SJS Investment Services Recognized In CNBC's 2025 FA 100 List

SJS Investment Services is proud to be #11 on CNBC’s 2025 Financial Advisor (FA) 100 list, an annual ranking of registered investment advisory (RIA) firms within the United States.[1]

“We are truly honored to be recognized by CNBC,” says SJS Founder & CEO Scott J. Savage. “This is a reflection of our team’s unwavering commitment to helping our clients achieve their financial goals and the trust they place in us.”

CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for the 2025 FA 100 list. The methodology consisted of first analyzing a variety of core data points from AccuPoint Solutions’ proprietary database of registered investment advisors. This analysis started with an initial list of 40,563 RIA firms from the Securities and Exchange Commission regulatory database. Through a process by CNBC and AccuPoint Solutions, the list was eventually cut to 1,015 RIAs with those firms meeting CNBC’s proprietary criteria.

CNBC staff sent an email survey to all those firms that met the initial criteria to gather more details. SJS completed this survey in July 2025. The CNBC team verified various data with the SEC regulatory database. CNBC and AccuPoint also considered additional information including:

• Advisory firm’s regulatory/compliance record

• Number of years in the business

• Number of certified financial planners

• Number of employees

• Number of investment advisors registered with the firm

• Ratio of investment advisors to total number of employees

• Total assets under management

• Percentage of discretionary assets under management

• Total accounts under management

• Number of states where the RIA is registered

• Country of domicile.

AccuPoint once again applied CNBC’s proprietary weighted categories to further refine and rank the firms, ultimately creating the list of the top 100 firms. CNBC receives no compensation from placing financial advisory firms on their list. Neither SJS Investment Services nor any of its employees provided any payment to CNBC or AccuPoint in exchange for rankings. Additionally, an advisor’s appearance on this ranking does not constitute an individual endorsement by CNBC of any firm. Further methodology information can be found on the CNBC website.[1][2]

If you would like to learn more about how we work with families, business owners, and organizations, please reach out to us. We are always here to listen and assist.

Important Disclosure Information & Sources:

[1] “CNBC’s Financial Advisor 100: Best financial advisors, top firms for 2025 ranked”. Kate Dore, Kelli Grant, 01-Oct-2025, cnbc.com.

[2] “How we determined CNBC’s Financial Advisor 100 ranking for 2025”. Kelli Grant, 01-Oct-2025, cnbc.com.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. Past performance is no guarantee of future results. There is no guarantee investment strategies will be successful.

SJS Investment Services Recognized In The Forbes / SHOOK 2025 List Of America's Top RIA Firms

SJS Investment Services has been recognized in the Forbes / SHOOK 2025 list of America’s Top RIA (Registered Investment Advisor) Firms.[1]

“The fourth annual Forbes/SHOOK Top RIA list highlights firms with proven records of safeguarding and growing client wealth,” the publisher writes in its introduction to this year’s Top RIA Firms webpage.[1]

“This honor is a testament to the trust our clients place in us and the dedication of our team. As we celebrate 30 years, we remain committed to guiding families and businesses with clarity and purpose,” says SJS Founder & CEO Scott J. Savage.

As detailed on the methodology webpage, the Forbes / SHOOK 2025 list of America’s Top RIA Firms, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone, virtual and in-person due diligence interviews, and quantitative data. The algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices and approach to working with clients.

Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK Research receive a fee in exchange for rankings. SHOOK Research received 50,063 nominations based on thresholds, invited 28,522 firms to complete their online survey, performed 24,647 telephone interviews, conducted 6,781 in-person interviews at advisors’ location, and conducted 1,596 virtual interviews. Additional information about the list methodology can be found on the Forbes website.[2]

In April and July 2025, SJS Investment Services responded to an email survey provided by SHOOK Research, providing quantitative information including AUM size, revenue, typical client relationship size, and minimum account size for new business. Neither SJS Investment Services nor any of its employees provided any payment to Forbes or SHOOK Research in exchange for rankings.

If you would like to learn more about how the SJS team works with families, business owners, and institutions, please feel free to reach out to us. We are always here to listen and assist.

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Important Disclosure Information & Sources:

[1] “America’s Top RIA Firms”. Sergei Klebnikov & SHOOK Research, 01-Oct-2025, forbes.com.

[2] “Methodology: America’s Top RIA Firms 2025”. R.J. Shook, 01-Oct-2025, forbes.com.

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market. Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training.

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The Tale Of Two Curves: What The Yield Curve Means For You

By Senior Advisor Kirk Ludwig, AIF®.

In September 2024, the Federal Reserve started lowering interest rates after a long stretch of raising them to combat inflation. This marked a notable shift, as the Fed appears to have achieved a soft landing - taming inflation without derailing the economy. But here’s the catch: not all rates have followed suit. In fact, some rates are higher today than they were at the start of the year. Below is a graph of the Treasury yields along the maturity spectrum at the beginning of the year and the end of the year, known as the yield curve, and reflecting the changing market sentiment.

Source: “Daily Treasury Par Yield Curve Rates”. U.S. Department of the Treasury, 02-Jan-2024 through 31-Dec-2024, treasury.gov. See Important Disclosure Information.

At the start of the year, short-term interest rates were elevated due to aggressive Federal Reserve action to manage inflation. Over the year, inflation levels eased, and the Fed shifted to lowering rates, and short-term yields followed. But the longer-term rates have risen, incorporating expectations for growth, inflation, borrowing needs, and many other factors. This divergence tells us something important: while the Fed controls the Fed Funds rate, the market determines all other rates. The front end of the yield curve reflects what the market thinks the Fed will do next, while the back end reflects everything else into the future.

The yield curve isn’t just an academic concept; it impacts real-life decisions. If you’re watching your money market yields, you’ve likely noticed they’ve been dropping. On the other hand, if you’re shopping for a 30-year mortgage, rates have drifted higher. For investors, money market and short-term bonds are experiencing lower yields, while longer-term bonds are paying more income. That’s not to say that you should be shifting everything to longer maturities; it just simply means that the market is pricing future risk differently. Paying attention to maturity terms is critical, and that’s why we focus on the shift in all interest rates - not just the Fed Funds rate.

The yield curve has often been labeled the market’s crystal ball, supposedly predicting recessions and expansions. But a crystal ball might be giving it too much credit. A Magic 8-Ball is probably more fitting - you shake it and get a random answer like “Ask again later” or “Outlook not so good.” What the yield curve does exceptionally well is capture the collective thoughts of the market today. It’s a snapshot, not a prophecy, and tomorrow’s new information could change the picture entirely.

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Important Disclosure Information:

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.

Planning Financially For The New Year

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By Advisor Bobby Adusumilli, CFA.

As we begin the new year, we have some ideas for concrete actions to start your new year on the right foot, financially.

• Review retirement contributions and gifting goals: In 2025, the IRS is boosting retirement contribution limits to new highs, as detailed in the table below. The IRS is also increasing the amount you may gift to an individual recipient to $19,000 in 2025, without affecting lifetime gift tax exemptions.

2025 Select Retirement Plan Contribution Limits

Source: “Retirement Topics - Contributions”. IRS, irs.gov. See Important Disclosure Information

• Notify your accountant: It is important to notify your accountant of any contributions or donations that may have a tax consequence, as your tax documents may not explicitly state all of your contributions and donations. For example, retirement plan contributions, charitable donations (particularly qualified charitable distributions (QCDs) from your Traditional IRA if you are over age 70 1/2), and 529 plan contributions can all potentially help you save on taxes. Also, if you are invested in private funds, notify your accountant that you may not receive K-1 tax forms until later in 2025.

• Keep SJS apprised of trusted advisor changes: We want to keep up with changes affecting your family, including changes to your attorney, accountant, or banker. Please let us know if you have made changes to the professionals you work with.

• Update your estate plan: It is a good practice to regularly review your beneficiary designations to ensure they match your current wishes and align with your estate planning documents. Reviewing your estate planning documents periodically is also recommended, at least every five years or when there is a major change in your life.

• Keep your wealth protected: Wealth accumulation is only part of the equation; the other piece is wealth protection. We strive to help keep your personal data safe, including avoiding sending personal information via email (unless encrypted) and reaching out to you to confirm that requests we receive from you are legitimate. Taking additional steps like adding multi-factor authentication and changing passwords periodically can help to keep your information safe.

As always, we are here to help you put your best foot forward. We are glad to meet with you to help keep you on track!

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Important Disclosure Information:

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal professional or tax professional for specific advice.

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SJS Outlook: Q4 2024

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SJS Investment Services Recognized In CNBC's 2024 FA 100 List

SJS Investment Services has been recognized in CNBC’s 2024 FA 100 list, an annual ranking of registered investment advisory (RIA) firms within the United States.[1]

“The faith, commitment, and loyalty you have demonstrated as clients over the last 29 years has made this recognition possible! Thank you!” says SJS Founder & CEO Scott J. Savage.

CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for the 2024 FA 100 list. The methodology consisted of first analyzing a variety of core data points from AccuPoint Solutions’ proprietary database of registered investment advisors. This analysis started with an initial list of 40,896 RIA firms from the Securities and Exchange Commission regulatory database. Through a process by CNBC and AccuPoint Solutions, the list was eventually cut to 903 RIAs with those firms meeting CNBC’s proprietary criteria. CNBC staff sent an email survey to all those firms that met the initial criteria to gather more details. The CNBC team verified that data with the SEC regulatory database. CNBC. CNBC and AccuPoint also considered additional information including the advisory firm’s regulatory/compliance record, number of years in the business, number of certified financial planners, number of employees, number of investment advisors registered with the firm, the ratio of investment advisors to total number of employees, total assets under management, percentage of discretionary assets under management, total accounts under management, number of states where the RIA is registered, and country of domicile. AccuPoint once again applied CNBC’s proprietary weighted categories to further refine and rank the firms, ultimately creating the list of the top 100 firms. CNBC receives no compensation from placing financial advisory firms on their list. Neither SJS Investment Services nor any of its employees provided any payment to CNBC or AccuPoint in exchange for rankings. Additionally, an advisor’s appearance on this ranking does not constitute an individual endorsement by CNBC of any firm. Further methodology information can be found on the CNBC website.[1][2]

If you would like to learn more about how we work with families, business owners, and organizations, please reach out to us. We are always here to listen and assist.

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Important Disclosure Information & Sources:

[1] “FA 100: CNBC ranks the top-rated financial advisory firms of 2024”. CNBC.com Staff, 02-Oct-2024, cnbc.com.

[2] “Here’s how we determine the FA 100 ranking for 2024“. CNBC.com Staff, 02-Oct-2024, cnbc.com.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. Past performance is no guarantee of future results. There is no guarantee investment strategies will be successful.

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Suggested Reading

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SJS Investment Services Recognized In The Forbes / SHOOK 2024 List Of America's Top RIA Firms

SJS Investment Services has been recognized in the Forbes / SHOOK 2024 list of America’s Top RIA (Registered Investment Advisor) Firms.[1]

“The faith, commitment, and loyalty you have demonstrated as clients over the last 29 years has made this recognition possible! Thank you!” says SJS Founder & CEO Scott J. Savage.

In its introduction to this year’s Top RIA Firms webpage, the publisher affirmed, “The third annual Forbes/Shook Top RIA list highlights firms that have strong track records when it comes to stewarding client wealth and preserving it for the long term.”[1]

As detailed on the methodology webpage, the Forbes / SHOOK 2024 list of America’s Top RIA Firms, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone, virtual and in-person due diligence interviews, and quantitative data. The algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK Research receive a fee in exchange for rankings. SHOOK Research received 46,212 nominations based on thresholds, invited 25,103 firms to complete their online survey, performed 21,417 telephone interviews, conducted 5,246 in-person interviews at advisors’ location, and conducted 1,545 virtual interviews. Additional information about the ranking methodology can be found on the Forbes website.[2]

In May 2024 and August 2024, SJS Investment Services responded to an email survey provided by SHOOK Research, providing quantitative information including AUM size, revenue, typical client relationship size, and minimum account size for new business. Neither SJS Investment Services nor any of its employees provided any payment to Forbes or SHOOK Research in exchange for rankings.

If you would like to learn more about how the SJS Team works with families, business owners, and institutions, please feel free to reach out to us. We are always here to listen and assist.

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Important Disclosure Information & Sources:

[1] “America’s Top RIA Firms”. Sergei Klebnikov & SHOOK Research, 08-Oct-2024, forbes.com.

[2] “Methodology: America’s Top RIA Firms 2024“. R.J. Shook, 08-Oct-2024, forbes.com.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. Past performance is no guarantee of future results. There is no guarantee investment strategies will be successful.

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Election Time

By Chief Investment Officer Tom Kelly, CFA.

It is that time again. Political ads inundate your commercial breaks and news feeds. Elections are about a month away, with the focus being the battle for the White House. Every four years, we get the same question (whether you have asked it, or you are thinking it) – how will the election affect my portfolio?

For SJS, this is the eighth time we have been through this cycle and our answer has not changed – we do not know! It is not that we do not care, we just rely on the core fundamentals of MarketPlus® Investing as our guide:

1. Markets are efficient and are priced fairly.

2. Speculating is futile.

3. Global markets have rewarded investors over the long term.

4. Portfolio design matters most.

The markets – stocks, bonds, real estate, commodities, you name it – are all considering millions of data points, such as growth prospects, geopolitical challenges and opportunities, and yes, even who holds the White House and how that might affect the markets. But all that information is incorporated in the prices, both the prospects of risk and reward. That does not mean that prices are always right, but that you are being fairly compensated for the risk you take. Over time we believe investors are rewarded, and assuming appropriate portfolio design and diversification, this can assist in achieving your investing goals.

As things stand, the election odds for Kamala Harris and Donald Trump are roughly 50% / 50%, but come November 5th, those odds will end at 100% / 0% or 0% / 100% (barring some undetermined swing states). We will likely see some volatility leading up to and potentially even after the election, as markets weigh new developments. Take courage along the way, knowing we have designed your portfolios to navigate any political environment, and we will be there to adjust whenever the time comes.

Source: Morningstar, as of September 30, 2024. There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market. Indices are not available for direct investment. Index performance does not reflect the expenses associated with management of an actual portfolio. Index performance is measured in US dollars. The index performance figures assume the reinvestment of all income, including dividends and capital gains. The S&P 500 Index is a free float-adjusted market-capitalization-weighted index of 500 of the largest publicly traded companies in the United States. See Important Disclosure Information.

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Important Disclosure Information:

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Statements contained in this report that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.

SJS Outlook: Q3 2024

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SJS Investment Services Recognized in Financial Advisor Magazine’s 2024 Registered Investment Advisor Ranking

SJS Investment Services has been recognized in Financial Advisor Magazine’s 2024 Registered Investment Advisor (RIA) Ranking, an annual ranking of independent investment advisory firms within the United States.[1]

“Thank you, Financial Advisor Magazine, for recognizing SJS Investment Services again this year in the RIA ranking. It is a true honor and speaks loudly to the care we deliver to our clients, as well as their continued faith and trust in our firm, in our MarketPlus® Investing process, and in our Team,” says SJS Founder & CEO Scott J. Savage.

Financial Advisor (FA) Magazine’s 2024 RIA Survey & Ranking is a ranking based on assets under management as of December 31, 2023. FA Magazine orders firms from largest to smallest, based on AUM reported by firms that voluntarily complete and submit FA Magazine’s survey by the given deadline. To be eligible for the ranking, firms must be independent registered investment advisors and file their own ADV statement with the SEC, and provide financial planning and related services to individual clients. The survey did not apply to hybrid RIAs and corporate RIAs. SJS completed the survey in April 2024 using data as of December 31, 2023. There is no fee to apply or to secure placement within the ranking. Additional information regarding the 2024 RIA Survey & Ranking can be found on the Financial Advisor Magazine website.[1][2]

If you would like to learn more about how we work with families and organizations, please reach out to us. We are always here to listen and assist.

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Important Disclosure Information & Sources:

[1] “FA RIA Survey & Ranking 2024”. Financial Advisor Magazine, July 2024, fa-mag.com.

[2] “2024 RIA Survey & Ranking: RIAs Confront Their Own Success”. Eric Rasmussen, 12-Jul-2024, fa-mag.com.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. Past performance is no guarantee of future results. There is no guarantee investment strategies will be successful.

Hyperlinks to third-party information are provided as a convenience.

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Earning More Interest On Your Cash

By Investment Associate Bobby Adusumilli, CFA.

One of our roles as advisors is to look for opportunities to allow your money to work better for you. Cash is often one of the most overlooked assets when it comes to improving someone’s investment returns. People may have large amounts of cash for a variety of reasons: emergency fund, saving for a house down payment, planning to buy a new car, etc. We often see people accumulating cash in their checking account without really thinking about it. Particularly today, with short-term U.S. Treasury bonds paying upwards of 5% interest on an annualized basis, we view this as a missed opportunity to earn more interest.

There are many ways to potentially increase the amount of interest you receive on your cash savings while still investing in something that is low risk and readily transferable to your checking account within a few business days. While people commonly hold their cash within checking and savings accounts, we want to highlight three short-term, interest-bearing investments that can be held within your investment brokerage account:

Sources: Average Interest-Bearing Checking Account and Average Savings Account: "Bankers Resource Center: National Rates and Rate Caps". FDIC, 20-May-2024, fdic.gov. Schwab Value Advantage Money Fund (SWVXX): "Schwab Value Advantage Money Fund® - Investor Shares". Charles Schwab, 31-May- 2024, schwabassetmanagement.com. One-Month Treasury Bill: "Daily Treasury Par Yield Curve Rates". U.S. Department of the Treasury, 31-May-2024, treasury.gov. Dimensional Ultrashort Bond ETF: "DUSB: Ultrashort Fixed Income ETF". Dimensional Fund Advisors, 31-May-2024, dimensional.com. Yield will not necessarily equal realized returns. See Important Disclosure Information.

• Money market fund: A mutual fund that continually invests in ultrashort-term (around one-month on average), high-quality bonds. Money market funds accrue interest daily (interest is typically paid monthly) and are not expected to fluctuate in price. As a mutual fund, they are subject to an expense ratio. A good proxy to determine how the interest rate of a money market fund may change over time is to take the interest of a one-month Treasury bill and subtract the expense ratio.

• U.S. Treasuries: Treasury bills, notes, and bonds (Treasuries) are issued directly by the U.S. government for terms ranging from one month to thirty years, as detailed in the chart below. They are subject to federal income tax, but not state or local income tax. Treasury bonds are often cheaper to buy and hold than money market funds, though you have to decide what you want to do with the money when the Treasury matures. You can sell Treasuries before they mature, though the value does fluctuate if sold before maturity. You can buy Treasuries through most major investment brokerage platforms including Charles Schwab.

• Ultrashort bond ETF: An ETF (exchange traded fund) that continually invests in ultrashort-term, investment-grade bonds. Ultrashort bond ETFs typically range in average maturity from three months to one year. Compared to a money market fund, ultrashort bond ETFs usually invest in slightly longer-term bonds and have more exposure to corporate bonds, though any additional risk is typically accompanied by higher expected interest. Many ultrashort bond ETFs have lower expense ratios than various money market funds. It is important to note that ultrashort bond ETFs will fluctuate in price to some degree.

With interest rates rising over the last few years, we have had a lot of conversations about cash with clients. If you would like to discuss ways you can earn more on your cash, please feel free to reach out to us.

Source: U.S. Department of the Treasury, as of June 30, 2024. See Important Disclosure Information.

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Important Disclosure Information:

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Statements contained in this report that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.

SJS Outlook: Q2 2024

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Standing On The Shoulders Of Giants: The Evolution Of MarketPlus® Investing

By Chief Investment Officer Tom Kelly, CFA.

When he founded SJS in 1995, Scott J. Savage set out to provide a major money center management experience while maintaining small town values and putting the client first, all the time, every time. A novel idea back then in a world where the stockbroker business model was (and still is) embedded with conflicts of interest. There had to be a better way, to sit on the same side of the table as our clients and align our interests. It is this founding "first principle" from which everything else flows. And still to this day it allows us to filter everything we do through that same lens. For example, when working with investment managers, we want them to share that same client-first philosophy and sit on the same side of the table with us.

Stone Ridge Asset Management, one of the investment managers we work with, shares similar first principles. Stone Ridge aims to provide investors with access to diversifying investment strategies (such as reinsurance and alternative lending) that have low correlations to global stocks and bonds.[1] Many of these investment strategies have been historically difficult to access for most investors.

The search for investment strategies that perform differently from global stocks and bonds led us to Stone Ridge, but what kept us interested was their alignment with their clients and partners. Stone Ridge founder Ross Stevens studied at the University of Chicago under famed professor Eugene Fama, who won the Nobel Prize in Economic Sciences in 2013. The name Fama may sound familiar, as his market efficiency work has influenced MarketPlus® Investing. However, Stevens believes that Fama’s greater contribution is his work on the principal-agent problem. At many companies, ownership and day-to-day management are mostly separate. This can lead to each side having different information as well as contrasting motivations. As a result, decisions are often made by both ownership and management that are not best for the various stakeholders.

Stone Ridge seeks to minimize the principal-agent problem through partnering with industry leaders, sharing risk directly alongside them (gains and losses), and collaborating using proprietary data and evaluation techniques. Additionally, Stone Ridge employees invest in the various investment strategies, paying full fees like clients do.

In our first meeting with Stevens several years ago, he spoke about Stone Ridge’s culture. He shared insights on the investment strategies, like reinsurance, where they are one of the largest capital providers to reinsurance companies and partnering with them through risk-sharing – sitting on the same side of the table.[2] He then recounted the origin story of Stone Ridge, which is named after the small town in upstate New York that he holds special – all this from his office overlooking Wall Street. Talk about a major money center experience with small town values!

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Important Disclosure Information & Sources:

[1] “Strategies”. Stone Ridge Asset Management, stoneridgeam.com.

[2] “Reinsurance”. Stone Ridge Funds, stoneridgefunds.com.

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Statements contained in this report that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.

Hyperlinks to third-party information are provided as a convenience.

Protecting Your Personal Information & Financial Assets

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By Investment / Compliance Associate Bobby Adusumilli, CFA.

While the returns of your investment portfolio are important, so are your personal information and assets. With technology advancements in recent years, protecting your information is becoming as important as ever. We have been updating our practices and policies to ensure that your information and assets remain secure. We also want to emphasize some best practices that can help us work together to ensure your information and assets remain safe:

• Multi-Factor Authentication: When logging into various websites and programs, having at least one additional login layer - such as a pin number, email, text message, and / or authentication app - can significantly decrease the chances of your data getting compromised. In light of this, we recently made the decision to require multi-factor authentication for all MySJS Portals. While this adds an extra step for people logging in to their MySJS Portals, we believe this will help protect sensitive client information.

• Sharing Information Securely: Simply sending an email with sensitive information is one of the easiest ways for hackers to access your data. Other ways to share your information more securely include using a trusted document-sharing portal (such as your MySJS Portal), password-protecting the relevant file, encrypting the email, and (old-school) mailing the relevant documents.

• Skeptical Of Requests For Sensitive Information: Scammers are coming up with increasingly clever ways to ask for your information, such as sending convincing emails as well as phone calls pretending to be someone else (today, scammers can call from a phone number that you think is legitimate as well as use a voice software to sound like someone else). At SJS, our general rule of thumb is that all requests for information are illegitimate until proven otherwise. Additionally, when we receive a one-off email to withdraw money from your account, SJS requires you to call us to provide verbal authorization for the withdrawal request.

• Storing Your Personal Information In Safe Places: For both physical and digital information, it is important to store your personal information in safe places, and to only share this information with people you trust. For example, you can use a password-protected file, a secure online password storage service, or a safe-deposit box kept in a hidden location. We recently ordered waterproof and fire-resistant envelopes that people can store their documents in - if you would like one, please let us know.

• Avoid Public Computers & Wi-Fi: Public computers and Wi-Fi are relatively easy ways that hackers can access your personal information. Using personal Wi-Fi hotspots from your phone can limit the need to use public computers and Wi-Fi.

• When In Doubt, Meet In-Person: Even with all of the different technologies and ways to communicate with each other, many times the best way to get work done both effectively and securely is in-person. Our favorite parts of our days are meeting with our clients face-to-face.

As always, we are here to help, and we are glad to meet with you to discuss how you can better keep your information secure!

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Important Disclosure Information:

Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.

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SJS Outlook: Q1 2024

Please click on the image below.

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Suggested Reading

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Inside MarketPlus® Investing – Fund Spotlight: SRDAX

By Founder & CEO Scott J. Savage. 

What lights me up and has made our clients money in 2023? Diversified alternatives!

After an extensive year-long due diligence process by our Investment Committee seeking to access additional markets while staying true to the core MarketPlus® Investing philosophy, SJS approved the Stone Ridge Diversified Alternatives Fund (SRDAX) as a potential client investment in December 2021. SRDAX is an open-end mutual fund designed to provide access to five underlying investment strategies that have historically performed differently than global stocks and bonds: reinsurance, market risk transfer, style premia, alternative lending, and single-family rental homes.[1] All of these underlying strategies seek systematic income streams.

Starting in December 2021, we began adding SRDAX to client portfolios that we deemed to be appropriate. As of the end of 2023, the fund finished up over 19% for the year.[2]

Source: Stone Ridge Asset Management. Data from April 30, 2020 (inception of the fund) through December 29, 2023. Total return includes reinvestment of all distributions. Tax implications are not considered. Past performance does not guarantee future results. Short-term results may not be indicative of long-term performance. See Important Disclosure Information.

No investment that purports a return over the risk-free rate will move up consistently, and SRDAX is no different. For example, in November 2023, SRDAX declined almost 1% for the month. It just so happened that coincident with this short-term decline, global stocks and U.S. bonds rallied, up 9.3% and 4.5% respectively in November (as measured by the MSCI All Country World Index and the Bloomberg U.S. Aggregate Bond Index, respectively.)[2]

While November 2023 is anecdotal, we believe it is also evidence that SRDAX returns are not only uncorrelated to the performance of global stocks and bonds, but they are unrelated. Since adding this strategy to our client portfolios, SRDAX has been an excellent diversifier to our MarketPlus® Investing strategies (see table, below). We don’t believe the 2023 pace of return is sustainable due to underlying investment conditions; however, it is a shining example of the value alternatives can bring to traditional stock and bond strategies. Namely, providing expected returns commensurate with the risk that is being assumed while not following the ups and downs of the publicly traded stock and bond markets.

Source: Stone Ridge Asset Management, Morningstar. The MSCI All Country World Index captures large and mid cap representation across 23 developed market and 24 emerging market countries, covering approximately 85% of the global investable equity opportunity set. The Bloomberg U.S. Aggregate Bond Index measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. Indices are not available for direct investment. Index performance does not reflect the expenses associated with management of an actual portfolio. Index performance is measured in US dollars. The index performance figures assume the reinvestment of all income, including dividends and capital gains. Tax implications are not considered. See Important Disclosure Information.

In supplementing traditional bond strategies with an alternative income-seeking strategy, the diversification through SRDAX is as close to a free lunch we have found over the past couple of years. The search for what’s next to add to our MarketPlus® Investing portfolios continues.

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Important Disclosure Information & Sources:

[1] Source: Stone Ridge Asset Management.

[2] Source: Morningstar.

Indices are not available for direct investment. Index performance does not reflect the expenses associated with management of an actual portfolio. Index performance is measured in US dollars. The index performance figures assume the reinvestment of all income, including dividends and capital gains.

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

MarketPlus® Investing models consist of institutional quality registered investment companies. Investment values will fluctuate, and shares, when redeemed, may be worth more or less than original cost.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.

Hyperlinks to third-party information are provided as a convenience.

Planning (Financially) For The New Year

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By Senior Advisor Jennifer Smiljanich, CFP® & Associate Advisor Austin Grizzell, CFP®.

As we begin the new year, we have some ideas for concrete actions to start your new year on the right foot, financially.

Review Retirement Contributions & Gifting Goals

In 2024, the IRS is boosting retirement contribution limits to new highs, as detailed in the table below. The IRS is also increasing the amount you may gift to an individual recipient to $18,000 in 2024, without affecting lifetime gift tax exemptions.

2024 Select Retirement Plan Contribution Limits

Source: “Retirement Topics - Contributions“. IRS, irs.gov. See Important Disclosure Information

Notify Your Accountant

It is important to notify your accountant of any contributions or donations that may have a tax consequence, as your tax documents that you provide your accountant may not explicitly state all of your contributions and donations. For example, retirement plan contributions, charitable donations (particularly qualified charitable distributions (QCDs) from your Traditional IRA if you are over age 70 1/2), and 529 plan contributions can all potentially help you save on taxes.

Keep SJS Apprised Of Trusted Advisor Changes

We want to keep up with changes affecting your family, including changes to your attorneys, accountants, or bankers. Please let us know if you have made changes to the professionals you work with.

Update Your Estate Plan

It is a good practice to regularly review your beneficiary designations to ensure they match your current wishes and align with your estate planning documents. Reviewing your estate planning documents periodically is also recommended, at least every five years or when there is a major change in your life situation.

Keep Your Wealth Protected

Wealth accumulation is only part of the equation; the other piece is wealth protection. We strive to help keep your personal data safe, including avoiding sending personal information via email and reaching out to you to confirm that requests we receive from you are legitimate. Taking additional steps like changing passwords periodically and adding multi-factor authentication can help to keep your information safe.

As always, we are here to help you put your best foot forward. We are glad to meet with you to help keep you on track!

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Important Disclosure Information & Sources:

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal professional or tax professional for specific advice.

Hyperlinks to third-party information are provided as a convenience.

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Suggested Reading

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SJS Outlook: Q4 2023

Please click on the image below.

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Suggested Reading

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Growing Your Cash

By Chief Investment Officer Tom Kelly, CFA.

Interest rates are up everywhere. Except perhaps your bank account. While the Federal Reserve's rate hikes and skyrocketing mortgage rates dominate headlines, the fine print in your bank account statement, revealing the interest rate on your savings, isn’t making the same amount of noise. Perhaps it should, and for all the wrong reasons.

The national average rate for a bank savings account is a paltry 0.45%, as of September 2023.[1] While these rates have been low for quite some time, there have not been obvious and safe alternatives… until recently! One-month Treasury Bills now yield 5.55% on an annualized basis as of September 29, 2023.[2] Additionally, one-year rates are at 5.46% as of September 29, 2023.[3] These are short-term rates we haven’t seen in over 20 years.

See Important Disclosure Information.[1][2][3]

One of the key roles of an advisor is to identify opportunities in the market. And while they don’t always exist, or persist, we believe that this is an important area to pick up yield if you have excess cash on the side. You can consider putting that excess cash into a higher-yield money market fund, short-term U.S. Treasury bonds, or a short-term bond mutual fund / ETF. Please reach out to us to discuss the best options for your situation.

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Important Disclosure Information & Sources:

[1] “National Deposit Rates: Savings, Percent, Monthly, Not Seasonally Adjusted”. FRED, September 2023, fred.stlouisfed.org.

[2] “Market Yield on U.S. Treasury Securities at 1-Month Constant Maturity, Quoted on an Investment Basis, Percent, Monthly, Not Seasonally Adjusted”. FRED, September 2023, fred.stlouisfed.org.

[3] “Market Yield on U.S. Treasury Securities at 1-Year Constant Maturity, Quoted on an Investment Basis, Percent, Monthly, Not Seasonally Adjusted”. FRED, September 2023, fred.stlouisfed.org.

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training.

Hyperlinks to third-party information are provided as a convenience.

In The Hopes Of A "Soft Landing", There May Be A Crack In The Foundation

By Chief Investment Officer Tom Kelly, CFA.

The housing market is often viewed as a cornerstone of financial stability. The home signifies a sanctuary, a place where one can relax, enjoy, live, and grow. In the 2008 housing crisis, we experienced how fragile the economy can be when the cornerstone is shaken. While global stock markets have broadly recovered since high inflation and fed rate hikes caused a recessionary scare last year, the housing market has continued to face seismic shifts that may put the chances of a so called “soft landing” on shaky grounds.[1]

In 2023, mortgage rates reached heights not seen in two decades, with the 30-year fixed rate mortgage average hitting a recent high of 7.31% in September.[2] At the same time, potential homebuyers found themselves in a daunting landscape with the number of homes for sale dwindling to 1.1 million as of August, with inventory over the last couple years reaching the lowest levels since 1982.[3] In stark contrast to the pre-pandemic era, there are now only around two-thirds as many homes available on the market.[3] With mortgage demand hitting a 26-year low in September, largely due to the scarcity of available housing inventory and little incentive to refinance, there doesn't appear to be much opportunity for those looking to make a move.[4]

Source: “30-Year Fixed Rate Mortgage Average in the United States”. Federal Reserve Bank of St. Louis, 1971-2023, fred.stlouisfed.org. See Important Disclosure Information.

But the challenges don't stop there. Rental prices have also seen a steady rise. The average rent for primary residences in U.S. cities remains 7.8% higher than a year ago as of August.[5] These elevated rental levels represent the most significant increases we've witnessed since the early 1980s.[5] Additionally, the Federal Reserve Bank of Atlanta estimates that the amount of income the median household needs to spend yearly in order to own a median priced home in the U.S. is 43.8% as of July, significantly higher than the 28.5% amount in December 2019.[6] While many homeowners are locked in to 3-4% mortgages, the next generation of buyers and families may be renting for a little while longer.

The various factors contributing to these unsettling trends in the housing and rental markets are multifaceted and complex. Markets tend not to like extremes, and the quest for stability and security in housing has become more elusive. The future of the housing market is uncertain, and its resilience will be a crucial factor in the broader economic landscape.

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Important Disclosure Information & Sources:

[1] “SJS Weekly Market Update”. SJS Investment Services, sjsinvest.com.

[2] “30-Year Fixed Rate Mortgage Average in the United States”. Federal Reserve Bank of St. Louis, 1971-2023, fred.stlouisfed.org.

[3] “United States Total Housing Inventory”. Trading Economics, 1982-2023, tradingeconomics.com.

[4] “Mortgage Applications”. Mortgage News Daily, 1991-2023, mortgagenewsdaily.com.

[5] “Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average”. Federal Reserve Bank of St. Louis, 1915-2023, fred.stlouisfed.org.

[6] “Home Ownership Affordability Monitor (HOAM)”. Federal Reserve Bank of Atlanta, 2023, atlantafed.org.

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Hyperlinks to third-party information are provided as a convenience.