During the past 5 years, we have preferred to incorporate Exchange Traded Funds (ETFs) into our clients' portfolio, because they are significantly less costly than mutual funds while offering the same level of diversification with better tax efficiency.

While we occasionally buy stocks for our clients, it is a rarity. We believe that stocks are very volatile and understand that it is very difficult to know what is really going on within any given company. As a result, we often use ETFs to diversify our clients' portfolios.