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NexTier holds annual outlook seminar
Source:
Cranberry Eagle
Written by:
Paula Grubbs
Published:
January 27, 2010
MARSHALL TWP — The financial climate for investors in 2010 looks cautiously hopeful.
That's the word from Dan Crawford, senior vice president of wealth management for NexTier. He was the presenter at the 2010 NexTier Wealth Management Economic and Investment Outlook seminar on Thursday.
The annual event at the Regional Learning Alliance in Cranberry Woods Business Park was attended by about 45 business owners and financial specialists.
Crawford said he likens 2010 to the opening paragraph of the Charles Dickens' "Tale of Two Cities." Quoting from the classic novel, Crawford said markets lie somewhere between the best of times and the worst of times, wisdom and foolishness, hope and despair, etc.
"While 2010 is shaping up as a potentially challenging year, the U.S. economy and financial markets are most likely somewhere in between the central tensions noted in Dickens' quote," Crawford said.
He said experts estimate the 21-month recession ended in late summer, creating signs of economic strength such as fewer job losses and retail sales that exceeded expectations. Still, Crawford said the 400,000 jobless claims each month remains unacceptable and sales are nowhere near where they need to be.
"Jobs are the most important thing we need to create for the economy to be healthy," Crawford said.
He said the federal government could create market difficulties in 2010 because national debt is rising, which could affect interest rates, taxation and inflation. He said the number of people on entitlement programs funded by taxes is ever-growing, placing further hardship on federal balance sheets.
Crawford said the housing market is showing early signs of improvement, but it remains gloomy. He said while house affordability improved, 2.9 million Americans lost their homes to foreclosure in 2009.
He expects that number to drop to 2.5 million this year.
Crawford said to their credit, Americans appear to be kicking their addiction to living beyond their means.
"We're off the heroin, and we've got to go through some withdrawal symptoms that are uncomfortable," Crawford said.
Regarding specific investment funds that could be good in 2010, Crawford touted the Global Clean Technology Fund, calling it one of the best investment opportunities for the next several decades.
The international fund includes alternative energy, resource conservation, clean water and clean environment sectors.
"The world seems to be leaning green," Crawford said.
In summary, Crawford advised investors to:
• Focus on the impact government will have on financial markets.
• Watch what federal officials in Washington, D.C., do as opposed to their claims of action.
• Remember government policies and programs are not guaranteed to succeed.
• Expect subpar economic recovery with high unemployment.
• Be aware there is a 50 percent chance of falling back into a recession.
• Be aware private sector spending must replace public sector spending.
Jean Brackett of Brackett Machine in Butler said she attends the NexTier event every year because she is able to get insight she cannot get anywhere else.
She said the financial picture makes her worry about the direction of the country and the future of the money she has built up over the years.
"I'm scared," Brackett said.
Ray Steffler of Middlesex Township said the NexTier presentations are informative. He appreciates NexTier because it is a local company and contributes to community organizations.
Steffler said he attends the annual financial outlook event because the Butler County Community College board of directors, which he chairs, has money invested with various financial institutions.
"The market is volatile and scary," he said.
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