Boerne Business Monthly - November 2019

Volume 12, Issue 05: November 2019

BOERNE BUSINESS MONTHLY

FITNESS FOR THE MIND, BODY AND SOUL YOUR FINANCIAL SHOPPING LIST

20TH YEAR OF DICKENS ON MAIN

LOCAL NEWS AND INFO

SMART businesses annually review their employees to analyze and improve performance.

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• Estate Planning • Charitable Giving • Family Office Services

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publisher's note November is here and this month often reminds us to think about what we are truly thankful for. I just loved that this month’s cover feature, Agave Wellness, just so happened to have “Gratitude” on the wall inside of their beautiful fitness studio. How fitting for this November issue! As we see BBM around town this month, we can constantly be reminded to be grateful!

The holiday season brings with it so many fun things to do in and around Boerne, one of which is Dickens On Main! People come from near and far to celebrate the Christmas season, shop the Hill Country Mile, watch the many festive performances and so much more. This year the event is celebrating its 20th year! Be sure to read the article starting on page 22 so you don’t miss out of any of the fun!

We also have several articles from local financial and accounting experts. Did you know that you don’t need to be a millionaire to have your own charitable fund? Check out the article on page 8 to learn more from the folks at Prime Capital Investment Advisors. On page 20, Courtney Gallagher of ADKF shares why you might want to make a Financial Shopping List for yourself this holiday season. Also in this issue we have a look at Your Brain on Money, a review of the delicious food available at The Bevy Provisions Company, and so much more!

I hope you all have a blessed Thanksgiving and know that I am grateful for each of you that support BBM and allow me to share all that is wonderful about Boerne!

Lauren Stumberg Publisher

FOR MORE INFORMATION 210.219.6735 | LAUREN@DISTINCT-GRAPHICS.COM | WWW.BOERNEBUSINESSMONTHLY.COM

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B oerne B usiness M onthly | November 2019

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contents

November 2019

22

16

08:

finances

22

You Don’t Need to be a Millionaire to Have Your Own Charitable Fund

by Chris Osmond, CFA®, CFP® – PCIA

Audit

Bookkeeping

Consulting

Tax

ACCOUNTING FOR YOUR

SUCCESS

www.adkf.com | (830) 815-1100 616 E Blanco Rd #300e, Boerne, TX 78006

10:

calendar of events

16:

cover feature

19:

technology

Agave Wellness Studio: Fitness for The Mind, Body & Soul GVTC Introduces Market Leading Premium WiFi Service

COWBOY SLEEPWEAR! 20:

accounting

Financial Shopping List

by Courtney Gallagher, CPA – ADKF

22:

event

24:

ribbon cuttings

27:

food

28:

money

Locally Owned and Operated

Cowboy Sleepwear for All Ages Vintage Western Premium Fabrics Domestic & International Shipping • Matching Sets • Original Pants • Low Rise Pants • Boxer Shorts • Nightshirts • T-shirts • Cow Kids Wear

Dickens On Main: 20 Years of Holiday Cheer

The Bevy Provisions Company This is Your Brain on Money

by Justin Pawl – Chief Investment Officer, Covenant

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B oerne B usiness M onthly | November 2019

facebook.com/boernebusinessmonthly Boerne Business Monthly is published by Distinct Media, LLC, copyright 2019. Reproduction is strictly prohibited without prior consent of the publisher. Opinions expressed in Boerne Business Monthly are those of the writers or sources and do not necessarily represent the views of the publisher, nor do they constitute the endorsement of products or services herein. Although the information and recommendations in this publication have been compiled from sources believed to be reliable, Boerne Business Monthly makes no guarantee as to, and assumes no responsibility for, the correctness, sufficiency or completeness of such information and recommendations.

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finances

YOU DON’T NEED TO BE A MILLIONAIRE

S

TO HAVE YOUR OWN

by Chris Osmond, CFA®, CFP®

Setting up a fund to donate to worthy causes in your community is no longer just a millionaire’s game. No need to be Warren Buffett, Bill Gates or Zuckerberg, nor a business owner or in the sunset of your life.

It’s easier than you think – but for many – seems too far out of reach.

I am here to tell you that this idea is beginning to shift, and in many instances, may only take $5,000 to begin fulfilling one’s philanthropic ambitions.

DONOR ADVISED FUNDS DEFINED Donor Advised Funds (DAF) are the future of charitable giving, where more and more investors are seeing its benefits – the best of both worlds for the savvy and philanthropic-minded investor.

We work hard to provide for our families. And while we do what we can for charity, many of us assume it unlikely to establish a private foundation on our own. However, with the change in tax laws, DAFs may offer the best way to ensure your charitable donations are deductible. A donor-advised fund can allow an investor without immense wealth, to help others and still enjoy tax advantages unavailable to people who donate after paying taxes on investments. Let’s begin with a brief explanation of a DAF. A donor-advised fund is a philanthropic giving vehicle that is administered by a charitable sponsor, like a community foundation or the charitable arm of a brokerage such as Schwab Charitable or Vanguard Charitable. Although DAFs have been around for some time, DAF assets have only recently witnessed significant growth – partly a cause of increased exposure leading to the creation of more accounts and donations – and the strong market growth witnessed since the Financial Crisis in 2008. The correlation between charitable giving and market growth is extremely important, as charitable giving scholars Williams, Rooney and Brown have found that the “strongest predictor of [individual giving] is the S&P 500 index…. A 100 point increase in the index is associated with a $1.7 billion increase in charitable deductions.”

Donor Advised Funds are completely owner directed, and if you are at a point in your life where you would like to help others by contributing to charitable organizations, you might consider a DAF. DAFs allow donors to establish and fund an account by making irrevocable, tax-deductible contributions to their charitable sponsor. As long as the granted organization is an IRS-qualified public charity (501(c)(3)) in good standing, donors can direct funds nearly anyway they see fit. Donors may also take an immediate tax deduction, while the funds can be invested for tax-free growth. As a number of securities can be donated to a DAF, cash or lowbasis highly appreciated assets are most common.

Offering flexibility to donors, with no annual funding requirement or disbursement requirements, these charitable vehicles may be funded with a one-time investment, or whichever frequency a donor prefers,

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B oerne B usiness M onthly | November 2019

benefiting numerous charities for years to come.

DAF AS THE NEW PRIVATE FOUNDATION Even among ultra-high net worth individuals, DAFs are growing in popularity. One could argue that the DAF is not only a superior giving vehicle from a donor’s perspective, but also promotes a higher percentage level of grant making to charitable organizations. According to the National Philanthropic Trust 2018 Donor-Advised Report, total assets in 2017 held in Private Foundations totaled $855.81 billion versus only $110.01 billion in DAFs, yet the grants made to qualifying charities from Private Foundations was $49.50 billion versus $19.08 billion in grants made from DAFs. When comparing with the 2016 results, the report found that 22.1% of charitable assets were granted to charities from DAFs, while Private Foundations only granted 6.25%. Given the number of DAF accounts increased by 60.2% leading to a 27.3% increase in DAF assets from 2016 through 2017, one could quickly see the day when DAF assets trump the assets in Private Foundations.

However, should the superior grant making trends continue, the overall charitable impact provided from DAFs will surpass the grant making impact of Private Foundations when the total DAF assets reach $386.9 billion, or roughly 45% of the asset held in Private Foundations at the end of 2017.

In addition to promoting a higher degree of grant making from donors, DAFs appear to be a superior charitable structure, potentially offering greater deductibility benefits and operational efficiencies than Private Foundations:

HELPING YOURSELF In addition to the satisfaction of knowing charitable grants help others less fortunate and improve the communities in which we live, donors may experience significant tax advantages.

Contributions to a DAF can be especially valuable if a donor has a one-time or sporadic situation where there is need for: ● Income tax reduction; you need a deduction to offset high taxable income. ● Major tax event; such as selling a private business or a major year-end bonus. ● Capital gains tax avoidance; Investors with frequent smaller liquidation events are often saddled with large tax consequences from the capital gains tax on low cost basis positions.

One of the most tax-effective utilizations of a DAF is the direct donation of a low-basis highly appreciated security. Donors receive multiple tax benefits through the tax deduction at market value of the donated security; avoid paying capital gains tax on the asset; making it more valuable to donate the security directly to the DAF, rather than selling the security and donating the proceeds.

For example, let’s assume several years ago an individual purchased 1,000 shares of a stock at $10 per share. Now the stock is worth $100 a share. The above chart highlights the benefits to the donor in terms of deductibility and charitable contribution when an individual contributes directly to a DAF, versus selling the stock and then donating the profits.

MULTIGENERATIONAL GIVING IS NOT JUST FOR THE WEALTHY Due to the efficiencies and lower minimums, utilizing DAFs is a great way to promote multigenerational giving, appealing to Baby Boomers and Millennials alike. Multigenerational giving, offers opportunities to strengthen family bonds and create social impact. It helps teach younger generations the value of giving back and helps improve the communities in which we live. While multigenerational giving comes with immeasurable benefits, it is also marred with many challenges.

• Control & Ownership – Complexities around who has the final decision making authority (typically the wealth creator) continued on page 11

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November 2019

CALENDAR OF EVENTS

EACH SATURDAY IN NOVEMBER FARMERS MARKET AT THE CIBOLO 9:00am to 1:00pm | Herff Farm 33 Herff Road – Boerne Shop fresh local produce, farm fresh eggs, breads, jams, jellies, local honey and Texas Hill Country arts and crafts at the historic Herff Farm at the Cibolo Nature Center in Boerne. Enjoy free live music, gardening classes, cooking demonstrations and children’s craft activities, too.This popular Texas Hill Country outdoors farmers market will be open to the public every Saturday from March 2nd through November.

EACH WEDNESDAY IN NOVEMBER 1905 FARMERS MARKET 3:00pm to 7:00pm | Kendall County Fairgrounds 1307 River Road – Boerne Come and enjoy this open-air farmers market.You’ll find locally grown produce, locally raised meats, fresh-caught seafood, baked goods, health and beauty products, and so much more!

NOVEMBER 7 DIVA NIGHT Begins at 5:00pm | Downtown Boerne Hill Country Mile Stores will have regular business hours during the day. Diva Night festivities will begin at 5:00pm and include shopping, live music, dining and great specials for the Diva in you! Come out and support your local businesses with a night of fun shopping! The first 200 Divas to check in at The Dienger Trading Co. AND The Flower Shop will get a tiara or a boa!!

NOVEMBER 9 KUHLMANN – KING MUSEUM TOUR 12:00pm to 3:00pm | 402 E. Blanco – Boerne Located behind Boerne City Hall the KuhlmannKing house gives the public the opportunity to step back in time to see what a historic Boerne home looked like “way back when”. Open every Second Saturday of each month from 12pm-3pm. Please email to schedule a personalized tour.

(830) 331-1033, bahps@mail.com – Cost: Free SECOND SATURDAY BLUEGRASS JAM 1:00pm to 3:00pm | The AgriCultural Museum 102 City Park Road – Boerne Every second Saturday of the month, bring your instrument and play along, or just come to listen to the Bluegrass Jam at The AgriCultural!

(Formerly the Agricultural Heritage Museum) This event is free and open to the public.

CONCERT IN THE CAVE - NUEVO TANGO 7:00pm | Cave Without A Name 325 Kreutzberg Road – Boerne

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Enhanced by the dynamic acoustics and nature's beautiful backdrop, Fredericksburg Music Festival on Tour performs in the Queen's Throne Room at the Cave Without A Name. Experience the seductive tango music of Argentinian composer Astor Piazzolla, famous for creating the Neuvo Tango genre, an exotic intertwining of South American tango, Jazz and Classical styles. Along with familiar movie tunes from Scent of a Woman and The Phantom of the Opera.

love about the regularly schedule Farmers Market at the Cibolo events, but it will also include hands-on activities, workshops, food trucks and live animals!

Attendees can expect a chicken meet-and-greet, mule-cart rides, a live cow milking demonstration, beekeeping and mycology(mushroom) demonstrations and much more.Tabling vendors will include Wallflower Farms, Compost Queens, and the Boerne Fire Department. Come out and enjoy this agriculturally-based fall festival!

NOVEMBER 9-10 HOLIDAY MARKET DAYS 10:00am to 4:00pm | Main Plaza 100 N. Main Street – Boerne Hundreds of festive booths display everything from collectibles and remembrances of the past to modern innovations that will bring a smile of wonder to those who stroll past.

MAGICAL HISTORY TOUR – COMFORT! 1:00pm to 4:00pm This program meets in downtown Comfort,Texas As part of the celebration of the Old Spanish Trail in Kendall County, November's magical history tour takes you to downtown Comfort to be on hand for the OST caravan and gathering! At 1 p.m., meet for dessert and coffee, dutch treat, at the High Café in downtown Comfort. At 2 p.m., each will have an opportunity for a self-guided walking tour of downtown. Beginning at 3 p.m., the private home museum of Roy Perkins at 700 High Street will be open for touring, and shuttle buses will convey folks from the Comfort Heritage Foundation to the Treue der Union monument for a presentation from Anne & Mike Stewart. If you plan to attend, please RSVP to Robin by November 14 at 830-249-3053 or email Stauber@boernelibrary.org.

NOVEMBER 11 VETERAN’S DAY KENDALL COUNTY COMMISSIONERS COURT 9:00am to 11:00am Kendall County Courthouse 201 E. San Antonio Ave. – Boerne NOVEMBER 12 CITY COUNCIL MEETING 6:00pm to 8:00pm | City Council Chambers 124 Old San Antonio Road – Boerne GBCC RIBBON CUTTING FOR THE KENDALL COUNTY JUNIOR LIVESTOCK ASSOCIATION 1:30pm to 2:00pm | Kendall County Youth Ag & Equestrian Center (YAEC) 649 FM 289 – Comfort NOVEMBER 14 GBCC RIBBON CUTTING FOR SCHLOTZSKY'S IN BOERNE 10:30am to 11:00am | 1445 S. Main St., Ste. 100 – Boerne GBCC RIBBON CUTTING & BOERNE AFTER 5 MIXER: HOSTED BY TAPATIO SPRINGS HILL COUNTRY RESORT 4:30pm to 7:00pm | Tapatio Springs Hill Country Resort 1 Resort Way – Boerne NOVEMBER 16 FALL HARVEST FESTIVAL 10:00am to 1:00pm | Historic Herff Farm 33 Herff Road – Boerne This is the Cibolo Nature Center's way of celebrating Boerne being rooted in the past and growing toward the future! This will include everything you

B oerne B usiness M onthly | November 2019

NOVEMBER 19 GBCC RIBBON CUTTING FOR INSURICA 1:30pm to 2:00pm | Boerne Chamber Boardroom 121 S. Main St. – Boerne NOVEMBER 21 GBCC RIBBON CUTTING FOR SAFEGUARD BUSINESS SYSTEM/TEXAS PREMIER 11:30am to 12:00pm | 121 S. Main St. – Boerne GBCC RIBBON CUTTING FOR SUPERCUTS 1:30pm to 2:00pm 1445 S. Main St., Ste 110 – Boerne A THIRST FOR NATURE EVENT 7:00pm to 9:00pm | Cibolo Nature Center 140 City Park Road – Boerne Every third Thursday of the month, the Cibolo Nature Center hosts a specially themed Thirst for Nature event where you can learn about the different plant and wildlife of Boerne and the Hill Country's surrounding areas. Sip on an adult beverage made to match the theme for that month for those who are of age, or choose the non-alcoholic version for the kiddos! $10 for Adults, $5-Kids Under 6 Free! continued on page 14

continued from page 09

• Complex Family Dynamics – Dynamics can make it difficult or families to agree on a charitable organization.

• Values, Beliefs, and Political Differences: Generationally, keeping engagement may pose difficult (e.g. The beliefs of a Baby Boomer wealth creator may differ from a Millennial grandchild.).

• Conflicting Areas of Interest – Supporting too many causes may dilute or reduce the impact.

• Geography – Family members live across the state, country, or even globe, and generally individuals prefer to support their own local communities To answer many of these multigenerational challenges, Warren Buffett set up a private foundation for each of his children. Most individuals aren’t equipped to follow this exact Warren Buffett model. However, families can apply this same concept through the utilization of DAFs. Given the low minimums and ease of creation, establishing multiple DAFs can allow families to work together to direct funds to causes they care about, perhaps strengthening bonds while creating social impact. It is a great vehicle for parents and grandparents to teach younger generations the value of giving and the ability to help improve the communities they live and care about.

ITEMIZE NOW Depending on your personal situation, the changes in tax deductions may well mean the time is right for a DAF. Each investor should consult with their own tax professional. Since investors get an immediate tax deduction for their DAF gift, people on the borderline of the new standard deduction may find themselves being able to itemize this year and take the standard deduction going forward; you receive the satisfaction of being able to help others with grant money, and reap the rewards of a smart investment – the best of both worlds. BBM Chris Osmond is the chief investment officer for Prime Capital Investment Advisors (PCIA). Chris began his career in the industry in 2004. Most recently, he served as director of investments at BMO Private Bank. Prior to BMO, he was the assistant vice president/ portfolio manager for US Bank’s Private Client Reserve, where he managed $350 million of high-net-worth business.

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NOVEMBER 2019 CALENDAR OF EVENTS | cont’d NOVEMBER 21 LIVE! AT THE LIBRARY 7:00pm to 9:00pm | PHPL Amphitheater 451 North Main Street – Boerne Texas Hill Country musical artists "The Duke Davis Trio" will be the featured performers. Bring lawn chairs or blankets for the Amphitheater.This is a free program!

NOVEMBER 22 SANTA STUFFED ANIMAL SLEEPOVER IN THE ENCHANTED FOREST 6:00pm to 7:00pm | Patrick Heath Public Library

451 North Main Street – Boerne Bring your favorite stuffed animal to the Enchanted Forest for a Christmas party with tales, tunes, crafts and treats—and SANTA CLAUS! Leave your stuffed pals at the library for the night and then come back for them the next day.

NOVEMBER 22-23 FESTIVAL OF TREES During business hours on Friday and Saturday.

Patrick Heath Public Library 451 N. Main St. – Boerne This special event is a fundraiser hosted by the

Friends of the Boerne Public Library. Enjoy the beautiful trees and wreaths, and even put down a bid on them! The proceeds will benefit the library.

NOVEMBER 23-24 BOERNE FALL ANTIQUES SHOW 11:00am to 5:00pm both days | Kendall County Fairgrounds 1307 River Road – Boerne This show features exhibitor booths overflowing with the finest American antiques found in the market today. Exhibitors gather their treasures from the estates of this great country and save their best for this nationally acclaimed antiques show. $5.00 good for both days NOVEMBER 26 CITY COUNCIL MEETING 6:00pm to 8:00pm | City Council Chambers 124 Old San Antonio Road – Boerne

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NOVEMBER 26 HAPPY THANKSGIVING! NOVEMBER 28 – DECEMBER 25 OLD WEST CHRISTMAS LIGHT FEST Thursday- Sunday until Sunday Dec. 15th Every Night from Dec. 19-25 6:00pm to 10:00pm | Enchanted Springs Ranch 242 Highway 46 W.. – Boerne Filled with the magic of the season, Old West Christmas Light Fest brings the holidays to life with light displays and fun through an Old West town brimming with lights, live music, games, activities, food and fun at Enchanted Springs Ranch. $15 per person $45 for a season pass per person.

NOVEMBER 29-30 DICKENS ON MAIN 4:00pm to 10:00pm Main Street from Blanco to River Rd. – Boerne Dickens on Main has become the Hill Country’s premiere two-day holiday event, transforming the Hill Country Mile into a vintage Christmas wonderland!

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B oerne B usiness M onthly | November 2019

NOVEMBER 29 – DECEMBER 23 CHRISTMAS ON THE RANCH Don Strange Ranch | 103 Waring Welfare Road – Boerne A $25 ticket allows you to take your vehicle through a trail of fun, dazzling light displays that leads to a warm sanctuary full of delicious food and holiday beverages, pictures with Santa Claus, fun holiday shopping with local vendors and more!

NOVEMBER 30 CONCERT IN THE CAVE: SOUNDS OF THE SEASON 7:00pm | Cave Without A Name 325 Kreutzberg Rd. – Boerne Enjoy Tinsel - an a'Cappella quartet - for sounds of the Christmas Season with contemporary classics and beloved carols. Within their roster of professional singers are Grammy®-winners and classically trained vocalists. Advance until 5:00pm day of show - $30; At the Door - $35 BBM

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cover feature

A

FITNESS FOR THE MIND, BODY AND SOUL

by Lauren Stumberg | photos by Ron Pritchett

Andrea Weekly, owner and operator of Agave Wellness Studio, loves to help people. “Agave is a studio that was created purely out of love. A love of helping others, alongside a love of yoga and fitness and the benefits that come from those activities were really the motivation behind our studio.”

Weekly has created a unique, warm and inviting environment with w ith her studio. According to Andrea, “The first thing everyone aalways lways says is that they feel so comfortable here!” For Weekly and her team of instructors that is the goal. “We are a judgment free zone. The majority of our clients are women in their 40s to 70s, but all ages, and even men are welcome. You don’t have to be in great shape to get started and it doesn’t matter if you are flexible. It really is a come-as-you-are environment.”

The studio, which has been totally renovated has a cool, contemporary modern boutique feel and is located in the heart of downtown Boerne. Class sizes are small and intimate. “Our studio is not the traditional yoga studio. The classes blend the

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B oerne B usiness M onthly | November 2019

traditional practice of yoga with a Christian approach and range from yoga and pilates to barre and personal fitness training,” said Weekly. “We play a fun mix of music with songs from artists ranging from Maroon 5 to Nora Jones and everywhere in between, and we always end our classes with a Christian song. I read a daily devotional to each class and at the beginning of our classes we encourage our clients to set an intention for the day such as peace or clarity, whatever God speaks to them for that day and then ask them to be mindful of that.” In addition, Weekly adds that everyone at Agave is really welcoming and friendly. “We have really become this great little community where everyone is supportive of each other, we pray for one another, offer words of encouragement and I even pray for everyone at the end of each class.”

The classes offered at Agave Wellness Studio are an innovative mix of yoga, barre/pilates and even circuit fitness training. Each of Agave’s instructors have their own set of strengths and specialties that all come together to create a diverse and well-rounded lineup

of classes. Agave’s instructors/trainers currently include Andrea, along with Jauhnea Barkley, Jennifer Nelson, Ella Trexler, Michelle Bilder, Bryttany Bradley and Anna Hawkins.

“One of the things that I love about Agave is that even though we are a small studio, we have such an amazing group of instructors. Your team really is everything and it has been so cool that we have been able to find such talent,” said Jauhnea Barkley.

Having been with the studio from the beginning, Weekly credits Barkley as being an integral part of Agave.

“Jauhnea brought with her over 30 years of fitness expertise and her knowledge is invaluable. She shares with our clients this fusion of the best of all aspects to her workout programs that she has learned and studied over the years,” said Andrea. Barre is Barkley’s passion, but she also brings a more athletic approach to the studio with circuit fitness and metabolic training. According to Jauhnea, “What I love about Agave is the small classes and the one-on-one attention that our clients get. Even in the class settings, they are so small that we continued on page 18

pictured (left to right): Ella Trexler, Jennifer Nelson, Andrea Weekly, Michelle Bilder and Jauhnea Barkley boernebusinessmonthly.com

17

continued from page 17

really can identify issues and work on those, we can set up good muscle memory and build good habits for our clients. I definitely see the value in the small, intimate studio setting and our clients really see the results as well.”

“In addition to our group classes, we love to build private classes for our clients,” added Andrea. “We will often visit with a client to determine their needs or goals and then we can build a program for them with different instructors so we can achieve the best result. For example, many of our clients will see Jauhnea for strength and conditioning, alongside classes with me that work on balance and flexibility.”

“There are so many benefits to just staying in motion. I always use the hashtag #yogaforlife

Andrea Weekly

Jauhnea Barkley

on my social media because of the importance of continued mobility. Whatever your issues are, we can usually work around them and offer help. We have had clients with hip and other joint replacements. We also work with lots of men, especially golfers, who say they can now hit the ball farther in their 60s than they could when they were younger!” Weekly added, “As we age it is so important to build muscle and work on our balance and flexibility and those are things that we really strive to help our clients with.”

Agave Wellness Studio is a high-end, boutique fitness at its best. “We really do things differently here,” said Andrea. “In addition to the individualized attention, we truly believe in taking care of our clients. We don’t charge membership fees, there is no auto-pay, if someone buys a class pack and it happens to expire we will extend it for them. We don’t believe in forcing our clients to stick around. We want them to be here because they want to be here. And that is what we have, a fabulous community of clients that genuinely love to come and be apart of what we have created here at Agave.”

The studio also offers a selection of top-of-the-line fitness apparel from brands such as Glyder, Onzie, Teeki and lots of custom Agave Wellness wear and accessories in their in-studio boutique.

Having recently celebrated their 2-year anniversary, Weekly ends by saying, “It 616 E. Blanco, Suite 201-A really is such a blessing to be able to do what Boerne, TX 78006 I love and to have watched this studio evolve (830) 816-5131 over the past couple of years into everything PCIAWealth.com I hoped and dreamed it would be.” BBM

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B oerne B usiness M onthly | November 2019

agavewell.com (830) 431-5611 121 Rosewood Avenue – Boerne

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technology

616 E. Blanco, Suite 202B Boerne, Texas

GVTC INTRODUCES MARKET LEADING PREMIUM WIFI SERVICE IN NORTH SAN ANTONIO AND SOUTH CENTRAL TEXAS

G

Texas Hill Country Homes Say Goodbye to Buffering and Dead Spots Thanks to GVTC Premium WiFi Powered by WiFi 6

GVTC’s partnership with innovative communications technology firm, Calix, gives local customers access to the world’s most powerful WiFi with a completely managed and worry-free service. This WiFi 6 capable system, built oonn the Calix GigaSpire BLAST, provides greater coverage aacross cross the entire home, faster speeds, and the ability to connect more devices. GVTC takes it to the next level with its professional support and local assistance.

Setting the New Standard for Premium WiFi “We’re thrilled to offer our local customers a worldclass service far superior to other solutions, with none of the associated headaches,” said GVTC CEO Ritchie Sorrells. “GVTC Premium WiFi Service includes support for more devices, higher throughput, greater coverage, and an app to make managing the home network a breeze.”

WiFi 6 capable technology is designed to support all the newest devices like the latest iPhone 11, Samsung S10, and those yet to come, along with improving the experience for older connected devices in the home. As the largest telecom cooperative in Texas, GVTC’s commitment to bringing innovative communications solutions ensures that customers can have access to cutting edge technology while enjoying the exceptional experience they have come to expect from their local service provider.

“Our goal has long been to better connect local customers to one another, and to the rest of the world, through technology,” said Josh Pettiette, Vice President of Product, Business Development & Strategic Planning at GVTC. “Our Premium WiFi powered by WiFi 6 is another ‘first’ for GVTC customers, who had first access to area telephones, cable TV, fiber internet, and finally, Smart Home Security.”

World-Class Home Connectivity with Service Only a Local Provider Can Deliver “Going local” is an active choice people make daily to invest in the community that invests in them.

While the communications industry’s big players have name recognition and size on their side, their service typically lacks the personalization and customer service of a local ISP. GVTC’s commitment to the local region, a relationship that has spanned many decades, is evident in its loyal customer base and dedicated team of local employees.

At the same time, GVTC has grown alongside the best in the industry and partnered strategically to bring exceptional, secure whole-home technology to South Central Texas customers. GVTC Premium WiFi powered

by WiFi 6 comes as a fully managed service with a powerful, smart home-ready connection.

Explore the benefits of GVTC Premium WiFi and see what services are available in your area today: gvtc.com/ premiumwifi BBM boernebusinessmonthly.com

19

accounting

A

Financial

Shopping List

by Courtney Gallagher, CPA

As the holiday shopping season approaches, your shopping list may include presents for your mom, your son, your nephew, and many more. The question is, does it include a present for you?

You have worked hard this year and your business is doing well. Does your success lead you to thoughts of adding new investors, applying for financing to expand your business, or seeking to obtain fundraising for your non-profit? Would you feel more confident if you had a third party looking at your books? If your answer to any of these questions is yes, the best gift you can get yourself is a Certified Public Accounting (CPA) firm that can provide you financial statement services.

CPA firms offer a variety of services to assist businesses with financial reporting including compilation, review, and audit engagements.

A compilation is the lowest level of services a CPA can provide. The CPA prepares the financial statements based on accounting records and information provided by you, the client.

No test work or analysis is performed on the balances and information provided. The CPA must gain a general understanding of your business, the industry, and the accounting principles your company uses to determine if there are any obvious departures from generally accepted accounting principles. Generally accepted accounting principles are standards and rules that must be followed to prepare financial statements. When preparing a compilation, your CPA may obtain general support for significant account balances such as bank statements, detail schedules of accounts, and aging schedules for accounts receivable and accounts payable. Documents such as operating agreements, loan agreements, and leases may also be obtained for drafting financial statement footnotes. As the financial statements were not reviewed or audited, the CPA does not obtain or provide any assurance that there are no material modifications that should be made to the financial statements.

Maybe the gift you need this year is a review engagement.

In a review engagement, the CPA performs inquiry and analytical procedures to obtain limited assurance on the financial statements. The CPA will perform the same procedures as the compilation engagement but will also apply analytical procedures and additional inquiries to determine if your numbers make sense. Inquiry and analytical procedures include comparing prior years balances to the current year, ratio analyses and comparing the client’s company to other companies in the same industry. The CPA forms expectations of your company’s results based on their knowledge of your business and current economic conditions. Then they will inquire of management for any results that are different from those expectations.

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B oerne B usiness M onthly | November 2019

Depending on the responses to inquiries by management, the CPA may ask for supporting documentation. When the review engagement is complete, the CPA will issue a report, that includes a conclusion as to whether the CPA is aware of any material modifications that should be made to the financial statements for them to be in accordance with generally accepted accounting principles.

Perhaps you need an audit – the highest level of assurance a CPA can provide. An audit enhances the degree of confidence an intended user can place on your financial statements as the CPA provides reasonable assurance that the financial statements do not contain material errors. In an audit engagement, the CPA performs the same procedures as a review but is also required to obtain an understanding of the business’s internal control (checks and balances in the business’s processes) and assess fraud risk (identify and understand risks to the business and weaknesses in internal controls that would allow fraud or an error to occur). Audit procedures may include confirming balances with outside creditors, banks, donor promises to give, and customers on the balances owed or payable to the business; observing physical inventory; testing selected transactions by examining supporting documents and verifying transactions with board of directors meeting minutes. While accumulating this evidence, the auditor tries to reduce the risk that the financial statements will be materially misstated.

When the audit is complete, the CPA provides a report with an auditor’s “opinion” stating whether the financial statements are presented fairly in conformity with generally accepted accounting principles.

You can simplify your shopping options by visiting your CPA and seeing what is in store for your business. Your CPA can advise you of the options that best suit your company’s needs. When it comes time to deliver, you will receive a pretty little package tied with a big, beautiful bow. Open it with confidence, knowing that what you have received is exactly what you wanted! BBM Courtney Gallagher, CPA, is an Audit Manager at Akin, Doherty, Klein & Feuge, P.C. (ADKF). ADKF is a full-service accounting firm with offices in San Antonio, Boerne and New Braunfels.

Courtney graduated from California State University, Fresno with a Bachelor of Science in Business Administration – Accounting Option. For six years, Courtney worked in public accounting and then spent two years as a Controller of a farming entity. She moved to San Antonio in 2014 and returned to public accounting after accepting a position with ADKF. Courtney specializes in audits and reviews of various industries including not-for-profit organizations, private schools, fast food, entertainment, and manufacturing. She spends most of her free time with her husband, two young boys and covering numerous miles running.

B CUTS • COLOR • STYLING

Appointment booking available online at barbiesinboerne.com (210) 330-6676 | 725 N. Main Street – Boerne, Texas boernebusinessmonthly.com

21

event

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20 Years of Holiday Cheer In 1999, a group of shopkeepers in downtown Boerne united to create a Christmas event that would bring the community together, promote local shopping and celebrate the holidays with old-fashioned traditions and favorites. Now, 20 years later, Dickens on Main has become the Hill Country’s premiere holiday event, transforming the Hill Country Mile into a vintage Christmas wonderland, complete with five villages, beautiful holiday lights, snow along Main street and an entertainment lineup sure to delight the whole family.

EVENT HIGHLIGHTS TREE LIGHTING AT MAIN PLAZA Fri only, 6 PM MUSIC AT MAIN PLAZA STAGE HEADLINE CONCERTS Groove Knight Fri, 6:30-10 PM The Eggmen (Beatles Tribute) Sat, 6:30-10 PM FEATURED PERFORMERS 3 Chord Rodeo Fri, 4-6 PM Gary Glenn & the 20x Band Sat, 4-6 PM ICE SLIDE AT SCROOGE VILLAGE Fri & Sat – 6-9:30 PM

ICE SCULPTING BATTLE AT SOUTH POLE VILLAGE Fri & Sat – 6 PM & 7:30 PM

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The two-day event held Thanksgiving weekend, November 29 and 30, will feature traditional holiday favorites, along with some new surprises. As always, SNOW along Main Street is in the forecast, while ice sculpting battles, live music and theatrical performances, kids crafts and more are sure to entertain revelers of all ages. Food trucks and unique vendors of all types will be spread throughout the venue, and you’ll be surprised and delighted as more street performers than ever before entertain along Main Street. This year’s musical line up includes fan favorite Groove Knight playing Friday night, and amazing Beatles cover band “The Eggmen” on Saturday. Both perform in North Pole Village (Boerne’s Main Plaza) from 6:30 to 10 p.m.

New this year at the kids craft table, sponsored by Hill Country Council for the Arts, are three vintage–style make-and-take pieces created exclusively for Dickens on Main by celebrity crafter Adeina Anderson, founder of “Creative Lifestyles with Adeina Anderson.” Kids up to 14 years old are invited to stop

by Tiny Tim Village to choose a free craft to make and take home.

Also new is a collaboration with Hill Country Daily Bread, a local ministry dedicated to helping neighbors in need, which will have volunteers set up on

SANTA PHOTOS Fri & Sat – 4:30-9 PM Bechants Sat, 1-4 PM Dienger Trading Co. CARRIAGE RIDES AT SOUTH POLE VILLAGE Fri & Sat – 5-9 PM KID’S ARTS & CRAFT AT TINY TIM VILLAGE Fri & Sat – 3 to 9 PM THEATER, COMEDY & DANCE AT DICKENS VILLAGE Children’s Dance and Theatrical Performances Fri & Sat – 2 PM-3:30 PM Matt Tardy Stunt Juggler Fri & Sat – 4 PM, 6 PM, 8 PM Bah Humbug One Man Show Charles Dickens A Christmas Carol Fri & Sat – 4:45 PM, 6:45 PM, 8:45 PM

FULL SCHEDULE AT WWW.DICKENSONMAIN.COM B oerne B usiness M onthly | November 2019

both nights of Dickens in front of Bechants (194 S. Main) to collect new and gentlyused coats and blankets of all sizes. Located in the center of all the fun, it’s easy to bring your items, drop them in the barrel and feel good knowing you helped someone have a warm winter. Donations may also be dropped off at Boerne’s Public Library November 18-December 2.

As always, the festival officially kicks off the holidays with a lighting of the tree in North Pole Village Friday night at 6 p.m., followed by trumpeted Christmas carols by renowned group Castle Brass.

While many attractions begin after Main Street closes at 4:00 p.m., performances in Dickens Village begin as early as 2 p.m. and will feature beautiful ballet performances by the San Antonio Ballet Conservancy and other local troupes. Our beautifully decorated shops and galleries will open at 10 a.m. both days, where you can get a jump on holiday shopping before settling in for an evening of Christmas fun.

Dickens on Main takes place this Thanksgiving weekend, November 29 and 30.

For more details, FAQs and a full schedule of events, please visit www.dickensonmain.com, follow us on Facebook and Instagram and be sure to use the hashtag #BoerneChristmas in your posts. BBM

boernebusinessmonthly.com

23

ribbon cuttings

GREATER BOERNE CHAMBER OF COMMERCE OCTOBER 2019 RIBBON CUTTINGS

Congratulations Mr. Ammerman Language & Travel studies on their Ribbon cutting on Tuesday! Mr. Ammerman Language & Travel Studies is an academy with presence in Chile and the United States that seeks to connect people interested in learning English and Spanish in native environments of each language.

They provide online classes for English and Spanish and promote Educational tours in Texas and Chile. Give them a call today to learn more about the Spanish & English classes they offer 830-239-5232!

Congratulations Wells Fargo Bank & Advisors on their ribbon cutting yesterday! We are so excited to welcome them into the Chamber! Scott Vlasi, Financial Advisor with Wells Fargo Bank & Advisors can deliver a full range of investment planning strategies tailored to your unique needs. Whether you are investing for retirement, education expenses or some other goal, they will help you make informed decisions about your investment strategy. Stop by the Wells Fargo Branch in Boerne, give them a call at 830-248-3000 or visit their website wellsfargo.com to set up an appointment today!

We were so excited to welcome EP Commercial Real Estate, LLC into the Chamber with a ribbon cutting yesterday afternoon! Elize Pruske, CCIM with EP Commercial Real Estate, LLC offers brokerage services specializing in general office, medical office, office service/warehouse and land real estate. They represent landlords, tenants, buyers and sellers. If you’re looking to sell, buy or look at a commercial property, contact Elize today at (210) 416-3491.

We had a blast getting to celebrate owner Tommy Mathews and Tusculum Brewing Company with a ribbon cutting this morning! Tusculum Brewing Company offers a brewery and taproom with multiple unique and tasty beers on tap, a restaurant with a new menu every week, a relaxed and inviting inside and outside sitting areas and most importantly, a great atmosphere with awesome beer! Come visit them at 236 S. Main St. in Boerne, Texas on Friday’s, Saturday’s and Sunday’s or call (830) 249-8284 for more details! CHEERS!

Congratulations Complete Dental Studio on your ribbon cutting this morning, we are so excited to welcome you to the Boerne Chamber! Complete Dental Studio’s mission is to provide their patients the highest quality dental care, value, and customer service. Dr. Houssam Alghadban and his team provide services in General Dentistry, Orthodontics, Periodontics including implants, surgical and non-surgical treatments as well. Check Complete Dental Studio out and get the $99 new patient special they have going on right now! Visit their website at completedentalstudio.com or give them a call at (830) 368-4830!

We celebrated Hill Country Memorial’s new location in Boerne today with a ribbon cutting! Congratulations Hill Country Memorial on your beautiful new location on 1430 S. Main Street! HCM Medical Clinic in Boerne provides primary care for patients of all ages including preventive care, urgent care, annual wellness exams, women’s and men’s health, pediatrics, adolescent care and geriatrics. Hill Country Memorial Boerne takes same day appointments and are here to serve our Boerne community! Call today to set up your next appointment, (830) 428-2345 or visit their website hillcountrymemorial.org/office/hcm-medical-clinic-boerne.

Congratulations Debi Lane with ID Life on your ribbon cutting yesterday!

Debi Lane with ID Life helps people assess their health through DNA testing and provides solutions through natural and artificial products. Her services fill in the gaps for optimal health and wellness such as weight loss, healthy energy, quality sleep, pro/post workouts and PR. Contact Debi at (210) 773-1998, visit her webpage debilane1.idlife.com or email her at idlifedebilane@gmail.com to learn more.

A huge congratulations to Caring Transitions who we got to celebrate and welcome into the chamber today with a ribbon cutting! Caring Transitions is a Veteran owned family business and is your total solution for peace of mind and minimizing stress while dealing with senior moving, resettling, relocating, downsizing or decluttering, as well as property liquidation including estate sales and online auctions. They help you save time, money and stress!

Give owner Scott Bleichwehl or Kelly Balistreri at Caring Transitions a call at (210) 714-0855 for all of your moving needs. Be sure to visit their website caringtransitionsSAN.com.

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We are so excited to congratulate Esperanza on the grand opening of their Community Club in the Esperanza Community! The Esperanza community is a charming resort-style community located in Boerne, Texas off 1,200 acres of rolling hills and beautiful views. The new community area has 3 pools, a lazy river, splash pad, 24HR Fitness center, food truck court, Roca Loca great lawn, and Multi-use event space. Check out myesperanza.com for more information on houses for sale in Esperanza or virtual tours of their outstanding new community area! For a personal tour contact Connie at 830-336-3400.

We had a blast getting to celebrate Boerne Motorcycle Company with a ribbon cutting yesterday! Boerne Motorcycle Company is a full-service certified motorcycle company for repairs, tires, parts and accessories where employees have over 60 years of combined experience on 2- or 3-wheel motorcycles. They work on old or new bikes, wreck repairs, custom work, paint jobs, etc. Stop by and visit with owner Russell Day of Boerne Motorcycle Company on Main Street, give them a call at (830) 331-9890 or visit their website boernemotorcylecompany.com.

We were so excited to welcome Advanced Spinal Pain Management to the Chamber yesterday with a ribbon cutting! Dr. Aldon Williams is an experienced specialist who takes a multi-disciplinary and innovative approach to chronic pain intervention. Advanced Spinal Pain Management specializes in managing neck pain, back pain, and body pain of all types as well as comprehensive pain management medications, therapy and injections tailored to each patients’ specific needs. They are 1 of 200 facilities in the United States that has a HOCATT (Hypothermic Ozone and Carbonic Acid Transdermal Technology) machine. Check out their website advancedspinalpainmgmt.com or call (830) 331-7417 to make an appointment or to learn more!

Congratulations Inferno’s Wood Fired Oven & Spirits on your ribbon cutting this morning!

Inferno’s specializes in artisan-style pizza, fresh salads and unique sandwiches. Owner Carey Hamer and his team offer a full bar with liquor, beer and wine, as well as a fun, family-friendly environment with live music on the weekends and amazing daily specials and happy hours. Visit Inferno’s Wood Fired Oven & Spirits at 1540 River Road, give them a call at (830) 331-2023 or visit their website infernospizzeria.com/boerne!

We were so excited to congratulate WaterWalk San Antonio at the Rim with a ribbon cutting to celebrate their 1 Year Anniversary! WaterWalk offers beautifully furnished and unfurnished one, two, and three-bedroom all-inclusive apartments, with all utilities paid. Waterwalk combines the best of both worlds as a corporate apartment and an extended stay hotel, all hotel rooms are furnished like a hotel with full amenities but with an apartment layout to help you feel at home! Check out WaterWalk San Antonio for your next stay in San Antonio, or if you’re in the market for a new home. Call Mercedes Lopez, Director of Sales, at (210) 2457100 and visit their website waterwalk.com.

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We customize your treatment plan to your unique condition and lifestyle.

Seth Fritcher, MD

Mark Wengrovitz, MD

134 Menger Springs, Ste. 1100, Boerne, Texas 78006 | 210.614.7414 | PVAsatx.com boernebusinessmonthly.com

25

2020 SEASON HOT–HOT–HOT!

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JANUARY 30

November 19th, 2019 5:45 pm - 6:45 pm 211 S Saunders St

Join us for our final seminar in our Fall Into Health series on Inflammatory Bowel Disease. There is limited seating so please RSVP to AnniesCorner@AnniesRx.com

MARCH 17

830-981 830-981 830 981-4774 981-4774 AnniesRX.com 211 S. Saunders St. Boerne, TX 78006

“The Only Accredited Compounding Pharmacy in Kendall County!”

APRIL 7

Special Event!

THURSDAY

DECEMBER 12 2019

8th Annual Turkey Trot BOERNE FAMILY YMCA

NOVEMBER 23, 2019 RACE STARTS AT 8AM AT BOERNE CITY PLAZA 100 North Main Street – Boerne, Texas 78006

5k & 10k • Fun Trail Walk

ALL PERFORMANCES AT 7:30 PM AT BOERNE CHAMPION AUDITORIUM

BoernePerformingArts.com 830.331.9079

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B oerne B usiness M onthly | November 2019

• Free Youth Race

First 600 participants guaranteed long-sleeve tech shirt!

C HRISTMAS WITH T HE 5 BROWNS TICKETS: $20-$60

N RAEW RO CE UT E

Presenting Sponsor:

820 Adler Road Boerne, Texas 78006 830.815.1040

food

NEW LISTING TOOLS SELL HOMES FASTER!

H

AWARD WINNERS!

by Debi Burrows – Penguin Suits

Have you visited the Bevy Hotel? An old friend has returned to Boerne and put a new spin on things. Ed and Elisa McClure and ttheir heir family, previous owners of Limestone Grille G rille and Ye Kendall Inn, are back in town aand nd are changing things up. Inside The Bevy hotel is the Bevy Provisions Company, a fabulous place to dine with a menu filled with some of the most delectable morsels that are simply irresistible. Intrigued, I invited a group of dear friends and family to accompany me in trying some of their specialty menu items.

Starting with a crowd favorite, we shared the Chips & Dip with fresh fried Kennebec potatoes and caramelized onion dip. There was plenty of this appetizer to go around and everyone who snuck a taste enjoyed its savory splendor. A Caprese Salad followed the shareable for a refreshing course that was an absolute delight to the palate. The mixed greens

with heirloom tomatoes and balsamic drizzle produced a great combination of acidity that blended well with the sweet creaminess of the Burrata cheese.

For the main course, we selected the Pistachio Crusted Salmon which included a side of chili-sweet corn arborio rice and paired it with Brussel Sprouts. These are not your grandmothers Brussel sprouts. The Bevy’s Brussel sprouts were thinly shaved and toasted to perfection. I must admit I only have these for Thanksgiving, but they are now my everyday favorite. Even my kids who are not keen on vegetables loved these Brussel sprouts. Anyone coming to Boerne must try them, I insist! The salmon was moist and crisp - way more than I could finish. The corn in the rice exploded with flavor, and more so with each spoonful. I wanted to finish it, however, decided it was better to take some home for later.

With just enough room for a sweet treat, the group gave into the satiating indulgence of dessert. We tried Salted Carmel Ice Cream and gluten free Coconut Chocolate Bar Samoas.

To be honest, I am not big on gluten free. I think it loses something. But what I can tell you is that it didn’t disappoint, delivering a moist consistency and plenty of rich flavor.

All in all, The Bevy Provisions Company is a wonderful place to add as one of your next places to dine in Boerne. I, for one, know we will be back for more. BBM Penguin Suits is an awardwinning, client-centered, marketing and advertising agency located in Boerne,Texas.

PenguinSuits.com

*Tiffany Joslin (210) 394-4399

*Rene Campbell (210) 542-0148

Jim Campbell (210) 838-1896

Steven Karam (210) 414-0105

Wiley & Kathy Cloud, Brokers (830) 755-8693 | (210) 710-6601

Real Estate Office:

(830) 755-8693 Career Inquiries (830) 755-8693

boernebusinessmonthly.com

27

money

THIS IS YOUR BRAIN ON MONEY

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by Justin Pawl – Chief Investment Officer, Covenant

Human brains are magnificent machines. The most powerful computers in the world are housed not in our smartphones, or some internet cloud server farm, but right on top of our shoulders. Yet, for all of the power in our heads, people commit a lot of simple errors that can have bbig ig consequences. This is particularly true with financial decisions.

However, H owever, it’s not our fault. You see, the human brain has ddeveloped eveloped with essentially two systems for processing information and making decisions. Psychologists came up with brilliantly bland names for these modes of thinking: “System 1” and “System 2”.

• System 1 is fast, instinctive, and emotional.

• System 2 is slower, more deliberative, and more logical.

When people face complex problems, such as whether or not they should buy a stock, they should use System 2 thinking…..

BUT System 2 thinking requires more effort.

So, instead of defining the issue, assembling the data, and spending time to analyze the information, humans generally try to simplify or "go with their gut."

In other words, they use System 1 thinking. This locks them into a subset of the available information, typically discarding the most complex data (which may ultimately be relevant), and settle for a solution that is "good enough."

System 2 thinking requires more effort, so a lot of people “go with their gut”. That is rather than spend the time to logically work through a decision when facing uncertainty, people often allow System 1 to make the decision. The problem with System 1 is that the information people judge as important to their decisions is inherently biased by existing beliefs, past experiences, and emotions. These biases, in turn, often lead to poor choices and outcomes, and this has led to a specialty field in psychology known as Behavioral Finance.

Behavioral Finance is, at its core, the application of psychology to how financial decisions are made. Traditional financial models assume that market participants always act in a rational and wealth-maximiz-

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ing manner, which is why traditional models typically fail to make accurate predictions. In contrast, Behavioral Finance studies mental shortcuts people have developed that may have been useful to the survival of the species, but that lead to irrational investment decisions.

The difference between traditional financial models and Behavioral Finance models is summed up nicely by professor Meir Statman, Ph.D., "People in standard Finance are rational. People in Behavioral Finance are normal."

So, what are common mistakes made by normal people? Let’s look at three of the most common ones.

1. Loss Aversion – One of the most potent forces affecting decisionmaking in financial matters is that the pain of losing money is about twice as powerful as the pleasure of making money. Indeed, Loss Aversion causes people to become more riskaverse when they should be risk-seeking and vice versa. The problem with that behavior is it's 100% opposite of a successful investing strategy, which requires minimizing losing positions while maximizing gains on winning investments. For example, investors often sell winning stocks too early out of fear that profits will be lost (they become risk-averse).

On the other hand, investors often hold-on to losing investments in the hope the price will rise to at least break-even (they become riskseeking). In sum, hanging on to losing positions and selling profitable investments too early decimates portfolio returns in the long-run.

2. Overconfidence – It’s probably not a shock to you that psychological research has convincingly demonstrated that people tend to have an inflated view of their decision-making abilities. Famously, when people are asked to rate their driving ability compared to other drivers, most rank themselves in the top third of the population. This is mathematically impossible, as 50% of all drivers' skills are at or below average. When it comes to investing, people commonly believe they are more intelligent and have access to better information than they actually do. As a result, investors tend to be overly optimistic. In turn,

this leads them to attribute successful decisions to their skill and poor outcomes to bad luck, which can lead to overly concentrated portfolios and excessive trading.

3. Regret Aversion – It’s a fancy name, but at its base level, Regret Aversion is "paralysis by analysis." That is, people can't make a decision, even when they have adequate information, because they are afraid they will later regret the decision.

Unfortunately, Regret Aversion causes people to hesitate most in the precise moments that require assertive action, such as staying out of the market too long following a loss.

Psychologists have identified more than 50 of these types of biases. But, suffice to say that poor decision making can be harmful to your wealth. To illustrate this point, let’s review the average investor’s experience with Fidelity’s wildly successful Magellan Fund. Peter Lynch earned a reputation as a legendary portfolio manager racking up annualized performance of approximately 23% from 1981 through 1990 vs.

16.5% for the S&P 500. However, according to Fidelity's calculations, the average investor in the Magellan Fund only earned around 7% per year. The paltry performance of the average investor was not Fidelity’s fault, but rather because investors repeatedly fell victim to biases and poor decision-making, selling when the fund was bottoming and buying the fund when performance was peaking.

Awareness of these biases is important, but knowledge alone is typically not enough to overcome the biases. Realistically, you must forego the ease of "going with your gut" System 1 thinking and force yourself into the more logical System 2 way of making decisions. Experience counts in this regard, and for some people, hiring a professional to help with financial decisions is the best path to maximizing wealth. While this is not a blanket endorsement of all financial advisors, a well-trained and experienced professional can help investors make financial decisions with less emotion. BBM Justin Pawl is a partner and managing director of Covenant.

As the firm’s Chief Investment Officer, Justin leads all client strategy efforts and serves as the head of Covenant’s investment committee. An investment strategist with a focus on risk management, he is responsible for Covenant’s strategy research, manager due diligence, and portfolio construction. Justin has direct experience in alternative investments, public equity, private equity, and venture capital, which he acquired over the past 15 years. www.covenantmfo.com

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