Bloomberg reported that the Bond Buyer 20 General Obligation Bond Index(1), a measure of how much it costs state and localities to borrow money, is poised to test its recent record low of 4.03% reached in December 2006.
Muni analysts attribute the drop in yields to strong demand from bond funds faced with a shrinking supply of tax-exempt securities. The reason for the shrinking supply is that almost $35 billion in new issues never came to a market because states and localities decided to sell taxable Build America bonds. The interest cost of Build America Bonds is subsidized by the U.S. government reducing borrowing cost below tax-exempt levels.
What does this mean to Mandalay clients? It could mean new purchases of munis may take longer to place and, of course, the expectation of lower yields.
One last thing; the U.S. government subsidy program is not scheduled to expire until December 31, 2010. What may be good for the economy and municipalities isn’t necessarily good for muni investors.
(1) Index of 20 municipal issuers rated Aa2 would pay to borrow money for 20 years.
Monday, September 28, 2009
Friday, September 25, 2009
FIVE STAR WEALTH MANAGER “BEST IN CLIENT SATISFACTION”
TEXAS MONTHLY NAMES LOCAL FINANCIAL ADVISOR
TO FIVE STAR WEALTH MANAGER “BEST IN CLIENT SATISFACTION” LIST
HOUSTON (Sept. 3, 2009) – Mandalay Financial, a Houston-area financial planning firm, today announced that advisor Michael Kuznicki has been named to Texas Monthly’s “The FIVE STAR: Best in Client Satisfaction Wealth Manager” award list for 2009. The list of FIVE STAR Wealth Managers is an elite group of wealth management professionals, representing less than two percent of all the wealth managers in the Houston area.
“Forming a connection with my clients by understanding their goals and helping them reach their peak potential in life and wealth is my number one priority. It’s an honor to know clients and peers appreciate my dedication to the profession,” said Michael Kuznicki, founder and president of Mandalay Financial.
Developed by Crescendo Business Services, an Egan, Minnesota-based independent firm, the FIVE STAR award was created to assist consumers in selecting a wealth manager who provides exceptional client satisfaction as indicated by other consumers and industry peers.
As part of the selection process, Crescendo surveyed more than 95,000 high net-worth consumers in the Houston area and subscribers of Texas Monthly. An additional 5,739 surveys were sent to leaders of financial service companies.
Respondents were asked to evaluate only wealth managers they knew through personal experience, providing input based upon nine criteria: customer service, integrity, knowledge/expertise, communication, value for fee charged, meetings of financial objectives, post-sale service, quality of recommendations and overall satisfaction. Crescendo then carefully scored each wealth manager, reviewing candidates by a blue ribbon panel comprised of knowledgeable individuals from within the financial services industry.
ABOUT MANDALAY FINANCIAL, L.L.C.
Founded in 1999, Mandalay Financial is a premier, independent wealth management firm. Providing comprehensive wealth management to a variety of clients, the firm strives for excellence in the quality of advice and services while maintaining a fiduciary standard of care.
Mandalay Financial is located at 6750 West Loop South, Suite 995 in Bellaire, Texas. For more information, please visit us on the web at http://www.mandalayfinancial.com/. Investment Advisory Services offered through Mandalay Financial, LLC. Securities offered through Resource Horizons Group, L.L.C. Member FINRA, SIPC, Telephone 770-319-1970
TO FIVE STAR WEALTH MANAGER “BEST IN CLIENT SATISFACTION” LIST
HOUSTON (Sept. 3, 2009) – Mandalay Financial, a Houston-area financial planning firm, today announced that advisor Michael Kuznicki has been named to Texas Monthly’s “The FIVE STAR: Best in Client Satisfaction Wealth Manager” award list for 2009. The list of FIVE STAR Wealth Managers is an elite group of wealth management professionals, representing less than two percent of all the wealth managers in the Houston area.
“Forming a connection with my clients by understanding their goals and helping them reach their peak potential in life and wealth is my number one priority. It’s an honor to know clients and peers appreciate my dedication to the profession,” said Michael Kuznicki, founder and president of Mandalay Financial.
Developed by Crescendo Business Services, an Egan, Minnesota-based independent firm, the FIVE STAR award was created to assist consumers in selecting a wealth manager who provides exceptional client satisfaction as indicated by other consumers and industry peers.
As part of the selection process, Crescendo surveyed more than 95,000 high net-worth consumers in the Houston area and subscribers of Texas Monthly. An additional 5,739 surveys were sent to leaders of financial service companies.
Respondents were asked to evaluate only wealth managers they knew through personal experience, providing input based upon nine criteria: customer service, integrity, knowledge/expertise, communication, value for fee charged, meetings of financial objectives, post-sale service, quality of recommendations and overall satisfaction. Crescendo then carefully scored each wealth manager, reviewing candidates by a blue ribbon panel comprised of knowledgeable individuals from within the financial services industry.
ABOUT MANDALAY FINANCIAL, L.L.C.
Founded in 1999, Mandalay Financial is a premier, independent wealth management firm. Providing comprehensive wealth management to a variety of clients, the firm strives for excellence in the quality of advice and services while maintaining a fiduciary standard of care.
Mandalay Financial is located at 6750 West Loop South, Suite 995 in Bellaire, Texas. For more information, please visit us on the web at http://www.mandalayfinancial.com/. Investment Advisory Services offered through Mandalay Financial, LLC. Securities offered through Resource Horizons Group, L.L.C. Member FINRA, SIPC, Telephone 770-319-1970
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