Broker Check

228 Hamilton Avenue
Suite 300
Palo Alto, CA 94301

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Robert M. Cheney, CFA, CFP®

650.233.9122

 

In the Press

Westridge Wealth Strategies Partners with DFPG Investments

"Silicon Valley-Based Westridge Wealth Strategies Partners with DFPG Investments," April 30, 2019.  Westridge Wealth Strategies was seeking a broker-dealer platform partner that was aligned with it's investment philosophy of passive-based, low-cost core portfolio management supplemented with select and differentiated private, alternative assets.  It found that relationship with Salt Lake City, UT-based DFPG Investments.  DFPG has particularly deep resources in syndicated real estate offerings and 1031 Delaware Statutory Trust solutions.  Download


Interview with Wall Street Journal on Asset Allocation for 2019

"Where to Put Your Money in 2019," Wall Street Journal, December 9, 2018.  I was interviewed by the Wall Street Journal regarding changes to investment portfolios for 2019 and emphasized the importance of exposure to value stocks for Silicon Valley investors.  For Silicon Valley investors, their equity compensation, their future career prospects, their current income, and the equity in their home may all fluctuate in lock-step with growth and technology stocks.  I argue that investors in our area do not need further exposure to growth stocks through an index fund portfolio or investing in technology stocks.  I believe they should be seeking uncorrelated assets like value stocks for their portfolio in order to enhance "net worth diversification."  Download


Interview with The New York Times on Dollar Cost Averaging

  "How Regular Investing Smooths The Market's Ups and Downs," New York Times, October 14, 2016.  With the stock market near all-time highs, many investors ask me if it is the right time to invest a lump sum or to “dollar cost average,” investing into the stock market gradually over a period of time.  My response is that trying to time the market is futile and the choice depends on their individual financial planning situation; do they anticipate having future discretionary savings available for investment?   Studies consistently demonstrate that the absolute vast majority of both individual AND professional investors do poorly when attempting to time the market.  By contrast, the financial planning process can help investors identify that although they may have a sum that can be invested now, barring a significant change in their career, they will likely have more discretionary savings available for investment in coming years.  In the event that there is a stock market correction or bear market after investing their current available savings, they can use future discretionary savings to invest at lower prices.  It is through this method of dollar cost averaging over a career, not just a limited one or two year period, that provides the potential to achieve a successful retirement.*  Download


Interview with The Fiscal Times on Strategies To Reduce Taxes

"9 Ways The Rich Maximize Their Tax Breaks (Some You Can Use, Too)," The Fiscal Times, March 24, 2016.  As core, traditional portfolio management increasingly becomes a commodity, it is up to advisors to add value for clients in other wealth management services, such as tax planning.  Particularly in the state of California, where combined income tax rates approach 54% and combined long-term capital gains tax rates approach 37%, every dollar that an advisor can save a client in reduced taxes means more retirement savings working for the client and reduced or offset overall advisor fees charged.  Download


Interview with Wall Street Journal on Helping Start-Up Employees

"Voices: Robert Cheney, on Advising Tech Start-Up Workers," Wall Street Journal, July 3, 2014.  Robert M. Cheney, CFA, CFP, was interviewed by the Wall Street Journal regarding unique challenges faced by early-stage start-up employees and founders and focused on three primary challenges. With both their net worth and income stream dependent on the start-up, which may be a niche business, these clients obviously face a challenge becoming better diversified. They also may need broader perspective and an advisor can help them see where their role and investments are positioned relative to historic market cycles and in the overall global economy. Last, clients are challenged with tax burdens, particularly in the state of California, and tax planning can keep more stock and options proceeds at work for retirement, charitable, or other causes important to the client. * Please remember that diversification and asset allocation do not guarantee a profit nor protect against loss in a declining market are methods used to help manage risk.  Download

*Dollar cost averaging does not assure a profit and does not protect against a loss in declining markets. This type of investment program involves continuous investment in securities regardless of fluctuating price levels of such securities. Investors should consider their financial ability to continue their purchases through periods of low price levels.

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The information has no regard to the specific investment objectives, financial situation, or particular needs of any specific recipient, and is intended for informational purposes only and does not constitute a recommendation, or an offer, to buy or sell any securities or related financial instruments, nor is it intended to provide tax, legal or investment advice.  We recommend that you procure financial and/or tax advice as to the implications (including tax) of investing in any of the companies mentioned.