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Investing involves risk and clients should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions. The information contained herein is intended for information only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances. Options trading is not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Certain complex options strategies carry additional risk. Prior to buying or selling an option, an investor must read "Characteristics and Risks of Standardized Options. Tactical Asset allocation strategy is not appropriate for every investor due to its potential higher tax liabilities. Active trading typically increases the tax costs associated with such a portfolio. Investing in alternative assets involves higher risks than traditional investments and are suitable only for the long term. They are not tax efficient and have higher fees than traditional investments. They may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. Equity, fixed income and cash are considered “traditional” asset classes. The term “alternative” describes all non-traditional asset classes. They include private and public equity, venture capital, hedge funds, real estate, commodities, distressed debt and more.

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