Investment Articles

Firms and managers who are registered with the CFTC must follow compliance rules by completing a self-examination checklist. Every year firms need to do a self-examination, and some firms are hoping to make this process easier for investment managers by creating more organized lists online. NFA checklists include rules to be followed by specific registration categories such as CTAs, CPOs, IBs, and FCMs, as well as general rules that need to be followed and tasks to be completed for all registered firms. Managers are finding it more difficult to stay organized and up-to-date with regulations, as well as informed of their own firm’s issues, and these checklists are designed to keep managers’ compliance issues limited.

Compliance is an important topic for investment managers to stay informed and organized with, but many compliance rules are extremely difficult for most managers to understand and follow. The CFTC has recently created new forex registration regulations, and CPOs, CTAs, and IBs are now required to stay in compliance after becoming registered. The NFA has provided a list of rules to be followed, that can be checked off as the firm goes through the process.

Many firms will find it easier to adjust the format and structure of these lists, in order to clarify their place in the NFA self-examination checklist and record any issues with an individual rule. Many managers need to be able to go back and forth between the checklist and other priorities without fear of losing their place in the self-examination or trying to remember what rule they need to check next.

There are also several appendices throughout the checklist that further explain a rule in greater detail, and these additional guidelines need to be kept in an accessible place for the firm or manager to refer to when needed. There are also mentions of several CFTC forms that need to be completed throughout the year, and managers will need to record the completion of these forms as well. Additionally, firms need to find a way to document that they have fulfilled the self-examination requirement each year for their own personal records.

With the release of the new forex regulations and the requirement for CPOs, CTAs, and IBs to become registered through forex registration, following compliance rules has become a greater issue. The yearly self-examination aims to offer both the firms and the NFA with ways to stay on track with new and changing rules.

Ariana Adams writes articles on forex registration. You can access more information by going to http://www.forexregistration.com

Regular readers will know that after extensive research and much experience, we favour passive investments. That is to say that our clients will accept the level of return that fits their appetite for risk over the long term. In addition, we can access institutional funds instead of retail funds and reduce costs which result in ‘performance drag’.

This way of investing is backed by investment guru Warren Buffett who said:

“Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees”.

Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals.’

In many cases we also find that the new client does NOT NEED to take as much risk as they are doing, and we can reduce the risk whilst still allowing them to achieve their goals in life.

However, there are still many investors who are not aware of this, or who feel that they can genuinely beat the market in the long term despite all the evidence to the contrary.

Many of these investors will use well known investment managers with household names. Well, an article in the press came to our attention recently which, putting aside the passive/active debate, we feel is quite shocking.

We will not name this company, but it decided to float on the London Stock Exchange. It was valued at £676 million, despite losing money last year, and having debts of around £300 million.

As a result of the flotation, the two key fund managers received £15 million & £9.5 million! The rest of the employees then got £14 million in Christmas cash, and also have something like £70 million in shares.

So, what about all the investors who have given their money to this firm in the hope that they will perform. What did they get?

Well, many of this company’s funds have languished at the very bottom of the performance tables.

It looks like the familiar story of growing their own wealth whilst totally ignoring what should be their real remit which is growing YOUR wealth!

Of course, this story of greed is not unique, but adds to our determination to operate as we do now by largely being able to ignore this type of company, and always putting you the client first.

In a similar vein, we met new clients recently who had getting on for a million pounds in various investments such as ISAs and Pensions. Their main remit was to get organised and develop a strategy to be able to work part time from their early 50s.

They had used a standard commission based adviser up until now, but found that he did not contact them very often unless they wanted to buy another investment. This is very common, but what shocked them was that they were not aware of the considerable amounts of commission the adviser was taking each year putting aside new investments.

This is called trail commission, and is typically 0.5% of the total investments held. The insurance companies and investment companies (like the one above) pay this automatically to the adviser. So what it boiled down to is that this adviser was being paid something like £5,000 pa from their investment pot for…nothing!

If he was giving a fantastic service with regular reviews etc then you could argue that is one thing, but as is only too common, this is not the case. We find that what particularly galls new clients is that they have no idea that they are paying this money out!

By the way, if you have bought products in the past directly from the investment company, you may find that this 0.5% that the adviser would normally receive is simply absorbed by the company.

The Financial Tips Bottom Line

When you work with an adviser, make sure that they are fee based and will carry out the work you want done not only now, but on an ongoing basis.

You then agree with your adviser what fees you will pay to get this service – this should be a written agreement. But if ALL THEY TALK ABOUT is investments, and it’s a fee not a commission, then get another opinion.

ACTION POINT

Make a list of all your investments and ask your adviser or company what costs you are paying annually. If you find, like many investors,that you are paying out hundreds or even thousands of pounds a year, what are you getting for this?

Ray Prince is a fee based Certified Financial Planner with Rutherford Wilkinson ltd, and helps UK Resident Doctors and Dentists plan to achieve their financial objectives. Just visit http://www.medicaldentalfs.com where you can request your free retirement planning guide.

Rutherford Wilkinson ltd is authorised and regulated by the Financial Services Authority.

In order to get started investing you just need some willingness to learn and apply sound, proven to work principles. You can get started immediately without having much investment wisdom at all about the stock market or other investment instruments. When you begin investing you should be a conservative-moderate investor with a relatively low risk tolerance. This way you will have a way to grow your money with little risk, while you learn more about investing. However, a general rule of thumb in long-term investing is that the younger you are, the more risk you should take and aggressive you should be. However, this considers that you have performed your due diligence, have learned enough about all of your options, and properly assessed your investor profile.

One very easy first investment you can make would be an interest bearing savings account, chances are good you already have one. If you do not have one of these accounts you should; they can be opened with usually only $100, sometimes even less. A savings account can be opened at the same bank that you do your checking at, or at any other bank. One good idea may be to open this interest bearing savings account with an on-line bank that has no physical location near you, this way it forces you to keep the money in the account longer and make less frequent withdrawals. One of these types of interest bearing savings accounts should yield 2 – 4%.

Another good option you have when starting investing is to invest in money market funds. Money market investments can be made through nearly any bank. These funds have higher interest payouts than typical savings accounts, and they work much the same way. Money market accounts are also short to medium-term investments, because of this your money will not be tied up for a long period of time and still appreciate in value.

Certificates of Deposit are also investments with very little to no risk. Interest rates on C.D.’s are normally higher than those of savings accounts or Money Market Funds. You have the option to select the duration of your C.D. with interest paid regularly until the maturity (duration end) date. Another pro about C.D.’s is that they are insured by the bank and governmental agencies.

Other options for you to choose when first starting investing are treasury securities (low risk), bonds (low to medium risk), mutual funds (low to high risk), and exchange traded funds (low to high risk). However these options require more due diligence than those mentioned in the previous paragraphs, and the latter of these options (mutual funds, ETF’s) generally have more risk as they are related to stocks.

When just starting out, any one of these options above are great beginning points for delving into investing. All of these options will allow your capital to grow for you while you learn more about investing in other, higher yielding (higher risk typically) investment opportunities.

*Note: An excellent resource for checking saving account yield rates is Bankrate.com

Author: William Lemerond, Financial Advisor & Investment Manager Website: http://www.SLEYCapitalAdvisors.com

SLEY CAPITAL ADVISORS L.P. is a fee-only and independent financial advisory services firm servicing all of southeastern Wisconsin. Our flexibility when it comes to developing your investment or financial plan means you receive the utmost comfort and satisfaction with your finances. Visit our website to review our distinguished philosophy and process. We also offer a FREE Report with great investment advice and strategies, so visit the site to opt-in for free. Also, for free daily “Seedlings For Your Healthiest Money Tree” please visit our Blog: http://www.sleycapitaladvisors.blogspot.com.

Smart investing includes risk management; however, most people focus on how much money they can make without paying attention to strategically analyzing risk. It is important for an investor to fully understand the concept of risk before embarking on an investment plan and to implement certain safeguards to ensure their success rate is increased.

In investment terms, risk is associated with the end of period value of the investment and the primary concern for any investor is a reduction in value of the original sum invested. There is no way of completely eliminating financial risk, even with the placement of assets in a bank account, therefore, a strategic investment plan should incorporate risk reduction techniques that have proven to create a greater opportunity of coming out ahead.

The most frequent techniques for reducing risk in investment are diversification, dollar cost averaging and time, and in order to better understand these areas we will expand upon their meaning and how they can be implemented.

Diversification

Diversification in finance mixes a wide variety of investments within a portfolio and can include investing in different markets, regions or countries. Diversification is a frequent practice of investment managers to reduce risk without substantial reduction in returns.

Diversification reduces risk because markets do not always move in tandem and many financial instruments will react differently to market conditions. A balanced portfolio will be less volatile than one that is concentrated on a single asset and can include the following strategies:

1) Spread the portfolio among multiple investment vehicles.
2) Vary the risk in securities.
3) Vary by industry or geographical location.
4) Vary the investment managers and the strategies used by those managers.

Dollar Cost Averaging

It is an investor’s dream to be able to enter the market at its bottom but nobody can really tell when a market has ever reached this point. In reality, we will often see people get caught at the top of the market instead of buying low and selling high.

Dollar cost averaging is a timing strategy of investing equal dollar amounts regularly and periodically over specific time periods and is a technique that prevents investors from putting all their money in the market at the inappropriate time.

Time as a Risk Moderator

Time not only works for investors through the power of compounding but also helps to dampen the risk of investments. If we look at most major markets, we will see that the stock market will usually follow an upward trend with interim fluctuations. By focusing strategies on a long term basis, many of these fluctuations can be leveled in comparison to the overall performance as recoveries happen and markets will often surpass a previous high. It is worth noting that there is no specific formula for time as a risk moderator and indefinite waiting periods could be considered when implementing.

For any investor, the primary step in the formulation of a successful strategy should be the setting of an investment objective. Although “to make money” may be a fair representation of your goal, it does not focus on the strategic process that needs to take place in order to achieve what we have originally set out to do. The investment objective must be realistic and specific and should take into account the risk tolerance, personal needs and circumstance and any constraints that the investor may have.

It is recommended that every potential investor carries out a financial needs analysis. Many companies are available to help with this and provide the direction and equipment needed to carry out a proper analysis and most should carry this important service out free of charge. It is also vital that any company that assists a potential investor with their strategy should describe these risk reduction techniques in greater detail and explain the ways in which they can be incorporated into an investment plan.

For a free financial needs analysis and comparison of the market, contact Alliance Insurance Services on 2891 8915 or visit http://www.alliancegroup.com.hk

Alliance Insurance Services is an independent broker and provides services for Health Insurance, Life Insurance, Savings and Investments. For further information please visit http://www.alliancegroup.com.hk

Back in the day the standard practice was to invest your money into funds such as unit trusts by completing an application form and sending it to the investment manager together with a cheque in the post. You had no idea when the application would be received by the manager and therefore when your money would be invested. The only confirmation of this happening would be when you receive your contract notes in the post some time after.

It was also standard practice, and still is for many, for the investment manager to charge up to 6% initial commission. So for every £10,000 you would actually have £9,400 invested. If you invested through a broker or financial adviser they would typically receive 3%, or £300, out of that £10,000 investment before the money is even invested.

Nowadays the story can be quite different. I say can be because it is not necessarily so. Most investments you make will still follow the same process as above.

However it does not have to be that way. These days you have discount brokers such as Investor Profile that provide a fully automated system that allows you to invest online, safely and securely, quickly and easily. There is the minimal of effort involved in making your application.

You have what is called a fund supermarket to go shopping in. That means rather than only being able to choose from the fund range of a particular investment manager, on a system such as that provided by Investor Profile you can choose from funds provided by all sorts of different fund managers, all in one place, then continue to view your various holdings in one place. A fund supermarket such as this can hold as many as 1500 funds for you to choose from.

You would think that for this added ease of use and flexibility of choice that the broker/financial adviser is finally earning their money. But in fact the new breed of online investment providers actually discount the initial commission you pay.

Investor Profile does not believe you should pay such high initial commissions so promise to not take any initial commission at all. That’s 0% commission to Investor Profile every time you invest. That’s because we believe you should have more money invested at the beginning because this is proven to help you earn more in the future.

So when considering how, when or with whom to invest the benefits of investing online are compelling and indeed changing the industry. For years the investment managers have been creaming off money every time people invested in their funds. Now the good guys are coming to town and they’re here to help you do the right thing so that you can benefit for years to come.

Jaskarn Pawar, Director, Investor Profile Ltd

If you are a UK investor with ISA, Personal Pension or Unit Trust investments then Investor Profile’s free online investment monitoring service could be what you need.

Back in the day the standard practice was to invest your money into funds such as unit trusts by completing an application form and sending it to the investment manager together with a cheque in the post. You had no idea when the application would be received by the manager and therefore when your money would be invested. The only confirmation of this happening would be when you receive your contract notes in the post some time after.

It was also standard practice, and still is for many, for the investment manager to charge up to 6% initial commission. So for every £10,000 you would actually have £9,400 invested. If you invested through a broker or financial adviser they would typically receive 3%, or £300, out of that £10,000 investment before the money is even invested.

Nowadays the story can be quite different. I say can be because it is not necessarily so. Most investments you make will still follow the same process as above.

However it does not have to be that way. These days you have discount brokers such as Investor Profile that provide a fully automated system that allows you to invest online, safely and securely, quickly and easily. There is the minimal of effort involved in making your application.

You have what is called a fund supermarket to go shopping in. That means rather than only being able to choose from the fund range of a particular investment manager, on a system such as that provided by Investor Profile you can choose from funds provided by all sorts of different fund managers, all in one place, then continue to view your various holdings in one place. A fund supermarket such as this can hold as many as 1500 funds for you to choose from.

You would think that for this added ease of use and flexibility of choice that the broker/financial adviser is finally earning their money. But in fact the new breed of online investment providers actually discount the initial commission you pay.

Investor Profile does not believe you should pay such high initial commissions so promise to not take any initial commission at all. That’s 0% commission to Investor Profile every time you invest. That’s because we believe you should have more money invested at the beginning because this is proven to help you earn more in the future.

So when considering how, when or with whom to invest the benefits of investing online are compelling and indeed changing the industry. For years the investment managers have been creaming off money every time people invested in their funds. Now the good guys are coming to town and they’re here to help you do the right thing so that you can benefit for years to come.

Jaskarn Pawar, Director, Investor Profile Ltd

If you are a UK investor with ISA, Personal Pension or Unit Trust investments then Investor Profile’s free online investment monitoring service could be what you need.

Many people within the business industry would have thought about making better use of their money and have come up with ideas of the future of their money. A good businessman would spend much of their time researching and studying the financial market, as well as work on developing their business management skills. A relatively new businessman will come across terminology and phrases that are both unfamiliar and confusing, making it vital that they take some time out researching.

An important investment move that business people will hear of is hedge funds. This is an investment fund for a limited range of investors made eligible by a range of regulators who undertake a wider range of investment and trading ventures. A hedge fund has its own investment strategy which helps to identify the type of investments and methods used for the investment. This kind of investment uses shares, commodities and debt, and keeps some of the risks inherent in these kinds of investment at bay through short selling and derivatives.

The reason why hedge funds are only offered to a limited range of professionals and investors is because of their previous investing portfolio and income. The opportunity for hedge fund investment provides them with exemptions in regulations that govern short selling, leverage, derivatives, fee structures and liquidity of interests on the funds. Hedge funds can see many of these investors return a net asset value into billions of pounds. This investment is certainly the top most sought after investment opportunity, dominating most specialty market like trading within derivatives and debt.

The first recorded hedge fund investment was created in 1949 by Alfred W Jones, whose background lay in financial journalism. His belief lay in the theory that with individual assets where there is a price movement is similar component due to the market overall and due to the performance of that asset. He put his theory to the test and expanded on his portfolio buying assets that would accrue stronger prices and short selling assets that would have weaker prices. The end result was that the price movements would be cancelled out in that the loss on shares that have been short sold would be cancelled out by the extra gains made on the assets that had stronger prices.

Hedge funding was coined from the idea of hedging the risks involved in this kind of investment and allows for the investment manager the freedom to decide upon the investments on a purely commercial basis.

Gino Hitshopi is an expert on hedge funds having researched this kind of investment when studying financial journalism. For more information visit http://www.preqin.com/

Legions of investment gurus beckon us to follow, but is anyone really worth our time and money? The most popular investor in the world is Warren Buffett, but is he really our best example? Why do we seek to emulate Buffett, and not other spectacularly successful investment managers? Does he deserve his oracle status? While you may not agree with all the differing styles, let’s examine him alongside other legendary investors:

Warren Buffett

He has been turned into the icon of the American Dream. With his humble demeanor and aw-shucks attitude, he buys quality business for less than they’re worth, where the market dominance of the firm creates a “margin of safety” in the stock. His problem is that many of his investments are in declining industries, where he could have sold the businesses and reinvested in better firms (see Dairy Queen).

He learned investing from Ben Graham, who first wrote about this margin of safety. But over time, Warren evolved from buying decent companies for dirt cheap to buying great firms for a fair price. Fortunately for him, he is now the buyer of choice for closely-held businesses, which gives him the right of first refusal for deals inaccessible to most managers. Unfortunately, missteps like selling index puts near the market highs have slightly tarnished his sterling reputation.

Other than heading a large firm and his status the world’s richest man for a time, what makes him so endearing? The public swoons over his image as a humble, down-to-earth man making simple buys that the average investor believes they can imitate. His main strategy, on its face, is quite simple, but 20% returns over 50+ years is by no accounts easy.

David Swensen

Next to Buffett, Swensen has one of the best reputations today. He has managed the Yale endowment since 1985, garnering compounded returns of 14.5% even after a 25% drop in the last fiscal year. He advocates passive buy and hold allocations in a retail investor’s portfolio, going so far as to recommend his own lazy portfolio:

- 30% in Vanguard Total Stock Market Index (VTSMX) – 20% in Vanguard REIT Index (VGSIX) – 20% in Vanguard Total International Stock (VGTSX) or (15% inVDMIX and 5% in VEIEX) – 15% in Vanguard Inflation Protected Securities (VIPSX) – 15% in Vanguard Short Term Treasury Index (VFISX)

However, his success at Yale doesn’t lie in passive buy and hold. He is famous for moving beyond normal stock and bond allocations into alternative investments, including hedge funds, private equity, timber, commodities, etc. He may still buy and hold his investments, but he has access to the best alpha-producing managers in the world, and takes full advantage of their availability.

He argues that average investors should not try to pick investments, as they are hopelessly outclassed by institutions with the best analytics, talent and strategies.

George Soros

In short, his strategy is to ride massive global trends, and then capitalize on his belief in Reflexivity. Reflexivity is the concept that faulty belief systems create unsustainable trends. When the belief pervades the great majority of market participants, a low risk trade can be made in the opposite direction of the trend.

He is interesting in that his great desire is to be remembered not as an investor, but as a philosopher and philanthropist, donating funds to encourage democracy in eastern Europe, and proclaiming his theory of Reflexivity.

He is most famous for “breaking” the Bank of England, betting against the pound because of a faulty policy. His other most notable accomplishment is founding (with Jim Rogers) and managing the Quantum fund to average returns of 30% from 1970-2000. His strategies are much harder to imitate than Buffett’s, as he bets on currencies, stocks and bonds all over the world, requiring a diverse economic acumen far beyond any normal investment manager.

William O’Neill

He is the founder of Investor’s Business Daily, and one of the first to marry fundamental and technical analysis into the same stockpicking strategy. He advocates buying newer stocks with high earnings growth and low debt, but only if they have leading price action during a bull market. His most valuable lesson is the maxim of cutting your losses at no more than 7-8%. He writes detailed selling rules for all possible scenarios because he learned firsthand that it’s not the winnings that make a great investor, but knowing how to take a loss.

In order to be successful with his strategy, one must keep a watch list of suitable stocks, waiting for a stock to reach a buy point. This point is supposed to be the least risky price at which to buy. O’Neill’s strategy is popular because it presents the possibility for large returns while limiting losses.

Richard Dennis

It is very understandable if you have not heard his name before. Dennis traded his account from a few hundred dollars to $200mm. He is famous for creating the “Turtle Traders,” a group of trend-following traders that he taught from scratch to become successful investment managers. He would trade any asset classes, but created rigid technical buy and sell rules that he followed religiously, trading breakouts in the direction of the current market trend. While his technical strategy was fairly simple, it required discipline that was very difficult for most people. He himself suffered large losses when he diverged from his strategy.

Are you willing to backtest strategies and follow the proven ones even when they underperform the market, in exchange for fantastic returns in the long run? Learn from Richard Dennis.

Conclusion

Regardless of style, you can learn from each of the above investors. Each is a master of their own style, a style that fits their personality and strengths completely. Buffett could never follow Richard Dennis, and Swensen could not be a George Soros. If you find an investment style you are comfortable with, stick with it at all costs.

A word of caution, though. How much of your life are you willing to devote to investments? If you are not willing to live and breath the markets, don’t even think about global macro. If your emotions get the best of you, stay away from Richard Dennis. The easiest to follow would be Swensen, who as a master asset allocator does not trade individual assets, but instead works to diversify and find the best managers.

Do you think it is possible to emulate the masters, or is it purely luck that has made them successful? Are there any other managers that you believe are better than those above? Can any average person become a great investor?

Don Swanson is the pen name for the author of RetirementSavior.com, a blog about investing tools and personal finance tips to prepare for retirement. Don thinks the convention investment thinking is outdated, and shows on his blog ways to outperform the market with less risk. Visit his site today at http://www.retirementsavior.com

Given the breach of trust of many so-called investment managers, financial planners, stock brokers, financial advisors, or whatever name they are calling themselves today, it is no wonder why people are so fearful of handing over their life’s savings to anyone.

But is it just the recent overall devastation to people’s portfolios that makes them more suspicious about their advisors? Did this broadside salvo to their investment portfolio cause them to question their statements in an effort to lay the blame at someone’s feet? Or did the loss of value in the portfolios cause the schemes so easily perpetrated in an up market to unravel in a much more visible and precipitous way?

Whether it was an internal rush for answers between the advisor and the client or the external mounting pressure to keep up the games that forced the bad apples to start to smell, the knowledge of who you are dealing should be a high priority.

In August, a very friendly chap, the kind you would want to invite to your child’s graduation and your daughter’s wedding, one you would trust with your mother’s money, was not only barred from the industry but indicted by the US Attorney’s office in South Carolina. Seems he was taking money from widows and Alzheimer’s patients and having a really good time on their money. He paid for his son’s wedding and many other amenities from the money he gathered from unsuspecting clients who trusted him implicitly. He pulled off this scam for over twenty years. He was tripped up by the daughter of a woman who wondered why her mother never got any statements showing performance of the funds in the annuity. The fool offered her a bogus $10,000 certificate if she would not go to the authorities. Dumb move #1! Then he offered her a letter he told her came from his compliance department stating that he was reprimanded for his intransigence. Except he made up the letter. Dumb move #2! She called his bluff and went to the authorities who lowered the boom.

Needless to say, he got the book thrown at him.

But what prevents that from happening to you? A la Madoff, these perpetrators are without question, the friendliest, most engaging, enrolling, extroverts around. Why shouldn’t you trust them? Especially when your friends and family recommend them. The stories abound on a national regional and certainly local level of those who were the most respected and well-known who have fleeced money from the savviest and the brightest.

What can you do to learn about whom it is you are dealing with? Well, fortunately, there is a database of complaints, warnings, suspensions and outright indictments of people in the business. Some of them have not mended their ways and were barred for life from the business. Others have had their wrists slapped and warnings issued and it seems they have found the straight and narrow. But, of course, buyer beware.

If you use your search engine on the Web, you can simply enter, “broker search” and end up at a site fed by FINRA (the acronym for the Financial Industry Regulatory Authority). At this site, this self-regulatory agency collects data that, for most of us, would normally be under the radar. This agency can tell you a lot of information about anyone who is registered to sell securities. All you have to do is put in the person’s name and lots of information will show up: where they are employed, how long they have been employed by the current employer, who they worked for in the past, and most importantly, if there are any Customer Disputes, Disciplinary, or Regulatory Events on record for this person.

And of course, not all people are on this registry. Those who are Registered Financial Advisors or a representative of this Registered Investment Advisor, like me, will not show up on that website. We are covered under a different authority, the PA State Securities Commission. Again, search for it by name. Once you get to the site, choose the Enforcement page, and then the Request for Information form. You can select the name of the person and/or the advisory firm you would like information on.

It may appear that it is a tedious and maybe onerous chore to find out what there is to know about the people you trust to manage your money. But when you consider the alternative, the few minutes it takes to get that information is worth a lifetime of pain and self-incrimination.

Lynn S. Evans, CFP(R), is a specialist in retirement planning for executives, professionals, and business owners. She is a licensed practitioner of The New Retirementality programs. Go to her personal website, http://www.lynnsevans.com to get more information.