Our collaborative Naviguidance 360sm program is designed to build a realistic map to achieve our client’s unique goals. We believe it is necessary to begin the investment journey together by getting to know our clients and learn about who you are, what your values and passions are in life, and what goals do you have over the years to come. Only after getting to know you, do we begin to design an investment plan that fits you and your unique situation. We see our role as your partner and advisor to help navigate and guide you along your investment journey.
As Independent Registered Investment Advisors, our firm has always been bound by the “Fiduciary Standard” to act solely in the best interest of our clients. Since the inception of Clutinger, Williams & Verhoye, Inc., (CWV) in 1970, we have always held ourselves to this highest standard of loyalty & care.
Being Independent means there are no conflicts-of-interest, no funds to push, no hidden agendas or restrictions, as we are not controlled or constrained by a bank, insurance company or brokerage firm. All investment selections are made seeking to achieve the best available balance of Risk, Return and Cost for the intended objective. CWV is a strictly fee-only investment advisory firm. We do not receive commissions for purchasing or selling anything.
Client education and involvement are the cornerstones of our Naviguidance 360sm service. As your partner, we believe it is fundamentally important for our clients to understand the strategic choices being made within your portfolios, which have been selected to provide you with the best opportunity to reach your individual objectives within their forecast time horizon. We understand the importance of being comfortable with your investment direction and have found that well informed and engaged clients are happier clients, especially when challenges arise, because you have the foundation of knowledge to avoid impulsive mistakes, to remain calm, and to react prudently.
CWV provides investment advisory services to employer sponsored retirement plans including but not limited to the following types of plans: 401(k), 403(b), 457, Defined Benefit, Employee Stock Ownership Plans, and 409A Nonqualified Deferred Compensation Plans. CWV provides comprehensive services to employer sponsored retirement plans through its “Naviguidance360sm” program by:
Benchmarking the performance and fees of the retirement plan to plans of similar size and plans within the same industry of the sponsor.
Providing managed investment models.
Acting as an ERISA Section 3(38) investment fiduciary to the plan, thereby significantly limiting the employer liability.
Assisting plan sponsors in preparing the Investment Policy Statement (“IPS”), which reflects the overall investment objectives, policies, constraints and risk tolerances of the client’s plan.
Offering plan participants information to help them in determining the most appropriate investment selection for their financial situation.
Coordinating the team of service providers that provide the back-end support of the employer plan in an “unbundled” open-architecture structure with complete transparency of services and fees.
The primary investment strategy used on client (plan sponsor) accounts is integrated asset allocation utilizing managed model portfolios, invested in low expense ETF’s and Mutual Funds with high return-to-risk ratios. Integrated asset allocation combines both economic expectations and risk-tolerance profiles to create an array of individual model portfolios from conservative to aggressive in both objective and style. All model portfolios are globally diversified and actively managed to match their stated goals, time horizon, and risk tolerance. CWV monitors the asset allocations within each model portfolio and may adjust the individual assets and/or weightings as market conditions change.
CWV recognizes the importance of managing risk by minimizing volatility relative to return, through a globally diversified blend of assets that minimize correlation. Our model portfolios are constructed with a mix of highly efficient assets, exhibiting historical characteristics of high return-to-volatility and low expense ratios.
We will also from time-to-time reduce overall exposure to the market if we perceive heightened market risk based on our internal economic and technical analysis.
The specific investment strategy for each client is based on the Investment Policy Statement (IPS) for the plan. The IPS reflects the overall investment objectives, policies, constraints and risk tolerances of the client’s plan. The IPS is co-developed with the client during consultations and becomes the guiding document from which all investment decisions are made. The client may change these objectives at any time.
CWV provides educational support to assist plan participants in determining the most appropriate model portfolio for their financial situation.
CWV bases its investment management fees on a percentage of assets under management. Usual compensation to CWV per account is a continuing annual fee based on the following schedule.
The fee schedule is:
0.75% on the first $1,000,000 of managed assets
0.70% on the next $2,000,000 of managed assets
0.65% above $3,000,000 of managed assets
If you are interested in this service please contact:
Thomas M. Clutinger
PHONE: (970) 247-7982
Our collaborative Naviguidance360 sm program is designed to build a realistic map to achieve our client’s unique goals. We begin this journey together by getting to know each other. We believe it is imperative to understand who you are and what your vision and goals are. Our objective is to create an investment program that aligns your individual circumstance, risk tolerance, values and passions together in harmony with the time horizon to achieve your goals.
If you have an existing portfolio, our next step is to perform a FREE Health Check of your portfolio. Some may prefer to start with a FREE quantitative check of their portfolio by analyzing its past volatility and performance. We use an independent and objective third party to provide the portfolio risk score, as well as the 95% probability range of return for the portfolio in the next 6 months. Others may prefer to start with a FREE qualitative in-depth interview process performed by investment managers that have decades of experience. The resulting review may identify areas of concern that you were unaware of. o Is the risk level of your portfolio higher or lower than you expected? o Does the forecast range of return match your expectations? The process is quick and easy. We only need a small amount of information from your latest statement to get started. Request a FREE Portfolio Risk & Return Review today and become fully aware of your plan’s current state of health.
CWV believes it is necessary to begin the investment journey together by getting to know our clients and learn about what makes you unique. Only after getting to know you, do we begin to design an investment plan aligned specifically to your goals, time horizons, & risk tolerance. Ø We begin by developing an understanding of the values and passions that are your driving force, as well as learning what your significant goals and objectives are in the years to come. Ø Next, we need to establish your desired time horizon for each individual goal and/or objective. Ø We conclude the discovery process by discussing risk and volatility with you. o CWV may use a variety of qualitative and quantitative methods to develop a mutual understanding of your personal risk tolerance profile: § For some clients taking a short risk tolerance questionnaire that objectively provides a personal risk score may be the right approach. § For other clients the best results may come from an in-depth interview process. o The key is for both you and CWV to develop a common set of understandings and expectations that will provide the emotional foundation for the investment journey ahead.
We review the Portfolio Risk Assessment with you to ensure you understand the comprehensive profile of performance and risk it contains, as well as any hidden fees or cost concerns that may be uncovered in the report. We conclude the Evaluation process together by discussing how you judge the performance and risk profile of your existing portfolio, as compared to your expectations. If you are completely satisfied with your existing plan, we congratulate you and wish you continued success on your journey. However, if you believe it’s time for a change in direction, we are ready to join forces and get to work charting a new investment direction for you, as your Fiduciary Investment Advisor.
As Independent Registered Investment Advisors, our firm has always been bound by the “Fiduciary Standard” to act solely in the best interest of our clients. Since the inception of Clutinger, Williams & Verhoye, Inc., (CWV) in 1970, we have always held ourselves to this highest standard of loyalty & care. Ø Being Independent means there are no conflicts-of-interest, no funds to push, no hidden agendas or restrictions, as we are not controlled or constrained by a bank, insurance company, or brokerage firm. Ø All investment selections are made seeking to achieve the best available balance of Risk, Return, and Cost for the intended objective. Ø CWV is a highly competitive, strictly fee-only investment advisory firm. We do not receive commissions for purchasing or selling anything.
CWV believes in the fundamental importance of preparing an Investment Policy Statement (“IPS”), which reflects the overall investment objectives, policies, constraints, and risk tolerances of your investment plan. The IPS is co-developed from client input during consultations and becomes the guiding document from which all investment decisions are made. A
Client education and involvement are the cornerstones of our Naviguidance 360sm service. As your partner, we believe it is fundamentally important for our clients to understand the strategic choices being made within your portfolio(s), which have been selected to provide you with the best opportunity to reach your individual objectives within their forecast time horizon. We understand the importance of being comfortable with your investment direction and have found that well informed and engaged clients are happier clients, especially when challenges arise, because you have the foundation of knowledge to avoid impulsive mistakes, to remain calm, and to react prudently.
CWV believes it is critically important for each Investor to understand the relationship of risk and return when establishing their individual goals. Only after careful consideration to determine your optimal balance of objectives, time horizon and personal risk-tolerance, should the investment decision be made.
CWV understands long-term plan success is a direct result of making systematic performance reviews that compare forecast to actual results in all areas of the plan. Once performance metrics have been analyzed, an informed plan of corrective action can be set, as needed, to navigate the prevailing conditions and guide the plan back on course. The structure and timing of the progress review checkpoints will be established in the Investment Policy Statement (IPS).
CWV bases our highly competitive investment management fees on a percentage of assets under management. Usual compensation to CWV per account is a quarterly fee based on an annual rate. The fee is calculated at the end of each quarter by applying ¼ of the annualized rate to the market value of the portfolio as displayed on the CWV Portfolio Appraisal at the end of each quarter. The annualized fee schedule is: Ø 1% on the first $500,000 of managed assets. Ø 0.75% on the next $500,000 of managed assets Ø 0.60% on the next $2,000,000 of managed assets Ø 0.50% on the next $2,000,000 of managed assets Ø 0.40% on the next $2,000,000 of managed assets Ø 0.35% on the next $3,000,000 of managed assets Ø Negotiable above $10,000,000 of managed assets
involves the use of various indicators to anticipate when a recession has become highly probable, while other pointers forecast developing recovery. Reasons for economic timing: Only two of the fifteen bear markets since 1928 occurred without being connected to a developing recession (1962 and 1987). On average, the bear markets connected to recessions last approximately 1.6 years, with an average decline of 39.4%, and an average required time of 5.2 years to financially recover from the decline. We use a set of leading economic indicators that help guide us in protecting client assets. By mitigating the size of market declines and, thus, recovery time, we are better able to assist our clients in achieving their long-term financial goals.
is the detailed analysis of determining the intrinsic value of a potential investment compared to its current market value. CWV uses a combination of qualitative and quantitative measurements as tools to build an overall profile of the underlying health of the business. Additionally, we utilize top-down analysis to assess the macroeconomic climate of economy and industry, as well as the microeconomic issues impacting the outlook for earnings growth at the company level. Ø Qualitative Analysis focuses on the business model, governance, and target market potential to obtain a long-term perspective for growth potential. Ø Quantitative Analysis focuses on financial statement analysis of the Balance Sheet, Income Statement, and Statement of Cash Flows. CWV utilizes a combination of actual historical performance metrics combined with future forecasts to obtain a detailed understanding of economic health of the company as compared to its peer group. o Earnings past performance and future potential are analyzed from top-line revenues to bottom-line net profits, to determine year-over-year (YOY) rates of change and the current trend. o Debt, Liquidity, and Leverage analysis reveals the ability of the company to meet its current obligations, as well as any significant risks embedded within the cost of capital structure. o Free Cash Flow analysis provides insight into how much cash is being generated after expenses, which can be used to reinvest into growing the business, payout to shareholders through dividends, or a combination of both. Ø CWV believes that fundamental analysis supports qualifying investment opportunities that provide Growth At A Reasonable Price (GARP), an investment strategy that seeks to balance growth and value investing. A fundamental metric that serves as a solid benchmark is the price/earnings growth (PEG) ratio. The PEG shows the ratio between a company's P/E ratio (market value per share/ earnings per share) and its expected earnings growth rate over the next several years. Typically, GARP investment strategy seeks investments that have a PEG of 1 or less, which shows that P/E ratios are in line with expected earnings growth.
Our technical analysis focuses on market psychology, looking at various volume and price rates-of-change. While this helps in determining when to get defensive, it tends to be more important on determining reentry points over the long term. Ø When market conditions are appropriate, which historically is the case approximately 85% of the time, we construct portfolios using a theme-based approach, with an eye toward sector diversification and position concentration. Ø Since mutual funds and exchange traded funds (ETFs) contain hidden costs as well as companies we may not favor, we primarily use individual stocks and bonds to minimize costs to portfolios and to better meet portfolio objectives. Ø Security selection, as stated above, is based on finding quality investments and “growth at a reasonable price.” Ø Individual bonds offer the opportunity to control interest rate risk by knowing that, at maturity, the portfolio will receive face value for the bond. Ø Bond funds never mature and, therefore, face greater interest-rate risk. Ø By investing in individual bonds and preferred stock at prices below par, we also have more control over the risks related to fixed-income securities during a rising interest-rate environment.