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style=\"font-family:droid sans;\"></span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Your method persists long enough to catch&nbsp;changes in the market's direction, and ...<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">You implement the method rigorously over&nbsp;time, oblivious to any nagging doubts,&nbsp;and ...<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">You rebalance across broad assets,&nbsp;such as index funds of all domestic or international stocks or bonds.</span></span></li></ul><div><br><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">To appreciate the last point, about broad assets, consider a trenchant example, adapted from Ang's book.&nbsp; Imagine yourself a wealthy Russian in the early 20th century.&nbsp; You systematically and over-frequently rebalance 50% of your 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style=\"font-family:droid sans;\"></span><div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">According to the research done by academics and the historical analysis detailed below in this article, you have several realistic options for keeping a balanced portfolio.&nbsp; They are listed below, roughly in order from best to worst for your returns.&nbsp; But there are tradeoffs.&nbsp; Options that are best for your returns may also entail more work from you or more fees from your investment firm or advisor.&nbsp; As you review the list, consider what, for you,&nbsp;is the best accommodation of effort, cost, and value.</span></span><span style=\"font-family:droid sans;\"><span class=\"theme-text-color-2-3\"></span><span class=\"theme-text-color-3-3\">​</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><ol><li><span style=\"font-family:droid sans;\"><span class=\"theme-text-color-0-4\"><strong>Fully manage your own investments weekly or monthly, doing income placement plus a percent trigger of 3% to 5%</strong>.&nbsp; Most weeks or months, you will do nothing if you are using this method.&nbsp; But you must take the time to&nbsp;check.&nbsp; Happily, you will&nbsp;pay extra fees to no one.&nbsp; If you have the discipline and expend the effort, you will likely see an incremental return&nbsp;of about 1% to 2% per year long-term, provided that your portfolio is 50% to 80% invested in stocks.&nbsp; In some retirement accounts, however, the governing rules&nbsp;may make this&nbsp;option difficult or impossible to implement.</span></span><br></li><li class=\"theme-text-color-4-1\"><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Invest at a firm that automatically does income placement plus a percent trigger of 3% to 5%</strong>.&nbsp; Implicitly or explicitly, the firm will charge a&nbsp;fee for this service.&nbsp; The incremental benefit is likely to exceed the added cost only if your portfolio's allocation to stocks is&nbsp;50% to 80%.&nbsp; At this writing (2020), good options are&nbsp;</span></span><span class=\"theme-text-color-3-3\"><span style=\"font-family:droid sans;\"><u><a href=\"https://www.betterment.com/investing/\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;https://www.betterment.com/investing/&quot;,&quot;title&quot;:&quot;https://www.betterment.com/investing/&quot;}\" class=\"wz-link\" data-cke-saved-href=\"https://www.betterment.com/investing/\">Betterment</a></u></span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">, </span></span><span class=\"theme-text-color-3-3\"><span style=\"font-family:droid sans;\"><u><a href=\"https://www.tdameritrade.com/investment-guidance/investment-management-services/essential-portfolios.page\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;https://www.tdameritrade.com/investment-guidance/investment-management-services/essential-portfolios.page&quot;,&quot;title&quot;:&quot;https://www.tdameritrade.com/investment-guidance/investment-management-services/essential-portfolios.page&quot;}\" class=\"wz-link\">TD Ameritrade Essential Portfolios</a></u></span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">,&nbsp;</span></span><span class=\"theme-text-color-3-3\"><span style=\"font-family:droid sans;\"><u><a href=\"https://investor.vanguard.com/financial-advisor/digital-advisor-details\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;https://investor.vanguard.com/financial-advisor/digital-advisor-details&quot;,&quot;title&quot;:&quot;https://investor.vanguard.com/financial-advisor/digital-advisor-details&quot;}\" class=\"wz-link\">Vanguard Digital Advisor</a></u></span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">&nbsp;and </span></span><span class=\"theme-text-color-3-3\"><span style=\"font-family:droid sans;\"><u><a href=\"https://www.wealthfront.com/investing\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;https://www.wealthfront.com/investing&quot;,&quot;title&quot;:&quot;https://www.wealthfront.com/investing&quot;}\" class=\"wz-link\">Wealthfront</a></u></span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">.&nbsp; The details of these products vary, and they merit your own investigation.&nbsp; All of them offer well-automated rebalancing with full disclosure of their low overall fees.</span></span><br></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Do your own rebalancing quarterly, using income placement plus a&nbsp;trigger of 3%</strong>.&nbsp; You may be able to do this in your 401(k), 403(b), IRA or taxable account.&nbsp; You will have to be disciplined&nbsp;and check your account every quarter.&nbsp; If you have a&nbsp;financial advisor or planner, they might offer this type of rebalancing, perhaps for an itemized fee.&nbsp; With investments&nbsp;limited to low-cost index funds and a stock-allocation of 50% or more, the cost-benefit ratio of this method might be competitive with&nbsp;firms that do automated rebalancing.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Don't rebalance at all.&nbsp; Instead, use income placement alone</strong>.&nbsp; To implement this method, do&nbsp;not&nbsp;reinvest interest and dividends automatically into the fund that generated them.&nbsp; Instead, save them temporarily in a money market or short-term bond fund, and periodically transfer the accumulated amount into the funds or ETFs in your portfolio that are below-target.&nbsp; Every month or two should suffice for a modest incremental benefit of about 0.4% annually.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Use an all-in-one&nbsp;or target-date fund</strong>.&nbsp; Pick one that has low fees and matches your preferred allocations.&nbsp; Allow the fund's managers to do&nbsp;continual rebalancing.&nbsp; This is not a bad option.&nbsp; It is last on the list mainly because the financial benefits are limited.&nbsp; But it is better, for sure, than buying a bunch of funds and&nbsp;ignoring them for years.</span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></li></ol><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Two <strong>special cases</strong> are exceptions to the recommendations above:</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Your target allocation to stocks is 35% or less</strong>.&nbsp; A percent trigger or quarterly rebalancing would be extra work with little or no benefit.&nbsp; In this case, option 5&nbsp;(an all-in-one fund with low fees)&nbsp;would rise to the top as your best option.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>You are taking periodic withdrawals</strong>, perhaps as a retiree&nbsp;or for other reasons.&nbsp; If you&nbsp;annually withdraw&nbsp;more than about 3% of your portfolio's value,&nbsp;you should be able to apportion your withdrawals in a manner that keeps your allocations close to your targets.&nbsp; Nominally, you might plan on rebalancing with a quarterly 3% trigger, but the quarters when you exceed the triggering threshold would&nbsp;be rare.&nbsp; Alternatively, if your portfolio is large enough to outlive your income needs,&nbsp;option 2&nbsp;(automated rebalancing) would be worth considering.</span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">​</span></span></li></ul><div><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">The rest of this article has sections that explain the key concepts in more detail:</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><ul><li><strong><span style=\"font-family:droid sans;\"><span class=\"theme-text-color-0-4\">Income Placement&nbsp;</span></span></strong><span style=\"font-family:droid sans;\"><span class=\"theme-text-color-0-4\">- how it performed over more than a century of data</span></span><br></li><li><span style=\"font-family:droid sans;\"><span class=\"theme-text-color-0-4\"><strong>Drift</strong> - how to calculate it correctly</span></span><br></li><li><span style=\"font-family:droid sans;\"><span class=\"theme-text-color-0-4\"><strong>Triggers</strong> - how to use them and how they have performed with typical portfolios</span></span><br></li><li><span style=\"font-family:droid sans;\"><span class=\"theme-text-color-0-4\"><strong>Cash Flows</strong> - how to adapt your stategy if you are periodically saving up or spending down</span></span><br></li><li><span style=\"font-family:droid sans;\"><span class=\"theme-text-color-0-4\"><strong>Fees</strong> - how to judge whether the fees you pay for rebalancing&nbsp;are sensible or excessive</span></span><br></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">​​</span></span><br></div></div><span style=\"font-family:droid 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Imagine it is January 1871, somewhere in the U.S.&nbsp; You have $1000 to invest.&nbsp; You put $500 in a fund that tracks the stocks of large U.S. companies.&nbsp; Over the years, the fund evolves to follow the S&amp;P 500 index (which doesn't exist yet).&nbsp; You invest the remaining $500 in 10-year U.S. treasury bonds.&nbsp; You find rebalancing too complicated, so you never do it.&nbsp; Ever.<br><br>​Instead, four times a year when your stock fund pays you a dividend, you make a choice.&nbsp; If your porfolio is overweighted in stocks (more than 50%), you invest the stock dividends in bonds.&nbsp; Conversely, if you are overweighted in bonds (more than 50%), you invest the stock dividends back into your stock fund.&nbsp;<br><br>Twice a year, the U.S. Treasury&nbsp;pays interest on your 10-year bonds.&nbsp; You reinvest the interest in the same way as stock dividends, either in stocks or bonds, depending on what is below your target allocation of 50%.&nbsp; On some occasions, if your current allocation is close to 50-50, you may reinvest your dividends and interest in both stocks and bonds in a manner that sets your portfolio to exactly 50-50.&nbsp; One more detail: You regularly sell your 10-year bonds and buy new ones, to keep your bond-portfolio at a constant maturity of 10 years.&nbsp; In today's world, you would do that by holding a mutual fund or ETF for intermediate-term treasuries.&nbsp;<br><br>The essence of your strategy is to place your&nbsp;income, whether it's dividends, interest, or new money, into the investment that is below its target.&nbsp; Now look at the chart below, which shows the percentage of your hypothetical portfolio that would have been invested in stocks from your initial investment in 1871 until 2014.</span></span></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">​</span></span><br></div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span>","verticalAlignment":"top"},"metaData":{"position":{"left":-480,"top":2299},"size":{"width":960,"height":300}}},{"type":"freeText","id":"id1598380738960","elementProperties":{"tagName":"DIV","behaviours":null,"isLocked":false,"name":"Text 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span style=\"font-family:droid sans;\"></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Except for a few historic events, such as the Great Depression and the 2000 dot-com bubble, your portfolio stayed fairly close to your 50-50 target.&nbsp; Mostly, it drifted between 60% and 40% in stocks.&nbsp; Not once in this 143-year period did you rebalance by selling stocks to buy bonds or vice versa.&nbsp; A nice benefit of this strategy is that, because no sales occurred, tax consequences would have been minimized.<br><br>Remarkably, in this portfolio, income placement would have grown your wealth better than if you had rebalanced every quarter.&nbsp;&nbsp;Over the entire period, quarterly rebalancing of the 50-50 portfolio returned 6.8% per year; income placement, in contrast, returned 7.2%, an incremental benefit of 0.4% annually.&nbsp; During some interim periods, the opposite happened, and you had losses on paper, as Ang's textbook warned.&nbsp; But over the full 143 years, income placement was the winner.<br><br>One caveat: the benefit came with a bias.&nbsp; From 1871 to 2014 with targets of 50% each for stocks and bonds, income placement had, on average, 52.5% invested in stocks.&nbsp; Thus, while it gave you better returns, the method was 2.5% off-plan, overall.&nbsp; This bias is no fluke.&nbsp; In various other portfolios, described later in this article, a strategy of income placement often tilted the investments toward stocks.&nbsp; The bias tended to be larger when the target allocation to stocks was lower.&nbsp; For example, a portfolio with a target of 40% in stocks might average as high as 45% over time.&nbsp; If it mattered, you could easily correct the bias by rebalancing if and when&nbsp;your stock-allocation became persistently and unnervingly high.</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">​</span></span><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-480,"top":2965},"size":{"width":960,"height":267}}},{"type":"freeText","id":"id1598382298380","elementProperties":{"tagName":"H1","behaviours":null,"isLocked":false,"name":"Text 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">In words, drift is simply the cumulative amount by which your investments have departed from your target percentages.&nbsp; Mathematically, drift is easy to compute, although some folks get it wrong or make it more complicated than necessary.&nbsp; Here is a worked example.<br><br>Portfolio targets:</span></span><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">30% U.S. stocks<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">30% international stocks<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">30% long-term bonds<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">10% short-term bonds</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Actual percentages:</span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">33% U.S. stocks<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">31% international stocks<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">27% long-term bonds<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">9% short-term bonds.</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Calculated drift:</span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Only consider assets that are above target.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">U.S. stocks = + 3%<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">International stocks = +1%<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Drift = +4%</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">If we computed negative drift for below-target assets, it would be -4%, which tells us nothing new.&nbsp; Math dictates that it must be the opposite of positive drift.<br><br>There is also a shortcut that often works.&nbsp; If you have several stock-funds and bond-funds, you can use the total target for all stocks, rather than individual targets for each particular fund.&nbsp; In the example above, your total stock target would be 60%.&nbsp; Add up the dollar-value of all your stock funds, and divide it by the total value of your portfolio.&nbsp; That gives you&nbsp;the actual stock-percentage.&nbsp; Subtract your total target for stocks, and there you have it, your short-cut drift.&nbsp; These days, the websites of most investment firms will show&nbsp;your portfolio's&nbsp;current overall allocations to stocks and bonds, from which you can readily get the short-cut version of your drift.</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Technically, the short-cut&nbsp;is good but not optimal.&nbsp; It could happen, for instance, that your U.S. stocks are 4% above target, while your international stocks and your bonds are both 2% below target.&nbsp; The short-cut computes your drift as 2% and says to stay put.&nbsp; The 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style=\"font-family:droid sans;\">​​<br></span></div><div><span style=\"font-size:14px;\"><span style=\"font-family:droid sans;\">Should you rebalance your investments, to keep them aligned with your financial goals?&nbsp; Many advisers recommend rebalancing your portfolio every year or quarter, without fail.&nbsp; The research summarized here finds that other methods may be better.&nbsp;</span></span><br></div><div><span style=\"font-size:14px;\"><span style=\"font-family:droid sans;\">​</span></span><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-480,"top":220},"size":{"width":960,"height":68}}},{"type":"freeText","id":"id1598371899924","elementProperties":{"tagName":"DIV","behaviours":null,"isLocked":false,"name":"Text 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Often, articles and commentary about rebalancing make these recommendations:</span></span>​​<br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><ul><li><font color=\"#091433\" face=\"droid sans\">In your personal financial plan, set targets for the percentages of your assets to be invested in stocks and bonds.</font></li><li><font color=\"#091433\" face=\"droid sans\">Periodically, move money between your stock and bond investments to keep your allocated percentages on-target.</font><br></li><li><font color=\"#091433\" face=\"droid sans\">Rebalancing in this manner&nbsp;will maintain&nbsp;your intended level of risk&nbsp;and help you&nbsp;stay the course toward your goals.</font><br></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">It might also improve your portfolio's returns by a small amount, although it is&nbsp;not guaranteed to do so.</span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span></li></ul><div><span style=\"font-size:16px;\"><br></span></div><div><span style=\"font-size:14px;\"><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">While valid, these assertions miss key findings from&nbsp;research on the behavior&nbsp;of financial markets.&nbsp; The&nbsp;history of stock and bond investments, when examined systematically, reveals&nbsp;six&nbsp;rules for rebalancing:</span></span><br></span></div><div><span style=\"font-size:14px;\"><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></span></div><ul><li><span style=\"font-size:14px;\"><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Do&nbsp;income placement</strong>.&nbsp; When you get interest or dividends, don't automatically reinvest&nbsp;them into the fund&nbsp;or asset&nbsp;that generated them. Instead,&nbsp;invest them into holdings that are&nbsp;below their target percentages.<br></span></span></span></li><li><span style=\"font-size:14px;\"><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>On a regular schedule, check your portfolio for&nbsp;drift. </strong>&nbsp;It is measured by a simple formula (explained below) that summarizes how far your funds have diverged from their intended percentages.&nbsp; The schedule should be at least quarterly.<br></span></span></span></li><li><span style=\"font-size:14px;\"><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Rebalance if the drift exceeds a&nbsp;trigger value of&nbsp;3% to&nbsp;5%</strong>.&nbsp; This tends to happen rarely, about once every year or two.&nbsp; Rebalancing quarterly for excess drift has historically improved a portfolio's returns.*&nbsp; Doing so monthly did better, and weekly was better still.**&nbsp; However, waiting a year or more may eliminate any benefit.&nbsp; Notably, the amount of benefit is related to your stock-target.&nbsp; It is&nbsp;biggest at&nbsp;80% in stocks,&nbsp;virtually nil at 20%.<br></span></span></span></li><li><span style=\"font-size:14px;\"><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Use your targets to steer new money and withdrawals</strong>.<b>&nbsp;&nbsp;</b>If your portfolio has&nbsp;cash flows, either from new money being added or from withdrawals being subtracted, use them to steer your assets toward your targets.&nbsp; Put deposits into funds that are below-target;&nbsp;take withdrawals from the ones&nbsp;above-target.&nbsp; Doing so will reduce drift and limit the need for rebalancing. (If you are saving up for the future or spending down as a retiree, get more information by scrolling down in this article to the section on&nbsp;Cash Flows.)<br></span></span></span></li><li><span style=\"font-size:14px;\"><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><b>Sometimes, doing it yourself is not the best option, even if you have the capacity</b>&nbsp; The biggest&nbsp;benefit sfrom rebalancing occur&nbsp;when you have the rigor to follow all the rules above and your portfolio is well invested in stocks, probably more than 55%.&nbsp; At the other extreme, when you have about 35% or less in stocks, your efforts are unlikely to generate better, more cost-effective results than opting for a simple balanced or target-date fund from a low-cost firm.&nbsp; In between, it is a judgment call.&nbsp; (Look for a table at the end of this article that see why.)</span></span></span><span data-cke-bookmark=\"1\" style=\"display: none;\">&nbsp;</span></li></ul><span style=\"font-size:14px;\"><span style=\"font-family:droid sans;\"></span></span><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family: &quot;droid sans&quot;;\"><strong>Consider automated rebalancing,&nbsp;if the cost is low</strong>.&nbsp; Does all this seem too much to ever do by yourself?&nbsp; Then&nbsp;consider investing with a firm that does&nbsp;automated rebalancing.&nbsp; (Firms that do so by the best methods, at the lowest fees,&nbsp;are discussed in the section below on&nbsp;Best Options.)&nbsp; Be aware that&nbsp;in some cases, even the least expensive, most automated method might have limited&nbsp;value.&nbsp; For example, if you are invested&nbsp;less than 40% in stocks, no automated method of rebalancing from an investment firm is likely to generate benefits big enough to override the typical fees.</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family: &quot;droid sans&quot;;\">​</span></span><br></div></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-479,"top":321},"size":{"width":959,"height":507}}},{"type":"freeText","id":"id1598371724251","elementProperties":{"tagName":"H2","behaviours":null,"isLocked":false,"name":"Text 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class=\"theme-text-color-3-3\">Test Portfolios</span><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-478,"top":4152},"size":{"width":155,"height":24}}},{"type":"freeText","id":"id1598398611460","elementProperties":{"tagName":"DIV","behaviours":null,"isLocked":false,"name":"Text 4","baseName":null,"templateID":"templateid1598398611461","templateName":null,"order":56,"customStates":null,"isElementWasEditedInMode":false,"showHoverEffects":true,"skinInformation":{},"isSupportsMobile":false,"isVisibleInMode":true,"isFixed":false,"topZIndex":0,"elementOpacity":1,"staticMargin":{"horizontalMargin":0,"verticalMargin":0},"sizeAndPosition":{"width":960,"height":517,"left":-479,"top":3956},"lastResizingSize":{"width":960,"height":517,"left":-479,"top":3956},"isVisibleInLastSection":true,"isVisibleInLastDataItem":true,"attributes":null,"metaProps":null,"metaItemType":null,"metaTitle":null,"styleBindingId":null,"styleBindingFields":null,"shadow":{"top":0,"left":0,"spread":0,"blur":0,"color":"black"},"glow":{"spread":0,"blur":0,"color":"black"},"isParallaxBackground":false,"parallaxBackgroundSpeed":0.5,"isParallaxElement":{"isActive":false,"speed":1,"delay":0},"effectsOptions":{"isParallax":false,"oneTimeAnimation":false,"duration":1200,"startDistance":200,"startVisibility":0.8,"distance":300,"measureDistanceType":3,"delay":0,"distanceDelay":0,"runInLoop":false,"flyDirection":2,"direction":"horizontal","movementDistanceHorizontally":200,"movementDistanceVertically":0,"autoStartDistanceSettings":true,"autoDistanceSettings":true},"effects":null,"binding":null,"innerGlow":{"spread":0,"blur":0,"color":"black"},"innerShadow":{"top":0,"left":0,"spread":0,"blur":0,"color":"black"},"display":"fixed","cellItem":null,"cellHorizontalAlignment":"none","basicUserCanEdit":true,"backgroundColor":"transparent","imageUrl":"","imageLayout":"stretchedToFill","imagePosition":{"vertical":"center","horizontal":"center"},"origImage":"","imageOpacity":1,"backgroundOverlay":"transparent","isVisible":true,"verticalLayout":"normal","horizontalLayout":"normal","fillLayout":{"fillHorizontal":false,"fillVertical":false},"margin":{"top":0,"left":0,"bottom":0,"right":0},"borderWidth":{"top":0,"left":0,"bottom":0,"right":0},"roundness":{"topLeft":0,"bottomLeft":0,"topRight":0,"bottomRight":0},"borderColor":{"top":"Black","left":"Black","bottom":"Black","right":"Black"},"borderStyle":{"top":"solid","left":"solid","bottom":"solid","right":"solid"},"padding":{"top":0,"left":0,"bottom":0,"right":0},"rotationAngle":0,"verticalAlign":"center","horizontalAlign":"left","horizontalContentAlign":"center","startSelected":false,"urlAddress":null,"openInNewTab":false,"openInTopWindow":false,"shouldUnderlineChildren":false,"namedTextStyle":null,"fontColor":{"mainColor":2,"opacity":1,"brightness":0},"textShadow":[],"lineHeight":{"pixels":14,"percentages":120,"unit":"percentages"},"letterSpacing":0,"fontSize":14,"font":{"themeFont":"body1"},"contentTextTransform":"none","isBold":false,"isItalic":false,"isUnderline":false,"textStyle":{"bold":false,"underline":false,"italic":false},"textDirection":2,"dataBinding":null,"formattedText":"<div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Five sample portfolios were constructed, using historical data obtained from the </span></span><span style=\"font-family:droid sans;\"><u><a href=\"http://www.econ.yale.edu/~shiller/data.htm\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;http://www.econ.yale.edu/~shiller/data.htm&quot;,&quot;title&quot;:&quot;http://www.econ.yale.edu/~shiller/data.htm&quot;}\" class=\"wz-link\">research database of Nobel economist Robert Shille</a></u></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">r and from&nbsp;</span></span><span style=\"font-family:droid sans;\"><u><a href=\"https://finance.yahoo.com/\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;https://finance.yahoo.com/&quot;,&quot;title&quot;:&quot;https://finance.yahoo.com/&quot;}\" class=\"wz-link\">Yahoo Finance</a></u></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">.&nbsp; The portfolios started at the earliest date of available data; they ended between June 2014 and January 2015.&nbsp; Additionally, each portfolio was studied at five target levels for stocks: 20%, 40%, 50%, 60%, and 80%.&nbsp; With five portfolios and five targets, there were 25 scenarios in all.&nbsp; Below are descriptions of each portfolio in the study.<br><br><em><strong>2 assets 1871</strong></em>.&nbsp; Shiller's historical data on U.S. stocks and bonds.</span></span><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Assets: Large-cap&nbsp;U.S. companies and 10-year U.S. treasury bonds.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Timeframe: 143 years, January 1871 to June 2014, monthly</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><em><strong>2 funds 1992</strong></em>.&nbsp; Two index funds from&nbsp;Vanguard.</span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Funds: Total Stock Market Index and Total Bond Market Index.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Timeframe: 22 years, November 1992 to December 2014, weekly</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><em><strong>4 funds 1980</strong></em>.&nbsp; Four mutual funds from Vanguard, simulating a taxable account.</span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Stock Funds: Equal allocations to the S&amp;P 500 index and small-cap U.S. companies.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Bond Funds: Equal allocations to long-term and short-term municipal bonds.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Timeframe: 35 years, January 1980 to January 2015, weekly</span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><em><strong>6 funds 1986</strong></em>.&nbsp; Six mutual funds from Vanguard,&nbsp;representing U.S. and international stocks, and U.S. bonds with various maturities.</span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Stock Funds: Within the stock portion of the portfolio, 50% to the S&amp;P 500 index, 10% indexed to&nbsp;small-cap U.S. stocks, and 40% to international stocks.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Bond Funds: Within the bond portion of the portfolio, 60% to a Total Bond Market index, and 20% each to long-term U.S. treasury bonds and short-term corporate bonds.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Timeframe: 28 years, December 1986 to January 2015, weekly</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><em><strong>6 sectors 1999</strong></em>.&nbsp; Five U.S. stock sectors, and one conservative bond fund.</span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Stock Sectors:&nbsp;SPDR&nbsp;Exchange Traded Funds (ETFs) for U.S. health, technology, energy, and&nbsp;consumer-staples, plus Vanguard's REIT Index for U.S. real estate.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Bond Fund: Vanguard GNMA.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Timeframe: 16 years, January 1999 to January 2015, weekly.</span></span></li></ul><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-479,"top":4176},"size":{"width":960,"height":517}}},{"type":"freeText","id":"id1598399181509","elementProperties":{"tagName":"H3","behaviours":null,"isLocked":false,"name":"Text 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style=\"font-family: &quot;droid sans&quot;; color: rgb(9, 20, 51); background-color: initial; letter-spacing: 0px;\">To evaluate calendar triggers, the study examined monthly, quarterly, and annual rebalancing across the 25 scenarios (five portfolios at five different targets for stocks).&nbsp; The chart below summarizes the results</span><br></div><div><span style=\"font-family: &quot;droid sans&quot;; color: rgb(9, 20, 51); background-color: initial; letter-spacing: 0px;\">​</span><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-480,"top":4719},"size":{"width":959,"height":50}}},{"type":"image","id":"id1598442271643","elementProperties":{"tagName":"DIV","behaviours":null,"isLocked":false,"name":"Image 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">The chart takes a position on a key question: Rebalancing compared to what?&nbsp; It would be unfair to compare rebalancing to doing nothing because, over time, the higher returns of stocks would increasingly bias the portfolio with uncontrolled drift toward stock investments.&nbsp; Therefore, the chart compares income placement alone vs. income placement plus rebalancing.&nbsp; Notice&nbsp;that all the lines in the chart are below 0%.&nbsp; Rebalancing had no incremental value.&nbsp; On the contrary, it penalized returns by a small amount at quarterly and annual rebalancing, and by large amounts at monthly rebalancing.&nbsp; The same pattern held up across all portfolios in the study.<br><br>To be fair, income placement creates a modest bias toward stocks, as remarked earlier, thereby giving a slight boost to long-term returns.&nbsp; Thus, a fair reading of the results in the chart is that calendar rebalancing, when done every quarter or year regardless of portfolio drift, is essentially neutral, not slightly negative.&nbsp; It is most certainly harmful, however, if done monthly.</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">An important implication is that if your investment firm or financial advisor does quarterly or annual rebalancing, you should not have to pay for it, because you are getting no incremental return.&nbsp; At best, you might pay them no more than 0.3% for income placement, without rebalancing.&nbsp; The potential long-term benefit of about 0.4% annually for income placement alone, on a 50-50 portfolio as&nbsp;mentioned earlier, would justify the limited fees.</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><font color=\"#091433\" face=\"droid sans\">Furthermore, beware of implicit fees.&nbsp; At this writing (2020), if your stock or bond funds have fees greater than 0.15% on U.S. investments and 0.35% on foreign ones, you are already paying your firm or advisor indirectly for their services.&nbsp; As a rule of thumb, you should be able to cap the total of your fund-fees plus your firm's or advisor's service-fees at 0.4% or less.</font></div><div><font color=\"#091433\" face=\"droid sans\">​</font><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-479,"top":5128},"size":{"width":959,"height":317}}},{"type":"freeText","id":"id1598444398449","elementProperties":{"tagName":"DIV","behaviours":null,"isLocked":false,"name":"Text 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">A trigger is an event that causes rebalancing to occur.&nbsp; There are three varieties:</span></span><br><br><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Calendar triggers</strong>&nbsp;occur on a schedule, typically once every month, quarter, or year.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Percent triggers</strong>&nbsp;activate whenever drift exceeds a threshold, such as 3%, 5% or 10%.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Compound triggers</strong>&nbsp;combine the other two.&nbsp; For example,&nbsp;a quarterly 3% trigger rebalances every three months, but only&nbsp;if the drift exceeds 3%.</span></span></li></ul><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">​<br>To test various triggers, the research reported below looked at several portfolios and time periods, using multiple targets for the percentages allocated to stocks and bonds.&nbsp; Here are&nbsp;the spoilers, if you prefer&nbsp;to skip the details.&nbsp; Within the wide range of years and portfolios in the study ...</span></span><br><br><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Calendar triggers had&nbsp;little value when they ignored drift.&nbsp; If done monthly or quarterly, they were worse than income placement.&nbsp; If done once a year, however, they might have&nbsp;been useful to keep&nbsp;lazy investors' portfolios from going rogue.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Percent triggers set at drifts of 3% to 5% generated returns that averaged 1% to&nbsp;2% more per year than income placement, if monitored weekly or monthly,** on portfolios with 50% to 80% in stocks.&nbsp; However, hyperactive percent triggers set at drifts of 1%, monitored weekly, had the opposite effect, reducing the portfolios'&nbsp;returns.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Among all compound triggers, the most robust combination was a&nbsp;quarterly schedule, at a drift of 3%. *</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div></div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span>","verticalAlignment":"top"},"metaData":{"position":{"left":-479,"top":3885},"size":{"width":959,"height":267}}},{"type":"freeText","id":"id1598458658455","elementProperties":{"tagName":"H3","behaviours":null,"isLocked":false,"name":"Text 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case, 5% was the best threshold.<br><br>There's an important irony here.&nbsp; Percent triggers work best if checked frequently, even if action is taken rarely.**</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-480,"top":5883},"size":{"width":960,"height":217}}},{"type":"freeText","id":"id1598459353222","elementProperties":{"tagName":"H3","behaviours":null,"isLocked":false,"name":"Text 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">If checking your portfolio weekly seems onerous, perhaps a compound trigger would be more attractive.&nbsp; It would check for drift less frequently while invoking a threshold percentage to decide whether to rebalance.&nbsp; To investigate what might work best, the study examined 450 scenarios.&nbsp; The five portfolios were combined with five target levels for stocks, across triggers of 1%, 2,%, 3%, 4%, 5% and 10%, for monthly, quarterly, and annual rebalancing ( 5 * 5 * 6 * 3 = 450).&nbsp;<br><br>As illustrated in the next chart, the best combination was a quarterly 3% trigger, provided that the target for stocks was 40% or more.&nbsp; At targets under 40% in stocks, or at monthly or yearly rebalancing, or at triggers other than 3%, the benefit tended to be smaller, negligible, or inconsistent.*</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid 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in any week when the drift exceeded 3%, had bigger benefits.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">The benefit was negligible for portfolios invested 20% in stocks, but grew as the allocation to stocks increased.</span></span><br></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">&nbsp;</span></span></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">When saving for retirement, stock-allocations of 50% to 80% would be the norm.&nbsp; At these target levels, both methods of rebalancing would have been very favorable for retirement savers.&nbsp; An important implication is that&nbsp;<em><strong>rebalancing with a percent trigger would be better for retirement savings than typical target-date funds</strong></em>.&nbsp; Target-date funds use their cash flows to do income placement alone, the benchmark method that the chart shows to be inferior to the 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">The chart above shows the results:</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">On average, both methods of rebalancing improved returns over income placement alone.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">A compound trigger, which rebalanced only if the drift was 3% or more at the end of a quarter, had limited benefits. In this case, rebalancing was not worth the extra effort.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">A simple trigger, which checked weekly and rebalanced if the drift exceeded 3%, had much bigger benefits.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">The benefit was smallest for portfolios invested 20% in stocks, but grew as the allocation to stocks increased. Note that when taking withdrawals during retirement, stock-allocations under 60% might be the norm.</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">The bottom line is that <em><strong>for retirement spenders, yes, rebalancing with a&nbsp;percent trigger is worth considering, but you must monitor drift more frequently than every quarter.&nbsp; </strong></em>It can be daunting, however, to juggle the mechanics of withdrawing and rebalancing, while being cognizant of tax consequences.&nbsp; For many retirees, having a firm do the rebalancing with automated software may be prudent (see the section above on Best Options).&nbsp; Another factor to consider is the size of your portfolio.&nbsp; If it is large and you expect to leave much of it to your heirs or charity, automated rebalancing could be an attractive strategy for the portion that you plan not to spend.&nbsp; On a smaller portfolio that you expect to deplete, a simpler strategy of quarterly withdrawals and rare rebalancing may suffice, provided that you do it yourself or pay very limited fees to a fiduciary.</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">​</span></span><br></div></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-479,"top":8596},"size":{"width":959,"height":283}}},{"type":"freeText","id":"id1598610148872","elementProperties":{"tagName":"H1","behaviours":null,"isLocked":false,"name":"Text 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Rebalancing is never free.&nbsp; You pay for it with your own effort, or you pay fees, perhaps implicitly or indirectly, to your investment firm or advisor.&nbsp; The trick is to pick a method of rebalancing that is likely, in the long run, to return more in financial gains than it costs in advisory fees.&nbsp; To achieve that goal, one has to examine two questions.</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">First, <strong>what are the lowest prices that a smart shopper for rebalancing could find?</strong>&nbsp; For the firms identified above in the Best Options section, here are the relevant facts&nbsp;as of 2020:</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Income placement, by itself, can be bought for next to nothing, as little as 0.04% or 40 cents per year for every $1000 invested. That is the incremental cost of investing in a&nbsp;balanced-index, life-strategy, or target-date fund at Vanguard, compared to investing in Vanuard's equivalent index-funds separately.</span></span><br></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">The combination of income placement plus automated rebalancing costs 0.15% to 0.30%, or $1.50 to $3.00 annually per $1000 invested.&nbsp; That is the range of fees at the firms currently listed as the Best Options.&nbsp; They sometimes bundle other features into their products, such as tax-loss harvesting or automated transactions with a banking account.&nbsp; You have to read the details of the product to understand what you may be buying, in addition to income placement and rebalancing.</span></span><br></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">​</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">Second, <strong>what method of rebalancing is optimal for your portfolio?&nbsp;</strong> As revealed&nbsp;by the historical data and charts presented above, the answer depends heavily&nbsp;on a factor that may not be obvious: the percentage you have invested in stocks.&nbsp; The table below summarizes, qualitatively, the sometimes intricate ways in which the value of rebalancing depends&nbsp;on both your method&nbsp;and your stock-allocation.&nbsp; In the table, \"all-in-one fund\" refers to the default choice of investing entirely in a balanced-index or traget-date fund.</span></span><br></div><div><span style=\"font-family: &quot;droid sans&quot;; color: rgb(9, 20, 51); background-color: initial; letter-spacing: 0px;\">​</span></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-480,"top":8922},"size":{"width":959,"height":333}}},{"type":"ExternalAppembed_html_app1","id":"id1598700404627","elementProperties":{"tagName":"DIV","behaviours":null,"isLocked":false,"name":"Embed Html 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rel=\"stylesheet\" type=\"text/css\" href=\"//fonts.googleapis.com/css?family=Droid+Sans\" />\n<link rel=\"stylesheet\" type=\"text/css\" href=\"//fonts.googleapis.com/css?family=Questrial\" />\n<link rel=\"stylesheet\" type=\"text/css\" href=\"//fonts.googleapis.com/css?family=Arial\" />\n</head>\n\n<style>\n\nbody {\n  font-family: 'Droid Sans', 'Arial', 'Questrial', sans-serif;\n}\n\n#ls-rebal-table{\n  width: 100%;\n}\n\n#ls-rebal-table, #ls-rebal-thead tr{\n  border: 2px solid #091433;\n  border-collapse: collapse;\n}\n  \n#ls-rebal-table th, #ls-rebal-table td{\n  padding: 10px;\n}\n  \n#ls-rebal-tbody tr:nth-child(odd) {\n  background-color: #eef1fc;\n}\n\n</style>\n\n<body>\n\n<div id=\"ls-rebal-data\" style=\"font-family: 'Droid Sans';\">\n    <div id=\"ls-rebal-table-container\" style=\"margin-top: 10px; margin-bottom: 10px;\">\n        <table id=\"ls-rebal-table\">\n            <thead id=\"ls-rebal-thead\">\n                <tr>                \n                    <th style=\"text-align: left;   width:15%;\">Percent in Stocks</th>\n                    <th style=\"text-align: center; width:30%;\">Do It Yourself</th>\n                    <th style=\"text-align: center; width:30%;\">Automated Advisor</th>\n                    <th style=\"text-align: center; width:25%;\">All-in-One Fund</th>\n                </tr>\n            </thead>\n            <tbody id=\"ls-rebal-tbody\">\n                <tr>\n                    <td>35% or less</td>\n                    <td><ol>\n                        <li>Weekly or Monthly at 3% to 5% Drift: Small gain\n                        <li>Quarterly at 3% to 5% Drift: Little or no net gain\n                    </ol></td>\n                    <td><ol>\n                        <li>Weekly or Monthly at 3% to 5% Drift: Little or no net gain\n                        <li>Quarterly at 3% to 5% Drift: Possible net loss\n                    </ol></td>\n                    <td style=\"text-align: center;\">\n                        Little or no net gain\n                    </td>\n                </tr>\n                <tr>\n                    <td>40% to 55%</td>\n                    <td><ol>\n                        <li>Weekly or Monthly at 3% to 5% Drift: Good gain\n                        <li>Quarterly at 3% to 5% Drift: Small gain\n                    </ol></td>\n                    <td><ol>\n                        <li>Weekly or Monthly at 3% to 5% Drift: Modest gain\n                        <li>Quarterly at 3% to 5% Drift: Limited gain\n                    </ol></td>\n                    <td style=\"text-align: center;\">\n                        Little or no net gain\n                    </td>\n                </tr>\n                <tr>\n                    <td>60% to 80%</td>\n                    <td><ol>\n                        <li>Weekly or Monthly at 3% to 5% Drift: Excellent gain\n                        <li>Quarterly at 3% to 5% Drift: Modest gain\n                    </ol></td>\n                    <td><ol>\n                        <li>Weekly or Monthly at 3% to 5% Drift: Good gain\n                        <li>Quarterly at 3% to 5% Drift: Small gain\n                    </ol></td>\n                    <td style=\"text-align: center;\">\n                        Little or no net gain\n                    </td>\n                </tr>\n            </tbody>\n        </table>\n    </div>\n</div>\n\n</body>\n\n</body>","embed_html_app1headerHtml":""},"metaData":{"position":{"left":-480,"top":9251},"size":{"width":960,"height":461}}},{"type":"freeText","id":"id1598706098408","elementProperties":{"tagName":"DIV","behaviours":null,"isLocked":false,"name":"Text 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">The table synthesizes all the historical charts and estimated fees&nbsp;in a manner that allows you to compare options.&nbsp; For example, at 35% or less in stocks, the default option of investing in an all-in-one fund is likely to match or exceed three of the other four options.&nbsp; But at 60% to 80% in stocks, every option for rebalancing would likely perform better than an all-in-one fund.&nbsp; These qualitative findings derive from the following quantitative estimates:</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>35% or less&nbsp;in stocks </strong>-<strong></strong>&nbsp;Every method of rebalancing is likely to have limited benefits in the range of 0.2% to 0.5% (see the charts in the sections on Triggers and Cash Flows).&nbsp; Income placement alone might do almost as well, although your low allocation to stocks might yield less than the 0.4% historically earned by a portfolio with 50% in stocks (see the section on Income Placement).&nbsp; The important point is that all the likely outcomes are rather close to the fees of 0.15% to 0.30%&nbsp;charged by good firms (see the section on Best Options). &nbsp;The&nbsp;net result is that rebalancing done by a good firm could&nbsp;generate either no gain or a very modest one.&nbsp; If you manage&nbsp;your own portfolio, avoiding the fees, your gains would still be modest but probably not zero. The&nbsp;decision boils down to whether the limited gains from doing the work yourself outweigh&nbsp;the effort and discipline you would have to exert.</span></span><br></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">​<strong>40% to 55% in stocks </strong>-<strong>&nbsp;</strong>Some of the options for rebalancing are clearly favorable, but not all of them.&nbsp; Put simply, a cost-benefit analysis finds value in&nbsp;quarterly, monthly or weekly rebalancing done by you with a percent trigger, and in fully automated rebalancing that you buy from a good firm, but not in quarterly strategies that you pay others to do on your behalf.&nbsp; Looking back at the charts, scenarios that used weekly monitoring and a 3% to 5% trigger generally returned 0.5% to 1.0% in the long-run, which is well above the fees of the best firms.&nbsp; Of course, your net results are better if you do your own rebalancing, but even if you pay a good firm, you are likely to come out ahead.&nbsp; In contrast, a quarterly 3% method might return only slightly more than the fees, if stocks are 40% to 55% of your portfolio, making the decision much like the one for&nbsp;accounts under 40%.&nbsp; Do it yourself to keep the full benefit, or hire someone else to do it and expect the financial reward&nbsp;to be small.</span></span><br></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span></div><ul><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>60% to 80% in stocks</strong>&nbsp;- Rebalancing pays off in the long run, with every method that uses a percent trigger.&nbsp; At the top end, you might be able to get a gain of 2% per year, over time, if you set a trigger of 3% to 5% and monitor&nbsp;your portfolio's drift weekly.&nbsp; Even after subtracting an advisory fee from one of the best firms, you would have a long-run return that anyone would appreciate.&nbsp; On the low end, if you pay&nbsp;a good firm to do quarterly rebalancing, and they do&nbsp;so only when the portfolio drifts&nbsp;more than 3%, you could see&nbsp;net increments of 0.2% to 0.4% on accounts with 60% to 80% in stocks.<br></span></span></li><li><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"><strong>Above 80% in stocks</strong>&nbsp;- At this level, there is little to say. Why?&nbsp; Because rebalancing works only if you have something to rebalance.&nbsp; Although not presented here in any detail, an exploratory analysis of the historical data indicated that the benefits of rebalancing decayed when the percentage in stocks was very high.&nbsp; Admittedly, 80% may not be exactly the point of diminishing returns.&nbsp; But it is close.​​</span></span></li></ul><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-479,"top":9717},"size":{"width":959,"height":454}}},{"type":"line","id":"id1599247786286","elementProperties":{"tagName":"DIV","behaviours":null,"isLocked":false,"name":"Line 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class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">*&nbsp; The research department at </span></span><span style=\"font-family:droid sans;\"><u><a href=\"https://vanguard.com\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;https://vanguard.com&quot;,&quot;title&quot;:&quot;https://vanguard.com&quot;}\" class=\"wz-link\">Vanguard</a></u></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"> also studied compound triggers, looking at monthly, quarterly and annual rebalancing conditioned on hitting a threshold of 1%, 5% or 10% drift from a target allocation.&nbsp; They used a single portfolio invested 60% in U.S. stocks and 40% in U.S. bonds.&nbsp; Their analysis led them to </span></span><span style=\"font-family:droid sans;\"><u><a href=\"http://www.vanguard.com/pdf/icrpr.pdf\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;http://www.vanguard.com/pdf/icrpr.pdf&quot;,&quot;title&quot;:&quot;http://www.vanguard.com/pdf/icrpr.pdf&quot;}\" class=\"wz-link\">recommend quarterly rebalancing with a 5% threshold</a></u></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"> as a good strategy for most investors.</span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">**&nbsp;Gobind Daryanani reported a </span></span><span style=\"font-family:droid sans;\"><u><a href=\"http://www.tdainstitutional.com/pdf/Opportunistic_Rebalancing_JFP2007_Daryanani.pdf\" data-attached-link=\"{&quot;type&quot;:&quot;Web&quot;,&quot;url&quot;:&quot;http://www.tdainstitutional.com/pdf/Opportunistic_Rebalancing_JFP2007_Daryanani.pdf&quot;,&quot;title&quot;:&quot;http://www.tdainstitutional.com/pdf/Opportunistic_Rebalancing_JFP2007_Daryanani.pdf&quot;}\" class=\"wz-link\">systematic study in 2008</a></u></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\">, where he evaluated daily, weekly, and longer periods of checking a variety of percent triggers. He, too, found that returns improved with more frequent monitoring of drift.</span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span>​<br></div><div><span class=\"theme-text-color-0-4\"><span style=\"font-family:droid sans;\"></span></span><br></div>","verticalAlignment":"top"},"metaData":{"position":{"left":-479,"top":10191},"size":{"width":959,"height":141}}}]},{"type":"SectionElement","id":"id1599249336339","elementProperties":{"tagName":"SECTION","behaviours":null,"isLocked":false,"name":"Section 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