the 10-percent early withdrawal penalty for IRA distributions prior to age 59½.

Special situations

The former spouses of military members may receive up to 50 percent of the military member’s retirement pay if the couple was married for at least 10 years. Because the military uses the shared benefit model, benefits to the former spouse begin only after the military member elects retirement. Benefits continue until the retiree’s life expectancy, unless the retiree elects a survivor benefit plan. The survivor benefit can be lost if the former spouse remarries before age 55.

 State, local, and municipal retirement systems offer fewer options for dividing marital assets. The retirement plans of some states do not allow the assignment of benefits, even to a former spouse.

Other types of government retirement benefits are the Federal Employees Retirement System (FERS) and the Civil Service Retirement System programs for federal retirees. The correct term for the division of assets of federal retirees is not QDRO but Court Order Acceptable for Processing. FERS also uses the shared benefit model, so a rollover to an IRA is unavailable.

Social security is available to former spouses who were married for more than 10 years. The rules for receiving benefits as a former spouse are the same as for current spouses. For example, if a former spouse reaches full retirement age, he or she will receive the higher of his or her own work-related benefit or 50 percent of the worker’s full retirement benefit. At the worker’s death, the former spouse can receive up to 100 percent of the decedent’s social security benefit, reduced for the former spouse’s early retirement. These benefits are available even if the worker remarries or if the former spouse remarries after he or she turns 60. Payments to former spouses do not reduce the worker’s or the current spouse’s benefits.

Nonqualified annuities can be divided between divorcing spouses without triggering taxes, based on the instructions of the court-approved settlement document. Because each insurance company has its unique requirements, it is wise to communicate with the carrier before the final divorce decree. You may find that existing surrender charges will be applied.

Many executives also participate in nonqualified deferred compensation plans. Because a nonqualified plan is not subject to ERISA rules, a QDRO is not used to set aside benefits for the former spouse. A division of the assets of the nonqualified deferred compensation plan will not shift the tax liability to the former spouse.

Stock options also pose challenges in property division. The date chosen for determining asset value is crucial. Value can differ widely, depending upon whether it is based on the date of the initial separation, the date on which the divorce was finalized, or the date of option vesting.

Consult a professional

Because valuing and dividing a couple’s assets is complex, consider bringing in a third-party professional such as your financial planner or a Certified Divorce Financial Analyst (CDFA). Experienced with valuing retirement plans and employee benefits, a CDFA professional can act as an advisor to your attorney or as a mediator for you and your former spouse to help in pursuing an equitable settlement.

This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.

 Matthew Lang is a financial advisor located at 236 N Washington St, Monument, CO 80132. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at 719-481-0887 or at matt@langinvestmentservices.com.