Category Archives: Clients/Clients Only

Polar Vortex … Electrical Black Outs, Dallas Office Update

Due to the weather conditions in Dallas, there have been many random Electrical Black Outs. For this reason we have turned much of our equipment off and at the request of the building manager, the electrical company, and for our collective safety of our families, we are all working from home,

We will have access to email, phone, and investments, but will not have access to specific client related files.

Stay Warm and Safe!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Client Only Special Post – Metropolitan Paperwork, Vault Chase Bank Linked Account holders… Friday

With almost 10 times more followers than actual clients we happily keep that in mind when we’re writing informational posts for everyone. This Friday post is actually just specifically for clients, so if you’re not a client we look forward to a possible more pertinent post on Monday, clients please read on!

Metropolitan Paperwork – Donald The Brain Has You Covered

Many of you have received some paperwork concerning Metropolitan life and transactions from a decade ago. It’s a big bundle of paperwork that we also have a copy in our office. Donald The Brain will be reviewing this and if action is necessary he’s able to upload information on a bulk basis, not only saving multiple paperwork hassles but saving all of us the angst of having to mail information back individually.

Chase Bank Linked Vaulters Please Re-Link

Those of you that have happily linked your Chase Bank Accounts to your vault we ask that you go back and re-link them as the linking interface has changed as of yesterday and needs refreshing. We apologize for the inconvenience but again greatly appreciate being able to see those balances and transactions in real time in our respective Chase accounts for our financial planning, safety, and continued upkeep, and tracking. This update is adding more stable linking features! YAY

So bottom line those of you with the Metropolitan paperwork you can trash it we’ve got you covered on this side, secondarily those Chase connections please refresh for all of our collective viewing !


That’s it, no more homework … it’s a Friday … enjoy your day enjoy, your weekend, will be back with you next week!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Tax Forms Update – Fastest Availability In Vault, Correction Schedules, Friday

With 2019 Tax Filing being delayed, it seems like we just put taxes to bed in many cases and BOOM here we are again !

The good news, is we all have not had time to forget all the forms and filings that usually occur with a full year of rest (Hopefully – haha!)

On another good news note, we are happy to announce ALL of your tax forms will be available the second they are completed on line in each of our personal Vaults – YAA!

Tax Forms Update-

As of last night as this post was coming together, most 1099 R’s (Distribution reporting from Qualified/IRA/Retirement plans) were complete. This makes sense as they are straight forward, any funds withdrawn are reported and that is that…..

The 1099 Misc is a different story. Recall it houses a summary of EVERY taxable investment, interest, dividends, Gains and Losses, and your first born – kidding on the last one – seeing if you are with me!

But given the massive amount of information collected from tons of different parties it’s no surprise that there were only a handful of these available per last nights peek – Was actually surprised there were any!

The majority of them will be out in the next few business days!

But Wait – Don’t grab that electronic 1099 Misc from your Vault, toss it into your Tax Software and hit send, just yet- We ALMOST ALWAYS ask you to hold off until the first corrected statements occur….

For the year 2020 the First corrected 1099 Misc, is February 19, 2021

Certainly it is fine to get started on your taxes either by forwarding your information to your tax professional or entering this information into your software (here is the 1099 Misc Instructions from our Vendor), but again, don’t hit send or let your tax professional hit send until we get past the first corrected statements.

On February 19, if we only have a couple of corrected statements we will let you carry on … but occasionally we have had almost all clients receive corrected’s, in which we keep you in the stable until the second corrected round occurs.

We will keep you updated on all fronts !

It’s a Friday, Have a Good Day and Weekend ! (Short here because long up there!)

john A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Q 4 2020 Review and Annual Private Policy

It’s hard to believe the final quarter of the year included an Election, multiple vaccines, the commencement of vaccine shots and near the end of the quarter, a second stimulus package for the year 2020. Wow!

Three Major Acts in a Little Over Twelve Months

If we look back just a little over twelve months, three major bills, The Secure Act, passed in late 2019, but left in the shadows by lasty years events. Then the Cares Act late first quarter 2020, followed by the Appropriations Act of 2021, which was an extension of the Cares Act. If you are not confused yet (or do not even remember some of these), congratulate yourself, most are! Not to worry, we will be reviewing all of these over the year as the much forgotten, Secure Act will have multiple planning techniques and mandates that once again may have been forgotten.

Who let the dogs out? Or Maybe Better Said, The Dogs Continued to Cheer!

Capital markets bullied by federal reserve purchases and anticipations of good news coming from a vaccine, in true Capital Market form did cheer much of the news, but not as much as many had thought, mostly because it had already been anticipated.

As we had mentioned multiple times, Capital Markets are likely well ahead of themselves currently which may make for tougher rowing in the near term, but just as clothes purchased a little too large for that growing teenager, Capital Markets with an expected economic recovery, should be able to grow into their overzealous clothes. However, with current stretched valuations, negative surprises may be met with more volatility due to the priced-to-perfection levels currently, once again making us happy we are conservative and diversified investors.

Interest Rate Watch

One thing we will be watching closely are interest rates, and their levels, as the economy begins to come back on line. The Federal Reserve is squarely focused on keeping interest rates down through their purchases. Should interest rates begin to rise or should the FED ease off (or even give speak of ease) of the pedal and interest rates rise on their own, especially quickly, this could be a headwind to Capital Markets and other assets. Not to worry, we will be watching and letting you know what we see and taking appropriate actions as needed.

In Closing

Your Fourth Quarter summary is enclosed on the front page of this report we have included our most recent investment allocation from your Investment Policy Statement. This is also the time we attach our Private Policy Statement for the year, along with our opportunity to offer our latest ADV filings and Client Relationship Summary (Form CRS); Requests for review will be accepted via phone, mail or email, and mailed immediately upon request.


John A. Kvale CFA, CFP

J.K. Financial, Inc.


Our Promise to You

As a client of J.K. Financial, Inc., you share both personal and financial information with us.  Your privacy is important to us, and we are dedicated to safeguarding your personal and financial information.

Information Provided by Clients 

In the normal course of doing business, we typically obtain the following non-public personal information about our clients:

  • Personal information regarding our clients’ identity such as name, address and social security number;
  • Information regarding securities transactions effected by us; and
  • Client financial information such as net-worth, assets, income, bank account information and account balances.

How We Manage and Protect Your Personal Information

We do not sell information about current or former clients to third parties, nor is it our practice to disclose such information to third parties unless requested to do so by a client or client representative or, if necessary, in order to process a transaction, service an account or as permitted by law

In order to protect your personal information, we maintain physical, electronic and procedural safeguards to protect your personal information.  Our Privacy Policy restricts the use of client information and requires that it be held in strict confidence.

Client Notifications

We are required by law to annually provide a notice describing our privacy policy.  In addition, we will inform you promptly if there are changes to our policy.

Please do not hesitate to contact us with questions about this notice.

Last Year the Perot Museum, Next Year Dallas Athletic Club, This Year No Holiday Party, Staying Safe

Last year we had the 24th Annual J.K. Financial, Inc. Holiday Party at a place that we had always desired to go but the newness and the cost of that newness had prevented us.

Finally an early date allowed us the ability to have the Annual Holiday Party at the much desired Perot Museum. Little did we know that we would not be having a party this year making last year‘s memory all the more special.

For the safety of our selves and of others we are not having a party this year.

We know that that may disappoint some but out of an abundance of caution and being conservative in all facets of what we do, we are not going to have the holiday party this year.

The good news is as we will certainly have a wonderful and much appreciated party at Dallas Athletic Club if possible next year!

True to many things in life we grow to appreciate them much more when they’ve been snatched from us. We look forward to the exhaustion that follows visiting with everyone and seeing everyone and will embrace the closeness of getting to see everyone like we’ve never done in the past 2 1/2 decades.

Be Safe and We Look Forward to Seeing EVERYONE Next Year!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



J.K. Financial, Inc. D Magazine Best Wealth Manager Award … John Kvale 14th Consecutive D Magazine Best Financial Planner Award

For those in the Dallas area, you may want to pick up this month’s edition of D Magazine…..

J.K. Financial, Inc. Announced as Best Wealth Manager D Magazine Recipient

This is a peer nomination process and vetting by industry professionals and approved by the editors.

But look carefully on page 35 rather than the center fold as we insisted on going with a different, more casual … and in our minds appropriate picture… and statement.

Not confiding in the more formal picture pushed us to a different section…once again well worth it in our minds.

John Kvale Fourteenth Consecutive Best Financial Planner

It’s an honor to once again be nominated by peers and approved by editors as D Magazine’s Best Financial Planner for the fourteenth time in a row…

Thanks very much and congratulations to my peers who also were nominated.

Wow time flies !

Have a Great ‘D Magazine Honored’ Day and Wonderful Weekend!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Finally Taxes are Done … Rob Kaplan Federal Reserve Chair Town Hall Personal Embarrassment …

Whew…. that was easy…. NOT!

Finally we can say goodbye to 2019 taxes … Wednesday Marked the due day for personal Federal Income Tas Extensions.

Luckily (where work and opportunity cross – neat saying heard recently) in the fall of 2019 we went through EVERY taxable portfolio and confirmed tax basis – both reported and unreported to the IRS…. never knowing what this year would bring. This exercise effectively minimized tax documents to one report per account.

Glad we are done!

A Nerd Incident with Robert Kaplan and the Dallas Federal Reserve

On Wednesday of this week, yours truly attended a Virtual Town Hall chaired by Robert Kaplan (pretty big Fan, here is a link to nine articles we have written for those interested).

In true nerd multitasking form, the Zoom meeting started, on the Cell, why not listen while jogging? Cell inserted into runners band on arm and away we go!

Expect comments on the talk, it was very good and interesting…..

Post jog, cell back off runners arm band and onto the couch as the live question and answer session had commenced.

Then this:

Next Question is from John!

Quick glance to the cell and an Unmute flashing button was covering my entire screen! Yikes

“John you must Unmute your device

Twice from the moderator then twice from Robert Kaplan

With no question, the Unmute button was not going to be touched! Finally after what was likely 5 seconds, but felt like 5 awkward minutes, the moderator and Kaplan moved on!

Whew, embarrassing moment averted… or was it!

A question or two later and then this:

“Ok, that was our last question, let’s go back to John and see if we can get his question answered!

Oh No!!!!

This time the Zoom video was shut off before the Unmute logo hit the phone screen….

Can’t make this up!

Hope you enjoyed a nerds chance encounter with Robert Kaplan and maybe even got a chuckle.

Enjoy your Friday, and your weekend …. going to be chilly for the first time in our neck of the woods…. talk next week!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Double Birthday Wishes …. You Cannot Make this Up!

Not sure on the saying, but goes something like ….

Two birds with one stone!

No no, more like this ….

Have Your Cake and Eat it too!

No, how about this ….


Oh ….goodness….

Two For One ?

As a small happily high touch firm, it would not work without you!

Happy Birthday Jen and Donald

Yep, both are on the same day – TODAY!

10k Finished !

Cheers and thanks for everything, you guys are GREAT!

John A. Kvale

Q 3 2020 Cover Letter

As a kid, a frequent saying of my parents were,

“Son even too much of a GOOD thing is still too much!”

While it may sound like we were talking out of the exact opposite side of our mouth, investors looking through the valley to the other side which we had argued for the last two quarters seem to be having too much of a good thing

As discussed in great in our Newsletter for the first time in almost five decades of professional investing, two quarters ago we had to argue positively when everyone was extremely negative and dark clouds appeared to be in the sky, forming our thoughts of looking through the self-imposed valley to the other side where brighter skies may lie.

Fast forward to the present, fear by many has been replaced with greed and a short-term memory of the perils once worried about.  As mentioned once again in our quarterly Newsletter there are similarities to 1999- due to heightened valuations and slight reckless behavior. While prices likely overshot to the downside earlier on in this year it is likely they have overshot to the upside now.

Where do we go from here?

We are not saying things must fall dramatically or an imminent decline is coming, only the opportunity short to mid time frame returns are diminished due to the higher valuations.

Inflation expectations, as measured by the Consumer Price Index (CPI) or the Dallas Federal Reserve’s own adjusted inflation measure, the Trimmed Mean Inflation measure are worthy of our attention as very few expect any inflation at this time.  An increase in either of these measures would be more startling to the Federal Reserve (FOMC) and Capital Market Investors and would certainly present a headwind.

Lastly, as we head into historically the best quarter of the year (led by historically the roughest month), we would argue this is not a normal year and our guards should be up, with slightly thicker investors skin as we head into the end of this year.

Stay safe be well will talk to you at the end of the year!


John A. Kvale CFA, CFP

Enclosure (2020 Report)

Q 2 2020 Quarterly Review Cover Letter –

The Look Through Continues

As mentioned in the last quarterly summary, Investors and Capital Market Participants are indeed looking through this self-made slow down and into the eventual continuation of the economy.

The FOMC (Federal Open Market Committee) led by Jerome Powell continue to provide support via lower interest rates (likely for a shorter period than during the post 08-09 period)  and asset purchases to help shore up possible needed cash from institutions and participants.

Speaking of FOMC stimulus, should a vaccine or multiple vaccines, (the possibilities detailed greatly in our Q3 Newsletter), occur sooner, rather than later, a faster economic rebound may be in the cards. On the other side, should increase in contagion lead to further Economic slowdown, capital market participants would likely lose some of their enthusiasm.

The Sequel Is Usually not as Scary

One thing about the sequel, should it occur, it is usually not near as scary as the original. No doubt as mentioned again in our Q3 newsletter, many of the worlds brightest are working together and have learned much just over the last 90 days.

With the worlds brightest pushing massive energy to a common goal, the future, especially when dealing with healthcare, is likely much brighter and coming faster than we all think!

Given so many unknowns, we are likely to be captive to positive and negative headlines until the eventual vaccine is discovered.

With the possibility that Investors may have gotten a little bit ahead of themselves, expectation for bumps along the way over the next few quarters have heightened.

Again, why we like having a conservative posture.

Stay safe be well will talk to you in the fall!


John A. Kvale CFA, CFP

Enclosure (2020 Report)