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Market economies have delivered enormous returns to investors, yet many people have recognized only a fraction of them. A dominant reason, which the financial industry rarely publicizes, is fees. Quietly, in places that are hard to see and understand, fees grind away at your investments and diminish your wealth.
As your financial advisor, one of our primary goals is to drive down the fund expenses and other financial fees you pay. If you are paying 1% or more, and many people are, we believe you are paying too much, and the compounding drag on your net worth over time could be enormous.
Because we have taken no external financing, we have the freedom to price our services low without agitating any shareholders. Our objective is to operate a financial firm that provides excellent financial advice at the lowest cost possible for our clients.
Being a fiduciary means that the interest of our clients always comes first. We do not accept commissions to sell you products, and we do not participate in mutual fund revenue sharing agreements. As fee-only fiduciaries, we receive payments only from our clients. This helps eliminate common conflicts of interest that can arise in the financial industry.
Clients trust One Day In July financial advisors with safeguarding their financial future. Trust starts with being transparent about fees (see our fee table here). One Day In July is an independent investment firm. We work with individuals, families, and institutions to develop investment portfolios that are in line with their short- and long-term goals, ensuring everything we do throughout our relationship is in the client's best interest.
One Day In July has a proprietary simulator tool that advisors can use to show qualifying prospective clients how their past investment performance may have varied had they been invested in a diversified portfolio of low-cost index funds.
Low fees are important. Let us show you why.
Simulator performance information is intended for experienced investors only or those maintaining at least a basic knowledge and understanding of investments and financial markets.
Additional disclosures"Overwhelmingly, mutual funds extract enormous sums from investors in exchange for providing a shocking disservice."
DAVID SWENSEN
Former Chief Investment Officer, Yale University
"The stock market serves as a relocation center at which money is moved from the active to the patient."
WARREN BUFFETT
Letter to Shareholders
Studies consistently show that most actively managed funds underperform their benchmark indexes over the long term while typically charging higher fees and generating more taxes than passive index funds that aim to track the market.1 A large body of academic work originated at Princeton, MIT, and the University of Chicago that has been verified repeatedly over the past 50 years supports the idea that investors in low-fee index funds practicing passive investing tend to outperform active funds over the long term.2,3,4
We focus on the capital performance of your investments and the dividends and interest they pay. Careful attention is given to minimizing taxes. Our financial advisors help clients think about their investments like a business that pays them income every quarter.
We encourage clients to view investments on an after-tax, after-fee, after-inflation, risk-adjusted basis. That is the correct way to analyze performance.
"It is surely arguable that when the average equity-fund investor earns one-twelfth of the stock market's return, that could itself be regarded as a scandal."
JOHN BOGLE
Founder of Vanguard
"There is no investment product so great that a fee cannot make it bad."
CLIFF ASNESS
Hedge Fund Manager
To do this, true diversification is needed so that assets are "uncorrelated" with each other. This means they do not all move in the same direction at the same time. Generally, we buy indexes of United States Treasury bonds to provide downside risk protection. In 2008 and 2020, these indexes were among a handful of investments that saw gains. Corporate bonds and state bonds were not as safe as investors had believed.
Simplicity drives risk reduction. By distilling investments and accounts to their simplest form, our financial advisors reduce the risk inherent in complexity. Our firm is built on stable pillars in finance: we use Vanguard and iShares index funds, among others, and client money is held at Charles Schwab and other established firms. We primarily purchase ETFs but hold mutual funds and other securities as well.
Historically, United States Treasury bonds generally have moved inversely with equities, although there have been exceptions. There is no guarantee that Treasury bonds will be uncorrelated with equities in the future.
"Paying the least for a haircut or for tacos usually is not a great way to go. But mutual funds are a very unusual market; it's one of the only types where price and performance are inversely correlated. That's hard to get your head around. Unlike most products, fees are what ruin performance."
WILLIAM BIRDTHISTLE
Author of "Empire of the Fund"
"Most investors, both institutional and individual, will find that the best way to own common stocks (shares) is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals."
WARREN BUFFETT
Letter to Shareholders
We are not a call-center firm: we believe there are significant benefits, both in investment returns and stress reduction, to a long-term advisory-client relationship. In-person meetings, where possible, are welcome. We use computers behind the scenes but do not let algorithms trade client accounts. We do not outsource investment decisions to other firms.
Clients like this relationship because it is built on trust and makes their lives easier. We like it because as we get to know you, we can make better investing and financial decisions for you. In times of euphoria and panic, you can reach your dedicated financial advisor for discussion.
"When our financial system - essentially our money managers, marketers of investment products - put up zero percent of the risk yet receive fully 80 percent of the return, something has gone terribly wrong in our financial system."
WARREN BUFFETT
Letter to Shareholders
"These days everyone has the same data regarding the present and the same ignorance regarding the future."
HOWARD MARKS
Oaktree Capital
As a One Day In July client, you receive more than just investment management. We are dedicated to helping you optimize your finances during each stage of life.
1. S&P Dow Jones Indices LLC. SPIVA® U.S. Focus Mid-Year 2024 Highlights. Additional data from Spiva U.S. scorecards year-end 2019, 2020, 2021, 2022 and 2023.
2. Malkiel, B. (2024). A Random Walk Down Wall Street: The Best Investment Guide that Money Can Buy. W. W. Norton & Company.
3. Renshaw, E. F., & Feldstein, P. J. (1995). The case for an unmanaged investment company. Financial Analysts Journal, 51(1), 58–62.
4. Harford, T. (2017, July 16). Why the world’s biggest investor backs the simplest investment. BBC News.
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