Broker Check

February Newsletter 2023



     February 6, 2023


“Material Changes.


My initial drafts of our monthly letter now fill the waste basket, as my collective team has suggested a better leading topic that is dear to all of us: the women in our lives and world. We have just finished the final changes to our annual regulatory filing of our Firm Brochure. Duplicated here, is the Material Changes section that we want all of you to see now:

The pandemic era and its aftermath have brought changes to how Intelligent Investment Management, LLP (IIM) has adapted to the New Order of things. Working remotely for the safety of clients and staff resulted in IIM’s decision to continue to operate remote offices, in addition to maintaining our primary business office in Durango, Colorado. While at least one representative is in the office on a daily basis, on most days some advisors and administrative personnel are working remotely, efficiently and safely.

Implementation of required supervision of all electronic communications and related functions has proved to be amazingly effective. Clients have been notified of the changes and many are now preferring electronic communication to traveling to the main office. The documents requiring a “wet” signature can now be signed electronically, verified and then transmitted electronically. Remote computers use cloud-based software that has built in recommended levels of security and encryption. All are backed up to the “cloud” and monitored by Intelligent Investment’s Management outside technology vendors.

The pandemic era also has resulted in new medical and health protocols that will not only keep us safe but living longer. When collaborating with retired clients “in distribution”, we are now extending the calculation of years in retirement to include expectations of living up to one hundred years old.

In particular, we now see women outliving their male counterparts by as much as thirty years, in some cases. This reality has affected our client base which now includes more women than men, whether as married women, widows, divorced or single independent investors. As a direct result, we have increased the client education of these demographics as our advisory practice continues to grow in that same direction. Our website ( will now include a section devoted to this demographic. We are also building into our practice a new emphasis on educating female clients on the need to plan early for a long life and a financially secure future. Our broadly diversified portfolio of both equity and income investments is specifically geared to such a long-term need.

In addition to the longevity challenges, IIM is continuing to include a substantial allocation of all portfolios to Alternative categories of “real assets”; including real estate, energy and infrastructure investments which are expected to appreciate with the current high rate of inflation, including significant distribution of income as dividends and capital gains. Coupled with the longevity concerns, many of the portfolio allocations have been re-examined and tested for their ability to stand the test of time. Collectively, these points illustrate the need for an “active” approach to our on-going investment management processes and procedures.

Now, for the highlights of my earlier drafts: 

  • In January, the markets “took off” with the expectation of lower inflation rates and a continuing strong labor market. Our aggregate equity managed portfolio registered gains of over 7.5 percent for the month.
  • Madame Zoola predicts the Fed’s next move! The Federal Reserve has its work cut out for it as it contemplates the reported job growth.
  • Unlike Madame Zoola, we are anticipating “a higher for longer” interest rate environment. We have been adding quality fixed income positions to the bond ladder with rates above five percent.
  • If you have not already done so, please log into and review each account you may have for any inaccurate information if you have not already done this.
  • With all of us living longer, the IRS has increased the amount that can be contributed to most retirement accounts.
  • With the expected future economic growth and market rebound, please consider the opportunity to “convert” available retirement account balances to a Roth IRA account.
  • Forms 1099 from TD Ameritrade Institutional are currently being mailed to all clients. Please remember that corrected 1099s will continue to be mailed into April. 
  • We are looking to help more investors meet their long-term financial goals. To be able to handle additional clients, we are continuing to pursue options to expand our staff.


With great respect and for recognition of the women in our lives who hold our worlds together:  our grandmothers, mothers, wives, partners, sisters, best friends, daughters and granddaughters, may they all live long, fruitful and healthy lives!


The Entire Team at Intelligent Investment Management, LLP



P.S. If you really hurry you can still send flowers to arrive on Valentine’s Day!