Diversification means everything is not all moving in the same direction at the same time

Bruce Mazo, CFP,® CLU® | February 26, 2020

Stocks	Bonds	Cash	Real Estate	Guaranteed (joint) lifetime income
Advantages	Advantages	Advantages	Advantages	Advantages
1. Upside potential 2. Ease of use. 3. Understandable 4. Liquid at market value every business day	Return of principal at maturity by issuer Interest paid typically 2X annually. Interest rate typically known before you buy Liquid every business day	Guaranteed against nominal loss Liquid every business day No US market value fluctuation	Income potential Appreciation potential Facts available (previous sale price, legal recording, measurements etc.)	Guaranteed (by issuer) (joint) lifetime cash flow as long as one is alive. Potential & sometimes guaranteed growth before starting income
Disadvantages	Disadvantages	Disadvantages	Disadvantages	Disadvantages
Potential loss of principal Market value fluctuates frequently	Less potential upside than stocks Market value fluctuates before maturity	No US upside potential Opportunity loss Typically purchasing power loss to inflation	Illiquidity Uncertain valuation Ongoing expenses – taxes, maintenance etc.	Complexity Capital might be available only by reducing future income Estate planning complexity

The views stated in this letter are not necessarily the opinion of Cetera Advisors LLC and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results. Investors should consider their financial ability to continue to purchase through periods of low price levels. All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. Investors cannot invest directly in indexes. The performance of any index is not indicative of the performance of any investment and does not take into account the effects of inflation and the fees and expenses associated with investing. Exchange traded funds (ETFs) and mutual funds are sold only by prospectus. Investing in ETFs and mutual funds is subject to risk and potential loss of principal. ETFs incur trading and commission costs similar to stocks and frequent trading can negate the lower cost structure of an ETF. There is no assurance or certainty that any investment or strategy will be successful in meeting its objectives. Investors should consider the investment objectives, risks and charges, and expenses of the fund carefully before investing. The prospectus contains this and other important information about the fund. Contact your registered representative of the issuing company to obtain a prospectus, which should be read carefully before investing or sending money. The return and principal value of fixed income securities fluctuate with changes in market conditions. If bonds are not held to maturity, they may be worth more or less than their original value. All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. Guarantees are based on the claims paying ability of the issuer.