If you use Facebook, LinkedIn and Twitter, you may have wondered what happens when users die. Are profiles immortal? Are memories lost? Few users really know. 

Curiosity about this topic dates to the days of MySpace. When young MySpace users died, their pages lived on – the social media portal went with a policy of not assigning control of a dead user’s account to another person, reflecting both privacy concerns and respect for the deceased. So how do the major social media sites in this decade handle such issues?¹

FACEBOOK. If you pass away, your page won’t disappear – unless you or your loved ones decide that it should.  

Facebook adopted a policy of “memorializing” the pages of deceased users. When an account is memorialized, no one can log into it any further. Memorialized pages are taken out of Facebook’s powerful general search option, but their walls remain open for tribute postings by Facebook friends. In fact, only friends can see the profile/timeline.² 

Memorialization isn’t the only choice available. An account can be taken down if “verified immediate family members” or executors request. To submit such a request, you log into Facebook, visit the Facebook Help Center, and visit Basics » Manage Your Account » Privacy. A link gives you an opportunity to notify Facebook of a deceased user, and this leads to a simple form. Besides the basics (full name of user, page URL and the dead user’s email address), you must report your relationship to the user and state if you want the profile to be removed or not. It also asks for you to upload the death or birth certificate of the deceased, or another file document showing “proof of authority” to report the death under local law.^3,4 

An interesting development: in 2012, an Israeli company called Willook created a free Facebook app called If I Die. The app asks you to appoint three “trustees” for your Facebook profile. These trustees can use the app to confirm your death, whereupon your final status updates and videos will appear on your profile, either all at once or according to a schedule. There is no limit to the number of post-mortem status updates and videos you may create.⁵

LINKEDIN. The “world’s largest professional network” might memorialize your profile if you pass away. In its privacy notice, LinkedIn states: “If we learn that a User is deceased, we may memorialize the User’s account. In these cases we may restrict profile access, remove messaging functionality, and close an account if we receive a formal request from the User’s next of kin or other proper legal request to do so.” So the policy mimics Facebook’s, though memorialization is not a given.⁶

TWITTER. When it comes to deactivating accounts of deceased users, Twitter takes a very thorough approach. You must actually mail or fax the requested documentation to its San Francisco headquarters.  

As its Help Center notes, Twitter requires you to provide:

• The account username (@username, twitter.com/username)
• A copy of the user’s death certificate
• A copy of your driver’s license (or government-issued ID card)
• A signed, notarized statement presenting:

1. Your first and last name
2. Your current contact information
3. Your email address
4. Your relationship to the deceased Twitter account user
5. The action you want accomplished (“please deactivate the Twitter account for ________”)
6. Either a link to an online obituary of the deceased or a copy of a newspaper obituary of the deceased (this is optional). 

It only accepts this documentation from “verified immediate family members” or executors (specifically, “a person authorized to act on behalf of the estate”).⁷ 

When a Twitter user dies, no heir, relative, friend or executor can log into the account – no one. Its policy states, “We are unable to provide login information for the account to anyone regardless of his or her relationship to the deceased.”⁷

Your digital assets can be managed after your passing. Web sites like Legacy Locker and DataInherit exist to help people safeguard and convey online data to heirs. Sites such as Great Goodbye, Great Respectance and 1,000memories serve as portals for last emails, last videos and posthumous online tributes. Considering all this, it seems that the online world may be more ready for our passing than we are.⁸

Brought to you by Symphony Financial and your representatives

Amy Brandts: abrandts@symphonyfinancial.net

and Nancy Rick: nrick@symphonyfinancial.net

We invite you to “LIKE” us on Facebook. Search for Symphony Financial and in the right column click on “Like”.

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is not a solicitation or a recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations.

1 – www.nytimes.com/2006/04/27/technology/27myspace.html  [4/27/06]

2 – www.facebook.com/help/?page=185698814812082  [3/8/12]

3 – www.facebook.com/help/?faq=265593773453448  [3/8/12]

4 – www.facebook.com/help/contact_us.php?id=228813257197480 [3/8/12]

5 – www.huffingtonpost.com/2012/01/18/new-facebook-app-if-i-die_n_1213284.html [1/18/12]

6 – www.linkedin.com/static?key=privacy_policy [6/16/11]

7 – support.twitter.com/groups/33-report-a-violation/topics/148-policy-information/articles/87894-how-to-contact-twitter-about-a-deceased-user# [6/16/11]

8 – www.itweb.co.za/index.php?option=com_content&view=article&id=45584:final-destination&catid=359 [7/22/11]

“You make a living by what you get. You make a life by what you give.”

– Winston Churchill

MONTHLY TIP

Think about sending your son or daughter to a college that is both good and affordable. If your kids are debt-free when they graduate, they may end up starting their working lives in a better financial position than many of their peers.

MONTHLY RIDDLE

A man tells a friend that he married three women yesterday, and it was all legal. In fact, it was routine. How can he make such a statement?

Riddle Answer:

The man is a Justice of the Peace.

May 2012

THE MONTH IN BRIEF The Dow gained 0.01% in April – a month in which the impressive bull run of the first quarter moderated and more pessimism crept onto Wall Street. Some domestic indicators were tepid – but others did provide nice surprises. Signals out of Europe flashed hints (or confirmations) of recession. Some key overseas indices suffered notable April losses. Our Q1 GDP was unimpressive, but U.S. consumer spending improved for March. Oil futures rose while gasoline and crop futures retreated. Analysts wondered (again) if the real estate market had at last bottomed out.¹

DOMESTIC ECONOMIC HEALTH Consumer spending advanced 0.3% in March, with wages rising 0.4%. The wage increase doubled the gain forecast by a consensus of economists polled by Briefing.com; that was the good news. The bad news: those analysts expected a personal spending gain of 0.5% in light of the (revised) 0.9% advance in February. Consumer sentiment was holding up reasonably well even with soaring fuel prices. From March to April, the Conference Board’s poll wavered from 69.5 to 69.2; the University of Michigan’s consumer sentiment survey went from a final March reading of 75.7 to a final April mark of 76.4.^2,3

The initial estimate of Q1 GDP arrived in late April, and it underwhelmed the bulk of economists and Wall Street analysts, who were hoping for something more in line with the 3.0% growth of the preceding quarter. The economy’s 2.2% Q1 growth was by no means horrible; investors just hoped to further justify the winter rally. What kind of inflation was America experiencing? The Consumer Price Index rose 0.3 in March following gains of 0.4% in February and 0.2% in January. Annualized consumer inflation was at 2.7% in March, down from 2.9% in February. The Producer Price Index was flat in March, although core PPI advanced 0.3%.^3,4,5

One big positive that surprised nearly everybody emerged. According to the Institute for Supply Management, April 2012 was the hottest month for U.S. manufacturing since June 2011. ISM’s manufacturing PMI jumped 1.4% for April to 54.8. Weeks earlier, ISM’s service sector PMI had read 56.0 for March, down 1.3% from the February mark. Something else that declined in March: durable goods orders. They fell 4.2%, with core hard goods orders down 1.1%. March retail sales rose by 0.8%, far surpassing the 0.3% gain projected by economists surveyed by Bloomberg.^3,6,7,8

April also saw solid corporate earnings. The buzz was that this earnings season would disappoint, but as Bloomberg noted, 74% of S&P 500 firms reporting results between April 10 and May 1 beat forecasts. At the start of May, the S&P 500 was trading at 14.3x reported earnings, notably below the average of 16.4 recorded since 1954. The takeaway: stocks were still pretty cheap.⁹

The jobless rate ticked down to 8.2% in March. The economy added merely 120,000 jobs during that month, but that brought the net gain in hiring since December to 635,000. While the Federal Reserve indicated it would hold off on further quantitative easing measures, it did state its commitment to keeping the federal funds rate at the current lows through the end of 2014.^8,10

GLOBAL ECONOMIC HEALTH Was Spain the next Greece? Global investors hoped not, given its comparative magnitude and influence on the European and global economies. April ended with Standard & Poor’s downgrading Spain’s debt from A to BBB with a negative outlook. Spain’s jobless rate had hit 24.4% in the first quarter. Beyond Spain, the EU jobless rate was 10.9% in March with inflation at 2.6% in April. The key Markit purchasing manager index for the EU dipped down to 45.9 last month, marking the ninth straight month of sector contraction. Word also arrived that Great Britain had slipped back into a recession in the first quarter; its last downturn had ended at the start of 2010. In April, a total of 12 European economies were in recession; besides the U.K., the list also included Spain, Italy, Ireland and the Netherlands.^10,11,12,13

The Asia-Pacific region offered a different story. China’s official PMI hit 53.3 for April, a 13-month peak. The HSBC China PMI (which tracks mostly private firms) also rose 1.0% to 49.3. Other key PMIs in April: India, 54.9; Indonesia, 50.5; South Korea, 51.9; Taiwan, 51.2; Australia, 43.9. In other news, exports fell in India for the first time since 2009 in April and the Bank of Japan announced a stimulus.^12,14,15

WORLD MARKETS Looking at Morningstar data measured in U.S. dollar terms, we see a mixed month. The Hang Seng (+2.50%), Shanghai Composite (+5.90%) and S&P/ASX All Ordinaries (+ 1.07%) fared better than the FTSE 100 (-0.53%), the CAC 40 (-6.16%), the Nikkei 225 (-5.58%), the TSX Composite (-2.19%), the DAX (-4.05%) and the Sensex (-0.71%). The MSCI World Index (-1.37%) and MSCI Emerging Markets Index (-1.48%) both posted April losses.^16,17

COMMODITIES MARKETS

Gold’s allure dimmed just a bit in April. At the close on April 30, the COMEX price was $1,664.20 an ounce (-0.46% on the month). Silver lost 4.52% in April, but copper managed a monthly gain of 0.12%. Oil futures rose 1.80% for the month on the NYMEX to $104.87 per barrel. Heating oil went +0.44% for the month while natural gas went +7.48%. Gasoline futures pulled back: RBOB gasoline lost -5.55% in April. Retail gas prices fell 2.72% as well. It was also a poor month for crop futures, with wheat going -0.95%, corn -1.51%, coffee -2.95% and cotton -4.81%.¹³

REAL ESTATE According to the National Association of Realtors, pending home sales rose 4.1% in March. Economists polled by Briefing.com expected a 1.0% gain. That was a bright spot, and others could be found in data that for the short term was mostly negative. The February S&P/Case-Shiller Home Price Index showed that overall prices actually rose 0.2% – the first advance since the April 2011 edition. (Zillow reported that the median U.S. home value rose 0.5% in March, the best monthly gain since 2006.) As for new and existing home sales, both retreated: the Census Bureau said that the pace of new home sales fell 7.1% in March and NAR noted a 2.6% slip in residential resales. The bright side in existing home sales: NAR also said the median price had risen 2.5% in the past 12 months.^18,19,20

Looking at Freddie Mac’s March 29 and April 26 Primary Mortgage Market Surveys, average interest rates on home loans moved lower as follows: 30-year FRMs, 3.99% to 3.88%; 15-year FRMs, 3.23% to 3.12%; 5/1-year ARMs, 2.90% to 2.85%; 1-year ARMs, 2.78% to 2.74%.²¹

LOOKING BACK…LOOKING FORWARD NASDAQ and S&P 500 winning streaks ended in April, but the Dow’s winning streak extended to seven months. At the close on April 30, the Dow was at 13,213.63, the S&P 500 at 1,397.91 and the NASDAQ at 3,046.36.^1,13,22

Sources: usatoday.com, thestockmarketwatch.com, bigcharts.com, treasury.gov – 4/30/12^{1,22,23,24,25,26}

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.

Will May be a decent month for stocks? Looking past the old warning to “sell in May and go away”, we see that the fifth month of the year has been a pretty good month in recent market history. The S&P 500 logged a May gain 71% of the time from 1988-2011; the average monthly gain was 1.22%. The MSCI Emerging Markets index advanced in 58% of Mays in the same window of time, with the average May gain being 1.28%. Also, many U.S. economic indicators have really improved in the past 12 months. ISM surveys have manufacturing up 2% year-over year and nonfarm payrolls have expanded by 29% in that time frame. Our 2.2% Q1 growth is a big improvement over the 0.4% GDP advance of Q1 2011. Our housing sector seems poised for improvement, and maybe it is on the way back already – Credit Suisse analysts note that U.S. building permits are up 35% from a year ago, while housing starts and existing home sales are respectively 3% and 5% improved. Auto sales are at a four-year peak. So while spring and summer have historically brought stock market doldrums, it appears we have some compelling reasons to disregard history again, at least for this month.²⁷

UPCOMING ECONOMIC RELEASES: The schedule for the balance of May looks like this … the April jobs report (5/4), March wholesale inventories (5/9), the April PPI and the initial University of Michigan consumer sentiment survey for April (5/11), April’s CPI and retail sales plus March business inventories (5/15), April industrial output, housing starts and building permits and the minutes of the 4/25 Fed policy meeting (5/16), the April Conference Board Leading Economic Indicators index (5/17), April existing home sales (5/22), April new home sales (5/23), April durable goods orders (5/24), the final April University of Michigan consumer sentiment survey (5/25), the March Case-Shiller home price index and the Conference Board’s May consumer confidence poll (5/29), April pending home sales (5/30) and the second estimate of Q1 GDP (5/31). The April personal spending report won’t be released until June 1 – coincidentally, the same day as the May unemployment report and the May ISM services index.

Brought to you by Symphony Financial and your representative

Amy Brandts: abrandts@symphonyfinancial.net and Nancy Rick: nrick@symphonyfinancial.net.

Make our web site one of your favorites to receive current economic news:

www.symphony.financial.net   

Or “LIKE” us on Facebook. Search for Symphony Financial and

on the right side click on “Like”.

Citations.

1 – thestockmarketwatch.com/stock-market-news/market-updates/stocks-end-lower-sp-500-and-nasdaq-post-losses-for-april/26012 [4/30/12]

2 – briefing.com/investor/calendars/economic/2012/04/30-04 [5/1/12]

3 – briefing.com/investor/calendars/economic/2012/04/23-27 [4/27/12]

4 – www.nytimes.com/2012/04/14/business/economy/consumer-inflation-up-modestly.html [4/13/12]

5 – www.cnbc.com/id/47027476 [4/12/12]

6 – www.ism.ws/ISMReport/MfgROB.cfm [5/1/12]

7 – www.ism.ws/ISMReport/NonMfgROB.cfm [4/4/12]

8 – www.bloomberg.com/news/print/2012-04-16/retail-sales-in-u-s-increased-more-than-forecast-in-march.html  [4/16/12]

9 – www.bloomberg.com/news/2012-05-01/u-s-stock-futures-are-little-changed-before-factory-data.html [5/1/12]

10 – https://www.mfs.com/wps/portal/mfs/us-advisor-pub/market-outlooks/week-in-review [4/27/12]

11 – epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home/ [5/2/12]

12 -www.reuters.com/article/2012/05/02/global-economy-wrapup-idUSL5E8G223R20120502 [5/2/12]

13 – money.msn.com/market-news/post.aspx?post=0552b6eb-e56b-40c6-ad22-0751394ee803 [4/30/12]

14 – blogs.ft.com/beyond-brics/2012/05/02/asia-pmis-mixed-signals [5/2/12]

15 – blogs.ft.com/beyond-brics/2012/05/02/indian-manufacturing-inches-up [5/1/12]

16 – news.morningstar.com/index/indexReturn.html [4/30/12]

17 – mscibarra.com/products/indices/international_equity_indices/gimi/stdindex/performance.html [4/30/12]

18 – www.nydailynews.com/life-style/real-estate/rebuilding-home-resales-highest-2010-article-1.1068578 [4/27/12]

19 – briefing.com/Investor/Calendars/Economic/Releases/newhom.htm [4/27/12]

20 – blogs.wsj.com/developments/2012/04/19/behind-the-numbers-existing-home-sales-fall/ [4/19/12]

21 – www.freddiemac.com/pmms/ [4/2/12]

22 – montoyaregistry.com/Financial-Market.aspx?financial-market=an-introduction-to-the-stock-market&category=29 [4/2/12]

23 – www.usatoday.com/money/index [4/30/12]

24 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F29%2F11&x=0&y=0 [4/30/12]

24 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F29%2F11&x=0&y=0 [4/30/12]

24 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F29%2F11&x=0&y=0 [4/30/12]

24 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F29%2F02&x=0&y=0 [4/30/12]

24 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F29%2F02&x=0&y=0 [4/30/12]

24 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F29%2F02&x=0&y=0 [4/30/12]

25 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [5/2/12]

26 – treasurydirect.gov/instit/annceresult/press/preanre/2002/ofm10902.pdf [1/9/02]

27 – www.marketoracle.co.uk/Article34414.html [5/1/12]

An old stock market dictum says that spring is for profit-taking, or at least a time to reduce your exposure to equities.

In the classic market psychology, you “sell in May and go away” with the belief that stock prices will plateau or retreat in spring and summer, and then you return to stocks in the fall, taking advantage of bargains and factors that will encourage a hot fourth quarter.

In the last several years, we have seen all kinds of stock market behavior, some of it extraordinary. So is there any credence to this approach now?

The argument for “going away”. Over the last 12 months, investors who held to this belief made out pretty well. From May 1-November 1, 2011, the Dow lost 6.7%. From November 2011 through April 27, 2012, it gained 10.7%.^1,2

If we open a historical window – specifically, The Stock Trader’s Almanac – back to 1926, we see the S&P 500 rising 4.3% on average during May-October and gaining an average of 7.1% from November-April.³

Unsurprisingly, STA editor-in-chief Jeff Hirsch is an advocate of the “sell in May” approach. So is Sam Stovall, who is of course the chief equity strategist at S&P Capital IQ. As Stovall just noted to Forbes, since 1945 the S&P 500 has gained just 1.2% during the average May-October run yet advanced 6.9% during the average November-April period.^1,3

While these numbers are pretty compelling, you know what they say about statistics.

Is the argument principally flawed? If you do sell in May, where do you put your money after dumping those stocks? The strategy assumes you know of a better place – an alternative to equities offering greater yield and less risk.

Larry Swedroe, director of research for Buckingham Asset Management, recently told CBS MoneyWatch that the “sell in May” approach amounted to “pure randomness”. He made his claim by running numbers in calendar years from 1950-2007 with the hypothesis of reinvesting money pulled out of equities into 30-year Treasuries during the assumed 6-month market lull. According to his research, the “buy and hold” crowd would have outperformed the “sell in May” crowd in the time frames 1950-2007, 1980-2007 and 1990-2007, with the “sell in May” adherents triumphing in the time frames of 1960-2007, 1970-2007 and 2000-2007.^3,4

The case for staying in the market. Even if the performance numbers mentioned in the fourth, fifth and sixth paragraphs of this article were absolutely predictable annually, what would the compelling argument be for ditching stocks? Gains would still occur in spring and summer; they would just be lesser gains.

Let’s go from hypothesis to reality, specifically what is occurring right now. An investor wanting a divorce from risk for the next six months could decide to bail from stocks and put the assets into short-term Treasuries and money market accounts. Would it be worth it? Maybe not. According to Bankrate.com, 6-month Treasuries were yielding 0.14% as of April 27 and money market accounts were yielding 0.46%. Throw in brokerage charges and taxes you might incur from selling, and getting in and out of equities may look less attractive.¹

Once you’re out, when do you get back in? What if mid-October brings a rally? Do you jump in and buy? What if the bears show up at the start of November? How long do you wait for what might be the market low?

Moreover … who’s to say that U.S. economic indicators (or even global ones) might be better than expected this summer? What if the EU arranges a manageable fix for Spain’s debt dilemma? What if the real estate market shows signs of heating up in the coming quarters? What if the Fed opts for more easing?

If the “sell in May” strategy sounds more like market timing to you than anything else, it does have some history supporting it – history worth considering. The fact remains, however, that history is no barometer of future stock market performance.

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is not a solicitation or a recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations.

1 – www.forbes.com/sites/investor/2012/04/27/stay-in-stocks-or-sell-in-may/ [4/27/12]

2 – money.cnn.com/data/markets/dow/ [4/27/12]

3 – www.cbsnews.com/8301-32778_162-57423130/why-sell-in-may-doesnt-work-for-investors/ [4/27/12]

4 – montoyaregistry.com/Financial-Market.aspx?financial-market=common-financial-mistakes-and-how-to-avoid-them&category=29 [4/27/12]

Also in this month’s newsletter:

• Six Key 2012 Tax Changes you will want to know
• News on Gasoline Prices

Read  more in our April newsletter

A new report by the Investment Company Institute (ICI) and the Employee Benefit Research Institute (EBRI) shows shifting allocations within 401(k) plan holdings. 

Once burned, twice shy. That essentially describes the average retirement investor’s behavior in the wake of the past decade’s two bear markets, according to a new report by the Investment Company Institute (ICI) and the Employee Benefit Research Institute (EBRI).¹ The report shows shifting allocations within 401(k) portfolios.

The study, which looked at allocations of more than 23 million 401(k) accounts, showed that the share of participants with more than 80% of their balances invested in stocks dropped from 54.1% in 2000 to 40.0% in 2010. Older investors in particular reduced their stock holdings — with those in their 60s reducing their equity allocations from 39.7% in 2000 to 21.4% in 2010.

Yet the report also showed that younger investors have not shied away from stocks. On the contrary, the percentage of 401(k) participants in their 20s with 80% or greater allocation to stocks rose from 55.3% in 2000 to 60.4% in 2010. The report attributes this to the greater use of target-date funds.

“Growing use of target-date funds appears to be helping to keep younger 401(k) participants invested in balanced portfolios, with equity exposure to help their assets grow over the long term,” said Sarah Holden, ICI senior director of retirement and investor research. “While our surveys and others have shown that investors are less willing to take on stock market risk, 401(k) plan features are countering that trend for plan participants. That’s particularly valuable to provide younger participants diversified portfolios that include growth-oriented investments.”

Other study findings:

• The shares of 401(k) participants who had either no equities at all or high concentrations of equities were lower in 2010 than in 2000.
• The share of 401(k) assets invested in company stock fell to 8% in 2010.
• The average 401(k) balance was 3.4% higher at year-end 2010 versus a year earlier.
• In 2010, 21% of all 401(k) participants eligible for loans had loans outstanding against their 401(k) accounts, unchanged from year-end 2009, but up from 18% at year-end 2008.
• Participants’ 401(k) loan balances declined slightly. Loans outstanding amounted to 14% of the remaining account balance, on average, at year-end 2010, compared with 15% at year-end 2009.

For a copy of the full report, go to http://www.ebri.org or www.ici.org.

Source/Disclaimer:

¹Source: EBRI/ICI, “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2010,” December 2011.

April 2012 — This column is provided through the Financial Planning Association, the membership organization for the financial planning community, and is brought to you by Nancy Rick, a local member of FPA.

Required Attribution

Because of the possibility of human or mechanical error by S&P Capital IQ Financial Communications or its sources, neither S&P Capital IQ Financial Communications nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall S&P Capital IQ Financial Communications be liable for any indirect, special or consequential damages in connection with subscriber’s or others’ use of the content.

© 2012 S&P Capital IQ Financial Communications. All rights reserved.

• Cancelled checks for cash or nondeductible expenses.
• Expired warranties
• Pay stubs, after reconciling with W-2
• Other records no longer needed, like those that have been replaced by newer versions.

But that tax form you just filed – you should keep that for seven years from the filing date.

This government web site is a helpful resource for managing your household records.

Here is a reference table to help determine how long to keep your documents:

How Long to Keep Documents

MONTHLY TIP

Most people can halve their monthly spending on entertainment with little regret.

MONTHLY RIDDLE

What has three feet yet cannot run or walk?

Riddle Answer:

A yard.

 April 2012

THE MONTH IN BRIEF

March brought gains and milestones. The NASDAQ ended the month above 3,000, which it hadn’t done in nearly 12 years. The Dow pulled off its sixth straight monthly advance, and the S&P 500 and Russell 2000 rose as well. Gas prices continued their march upward, but consumer spending did not fall. The real estate sector flashed some negative signals. Investors and economists alike mulled the effect that potentially decelerating economies in Europe and Asia might have on Wall Street. The U.S. economy, on the other hand, seemed to show further improvement.¹

DOMESTIC ECONOMIC HEALTH

Gas prices were putting the clamps on the consumer, right? Wrong. It seemed consumer spending was rising, perhaps partly in response to increased fuel costs. In fact, the Commerce Department said personal spending rose 0.8% in February (the biggest gain in seven months) even as incomes rose just 0.2%. As for that other really important statistic affecting consumers, the nation’s jobless rate had remained at 8.3% for February, although job growth was impressive once again (227,000 positions added to non-farm payrolls).^2,3

Consumer sentiment was the proverbial mixed bag. The Conference Board’s survey slipped from February’s revised mark of 71.6 to 70.2. The University of Michigan’s final March survey came in at 76.2, up from the 74.3 reading of late February.⁴

Consumer prices moved in a pronounced direction – and that direction was up. The federal government’s Consumer Price Index rose 0.4% in February, the biggest monthly gain since April. Producer prices matched that increase. Annualized CPI was running at 2.9%, annualized core CPI at 2.2%. What role did gasoline costs play in all this? A major one. A 6% February rise in retail gas prices represented a significant portion of the advance in the overall CPI. Pump prices have climbed close to 20% since December, and a gallon of unleaded cost $3.93 at the end of the month, up 2o cents from the end of February. Even with this price pressure on consumers, the Census Bureau said retail sales were 1.1% better in February. It also revised January’s gain up to 0.6%. Durable goods orders also rose 2.2% in February.^4,5,6,7

The U.S. manufacturing and service sectors were holding up well. The Institute for Supply Management’s March manufacturing PMI rose a full percentage point to 53.4, and its non-manufacturing index read 57.3 in February, an 0.5% gain.^8,9

The Federal Reserve conducted its annual stress test of 19 big banks in March, and 15 lenders held up under the “doomsday” scenario (Dow losing half of its value, home prices at 1996 levels, a 13% jobless rate). American Express, Bank of America, Bank of New York Mellon, BB&T, CapitalOne, Fifth Third, Goldman Sachs, JP Morgan Chase, Keycorp, Morgan Stanley, PNC, Regions, State Street, U.S. Bancorp and Wells Fargo each got a thumbs-up. The Fed felt that Citigroup, SunTrust, Ally and MetLife would lose enough assets under the scenario to pose systemic risk.¹⁰

GLOBAL ECONOMIC HEALTH

To what degree would the Eurozone economy slow down? Would Asian economies turn around their manufacturing bases? Looking to Europe, the signs were bleak. The Eurozone jobless rate ticked up to a post-euro high of 10.8% in March. In Spain, the unemployment rate was 23.6%; in France, it was 10.0%; in Italy, it was 9.3%; in Germany, it was just 5.7%. The key Markit purchasing managers index was below 50 for the eighth consecutive month in March, with analysts growing increasingly certain that the EU had slid into a recession.¹¹

As for the key economies of the Asia-Pacific region, factory output was looking better. For March, official PMIs were in reasonably good shape in China (53.1, best since last April), India (54.7), and South Korea (52.0, a one-year high). India’s inflation rate accelerated in March for the first time since October.¹²

WORLD MARKETS

Many major stock indices pulled back last month. That was not the case for the Nikkei 225, off to a roaring start in 2012 (+19.26% for Q1). The Japanese benchmark rose 3.71% last month. Germany’s DAX was up 1.30% in March and Australia’s All Ordinaries rose 0.73%. Several major indices retreated: the CAC 40 lost 0.83%, the FTSE 100 1.76%, the TSX Composite 2.41%, the Sensex 3.91%, the Hang Seng 5.57% and the Shanghai Composite 6.82%. Despite these losses, all of the above indices posted gains for the quarter. The MSCI World Index rose 1.02% in March and 10.94% for Q1 in USD terms. By the same measuring stick, the MSCI Emerging Markets Index fell 3.52% in March but rose 13.65% for the quarter.^13,14

COMMODITIES MARKETS

The hottest marquee commodity of March was (guess what) retail gasoline at +5.20%. Cotton went +3.85% last month. Most other key commodities lost their footing – most notably, natural gas. Those futures slid 18.73% in March, a descent helped by unseasonably warm weather. Oil futures lost 3.78% last month, settling at $103.02 per barrel on the NYMEX; for the quarter, prices rose 4.24%. Gold slipped 2.30% on the COMEX on the month and rose 6.71% on the quarter to wrap March at $1,671.90 on the COMEX. Copper (-1.40%) and silver (-6.23%) retreated after two strong monthly advances. RBOB gasoline futures rose 1.56% in March and the U.S. Dollar Index pulled off its first monthly gain for 2012 (+0.44%). Elsewhere, coffee futures sank 8.98%, corn lost 2.13% and wheat lost 1.09% for the month.⁶

REAL ESTATE

March didn’t bring much improvement. Interest rates on conventional mortgages did go back under 4% after topping that mark at mid-month. Looking at Freddie Mac’s March 1 and March 29 Primary Mortgage Market Surveys, we see that mortgage interest rates did increase last month: 30-year FRMs went from 3.90% to 3.99%; 15-year FRMs went from 3.17% to 3.23%; 5/1-year ARMs rose from 2.83% to 2.90%; 1-year ARMs went from 2.72% to 2.78%.¹⁵

Existing home sales fell 0.9% for the month, while new home sales pulled back 1.6%. Year-over-year, the pace of residential resales had increased 8.8% while new home buying rose 11.4%. The Census Bureau announced that the median new home sale price had risen 6.2% in a year to $233,700. The National Association of Realtors noted the first year-over-year increase in existing home prices since November 2010.   However, the January edition of the S&P/Case-Shiller Home Price Index revealed that existing home prices had essentially reset to early 2003 levels. The index posted its fifth straight monthly retreat and was down 3.8% from 12 months before. The NAR also reported a 0.5% decline in pending home sales for February.^16,17,18

LOOKING BACK…LOOKING FORWARD

Fear seemed to take a holiday: the CBOE VIX was at 15.50 on March 30 after diving 15.90% for the month. The Dow ended March at 13,212.04, the S&P at 1,408.47, the NASDAQ at 3,091.57 and the Russell 2000 at 830.30.¹

Sources: money.msn.com, bigcharts.com, treasury.gov – 3/30/12^{1,19,20,21,22}

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends.

It would be mind-blowing if the market put together consecutive quarters like this, and even the most bullish of analysts don’t expect a repeat. Then again, Wall Street has surprised us many times. Some analysts think the current bull market may be due to run out of steam given the apparent economic sluggishness in Europe and the tendency of investors to “sell in May, go away”. Others think that since the S&P 500 fell 19.4% in October 2011 from an April 2011 peak (actually more than 20%, if you factor in intraday numbers rather than just the market close), we are actually more or less in a new bull market that began last fall. So would that be a baby bull within a secular bear, or something more lasting? Whether you think the glass is half full or half empty on Wall Street, the fact remains that stocks surpassed expectations in the first quarter of the year – and April may bring further gains.²³

UPCOMING ECONOMIC RELEASES:

Here is the slate of releases for the rest of April: the March ISM service sector index (4/4), the March unemployment report (4/6), February wholesale inventories (4/10), a new Federal Reserve Beige Book (4/11), the March PPI (4/12), the March CPI and the initial University of Michigan consumer sentiment survey for April (4/13), March retail sales and February business inventories (4/16), March industrial output, housing starts and building permits (4/17), the March Conference Board Leading Economic Indicators index and March existing home sales (4/19), March new home sales, the February Case-Shiller home price index and the Conference Board’s April consumer confidence poll (4/24), March durable goods orders and an FOMC policy announcement (4/25), March pending home sales (4/26), the federal government’s first estimate of Q1 GDP and the final April University of Michigan consumer sentiment survey (4/27), and finally the March consumer spending numbers (4/30).

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Amy Brandts: abrandts@symphonyfinancial.net and Nancy Rick: nrick@symphonyfinancial.net.

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  Registered Representatives. Securities offered through Cambridge Investment Research, Inc., a Broker/Delaer, Member FINRA/SIPC. Investment Advisor Representatives, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor.  Cambridge and Symphony are not affiliated. This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is not a solicitation or recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Nikkei 225 (Ticker: ^N225) is a stock market index for the Tokyo Stock Exchange (TSE). The Nikkei average is the most watched index of Asian stocks. The DAX 30 is a Blue Chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. The Hang Seng Index is a freefloat-adjusted market capitalization-weighted stock market index that is the main indicator of the overall market performance in Hong Kong. The SSE Composite Index is an index of all stocks (A shares and B shares) that are traded at the Shanghai Stock Exchange. The CAC-40 Index is a narrow-based, modified capitalization-weighted index of 40 companies listed on the Paris Bourse. The FTSE 100 Index is a share index of the 100 most highly capitalized companies listed on the London Stock Exchange. BSE Sensex or Bombay Stock Exchange Sensitivity Index is a value-weighted index composed of 30 stocks that started January 1, 1986. The S&P/TSX Composite Index is an index of the stock (equity) prices of the largest companies on the Toronto Stock Exchange (TSX) as measured by market capitalization. The S&P/ASX All Ordinaries Index represents the 500 largest companies in the Australian equities market. The MSCI World Index is a free-float weighted equity index that includes developed world markets, and does not include emerging markets. The MSCI Emerging Markets Index is a float-adjusted market capitalization index consisting of indices in more than 25 emerging economies. The US Dollar Index measures the performance of the U.S. dollar against a basket of six currencies. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. 

Citations.

1 – money.msn.com/market-news/post.aspx?post=ba5dfb2a-4c91-4d39-aa5e-f3bfb0d9bb5e&_nwpt=1 [2/29/12]

2 – www.cnbc.com/id/46902933/ [3/30/12]

3 – articles.latimes.com/2012/mar/09/business/la-fi-us-jobs-20120310 [3/9/12]

4 – briefing.com/investor/calendars/economic/2012/03/26-30 [3/30/12]

5 – www.usatoday.com/money/economy/story/2012-03-16/February-inflation-consumer-price-index/53561880/1 [3/16/12]

6 – money.msn.com/market-news/post.aspx?post=087cac64-3d67-4737-b94a-31c3ff49ba16 [3/30/12]

7 – www.census.gov/retail/marts/www/marts_current.pdf [3/13/12]

8 – www.ism.ws/ISMReport/MfgROB.cfm [4/2/12]

9 – www.ism.ws/ISMReport/NonMfgROB.cfm [3/5/12]

10 – www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/03/16/investopedia77515.DTL [3/16/12]

11 – www.bbc.co.uk/news/business-17582051 [4/2/12]

12 – www.reuters.com/article/2012/04/02/us-global-economy-asia-idUSBRE83104P20120402 [4/2/12]

13 – news.morningstar.com/index/indexReturn.html [3/30/12]

14 – mscibarra.com/products/indices/international_equity_indices/gimi/stdindex/performance.html [3/30/12]

15 – www.freddiemac.com/pmms/ [4/2/12]

16 – www.bizjournals.com/washington/news/2012/03/23/new-home-sales-slow.html [3/23/12]

17 – articles.marketwatch.com/2012-03-27/economy/31242975_1_david-m-blitzer-index-committee-index-records [3/27/12]

18 – www.latimes.com/business/money/la-fi-mo-pending-home-sales-20120326,0,3632145.story [3/26/12]

19 – montoyaregistry.com/Financial-Market.aspx?financial-market=an-introduction-to-the-stock-market&category=29 [4/2/12]

20 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F30%2F11&x=0&y=0 [3/30/12]

20 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F30%2F11&x=0&y=0 [3/30/12]

20 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F30%2F11&x=0&y=0 [3/30/12]

20 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F28%2F02&x=0&y=0 [3/30/12]

20 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F28%2F02&x=0&y=0 [3/30/12]

20 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F28%2F02&x=0&y=0 [3/30/12]

21 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [3/30/12]

21 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [3/30/12]

22 – treasurydirect.gov/instit/annceresult/press/preanre/2002/ofm10902.pdf [1/9/02]

23 – articles.businessinsider.com/2012-03-07/markets/31131044_1_bull-market-new-bull-first-year-bull [3/7/12]

Could $5 gas arrive with summer? As of April 6, U.S. retail gasoline prices were up 20.15% YTD; on that date, AAA’s national survey had the price of regular unleaded averaging $3.94 per gallon. So what happens this spring and summer – traditionally when Americans tend to hit the road?¹

A new Christian Science Monitor/TIPP survey of 900+ adults finds that the average American expects pump prices of around $4.75 a gallon come July. That’s about 20% above where prices are now.²

Is that perception cynical, or realistic? It depends on whether you think the latest price spike will eventually moderate according to the historical pattern.

Will the classic pattern hold? Short-term price jumps in retail gasoline are often partly tempered by lessening demand. That is, the price of gas climbs to a certain point where consumers simply decide to cut back on their driving. As demand drops, prices finally follow.

This could easily happen; it may happen soon. Yet when we look at the macro view, we have not been following the classic pattern. American consumer demand for gasoline has declined slightly in every year since 2007. (Before the recession, sales of big SUVs represented 20% of U.S. auto buying; now they account for 5% of it.) In fact, the federal government’s Energy Information Administration (EIA) believes that U.S. gasoline consumption will drop by another 7% over the next 25 years.³

Who is to blame for the soaring prices? The Christian Science Monitor/TIPP survey asked for opinions. Close to a quarter of those polled put the blame on the oil industry; about 20% pinned the blame on speculators in the commodities market. Coming in third and fourth: the Obama administration (14%) and Congress (9%).²

As the world is a global village, our gas prices are most influenced by the world oil market. Recently, the factor exerting the biggest influence has been the threat of supply disruption in the Middle East – but that’s not the only factor weighing on the market. We are using less oil and gasoline, but China and India and other emerging economies are using more – in fact, 10 million more cars hit the roads in China during 2010 alone.⁴

In addition, the U.S. has become a net gasoline exporter for the first time in more than five decades as a consequence of key oil refineries along the east coast and in the Caribbean ceasing production. Also, many of our refineries can now produce gasoline for less than it would cost at Latin American or European supply points.⁴

Basically, we are competing with the world for our gasoline – and the world oil market causes the big ripples in the equilibrium. This is why boycotting gas stations in your area for a day has little more than symbolic effect.

What could America do? The Obama administration could try some quick fixes, but some might not be popular. Releasing some of the inventory in the Strategic Petroleum Reserve could help – and in fact, announcing the release after the fact could potentially affect oil prices more than publicizing it beforehand. 

To crimp speculators, the government could request that the New York Mercantile Exchange and Intercontinental Exchange (on which NYMEX crude and Brent crude get traded daily) boost margin requirements, a regulatory move which would discourage speculators from working with borrowed money. It could ask states to strictly enforce a more fuel-efficient, 55-mph speed limit on our nation’s highways, which would not please the trucking industry or the typical driver.

It seems every year we are tested by spikes in gas prices. As we transition (however gradually) from fossil fuels to other forms of energy, we may still have several of these episodes in our lifetimes.

Your Symphony Financial representatives are

Amy Brandts: abrandts@symphonyfinancial.net and

Nancy Rick: nrick@symphonyfinancial.net.

The office phone number is 703-865-4092.

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is not a solicitation or a recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations.

1 – money.msn.com/market-news/post.aspx?post=d8808e5a-07d2-477c-aa6e-0497b6d7402b [4/5/12]

2 – www.csmonitor.com/USA/Politics/2012/0406/Americans-spread-blame-for-high-gas-prices-foresee-4.75-a-gallon [4/6/12]

3 – www.npr.org/2012/03/22/149061105/whats-making-americans-less-hungry-for-gasoline [3/22/12]

4 – www.npr.org/blogs/thetwo-way/2012/03/23/149220383/why-gas-prices-are-rising-even-as-demand-is-down [3/23/12]

• A reminder: you should consult with a qualified tax or financial professional before making short-term or long-term changes to your tax or financial strategy.

1. Tax bracket limits have shifted higher for 2012.

 A COLA of just over 3.8% for 2012 leaves federal tax brackets looking like this:

Bracket         Single Filers        Married Filing Jointly           Married Filing        Head of Household

                                                      or Qualifying Widower         Separately                     

10%                Up to $8,700                     Up to $17,400                    Up to $8,700                Up to $12,400

15%                $8,701-$35,350               $17,401-$70,700                $8,701-$35,350           $12,401-$47,350

25%                $35,351-$85,650             $70,701-$142,700             $35,351-$71,350         $47,351-$122,300

28%                $85,651-$178,650         $142,701-$217,450          $71,351-$108,725        $122,301-$198,050

33%                $178,651-$388,350        $217,451-$388,350           $108,726-$194,175     $198,051-$388,350

35%                $388,351 or more           $388,351 or more              $194,176 or more         $388,351 or more¹

For 2011, the COLA was merely 1.4%. Thanks to the 2012 COLAs, some filers may owe hundreds less in federal taxes because they find themselves in a lower bracket.^1,2

2. Personal & dependent exemptions are each worth $100 more.

In 2012, the value of each personal and dependent exemption has increased $100 to $3,800.³

3. Standard deductions are up across the board, increasing from $150 -$300.

For 2012, the IRS standard deductions are as follows:

• Married filing jointly & qualifying widower      $11,900 (up $300 from 2011)
• Single filers & married filing separately          $ 5,950 (up $150 from 2011)
• Head of household                                          $ 8,700 (up $200 from 2011)³

4. There has been a $500 boost in the annual contribution limit to 401(k)s and certain other qualified retirement plans.

With the $500 2012 COLA, participants in 401(k) plans, 403(b) plans, some 457 plans and the federal government’s Thrift Savings Plan can contribute up to $17,000 to their accounts this year. The catch-up contribution limit for plan participants 50 and older remains $5,500.⁴

5. The phase-out range for Roth IRA contributions has increased.

The Adjusted Gross Income (AGI) phase-out ranges for 2012 are as follows:

• Married filing jointly & qualifying widower      $173,000-$183,000
• Single filers & heads of household                 $110,000-$125,000

These phase-out ranges are up by $4,000 for married couples filing jointly and $3,000 for singles and heads of household compared to 2011. Married individuals filing separate returns who are covered by a retirement plan at work see no change here – the phase-out range for that category remains $0-$10,000.⁴

6. The income phase-out range to claim deductions linked to traditional IRA contributions has increased.

This year, the AGI phase-out range looks like this:

• Single filers & heads of household - $58,000-$68,000
• Married filing jointly - $92,000-$112,00 with the taxpayer making the contribution covered by workplace retirement plan
• Married filing jointly  - $173,000-$183,000 with the taxpayer making the contribution not covered by workplace retirement plan, yet spouse is covered by one

So that is a $4,000 increase from last year for the last category and a $2,000 increase for everyone else.⁴

This Special Report is not intended as a guide for the preparation of tax returns. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Symphony Financial andPeter MontoyaInc. to recipients. No information herein was intended or written to be used by readers for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Readers are cautioned that this material may not be applicable to, or suitable for, their specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. Readers are encouraged to consult with professional advisors for advice concerning specific matters before making any decision, Symphony Financial andPeter MontoyaInc. disclaim any responsibility for positions taken by taxpayers in their individual cases or for any misunderstanding on the part of readers. Symphony Financial andPeter MontoyaInc. assume no obligation to inform readers of any changes in tax laws or other factors that could affect the information contained herein.

Citations.

1 – individual.troweprice.com/public/Retail/Planning-&-Research/Tax-Planning/Prepare-Your-Taxes/Tax-Rate-Schedules [3/14/12]

2 – articles.marketwatch.com/2011-10-20/finance/30775423_1_income-tax-single-filers-standard-deduction [10/20/11]

3 – www.irs.gov/newsroom/article/0,,id=248485,00.html [10/20/11]

4 – www.irs.gov/newsroom/article/0,,id=248482,00.html [10/20/11]

Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer. Member FINRA/SIPC.

Investment Advisor Representative. Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor.  Cambridge and Symphony Financial are not affiliated.

• The Federal Reserve put 19 major banks through an annual stress test recently.
• And with tax season upon us, there are always under-publicized tax changes you should know about.

Read the details, along with the March economic update, in our March newsletter.