WM Logo New - 2010
The SD-PFS*Ticker
Vol 1, Issue 1 December 2010
PFS Team Photo
Dear Clients and Friends:
Welcome to the SD-PFS*Ticker!
The SD-PFS*Ticker is a quarterly newsletter developed by our team of financial advisors at SD Personal Financial Services. The newsletter is comprised of timely articles and relevant resources that we think you'll find both valuable and useful. It's information that you can use.

As always, please feel free to call us with any questions at 412-261-3644.

Yes, Virginia, There Is a Recovery!Skeans

It has been over two years since the financial crisis rocked the U.S. economy. Within a matter of months, consumers stopped spending, corporations cancelled projects, the unemployment rate shot up, banks failed, and well, you know the rest of that story. But that story has ended, the recovery is real and the economy is healing.

We have been watching economic indicators for signs of an improving economy. As early as the third quarter of 2009, the signs were beginning to appear. One example is that manufacturing began to show expansion as measured by the Institute of Supply Management (ISM), but consumer confidence and business confidence remained weak in 2009. Jobs were still being lost, and foreclosures began to skyrocket.

While 2010 has felt like a mad game of push me - pull you, the underlying trend has been up. Yes, up. Here are some of the most recent numbers to support that this recovery is worth believing in. The ISM Manufacturing Index registered 56.6 in November, the second-fastest rate in the past six months. (Anything over 50 signifies expansion.) The Non-Manufacturing Index rose to 55 in November showing that the service sector rebound continues after a slight summer swoon. Although not enough to improve the jobs picture, third quarter GDP was revised up to 2.5%. The fourth quarter GDP should be slightly higher, and estimates for 2011 are now between 3% and 4%. Consumer confidence has also moved higher, and it is not surprising that we are seeing this reflected in improving restaurant, retail and auto sales. The U.S. equity markets have also been moving up. Generally, a rising equity market has been an indicator of improving corporate earnings and an improving economy.

We are optimistic that the signs are indicating a sustainable recovery. We do not know more than Mr. Bernanke. He is still voicing doubts. But the action of the Federal Reserve adds another reason to believe that the recovery is real. The Federal Reserve has launched a second round of Treasury purchases in an effort to keep interest rates low and support the economy through its soft patches. Low interest rates and low inflation have historically been a catalyst for economic growth. No, history does not always repeat, but it usually rhymes. As for the icing on the cake, it may be the "tax compromise" that President Obama announced on December 6.

It is time to start believing in the recovery and looking forward to the expansion that may be peeking over the horizon.

Advisor Vault Update
We introduced our electronic delivery system in late 2008. Since then we've had good response and usage. After two years, a little housekeeping may be in order. When you log in, you will be greeted with all of your unread documents. If you are not current, you may have a backlog of files. Just take a minute to open the reports which will flag these to remove them from your unread folder.

Your SDWMA reports are archived for your convenience. Go to "My Documents." Click on the "Investments" portfolio and then "Portfolio sub folder." You will see all available quarterly reports here. The file protocol for report distribution requires us to name the files in a specific manner. Unique identifier or account number first, followed by the date generated. You can sort by hovering over the column header (type, name, modified, etc.). A dropdown arrow will appear to the right of the heading allowing you to choose your sort order.

Don't forget that you can use the vault to upload your own documents as well as share specific documents with other professionals. It is a safe, secure way of delivering data electronically. If you want to get started, email Vicky Rogers for more information.
The SD PFS Team at Schneider Downs Wealth Management Advisors wishes you a safe and happy holiday season. Thank you for reading.

Don, Nancy, Beth, Patrick, Theresa, Vicky, Karen and Nancy
Quotation Marks

"A monetary system is like some internal organ. It should not be allowed to take up very much of one's thoughts when it goes right, but it needs a great deal of attention when it goes wrong."
(D.H. Robertson)
SD Toolbox
Links to tools, calculators and web apps we like.
Online tools to manage your legacy

Overwhelmed with login information? Store passwords and autofill forms with this secure tool
Password Management

Interested in keeping abreast of changing economic indicators? Economic Indicator Dashboard
Articles of Interest
What We're Reading

"The Big Short: Inside the Doomsday Machine"
by Michael Lewis

From the author of "The Blind Side." Mr. Lewis explores the roots of the 2008 subprime meltdown in this fast-paced character study.

Links within this newsletter are for informational purposes only.
Material does not necessarily represent the views of SDWMA, and all information is believed to be from reliable sources; however, we make no representations as to their completeness or accuracy.