Rod Smith • National Planning Corporation - What is your investment style? by Ron Rowland - Solid, if unspectacular, full-year 2014 GDP—even as Q4 disappoints - What volatility derivatives can tell you about the stock market by Lawrence G. McMillan - Promoting a partnership approach (Brian Glaze & Larry Ware, LPL Financial)

1. Rod Smith
An active
manager’s
sweet spot
February 5, 2015 | Volume 5 | Issue 5
Active investment management’s weekly magazine
Q4 disappoints, but 2014 GDP solid
What is your
investment
style?
Promoting a partnership approach
Lawrence McMillan: What you need
to know about volatility derivatives

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3. Advisor perspectives on active investment management
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3February 5, 2015 | proactiveadvisormagazine.com
LOUD & CLEAR

4. What is your
investment style?
Today’s universe of investment
products provides active managers
with a vast palette of tools for
strategic diversification.
By Ron Rowland
4

5. hat is your investment style?
I’m old enough to remember a
time when an investment
manager’s response to this
question was quite different
than what is typical today. Perhaps you are too.
There was a time when such a query would
invoke responses like deep value, aggressive
growth, earnings momentum, dividend
growth, growth at a reasonable price, or other
descriptive term. Additionally, various styles
and investment approaches might include
focusing on highly leveraged companies,
turnaround plays, takeover targets, spin-offs, or
other special situations.
You might be thinking these investment
styles never went away and are still with us
today. You would be correct. However, whereas
these might have been among the most likely
descriptions twenty-five years ago, something
happened in the interim to lower the probabil-
ity of receiving such a response.
A little bit of history
The “thing” was the arrival of the
Morningstar Style Box™. Although it may seem
like it has been around forever, the Morningstar
Style Box™ wasn’t introduced until 1992.
The nine-square matrix was, and still is, an
excellent visual tool. It divides the domestic
equity universe into three capitalization strat-
ifications (large, medium, and small), which
form the horizontal rows of the matrix. Next,
Morningstar separates the stocks within each
capitalization segment into three groups based
on various growth and value characteristics.
Stocks with a predominance of value character-
istics are placed on the left, growth stocks on
the right, and those with a blend of value and
growth characteristics occupy the middle.
The simplest solution is often the best, and
the Morningstar Style Box™ is genius in that
respect. It is both easy to understand and visual.
The upper left hand box of the three-by-three
matrix represents Large-Cap Value stocks,
the lower right hand corner is for Small-Cap
Growth, and the rest is intuitive. With this
classification methodology, the stock holdings
of mutual funds and investment portfolios
are systematically measured, aggregated, and
then placed inside one of the nine boxes.
Morningstar has evolved the tool over the years
and has a similar-looking framework for fixed
income funds.
label it as “Mid-Cap Value” though it doesn’t
hold any Mid Cap stocks.
A twist of fate
Problems arose as the tool evolved from
being a means of measurement into being the
actual investment criteria. For example, an
earnings momentum manager may be in the
Small-Cap Growth box during one phase of an
economic cycle and in Mid-Cap Value during
another phase. While sticking to his style,
the tool would say this manager was drifting.
Eventually, many large institutional investors
began hiring managers based on their ability
to outperform their peers while staying inside
their box. No longer did they want to hire an
earnings momentum specialist or a turnaround
analyst. Instead, they sought out Mid-Cap
Growth and Small-Cap Value managers. Many
of these new style box managers were said to
have a “mandate” for the particular box they
were in, and some were subsequently fired for
straying too far outside their assigned box.
continue on pg. 11
W
Fund investment style
Value Blend Growth
Large
Mid
Small
Source: The Morningstar Style Box™, morningstar.com
The Morningstar Style
Box™
became the primary
method of determining
and classifying
investment styles.
The tool became so popular that it quickly
developed into the primary method of de-
termining and classifying investment styles.
Managers formerly known as deep value inves-
tors landed on the left side of the matrix, as you
would expect. However, they were further split
into large, medium, or small categories based
on the average market capitalization of their
holdings. This may seem quite logical at first
glance, but consider a manager whose meth-
odology typically selects small company stocks,
yet a couple of Large Cap stocks suddenly meet
his selection criteria. Since the market capital-
ization of these big stocks is dramatically larger
than the Small Cap holdings, a classification
methodology based on “average” size could
February 5, 2015 | proactiveadvisormagazine.com 5

7. 10.0%
-10.0%
8.0%
-8.0%
6.0%
-6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
Quarterlychangeannualized
5.0%
-5.0%
4.0%
-4.0%
3.0%
-3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
%changeyearago
Quarterly Yearly
Q4:04
Q4:05
Q2:05
Q4:06
Q2:06
Q4:07
Q2:07
Q4:08
Q2:08
Q4:09
Q2:09
Q4:10
Q2:10
Q4:11
Q2:11
Q4:12
Q2:12
Q4:13
Q2:13
Q4:14
Q2:14
Q4:11
Q2:11
Q4:12
Q2:12
Solid, if unspectacular, full-year 2014 GDP—
even as Q4 disappoints
eal gross domestic product
(GDP)—the value of the
production of goods and services in
the United States, adjusted for price
changes—increased at an annual
rate of 2.6% in the fourth quarter of 2014,
according to the “advance” estimate released by
the Bureau of Economic Analysis.
The 2.6% growth rate for the quarter
disappointed versus the average analyst
expectation for 3.2%, and showed especially
“soft” price increases (the GDP “deflator”),
which stayed flat, versus estimates for a 1.0%
increase. However, real personal consumption
spending rose at an annual rate of 4.3% in Q4,
accelerating from the 3.2% reading for Q3,
according to official data.
For Q3 2104, real GDP was sharply revised
higher to 5.0% versus the prior year, the
strongest annualized quarterly growth rate since
2003. This contributed to a first estimate for
full-year 2014 GDP at 2.4%, compared with
an increase of 2.2% in 2013. The nation’s GDP
has now increased in 21 of the past 22 quarters.
The BEA said the increase in real GDP for
full-year 2014 reflected positive contributions
from personal consumption expenditures
(PCE), nonresidential fixed investment,
exports, private inventory investment, state and
local government spending, and residential fixed
investment—all factors that were offset by a
negative contribution from federal government
R
Source: Barron’s, Econoday, and Haver Analytics
spending. Imports, which are a subtraction in
the calculation of GDP, increased.
Economists say the pattern of strong
consumer spending and weak business spending
should persist in the first part of the year,
partially a result of the sharp drop in oil prices.
According to MarketWatch, analysts held very
divergent views of the Q4 numbers and their
implications going forward.
“This slowdown is nothing to worry about,”
said Paul Ashworth, chief U.S. economist
at Capital Economics. On the other side,
Chris Williamson, chief economist at Markit,
remarked, “The economy is showing more signs
of lopsided growth, being too reliant on the
consumer (versus business spending)” and “may
delay a Fed rate hike until late 2015 or 2016.”
Other analysts pointed to the headwinds of the
stronger dollar potentially weakening the U.S.
trade sector in coming quarters.
REAL GDP GROWTH
7February 5, 2015 | proactiveadvisormagazine.com
TOPPING THE CHARTS

8. an active manager’s
SWEET SPOT
Rod Smith
By DavidWismer
Photography by
Saul Bromberger and Sandra Hoover
8 proactiveadvisormagazine.com | February 5, 2015

9. Rod Smith
Bank of Stockton
Stockton, CA
Broker-dealer
National Planning Corporation
Estimated AUM
$26M
Licenses
6, 7, 63, 65
Proactive Advisor Magazine: Rod, what
is the nature of your advisory practice?
I work in a somewhat different model than
most independent advisors. I am employed as
an Investment Representative by the Bank of
Stockton and provide investment services to
banking clients. However, I also have my own
independent roster of clients who are not neces-
sarily clients of the bank. For both components
of the business, my broker-dealer is National
Planning Corporation, which has contracted
with the bank. I am very happy with this struc-
ture as it gives me the best of both worlds in
many ways.
What differentiates your approach
with clients?
First, we do not distinguish between high-
net-worth clients and those who may not have
a lot of investable assets. If a person has a need
that we feel we can address and make a dif-
ference, then it is my obligation to serve them
well, no matter what their net worth is.
Second, we focus on educating clients so
that they have a
good understand-
ing of what tools
we are employing
in their portfolio
and why. So many
people have sat
across from an
advisor that talked
over their head and they left feeling frustrated
or, worse yet, did nothing because they didn’t
understand what was being presented. It is my
top priority to speak my clients’ language and
for them to leave feeling like they have a better
grasp of what they are doing and why.
I also have a strong personal belief in active
investment management for clients, when that
is the appropriate investment approach. Many
advisors, like me, were trained in the philoso-
phy of buy-and-hold; a strategy that obviously
works well in the good times, but doesn’t do
much to protect assets in the bad times. My
practice and belief system have evolved over
time as I look for risk-adjusted returns that
match my clients’ objectives. I believe that any
advisor worth their salt should be looking for
ways to not only play good offense, but also
ways to play good defense. Any consistent,
winning sports team employs both good of-
fense and defense and that is at the heart of
tactical active management.
How do you put that philosophy
into practice?
Taking the emotion out of the equation is
extremely important. We are all emotionally
attached to our money—we have angst and fear
when the markets are down and we are experi-
encing loss. Conversely, we are excited and cele-
brating when economies and markets are treat-
ing us well. Left on their own, most investors
will want to chase returns and make decisions
about their money based on the basic emotions
of fear and greed.
Neither of those
emotions is neces-
sarily bad, they just
shouldn’t be what
drive our invest-
ment decisions.
We take the
emotion out by
thorough discovery of the client’s needs and
objectives as well as their risk tolerance. We
then look at strategies that match that dis-
covery and when active management fits the
need, we employ third-party asset managers
that constantly monitor the markets and make
investment decisions: whether to be long, short,
in cash, etc. based on quantitative analysis and
not emotion.
We remove the “I think we should …” from
the scenario and rely on the methodology of the
strategy. When that message is conveyed clearly
to clients, the light bulbs come on and they get
excited knowing that a strategy is in place to
make adjustments, no matter what the market
cycle. I make sure that they understand that
there are things that we cannot control—and
one of those is the market. They also have to
know that there is no perfect science out there;
there will be times when we are on the wrong
side of the fence and we will experience loss.
Our objective is to minimize the downside so
that we don’t have to work so hard just to get
back to even.
continue on pg. 10
With active investment strategies
to suit investors of all types,
it’s all about finding the right fit.
We remove the “I think we
should ... ” from the scenario
and rely on the methodology
of the strategy.
February 5, 2015 | proactiveadvisormagazine.com 9

10. No investment strategy will guarantee a profit or protect against a loss.The S&P 500 is an unmanaged stock index. Investors cannot invest in the S&P 500 index. Past performance is not a guarantee of future results.
Securities and Advisory services offered through National Planning Corporation (NPC), Member FINRA/SIPC and a Registered Investment Adviser. Bank of Stockton Investment and Insurance Services are separate and unrelated to NPC.
SECURITIES ARE NOT INSURED BY THE FDIC OR ANY OTHER FEDERAL GOVERNMENT AGENCY, HAVE NO FINANCIAL INSTITUTION GUARANTEE,AND MAY LOSE VALUE.
I highly doubt that high-net-worth individ-
uals just sat there watching their portfolio value
decline by 20, 30 or 40% as the markets fell
in 2008 while their advisor told them to just
“hold on, it will be ok.” No, they expect action
and they expect their advisor to look for solid
returns in the good times and preserve their
capital in the bad times.
And today, with tactically managed strate-
gies through third-party asset managers, that is
what we strive to do with clients of all types.
Even relatively low asset levels can now be ac-
commodated by our money managers for active
portfolio strategies. Money management can be
coupled with income planning for retirement,
college savings for children, life insurance needs,
and 401(k) plans for employers to allow us to
utilize a diverse mix of products and services to
meet our clients’ needs.
How do you think about managing risk
and what is the role of third-party
managers in that context?
There are certain things that I am looking
for in a portfolio strategy depending on a client’s
specific needs. We have a lot of manager options
on our platform to choose from for each client. I
look at each manager’s historical record, with an
emphasis on what their real risk-adjusted returns
are over time and how their specific methodolo-
gy has played out. That helps me determine what
type of strategy is going to fit for a client.
For example, if I am considering a strategy
that is fundamentally lining up against the S&P
500, I look at how much risk they’ve taken in
comparison: what’s the beta versus the S&P 500,
what’s their return, and did they take more risk
or less? If they took more, was it worth it? Did
they see higher returns? Conversely, a strategic
portfolio approach may consistently demon-
strate lower beta to the S&P 500 and fulfill our
goals over time. That is really the sweet spot
for an active manager and what I am ideally
looking to present to my clients.
What role does active management play
within the overall mix of services you offer
to clients?
For years high-net-worth individuals have
had access to investment strategies that were
not available to the general population. But
now, through technology, those barriers to
entry have been reduced. Access to these invest-
ments and strategies, through third-party asset
managers, has opened the door for the average
hard-working individual to plan for their future
much like the high-net-worth do.
continued from pg. 9
Rod Smith
10 proactiveadvisormagazine.com | February 5, 2015

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Exchange-Traded Funds (ETFs) have revolutionized much of
the investment landscape, and industry growth has been rapid.
There were fewer than 200 ETFs available to U.S. investors a decade
ago, and today there are more than 1,650 listed for trading. Not
surprisingly, many of the first 1,000 products targeted one of the
nine style boxes or well-known indexes. This area of the investment
landscape quickly became saturated with products, forcing ETF
sponsors to look for new ways to distinguish their new funds.
What’s old is new again
“Factor investing” is an idea that has recently become popular
with ETF sponsors, and although it may seem like something
new, it is very much akin to “style” investing before the age of the
Morningstar Style Box™. Today, there are ETFs available that focus
their selection criteria on specific factors, and they sound very much
like the lost investment styles of yore. Factors targeted by new gen-
eration ETFs include volatility, current yield, dividend growth, beta,
revenue, price momentum, and company size.
In addition, there are many special situations that can be iden-
tified, quantified, and used in selecting securities. Special situations
targeted by ETFs include spin-offs, buybacks, splits, mergers, and
IPOs.
continued from pg. 5
continue on pg. 13
Investment style
The one best predictor
of advisor success
A practice management expert surveyed nearly
700 successful financial advisors, looking at what
it was that made them successful.
What happened to the secular
bear market in equities?
History shows U.S. equity prices have consistently
alternated between secular bull and bear trends of
15-20 years—where are we now?
Finding the right money
managers for your practice
It is critical to assess the patterns of risk and
return expected from a fund manager through
different market conditions.
L NKS WEEK
February 5, 2015 | proactiveadvisormagazine.com 11

12. What volatility derivatives can tell you
about the stock market
Professional trader Lawrence G. McMillan is perhaps best known as the author of “Options As a Strategic Investment,” the best-selling work on stock and index options
strategies, which has sold over 350,000 copies. An active trader of his own account, he also manages option-oriented accounts for clients. As President of McMillan
Analysis Corporation, he edits and does research for the firm’s newsletter publications. www.optionstrategist.com
he number of volatility derivatives
has grown dramatically since the first
volatility futures were listed on CBOE’s
Volatility Index ($VIX) in 2004.
Anyone interested in market trends
should pay attention to the pricing structures and
patterns of these derivatives.
Here are a few simple things to watch. The
first is the pattern of $VIX itself. A very reliable
indicator is the $VIX spike peak market buy
signal. The rules for a $VIX spike peak buy signal
are not complicated:
1. $VIX must be “spiking.” $VIX is considered
to be “spiking” if it has risen by at least 3.00
points over a 3-day period, measured using
closing prices. Once $VIX is spiking, it
remains in “spiking” mode until a buy signal
occurs, regardless of whether or not $VIX
keeps rising as fast. Keep track of the highest
intraday price that $VIX reaches while in
“spiking” mode.
2. Once $VIX is “spiking,” a buy signal will
occur when $VIX closes at least 3.00 points
below the highest intraday price that $VIX
attained while it was “spiking.”
3. The buy signal remains in force for a month
or until $VIX closes above that previous
intradaypeak(thisisthe“stop”forthesystem).
Figure 1 shows the $VIX spike peak buy
signals over the past year. Those marked in red
were successful, while those shown in blue were
not. In each successful case, the S&P 500 Index
($SPX) rose substantially, even if not for the entire
approximate month-long period.
Astute observers will note that, at the far right
of Figure 1, $VIX is again spiking (1/29), so a new
buy signal may be generated shortly.
T
Assessing the volatility term structure
Another simple approach can provide
insight as to what volatility traders feel about
forthcoming market volatility, or about the trend
of the broad stock market. In order to glean this
information, one can observe the relationships
of the four CBOE Volatility Indices:
$VXST: the Short-Term Volatility Index
(measures a 9-day volatility);
$VIX: measures a 30-day volatility;
$VXV: measures a 90-day volatility;
$VXMT: the Mid-Term Volatility
Index (measures a 6-month volatility)
In a benign, rising market they will line up
from low to high (i.e., they will display a positive
slope): $VXST < $VIX < $VXV < $VXMT.
However, when things begin to get dicey, the
relationship of these indices can prove useful.
A. If $VXST crosses above $VIX, expect the
market to be (much) more volatile over
the ensuing three weeks, even if $VXST
doesn’t necessarily remain above $VIX
for the entire three weeks. But if $VXST
repeatedly remains above $VIX, expect
the market to constantly exhibit high
volatility.
B. $VIX crossing above $VXV is a major
warning sign, and the market is expected
to drop. This bearish signal remains in
effect until $VIX once again crosses below
$VXV—and that crossover issues a buy
signal for the short term.
C. Finally, if the entire term structure inverts,
to the point where $VXST > $VIX >
$VXV > $VXMT, then a true bear market
environment exists, and one should act
accordinglyuntilthetermstructureflattens
and eventually returns to a positive slope.
With these rules and observations, one is able
to gain an insight as to what volatility has in store
for the broad stock market.
Proactive Advisor Magazine presents weekly commentary provided by well-known market analysts, financial authors, investment newsletter publishers, and economists. The opinions expressed
each week represent their personal perspectives and not necessarily those of the magazine.
12 proactiveadvisormagazine.com | February 5, 2015
HOW I SEE IT

13. There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market
risk. The investment return and principal value of any investment product will fluctuate with changes in market conditions. Guggenheim Investments represents the investment management businesses of Gug-
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continued from pg. 11
Tools for active management
Whether you prefer to use the 1980s
definition of investment style, the Morningstar
Style Box™, or today’s factor and special situa-
tion definitions, one thing remains constant—
each goes through periods of being in favor,
followed by periods of being out of favor.
Each specific style (whether executed via
ETFs or mutual funds) can potentially be
thought of as a valid stand-alone investment
approach, but today’s sophisticated active man-
agers prefer to think of them as tools. An active
manager may believe there are times to own
some of these style-based products and times to
avoid them as determined by a non-emotional,
quantitative-based approach. Multiple diverse
strategies, each with many “tools” available,
are critical to the process of active and strategic
portfolio diversification. The orientation of
considering the universe of ETFs and mutual
funds to be tools—instead of end products—
provides active managers with the potential to
respond to current market conditions and to
Investment style
Ron Rowland is the founder and executive editor of All Star Investor, an online investment advisory service. He is also Chief Investment Officer of Capital Cities Asset Management. Mr. Rowland is highly experienced in money management
and is an industry expert on sector rotation and ETFs.
ETFs and mutual
funds are recognized
by active managers as
tools—not strategies
in and of themselves.
Dynamic
Strategic
Diversification
Tools Models
Strategies
better meet the needs of advisors in portfolio
construction and implementation.
13February 5, 2015 | proactiveadvisormagazine.com

14. Advertising
proactiveadvisormagazine.com/advertising
Reprints
proactiveadvisormagazine.com/reprints
Contact
info@proactiveadvisormagazine.com
Copyright 2015 © Dynamic Performance Publishing,
Inc. All rights reserved. Reproduction of printed form,
whole or in part, without permission is prohibited.
Editor
David Wismer
Associate Editor
Elizabeth Whitley
Contributing Writers
Larry McMillan
Ron Rowland
David Wismer
Graphic Designer
Travis Bramble
Contributing Photographer
Saul Bromberger and Sandra Hoover
February 05, 2015
Volume 5 | Issue 5
Proactive Advisor Magazine is
dedicated to promoting and educating
on active investment management.
Distribution reaches a wide audience
of financial professionals who advise
clients on investments and portfolio
management. Each issue features
an experienced investment advisor
who offers insights on active money
management, client service, and
investment approaches. Additionally,
Proactive Advisor Magazine offers
an up-close look at a topic with
current relevance to the field of
active management.
The opinions and forecasts expressed herein are those of the author and may
not actually come to pass. Any opinions and viewpoints regarding the future
of the markets should not be construed as recommendations of any specific
security nor specific investment advice. The analysis and information in this
edition and on our website is for informational purposes only. No part of the
material presented in this edition or on our websites is intended as an investment
recommendation or investment advice. Neither the information nor any opinion
expressed nor any portfolio constitutes a solicitation to purchase or sell securities
or any investment program.
Promoting a partnership approach
Brian Glaze
Burlington, NC
LPL Financial
Larry Ware and Joseph Glaze offer Securities and Advisory Services through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
arry and I worked together for sev-
eral years at a regional bank before
deciding to form our own dedicated
partnership, which we set up as a
full partnership in spirit and in practice. That
begins with having a strong measure of trust
in each other and a shared philosophy when
it comes to client service, financial planning,
and investment approach.
We see eye-to-eye on one of the most im-
portant elements of the practice: the use of
third-party active managers as an important
component of our clients’ investment port-
folios. While most of our business develop-
ment is conducted through word of mouth
and referrals from current clients and centers
of influence, we strongly encourage that our
actively managed investment approach is
shared with potential clients. We believe it is
a differentiator for us.
L
Larry Ware
CRPC®
, CLTC
Burlington, NC
LPL Financial
lthough we joke about it, Brian
and I really are joined at the hip
when it comes to the overall prac-
tice, the values we endorse, and
especially working with a new client. We will
both conduct the initial meeting with a new
client and then determine who will take the lead
role. This enables either one of us to provide ex-
cellent, personalized service if the other happens
to be out of town or otherwise unavailable, and
reinforces our team approach.
Working as a partnership also has some
other benefits that help keep the energy level
high and the focus on clients. We share in each
other’s successes and failures, and can act as a
sounding board for each other. We push each
other on continuing to build our knowledge
base and credentials. This element of friendly
competition is motivating in a positive sense—
wanting to excel at all times. We envision great
things for our partnership and what we can
bring to our clients—helping to educate them
and working towards the goal of protecting and
growing their assets.
A
No strategy assures success or guarantees against loss. Investing in securities is subject to risk and may involve loss of principal. Active money
management may involve more frequent buying and selling of assets and will tend to general higher transaction costs. Investors should consider
the tax consequences of moving positions more frequently. Asset allocation does not ensure a profit or protect against a loss. Bonds are subject to
market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change
in price. Alternative investments and leveraged strategies may not be suitable for all investors and should be considered as an investment for the
risk capital portion of the investor’s portfolio. The strategies employed in the management of alternative investments and leveraged investments
may accelerate the velocity of potential losses.
14
TIPS & TOOLS