N.B.: A QUICK REVIEW OF THE POWER OF COMPOUNDING

Of course, we all understand this concept, but sometimes there is nothing quite like a look at actual figures to drive the point
home. If we assume two identical Investment Accounts, each with a starting value of 100, each returning an identical (and
conservative, long-term) return of 8% per annum, with one Account being charged .5% (FSBW's Fee) and the other charged at 2%, a
high, but not uncommon 'wrap fee' charged by the larger Firms, the Account values over twenty years appear thusly:

                                      FSBW (w/ 0.5% fee)    TARP Firm (w/ 2% Fee)

    START VALUE               100                                    100        

                    AFTER 20 YEARS           424.79                              320.71                    

*Recall that each account was based upon identical assumptions, EXCEPT FOR THE FEE CHARGED.

Now, if we run the same time period and fees, but change the return to reflect the Compound Annual Growth Rate of our Lowest-Risk Portfolio of 8.99%, the numbers appear as:

START VALUE TARP FIRM           100                                          START VALUE   FSBW                 100

END YEAR 10  TARP FIRM           196                                          END YEAR 10    FSBW                 226                

END YEAR 20  TARP FIRM           386                                          END YEAR 20    FSBW                 510                

If your portfolio returns 10.72% per annum (as our High-Risk Portfolio has done historically), One Hundred Dollars grows to $700 over 20 years with FSB, but only $532 with your 2% Advisor.  (A stunning 24 % LESS in your account and in the broker and firm’s coffers!)

You can't argue with math.  I've tried;  Math just gives you a really haughty look and turns away.

* For more information on "Compound Annual Growth Rate", our portfolios and S&P 500 statistics over various time frames, please see: http://fsbwinchester.blogspot.com/.