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What is the Fed Taper?

What is the Fed Taper? An economist explains how the Federal Reserve withdraws stimulus from the economy

Tapering refers to the Federal Reserve policy of unwinding the massive purchases of Treasury bonds and mortgage-backed securities it’s been making to shore up the economy during the pandemic. 

The unconventional monetary policy of buying assets is commonly known as quantitative easing. The Fed first adopted this policy during the 2008 financial crisis. 

Normally, when a central bank wants to reduce the cost of borrowing for companies and consumers, it lowers its target short-term interest rate. But with its target rate at zero during the 2008 crisis – at the same time that there was no inflation and the economy was still hurting – the Fed was no longer able to cut rates further. And so the Fed turned to quantitative easing as a way to continue to reduce borrowing costs. When the government buys assets, their prices go up, which lowers their yield or interest rate. 

 The Fed again adopted this policy in March 2020 after the COVID-19 pandemic resulted in a national lockdown. By November 2021, the Fed had bought over US$4 trillion worth of Treasurys and other securities. 

The U.S. central bank began tapering in November 2021, scaling back total purchases by $15 billion a month, from $120 billion to $105 billion. 

The Fed decided to double the pace at which it tapers on Dec. 15. Rather than $15 billion, the Fed will reduce purchases by $30 billion every month. At that pace it will no longer be purchasing new assets by early 2022. 

What is Fed taper chart

Why it matters 

Growing concerns among economists that rising inflation could harm the economy are likely a big part of what led the Fed to begin tapering. 

Inflation is the rate of change in the price of goods and services. The Consumer Price Index, which includes several categories of everyday items that a typical American might buy, is the measure of inflation most often reported in the media. In November 2021, it was up 6.8% from a year earlier. 

By any measure, inflation is above the Fed’s target of 2%. By tapering asset purchases, the Fed may help reduce inflation – or at least slow its rise – because it is withdrawing some of the monetary stimulus that is fueling economic growth. 

The reason the Fed has decided to accelerate the process is likely because it now believes inflation may be less transitory than it had hoped, at the same time that the labor market appears strong. 

What this means for you 

Americans have enjoyed rock-bottom interest rates for the better part of the past 13 years, helping to make it cheaper to borrow money to buy cars and homes and start businesses. 

Consumers and companies are already beginning to see slightly higher rates on mortgages, business loans and other types of borrowing. 

In other words, the era of cheap money may finally be coming to an end. Enjoy it while it lasts. 

Ballast Advisors is a fee-based financial planning firm.  Our financial advisors serving the Twin Cities and Southwestern Florida can help you reach your retirement and financial goals.  Our offices are located in Woodbury, MN, Arden Hills, MN and Punta Gorda, FL.


This is an updated version of an article originally published on Nov. 3, 2021. Copyright © 2022 RSW Publishing. All rights reserved. Distributed by Financial Media Exchange. RSW Publishing has an agreement to republish this author’s content. This article was originally published on The Conversation 

Author:

Edouard Wemy Assistant Professor of Economics, Clark University

Paul Slovic Professor of Psychology, University of Oregon

Disclosure statement Edouard Wemy does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Partners: Clark University provides funding as a member of The Conversation US.

Republish our articles for free, online or in print, under our Creative Commons license.

 

 

The third-party material presented is derived from sources Ballast Advisors consider to be reliable, but the accuracy and completeness cannot be guaranteed. Past performance is not indicative of future results. Nothing contained herein is an offer to purchase or sell any product. This material is for informational purposes only and should not be considered investment advice. Ballast Advisors reserve the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

Ballast Advisors, LLC is a registered investment advisor under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about the firm, including its services, strategies, and fees can be found in our ADV Part 2, which is available without charge upon request. BAL-22-02.

“Have you enjoyed your money?” And other financial planning questions you should ask yourself in 2021

By Paul Parnell

Photo of Paul Parnell

“Have you enjoyed your money?” This is a question I often ask my clients. Too often I see investors who work and save diligently for a lifetime and yet never actually enjoy the fruits of their labor.  

After a year of life in a pandemic, I’m seeing a shift, and more families are taking time to reevaluate their priorities in terms of how they truly want to spend their time and money. Here are some common questions and points of consideration to reflect on for your personal financial plan.

Have you reevaluated any major priorities?

For example, I have clients say they plan to travel more once things open again. Some desire to move closer to family, to downsize, to retire earlier. Sadly, there have been many stark reminders this year that life is short, and our health is never guaranteed.  I see families that are more reflective on leaving a legacy and making significant changes to their trusts to protect their assets.

Any effective financial plan must take these elements into consideration.

Did the pandemic impact your job or career?

Early retirement, a career change, or job loss means impact to employee benefits that are tied to your long-term goals.

Specifically, Cobra was extended again – for at least another 6 months beyond May. This offers the unemployed more time to find new work and maintain their healthcare benefits – an important component of your financial plan. Accordingly, if you’ve lost your job, you may need to evaluate whether or not you can benefit from rolling your 401K over to an individual retirement account.

Volatility in the markets over the last year impacted executive compensation plans. It’s important to reevaluate your stock options, RSUs, or any additional incentives for consequences.

I am also seeing that, for people who have retained their jobs, many have accumulated more cash reserves than normal. If your cash reserve is beyond the recommended 3-6 months of expenses, you should consider shifting some to longer term investments.

Has your risk tolerance changed?

Risk tolerance often changes when you go through major life events. I’ve heard clients say, “Life too short and I want to retire early,” and they are willing to buckle down and live on less in retirement.

Meet with your financial planner and evaluate your current risk tolerance. Is it enough to maintain a high probability of your assets lasting? Cash and more conservative investments like CD’s aren’t paying much of anything these days. With interest rates so low, and plans for new economic expansion, historically this is a time to be more aggressive. Ensure that your portfolio is balanced to meet your future goals.

How might taxes impact your financial plan?

There are likely some big tax law changes coming over the next couple years. This is the time to be looking at tax shelters and maximizing your retirement plans, if you can. At Ballast Advisors, we also have an affiliated CPA practice, so this is a comprehensive service we may offer our clients.  We work with our client’s other advisors—including accountants, attorneys, and bankers—to ensure the seamless execution of your plan.

Capital Gains tax are likely to increase to historical levels, and this is something to be planning for earlier than perhaps you had planned. It’s something to be watching very carefully.

Questions and Answers

Any successful investment strategy requires getting to know our clients- to understand their dreams, goals and create a complete picture of their financial situation. 

Anytime you have major life change or shift priorities – be they personal or financial –your financial plan needs to reflect those changes. It is equally important to update your estate plan. It’s important to consult with your financial professionals to ensure that you are on track to meet your goals, no matter what life brings.

Whatever your passion is – from travel to grandkids – make sure you build in a plan to enjoy your money.

IMPORTANT DISCLOSURES The opinions expressed herein are those of Ballast Advisors, LLC and are subject to change without notice.  Past performance is not indicative of future results. Nothing contained herein is an offer to purchase or sell any product. This material is for informational purposes only and should not be considered investment advice. Ballast Advisors reserve the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

 The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. Ballast Advisors, LLC is a registered investment advisor under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about the firm, including its services, strategies, and fees can be found in our ADV Part 2, which is available without charge upon request.

The Power of Investing


Related Investment Help Content

 

9 Motivational Quotes for Women Investors

9 Motivational Quotes for Women Investors According to a study from McKinsey & Company by 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess—a potential wealth transfer of such magnitude that it approaches the annual GDP of the United States. Here are 9 motivational … Read more

Plan Your Finances as You Would Your Exercise

You exercise to benefit from your sweat equity in the future, right?

Waking up early in the dark mornings of winter to exercise comes hard. Once your workout ends, though, you often begin the day with the payoff of a tremendous energy boost. Can the same process apply to your finances?

If you’re like most people, you exercise for many reasons but expect to benefit from your sweat equity in the future, not just in the current moment. We will all encounter health issues at some time and the medical world assures us that we’ll deal better with problems if we get – and stay – physically fit. Preparation matters.

So, what does exercise have in common with financial planning and investing? The answer: Very few individuals prepare to invest, except maybe when selecting from choices in a retirement plan.

Or not: One study shows that in 2020 – in the teeth of the COVID-pandemic and perhaps the most volatile market year since maybe 2008 – most 401(k) retirement plan participants made no changes to their contributions.

planning your finances

Exercise Helps Limit Our Injuries

Getting back to the fitness analogy, exercise’s greatest benefits come from the stress we intentionally place on our muscles so that when a health problem arises, our bodies are in better condition to deal with the situation. Regarding investments, if you choose to go it alone, you need a methodical (and regularly visited) regimen for taking in and processing market data. You also need a strategy to accommodate unforeseen yet inevitable future events, such as market downturns.

Don’t let random financial news clips guide your decisions when determining how to act. For the record, you need not re-allocate asset classes or otherwise change your portfolio just because something in the market changed.

You do need to be prepared to consider adjustments when the information dictates that conditions shifted, such as stocks increasing to a higher portion of your portfolio than you want.

Your Planning Routine

We call this an investment policy statement or some prefer the term “investment playbook.” The playbook outlines your holdings and specifies how you intend to respond to change with a disciplined approach aimed at particular objectives – as opposed to the usually heated emotions most of us feel in a suddenly rough market.

How are your holdings doing against benchmarks such as the S&P 500 Index? At specifically what point will market shifts make you re-allocate percentages of stocks and bonds in your portfolio?

Your playbook also describes what you’re trying to achieve as an investor – pay for retirement or for college tuition, for example – and how you’ll react to market changes. You might plan to sell or buy only if the S&P 500 hits a certain number or invest in oil if the cost per barrel drops to a pre-set price. A well-designed playbook keeps you from panicky decisions or from freezing up during Wall Street roller coasters.

Your playbook needs to clearly document your investment information sources, the technology involved in your investing and why you bought a particular investment. Remember: Great stock or mutual fund opportunities may arise and shimmer, but if they don’t match your playbook, you pass.

At the gym, you can wander among the clanking weights or plan exactly how to invest your energy. You know which method works better.

Investing is no different

Copyright © 2021 FMeX. All rights reserved. Distributed by Financial Media Exchange. Originally posted March 2, 2021

This material is provided for general information and educational purposes only and should not be considered as investment advice. Past performance is not indicative of future results. Nothing contained herein constitutes as an offer or recommendation to buy or sell a particular security or investment product. Ballast Advisors, LLC is a registered investment advisor under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training.

GameStop and a Modern-Day David vs. Goliath

Is this the new Occupy Wall Street movement with a massive sling shot?

Wall Street bets against companies all the time, thinking that they are overvalued, destined to fail, or both. The reality is that at any given time, the big companies are usually getting a lot of attention from institutional short-sellers. In fact, heading into 2021, the institutional shortsellers were betting that the stock price would fall for:

• Intel;

• Apple;

• Salesforce.com and

• Snowflake.

But Wall Street bets against smaller companies too and as you know, GameStop was one of them. After all, the company was a brick-and-mortar company operating in a digital world during a pandemic and had announced on December 8th of 2020 that it was closing 1,000 stores (after closing 783 over the previous two years).

Sure, GameStop executives were suggesting that the worst was over, especially after trimming losses to about $19 million in 2020, which was much better than the losses of $83 million in 2019 and $485 million in 2018. But Wall Street wasn’t buying it – especially two Wall Street hedge funds named Citron Research and Melvin Capital – as both took short positions expecting GameStop’s stock to fall.

Those two hedge funds (as well as others who shorted GameStop) were simply investing – betting – against GameStop’s success.  And shorting is a risky position, especially since any positive news about a company can push up a stock’s price, eating into any profit for the short-sellers.

As it relates to GameStop, however, there is a lot more happening. Specifically, internet chatter from a Reddit community called r/WallStreetBets intentionally tried to push the stock price higher, which fueled more interest, which pushed the price higher, which fueled more speculative buying, which pushed the price higher – you can see where this is going.

The result:

• GameStop was up over 2,000% from January 1st through January 28th and over 10,000% in the past year through the 28th (those are not typos) and
• Short-sellers have lost over $23 billion on GameStop in January alone, according to S3 partners.

What is the End Game?

That question is one that is not easily answered. Sure there are lots of smaller investors that have made a fortune buying a few shares of GameStop. And there are some big hedge funds that are absorbing billions of dollars in losses. It really does feel like a modern-day David vs. Goliath and many outside of the investing world are suggesting that this is the next movement similar to the Occupy Wall Street movement. You might remember that the Occupy Wall Street was a protest movement against economic inequality that began in September 2011.

But while Occupy Wall Street gave rise to the slogan “We are the 99%” which highlights the income and wealth differences between the wealthiest 1% and the rest of the country, the movement did not have the economic tools to truly fight back.

But that has all changed with the advances of online brokerage firms like Robinhood which advertises commission-free investing.

Interestingly, Robinhood, Schwab, TD Ameritrade (bought by Schwab but TD Ameritrade operates its brokerage firm separately), and Interactive Brokers all announced that they were restricting trading in GameStop.

What Should You Do?

While you might be disappointed that you missed a stock that went up 10,000% in a month, there are three things that investors should think about:

1. Make sure you know your reason for investing; and

2. Make sure any investment fits within your tolerance for risk; and

3. Make sure any investment fits within your investment policy statement.

Finally, appreciate that this GameStop drama might very well fundamentally alter the way Wall Street works. Because what happened/is happening to GameStop is also happening to:

• Bed, Bath & Beyond;
• AMC;
• Nokia;
• BlackBerry;
• American Airlines; and
• Blockbuster.

But let’s be clear: the above list is absolutely not a recommendation to buy, sell or hold. It’s simply a list of companies that are gaining traction within the same r/WallStreetBets community.

In other words, before you buy any stock, bond, mutual fund, ETF, closed-end fund or any other investment product, go back to those 3 suggestions from earlier.

And please talk to your financial advisor first.

Copyright © 2021 FMeX. All rights reserved. Distributed by Financial Media Exchange

This material is provided for general information and educational purposes only and should not be considered as investment advice. This information contained herein is as of February 2, 2021 and derives from eMoney Advisor, a source Ballast Advisors believes to be reliable; however, the accuracy or completeness cannot be guaranteed. Past performance is not indicative of future results. Nothing contained herein constitutes as an offer or recommendation to buy or sell a particular security or investment product. Ballast Advisors, LLC is a registered investment advisor under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about the firm,including its services, strategies, and fees can be found in our ADV Part 2, which is available without charge upon request

How Do Presidential Elections Impact The Stock Market?

If there was one word for 2020, it very well might be “uncertainty” — rarely a positive noun in the investment world.  Global pandemic aside, a presidential election is traditionally a time for some uncertainty among investors to the degree they believe a president’s party or policies can shift the market.

However, data suggests that degree of influence an election result has on the market is not always so clear. There have been 17 presidential elections since 1950, and each comes with unique variables that may impact market performance.  Collecting and organizing the data from these elections is made easier using YCharts, a leading research firm for financial advisors based in Chicago, IL. “YCharts allows Ballast Advisors to collect historical data, like election data, export it to an Excel spreadsheet for analysis and detecting trends, and present it in a way that is easy to digest for clients,” says Steve Schmidt, a partner at Ballast Advisors.  Schmidt makes it clear that the data and graphs from YCharts are meant to provide context, not as investment advice. Past performance should never be used to indicate future results.

“We often hear from our clients during an election cycle,” says Schmidt. “They often have concerns about the impact of an election on their financial plans.”  While every investor is different, Steve Schmidt and the professionals at Ballast Advisors have taken the time to answer three common questions heard from investors during this election

How differently do markets perform when a Democrat or Republican candidate is leading in major polls?

According to trends observed in the data from YCharts, when presidential candidates are “tied” in polling, the S&P 500 daily and cumulative returns are negative. On average, the trends in the YCharts data reveals the market tends to favor a Republican candidate leading the major polls.

“Keep in mind, leads in political polls often vary depending on the source of the poll,” said Schmidt, “polls are not an exact science, and may also have inherit bias depending on the targeted participants of the poll.”

S&P 500 Performance By Party Leading Polls

Two strong examples of this pattern: S&P 500 percent change under poll leaders in the 1988 and 2000 U.S. Presidential elections. See disclosures below.

Does the market react differently when a Republican or Democrat candidate is elected?

Although, historically the market may initially react favorably to a Republican candidate because of the belief that their policies are more “Business friendly” and therefore more stock-market favorable versus Democrat candidates. However, data demonstrates that once a president takes office, in the long run the market has performed better under Democratic presidents on average.

“Today’s economic conditions and thus, market performance, is often a cumulative effect that can be a decade in the making,” Schmidt says. “Today’s economy often stems from the work of both current and previous administrations combined.”

How have other major asset classes performed under recent presidents?

According to YChart data, U.S. and Emerging Market Equities have been among the best performing major asset classes since Bill Clinton’s 1993 inauguration. In the last 30 years under four different presidents, U.S. and International Equities handily outperformed under Democrats, and Emerging markets have slightly outperformed under the Republican presidents (Performance through Set 14, 2020 for Donald Trump).

“At the end of the day,” Schmidt reminds us, “markets fluctuate for a host of reasons, many of which are misunderstood by seasoned investors.  The best laid investment plan is to stay diversified.”

Summary – What does this mean for you?

What does this mean overall? If you’re basing your investment decisions on what party is or isn’t elected during presidential elections, you’re likely hurting your portfolio more than helping it. The person occupying the White House is  just one of many variables that impact investment values. For example, the Dot.com burst in 2001, and the financial crisis in 2008 greatly impacted the markets beyond the control of Presidents Bush and President Obama.

“At Ballast Advisors, we recommend in the face of uncertainty clients ‘stay invested,’ because almost without exception we’ve accounted for money needed in the near-term,” Schmidt reminds us.  Prominent investor Peter Lynch once said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.”  According the chart below, the S&P500 has consistently grown in value, no matter who is in office.

Rather than invest in stocks under only a Republican or Democratic president, stay invested in stocks for the long-term under all presidents. 

Data & Disclaimers

The opinions expressed herein are those of Ballast Advisors, LLC and are subject to change without notice. The third-party material presented is derived from sources Ballast Advisors consider to be reliable, but the accuracy and completeness cannot be guaranteed. Ballast Advisors, LLC is a registered investment advisor under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Past performance is no guarantee of future results. All investing involves some degree of risk. Nothing contained herein is an offer to buy or sell a security, investment strategy or product. More information about the firm, including its services, strategies, and fees can be found in our ADV Part 2, which is available without charge upon request.

Historical market performance for the S&P 500 and other asset classes accessed via https://go.ycharts.com/hubfs/Guide_to_How_Presidential_Elections_Impact_the_Stock_Market.pdf

Presidential term dates can be found https://en.wikipedia.org/wiki/List_of_presidents_of_the_United_States

 Polling sources: 1952-2012 elections: Gallup; 2016-2020 elections: Marist College, Monmouth University, Siena College/The New York Times Upshot, ABC News/The Washington Post ( A+ rated pollsters FiveThirtyEight). How this polling data works: https://projects.fivethirtyeight.com/pollster-ratings/ How this polling data works: Pollster data sourced from FiveThirty Eight and is good through May 19, 2020. FiveThirtyEight’s pollster ratings are calculated by analyzing the historical accuracy of each firm’s polls along with its methodology. Accuracy scores are adjusted for the type of election polled, the poll’s sample size, the performance of other polls surveying the same race, and other factors. FiveThirtyEight also calculates measures of statistical bias in the polls.

Data was aggregated by YCharts with the end-date of each poll’s collection period serving as the charted poll date.

©2020 YCharts, Inc. All Rights Reserved. YCharts, Inc. (“YCharts”) is not registered with the U.S. Securities and Exchange Commission (or with the securities regulatory authority or body of any state or any other jurisdiction) as an investment adviser, broker-dealer or in any other capacity, and does not purport to provide investment advice or make investment recommendations. This report has been generated through application of the analytical tools and data provided through ycharts.com and is intended solely to assist you or your investment or other adviser(s) in conducting investment research. You should not construe this report as an offer to buy or sell, as a solicitation of an offer to buy or sell, or as a recommendation to buy, sell, hold or trade, any security or other financial instrument. For further information regarding your use of this report, please go to: ycharts.com/about/disclosure

The S&P 500 index is an unmanaged market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The index is provided for comparative and informational purposes only. It is not possible to invest directly in the index shown.

 

How to Roll Over Your Employer Retirement Plan Assets

 

infographic on How to Roll Over Your Employer Retirement Plan Assets
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2019

1 There are two major disadvantages to indirect rollovers. First, your plan is required to withhold 20% of the taxable portion of your payment for federal income taxes. You’ll get credit for that amount when you file your federal income tax return, but if you want to roll over the entire distribution, you’ll have to come up with the 20% that was withheld from other sources. Second, you run the risk of missing the 60-day deadline, which would make your distribution taxable. On the plus side, you’ll have use of the funds for up to 60 days. In general, direct rollovers are the safer choice.

2 You cannot roll over hardship withdrawals, required minimum distributions, substantially equal periodic payments, corrective distributions, and certain other payments. Nonspousal death benefits can be rolled over only to an inherited IRA, and only in a direct rollover or trustee-to-trustee transfer. You may have the option of leaving your funds in your employer’s plan — consult your plan’s terms.

3 You do not need to set up a special “Rollover IRA” account (sometimes called a “conduit IRA”) to receive your rollover, although some financial firms may require that you do so at least initially. (You can always transfer the funds to a different IRA account later.) While not required, in some cases a separate rollover IRA may be helpful if: (a) you think you may want to roll the taxable portion of your distribution back to an employer plan at some future date, or (b) you’re concerned about protection from creditors, as funds rolled over from an employer plan (and any earnings on those funds) generally receive unlimited protection under federal law if you declare bankruptcy.

4 The IRS may waive the 60-day requirement where the failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. There are three ways to obtain a waiver of the 60-day rollover requirement: (a) you qualify for an automatic waiver, (b) you self-certify that you met the requirements of a waiver, or (c) you request and receive a private letter ruling granting a waiver. Consult a tax professional. Note: If you receive employer stock or other securities as part of your distribution be sure to understand the tax consequences before making a rollover to an IRA. Your distribution may be entitled to favorable net unrealized appreciation (NUA) tax rules. Consult a tax professional.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2019

IMPORTANT DISCLOSURES Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

If you’re interested in receiving additional financial advice, contact Ballast Advisors for a complimentary consultation at a location near you:

Ballast Advisors – Woodbury

683 Bielenberg Dr., Suite 208
Woodbury, MN  55125-1705
Tel: 651.478.4644

 Ballast Advisors – Arden Hills

3820 Cleveland Ave. N, Ste. 500
Arden Hills, MN  55112-3298
Tel: 651.200.3100

 Ballast Advisors – Punta Gorda 

223 Taylor St., Suite 1214
Punta Gorda, FL  33950-3901
Tel: 941.621.4015