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Author Archives: LarsonFinancial

Do You Have Enough Liability Insurance to Protect Your Assets?

In today’s increasingly litigious society, asset protection is an area of wealth management that affluent physicians cannot afford to ignore. Inadequate liability insurance is perhaps the most common oversight that could cause a doctor’s assets to be vulnerable in the face of legal action. The most common example is a simple car accident; if you are found to be at-fault in a liability lawsuit, and the jury award exceeds your policy limits, you could be required to pay for the damages out of your current assets, or even future income. A carefully drafted risk management plan for your personal and professional life will help protect your investments and future earnings.

Asset Protection for Physicians

In the insurance world, a line is drawn between your professional, and personal pursuits/assets and this article addresses protecting your ‘personal’ assets through high levels of liability coverage. You can purchase higher liability coverage in two ways, either by raising the limits on each of your individual policies, or, by purchasing a separate policy called an “umbrella” or “excess liability” policy that will top off all of the underlying policies at one time. An umbrella or excess liability policy is the most cost-effective method for protecting current assets, as well as future earning potential. There is a difference between an ‘umbrella’ and an ‘excess liability’ policy, so be sure to talk through this with your insurance consultant.

How Does it Work?

A personal umbrella/excess liability policy coordinates with your homeowner/renter and auto policies to provide liability protection above (excess liability) and sometimes beyond (umbrella) the coverage offered by your other policies. For example, the $250,000 of per person bodily injury liability coverage on an auto insurance policy is probably not enough coverage if you or one of your vehicles causes an accident that seriously injures another person. Therefore, you would be personally liable for damages that exceed these policy limits.1

Auto accidents aren’t the only mishaps that would fall under the protection of a personal umbrella policy. Your property’s “personal liability” coverage comes into play for incidents that occur not only on your property, but throughout your personal life such as on the golf course or accidentally bumping into a fragile senior citizen at the grocery store. Lately, there has been an increase in claims due to kids posting on social media and pets that believe they are defending their home.2

When purchasing umbrella insurance, you’ll often be required to have certain minimum liability limits on both home and auto insurance and it is recommended to have as many policies as possible with the same carrier in order to coordinate claims coverage. It’s extremely important to understand the limits of what your umbrella actually covers and for how much so you can take proactive measures to organize your assets so that any exposure is limited to the scope of the policy. These limits will be very clearly defined by the insurance company.3

Why is it Necessary?

Even if you have a pristine driving record, accidents can and probably will happen at some point no matter how cautious you are. In fact, approximately 15,000 traffic accidents occur each and every day.4 Seven-figure lawsuits stemming from auto accidents are not uncommon as even one day in an ICU can reach up to $100,000 in extreme cases. Such a verdict could severely hamper your long-term financial planning.

Umbrella and Excess Liability policies can help pay court costs and awards, up to the limit stated in your policy documents and you often purchase these policies in increments of one million. When you consider an additional $1 million of liability coverage can cost less than $20 a month, purchasing an umbrella policy is an economically-responsible decision especially for families with significant assets or future earning potential.5

You’ve invested far too much time and resources in your career in medicine only to see it jeopardized due to an unfortunate tragedy involving you or your family. Implementing an asset protection plan that legally separates your personal and professional assets will ensure that everything is not fair game in the event of a liability. But this must be done on a proactive basis with the assistance of qualified legal counsel, as asset protection laws and case history vary widely from state to state.

References:

  1. Bruce Sackrison, “Do You or Your Business Need an Umbrella (Policy)?” Napa Valley Register (May 2017). http://napavalleyregister.com/business/do-you-or-your-business-need-an-umbrella-policy/article_d25bdb2d-3de5-5a1e-839b-5a7ca79637a1.html
  2. Gina Roberts-Grey, “How an Umbrella Policy Could Save You From Financial Ruin” Realtor.com (May 2016). http://www.realtor.com/advice/buy/umbrella-insurance/
  3. Ike Devji, JD, “Liability Insurance Umbrella Policies Vital for Physicians” Physicians Practice (October 2013). http://www.physicianspractice.com/blog/liability-insurance-umbrella-policies-vital-physicians
  4. Andy Glasgow, “Kelly Insurance Emphasizes the Value of Umbrella Insurance” Digital Journal (August 2017). http://www.digitaljournal.com/pr/3439905
  5. Becky Rapse, “For Added Protection, Buy an Umbrella (Policy, that is)” Cleveland Jewish News (July 2017). http://www.clevelandjewishnews.com/features/business/for-added-protection-buy-an-umbrella-policy-that-is/article_e613b30c-7141-11e7-9159-d78527f83e77.html

Have Questions?

Advisory services offered through Larson Financial Group, LLC, a Registered Investment Advisor. Securities offered through Larson Financial Securities, LLC, member FINRA/SIPC.

Insurance services offered through Larson Financial Group, LLC, an insurance agency.

Captive Insurance Can Be a Cost-Effective Method for Managing Risk

One of the unfortunate realities of practicing medicine is that most doctors will be the target of a lawsuit at some point during their career. In fact, a study published by the New England Journal of Medicine found that a staggering 99% of physicians in high-risk specialties will be sued by the age of 65.1 Medical malpractice insurance is essential and, depending on specialty and geographic location, can be one of the more substantial costs associated with operating a medical practice.

One alternative risk strategy available to medical groups is to form a captive insurance company. Through this process, the medical group(s) establishes its own insurance company to provide medical malpractice insurance. For certain specialties in high-risk states, this can be a very cost-effective solution. It can reduce malpractice premiums drastically while protecting some of the practice’s assets at the same time.

What is a Captive Insurance Company?

Medical Professional Liability Insurance

Captive insurance companies (CICs) are properly registered and capitalized insurance companies owned by one or more individuals. Their sole purpose is insuring the company that owns it, hence the name captive. They are subject to all the regulations and reporting requirements of the state they are formed in, and therefore must be run with a high degree of compliance and disclosure.2 However, it’s important not to confuse CICs with Risk Retention Groups (RRGs), which are held to an even greater degree of oversight and scrutiny.

Doctors have very high insurance premiums. Instead of paying these coverage premiums to a private insurer with built-in company costs such as overhead, commissions, advertising, etc., you could pay these premiums into a company that you own with the flexibility to either reserve or re-invest those premiums in a tax-advantaged way for the profit of the insurance company. Essentially you’re turning an expense into an asset.3

You’ll still want to purchase medical malpractice insurance from a commercial carrier, albeit one that offers high-deductible plans with substantial discounts. Your CIC exists to insure the deductible of that policy. The ultimate goal is to be properly insured while maintaining control of premiums as much as possible. In some cases, captives are used to provide supplemental coverage on risks not covered in traditional liability policies such as data breach or employee lawsuits.2

Potential Benefits of CICs

Captive insurance can help stabilize risk management costs by insuring risks that are currently uninsurable or insurable only at a prohibitive cost. It allows you the flexibility to determine premiums based on the group’s loss experience instead of the experience of a comparable peer group where loss ratios could be much higher.4

If you’re able to manage and avoid risks while limiting your claim history, you may soon find yourself sitting on a surplus of reserve funds that are asset protected. Early on, you’ll want to keep this money very liquid in case a claim needs to be paid. As time goes by, you can put these surplus funds to work with an investment strategy that fits your group’s goals and objectives.

If you’re lucky enough to avoid any claims before retiring from your career in medicine, you can use this money as a supplemental retirement income. Not only will you be improving the practice’s bottom line by reducing insurance expenses, but there are potential tax advantages as well if you follow proper guidelines. In addition to deducting the premiums as an expense to your business, any future distribution of profits from the captive you own would be taxed at the more favorable capital gains rate. Taxation should not be the primary justification for the creation of a captive insurance arrangement, and realizing these benefits requires the management of specialized tax and legal counsel.5

Potential Risks of CICs

A captive insurance arrangement is not an ideal fit for every medical practice. Generally speaking, a practice would need to generate a gross operating income of at least $300,000 per year in order to justify the cost of establishing and maintaining a CIC. However, if your practice has several benefit-eligible employees and a high profit margin, it could be a prudent move to explore the viability of adding a captive.

Founding a CIC is a complex financial undertaking, and the fees to create a formal insurance mechanism can be hefty. It should not be undertaken without a competent team of professionals in the legal, tax and actuarial disciplines with extensive experience in this type of insurance. Importantly, these experts must take the time to integrate the captive into both the existing business structure and into the owners’ personal financial goals. The cost may be $50,000-$100,000 to create the CIC and $40,000-$80,000 annually to maintain it.5 It will also require the buy-in and contributions of your partners and other key stakeholders in the practice to be economically viable.

If used appropriately, many physicians and physician-owned practices can benefit from implementing this unique financial solution. Besides shifting risks from the practice partners onto the CIC, all assets in contained within the CIC carry the maximum rating of protection against creditors. No matter how careful you are, many events can transpire that could financially cripple a medical practice. But if you can successfully avoid these claims, you’ll have reduced the cost of third-party insurance while possibly increasing your liability coverage at the same time.

Have Questions?

References

  1. Anupam B. Jena, M.D.,Ph.D., Seth Seabury, Ph.D., Darius Lakdawalla, Ph.D., and Amitabh Chandra, Ph.D. “Malpractice Risk According to Specialty” (August 18, 2011). http://www.nejm.org/doi/full/10.1056/NEJMsa1012370#t=article
  2. Ike Devji, JD “A Physician’s Guide to Captive Insurance Companies” (July 17, 2012). http://www.physicianspractice.com/blog/physicians-guide-captive-insurance-companies
  3. Erica Sprey “Captive Insurance Can Bring Windfall to Physicians” (July 11, 2016). http://www.diagnosticimaging.com/blog/captive-insurance-can-bring-windfall-physicians
  4. Mark E. Battersby “Consider Captive Insurance Plan to Protect Your Practice” (May 25, 2011). http://medicaleconomics.modernmedicine.com/medical-economics/news/modernmedicine/modern-medicine-feature-articles/consider-captive-insurance-pl?page=full
  5. John Henry Dreyfuss “Captive Insurance Company Can Help Your Practice Earn More, Keep More, and Maintain Greater Control of Assets” (May 28, 2015). http://www.mdalert.com/article/aptive-insurance-company-can-help-your-practice-earn-more-keep-more-and-maintain-greater-control-of-assets

Advisory Services offered through Larson Financial Group, LLC, a Registered Investment Advisor. Securities offered through Larson Financial Securities, LLC, Member FINRA/SIPC. Medical Malpractice Insurance offered through Larson Financial Brokerage, LLC.

Medical Malpractice Insurance is a complicated issue and cannot be fully covered within the context of this article. This article should not be construed as legal advice. Please contact a qualified attorney and/or insurance carrier with knowledge about your specific needs.

Larson Financial Group, LLC, Larson Financial Securities, LLC and their representatives do not provide legal advice or services. Please consult the appropriate professional regarding your legal needs.

How to Approach a Contract Negotiation with a Potential Employer

Provided By Tom Burch, CRPC®, Senior Financial Advisor at Larson Financial Group

Whether you’re starting your career in medicine or transitioning from one position to another, having a solid grasp of the terms of an employment contract before signing is crucial. Physician employment contracts can be lengthy, and many line items will have a substantial impact on both your professional and personal life.

There can be some trepidation, especially among younger physicians receiving their first offer, about objecting or countering the initial offer made by the employer. No contract is carved in stone, and instances of a hospital simply refusing to negotiate are extremely rare. That being said, knowing how and when to approach these matters will give you the confidence needed to stand your ground with conviction.

Receiving the Offer Letter

After the interview process has concluded, a physician may first receive a letter of intent if the employer has decided to move forward. This is an overview of the major terms of the forthcoming employment contract that verifies both parties are on the same page before the contract is drafted.

In many cases, letters of engagement are the only written instruments that are used to memorialize an agreement, so you should really have them looked at by a licensed attorney before signing. If you have any concerns that compensation is not consistent with market standards, you can request additional language be added to the offer that gives you some wiggle room to negotiate. You shouldn’t feel any reluctance to request these revisions, because at this point they’ve invested a lot of time and money to determine you’re the right person to fill the position.1

Compensation

Physician Employment Contract Review

Once you’ve received the actual contract, it should specifically state how much and how often you will be paid. These figures should not be viewed in a vacuum. You’ll want to verify that the compensation you are offered is comparable to that of physicians with similar experience in your geographical area.

In addition to a base salary, many physicians also receive performance incentives based on productivity. Hospital systems usually base their performance-incentive model on a measurement of productivity calculated by the Center for Medicare and Medicaid known as RVUs (Relative Value Units). Your contract should include a conversion formula to specify the dollar amount of each RVU, and a potential employer can usually provide an estimate of how many RVUs you can anticipate so you can calculate whether these performance thresholds are realistic.

For private practices, performance incentives are typically based on collections instead of RVUs. However, the reimbursements for a procedure vary depending on how the patient will pay for the treatment. Knowing the practice’s current payor mix should help you determine if the incentives for the collections-based model in the contract are feasible. Knowledge of how incoming patients are allocated will also allow you to forecast collections with a greater degree of certainty.

Benefits

The contract should also list all benefits your employer extends to you; typically including health, disability, life insurance and retirement plans. This is usually an aspect of the contract where there is a lot of room for negotiation, but you need to be vigilant. The employer probably won’t agree to all of your benefits-related requests, but the only way to secure any of the perks on your list is to ask directly.

In addition to sign-on bonuses and reimbursement for moving expenses, many employers provide a stipend for continuing medical education and the costs associated with board certification or recertification. In addition, it’s not uncommon for an employer to cover a physician’s hospital or society dues and offer medical school debt repayment assistance. Make sure your contract states in no uncertain terms the expenses your employer will cover.

Legal Restrictions

Physicians should also seek clarity in regards to what their options and rights are if the decision is made to terminate employment. Restrictive covenants could prohibit you from practicing medicine following contract termination.

If the contract indicates your non-compete is binding within a certain mile radius of any of their sites, this could severely limit your professional options.2 You should know the non-compete rules like the back of your hand, and the non-compete provisions of your spouse if he or she is a physician as well. They can and usually do factor into personal decisions, such as if and when to buy a home.

Conclusion

Regardless of the length of a contract, physicians need to take the time to educate themselves on the underlying details of the agreement before negotiations begin. This typically requires the assistance of a professional that is capable of boiling down complex legal terminology into language that is easy to understand.

In addition to analyzing the legality of the document, you will want to verify that the benefits are reasonable and that the expectations for performance incentives are realistic. The best employment contracts establish principles that encourage shared responsibility and collaboration while creating opportunities for innovation, continuous improvement and shared benefits. Even if this isn’t your first time through the process of negotiating an employment agreement, experience is simply no substitute for the oversight of a competent attorney familiar with your individual circumstances.

References

  1. Fairway Physician Home Loans, “The Physician Financial Success Podcast” http://physicianfinancialsuccess.com/dennis-hursh-pahealthlaw-com/
  2. Hannah Stuart, “Negotiating a Contract You Can Live With” (June 26, 2015). http://mdnews.com/negotiating-contract-you-can-live

 

Advisory Services offered through Larson Financial Group, LLC, a Registered Investment Advisor. Securities offered through Larson Financial Securities, LLC, Member FINRA/SIPC.

Larson Financial Group and its representatives do not provide legal or tax advice. Please consult the appropriate professional regarding your legal or tax planning needs.

Strategies for Reducing Your Effective Tax Rate

As winter gives way to spring, many physicians are finding themselves in the familiar position of preparing their tax returns in advance of the April filing deadline. Compounding the stress is the complex tax code. Doctors tend to be among the busiest of professionals, making it a challenge to keep up with all the rules and nuances of tax code.

In short, tax planning is all about using legitimate and legal methods to pay as little in taxes as possible. An effective strategy will do one of the following:

  1. Reduce your taxable income
  2. Reduce your actual taxes owed
  3. Defer taxation to a future year

Reducing Taxable Income

Federal Income tax seems to hit high-income wage earners the hardest. Plus, it gets proportionately higher as income increases. Therefore, a major area of focus in strategic tax planning tends to be reducing taxable income. Unfortunately, many high-income wage earners, physicians included, do not take advantage of the deductions which can reduce taxable income which results in paying more Federal Income tax then necessary. Here is a partial list of items that tend to be available to most wage earners:

  • Charitable Contributions
  • Mortgage Interest
  • Property Taxes
  • State Income Taxes
  • Student Loan Interest
  • Retirement Plan Contributions
  • Miscellaneous Deductions: Such as Professional fees that exceed 2% of your adjusted gross income, including legal, accounting, investment, and financial planning fees.
  • Capital Losses
  • Travel expenses in connection with a job search are potentially deductible.
  • Continuing education expenses are potentially deductible.
  • Medical expenses above 10% of your adjusted gross income.
  • Long-Term Care Insurance Premiums
  • Pre-school or childcare expenses paid for your children so that both spouses can work.1

Physician Tax Deductions

For self-employed doctors and practice owners, travel related to the operation of your practice tends to be fully deductible. However, typical commuting expenses are not. Most business meals and entertainment expenses are only partially deductible. To account for these, you should keep a log noting the amount spent, date, time, place of expenditure and business purpose.2

Note: The preceding list of available tax deductions is only a partial representation. It is not comprehensive and varies from person to person. Please consult a tax professional with knowledge about your specific needs.

Reducing Actual Taxes Owed

In addition to tax deductions, physicians and other high-income wage earners should try to fully leverage all tax credits for which they are eligible. Because tax credits actually reduce your tax bill dollar for dollar, they are even more advantageous than a tax deduction. That said, quite a few tax credits have income caps that make it hard for physicians to qualify.

The following is a partial list of tax credits:

  • Higher education expenses
  • International or domestic adoptions
  • Energy-efficient home improvements (Ex. High-efficiency furnace, Solar power, etc.)
  • Each child that you have
  • Childcare so that you and your spouse can work

Delaying the Due Date

One final tax planning strategy is to delay the due date on taxes owed for as long as possible. Though this is sometimes appropriate, it can be risky for high-income professionals because they could potentially be delaying their taxes to an even higher bracket later on. Taking advantage of tax-deferred savings vehicles or utilizing 1031 exchanges in a real estate transaction are good examples of the deferral strategy.3

Conclusion

When seeking out a tax professional, it’s recommended to find one willing to meet with you throughout the year to help implement proactive strategies. If you wait until after the year is over to sit down with a professional and dissect your tax situation, your options for reducing your tax burden may be extremely limited.

Many doctors assume that reducing their tax burden can be achieved by finding the right accountant to prepare their taxes, when in reality it’s small changes in the way you live your financial life that can really move the needle. Rules are in place to promote home ownership, business ownership and support for charities to name a few examples. By understanding how the tax code works, you can keep more of what you earn, now and in the future.

Have Questions?

References

  1. Credits and Deductions for Individuals. Department of the Treasury, Internal Revenue Service. Washington, D.C. : Internal Revenue Service, (January 18, 2017)
  2. Ike Devji, JD, “Income Tax Deductions Commonly Overlooked By Doctors” (February 18, 2014). http://www.physicianspractice.com/blog/income-tax-deductions-commonly-overlooked-doctors
  3. Robert W. Wood, “Ten Things to Know About 1031 Exchanges” (January 26, 2010). https://www.forbes.com/2010/01/26/capital-gains-tax-1031-vacation-home-personal-finance-robert-wood.html

Advisory Services offered through Larson Financial Group, LLC, a Registered Investment Advisor. Securities offered through Larson Financial Securities, LLC, Member FINRA/SIPC.

Larson Financial Group, Larson Financial Securities, and their representatives do not provide legal or tax advice. Please consult the appropriate professional regarding your legal or tax planning needs.

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Investment Shock Absorbers

February 2017 | By Jim Parker, Vice President DFA Australia Limited

Ever ridden in a car with worn-out shock absorbers? Every bump is jarring, every corner stomach-churning, and every red light an excuse to assume the brace position. Owning an undiversified portfolio can trigger similar reactions.

In a motor vehicle, the suspension system keeps the tires in contact with the road and provides a smooth ride for passengers by offsetting the forces of gravity, propulsion, and inertia.

You can drive a car with a broken suspension system, but it will be an extremely uncomfortable ride and the vehicle will be much harder to control, particularly in difficult conditions. Throw in the risk of a breakdown or running off the road altogether and there’s a real chance you may not reach your destination.

In the world of investment, a similarly bumpy and unpredictable ride can await those with concentrated and undiversified portfolios or those who constantly tinker with their allocation based on a short-term rough patch in the markets.

Of course, everyone feels in control when the surface is straight and smooth, but it’s harder to stay on the road during sudden turns and ups and downs in the market. And keep in mind the fix for your portfolio breaking down is unlikely to be as simple as calling a tow truck.

For that reason, the smart thing to do is to diversify, spreading your portfolio across different securities, sectors, and countries. That also means identifying the right mix of investments (e.g., stocks, bonds, real estate) that aligns with your risk tolerance, which helps keep you on track toward your goals.

Using this approach, your returns from year to year may not match the top performing portfolio, but neither are they likely to match the worst. More importantly, this is a ride you are likelier to stick with.

Just as drivers of suspensionless cars change their route to avoid potholes, people with concentrated portfolios may resort to market timing and constant trading as they try to anticipate the top-performing countries, asset classes, and securities.

Here’s an example to show how tough this is. Among developed markets, Denmark was number one in US dollar terms in 2015 with a return of more than 23%. But a big bet on that country the following year would have backfired, as Denmark slid to bottom of the table with a loss of nearly 16%.1

It’s true that the US stock market (by far the world’s biggest) has been a strong performer in recent years, holding the number three position among developed markets in 2011 and 2013, first in 2014, and sixth in 2016. But a decade before, in 2004 and 2006, it was the second worst-performing developed market in the world.1

Predicting which part of a market will do best over a given period is also tough. For example, while there is ample evidence to support why we should expect positive premiums from small cap, low relative price, and high profitability stocks, these premiums are not laid out evenly or predictably across the map. US small cap stocks were among the top performers in 2016 with a return of more than 21%. A year before, their results looked relatively disappointing with a loss of more than 4%. International small cap stocks had their turn in the sun in 2015, topping the performance tables with a return of just below 6%. But the year before that, they were the second worst with a loss of 5%.2

If you’ve ever taken a long road trip, you’ll know that conditions along the way can change quickly and unpredictably, which is why you need a vehicle that’s ready for the worst roads as well as the best. While diversification can never completely eliminate the impact of bumps along your particular investment road, it does help reduce the potential outsized impact that any individual investment can have on your journey

With sufficient diversification, the jarring effects of performance extremes level out. That, in turn, helps you stay in your chosen lane and on the road to your investment destination.

Happy motoring and happy investing.

Have Questions?

References:

  1. In US dollars. MSCI developed markets country indices (net dividends). MSCI data © MSCI 2017, all rights reserved
  2. . In US dollars. US Small Cap is the Russell 2000 Index. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. International Small Cap is the MSCI World ex USA Small Cap Index (gross dividends). MSCI data copyright MSCI 2017, all rights reserved.

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‘‘Outside the Flags’’ began as a weekly web column on Dimensional Fund Advisors’ website in 2006. The articles are designed to help fee-only advisors communicate with their clients about the principles of good investment—working with markets, understanding risk and return, broadly diversifying, and focusing on elements within the investor’s control—including portfolio structure, fees, taxes, and discipline. Jim’s flags metaphor has been taken up and recognized by Australia’s corporate regulator in its own investor education program.

Past performance is no guarantee of future results. There is no guarantee an investing strategy will be successful. Diversification does not eliminate the risk of market loss.

Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2017, all rights reserved.

All expressions of opinion reflect the author’s judgment at the date of publication and are subject to change without notice in reaction to shifting market conditions. This material is provided for informational purposes, and it is not to be construed as general financial product advice nor an offer, solicitation, recommendation or endorsement of any particular security, products, or services.

Dimensional Fund Advisors LP (“Dimensional”) is an investment advisor registered with the Securities and Exchange Commission.

©2016 Dimensional Fund Advisors LP. All rights reserved. Unauthorized copying, reproducing, duplicating, or transmitting of this material is prohibited.

__________________________________________________________________________________________________________________________

Article is for Informational purposes only and is provided courtesy of Dimensional Fund Advisors LP. Material is believed current and accurate but is not guaranteed. Investments are subject to various market, political, currency, economic, and business risks, and may not always be profitable; further Larson Financial Group nor Larson Financial Securities does not and cannot guarantee financial or investment results. This material is not to be construed as an offer to buy or sell securities or other products and services of Larson Financial Group or its affiliates. Before taking action, please review the mutual fund prospectus and consult an appropriate investment professional regarding your specific needs.

This article is an authorized reprint from Dimensional Fund Advisors LP (“DFA”). The opinions stated are strictly those of the author and are not to be considered recommendation or advise of Larson Financial Group or Larson Financial Securities.

Advisory services offered through Larson Financial Group, LLC, a Registered Investment Advisor. Securities offered through Larson Financial Securities, LLC, member FINRA/SIPC.

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