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 Dr. James P. EstesEducationBA, California State College at Fullerton 1968MBA, California State University at Fullerton 1973Ph.D. California Coast University, 1998Chartered Property and Casualty Underwriter Designation, 1979Chartered Life Underwriter Designation, 1980Chartered Financial Consultant Designation, 1995Certified Financial Planner Designation, 1999Community Organization InvolvementChartered Property and Casualty Underwriters of Orange CountyPast President and Board Member Financial Planning AssociationBoard Member California State University Advisory BoardFederal Securities Arbitrator Employment9/04 to PresentTenured Professor of finance at California State University San Bernardino. I am a frequent speaker at meetings and have appeared on cable shows, CBS and radio stations in the Inland Empire speaking on the economy, stock market and investments.9/04 to PresentArbitrator for FINRA, hearing and deciding disputes on securities in the southern California area.7/11 to PresentPrincipal in Alpha Wealth management, a fee based discretionary wealth management firm registered with the SEC.3/10 to 7/11Vice President Investments Wedbush Securities. I mange approximately $32 million in assets on a fee only basis for 10 clients.6/06 to 3/10Vice President and Senior Portfolio Manager for Wells Fargo Private bank. I am responsible for the investments and performance of $180,000,000 in private equity having discretionary authority over all accounts using a 4 asset class investment model. In 2007 I was ranked 3rd in the country for Wells Fargo with a portfolio net return after fees of 16.1% and 13th in 2008 with a portfolio net return after fees of -13.8% and performance from September 1, 2008 through December, 31, 2009 was -13.41%.8/04 to 11/05 Vice President for Fidelity Investments with responsibility for financial planning and investment activity for over $400,000,000 in Western Riverside and San Bernardino County. I work with individuals to do income and retirement planning, investments in a variety of products. I also work with personal and charitable trusts and foundations offering investment guidance and advice to their boards.2/97 to 4/04President/CEO of Arrowhead Financial Group, a subsidiary of Arrowhead Credit Union. Arrowhead Financial Group has three subsidiary companies: an introducing broker-dealer (Arrowhead Investment Center), an insurance agency (Sawyer Cook & Co.) and a financial planning firm (Integrity Planners). Income in 2003 was $5,750,000 and budgeted income estimates for 2004 were $8,000,000 with assets under management of $670,000,000 and profits of $245,000. When I started with AFG the gross income was $730,000 with losses of $450,000. Most of my efforts were developing the Insurance agency, securities brokerage and financial planning area which focused on small business perpetuation, income planning and retirement planning.1/96 to 12/97Regional Sales Manager Auto Club of Southern California. I was responsible for a sales region spanning 5 counties and a staff of 200 sales and support personnel. I developed the promotional program used by Auto Club and a training program to increase sales by 11%. This program was the subject of my doctorial dissertation.7/87 to 1/96Division Manager for CUNA Mutual Insurance Group. I was responsible for a the Plan America operation (Securities sold through Credit Union CUSOS) and CUAIS Insurance Agency servicing California, Arizona and Nevada credit unions with a staff of 210 registered and support personnel. I founded Southwest Insurance Agency (a personal lines agency) and Sutro Insurance Agency (a commercial lines agency). Southwest produced an annual income of $410,000 after two years of operation and was sold to CUNA Mutual and Sutro produced an annual income of $650,000 after two years and was sold to Alexander and Alexander. While starting Sutro I worked as the risk management consultant to the FSLIC, Sutro’s largest client, on closures of thrifts. I was given an employment contract with CUNA Mutual upon the purchase of the agency in 1989.3/84 to 6/87Vice President Metmor Insurance Agency. I had responsibility for all sales by personal and commercial staff in a multi lines agency with 28 million in annual premium and a staff of 14. 6/81 to 3/84President and CEO of Oxford Financial Corporation. Oxford owned a life insurance company, financial planning group and multi lines insurance agency. Supervising a staff of 27 employees, I increased the growth rate from 25% to 500% in two years and developed a sales approach integrating insurance and financial planning products pioneering the use of direct mail techniques that are still used today by Mercury, 20th Century and Geico Insurance Companies. Oxford was owned by Lincoln Savings and Loan where I served on the Board of Directors. I was dismissed by Charles Keating when he acquired Lincoln in 1984.6/78 to 6/81Vice President Operations for a subsidiary of Caroon and Black (a NYSE traded international broker). Supervised a staff of 67 employees including 4 managers with overall responsibility for all internal systems, 13 branch operations, purchasing, human and administration. 1/76 to 6/78Marketing Specialist for Metropolitan Property and Casualty Insurance Company. Responsibilities included training and licensing agents throughout the western states. 10/74 to 1/76Department Manager for National Auto and Casualty Insurance Company. Responsibilities included overall responsibility for both the operations and underwriting departments. Managed a staff of 56 including 5 managers for multiple lines of insurance in all of the western states.7/71 to 10/74Division Supervisor for Allstate Insurance Company with responsibilities for an operations area and a staff of 37 employees and 3 supervisors.8/68 to 7/71 Lt. US Navy serving as systems programmer and annalist in computer targeting systems with nuclear ballistic missile submarines in the Pacific.PublicationsPublished in the International Journal of Business and Economics “Is there Another Shoe to Drop in the Credit Rating of Municipal Bonds” in October 2011. This paper was co-authored with Dr. Hawei Chen.Published in Review of Business Research : Does the Learning Style of Students Depend on Their Area of Concentration in Business” in October 2011. This Paper was co-authored with Dr. Gypsi LuckPublished in Journal of International Financial Studies “Correlation or Causation: the Relationship between the S&P 500 and the Consumer Confidence Index” in October 2011. This paper was co-authored with Dr. Francisca Beer.Published in Journal of Applied Financial Research “The Performance of Faith and Ethical Investment Products: An Empirical Investigation of the Last Decade” in February 2012. This paper was co-authored with Dr. Francisca Beer.Published in Financial Services Review Volume 46, Issue 4 “Tax Calendar Effects in the Municipal Bond Market: Tax-Loss Selling and Cherry Picking by Investors and Market Timing by Fund Managers” in October 2011.This Paper was co-authored with Dr. Haiwei Chan and Dr. Than Ngo. Published in March 2011 by the Journal of Financial Service Professionals “A Comparison of Financial Analysis Software for Use in Financial Planning for Small Business”. This paper was co-authored with Dr. Richard Savich.Published by the Financial Services Review: Journal of Individual Financial Management in December 2010, “A Monte Carlo Study of the Strategies for 401(k) Plans: Dollar Cost Averaging, Value Averaging and Proportional Rebalancing.” This paper, jointly written with Dr. Haiwei Chen. Published in the Journal of Financial and Economic Practice “Diversification, Expenses and Performance for 401(k) plans: a Monte Carlo Study of the Blended Six Index Funds Approach”. This paper was co-authored with Dr. Haiwei Chen and published in May 2010. Published in the Review of Business Research “A Study in the Use of ETFS as a Tax Strategy in Comparison to Mutual Funds”. This paper was co-authored with Dr. John Dorocak. Published in the European Journal of Management “A Study in the USE of Financial planning Software in the Classroom as it relates to Student’s learning Styles. This paper was co-authored with Dr. Gypsi Luck. Published in the International Journal of Strategic Management “Deteoriation of 401(k) Performance: The next Class Action Battlefield”. Published in the Journal of Global Business Development “Korea’s Financial Liberalization; A Harbinger of Boom AND Bust? The paper was co-authored with Greg Richey. Published in the Conference Proceedings of the 13th Annual Asian Real Estate Society Annual Conference was a paper co-authored with Dr. Haiwei Chen and Greg Richey titled “Price Diffusion and Dynamics in Regional Housing Markets: The Case for Five Southern California Counties.” Published in October 2009 in the Economics and Business Journal: Inquiries and Perspectives “Housing Price Dynamics in the Greater Los Angeles Metropolitan Region.” Was jointly written by Dr. Haiwei Chen and Greg Richey. “Political Influences and the Dow Jones Industrial Average Index Returns; Perception and Reality” was Published in the International Journal of Business Research, Volume 8, 2008, published 8/1/2008. ISSN Number 1555-1296. “Value Averaging for 401(k) Plans makes More Cents than Dollar-Cost Averaging” with Haiwei Chen. Published in The Journal of Financial Planning, February 2007, Volume 20 No. 2, pages 56-59. “Planning for Defined Pension Plans in Today’s Environment” with Haiwei Chen. Published in The Journal of Financial Service Professionals, Volume 61, No. 3 pages 56–58 May 2007. “What the Numbers Really Mean: A comparison of Financial Analysis Software” co-authored with Dr. Richard Savich. Published in the Journal of Accountancy, Volume 204, Issue 5 pages 70-73 November 2007. “The Shanghai Stock Exchange and the Shenzhen Stock Exchange: Concise Information for US Portfolio Managers” with Dr. Francisca Beer. Published in Academy of Business Administration Readings Book in February 2007. ................
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