Beware Stock-Brokers and their Brokerage Accounts

Posted on September 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Watch that Signatory – Read that Contract

By Dr. David Edward Marcinko; MBA, MEd, CMP™

http://www.CertifiedMedicalPlanner.org and http://www.MarcinkoAssociates.com

Did you know that Federal and state laws require Registered Investment Advisors [RIAs] be held to a fiduciary standard? To satisfy this extremely high legal standard, an advisor must act solely in the best interest of the client, even if that interest is in conflict with the advisor’s own financial interests. Investment Advisors [IAs] must disclose any conflict, or potential conflict, to the client prior to and throughout a business engagement. Investment Advisors must fully disclose, in writing, how they are compensated. In addition, most adopt a Code of Ethics to ensure that fiduciary obligations are achieved.

Brokers or Advisors

Unfortunately, not all “financial advisors” work for federally or state-registered investment advisory firms. Many so-called financial advisors are registered representatives, better known as stock-brokers, and are employed by brokerage firms [broker-dealers]. Generally, these registered representatives [RRs] need not comply with the fiduciary duty standard that is owed when you are dealing with a registered investment advisory firm. Because broker-dealers are not necessarily acting in your best interest, the SEC [remember what a fine job former Commissioner Chris Cox did for investors in the Bernie Madoff incident?] and FINRA [NASD] require them to add the following disclosure to your client agreement.

Disclosure

Read this disclosure, and decide if this is the type of relationship you want to dictate your financial security:

“Your account is a brokerage account and not an advisory account. Our interests may not always be the same as yours. Please ask us questions to make sure you understand your rights and our obligations to you, including the extent of our obligations to disclose conflicts of interest and to act in your best interest. We are paid both by you and, sometimes, by people who compensate us based on what you buy. Therefore, our profits, and our salespersons’ compensation, may vary by product and over time.”

Disclaimers

If this disclaimer appears in agreements you are signing, or have already signed, you should ask questions of your advisor. S/he’s probably a broker. Obtain complete disclosure about how he or she is compensated, and where his or her first loyalties lie. Then decide if the relationship is in your best interest [Source: www.focusonfiduciary.com NAPFA Consumer Education Foundation]. Also, consider mediation and arbitration clauses very carefully. Do not wave your rights to litigation. Your patients do not; and neither should you!

Assessment

I am a doctor, former stock-broker, registered-rep, certified financial planner and licensed insurance agent who decided there must be a better way to help physician colleagues. As a health economist, and Founder of www.CertifiedMedicalPlanner.org I’ve believe I’ve found that way.

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Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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FINANCE: Financial Planning for Physicians and Advisors
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Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Front Matter with Foreword by Jason Dyken MD MBA

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DAILY UPDATE: Pfizer and Eli Lilly as Stock Fall Again!

Posted on September 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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Pfizer is stepping out from the pharmacy aisle and into the living room with a new website called PfizerForAll. The platform helps patients find information about migraines, Covid, flu, or other seasonal respiratory viruses, the pharma giant said in a Tuesday press release.

Eli Lilly is slashing the price of its blockbuster weight loss drug, Zepbound, offering new, single-dose vials, the company announced on August 27th. Self-pay patients with an on-label prescription can purchase 2.5-mg and 5-mg single-dose vials of Zepbound at roughly 50% off the drug’s list price through the pharma giant’s direct-to-consumer website, LillyDirect, which launched in January. This is the first time the drug maker has offered the drug in single-dose vials rather than an auto-injector.

CITE: https://www.r2library.com/Resource

What’s up

Sweetgreen rose 2.02% after TD Cowen analysts upgraded the stock from Hold to Buy based on the execution of its business plan this year and positive long-term outlook.
GitLab popped 21.64% thanks to a strong beat-and-raise earnings report off the back of high AI demand.
AST SpaceMobile rocketed 12.48% after management announced that the satellite launcher has all the cash it needs to keep the lights on and won’t have to issue more shares.

What’s down

Dollar Tree plummeted 22.16%, its biggest selloff in 23 years, after the discount retailer posted a terrible earnings report.
Zscaler plunged 18.67% after issuing much lower guidance for the coming quarters than shareholders expected, despite the cybersecurity company beating estimates this quarter.
Dick’s Sporting Goods fell 4.89% in spite of management projecting strong sales growth in the rest of the year. Investors thought that forecasts would be higher.
Asana sank 4.97% due to today’s theme: The software management company’s growth projections didn’t meet shareholder expectations.
Super Micro Computer dropped 4.14% after it was downgraded by Barclays analysts as the fallout from short seller Hindenburg Research’s latest report continues.

CITE: https://tinyurl.com/2h47urt5

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 8.86points (–0.16%) to 5,520.07; the Dow Jones Industrial Average^® ($DJI) added 38.04 points (0.09%) to 40,974.97; the NASDAQ Composite^® ($COMP) declined 52.00 points (–0.30%) to 17,084.30.
The TNX dropped to just under 3.77%, the lowest since August 21st.
The CBOE Volatility Index^® (VIX) closed higher at 21.05 but down from intra-day peaks.

And, the market’s defensive pose continued, with utilities, staples, and real estate leading sector gains, while energy dove again amid weak commodity prices. Info tech, the last place finisher Tuesday, fell again, but only 0.35%, helped by slight gains in the semiconductor sector.

CITE: https://tinyurl.com/tj8smmes

Stat: 19%. That’s how much lower your risk of developing heart disease could be if you caught up on sleep during the weekend, according to a recent study. (CNN)

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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On Sexual Violence Against Women

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

The Hard Truths

Sexual violence against women is a serious abuse of women’s human rights, and an injustice experienced by women around the world.

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Assessment

Sexual violence against women is a serious abuse of women’s human rights, and an injustice experienced by women around the world. The infographic above aims to highlight the reality of sexual violence and the different ways that women – children, adolescents and adults – can be affected by sexual violence throughout their lives. The first step to change is education, so let’s share the hard truths about sexual violence.

Source: actionaid.org.au

Racism in Medicine: Conclusion

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Filed under: Ethics, Risk Management | Tagged: ActionAid, insurance planning and risk management for physicians, International Women’s Day, medical workplace violence, Sexual Violence Against Women, violence against women | 7 Comments »

Sexual Harassment in the [Healthcare] Workplace

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

And … How to Prevent It

By Staff Reporter Ashley

We’ve written about medical workplace violence and sexual harassment before on the ME-P and in our handbooks and texts. It is an increasingly important issue around the blog-o-sphere and in the real world.

Link: https://medicalexecutivepost.com/2008/08/02/risk-management%e2%80%94it%e2%80%99s-not-all-about-medical-malpractice/

This harassment in the workplace Infographic explains through images what sexual harassment is and how to prevent sexual harassment from happening at your small business or [medical practice, clinic or healthcare entity].

The authors’ research shows that your business [practice] is more at risk than you think and that you need to act now in proactively protecting that business.

Romance Sex Harassment

Assessment

Source: boltinsurance.com

Conclusion

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Filed under: Experts Invited, Practice Management, Risk Management | Tagged: Ashley, sex abuse, Sexual Harassment | 20 Comments »

WORLD: Sexual Health Day

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Today is World Sexual Health Day, and according to the World Health Organization, “good sexual health is fundamental to the overall health and well-being of individuals, couples, and families.”

This year’s theme is all about forming positive relationships, so consider taking some time today to reflect on yours (and maybe tell someone what they mean to you).

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Sexual Rights as Human Rights

One of the main aims of WSHD is to help people around the world recognize that sexual rights are basic human rights, and they are essential for peoples’ well-being and for living a fulfilled life. The day fosters a positive perspective on sexuality, one that is respectful of everyone’s sexual identity, irrespective of where they see themselves on the human sexuality spectrum. The spectrum is a continuous scale that goes beyond conventional gender binaries and suggests that sexuality is a fluid concept – one that can change over time and space.

Talking About It

Sexuality is an integral part of an individual’s life and identity. Despite this, sexuality and sexual health are often considered taboo subjects. World Sexual Health Day attempts to change this by engaging youth, adults, educators, sexual health practitioners, nonprofit organizations, and government policy-makers in an open and earnest conversation about sex, sexuality, and sexual health.

The day also encourages parents, teachers, guardians, and pediatricians to provide children and youth under their care with age-appropriate and scientifically accurate sex education. Comprehensive sexuality education can help young people and, eventually, adults, to be more sex-positive – the notion that all sex is good as long as it involves consenting participants and does not compromise their health. In addition, sex education promotes safe sex, which is one of the bedrocks of sexual health. It also helps make consent an integral part of all sexual encounters.

What Happens on World Sexual Health Day?

World Sexual Health Day is not an official holiday so businesses, schools, and government offices are open. Sexual health groups and educators organize outreach drives, conferences, and workshops to bring attention to the importance of sexual health in maintaining a happy and fulfilling lifestyle.

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How Stock-Brokers Execute Trades

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

What Every Physician-Investor Should Know

And … Why Trade Execution Isn’t Instantaneous!

By Dr. Gary L. Bode MSA CPA CMP [Hon]; PC

http://www.CertifiedMedicalPlanner.org

Many physician investors who trade through online brokerage accounts assume they have a direct connection to the securities markets.

But, they don’t. When you press “enter,” your order is sent over the Internet to your broker – who in turn decides which market to send it to for execution. A similar process occurs when you call your broker to place a trade.

While trade execution is usually seamless and quick, it does take time. And prices can change quickly, especially in fast-moving markets. Because price quotes are only for a specific number of shares, MD investors may not always receive the price they saw on their screen or the price their broker quoted over the phone. By the time your order reaches the market, the price of the stock could be slightly – or very – different.

Note: No SEC regulations require a trade to be executed within a set period of time. But if firms advertise their speed of execution, they must not exaggerate or fail to tell investors about the possibility of significant delays.

Tip: To avoid buying or selling a stock at a price higher or lower than you wanted, place a limit order rather than a market order. A limit order is an order to buy or sell a security at a specific price. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. When you place a market order, you can’t control the price at which your order will be filled.

Example: You want to buy the stock of a “hot” IPO that was initially offered at $9, but don’t want to end up paying more than $20 for the stock. Place a limit order to buy the stock at any price up to $20. By entering a limit order rather than a market order, you will not be caught buying the stock at $90 and then suffering immediate losses as the stock drops later in the day or the weeks ahead.

Caution: Your limit order may never be executed because the market price may quickly surpass your limit before your order can be filled. But by using a limit order you also protect yourself from buying the stock at too high a price.

More:

ABOUT

Dr. Gary L. Bode was Chief Executive Officer of Comprehensive Practice Accounting, Inc., a firm specializing in providing tax solutions to medical professionals. Originally, he was a board certified podiatrist and managing partner of a multi-office medical practice for a decade before earning his Master of Science degree in Accounting from the University of North Carolina. He then served as Chief Financial Officer [CFO] for a private mental healthcare facility. Today, Dr. Bode is a nationally known Certified Public Accountant, financial author, educator, and speaker. Areas of expertise include producing customized managerial accounting reports, practice appraisals and valuations, restructurings, and innovative financial accounting as well as proactive tax positioning and tax return preparation for healthcare facilities. He has been quoted in Newsweek.

Conclusion

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Understanding Traditional “Full-Service” Stock Brokers

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Fundamentals of Physician Investing

By Daniel B. Moisand CFP®, and ME-P staff

It used to be that the only way to get investments and investment information was through paying commissions to a traditional broker. Then in the 70’s (specifically, May, 1975) the brokerage industry went through significant deregulation allowing for the discounting of commissions. Charles Schwab and Company, among others, was able to eliminate the advice component and offer trades at dramatically reduced rates. The full service brokerage business responded by emphasizing the scope of their services namely research and advice in order to compete. The demand for both has continued to grow, even though research information is now readily available through many sources. These brokerage firms continue to thrive despite their poor performance in analyzing tech stocks and the Enron and Global Grossing debacles. More recent debacles in 2008-09, the flash crash a decade ago and more recent developments are legion, as well.

Fundamental Flaws

The fundamental flaw with these firms is the array of conflicts of interest between the firm and its customers. While the incentive to trade has been well chronicled as a conflict, these firms have not let consumer’s demand for a better-aligned compensation arrangement go unnoticed. Fee-based account relationships have proliferated accordingly. In theory, this type of arrangement, usually a percentage of assets, gives an incentive for performance and service rather than trade activity. This certainly has merit. However, conflicts remain that should be considered.

Pay to Play

The practice of paying brokers, higher levels of compensation for in-house products was commonplace. Today, explicitly higher payouts still exist but are less common. Instead, many firms use the sale of proprietary mutual funds and other products as part of management’s compensation. Other forms of non-monetary compensation such as a better office can be used as incentive for the brokers. The greater profitability of these in-house offerings will keep this conflict around for some time.

Subtle Conflicts of Interest

Less obvious is the conflict between the investment banking arm, the research department, and the retail brokerage operations of a firm. Even firms with no proprietary funds to sell may grapple with this issue. Here, research is pressured to say favorable things about a particular company’s stock by the investment bankers in hopes of obtaining more of that company’s business. When a firm brings a company public odds are great that a “strong buy” rating will come with the IPO. Of course, the lesson remains – consider the source.

Assessment

Traditional brokers have a somewhat higher standard of accountability than the on-line firms as to their accountability. If you buy the stock of a company that goes bankrupt through an on-line broker you have little recourse. After all, that was your choice. If a full-service broker recommended the stock to you, that broker will have to defend the recommendation.

Conclusion

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SEPTEMBER: Stock Market Effect?

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Yesterday was only the first trading day of what’s traditionally Wall Street’s weakest month of the year, and September’s already living up to its reputation.

U.S. stocks tumbled Tuesday to their worst day since an early August sell-off, as a week full of updates on the economy got off to a discouragingly weak start. The S&P 500 sank 2.1% to give back a chunk of the gains from a three-week winning streak that had carried it to the cusp of its all-time high. The Dow Jones Industrial Average dropped 626 points, or 1.5%, from its own record set on Friday before Monday’s Labor Day holiday. The NASDAQ composite fell 3.3% as Nvidia and other Big Tech stocks led the way lower.

Understanding the September Effect

From 1928 through 2023, the S&P 500 index has averaged a decline during the month of September.

Stock Trader’s Almanac. “September Almanac: Worst Month of the Year since 1950.” This is, however, an average observed over many nearly a century, and September is certainly not the worst month of stock-market trading every year. In fact, for some years September has been among the best-performing months. Moreover, while the average return for September is negative, the median return for that month has turned positive.

CITE: https://www.r2library.com/Resource

While the September Effect might present a market anomaly in the sense that it violates the assumption of market efficiency, the effect is not overwhelming and, more importantly, is not predictive in any useful sense. This is because the time period under consideration will matter a great deal.

For instance, if an individual had bet against September over the last 100 years, that individual would have made an overall profit. If the investor had made that bet only since 2014, though, that investor would have lost money.

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Filed under: "Ask-an-Advisor", Glossary Terms, Monthly Reports | Tagged: DJIA, DOW, NASDAQ, S&P 500, September Effect | Leave a comment »

AbbVie: The Economic Recession Index?

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

The BOTOX Predictor Index?

By Staff Reporters

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It’s looking more than likely that we’ll see a recession in the next year, and Americans are preparing themselves by taking steps like delaying major purchases, allocating more of their income to savings, and staying in jobs they don’t love. Another thing they’re not doing? Getting Botox. And that’s bad news for AbbVie; according to Neal Freyman of Morning Brew.

AbbVie, one of the biggest drug manufacturers in the US, brought Botox into its medical aesthetics portfolio—which also includes the popular dermal filler Juvederm—in 2020, when it bought rival drug maker Allergan for $63 billion. AbbVie CEO Richard Gonzalez said during the company’s Oct. 28th earnings call that the company expects the aesthetics business to take a hard hit in 2024 as recession fears cause consumers to be more cautious with their spending.

“Based on all the data we’ve been observing, especially in the US, with both the consumer-confidence index and real personal consumption expenditures trending down and continued high inflation, these factors are putting pressure on consumer’s discretionary spending,” Gonzalez said.

AbbVie lowered its 2022-23 full-year forecast for its aesthetics business by $600 million, down to $5.3 billion. After the earnings call, AbbVie’s stock fell 4.3%. Through the third quarter of 2022, Botox has brought in $1.97 billion for the aesthetics business. The third quarter saw $637 million in cosmetic Botox sales, down from an expected $640 million. Gonzalez said he doesn’t think the hit on sales will last long, though.

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“As consumer confidence improves, we would once again expect the market growth to accelerate. Our aesthetics portfolio experienced a rapid and sustained recovery following the 2008, 2009 recession,” Gonzalez said.

But Botox also faces a new competitor, called Daxxify, which just got FDA approval in September. Made by Revance Therapeutics, the drug may last longer: In clinical trials, Daxxify injections lasted six to nine months, while Botox injections typically last three months.

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DAILY UPDATE: Berkshire Hathaway & the “September Effect” Stock Market Collapse

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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The September Effect refers to the historically weak stock market returns observed during the month of September. In fact, September has been the worst performing month, on average, going back nearly a century.

Stat: $1 trillion. That’s how much Berkshire Hathaway is now worth. The Warren Buffet-led company is the first outside of tech to join the trillion-dollar club, joining behemoths like Apple, Amazon, and Microsoft. (the Washington Post)

CITE: https://www.r2library.com/Resource