Liquid vs. Illiquid Assets: Which is Better for Investors?

When it comes to investing, one important factor that must be considered is liquidity. Liquidity is the ease with which an asset can be converted to cash without affecting its market value. This means that the more liquid an asset is, the easier it is to sell it in the market without causing its price to drop significantly. In this article, we will discuss the pros and cons of liquid and illiquid investments and help you understand which one might be better for you.

Understanding Liquidity

Investments can be tangible or intangible assets. Tangible assets include real estate, art, and collectibles, while intangible assets include stocks, bonds, and other securities. Generally, tangible assets are considered to be illiquid because they can be harder to convert to cash. On the other hand, cash and cash equivalents are the most liquid assets because they can be easily converted to other assets.

In the case of debt securities, an investor could reference credit ratings issued by third parties to assess risk and liquidity. Bonds with lower credit ratings are generally considered riskier assets, and therefore the overall demand for these bonds is typically lower than those of higher credit quality assets. As a result, riskier bonds, also called junk bonds, will offer the lowest amount of liquidity but could offer the highest potential reward.

Illiquid Investments

Illiquid investments are those that cannot be traded or sold with ease without incurring a loss in value relative to their fair market value. Real estate, collectibles, and art are examples of illiquid assets.

These assets are considered to be illiquid because it is not easy to convert them to cash or another asset type. Therefore, investors will require compensation for the added risk of investing in illiquid assets. This added compensation is referred to as the liquidity premium.

When it comes to illiquid investments, it is important to note that degrees of liquidity will vary. For instance, some real estate is more desirable than others. Hedge funds and private market funds are other examples of illiquid investments. Liquidity terms amongst these funds will vary as well.

Liquid Investments

Cash and cash equivalents are the most liquid assets, followed by marketable securities like stocks and debt securities like bonds. Within these asset categories, nuances arise that offer varying degrees of liquidity.


Liquid vs. Illiquid Assets: Which is Better for Investors?

The decision of whether to invest in liquid or illiquid assets depends on various factors, including an investor's sophistication level, risk appetite, and investment objectives. Liquid assets can be easily converted to other asset types, while illiquid assets require a longer time to convert to cash or another asset. In general, the more illiquid an investment is, the greater the risk and associated liquidity premium will be.

However, illiquid investments often offer higher potential returns than liquid investments, and they have the potential to be less volatile in the short-term. Moreover, illiquid investments are historically less affected by market fluctuations and can provide a hedge against inflation. On the other hand, liquid investments are more suitable for investors who prefer short-term investments and need easy access to cash.


Liquidity is an important aspect of the financial market as it allows investors to buy or sell assets quickly and easily. This is particularly important for traders who are looking to make short-term gains, as they need to be able to move in and out of positions quickly. For example, stocks that are traded on major stock exchanges are typically considered liquid, as they can be bought or sold at any time during trading hours, and their prices are determined by supply and demand.

On the other hand, illiquid assets may not have an active market, making it difficult to buy or sell them quickly. This can result in the asset being priced lower than its fair market value, as there may be limited demand for the asset. Illiquid assets can include things like real estate, private equity, and certain types of bonds.

When investing in illiquid assets, investors need to be aware of the risks involved. In addition to the potential for a loss of value due to a lack of demand, illiquid investments may also be subject to a higher level of risk due to factors such as changing economic conditions, limited information about the asset, and the difficulty of finding a buyer if the investor needs to sell.

That being said, there are certain advantages to investing in illiquid assets. For example, they may offer higher potential returns than more liquid assets, as the added risk of holding the asset for a longer period may result in a higher payoff. Additionally, investing in illiquid assets can help diversify a portfolio, as they may not be as closely tied to the broader market as more liquid assets.

Overall, the decision to invest in liquid or illiquid assets depends on a number of factors, including the investor's financial goals, risk tolerance, and investment horizon. Investors who are looking for short-term gains and need to be able to quickly move in and out of positions may prefer more liquid assets, while those with a longer-term investment horizon and a higher risk tolerance may be more comfortable investing in illiquid assets.

It is important for investors to carefully evaluate their options and understand the risks before making any investment decisions.

Can a Title Company Perform as a Qualified Intermediary?

A 1031 exchange can be a powerful addition to your investment strategy, with the potential to defer capital gains taxes. However, as with any powerful tool, investors must use it with care and precision. The IRS has strict guidelines for structuring a real estate transaction using a 1031 exchange, and taxpayers must adhere to these rules to avoid any issues. A Qualified Intermediary (QI), also known as an Exchange Accommodator, is a vital player in executing a successful 1031 exchange, which is required by the IRS.

The role of QI includes several important tasks, such as:

-Managing paperwork, including identifying potential replacement properties and recording the use of funds from the sale.

-Holding the sale proceeds in escrow, ensuring the taxpayer does not have access to these funds during the exchange process and facilitating the purchase of the replacement property using those funds.

It is important that the Qualified Intermediary is carefully chosen and the exchange follows all rules precisely to avoid issues with the IRS. The QI should be independent of the taxpayer, cannot be related to the taxpayer, and should have a good track record of successful exchanges.

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Qualified Intermediary Requirements:

The IRS has outlined the specific individuals or entities that cannot act as Qualified Intermediaries (QI) in a 1031 exchange, such as the taxpayer, any related parties, or an agent of the taxpayer. However, it does not have any requirements for the qualifications or characteristics a QI should have.

QIs are not regulated by the government but they may belong to the Federation of Exchange Accommodators.

When looking for a QI, it is important to consider their experience in conducting 1031 exchanges, asking specific questions about their track record of successful exchanges, and inquiring about their internal controls and how they handle client funds.

It is also important to remember that certain companies like title companies may act as a QI, as long as they meet the IRS guideline and are not disqualified.

It is generally acceptable to use a title company as a Qualified Intermediary (QI) for a 1031 exchange. Title companies are typically experienced and knowledgeable in real estate transactions, and therefore well-equipped to complete the exchange process successfully.

One of the main reasons why title companies may be chosen as a QI is because they often hold purchase funds in escrow, which is also a necessary step for a 1031 exchange. This means that the title company would already have the necessary infrastructure in place to hold and manage the proceeds from the sale of the original property, and subsequently disburse those funds to purchase the replacement property.

Title companies also have knowledge in clearing access to the title and in completing the required forms for the IRS. They have experience in dealing with legal and regulatory requirements for property transactions and thus have the understanding of the rules and procedures required in a 1031 exchange.

It is important to remember that for a 1031 exchange to succeed, the QI must ensure that all the rules and regulations are met including the timelines, identification rules, and completion and transmission of necessary forms. It is also crucial that the title company is independent of the taxpayer, not related to the taxpayer and should have a good track record of successful exchanges. It is also recommendable to inquire about the QI's internal controls and how client funds are held and handled.

General Disclosure

Not an offer to buy, nor a solicitation to sell securities. Information herein is provided for information purposes only and should not be relied upon to make an investment decision. All investing involves risk of loss of some, or all principal invested. Past performance is not indicative of future results. Speak to your finance and/or tax professional prior to investing.

Securities offered through Emerson Equity LLC Member: FINRA/SIPC. Only available in states where Emerson Equity LLC is registered. Emerson Equity LLC is not affiliated with any other entities identified in this communication.

1031 Risk Disclosure:

Unlock the Secrets of 1031 Exchanges: The Ultimate Guide


A 1031 exchange, also known as a Starker or like-kind exchange, is a powerful tax-saving strategy that allows real estate investors to defer taxes on the sale of a property by using the proceeds to purchase a similar "like-kind" property. This allows investors to reinvest their capital in new, properties without paying taxes on the sale of the previous property.

This guide is the ultimate guide for real estate investors looking to unlock the secrets of 1031 exchanges and maximize their returns. We'll start by explaining the basics of 1031 exchanges, including the rules and regulations, the 45-day identification period, and the 180-day exchange period. 

Next, we'll delve into the benefits of 1031 exchanges, including how they can allow real estate investors to defer taxes, how they can benefit both commercial and residential property owners, and how they compare to traditional real estate investment methods. We'll also cover strategies for successful 1031 exchanges and special considerations for commercial properties. By the end of this guide, real estate investors should have a solid understanding of how to use 1031 exchanges to defer taxes and maximize profits.

What are 1031 exchanges, and how do they work?

A 1031 exchange is a tax-saving strategy that allows real estate investors to defer paying taxes on the sale of a property by using the proceeds to purchase a similar "like-kind" property. To qualify as a 1031 exchange, the property being sold and the property being purchased must be used for investment or business purposes. This means that primary residences do not qualify for a 1031 exchange. 

The IRS has strict rules and regulations that must be followed in order to execute a 1031 exchange properly. 

One of the most important rules is the 45-day identification period, during which the investor must identify up to three potential replacement properties. Additionally, the investor must complete the exchange and acquire one of those properties within 180 days of selling the original property. 

In addition to these rules, there are some restrictions on the type of transactions that qualify for a 1031 exchange, including related party transactions and cash boot, which happens when an investor receives cash or other non-like-kind property as part of the exchange. Mortgage assumptions also need to be considered as well. 

By understanding these rules and regulations, real estate investors can properly execute a 1031 exchange and defer paying taxes on the sale of their property.

The benefits of 1031 exchanges for real estate investors

1031 exchanges offer a number of benefits for real estate investors. One of the most significant benefits is the ability to defer paying taxes on the sale of a property. When an investor sells a property and uses the proceeds to purchase a similar "like-kind" property through a 1031 exchange, they can defer paying taxes on the sale until they sell the replacement property. This can significantly increase the investor's cash flow and overall returns. 

Another benefit is the ability to diversify and expand investment portfolios by using the proceeds from the sale of a property to purchase multiple properties or different types of properties, such as multifamily or commercial. This can help to spread risk and increase potential returns. 

Additionally, 1031 exchanges allow investors to defer taxes on property appreciation and to use leverage to acquire new properties, which can increase the potential for profit. 1031 exchanges are also beneficial in the long term, as they can be used in a series of exchanges, allowing the real estate investor to compound the tax-deferral effect over time, which can lead to significant tax savings. 

It's important to keep in mind that the Tax Cuts and Jobs Act of 2017 placed some limits on 1031 exchanges, and investors should consult with a tax professional to ensure compliance and maximize the benefits of a 1031 exchange.

Strategies for successful 1031 exchanges

When it comes to executing a successful 1031 exchange, there are a few key strategies that real estate investors should keep in mind. The first step is to identify the right property to purchase as a replacement property. This means researching the local real estate market and looking for properties that will provide a good return on investment. 

It is also important to have proper legal and financial advice. It is recommended that you consult with a real estate attorney or a qualified intermediary who can guide you through the process and make sure that the exchange is completed in compliance with the IRS regulations. Additionally, keeping good documentation is important. It is important to keep records of all the transactions and communications regarding the exchange. 

This will be helpful in case of an audit or for any other legal issues that might arise. Investors should also be familiar with the best practices for structuring the transaction, such as using a Qualified Intermediary to hold the proceeds from the sale of the relinquished property. It is also important to understand how to maximize the benefits of the exchange by identifying and selecting properties with the best potential for appreciation, cash flow, and diversification. 

Special considerations for commercial properties and 1031 exchanges

1031 exchanges can be a powerful tool for real estate investors looking to purchase or sell commercial properties. One of the key benefits of using a 1031 exchange to purchase commercial properties is the ability to defer taxes on the sale of an existing property and use the proceeds to purchase a new commercial, or rental property. This can significantly increase the investor's cash flow and overall returns. 

When it comes to commercial properties, the role of property management companies can also play a key role in a 1031 exchange. A good property management team can help to ensure that the property is well-maintained and generates a consistent income stream, making it more attractive as a replacement property in a 1031 exchange. 

It's important for investors to consider these factors when looking to execute a 1031 exchange on commercial properties to ensure that the exchange is structured in a way that maximizes the benefits and minimizes the risks.

Are 1031 Exchanges Affected by The Tax Cuts and Jobs Act?

The Tax Cuts and Jobs Act (TCJA) of 2017 made significant changes to the US tax code, which included provisions related to 1031 exchanges. Under the TCJA, 1031 exchanges are still allowed but with some limitations that investors should be aware of when planning a 1031 exchange. 

One of the main changes was to limit the ability to defer taxes on business and investment property to only real property and not personal property. This means that investors can only use 1031 exchanges to defer taxes on the exchange of real property, such as land and buildings, but not personal property, such as equipment and vehicles. 

It is important to consult with a tax professional to understand the current state of the 1031 exchange laws and to ensure compliance with the TCJA.

Estate Planning and the 1031 Exchange

When it comes to estate planning, 1031 exchanges can play an important role for real estate investors. A 1031 exchange allows investors to defer taxes on the sale of a property by using the proceeds to purchase a similar "like-kind" property. 

This can provide significant tax savings over time, as the investor can continue to defer taxes on each subsequent sale and purchase. This can be particularly beneficial for investors who own a significant amount of real estate, as it can help to preserve more of the estate's value for future generations. 

It's essential for real estate investors to have a comprehensive understanding of how 1031 exchanges fit into their overall estate planning strategy to be able to make the best decision for themselves and their loved ones.

In this guide, we've explored the benefits and strategies for successful 1031 exchanges for real estate investors. We've covered the basics of what a 1031 exchange is, the rules and regulations that must be followed, and the benefits of deferring taxes and expanding investment portfolios. 

We've also explored how 1031 exchanges can particularly benefit a real estate investor. It is important for real estate investors to consider using 1031 exchanges as a strategy for deferring taxes and maximizing profits. By understanding the rules and regulations, identifying the right replacement property, and following best practices for structuring the transaction, investors can increase their chances of executing a successful 1031 exchange. 

However, it's important to consult with a tax professional to ensure compliance and maximize the benefits of a 1031 exchange. In conclusion, a 1031 exchange can be a powerful tax-saving strategy for real estate investors, and they should consider it as a viable option when they are looking to sell or buy a property. 

It can help them defer taxes and maximize profits, leading to long-term success in the real estate market.

Cash Investments in DSTs - An Alternative to Investing in the Stock Market

For accredited investors participating in a 1031 exchange, Delaware Statutory Trusts are a worthwhile investment option to consider. However, some investors are unaware that DSTs can also be purchased on a cash basis.

Why think about making an investment in DSTs?

DSTs may provide a number of advantages to investors engaging in a 1031 exchange, including the possibility to postpone the realization of capital gains from the sale of investment real estate and the avoidance of some of the risks involved in finding a replacement property quickly.

However, there are additional potential DST advantages that can benefit investors as a complement to either outright real estate ownership or stock market trading.

Potential Advantage #1: Professionally managed passive income
Have your money working for you - DSTs are professionally managed by asset managers and property managers who are responsible for ensuring that the tenants pay their rent on time and delivering the investor a check, often every month (assuming funds are available). You never engage with any of the tenants and have no management duties as an investor.

Potential benefit #2: Geographic and real estate sector diversification
It's wonderful to make an investment and see it pay off. What if it doesn't, though? Any investment, whether it be real estate, equities, futures, commodities, jack's magic beans, etc… has the potential to incur losses. However, when one diversifies their portfolio by investing in numerous things, the risk is spread out.

Investors have access to a variety of DST real estate investments from different DST sponsors, including multifamily, storage space, commercial, and NNN leases. Additionally, you can invest in a specific type of DST, like multifamily, across a number of different geographic areas of the nation, increasing the likelihood that other locations won't experience a downturn in their local economies or, at the very least, lowering the likelihood that they will due to diversification.

1031 Exchanges California
1031 Exchanges California

Benefit #3: Supported by tangible assets
The fact that real estate is permanently anchored to the earth makes it one of the reasons why so many investors adore it. Real estate also has an inherent value, which means that it is fundamentally a hard asset with at least some minimal value, as opposed to a firm, whose shares can possibly lose all of its value should the latter go bankrupt. Of course, there is always the possibility of foreclosure or an uncovered natural calamity, but, as indicated before, no investment is without risk.

Potential benefit #4: traditionally less volatile and associated with the stock market
The stock market can be unpredictable, as we've recently witnessed during the coronavirus pandemic. Double digit market changes have, on some days, been the norm. The link between real estate and the stock market, however, has historically been smaller. Now, that doesn't mean that real estate can't also be volatile and incur a slump like we saw during the Great Recession of 2008/2009, but it is normally far less affected by market turbulence than the equity markets.

Access to institutional real estate is potential benefit number five.
Real estate is a popular way to possibly accumulate money and has several advantages as an asset type. Real estate, however, is not created equal. Real estate is similar to how there are blue-chip stocks and "junk" bonds. There are DSTs that allow investors to purchase "institutional-level" real estate, which is generally real estate that is thought to be of a certain grade and class such that huge institutions and significant investment funds would consider it. The majority of people would find it challenging to access these kinds of real estate investments on their own, but the DST structure enables them to indirectly hold a portion of these investments that they would not otherwise be able to.

Potential Perk #6: Low Minimum Investment for Accredited Investors (sometimes as Low as $25,000)
Sometimes as little as $25,000 can be invested directly in a DST as the minimal amount. This gives them access to DST real estate assets that would normally cost millions of dollars to acquire, finance, and operate on a fractional basis and is not a princely sum for the majority of accredited investors.

DSTs allow investors to perform a 1031 exchange when the investment property is sold, according to current IRS regulations.

When investing, for example, in stocks, investors are compelled to pay capital gains on any profit that they make (note: Opportunity Zones may provide an option to defer those gains). However, under the current IRS code, investors have the choice to do a 1031 exchange into another property into which they own 100% or another partial DST, so delaying any capital gains, once a DST asset has been sold. Of fact, if President Biden's economic plan is approved, changes to the IRS rules, such as those under it, could alter how future earnings are treated.

Potential Advantage #8: Cash investors do not need personal finance clearance.
In contrast to buying a property directly and potentially needing to obtain financing from a lender, DSTs provide investors with non-recourse loans that are not dependent on the investor's capacity to obtain financing.

How Investing In Real Estate May Protect You From Inflation

All of the major business news channels have recently used the word "inflation" in their headlines to describe the gradual rise in the price of goods and services over time. Everyone was mainly concerned with talking about how abruptly and finally the United States' record low inflation rate was ending. Food prices were the highest they had ever been, used car prices were setting records, lumber costs were soaring, and it appeared that gasoline prices would continue to rise.

It is no longer a secret that the price of necessities like food and shelter is rising, even though the precise cause of price hikes is still up for debate. While it is still true that we have experienced a fortunate and extended period of low inflation, it seems like all good things do, in fact, come to an end, and currently is essentially the end of inflation's record lows. Inflation is currently having an impact on the life and work of the average American.

For financial backers, high inflation prices have the consequence that it may affect the value of a potential source of revenue in the future. As a result, investors must produce returns that are greater than the rate of price inflation. This means that financial backers should be prepared to adjust their venture strategies going forward and carefully plan to support against inflation now more than ever.

In this essay, we will define inflation, discuss how it affects financial backers, and promote one main idea: that sound money management may be the best defense against both inflation and the lack of buying power that results from it.


Inflation: What is it?

After some time, inflation is the gradual increase in labor and product costs. The Consumer Price Index, which is based on a registry of frequently purchased products and services, is used to estimate it. The United States' central bank is in charge of establishing monetary policy, and inflation is frequently one of its main concerns.

The Federal Reserve saves the ability to respond when price inflation extends over or below this reach, but generally works to control inflation to a defined aim (about 2-3% annually).

According to the most recent report from the U.S. Department of Labor Statistics, the Consumer Price Index (CPI), a measure of inflation, rose by 5% over the course of the previous year alone. The most notable increase started in 2008, ironically the last time the country experienced a financial disaster.

How is inflation going to hurt financial investors?

Since financial backers must generate returns that outpace economic inflation, inflation can be harmful to their investments.

To reach this important conclusion even more forcefully, a model can be used.

If inflation is running at 3% per year and a financial backer puts her money in a currency market account that offers a reasonable rate of income at 2% per year, she will actually lose 1% of her purchasing power annually compared to inflation. Long-term, the financial backer's funds may buy less because labor and product costs have increased more quickly than her speculative returns.

Financial backers can think about looking for inflation fences or resource classes that are ideally located with the potential to perform well in times like these to avoid a situation like this.

Financial planning that emphasizes real estate may be the hedge you need to protect yourself from inflation.

Why is real estate considered to be a reliable inflation hedge?


There are several causes. Insofar as one is concerned, one could examine how inflation affects obligation. After some time, the rising cost of a home reduces the credit to the amount of any mortgage debt, functioning as a kind of cyclical markdown. As a result, even while the property's value rises, your fixed-rate contract installments stay the same.

Due to the fact that rising home prices typically result in multifamily housing networks, inflation may also benefit investors who make money from investment properties, particularly those who own property in those locations. If a land investor can modify the terms of their lease while keeping their mortgage the same, this creates the opportunity for increased financial flexibility.

Finally, as property valuations tend to continue on a steady vertical arc over time, land may be a good hedge against inflation. The bulk of the homes that fell to their lowest prices when the real estate bubble broke in 2008 did so in less than ten years. Additionally, land speculation can produce predicted recurrent income for financial supporters and can keep pace with or even outpace inflation in terms of value.

We should now focus on a few techniques frequently employed to try to fence land enterprises against inflation because the evidence seems to favor land and because it is a resource class that has generally held its own when faced with rising inflation rates.

How could using real estate as a hedge possibly be possible?

Investing in a multifamily property may be one of the most revolutionary ways to use land to protect against inflation. Residents of certain types of properties, such as commercial buildings (such retail sites), are required to sign long-term business leases. The majority of multifamily housing only renews rents once a year for each occupant. The more frequently you are given adequate opportunities to change the lease, the more units the building has. The same holds true for self-capacity.

Multifamily structures, such as apartment buildings, are a special resource class in that they are frequently continually in demand, especially as accommodation expenses soar. Additionally, there is a limited supply of buildings or new improvement projects due to recent increases in labor and material costs, which might lead to an increase in rental rates and property estimates. Together, these two factors equal a property that might not be vacant for prolonged periods of time and different opportunities to renew or start leases at prices that reflect changes in the market.

Another thing to take into account is that cost repayments, another rent component, are another way that land money management may be able to keep up with inflation. No matter the type of building structure, leases transmit some of a property's ongoing operating costs to its tenants. Landowners or building owners can surely be partially protected against the increase in utility and support costs due to inflation.

At that moment, it is obvious that investing in land, particularly in multifamily housing units, may be a good way for our ongoing business sector to protect itself from inflation. Effective money management is frequently considered a technique to protect reserve monies in a volatile and inflationary economy.

The motivation for financial backers' hasty landing in the midst of financial weakness is extremely clear. No matter what, a place to stay will always be needed, and hence likely in demand. A long-term investment in a speculation property may be a safe way to turn a passing interest into something more substantial in the near future.

However, investors can look at land trusts (REITs), intuitional land assets, and Delaware Statutory Trusts if they are unable to own and manage the venture property themselves or simply don't want to (DSTs). It is entirely up to each individual to decide how to manage their finances with regard to their land; this is and should be a personal financial decision. In any event, it might be worth your time and effort to educate yourself on all of your options before making a decision. You might also consult a learning experience expert like the team at Perch Wealth.

Why is investing in a DST a potentially lucrative land venture option?

Investing in a Delaware Statutory Trust, or DST, may be an extremely enticing land investment option if your major worry is to hunt for wealth protection during an inflationary financial moment. A DST is a typically complex arrangement for people who want to invest some resources in land.

A DST is a mechanism for financial supporters to own land with the potential to obtain recurring, automated income and have no management responsibility. Most investors rarely think about whether they want active or passive management of domain property, and as a result, they frequently find themselves in situations they don't feel qualified for, aren't very interested in, or aren't currently benefitting from as they would like. A DST investment is a fantastic prelude to a potential ongoing source of income and accumulation of unrelated riches for a first-time or relatively new financial supporter.

There are two crucial methods via which one can invest in a DST. The first is by making a quick financial guess. If you're new to land effective money management, for instance, and you merely need to lock down your opportunity, you can aim to invest $50,000 in a DST in order to gain momentum in the land industry. The second method involves a 1031 Exchange.

Many investors are completely unaware that they can use a 1031 Exchange to fund a DST, despite the fact that there are many potential benefits to doing so. By completing a 1031 Exchange, you can potentially increase the current housing market level and separate your assets into multiple DSTs that are geologically shifted and in certain resource classes, helping to moderate and potentially limiting the overall risk to your capital. If you're interested in learning more about 1031 Exchanges, DSTs, or other types of optional land speculation schemes, contact a financial professional at Perch Wealth right away.

General Disclosure

Not an offer to buy, nor a solicitation to sell securities. Information herein is provided for information purposes only and should not be relied upon to make an investment decision. All investing involves risk of loss of some, or all principal invested. Past performance is not indicative of future results. Speak to your finance and/or tax professional prior to investing.

Securities offered through Emerson Equity LLC Member: FINRA/SIPC. Only available in states where Emerson Equity LLC is registered. Emerson Equity LLC is not affiliated with any other entities identified in this communication.

1031 Risk Disclosure: