Frequently Asked Questions

Bills Asset Management (BAM) is an independent investment advisory firm registered with the State of Tennessee Securities Division. Our SEC number is 114520. Founded in 1992, the firm is located at 1724 Green Hills Drive, Nashville, TN 37215.

BAM is owned and operated by Sam C. (Bo) Bills, Jr. and Carter N. Bills. The firm was started in 1992 by Sam C. Bills. Bo joined in 2000 and Carter joined in 2018. Sam retired from the business in 2021.

Bo Bills spent 5 years with KPMG Peat Marwick as a Senior Tax Manager and 5 years as Vice President of Tax and Finance with a publicly traded Nashville company before joining BAM. He holds licenses as a Certified Public Accountant (CPA) and a Certified Financial Planner (CFP), and is a licensed Tennessee life insurance agent. He is also a Certificant with the National Social Security Association.

Carter Bills graduated from UT-Knoxville with a Finance degree and spent a year in Denver working with Oppenheimer Funds before joining BAM in 2018. He holds a Certified Financial Planner (CFP) designation and is a licensed Tennessee life insurance agent.

An RIA is a fiduciary who has a duty of undivided loyalty to their investment advisory clients and must deal fairly and honestly with them. Any person or entity that holds itself out as a financial planner must be registered with the securities division as an Investment Adviser. An RIA is a representative of the client. There are several educational and certification requirements for a person to become registered with Tennessee as an Investment Adviser.

Unlike brokers who may earn commissions for recommending specific products, BAM operates as a fee-only adviser, meaning our compensation is aligned with your interests. We act as fiduciaries, legally obligated to put your needs first. We are also independent, allowing us to select from a broad universe of investments rather than being limited to proprietary products.

No. BAM is an independent registered investment adviser. We are not affiliated with any bank, brokerage house, or insurance company. This independence allows us to provide objective advice without conflicts arising from corporate affiliations.

The majority of client assets are held in individual client accounts at Fidelity Investments. We also maintain assets at Charles Schwab. Your assets remain in your name and under your control at these well-established custodians at all times.

BAM provides professional asset management and comprehensive financial planning services. This includes advice on investments, taxes, insurance, estate planning, pensions, retirement, and general financial matters.

We serve individuals, corporations, small businesses, estates, trusts, and non-profits. We also have over 25 years of experience helping those with 401(k), 403(b), and TIAA-CREF accounts.

Any client who wishes to employ the services of a professional investment adviser who can potentially generate higher investment returns with lower investment risk. Furthermore, clients who desire a more sophisticated level of investment or financial planning services than they are receiving from their other advisers may also find our services and programs appealing.

Legal services should only be provided by licensed attorneys. We are happy to provide you with a list of qualified attorneys. BAM provides tax counseling as part of our investment services but does not prepare tax returns. We are happy to refer you to a qualified CPA.

Yes. We are happy to provide a second opinion or a complementary review of your current financial situation. Many clients come to us after realizing they would benefit from a more active and personalized approach to managing their portfolio or a more holistic view of their finances.

While BAM is headquartered in Nashville and registered in Tennessee, we welcome clients who prefer to work with a firm they trust regardless of location. We are happy to discuss how we can serve you. Please contact us to learn more.

We provide advice on equities, mutual funds, exchange traded funds (ETFs), fixed and variable annuities, fixed index annuities, life insurance, and long-term care insurance.

We primarily use technical analysis to determine which investments to purchase and when a client's equity and bond investments should be 'in' or 'out' of the market. Fundamental analysis - including economic conditions, earnings, interest rate policy, and political issues - also plays a role, but all of these factors are ultimately reflected in the technical data we analyze.

Our firm has been built on the premise of principal protection and managed risk. We are active managers of no-load mutual funds and exchange traded funds (ETFs). Our stated goal is to be invested in the market most of the time it is trending up, and out of the market most of the time it is trending down. We do not believe in a buy-and-hold mentality, as this approach can yield poor results during bear markets.

Yes. BAM principally employs exchange traded funds (ETFs) and no-load mutual funds for its clients. We sincerely believe in our approach and accordingly invest our personal and business assets in the same funds as our clients.

During the bear market of 2000-2002, our investing methodology was able to avoid losing money and indeed generated a small positive return. During the 2008-2009 market collapse, our portfolios lost significantly less than the overall markets, and those losses were easily recovered within a few months once the market rallied. Protecting capital in down markets enables clients to build upon larger principal balances during good years.

A no-load mutual fund is one that does not charge a sales commission (load) when you buy or sell shares. By using no-load funds, we minimize unnecessary costs for clients. This helps ensure that more of your money is working for you rather than going toward sales charges. Some areas of the market are best accessed through mutual funds rather than Exchange Traded Funds.

An Exchange Traded Fund (ETF) is a type of investment fund that holds a collection of assets - such as stocks, bonds, or commodities - and trades on a stock exchange just like an individual stock. ETFs offer instant diversification, typically low costs, and the flexibility to buy or sell throughout the trading day. At BAM, we incorporate ETFs alongside no-load mutual funds as part of our active management strategy to help clients efficiently move in and out of the market as conditions change.

Technical analysis is the study of historical price and volume data to identify patterns and trends in securities markets. Rather than focusing solely on a company's financials, technical analysis looks at market behavior to forecast future price movements. BAM uses this approach to decide when to move client funds into or out of specific investments.

Passive or buy-and-hold investing involves purchasing a diversified portfolio and holding it through all market conditions, including bear markets. Active management, like BAM employs, involves monitoring market conditions and adjusting positions accordingly - moving to safety when markets are declining and re-entering when trends improve. The goal is to reduce losses in downturns and participate in upturns.

Large losses are mathematically devastating to a portfolio. For example, it takes a 70% gain just to recover from a 40% loss. By limiting losses in down markets, BAM helps clients preserve capital so that they can more effectively benefit from the next market upswing - ultimately building greater wealth over time. Additionally, limiting losses in bad markets provides our clients with access to their account funds regardless of market conditions. With active management, there is never a 'bad time to sell' to generate necessary funds.

A financial plan is a comprehensive review of your financial situation that considers your goals and objectives. It focuses on areas such as asset management, risk management, estate planning, and retirement planning. The plan analyzes your situation and recommends strategies to help you achieve your financial objectives. Depending on your specific needs, some or all of these areas will be addressed.

There is no minimum dollar requirement to begin a financial planning program with BAM. We recognize that persons with modest assets have financial issues and needs as well, and we conduct business with clients of all income levels.

Estate planning involves organizing your assets and affairs to ensure they are distributed according to your wishes upon your death, while minimizing taxes and legal complications. BAM can help you think through the financial aspects of estate planning, including beneficiary designations, account titling, and insurance needs. For legal documents such as wills and trusts, we refer you to qualified attorneys.

Risk management in financial planning means identifying and protecting against financial risks you face, including investment risk, income risk if you become disabled, the risk of outliving your assets, and the risk of large, unexpected expenses. BAM addresses risk management by selecting appropriate investments, recommending adequate insurance coverage, and building diversified, resilient portfolios.

Yes. We have over 25 years of experience working with clients who have 401(k), 403(b), and TIAA-CREF accounts. We can help you understand your distribution options, rollover decisions, beneficiary choices, and how to integrate your retirement accounts into a comprehensive financial plan.

If you have financial goals - whether it's saving for retirement, buying a home, funding a child's education, or building wealth - a financial plan can provide a clear roadmap to achieve them. If you are uncertain whether your current approach is on track, BAM can review your situation and offer recommendations.

We recommend reviewing your financial plan at least annually or whenever you experience a significant life change, such as marriage, divorce, the birth of a child, a job change, inheritance, or approaching retirement. Markets and tax laws also change, making periodic reviews essential for keeping your plan current and effective.

Client appointments and reviews are generally free of charge, unless otherwise agreed upon. Professional management fees range from 1-2% of the assets managed. (See Form ADV Part 2A and 2B for more details.) Generally, financial plans are complimentary for existing clients. For non-clients, financial plans range from $750-$2,000 depending on the complexity of the client's circumstances.

Fee-only means that BAM's primary compensation comes from the fees clients pay directly, rather than from commissions paid by product manufacturers. This structure helps align our interests with yours. Note that BAM may receive insurance commissions in certain situations, which is fully disclosed to clients.

Simply contact us to schedule your initial complimentary appointment. During this appointment, BAM will review your financial concerns and needs to determine how we can best assist you. You can reach us at (615) 371-5928 or by email at bo@billsasset.com or carter@billsasset.com.

During your first meeting, we get to know you - your financial situation, your goals, your concerns, and your risk tolerance. We listen carefully before making any recommendations. There is no obligation to become a client, and you are free to ask us any questions about our approach, fees, or experience.

No. BAM believes in earning your trust continuously, not locking you in. Please contact us for current details on our engagement terms. Our goal is to provide value that makes clients want to stay, not one that depends on contractual obligations.

An initial portfolio review and consultation is generally complimentary. We are happy to take a look at what you currently have and offer our perspective. If you choose to move forward and transfer assets to BAM for management, our standard management fee schedule would apply.

Please contact BAM directly for details on our billing schedule. Our Form ADV Parts 2A and 2B contain complete disclosure of our fee structures and billing practices, and we are happy to walk you through these at your initial appointment.

Absolutely. Retirement planning is one of our core services. We help clients project how much they will need, how to grow and protect their assets over time, determine the right asset allocation as they approach and enter retirement, and build a withdrawal strategy that makes their savings last.

Yes. Bo Bills has been teaching Social Security, Medicare, and retirement planning courses for over 10 years and provides courses and consultations to help individuals maximize their Social Security benefits. We analyze the best strategy for when and how to claim benefits based on your individual situation, work history, marital status, and retirement income needs.

The decision of when to claim Social Security is highly personal and depends on factors such as your health, life expectancy, other income sources, spousal benefits, and retirement date. Claiming early (as early as age 62) reduces your monthly benefit, while delaying (up to age 70) increases it. We can assist you with determining your optimal filing strategy.

A traditional IRA allows you to make pre-tax contributions (which may be tax-deductible), with taxes owed upon withdrawal in retirement. A Roth IRA uses after-tax contributions, but qualified withdrawals in retirement are tax-free. The best choice depends on your current and expected future tax rates. BAM can analyze your situation and help you determine the most advantageous approach.

You generally have several options: leave the funds in your former employer's plan, roll them over to your new employer's plan, roll them into an IRA, or take a cash distribution (which would be taxable and potentially subject to penalties). In many cases, rolling to an IRA provides the greatest flexibility and investment options. BAM has extensive experience navigating these decisions and can help you choose the best path.

This is one of the most important concerns in retirement planning. BAM addresses longevity risk through careful withdrawal rate planning, maintaining a diversified and actively managed portfolio designed to continue growing through retirement, and incorporating insurance products such as annuities, where appropriate, to provide guaranteed income streams.

BAM provides asset management and financial planning on a fee-only basis. During the construction of a financial plan, certain insurance products may be offered to clients to accomplish their financial goals. Bo and Carter are both licensed to sell life insurance products.

We advise on life insurance, long-term care insurance, fixed annuities, variable annuities, and fixed index annuities. Insurance products are analyzed as part of a holistic financial plan to determine whether they make sense for your specific goals and risk tolerance.

A fixed index annuity is an insurance contract that offers growth potential linked to a market index (such as the S&P 500), while providing downside protection - your principal is not directly at risk if the index declines. Whether it is appropriate depends on your income needs, risk tolerance, time horizon, and tax situation. BAM can help evaluate whether this product fits your overall plan.

Long-term care insurance covers the cost of extended care services - such as nursing home care, assisted living, or in-home care - that are generally not covered by health insurance or Medicare. Given the high and rising cost of such care, it can be a critical component of protecting your retirement savings. BAM can help you assess whether long-term care insurance makes sense for your situation.

Yes. BAM provides tax counseling as part of our investment services. This includes strategies around tax-efficient investing, timing of withdrawals, Roth conversions, capital gains management, and coordination with your overall financial plan. We do not prepare tax returns, but we are happy to work alongside your CPA.

Investment decisions have significant tax implications, including capital gains taxes when you sell investments, ordinary income taxes on dividends and interest, and the potential for tax-loss harvesting to offset gains. BAM considers the tax impact of all investment decisions and coordinates with your tax strategy to help improve after-tax returns.