PLATTSBURGH Yoga will soon find its way to the center of the Plattsburgh community.

On Saturday, Aug. 12, a full day of yoga classes will be held in Trinity Park as part of Trinity Yoga Studio's first ever North Country Yoga Fair.

The goal is to put the activity in the public eye with a downtown event that also promotes mindfulness, health and wellness, explained Trinity Yoga owner Lynda Garrand.

"There's so many people out there, I think, that want to try yoga but that are a little intimidated," she said.

"And so maybe having it right in the middle of the city will make people a little less intimidated to give it a try."

FIT WITH MARKETS

The idea for the fair was born among Garrand and a group of yoga-teacher trainees who completed their training in February.

One of the assignments was to create a yoga event of some sort, and so this is what it sort of evolved into, she said.

Many cities, such as Burlington, host yoga conferences,Garrand noted, but the group thought a downtown fair that coincides with the PlattsburghFarmers and Crafters Market and Downtown Rising would be especially fun.

GOOD FOR BEGINNERS

The event will feature four classes in Trinity Park and four classes at Trinity Yoga Studio. The sessions are appropriate for all experience levels but recommended for ages 13 and up.

"We would encourage anybody who's interested to come," Garrand said. "You don't have to have any yoga experience."

The fair's instructors are well-versed in teaching to large, mixed groups, she noted.

Tickets can be purchased for $65 per person, and attendees are welcome to participate in as many or few classes as they wish.

"The idea is you buy a ticket, and you come all day to whatever you want,"Garrand said.

FREE FOR KIDS

Children age 5 and up are invited to join their parents for the fair's Family Yoga class at the studio.

"If somebody comes to the event, and they have kids, and they want to maybe give their kids a shot at yoga, they can bring them," Garrand said.

"So we tried to shape it so that there's a little bit of something for everybody.

Children need not purchase a ticket to participate in the Family Yoga session.

WEATHER PROOF

The classes in the park will take place under a tent, Garrand noted, "so even if we get a shower, it will be fine with the tent."

"And there'll be porta-potties and water and shade and fans," added Trinity Yoga instructor Kimberly LeClaire.

Should the weather be severe, Garrand said, the park classes will be moved toTrinity Episcopal Church at 18 Trinity Place.

"So it's going to happen one way or another," she said.

The fair will also feature a lunchtime lecture in the park byLuis Sierra ofAdirondack Yoga.

"People can bring their own lunch, or we're hopeful they'll wander to the Farmers Market, the (North Country)Food Co-opor one of the local businesses," Garrand said.

Gentle, easy classes will follow the lecture, and the day will finish out with live music and a gong bath in Trinity Park.

"It's been really well received," Garrand said of the event concept.

"I know the city's excited about it, and the downtown businesses have been extremely supportive, and so hopefully we have a really good, awesome turnout."

She hopes to make the fair an annual event.

"Hopefully in future years, we'll be able to integrate more of the other yoga studios in larger ways,"Garrand said.

Email Ashleigh Livingston:

alivingston@pressrepublican.com

Twitter: @AshJLivingston

YOGA FAIR SCHEDULE

The North Country Yoga Fair is planned for Saturday, Aug.12. Here's the schedule:

Trinity Park events:

9:30 to 10:45 a.m.:Vinyasa flow yoga with Melissa Light.

11:15 a.m. to 12:30 p.m.:Kundalini yoga with Lynda Garrand, Mike Warren.

1 to 2 p.m.:Lunchtime lecture with Luis Sierra.

2:30 to 3:45 p.m.:Hathalini with Lynda Garrand, Kimberly LeClaire.

4:15 to 5:30 p.m.:Restorative yoga with Melissa Light.

6 to 8 p.m. :Live music and gong bath.

Trinity Yoga Studio events:

7 to 9 a.m.:Morning sadhana with Maureen Marcellus, Donna Wilson Gadue.

10 to 11:30 a.m.:Acro-yoga with Kimberly LeClaire.

2 to 3:30 p.m.:Chair yoga with Chris DeAmicis.

4 to 5:30 p.m.:Family yoga with Ana Goia.

Descriptions of each class and additional information about the fair can be found attrinity3yoga.com/pages/north-country-yoga-conference.

TICKETS

Tickets to the North Country Yoga Fair can be purchased attrinity3yoga.com and on the free Trinity Yoga app, available on Google Play and iTunes.

People may also obtain tickets at the studio, located at 22A Oak St., during regularly scheduled classes.

If still available the day of the event, tickets can be purchased then as well.

Read this article:
Yoga Fair planned for Trinity Park - Plattsburgh Press Republican

When a practice alleviates symptoms of distress in your life, youre likely to believe it has therapeutic powers. Anecdotal evidence might not be data, but for individuals suffering from depression, anything uplifting should be considered beneficialtaking side effects into consideration, of course.

Treating depression with a pill might help a person sustain and even thrive in an environment they perceive as negative. If the positive benefits outweigh long-term side effects then its a valuable course of action.

Then theres movement, which in general has less room for damaging side effects. Cardiovascular exercise has numerous benefits on both physical and mental health. This we know. Then there are slower movements, such as Feldenkrais, myofascial release techniques, and yoga.

The latter is particularly close to me, given that Ive taught it for fourteen years and have practiced it for twenty. It has certainly helped me deal with a range of problems, including anxiety disorder, divorce, cancer, and general feelings of dis-ease. I dont believe Ive ever left a class feeling worse than when I entered. Usually I feel better, existential crisis or not.

Yet Ive remained skeptical of many health benefits assigned to yoga over the decades given how rampant pseudoscience is in that community. A temporary balm is not always a solution. That said, the more research conducted on treating depression with yoga, the more positive the results have been, as is the case with recent studies presented at the 125th Annual Convention of the American Psychological Association.

Lindsey Hopkins, a doctor at the San Francisco Veterans Affairs Medical Center, conducted a study on twenty-three male veterans, a particularly vulnerable group for mental health problems. Each veteran practiced hatha yoga (nearly all asana (postural) classes are based on hatha yoga) twice a week for eight weeks. Their self-reported satisfaction score at the end of the study was 9.4 (from 1 to 10), which measured how much their depression had lessened during that time.

Bikram yoga is an offshoot of hatha yoga performed in a heated room. While I have particular reservations about this style both in terms of excessive heat and some of the twenty-six poses performed in this sequence, I also understand how good you can feel emerging from a ninety-minute sauna session. (I also got strep throat after practicing in one such bacterial breeding ground earlier in my career.)

Researchers at San Franciscos Alliant University chose fifty-two women between the ages of 24-45 to either take Bikram twice a week for eight weeks or to wait in a control group (they were wait-listed). Self-reported depression scores decreased significantly in the group that practiced yoga.

Another group from Massachusetts General Hospital discovered that the same course of Bikram yoga significantly reduced symptoms of depression and improved other secondary measures including quality of life, optimism, and cognitive and physical functioning.

Bikram yoga founder, Bikram Choudhury, is currently running from the law after an arrest warrant was issued due to charges of sexual assault. He was fined $6.8 million, of which he has paid exactly zero dollars. Incredibly, hes currently running teacher trainings out of an Acapulco hotel, charging between $12,500-$16,600 per student (average trainings in the US are $2,500). So while the effects of Bikram might alleviate depression, its also good to know where your money is going.

Fortunately thats not the only style showing positive results. Nine weekly yoga sessions, each lasting 2.5 hours, were conducted on twelve students in the Netherlands with similar results as the above, with scores for anxiety, depression, and stress all decreasing during the trial as well as four months later.

Finally, a study of 74 university students suffering from mild depression either practiced yoga or another relaxation technique for eight days. During the study both techniques scored similarly in helping depression, but a follow-up two months later showed that the yoga group had significantly lower rates of depression and anxiety.

Physiologically anxiety and depression are similar; the two often go hand-in-hand. For many it is a chicken-or-egg scenario. For me, anxiety disorder sometimes made me depressed, but in general it was panic attacks I suffered through. For others, being constantly depressed brings about a state of anxiety. That yoga alleviates both should not be surprising; it makes sense theyd be studied together.

Lindsey Hopkins takes the results of her study with a grain of salt. While yoga certainly helps alleviate mental health issues, shes not sure if its the only therapy necessary for dealing with long-term depression.

Yoga has become increasingly popular in the West, and many new yoga practitioners cite stress-reduction and other mental health concerns as their primary reason for practicing. But the empirical research on yoga lags behind its popularity as a first-line approach to mental health.

That said, whether used as a remedy or as a complement to other remedies, yoga is certainly helping, and thats a good sign for all of us.

--

Derek is the author ofWhole Motion: Training Your Brain and Body For Optimal Health. Based in Los Angeles he is working on a new book about spiritual consumerism. Stay in touch onFacebookandTwitter.

Go here to read the rest:
New Research Shows Yoga Helps Alleviate Depression - Big Think

By Kyle S. Reyes | August 8, 2017, 11:46 EDT

Printed from: http://newbostonpost.com/2017/08/08/town-attacks-small-business-over-goat-yoga/

Just when I thought things couldnt get more insane than goat yoga someone said hold my beer. Check this out.

In business, sometimes you need to take a good hard look at whether or not your staff is busy enough for you to justify their salaries.

Its something the town of Manchester, Connecticut needs to do as the general manager has apparently found himself so bored that hes going after goats and yoga instructors.

You read that right.

Scott Shanley, who according to the Hartford Courant in 2014 made $166,533 (a number that has surely increased since then) has decided a priority this month is attacking small businesses that are helping bring stress relief to people.

Hes going after Aussakita Acres Farm, which has been offering goat yoga with a local yoga instructor for about three months. He sent the farm owner a cease-and-desist letter saying the farm is in violation of Board of Zoning regulations.

He says the farm is not zoned properly for health and recreation use. The letter states that goat yoga is not considered a farm activity because it doesnt have anything to do with farming or agritourism.

Right. Goats have nothing to do with agritourism. Just like jackasses have nothing to do with local politics.

The owner of the farm pointed out that the town doesnt even define what farming or agriculture is and says the farm cant be in violation of a policy that doesnt even really exist. She also pointed out that a zoning officer came onto her property and inspected it without permission something shes less than thrilled about.

Shanley tells the local media that if the farm wants to continue goat yoga, the owner will have to fill out an appeals form and attend a hearing.

Its worth noting that youd think thered be bigger priorities in politics. Business owners and residents have left the town because of the overwhelming stench of the landfill, for example. But why would THAT be a priority when you can focus on more important things like goats?

Why would we want to do something ridiculous like encouraging entrepreneurship or small business development? After all, the state of Connecticut is facing a $5 billion deficit and so anything we can do to drive business and agriculture OUT is a good move, right?

Perhaps the next hearing Manchester should have is whether the town should be spending more than 200 grand a year (after adding up salary and benefits) on an employee more concerned with driving people OUT then bringing business IN.

Or maybe Shanley just needs to do a little goat yoga.

Kyle S. Reyes is co-host of The Whiskey Patriots and the Chief Executive Officer ofThe Silent Partner Marketing. Reyes is also anacclaimed keynote speakeron entrepreneurship, leadership, marketing and social media. You canfollowhimonFacebook.

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Read more from the original source:
Town Attacks Small Business Over Goat Yoga - NewBostonPost (blog)

Yoga instructor Maria Odugba is challenging stereotypes aboutasap.yogi/Instagram The INSIDER Summary:

When Maria Odugba recognized a lack of body diversity in yoga on social media, she set out to change that by starting her own account full of inspiring selfies and yoga poses.

The 23-year-old yoga instructor from Florida also started her own blog, highlighting her personal weight loss and yoga journey.

Odugba started practicing yoga in 2014 and now has over 74,000 followers on Instagram, but she wasn't always so confident about getting into the field.

"When I first thought about doing yoga, my first thought on how people were was that everyone was skinny," she told the Daily Mail. "I was worried that I wasn't going to fit in with the stereotype of a yoga person. And then I slowly started to realize, and do my research, that there are a lot of other people out there that aren't skinny who do yoga and are very good at it."

And Odugba is very good at it.

It has taken her time to get to this point, though, and her posts aren't all perfect. Unlike many people on social media, Odugba keeps it real.

She often posts about her struggles with Polycystic Ovarian Syndrome (PCOS), which she was diagnosed with at 13, and hyperthyroidism. Both of these can cause weight gain, which is what happened when Odugba went from high school to college and gained between 100 and 150 pounds.

Now, she's dropped from 410 pounds to 290 pounds and has found the practice has been good for her mental health.

"I kind of sprouted out of my little cocoon and I became able to walk around with my chest held high, because for a long time I just wanted to not be seen, I wanted to wear bigger clothes and hide," she told the Daily Mail. "So overall it has made me happy."

Odugba wants others to be inspired by her transformation as well.

"I just wish more people knew that it is possible, plus-size people can get out there and make their lives healthier," she said. "I do believe that everybody should be healthy, that doesn't mean you have to be skinny."

Her followers certainly seem to be motivated.

Odugba's latest post, in which she explains how her life has changed since finding yoga, currently has over 1,000 likes and tons of positive comments calling her an "inspiration."

"Very inspired by your grit and how you stick to what is important to you," one user wrote in the comments.

"Thanks for being so honest about your life and struggles," another commenter wrote. "It is super refreshing and encouraging for gals like me starting the same journey."

"You have motivated me to pick up yoga and get my body back," someone else commented.

Odugba's photos are a reminder that health, self-care, and yoga are for everybody, no matter your weight or size.

Read the rest here:
This 'plus-size' yoga instructor proves that yoga isn't just for 'skinny' people - INSIDER

in ho chi minh city, a local architecture practicehas fitted-out the interior of a yoga studio located on the top floor of a four-storey townhouse. completed by 69.a StudiO a firm led by nguyen xuan truong and ngo quang hau the design features curved yin-yang tiles, a readily available resource commonly used in traditional vietnamese architecture. the project was completed on a budget of just under 100 million VND ($4,500 USD).

all images courtesy of 69.a StudiO

the yoga studio, which has been designed to evoke a sense of comfortable domesticity, provides room for up to eight people. the space was conceived as a terracotta-clad attic with smooth, curved forms filling the entirety of the interior. as a local material, the tiles have numerous advantages such as sound insulation, warm colors, rustic style, lightweight profile, and are always available at an affordable price, explains 69.a StudiO.

the yoga studio is located in ho chi minh city, vietnam

a mirrored wall reflects the terracotta tiles, helping establish a greater sense of space within the compact studio. meanwhile, natural ventilation eliminates the need for air conditioning. for us, expressing the spirit of the brand was the key factor for the project, says the design team. we created our new space in a new way: the combination between a familiar traditional feeling and the unique brand identity.

the scheme is found on the top floor of a four-storey townhouse

the design features curved yin-yang tiles

the tiles are commonly used in traditional vietnamese architecture

the space was conceived as a terracotta-clad attic

a mirrored wall reflects the tiles, helping establish a greater sense of space

project info:

name: an yogaarchitect: 69.a StudiOdesign team: nguyen xuan truong, ngo quang hauclient: an yogalocation: hoa su street, ward 7, phu nhuan district, ho chi minh city, vietnamcompleted: march 2017

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philip stevens I designboom

aug 08, 2017

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69.a StudiO clads yoga studio interior in vietnam with curved yin-yang tiles - Designboom

Article date: Aug 8 2017

A Grand Junction yoga studio has a new name and will soon have larger quarters.

What was Yoga: Vinyassa is moving to a larger space in Unit A of the Redlands Marketplace at 2500 Broadway. The name of the studio has changed to yoga V. An opening is set for September. For more information, visit http://www.yogavstudio.com.

This has been a dream in the works for years. But as a mother to three young children, the timing had to be right, said Tessa Canterbury, owner of yoga V. The yoga V team is thrilled to be taking the next step and creating a place for even more people to call their yoga home.

In addition to heated power yoga, workshops and teacher trainings, yoga V will offer in its larger quarters non-heated yoga, gentle yoga and kids yoga. Infrared heat and a new ventilation system will be added, as will a second, non-heated studio and a larger area selling yoga apparel and accessories.

Yoga V offers a variety of memberships and packages. The studio will continue to offer $5 community classes, a $5 rate for Colorado Mesa University students and discounts to seniors and veterans.

Expanding the studio means providing a place for more people to come out of their day-to-day lives, to relieve stress, move their bodies and find a sense of well-being, Canterbury said.

More:
Yoga studio announces new name and larger quarters - Business Times of Western Colorado

INDIANAPOLIS It will be difficult if not impossible for any Indianapolis Colts pass rusher in the foreseeable future to escape Robert Mathis' oversized shadow.

So it seems noteworthy that Jabaal Sheard is actively seeking it out.

One of first-year general manager Chris Ballard's biggest offseason acquisitions, Sheard has spent nearly every free moment at Mathis' side since practice began in the spring.

It's not uncommon to see the franchise's all-time sacks leader donning conical pads on both arms while sparring with Sheard on the sideline. The excercise is designed to improve Sheard's hand quickness one factor that could further amplify the 28-year-old's natural power.

But there's another move Sheard would love to master.

"First, I'm trying to learn that spin from him," the outside linebacker said with a laugh. "That's a whole other ... he's a freak of nature at that."

Sheard might not soon be bending his 6-foot-3, 265-pound frame perpendicular to the turf as he turns the corner in attempt to beat an offensive tackle.

But he is picking up tricks from Indianapolis' most famous volunteer assistant coach.

"Being around a GOAT like that, somebody that's been around the game and who's led the team in sacks, led the league in sacks (is a big help)," Sheard said, using a popular acronym to identify Mathis as one of the greatest of all time. "Any time you get a chance to work with him one on one, you want to."

The Colts are hoping all of those private lessons pay dividends.

Ballard has remodeled the Indianapolis defense into a younger, faster and more athletic unit. But there still are questions about where the primary pass rush will come from.

Sheard had a career-high 8.5 sacks as a rookie with Cleveland in 2011, and he had a combined 13 sacks in a rotational role with New England over the past two seasons.

The seventh-year veteran signed with the Colts in part because of the scheme. He wants to see what he can produce in the rush linebacker role popularized by Mathis in Indianapolis and Terrell Suggs in Baltimore.

Training camp is just a week old, but Colts head coach Chuck Pagano who coached both Mathis and Suggs in this scheme likes what he's seen thus far from Sheard.

"He doesn't say a whole lot," Pagano said of the soft-spoken defender. "He demands (a lot), in his own way, of himself and his teammates. But he's a big, physical guy. He's a good pass rusher. I wouldn't be surprised to see him have double-digit sacks for us this year."

Sheard's size and physicality also should make him a force in the run defense.

And the Pitt product isn't interested in individual numbers.

He was a part of Patriots teams that went to the AFC Championship Game and won the Super Bowl in the past two years, and winning is the only measurement he'll use for success.

If statistical glory comes along with that, all the better.

"I think every defensive end's goal is to get double-digit sacks," Sheard said. "Since I've been in the league, that's been one of my goals. If that helps the team win, hopefully (it will be achieved). But if it doesn't and that's not my job; my job is stopping the run that's what I'm gonna focus on.

"Anything I can do to help the team, that's what I'm here for."

Pagano figures that will be plenty.

He raves about Sheard's length and leverage. And he dreams of setting the big man loose on third down to chase opposing quarterbacks.

"He's hard to block," Pagano said.

If Sheard gets his way, that task eventually will become even more difficult.

He's been watching film of Mathis and former running mate Dwight Freeney since he came into the NFL as a second-round draft pick.

And he's not giving up on discovering the secret to their success.

"That spin move is gonna take a lot to learn," Sheard said. "And I'm gonna keep working at it."

Originally posted here:

Colts' Sheard attempting to put new spin on old tricks - The Herald Bulletin

INDIANAPOLIS It will be difficult if not impossible for any Indianapolis Colts pass rusher in the foreseeable future to escape Robert Mathis oversized shadow.

So it seems noteworthy that Jabaal Sheard is actively seeking it out.

One of first-year general manager Chris Ballards biggest offseason acquisitions, Sheard has spent nearly every free moment at Mathis side since practice began in the spring.

Its not uncommon to see the franchises all-time sacks leader donning conical pads on both arms while sparring with Sheard on the sideline. The excercise is designed to improve Sheards hand quickness one factor that could further amplify the 28-year-olds natural power.

But theres another move Sheard would love to master.

First, Im trying to learn that spin from him, the outside linebacker said with a laugh. Thats a whole other ... hes a freak of nature at that.

Sheard might not soon be bending his 6-foot-3, 265-pound frame perpendicular to the turf as he turns the corner in attempt to beat an offensive tackle.

But he is picking up tricks from Indianapolis most famous volunteer assistant coach.

Being around a GOAT like that, somebody thats been around the game and whos led the team in sacks, led the league in sacks (is a big help), Sheard said, using a popular acronym to identify Mathis as one of the greatest of all time. Any time you get a chance to work with him one on one, you want to.

The Colts are hoping all of those private lessons pay dividends.

Ballard has remodeled the Indianapolis defense into a younger, faster and more athletic unit. But there still are questions about where the primary pass rush will come from.

Sheard had a career-high 8.5 sacks as a rookie with Cleveland in 2011, and he had a combined 13 sacks in a rotational role with New England over the past two seasons.

The seventh-year veteran signed with the Colts in part because of the scheme. He wants to see what he can produce in the rush linebacker role popularized by Mathis in Indianapolis and Terrell Suggs in Baltimore.

Training camp is just a week old, but Colts head coach Chuck Pagano who coached both Mathis and Suggs in this scheme likes what hes seen thus far from Sheard.

He doesnt say a whole lot, Pagano said of the soft-spoken defender. He demands (a lot), in his own way, of himself and his teammates. But hes a big, physical guy. Hes a good pass rusher. I wouldnt be surprised to see him have double-digit sacks for us this year.

Sheards size and physicality also should make him a force in the run defense.

And the Pitt product isnt interested in individual numbers.

He was a part of Patriots teams that went to the AFC Championship Game and won the Super Bowl in the past two years, and winning is the only measurement hell use for success.

If statistical glory comes along with that, all the better.

I think every defensive ends goal is to get double-digit sacks, Sheard said. Since Ive been in the league, thats been one of my goals. If that helps the team win, hopefully (it will be achieved). But if it doesnt and thats not my job; my job is stopping the run thats what Im gonna focus on.

Anything I can do to help the team, thats what Im here for.

Pagano figures that will be plenty.

He raves about Sheards length and leverage. And he dreams of setting the big man loose on third down to chase opposing quarterbacks.

Hes hard to block, Pagano said.

If Sheard gets his way, that task eventually will become even more difficult.

Hes been watching film of Mathis and former running mate Dwight Freeney since he came into the NFL as a second-round draft pick.

And hes not giving up on discovering the secret to their success.

That spin move is gonna take a lot to learn, Sheard said. And Im gonna keep working at it.

See the original post here:

New spin on old tricks - The Rushville Republican

In response to the Department of Labors conflict-of-interest rule aka the fiduciary rule firms in the financial services industry are rolling out two new classes for mutual fund shares: T shares and clean shares.

These new shares are designed to help advisers comply with the requirements of the fiduciary rule which will start being enforced unless something happens in the meanwhile on Jan. 1, 2018. The fiduciary rule requires, among other things, that financial advisers to put their clients best interest ahead of their own compensation when selling investments and products inside a retirement accounts such as an IRA.

Read: The fiduciary rule is about more than adviser pay. Heres why that matters

Read: 6 key points on the fiduciary rule

Read: Morningstar comment letter on COI examination

And that means financial advisers would be hard-pressed to comply with the Labor Departments (DoL) rule given that the earn commission and 12b-1 fees on the load class of shares they often sell to clients for their retirement accounts. Those would include according to the 2017 Investment Company (ICI) Fact Book:

Front-end load shares, which are predominantly Class A shares, and were the traditional way investors compensated financial professionals for assistance;

Back-end load shares, often called Class B shares, where investors pay for services provided by financial professionals through a combination of an annual 12b-1 fee and a contingent deferred sales load (CDSL); and

Level-load shares, which include Class C shares, where investors compensate financial professionals with an annual 12b-1 fee (typically 1%) and a CDSL (also typically 1%) that shareholders pay if they sell their shares within a year of purchase.

Enter T shares and clean shares

T shares (or transactional shares) will help financial advisers maintain their traditional business modelselling mutual funds on commissionwhile complying with new rules, according to a paper published by Morningstar in April. The second new share class, clean shares, could help financial services companies that wish to shift to a level fee model in which advisers compensation only comes from a level charge on a clients assets and not from any varying third-party payments.

And the early evidence is that these new share classes should reduce conflicted advice and likely improve outcomes for investors, according to the Morningstar report.

T shares eliminate some but not all conflicts

T was originally said to stand for transactional, and then later, transitional, and we think there is truth in both those claims, said Paul Ellenbogen, head of global regulatory solutions at Morningstar and co-author of the report, Early Evidence on the Department of Labor Conflict of Interest Rule.

The T share, he said, is designed to replace the A share, which had become the workhorse of retail brokerage, but has two fatal flaws in the post-DOL, or best-interest world: its load structure, and varying revenue sharing arrangements. The load structure, which can vary across funds, fund companies, and investors, creates an incentive for an adviser to choose one fund over another based on their own interest, rather than the best interest of the client, Ellenbogen said. Revenue-sharing arrangements, which are more opaque, put certain fund families ahead of others, again based on the business interests of the provider and not the financial interests of the investor.

The T shares address these two challenges, he said, by levelizing loads (generally, at 2.5%), and otherwise removing inducements to offer one fund versus another. So far, our database shows nearly 1,000 T shares registered, but only about 125 actually operating, that is, holding assets and posting a daily price, said Ellenbogen. From the perspective of a broker-dealer, T shares have some operational advantages. As with A shares, the fees charged to the investor are collected by the fund company. Then, one part the management fee is kept by the asset manager, another part generally the 12b-1 fee is paid to the distributor; and some goes to the transfer agency and the sub-transfer agent. This collection and reallocation of fees is compatible with the business models of most brokerages.

However, T shares still include inducements that make them more attractive to brokers than other investments, said Ellenbogen. Specifically, all of the other fees beyond investment management included in the expense ratio, and paid by the investor, go to pay for some elements of the brokerage business, he said. Hence, funds with these other non-management fees serve the interest of the broker but not necessarily the investor.

To be fair, Ellenbogen and his co-author, Aron Szapiro, director of policy research, noted in their paper that that the move to T shares from A shares may not only reduce what some investors pay directly for advice in the form of commissions, but could also reduce other costs of investing, including fees for asset management and other services.

They estimated a savings of 50 basis points (one-half of 1%) to investors from reduced conflicted advice. Precisely how much T shares will save investors is an open question that we will be able to address more authoritatively after we have some experience with the new regime, they wrote.

Clean designed to eliminate conflicts

Clean shares, which are coming to market slowly, are meant to eliminate conflicts of interest altogether, said Ellenbogen. In our view, a clean share has fees only for investment management, he said. The investors money goes straight to the asset manager; no fees are redistributed to the broker. Of course, there are still fees that an investor has to pay, for administration, operations, distribution, and perhaps financial advice. But with a clean share these expenses are externalized, not part of the expense ratio, but billed separately and paid directly by the investor to the service provider.

Given that, Ellenbogen said clean shares have the advantage of being lowest cost, and being directly comparable to other investment only options, such as ETFs. That said, investors still need to consider the total costs of ownership: transactions, account fees, custodial charges, and the cost of financial advice still fall to the investor, he said. While T shares offer the convenience of all-in-one pricing; clean shares enable clearer disclosure of who pays how much to whom for what.

Advice worth more than the cost of the advice?

To be sure, its worth discussing the fees and commissions that come with T and clean shares. But its just, if not more important, to consider the quality of the financial advice retirement account owners receive.

The implementation of the fiduciary rule should focus on what kind of advice individuals will receive and whether it is reasonably priced, Ellenbogen and Szapiro wrote. We do not believe that fees are inherently problematic, as long as investors get advice that is worth more than the cost of the advice.

In fact, Morningstar research into the value of high-quality financial advice finds that it can improve a retirement savers financial well-being by as much as the equivalent of a 23% increase in lifetime income.

To the extent that the shift to T or clean share classes enhances fee transparency for investors by making it clear what they are paying for advice, it should encourage financial advisers to provide high-quality advice to remain competitive, Ellenbogen and Szapiro wrote. Shifting to a T share structure could potentially align advisers incentives with investors interests, particularly compared to the uneven and opaque fee structure we observe with A share classes.

In the long term, however, they wrote that clean share classes represent the best way to enhance transparency, which is why countries such as the United Kingdom and Australia have moved toward a clean share model.

Although T shares are a step in the right direction, the authors noted that the loads could induce advisers to rebalance unnecessarily. Further, they wrote that T shares impede advisers from trying innovative ways to charge for advice. Using a clean share model, advisers can align the level of advice they provide to their fee, and clients can choose how they would prefer to pay for advice: a flat dollar amount, a commission, or a level fee on assets under management, wrote Ellenbogen and Szapiro.

So, what do others say? Should investors use T or clean shares or something else in their retirement accounts if thats what their financial adviser recommends?

Well, for starters, there is much uncertainty with T shares as well as the future of the Labor Departments fiduciary rule right now, according to Avi Nachmany, an independent consultant and author of A Perspective on Mutual Fund Share Class Development.

Investors will be offered T shares in a wrap account

But assuming T and clean shares and the Labor Departments fiduciary rule are here to stay, Nachmany said its worth noting that the great majority of fund purchases today are inside some sort of asset allocation construct: a mutual fund wrap account, for instance, where there is a fee-for-service relationship, or a single balanced fund including target-date funds and their many permutations.

Given that, and given that financial advisers earn money on the wrapper fee, then actively managed mutual funds need to be entered into such wrappers at the lowest fee, said Nachmany. Thus, the shifts to lower fee classes and the early interest in clean, he said.

In other words, its likely most retirement account owners will find themselves being offered not just one clean share fund, but many clean share funds inside a mutual fund wrap account or target-date or target-risk fund.

T shares in a holding period

Its also likely that investors wont have much chance to invest in T shares. According to Nachmany, commissionable classes of shares represent less than 10% of fund transactions today. Ts are addressing the DoL conflicts, he said. But naturally until you get a critical mass of participation and DoL uncertainties settle down we are in the holding period.

Others take a different approach

While many firms are going down the T and clean shares route, some are taking a different approach to complying with the Labor Departments fiduciary rule, which among other things suggests that advisers receive levelized or standardized compensation on the products they recommend to retirement account owners.

For instance, LPL Financial announced in July plans to roll out its Mutual Fund Only (MFO) platform, a platform designed to improve the way advisers offer mutual funds in brokerage accounts with participating fund companies, according to a release.

The platform includes load-waived shares from 20 mutual-fund companies, a consistent trail commission, and free exchangeability across fund companies. According to LPL, MFO accounts will be subject to a maximum upfront commission of 3.5% and a 0.25% trail payment. Investors will be eligible for discounts based on the combined amount of brokerage assets held at LPL that are invested in MFO-eligible mutual funds.

The most unique aspect of the mutual fund only platform is the ability to exchange across funds and fund families without transaction fees, said Rob Pettman, an executive vice president with LPL Financial. This means that investors wont be charged for activities like regular rebalancing, changes to improve performance, and reallocations if their needs change or they decide to go to cash temporarily.

In addition to the cost savings for transactions, Pettman said the platform also offers quantity-based discounts, no IRA maintenance fees or ticket charges.

Finally, investors can move existing A share positions from participating companies into the account at no charge, he said. This movement adds incremental value given it expands their investment choice from one to 20 fund companies. It also does not require the use of a new share class which may result in the confusion of having different share classes of the same fund within one account.

Time to address pros and cons in public way

Other experts, meanwhile, say retirement account owners should approach T and clean shares with caution. Theres always two questions for miracle solutions, said David Snowball, publisher of Mutual Fund Observer. One, do they address the underlying forces that led to the original problem? And, two, what the likely cost of their unintended consequences? Theres so much cheerleading for the new share classes that Im not sure those questions have been much addressed, in public anyway.

The rest is here:
Are 'clean' shares best for your retirement account? - MarketWatch

Netflix just announced the latest addition to its roster of originals: a longform talk show from David Letterman. The six-episode series, which doesnt yet have a name, will feature Letterman having lengthy conversations with people he admires. Hell also leave the studio and do some real-world reporting, according to Netflix.

Letterman retired from hosting The Late Show in 2015, and has managed to stay relatively under the radar since then. But one of Netflixs go-to moves, at least when it comes to comedy, seems to be bringing A-listers back into the spotlight they once avoided. Dave Chapelles recent standup specials for Netflix were his first in more than a decade, and this past winter, the company announced that it was working on a stand-up special from Ellen DeGeneres. Jerry Seinfelds web series Comedians in Cars Getting Coffee is also leaving Crackle this year for Netflix.

I feel excited and lucky to be working on this project for Netflix, Letterman said in a statement. Heres what I have learned, if you retire to spend more time with your family, check with your family first. Thanks for watching, drive safely.

Lettermans series is set to premiere sometime in 2018.

Read the original:
David Letterman is leaving retirement to host a Netflix series - The Verge