text:
Champion MortgageConsumerAffairs Unaccredited Brand
This company is not yet accredited. To learn more, see reviews below or submit your own. Want to know more about ConsumerAffairs accredited brands? Check out ConsumerAffairs for Brands.
Keep an eye on your inbox, the lastest consumer news is on it's way!
40 Champion Mortgage Consumer Reviews and Complaints
My reverse mortgage was switched to Champion from Wells Fargo. I got a letter from Champion stating we had not paid the taxes on the property. I called and talked to a customer service rep and she put me on hold while she was kind enough to call my county tax office to verify they had been paid. She said she would pass the information on to the tax division. About a week later I got another letter stating my taxes had not been paid. I called again and got a very nice fellow who was absolutely no help at all. It seems the "tax division" is set up not to take incoming calls so I could not talk to anyone directly. Finally I had to contact my county tax office and they sent me a copy of the paid bill so I could fax it directly to Champion but I am in doubt they will process it, as it seems they want to pay the taxes and charge me an outrageous fee even though the taxes are already paid.
I am a 76 year old retiree who has lived in this house for 41 years and I worry constantly that they will find a way to evict me. I have sent them checks to pay down the amount owed but the checks are never cashed. Champion has a terrible reputation but Wells Fargo went with them instead of a reputable company - I don't know how they could be so careless. Seems Wells Fargo is not customer motivated either.
I applied with a company that Champion Mortgage bought out, my husband died 2017. He and I both signed the forms and was on the deed together. He passed away and they took me off the reverse mortgage forms and are now forcing me to move out! This company is a scam DO NOT USE THEM!!! I have filed a complaint with HUD/USDA. I'm leaving a bad review. Filing with the BBB, etc. Please do your research. Thanks. They may remove my review again! BUT I WILL keep posting.
We requested an advance 2 months ago. We faxed the necessary paperwork. They said the check was mailed. We have not received it... so they say, "They reissued a new check". We are still waiting. This has happened in all the times we asked for an advance. In the meantime, the statements keep coming saying we took out an advance, but we have not received any payment.
I had the roof placed August 2017. The roof replacement occurred during the mortgage transfer to Champion Mortgage from Wells Fargo. The first check was endorsed by Wells Fargo and the second and final check to be endorsed by Champion Mortgage. We had to change the name on the check since it was a new server of the loan. Well, it is March 2018 and Champion Mortgage is the holdup of us paying the contractor the final payment. Champion Mortgage has reinvented the wheel when it comes to loss drafts. Why don't the customers have a say in who your loan is transferred to? Champion Mortgage has a horrible record for customer service. It is a different thing every time, I call them. I learned that they only receive document in PDF form, after I have sent nearly 30 documents in JPG. I will contact HUD and State Farm of my complaint against Champion Mortgage. They should not be in the Reverse Mortgage business.
My mother passed away back in April. I have done everything this company has asked and now they are threatening foreclosure. When I call, each rep tells you something different and they kept saying to ignore the letters I was getting as I was approved for an extension. Come to find out, I was never approved and they have hired an attorney to take the house. I have asked for supervisors and they refuse the get them. Now I have an attorney and hope this can be resolved. BTW... The house is on the market to be sold they still are threatening foreclosure. It's enough to have to deal with my mother's death in April and my mother in law's in October... NOW I HAVE TO DEAL WITH LIARS, CHEATERS AND SCAM ARTISTS!!! STAY FAR AWAY FROM THEM!!!
- 1,113,905 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
Champion Mortgage has defrauded my mother since 2015 when my stepfather passed away. They have manipulated her time. They have lied to her. They have charged her twice in one month for inspection. They have taken her to court n12 default that you didn't get a paper turned in in time when in fact she did and they want to pay off of 200000 or her to move out when my stepfather only took 4500 in 2008. They have not recognize my mother as a number one spouse. Her home has gone into foreclosure and even passed an auction date. The last three years have been living hell for her and the family. This is my second time I made a customer complaint. Desperately Seeking assistance for my mother. Thank you and have a good day.
My parents passed & had a reverse mortgage with Champion Mortgage. I am one of the daughters who became executrix. We did everything Champion told us to do (in lieu of deed). I thought everything was proceeding as planned because that's what we were told by Champion until I got a summons by the Sheriff's Dept telling me I was being sued by a law firm Champion hired to do so. You never speak with the same person which is very annoying, when you do nothing is explained correctly. I needed to hire a lawyer (which is not cheap) but thankfully he resolved my issue in a timely matter. So my advice to everyone is — DO NOT EVER USE CHAMPION MORTGAGE for anything!!! They are shysters to say the least & other choice words I am too ladylike to put on here!
I have been going round and round with this company since September 25 to get funding for repairs in my home. They don't do anything to move their process along unless you call them daily. No one there is very helpful. My damage was done on September 11; I sent them checks from the insurance company on September 25 and October 5. It is now December 1 and I still have not received 50% of the funds for my repairs. They don't let you know the status of your file unless you call them. They found some technical differences in the documents but did not let me know. They were just sitting there with this information without calling me to tell me the technical issue that needed my correction. If I had not had sufficient funds to make up the difference, I would have lost my contractor. If I could give them no star at all, that's what I would do. They don't care about customer service at all. Period. If I had a choice they would not be my service provider.
When my mother's reverse mortgage was transferred from Wells Fargo to Champion she received a letter from Champion stating that the payment schedule would be the same. It is not. I called to (nicely) request that it go back to the old schedule and was informed that it was impossible. I told the representative what the letter said, but she still said no way. This has created hardship for my mother who is in my 90s. There is NO way that this can't be fixed, someone there should be able to authorize fixing THEIR mistake!
My reverse mortgage was transferred to Champion Mortgage by Wells Fargo. They aren't returning my calls and say they don't have my paperwork, yet they accepted a payment in September. I have complained to Wells Fargo and they are checking into it.
I have the same problem getting ahold of them; hung up on, on hold at length, etc. I even elect the callback. They never call back. I send everything certified, return receipt. They are as bad as the IRS! Depending on who I get to talk to, it's always a different statement or answer. Very frustrating! After I send the documents certified, I always follow up with a phone call to be sure they have received it and document EVERYTHING.
Several months ago, I received a form to fill out stating that I still occupied the residence. This is an annual requirement. In years past I have done as instructed and had no problems. This year, I filled out the form and sent it to Champion in their own return envelope as instructed. About one month ago I received a notice that if I didn't return the certificate, I may be liable for the expense of an agent having to come to my residence to verify I was still occupying this residence. So to make sure, I filled it out and sent it as before. Yesterday I received the same threat that if I haven't sent this in within thirty days I would be investigated.
Today I called the number provided in case I had questions. After being on hold for twenty minutes or so, A man took my call. After asking a few questions to verify my identity, he suddenly said he had to hang up because he was having major technical difficulties and I should call right back and someone would assist me. After another twenty minutes or so, My call was dropped. I waited about two hours and called again. After twenty or so minutes, my call was dropped again. Tomorrow I will try one more time to get through and if not I will send it certified with a return signature requested. Then the next step I suppose would be my attorney. I will not pay expenses for someone to come verify that I occupy my residence.
I have been trying to pay off my 97 year old mother's reverse mortgage, to no avail. It takes approximately 45 minutes and 5 hang-ups. Every time I do manage to get a hold of an agent I am told that it is going to take 3 to 5 days to fulfill my request. Of course the request for a payoff is never completed and I am still being charged interest on the remaining amount. I think that Champion Mortgage needs to be reported and investigated by the Security exchange and the senior abuse agencies...
Mother in law passed away June 2015. My husband and I found out she had a reverse mortgage on the house. Before she passed, she said the house was paid off and then got a reverse mortgage. Anyway, we told Champion we wanted to short sale on home but Title company said my husband had to go through probate. We let them know that we are going through probate. We emailed, mailed and faxed court papers of every court hearing. The 3rd hearing, the original judge wasn't there to grant my husband Executor of the Estate and it was extended to the following month. Champion denied the court paperwork my husband got from the probate clerk and proceeded the foreclosure of the home. Our realtor we had called Champion and requested the inside of the house appraised. Champion granted her request. That following Monday realtor called and said the bank foreclosed on the house.
Then August of 2016 my husband went to court and the judge told my husband "DON'T DO ANYTHING WITH THE HOUSE UNTIL I TELL YOU TO" and appointed a Probate Referee as well. We told the bank but they said oh well too late. Got eviction paperwork. Hired an attorney from Saunders Law Group in Corona. Which did nothing I mean nothing to stop eviction. They took our money and Ramon lied and lied to us. We got evicted with nowhere to go, no money, absolutely nothing. No cash for keys. Nothing. Just left myself, my husband, and 6-year-old son on the streets living in the car. Had several people inquire to help us get our house back and the bank's realtor told our friend she couldn't do anything with the house until probate was finished. But that was a lie too. It was sold twice. How can they do that. Probate clerk told my husband he had rights on this. No one wants to help us and what the bank did was absolutely WRONG.
Attempting to pay my burdensome school taxes in a timely manner I was given a runaround. I could not speak to a supervisor but the young lady with whom I spoke repeated to me what her supervisor said. I had sent an e mail with an img attachment of my request. After not seeing the deposit in my account I sent an e mail requiring why I had not received this request. An automatic e mail was returned to me stating I need not follow up with another request for the matter was being taken care of.
Calling Champion today I was told the e mail was no longer available for withdrawal request and if I had read the letter dated June 27, 2017 I would know that. I then reviewed the letter and nowhere did it state e mails were not available. The "customer representative" then advised the e mail was not working and I would need to submit a written request or a fax for the amount I needed. Now I either need to run to the post office and mail this request or find an available fax machine. Pay to get MY money? Poor service.
When I moved in with my grandma Lore ** she was low sick. After she passed away I remained in the after a while. I was in forum of a reverse mortgage on the home trying to get answers about the home and how it worked. Getting no answers only that I was not borrower trying to pay and insurance. Still no results so after 4 year I was sent a letter saying the house was in foreclosure. The realtor mentioned that most of times they gave cash for key so she suggested I write and ask. Getting no response the realtor informed me that they wasn't given me cash for key so she informed me that she would no longer work for them. She felt that it was unfair of them not to give me cash for key so I was trying to find somewhere to go because I had been having medical problems.
I wasn't able to work so trying to move out I was away trying to see about my dad in which he was in the hospital in Lubbock, Texas. Upon my return the house had a house fire. Not getting information a lot of my things were my grandma's thing that could not be replaced. I thought maybe some things could be salvage but for some mysterious reason the house had another fire and I would to know is there away the insurance was going to pay for my things even though my grandma's thing. I was going to treasure of my grandma's cannot be replaced.
RE: Champion Mortgage, Michigan. I am attempting to pay my Reverse Mortgage in full, a couple hundred thousand dollars. I telephoned in an effort to learn how to do that. Every time I talk to a representative of which there are many times, I am treated like dirt. They are of no assistance and now dangerous. I sold my home and want to settle up. The information I am given is nothing but BS and its "policy". I simply do not know what will happen. I tell them I am a "lay person", they don't care. One thing, their script never changes. I have decided to write an article about my experiences with them and have it published. The company's own reviews will testify to my content here.
I am beyond hope or future because of this reverse mortgage I took on my house. Champion Mortgage has the legal right because of my trust to rid me of future plans or happiness. The pure life is being sucked out of me.
I have written 3 letters to Champion Mortgage asking what I needed to do in order to add my wife onto this mortgage that is currently in my name only. I received a letter back stating that she would receive the information required when I passed away. This is not a suitable answer. Two more letters to Robin Rice, VP Borrower Care were not replied to.
Champion is threatening foreclosure on my 83 year old mother's condominium for lack of property insurance. The insurance company has faxed them documentation 6 times. They have made no effort to work with the insurance company or with her. The home is in an HOA and the insurance documents are written differently than they would be for a free standing home. Her home has been continually insured by the HOA as long as she has owned it. They are demanding $496.00 immediately for additional insurance that she should not have to pay. I have filed a complaint with the Consumer Protection Agency, asked the insurance company to work with the insurer to prepare the type of document they want, and my next step will be legal aid.
Claiming I owe them $542.00 to cover flood insurance for a month while I was working with FEMA and my insurance company State Farm. FEMA required a plot survey in regards to being in a flood zone. This cost me $300.00. Then my agent wrote a flood policy which had to be reviewed by their underwriting department. Champion has a declaration page showing my flood insurance.
Champion Mortgage Company is a land grabbing organization and should be investigated for loan fraud, for the simple fact of how they handle families after the death of a loved one. My mother was a recent victim of Champion Mortgage. After she died there was no grace period where the surviving heir was given ample time to develop the proper financing resources needed to refinance the home and retain the property. The customer service was horrible and the number of times that you call in to clarify an issue is the number of different answers you would get.
As a result of constantly fighting their foreclosure process, forced me to file bankruptcy, My level of dissatisfaction is not able to be expressed in words. I have filed a complaint with Attorney General in my state. The lack of cohesiveness and clarity, in the dissemination of information made it very hard to follow procedure. As I mentioned earlier the timelines allotted for the family to generate a new mortgage is not likely.
In my case being the only heir and the primary caregiver, and not working during this period of time makes virtually impossible to obtain a mortgage. During the closing and before as well I told that the grace period after the primary borrower dies, would be 12-18 months provided the heir would declare their intentions in writing, well I did that and in response I received a foreclosure notice. The convoluted method for they employ is teetering on the criminal and definitely a complete misrepresentation. If I had known of the methods Champion uses I would have ran the other way.
My parents moved into an assisted living facility. Prior to this they were shortly in a Skilled Nursing Care Facility where we were analyzing whether they would be able to return to the home, or whether additional care would be needed. Champion was notified of this August move, and I was informed of the steps that needed to be taken in regards to handling the property. They informed me that if our intent was to sell the property that they needed to be sent a letter of intent indicating such accompanied by proof of listings for the house. They also said that if the house did not sell and we needed more time that they needed to receive another letter between January 18th-February 18th 2016, and then another one between April 18-May 18th 2016. The initial letter of our intent to sell the property and proof of listing was sent to them and they received these items the beginning of September 2015.
On November 4th 2015 the house was listed with Target Real Estate Company. Since the property had not yet sold as of mid-January a letter was sent to Champion along with the listing from Target Real Estate. The relator had been contacted by Champion to confirm that the house was listed, and discussed the option of completing a short sale of the property. I received a letter from Champion dated February 8, 2016 reminding me that we were "nearing the end of an extension period and if we needed additional time to satisfy the terms of the Reverse Mortgage to submit a written extension request" and backing documentation (Real Estate listing). I called Champion to confirm that indeed the documents I sent had been received. They informed me that they had been received on February 3, 2016 and informed me that we were "good to go".
We then received a letter from Champion dated March 10, 2016 stating that they had not received proper documentation and as a result the loan was referred to foreclosure processing as of that day. I immediately called Champion and they told me that they had never received the letter, but had the real estate listing. I explained to them that they were both in the same envelope and if they received the listing then they likewise received the letter. I was told they needed to research things. When they got back with me they said that since I had not specifically used the word "extension" within the letter that they did not know what the letter meant and why I had sent it to them. I told them that I was never instructed that I specifically needed to use the word "extension" within the letter, and asked if since that was the problem if I could submit another letter with that specific word in it.
I was told that it was too late and that there was nothing that I could do about the foreclosure. I told them that the letter we received from them stated that "the default may be resolved by any of the following methods: *If your intent is to sell the property – provide a Real Estate Listing Agreement and/or Real Estate Sales Agreement". Champion had already contacted the real estate company to confirm the property was listed with them. The (Champion) also had different conversations with the agent about the possibility of doing a short sale of the property. Champion had proof via confirmation from the Real Estate Company that the company was listed with them.
Later that day I spoke with Erika ** from Champion– who is handing this mortgage. She informed me that the information I had received earlier that day was incorrect. She stated that due to HUD guidelines after six months the status of the mortgage changes to be considered "foreclosure" due to the fact that the foreclosure process in Michigan is a lengthy process. She informed me that we can continue to try and sell the house. During my conversation with Erika we discussed the possibility of doing a "Deed in Lieu of Foreclosure" which I informed her would need to be discussed with the parties involved and I would get back with her. That following Tuesday I called Erika to inform her that the house had been sold, and the closing should occur in about 2 weeks. She then informed me that there are now additional foreclosure costs – something that was NOT mentioned before at all.
Now we received the notice that the property has been referred for foreclosure to Champion not receiving proper documentation (this has already been is addressed above). However, as of today was informed by Champion that the letter I received stating the reason why the property went into foreclosure is a general letter and not account specific as to the actual reason the property was sent into foreclosure. We have been making every effort to rectify this situation based on the official letter received from Champion as the reason the property was sent into foreclosure – and then we are told that is not really the reason it was sent into foreclosure. If we are not aware of the legal reason the property was sent into foreclosure how are we supposed to rectify the situation???
This could potentially make the sale of the house fall through, and we would believe that selling the house and paying Champion the monies owed specifically for the reverse mortgage would be easier for all parties involved. In addition to foreclosure fees that we were not informed about – we needed to list the house at a price that would not only make it appealing to a purchaser – in addition to my mother applying for VA survivor benefits she is not allowed to make ANY money on the sale of the house. The house was priced at the point where the only monies that would be received would be the amount needed to pay off the reverse mortgage. There is no money to pay any kind of additional fees.
I watched my mother fight cancer for years before we lost her in November. I'm her only local son, so it fell to my wife and I to settle her affairs. We cleaned the house and listed with a realtor. The house sold quickly and we sent the payoff request and legal and realtor documents in. We waited weeks and never received a payoff. I called three days before the closing and instead they send it. They promised I would have it shortly. Then did nothing.
I called and spent hours on the phone over 3 days begging for them to send the payoff so we could close. Each time they apologized and made promises they could not keep. We missed the closing and the buyer put us in default. It was so hard to deal with the loss of mom. She never wanted to be a burden. This would have devastated her. It's too late for us, but you may still have a choice. DO NOT choose Champion Mortgage. They are criminals. What they did is unforgivable. I will spend the rest of my life telling people about my experience with these scum bags.
Home was placed in reverse mortgage with MetLife 2010. It is my belief now, the banks that put houses in reverse mortgages, turn homes over to companies like, Champion Mortgage and Nationstar to start a well-planned cycle of taking the house back to gain it for their accounts and make hundreds of thousands from it... In October 7, 2013 I was sent to a collection agency to pay the fire insurance on my home by Travelers. I paid it, Travelers to inquire such actions the account was paid and to reinstate my insurance. They did not send me to collections, Champions had it. I spent 6 hours online new insurance. Found it and agent of Foremost faxed the policy, I copied it, faxed, mailed to Champion. Harassment ended January 15, 2014 (5 months)...
Next, they paid the taxes. A thousand dollars more than what was owed. Champion wanted financial consultations to make payments back to them. 3 agreed plans to, 1 voided due to HUD two due to no agreement mailed for me to sign, and the last one, from May 15, received in Sept. 19, agreement was dated Sept. 3, 2015. I mailed 3 payments, certified mail, Sept. 19, 29 and Oct. 2015. The second payment was returned to me. 11/2/2015 the other two would be returned. This caused me to check all post offices when I didn't receive the other two checks. I have learned one check was sent back to them as not deliverable. Champion mailed it to ** Prospect Park. The foreclosure was advanced on no one living here, they have charged my account 20.00 each agent to come here and check home. Two was sent twice May 18 and 19.
They denied receiving the checks - insisted I fax the signature cards. I did. I then offered to pay the entire sum, and they refused it. Said the house was going to be foreclosed on and no payments were legal. I offered to Champions I would MetLife's attorneys and got yelled at, threatened. Champion has now sent me a mitigation paper to file.
Took out a reverse mortgage around 10 years ago. About 10 months ago it was sold to champion. I have $82,000.00 left on my line of credit but they are saying I have no funds left and are refusing any further advances. I have every statement backing up my claim. They said "Well we don't send out the statements. Some other company does." So far I have gotten nothing but the runaround even though they admit the statements do show what I claim. Need a lawyer but really do not know what kind to get.
My husband's grandmother passed away and we called them the next week when we got her death certificate and they told us that the account was due immediately. Yet when we called them back a few days later, a different person told us that it doesn't become due until 30 days after the death. So we said that was fine and we would start working to get the paperwork to them before the 30 day mark. We did that and at the 90 day mark we got notice we were in default and 23 days later we got court papers saying that they were starting foreclosure processes.
WHAT?! We had been trying to refinance and we tried to get an extension and we were told that we couldn't get one because we were on the road to foreclosure. We got approved by the bank for a refinancing to make Champion go away and Champion said, "We need this paperwork." Done. Call back a few days later, "Oh, we need this now." Ok, done. Call them back a few days later, "Well, that's not enough, we need this." Our auction date is 90 days away and we opted to sell the house because we can't get Champion to play ball with us.
When my father passes away, I let them know. Less then 10 days later I got a foreclosure notice. I get about three notices a week. I called and asked for papers to extend time to get stuff out and to try and figure out a way to save the house for our family. They refuse to send me the paper work to extend. They send it to a dead man.
My mother has a Reverse Mortgage on her house. Champion bought out her mortgage and has declared that she is dead and no longer living in the house, saying the reverse mortgage is due and payable! My mother is very much alive and healthy! I have a lawyer. Will take them to federal court. Reported them to our news channel, and have filed a complaint with the state! BEWARE OF THEM!!
This is the most ridiculous mortgage company I have every came across and I have dealt with a few in my time buying and selling homes. This home is an estate of my deceased mother. We/brother has jumped through hoops to satisfied this lender. I don't know what they don't understand - WE DON'T WANT THE HOUSE. We have filled out all the paperwork, sent the Will and it's not good enough. The most uneducated people I have ever came across when it comes to finances. Or simple English. I am not oppose to reverse mortgages for seniors but stay away from this company. You will get screwed in the end or your poor family members will have a major headache from them. We're about to say screw it, keys are inside.
Champion Mortgage expert review by Michele Lerner
Champion Mortgage has been providing seniors and others with a variety of mortgage products since 1997.
Detailed educational info online: Champion Mortgage's website has a comprehensive FAQ that offers detailed information about reverse mortgages in general and how their reverse mortgage program works.
Can leave home for up to 12 months without penalty: While mortgage holders have to certify annually that they still live in the home, they can leave for up to 12 months without the mortgage entering repayment.
Direct deposit available: Consumers can get funds deposited directly into their bank accounts each month, making access to loan proceeds easier.
Mortgage transfers: Many consumers find themselves faced with large bills when other banks, particularly Bank of America, transfer their reverse mortgages to Champion Mortgage.
Customer service: Live customer service representatives are not available between 8 PM and 8 AM Eastern Time on weeknights or between 5 PM Eastern on Friday and 8 AM Eastern on Monday.
Best for: Seniors on fixed income and seniors who want to enjoy their later years.
Champion Mortgage Company Information
- Company Name:
- Champion Mortgage
- Country:
- United States
- Phone:
- (866) 654-0020
- Website:
- www.championmortgage.com


text:
Ameriprise Financial, Inc. (NYSE:AMP) Q2 2016 Earnings Call July 27, 2016 9:00 AM ET
Alicia A. Charity - Senior Vice President-Investor Relations
James M. Cracchiolo - Chairman & Chief Executive Officer
Walter S. Berman - Chief Financial Officer & Executive Vice President
Nigel P. Dally - Morgan Stanley & Co. LLC
Yaron J. Kinar - Deutsche Bank Securities, Inc.
Ryan Krueger - Keefe, Bruyette & Woods, Inc.
Alexander Blostein - Goldman Sachs & Co.
Thomas Gallagher - Evercore ISI
Doug R. Mewhirter - SunTrust Robinson Humphrey, Inc.
Suneet L. Kamath - UBS Securities LLC
Welcome to Q2 2016 Earning Call. My name is Paulette, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.
I will now turn the call over to Alicia Charity. Ms. Charity, you may begin.
Alicia A. Charity - Senior Vice President-Investor Relations
Thank you, and good morning. Welcome to Ameriprise Financial's second quarter earnings call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, our Chief Financial Officer. Following their remarks, we will be happy to take your questions.
Slide two of the earnings presentation materials available on our website includes the discussion of forward-looking statements, specifically that during the call you will hear reference to various non-GAAP financial measures, which we believe provide insight into the company's operations. Reconciliation of the non-GAAP numbers to the respective GAAP numbers can be found in today's materials.
Some statements that we make on this call may be forward-looking, reflecting management's expectations about future events and operating plans and performance. These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties. A sample list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in today's earnings release, our 2015 Annual Report to shareholders, our 2015 10-K Report, and the first quarter 2016 10-Q Report. We take no obligation to update publicly or revise these forward-looking statements.
Turning to slide three, you see our GAAP financial results for the second quarter. Below that, you see our operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations, and facilitates a more meaningful trend analysis. The comments that management make on the call today will focus on operating financial results.
And with that, I will turn it over to Jim.
James M. Cracchiolo - Chairman & Chief Executive Officer
Good morning, and thank you for joining us for our second-quarter earnings call. I'll provide my perspective on the business. Walter will discuss the financials, and then we'll answer your questions. Domestic equity markets improved in the quarter; however, internationally, markets remained quite weak year-over-year. Volatility spiked in June, which was reflected in slower client activity. Post Brexit, the British pound weakened significantly and created a difficult foreign exchange translation. Our internally-weighted equity index, which aligns to our domestic and international assets under management characteristics, was down 5% on average year-over-year.
We ended the quarter with $777 billion in assets under management and administration, which was down a bit year-over-year. And as you're well aware, the low interest rate environment remains a persistent headwind. These are external factors that we can't control.
That said, we're focused on what we can control: serving our clients, executing our strategy, managing expenses well as we invest in the business, and navigating these market movements. So, how did this translate into our performance?
Overall, Ameriprise delivered solid second-quarter results. On an operating basis, net revenues reflected a tougher market environment and were down 4% to $2.9 billion. Earnings per diluted share were also down 4% to $2.23, but that include certain items in the quarter that we highlighted, and our return on equity, excluding AOCI, remained very strong at 23.9%. This is up 40 basis points from a year ago. Both our financial foundation and ability to consistently generate good free cash flow remain strong, and we increased the number of shares we repurchased year-over-year to 4.7 million shares. In total, we returned about 150% of earnings to shareholders, the second consecutive quarter where we returned at that level.
Let's move to our business results. In Advice & Wealth Management, our Advice value proposition is strong and we continue to generate good earnings with very good margin. Our advisors and teams are working closely with clients to help them understand the current environment and, importantly, to ensure they remain focused on achieving their long-term goals.
Naturally (4:32), the market volatility and general unease in the quarter continued to affect investor behavior. With this volatility, we increased our market commentary and communications for the field to help equip our advisors to have meaningful conversations with their clients. As you expect, clients are cautious and our overall transaction activity remain muted.
In the quarter, we continue to grow our client base, and in terms of retail clients' assets under management, assets grew to an all-time high in the quarter to $462 billion. We continue to have solid flows into fee-based investment advisory, another $2.3 billion in the quarter, where we have one of the largest platforms in the industry. However, given market volatility, brokerage cash balances continued to rise, up 17% from a year ago to more than $23 billion, which can be redeployed in the future.
I'm feeling good about the strength of our field force. Our advisors take pride in and appreciate the Ameriprise value proposition and strong culture. That's also very attractive to advisors in the industry. We continue to have terrific advisor satisfaction. I spent time with many of our top advisors at our National Conference in May, and they're feeling very good about the value, the support and the growth opportunity they have here.
Our Be Brilliant advertising campaign is on the airwaves and being positively received both on TV as well as online. Ameriprise brand awareness has also remained quite strong. Though industry recruiting slowed, this was one of the best quarters for recruiting for Ameriprise. Another 98 experienced advisors with good productivity joined Ameriprise and our pipeline for the rest of the year looks good. Overall, given market pressures, advisors maintained good productivity with operating net revenue per advisor at $507,000 on a 12-month basis.
From the metrics perspective, we're delivering good profitability with margins increasing to a strong 17.7% in the quarter. We remain well-positioned in the marketplace to take advantage of the growth opportunity as conditions settle.
Clearly, the Department of Labor fiduciary rule remains a top priority for us. As I've discussed with you, I believe Ameriprise is well-positioned to handle the changes required. We have the experience, capabilities, compliance, infrastructure, and dedicated teams to ensure we comply with the new rule. As we and others in the industry noted, this is a highly-complex rule that requires a thoughtful rigorous approach.
Of course, we'll also be factoring in the Department's additional guidance, which they indicated will be coming in the near future. Since the rule's introduction, we've been working closely with our advisors and field leaders to help them understand the requirements and the adjustments we're making to implement them effectively. We're conducting a comprehensive ongoing series of webcasts, workshops and local training sessions to help them prepare to operate in compliance with the rule.
We will continue to deliver the high level of support throughout this transition, which is consistent with our commitment to help our advisors grow their practices. The advisors have been very appreciative of the level of support we're providing. Given what we know, we feel comfortable that we can effectively navigate through it, and we'll keep you apprised as we move forward.
Let's move to Annuities and Protection. The Annuities and Life and Health insurance businesses are performing as we would expect in a low interest rate environment. With regard to Annuities, earnings were in line, given rates and the equity market pressure on account balances. On the variable side, account balances declined slightly to $75 billion and sales slowed year-over-year, which was similar to recent industry trends. A year ago, we had higher sales from new living benefit riders that were well received by our clients and advisors.
Keep in mind, our variable annuity sales and flows reflect both our current block of business and closed legacy blocks. On the fixed side, the book is performing as expected in this low interest rate environment. In Life and Health, overall business results are within our expectations, including our claims experience. Sales slowed a bit in the quarter, consistent with transactional activity.
We continue to focus on the asset accumulation portion of the business, primarily in VUL and UL, and providing a high-level advisor training service and support. With regard to Auto & Home, consistent with the P&C industry, we experienced a high level of cat losses in the quarter, primarily driven by wind and hailstorms in southern and central regions of the country. In Auto & Home, we're making more strategic and impactful changes in our business lines to tighten up areas where we had higher loss levels. This is in addition to the pricing underwriting claims and organizational changes we're making. And we're seeing improvements that will translate into improved financial results in the coming quarters.
In Asset Management, we're executing a focused strategy for long-term growth. Clearly, the market environment was challenging in the quarter, with both the average equity market declines, high volatility in June, and the pound dropping to the lowest point against the U.S. dollar in more than 30 years. In this environment, assets under management declined to $460 billion, and we also had one-time expenses which we previously noted that impacted earnings in the quarter.
Underlying expenses have remained well controlled as we work to preserve margins in the current environment. In terms of investment performance, we continue to generate good long-term performance track records across many asset classes and styles, and this performance looks relatively strong against industry peers.
Regarding the UK referendum, I'm pleased with how we're implementing our initial plans to manage the post-UK referendum period effectively, and providing support and perspective to our clients and investors. The transition will take time and we have been reinforcing with clients that there is no immediate decisions investors need to make. As you would expect, we are monitoring decisions in Britain and the EU, as we and the industry determine next steps. We have a strong and important business in the UK, Europe, and we're committed to serving the needs of all of our investors and feel comfortable with our ability to do so going forward. We also have operations in Luxembourg, and already have established a fund range that we sell in Europe and we will continue to build upon.
Now, let's move to flows. In the quarter, we experienced $4.7 billion in outflows. About half were driven by lower fee former parent-related flows that we discussed with you. Of the remainder, several of the institutional fundings we expected in second quarter were delayed due to Brexit. While we should see them come through in the second half of the year, the timing aspect resulted in $2.6 billion in institutional net outflows in the third quarter, with approximately $2 billion of very low fee short-duration fixed-income mandates.
Overall, our institutional pipeline remained strong. Global retail flows were modestly positive and included invested dividends. In the U.S., we continue to focus on improving market share. And while industry gross sales in the active space were down, our flows improved a bit. And in UK and European retail, we saw outflows leading up to the vote as investors were cautious, and this turned more negative after the vote. Based on our initial read of flows in the third quarter, this pressure appears to be subsiding.
I like to point out a number of developments in the quarter in the U.S. We announced the acquisition of Emerging Global Advisors, a smart beta provider, focused on emerging markets; and we've also launched three new equity income smart beta ETFs. Smart beta is a long-term opportunity for us. It's a natural complement to our traditional active business as we take the necessary steps to advance the business. In addition, shareholder-supported fund mergers that further strengthen our U.S. product line, and we also launched a new advisor website for Columbia Threadneedle, enhancing the online experience.
So overall, I feel good about how we're managing a tough and uncertain market environment. The actions we're taking to drive long-term growth are the right ones. We're managing the business prudently to preserve profitability, while investing in initiatives to compete in our key regions.
As I look at the company overall, Ameriprise is a strong company in a good position with significant opportunity for growth when conditions settle. We're focused on what we can control and delivering a strong client experience. We have the financial stability and capital to navigate the headwinds, to continue to invest for growth, and return to shareholders at a very attractive level. And I'd add that very few financial services companies are generating this level of return on equity and returning to shareholders as strongly as Ameriprise.
With that, I'll turn it over to Walter to discuss the numbers for the quarter in more detail.
Walter S. Berman - Chief Financial Officer & Executive Vice President
Thanks, Jim. Ameriprise continues to navigate the macro conditions well, delivering solid financial results in the quarter. Given the revenue challenges related to the macro environment, we are selectively investing for growth, while managing expenses tightly. We believe our stock continues to be undervalued. The valuation combined with our strong balance sheet and free cash flow generation allowed us to be opportunistic in the quarter in our share repurchase.
Let's turn to consolidated results beginning on slide six. Macro conditions impacted revenue in a few ways. Our weighted equity index, our proxy for equity market movements on AUM, declined 5% on average year-over-year, but was up 6% on average, sequentially. This affected average AUM and fees, which are collected based on average daily assets. The dislocation over the past few quarters has muted client activity and contributed to Asset Management outflows.
Low interest rates remained a headwind for our insurance and annuity businesses. And the pound fell at the end of the quarter, following the UK referendum to leave the European Union, so the foreign exchange translation impacted ending asset levels. With that as a backdrop, you can see how this macro-environment impacted operating net revenue, which were down 4% year-over-year.
Lower average equity markets reduced revenue by approximately $50 million and also suppressed client transactional activity. On a sequential basis, we saw revenues improve in the quarter, up 2%, reflecting improvement in the market index.
Let's turn to slide seven. Ameriprise delivered good underlying business performance and EPS in a challenging revenue environment, demonstrating our ability to navigate through business cycles. We are tightly managing expenses, while making the right investments to adjust to regulatory and geopolitical changes and support future growth. We're seeing the results of our targeted re-engineering initiatives, which we expect to be realized more in the second half of the year. Pre-tax earnings declined, substantially driven by market dislocation; however, EPS was only down 4%, reflecting effective tax planning and our significant share repurchase program.
Our business model generated significant free cash flow, and our valuation provided a good opportunity to repurchase shares at a discounted level. In the quarter, we delivered a strong 23.9% return on equity.
Let's turn to segment performance. Starting on slide eight; first, the Advice & Wealth Management business continues to perform very well, delivering solid results in the face of the challenging environment. Jim spoke about the strong leading indicators we're seeing in this business, excellent EAR recruiting, strong advisor and client retention and record client asset levels.
Financial results are also good in this context. While operating net revenue was down about 2% from last year to $1.3 billion in the quarter, it was driven by lower average equity markets and slower transactional activity. These dynamics impacted PTI as well, but PTI was also benefited from our discipline expense management.
It should be noted that earnings in this segment improved sequentially due to better equity markets and transactional activity levels, which drove revenue up 4% and earnings up 8%. Operating margin in the quarter was strong at 17.7%, up 40 basis points from last year and up 60 basis points sequentially. Outside of significant market disruption, we expect future margin expansion to continue over time.
Let's turn to slide nine on Asset Management. Clearly, we faced external headwinds in the quarter. The average WEI was down 5% year-over-year, which impacted both revenue and pre-tax operating earnings. Operating net revenue was down 11% to $739 million, with approximately a quarter of the decline related to markets. The other primary driver of revenue decline was the cumulative impact of net flows.
Pre-tax operating earnings were down 25% to $148 million, which was impacted by markets, outflows as well as the preannounced resolution of a legal matter. I'd like to note that foreign exchange translation impact from Brexit was minimal in the quarter. We're prudently managing expenses with overall expenses down 7% and G&A down 5%. Looking ahead, we see an opportunity to improve margins as we move to more normalized markets.
Turning to Annuities on slide 10, the segment is performing in line with our expectations. Variable annuity pre-tax operating earnings was $118 million, down slightly from $120 million a year ago. This business was also impacted by market dislocation in the terms of the direct impact on account values and lower asset earning rates. The underlying business is solid and the risks are well-managed. Fixed annuity pre-tax operating earnings declined to $28 million due to elevated lapses over the past year as the block has been running off.
The earnings in the quarter were a bit better than anticipated due to higher mortality experience among income annuity contract holders. Given the current interest rate environment, there are limited new sales and, as a result, this book is expected to gradually run off and earnings will trend down during the year.
Turning to the Protection segment on slide 11, pre-tax operating earnings were $37 million in the quarter. Let's focus on Life and Health first. Pre-tax operating earnings were down from last year, largely due to an $18 million long-term care reserve release in the prior period. Also, long-term care claims were elevated in the current year, but remained within expected ranges. Auto & Home had an operating loss in the quarter due to preannounced cat losses of $37 million. The combined ratio was 118% in the quarter, which included 14% from cat losses.
Underlying results reflect the booking of accident year 2016 incurred losses at a level consistent with the end of 2015. Management has taken action to enhance underwriting, pricing and claims practices, which are driving improvement in frequency and severity trends in both short- and long-tailed coverages. As these business trends continue to emerge, we anticipate that they will begin to be reflected in the financial results.
Let's turn to the balance sheet on slide 12. As we have told you before, Ameriprise maintains a strong balance sheet that we would use opportunistically. We have approximately $2 billion of excess capital and our estimated RBC ratio remains above 500%.
Our hedging program continues to work well, and the investment portfolio is diversified. We returned approximately 150% of operating earnings to shareholders through dividends and share repurchase, again, this quarter, well above our baseline of 90% to 100% of earnings. We repurchased 4.7 million shares in the quarter, up significantly from a year ago.
With that, we will take your questions.
Question-and-Answer Session
Thank you. We will now begin the question-and-answer session. And our first question comes from Nigel Dally from Morgan Stanley. Please go ahead.
Nigel P. Dally - Morgan Stanley & Co. LLC
Great. Thanks and good morning, everyone. So given the UK referendum, hopefully, you can provide some more color on the various plans you're executing, especially around your Luxembourg operations to continue to distribute your funds throughout the EU and the amount of AUM, which was potentially impacted there?
James M. Cracchiolo - Chairman & Chief Executive Officer
Okay. Nigel, we already have operation formally set up out of Luxembourg. We already have a reasonable portion of our fund lineup on the CCAP format that is distributed throughout Europe. So, what we're going to do, we have a process already in place for what we've established so far, that we'll just build out that line to be a full complement to the line that we offer in the OEICs, and that's already going to be underway. So, we'll have plenty of time and ability, depending on what the final outcome is of the referendum and the decisions made between the UK and the EU, for our clients to move into the new format, if that's the most appropriate for them as they move forward. And so, we've done it before. We actually have that in operation already, so it's not something that we have to newly establish.
Nigel P. Dally - Morgan Stanley & Co. LLC
Great. Thanks. And then second question on Asset Management adjusted margins. We've had a couple quarters now where it's declined on a core basis into the mid-30%s. Is that the new normal, or is the high-30%s, which I think was the previous guidance, still an achievable goal?
Walter S. Berman - Chief Financial Officer & Executive Vice President
It's Walter. The range that we have, 35% to 40%, is still in effect. Obviously, this quarter hit the 35%, but certainly we see the 35% to 40% is the range that we think is appropriate.
Nigel P. Dally - Morgan Stanley & Co. LLC
Great. Thank you.
Our next question comes from Yaron Kinar from Deutsche Bank. Please go ahead.
Yaron J. Kinar - Deutsche Bank Securities, Inc.
Good morning and thank you. Wanted to follow up on Nigel's question regarding the OEICs, and maybe you could give a little color on what percentage of your AUM in Europe – or retail AUM in Europe comes from that platform today?
James M. Cracchiolo - Chairman & Chief Executive Officer
So, we probably have about 25%, that would be the non-UK. But of that already, we have almost 60% already in the non-UK, the CCAP format. So, it's really the difference. So, we're probably talking about $5 billion, that's more in – that could be moved to the CCAP, if that's what was necessary.
Yaron J. Kinar - Deutsche Bank Securities, Inc.
Okay. That's helpful. And then, turning to the Advice & Wealth Management segment, we've seen, I think, one or two management teams already talk about stopping the sale of Class A mutual fund shares through advisors and not allowing the receipt of the 12b-1 fees in wrap (25:29) business. Is that something that you're considering as well? And then maybe you could also give us a little bit of color as to what percentage of revenues come from those fees?
James M. Cracchiolo - Chairman & Chief Executive Officer
So, we are moving to – as we highlighted previously, we're moving to institutional share classes; where there aren't any, it will be a load wave of A Class. But in that regard, we'll have that orchestrated as we move to a complete new account structure, and those share classes are more introduced across the industry. Now that will take place, probably we're looking at, towards the first part of next year. And so, that would eliminate some of the 12b-1s that are currently collected. Most of – as we do, we pass on those 12b-1s to the advisors. The advisors will be now adjusting their business model appropriately so, to look at their services rendered and other things. And so, that's a decision we've made and we're moving towards that, and we're helping our advisors through that transition over the course of the year.
Yaron J. Kinar - Deutsche Bank Securities, Inc.
And do you envision – or what do you envision that impact to be on Ameriprise's earnings?
James M. Cracchiolo - Chairman & Chief Executive Officer
Well, on our revenue – of course, the revenue will be adjusted for the 12b-1s going away. We only get a haircut on that. Most of that's passed to the advisors, similar to our distribution arrangements, particularly in our franchise channel. And so with that, there will be an impact to earnings, but we are focused very much on offsetting that through other adjustments that we're making in our business model, as well as on a cost basis. And so, we think that will have a minimal impact as we phase through (27:19) this by other changes we have to make, just as we're asking our advisors to review their business model as well, for adjustments that they may be looking to make.
Yaron J. Kinar - Deutsche Bank Securities, Inc.
Thank you.
And our next question comes from Ryan Krueger from KBW.
Ryan Krueger - Keefe, Bruyette & Woods, Inc.
Hi. I just had, first, a follow-up. On the 12b-1 fees, are you only going to eliminate the receipt of 12b-1 fees in the advisory platform, or across the entire platform as well?
James M. Cracchiolo - Chairman & Chief Executive Officer
So, when you say across the entire platform, we will be eliminating them across both qualified and non-qualified, so across the complete of the advisory-type platforms. In regard to brokerage, brokerage is a little different. 12b-1s are still able to be collected there. We're looking at what is the appropriate share class and appropriate distribution arrangements there, and that we'll make a decision on that subsequent. But we feel that that can still operate appropriately under the exemptions of the BIC.
Ryan Krueger - Keefe, Bruyette & Woods, Inc.
Okay. And then, I guess, somewhat related question on revenue sharing payments and platform fees. Do you see any changes necessary regarding the new DOL rule on that aspect of the business?
James M. Cracchiolo - Chairman & Chief Executive Officer
What we see right now is that you're still very appropriately allowed to get cost reimbursements for the services rendered. We'll, of course, make some adjustments and tighten some various things. Having said that, we think that the bulk of what we do, and how the service is provided, and the reimbursement we get, will be able to be continued.
Ryan Krueger - Keefe, Bruyette & Woods, Inc.
Okay. And then just one last clarification, as a follow up, is the $5 billion number, you referenced the amount of non, I guess – or EU investors that are invested in UCITS types of products that could potentially have to move to CCAP (29:23). Was that the number you were referring to?
James M. Cracchiolo - Chairman & Chief Executive Officer
Yes. And with that, again, there's nothing that's come out formally that says they do have to move at this point in the time. If they do, we'll have the like product set up in just the CCAP format. And there are ways that we're reviewing right now for that transfer to be made appropriately from a client perspective, if necessary.
Ryan Krueger - Keefe, Bruyette & Woods, Inc.
Okay. Thank you.
And our next question comes from Alex Blostein from Goldman Sachs. Please go ahead.
Alexander Blostein - Goldman Sachs & Co.
Hey, guys. Good morning. So, I guess, first, just a follow up on the discussion around potential changes you guys could still make on the Advice & Wealth Management platform to kind of offset some of the revenue pressures. One of the areas we've been hearing a little more about is just what the brokerage firms charge just for access and essentially the platform fees, given the size of your platform with, obviously, a lot of financial advisors and a lot of assets. Can you talk about two things? I guess; A, your plans to rationalize any shelf space, kind of what it means for the number of products you're offering there? And two, what you are contemplating in terms of charging the manufacturers to be on your platform?
James M. Cracchiolo - Chairman & Chief Executive Officer
So, what we're doing, of course, and we do this on an ongoing basis, is we review various products and services offered on our platform. We make sure that there is a level of appropriate due diligence around them, in the offering as well as with that, the appropriate lineups for our advisors so that they have a full opportunity to review all the appropriate investments for their clients. We'll go through that review as we are now, consistent with any changes necessary required by the Department in that – under the exemption, et cetera.
So we might tighten a range a little bit. We might tighten things more formally against the entire platform. But we don't see a radical shift at this point in time for what we're offering, because we already put those products and services through a level of due diligence appropriate. We may look to things and ensure that they're more equalized than any other offerings and some of the services rendered and the commission structure on them. That's what we're reviewing right now.
As far as the platform fees, again, we will look to make sure that that is very consistent and within tight ranges appropriate so that there is no differences that would in any way influence even from an objective view in the offering. And so, those are the things that we're working on right now. But we don't see a dramatic shift for what we've been doing.
Alexander Blostein - Goldman Sachs & Co.
Got it. So to paraphrase a little bit, it doesn't sound like you guys think the distributors will have much of a pricing power over the manufacturers to get their products in the platform?
James M. Cracchiolo - Chairman & Chief Executive Officer
Listen, I think there is always a balance between the manufacturer and the distributor now. And I think, if anything, the distributor, at least in the our case, looks for cost reimbursement against the services that are rendered for the products offered, and that's what we're going to continue to do.
Alexander Blostein - Goldman Sachs & Co.
Got it. Great. And then, question just around capital management for you guys. Obviously, very consistent level of buybacks over the last couple of years. But if we think about the level of payout and if we get into an environment where the equity markets are a little bit tougher and, obviously, the interest rate dynamic is not particularly helpful, what's the appetite, I guess, to continue to maybe dip into the excess capital, $2 billion number, to maintain the level of, call it, around $450 million of buyback?
Walter S. Berman - Chief Financial Officer & Executive Vice President
Well, I'm not going to talk about the $450 million, but I'll talk about the ability, as you've see, we have dipped in to the excess and we've dropped it, and it's decreased, and we just had to call on some debt also. But we have the capacity to do that and certainly we'll evaluate the opportunity to best return to the shareholders as we look forward and look at the environment in which it's in. So we have the capacity, and it's just the matter of assessing what is the best way to return to shareholders as we look over the remainder of the year.
Alexander Blostein - Goldman Sachs & Co.
Understood. Thank you very much.
And our next question comes from Thomas Gallagher from Evercore ISI. Please go ahead.
Thomas Gallagher - Evercore ISI
Thanks. Jim, just a few follow-up DOL questions. So, from your response to Ryan's question, it sounds like you expect to be able to retain all of your marketing and support fees in terms of that revenue piece. And if that's the case, do you – just thinking about how you're transitioning and what risk that represents, and how we should think about that, is it you're going to be operating under the BIC, and that would carry some legal liability risk associated with it that would be higher instead of being a level fee fiduciary? Is that the right way to think about it?
James M. Cracchiolo - Chairman & Chief Executive Officer
Well, I think with – a part of our business, as we said, there's a part of the business that will be operating under the BIC, where necessary and appropriate for the sale of commission-based products, such as an annuity and certain things, including individual funds, where it wouldn't be appropriate necessarily to put them into a advisory or a wrap fee basis, particularly based on SCC (35:26) guidelines, et cetera.
So under that regard, a portion of our business is in brokerage. It is a smaller part of our business today and maybe will even be a bit smaller as this continues to go forward. But that will operate under the BIC and we will abide fully by the – under the exemption of what's required there, including for the sale of any individual product and any payments made so that there's level commissions and all those various things that are required.
In the bulk of our business, which is under investment advisory today, we will move more fully to an exemption allowed under the investment advisory, and where necessarily and appropriate, there is allowance for similar (36:12) level of cost reimbursement for certain of the services rendered that we'll continue to get. And that's the way we're reviewing and looking to implement against the various exemptions allowed.
Thomas Gallagher - Evercore ISI
Would you agree, though, I'm thinking about it the right way, you're thinking about the fees that you continue to make from marketing and support fees? And really the trade-off here is that – I presume there's some higher level of legal liability risks associated with using the BIC versus level fee fiduciary. Is that a fair way to think about it? Or would you disagree with that?
James M. Cracchiolo - Chairman & Chief Executive Officer
Under the BIC exemption, okay, there is allowance for cost reimbursement for certain services rendered that are not necessarily – they are permissible and we will ensure that we meet those requirements so that we would be able to appropriately offer various products and get reimbursement for the services rendered.
Thomas Gallagher - Evercore ISI
Okay. And then just shifting to – I just want to better understand, as you eliminate 12b-1 fees and move to institutional share classes, what that means exactly? So that would be for all of your wrap accounts this would be occurring? Or maybe a better way to put it is, can you dimension what percent of your wrap accounts have 12b-1 fees, where you would be moving clients to the institutional share classes?
James M. Cracchiolo - Chairman & Chief Executive Officer
So, we will be moving to institutional classes where they're offered for all of our accounts. And as I said, we'll move to a no-load A share – waived A share, where we – a load-waived A share, where we wouldn't have an institutional account available for the client at this point in time. In that regard, it will be across all of our advisory businesses and that will occur over the course of the beginning of next year. And with that, that to me – I'm not sure what your question is fully.
Thomas Gallagher - Evercore ISI
Well, just thinking about, is this going to happen, this move to institutional share classes this new structure.
James M. Cracchiolo - Chairman & Chief Executive Officer
Thomas Gallagher - Evercore ISI
Is this happening to all of your wrap accounts or is this just some fraction of (38:52)?
James M. Cracchiolo - Chairman & Chief Executive Officer
Well, some of our wrap accounts are already on some and as we introduced the new classification on some of our wrap over the last year have moved to institution, and that's what we're moving all as we convert our account structures and we get larger groups of offerings. Because not all offerings are out there on the institutional share class today. So as that occurs and we move our account structure, which we're hard at work at, we'll go into a one broad account structure that will occur by the beginning part of next year.
Thomas Gallagher - Evercore ISI
And if I think about that kind of large movement, beyond the elimination of 12b-1 fees, will that also reduce fees overall? Like, just the movement in the retail institution...
James M. Cracchiolo - Chairman & Chief Executive Officer
Well, 12b-1 fees will go away from revenue, at the end of the day. But advisors will be looking at their various accounts and services rendered and other services that they can offer the various clients, when necessary, if they need to. And from our perspective, our haircut from that will go away. And we're making adjustments in our business model so that we can offset that or remedy that in certain circumstances.
Thomas Gallagher - Evercore ISI
Okay. Thanks. And then, one last one, if I could. Walter, I know you mentioned you see opportunity to improve margins in Asset Management. But if we look at asset earning rates, they've been coming down for the last few quarters. Just broadly, based on what's happening with DOL, there's clearly a movement afoot here to move certainly qualified investors into lower fee type structures. Do you really think this is a trend that's going to reverse or stabilize in terms of asset earning rates that have been declining here?
Walter S. Berman - Chief Financial Officer & Executive Vice President
Well, our fee rates have been consistent and looking – and certainly with the – in the first quarter when you saw the drop, where you could not adjust your expense base, based on revenue. So we actually do see the 35% to 40% as reasonable ranges, and we've not seen the behavioral pattern that you're talking about take shape yet. So, the business model has the capacity to generate the 35% to 40%.
Thomas Gallagher - Evercore ISI
Okay. Thanks.
And our next question comes from Doug Mewhirter from SunTrust. Please go ahead.
Doug R. Mewhirter - SunTrust Robinson Humphrey, Inc.
Hi. Good morning. I had two questions. First, just a clarification on the Asset Management segment on some of the flow data. You cited a couple billion of outflows from, you characterized, a former parent company relationship, and that's happened on and off over the past couple quarters. So, how big is sort of the potential for outflows from that particular category, or is that sort of pipeline, as it were, almost empty?
James M. Cracchiolo - Chairman & Chief Executive Officer
So, what we had experienced a bit more was some greater level – we always mention that there will be a normal outflow from our arrangements with Zurich and U.S. Trust over time, just as Zurich is a closed book, we constantly get a level of outflows. Having said that, the book has been relatively stable, with reinvestments and other things, and appreciation, where we still manage roughly equivalent levels of assets over time, but we always have to book that outflow as it comes true, and it always looks like a negative.
In U.S. Trust, as an example, there is always a level of that, just because there is – as new sales come into U.S. Trust, or as their level of sales may have gone down. When we purchased it, it was a larger base of their assets, and so there is always a little difference between a level of redemption and a level of new sales, and we expected that. And that's normally what occurred.
What occurred over the last number of quarters was that U.S. Trust decided to take some of their separate account fixed-income business back in-house. And in that regard, we suffered a little higher level of outflows from some of the dedicated activities we did for them. That looks like it now has slowed through the end of the second quarter, and we think that will go back to a more normalized number. But those are the reasons that we had some oversized flows that we experienced there.
Doug R. Mewhirter - SunTrust Robinson Humphrey, Inc.
Okay. Thanks for that. And my second question, more of a conceptual question. How was, I guess, the feedback or the questions you're getting, or the conversations you're having with your advisory force, regarding variable annuities? I know that they've been in the spotlight in terms of the DOL rule. I know there has been some uncertainty around how they can sell them, or is there sort of still a willingness to sell these to an extent? Is there more of a replacement where more of them will say, no, I don't want to do this, I'm just going to put them into a wrap account? Just if you could just describe, conceptually, the conversations you're having with your advisors about that?
James M. Cracchiolo - Chairman & Chief Executive Officer
So, I think, first of all, there is probably – may be a little difference in the way we look at the sale of the annuity and what we do today versus, in broad terms, the industry. So, we look at the annuity as part of a broader solution set against our overall account and retirement plan for the client. And they're really sold as a solution for a piece of their activities. And we really have educated, and we work with our advisors, to understand where they would provide the essential income as a piece of that income drawdown plan. So, that's the way we've done business for a while. And as you can see, our business has been very stable in the amount of sales that we've done consistently, because they're not sold as just a product out there, but as part of the broader solution.
Now with that, every sale of our annuity goes through a pre-approval process and an upfront review compliance, et cetera, to ensure that it is fit and appropriate for that client. And so, that process that we already have in place will be the same process that will be in place as we move forward. There's always a few things and tweaks that we'll make sure are complemented there, based on any other additional sort of thought process necessary. But we believe that the extent of the process we have in the place already goes through that level of due diligence and review, and where it is appropriate, in a qualified account. That's what we review today in a very rigorous way. So, we don't see a fundamental change in the way we do business regarding the sale of that product.
Now, could there be adjustment in some of the activity there? The answer is always yes. But that's something we'll see over time, where necessary. But we don't see a fundamental change driven by a change in the fundamental process that we have in place, or review that we currently do. In addition, there may be some move to more of a level load over time, rather than an upfront commission. But again, that will depend on what circumstances, or how the advisor thinks about it. But we're not planning for a fundamental shift in our annuity business.
Doug R. Mewhirter - SunTrust Robinson Humphrey, Inc.
Okay. Thanks. That's very helpful. That's all my questions.
And our next question comes from Eric Berg from RBC Capital Markets. Please go ahead. Eric, your line is now open. And we'll move on to our last question. And our last question comes from Suneet Kamath from UBS. Please go ahead.
Suneet L. Kamath - UBS Securities LLC
Thanks. Good morning. I wanted to start with Advice & Wealth Management, and just get a sense on client activity. It looks like the distribution fees in that segment have been running kind of $550 million a quarter for the past couple of years and we've had a step-down here for the past few quarters. So just want to get a sense based on the feedback you're getting from your advisors. Are we at kind of a new run rate here in terms of activity, or do you think we can kind of get back to that mid-$550 million – mid-$500 million level, especially as these EARs start to vintage in?
Walter S. Berman - Chief Financial Officer & Executive Vice President
I think, as you saw in these first two quarters, there has been, especially in the first quarter, the impact to the markets and certainly the dislocation associated with – on long-dated. So, it is our expectation that as we work our way through – I can't exactly say where it's going to go back, but we certainly don't see this as a permanent trend and we're working through EARs, as you indicated. We are bringing on board, they are vintaging, and certainly the productivity within the legacy advisors. So, it's going to be a combination as we work through it, Suneet.
Suneet L. Kamath - UBS Securities LLC
Okay. Thanks. And then, just related to EARs, the 98 I think that you added in the quarter was maybe the strongest we've seen since back to 2012. So, just a question, do you think this is the early signs of Wealth Management consolidation post DOL? And then relatedly, once the DOL standard goes live, I guess, next year, are you envisioning or expecting any changes to your ability to recruit advisors, particularly as we think about things like transitional compensation?
James M. Cracchiolo - Chairman & Chief Executive Officer
So, Suneet, as we look at the business today and what we're doing to both support our advisors, but also have a strong business model to actually help them serve both the retirement and non-retirement market, particularly to our target market of the $500,000 to $5 million, we're working very closely with what is the level of support our advisors need, the training; what is the level of, what we would call, activities necessary for them to truly serve these people more fully. And we feel like we have a very strong business model in place that can respond to whether it's about the regulatory, but also the consumer dynamics that the consumer is interested in.
And the more we speak to the consumer and do research, whether (49:41) with millennials or not, they're asking and want more personal advice. They like working in an engaged world and using the digital, et cetera, and we have some of that better digital capabilities and we've been recognized out, and we're continuing to invest in it, and that includes digital advice. But they want more than something called robo, and they want more something than a computer model. And so, we do feel that we have the ability with our planning model to actually serve this universe. And therefore, we think we continue to be attractive to advisors, particularly based on a combination of that and our culture here built around how the advisor needs to serve the client and how we, as Ameriprise, also interact and connect to help the advisor serve the client.
So, I think there will be some people evaluating going through the DOL. I think our pipeline has been good, because we're actually working day to day with our advisors to help them handle this and we have the compliance and the infrastructure necessary. And I think people will evaluate that over time, particularly if they're independent, or if they feel like the advice model would work for them a little better as they go forward. So, I can't predict what that will ideally look like, but I think we're able to serve them. As far as transition comp, et cetera, we're looking at all of those various things. But again, we feel like the way we have set that up and what we can do or even adjust for it will be done in a way that we think can satisfy some of those requirements.
Suneet L. Kamath - UBS Securities LLC
Okay. Thanks. And then just one last one, if I could, just on the Asset Management business. Given the focus on margins and some of the pressures that we're seeing in fees across the industry, just wondering if there has been any change to your appetite for M&A, particularly given maybe the scale requirement for that business have gone up given some of these macro pressures? Just wanted to get some thoughts there.
James M. Cracchiolo - Chairman & Chief Executive Officer
No, we continue to feel that, number one, we have globalized our business now and we're continuing to invest to even make that more efficient by having a seamless and consistent way of operating through our front and middle office. We're doing that in how we're sharing research and other things. So, we're continuing to complement what we do and make adjustments, as Walter said, so that we can get both effectiveness and efficiency on a global scale. But with that, we are still very open to look at complementary acquisitions as this world continues to change and if consolidation continues to occur. And I think we have the wherewithal to do that. I think we've shown that we can do that successfully and that we look for other activities or companies that would fit in with what we're trying to orchestrate and find that as an opportunity. So, we're very much open to that as the world continues. And as I said, we still have a very strong capital base. We're not over-leveraged. We have the ability to do that. At the same time, we have the ability to return to shareholders.
Suneet L. Kamath - UBS Securities LLC
So size – I mean, you could do a larger transaction, that would be something that would be of interest to you if it came along?
James M. Cracchiolo - Chairman & Chief Executive Officer
Yeah. We have the ability of a range of sizes here based on our capacity, the earnings power, the balance sheet, the debt offering, et cetera, that we can do.
Suneet L. Kamath - UBS Securities LLC
All right. Thanks, Jim.
Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating and you may now disconnect.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
If you have any additional questions about our online transcripts, please contact us at: email@example.com. Thank you!

subset: commoncrawl


text:
It is very difficult to pick out a perfect Web hosting Service that works best for your with thousands of Web host out there. But, with a little effort, you can pick a good one.
Concentrate on you requirement
What is the aim of your website? What is the bandwidth and storage requirement? Do you need alot or can just do with little? Do you require email addresses on your domain? Or are you going to use any free email service? You also have to think about databases, and spam filters, and website builders?


text:
Dieser Artikel kommt von adage.comGoogle, Debuts 13.02.2018 - 19:11:00
AMP Stories.
Google Debuts AMP Stories for Mobile Readers. Credit: GoogleGoogle has launched AMP Stories, a feature that lets publishers create content similiar to Instagram Stories, but for mobile websites.AMP, short for Accelerated Mobile Page, loads content extremely fast. The open-source project was led by Google roughly two years ago, after users began spending more time in apps than on websites.


text:
Le bateau lavoir, c. 1905
Are there events in the lives of artists that you read about and wish you'd been around to see? I've read a lot of biographies, and the one that stands out for me is John Richardson's Life of Picasso, Volume I. It covers Picasso's life from his birth in 1882 to the middle of 1907, just before he started work on 'Les Demoiselles d'Avignon.' Richardson discovered a wealth of new material about Picasso's early years in Paris, and his descriptions of the bohemian life of Montmartre just teem with vivid detail.
I wish I'd had a studio in the Bateau Lavoir round about 1905. This was an old laundry building on a small square in Montmartre, the Place Emile Goudeau. The entry was on the square, and once you were inside, the building descended sharply through several levels because it was built on the side of a hill. The building is no longer there, but if you go to the square you can still see quite clearly what this would have looked like. My studio would have had no heating or water, but might have had one wall entirely of small glass panes—which would make it freezing in winter and boiling hot in summer. I would of course have had a round metal stove, with its thin chimney snaking out through a hole cut illegally in the ceiling or the side wall, where the smoke from the logs would have belched out and joined the smoke from the hundreds of other chimneys in the district. For lunch and dinner, I would probably go to Le Lapin Agile, a dive on the square where the local artists would gather to eat and drink. The locals—the non-artists, the civilians, the barrow-wheelers and draymen, the small store owners, the bank clerks—were known to refer to this tribe of artists as 'the apaches'. And some of us would live up to this reputation by carrying a revolver, which we would occasionally fire out of one of the Bateau Lavoir's windows at night to let everyone know that 'the apaches' were on the war path.
If I was lucky, maybe I would get invited up to one of the late night sessions in the studio of that Spanish artist, the small guy with the build of a wrestler who had that tall, regal-looking mistress with the Egyptian eyes. The party would start at eleven or so. Those two poets would be there—Apollinaire, with his incessant puns and his bumptiousness; Max Jacob, moody and serious, always glancing at Picasso to see if Apollinaire was getting too much of his attention. Picasso would smile more than he would talk, because he was self-conscious about his Spanish accent when he spoke French, particularly around Braque, who also had a studio in the building, and who was probably the only person Picasso was slightly in awe of. There would be anis, and absinthe, and as the night wore on, the hashish pipe would get passed around, which Picasso wouldn't touch because he once had a bad trip. The talk would go non-stop. There would be shouting, laughter, voices talking back and forth and over each other. There would be merciless mockery of people who were present and absent. The future of art and poetry would be drunkenly argued to death. Eventually some would start to fall asleep, some would want to go back to their work, some would leave the building to continue the party somewhere else. And in the morning life would begin all over again.
Yes, the Bateau Lavoir, June 1905. That's where I would like to be.
Subscribe to Praeterita in a reader


text:
Home Golf Training
You May Also Be Interested In:
gifts toys
golf products
golf training
home golf
Home Golf Training
High Quality
Color box package
Competitive price
Just let us know if you are interested.
More photos and more details can be provided.
If you would like to have other Golf products, we also can research for you in China.
Our main products include baby products, key chain, gifts, toys, bags, stock, etc.
Just let us know what you are looking for and what you need, we can arrange for you accordingly.
We are here for you.
View Profile And Products For
This Company
Sign In
Sign Up Free!
Contact Us
About Us
Terms Of Service
Privacy Policy
© 2017 Bidrz LLC. - all rights reserved.
(Beta 0.9.10)


text:
Wale Releases Music Video For "Lovehate Thing" [NSFW , VIDEO ]
With today marks the third album release of rapper Wale As he drops "The Gift" on I-tunes and all over retail stores. He decides to drop a brand new video and although it's very reminiscent of Marvin Gaye, Wale is able to put his own style to the song and make it his own!
Wale -Lovehate Thing:
Since Wale has linked up with MMG , he has been making some major noise and has been staying at the top of the charts. Make sure you get out and purchase or simply download the new release and let's watch him get another gold plaque for the wall. Check out the making of his next video as well called "Clappers" featuring Nicki Minaj and Juicy J below.


text:
Want to receive free locker codes for NBA 2k18 and unlimited free 2k18 VC to unlock rare players? The NBA2k18 vc generator here can create unlimited free locker and diamond player codes everyday., with fresh special codes updated for every month. NBA 2K18 is all set to win hearts and if you've got the locker codes in hand, there's nothing stopping you from dominating the sport in its entirety.As a virtual currency (VC) in the game is very important, the locker codes that are the key to getting these VCs are the most coveted of these factors in the game. Click here if you to generate nba 2k18 locker code.
And as coveted as they are, it isn't easy to get your hands on them too. You really should work hard to get these codes or you can always use real time cash to get your hands on them. But if you are really searching for a free way to find these locker codes, then it's time you try the NBA 2K18 locker codes generator online.These locker codes are usually announced by 2K sports as part of various offers and promotional deals. At times, these are given just for a specific gaming console and at times it will be applicable for everybody. You can be a part of the Facebook page of this game and enjoy the locker codes as and when it is released to the public from the gaming company. However,these offers are rare and far and one can't always depend on them to move further in the game.In order to remain on top of this
game, you need to have the ability to unlock those additional features. And to do so, you want the virtual currencies unlimitedly in your pocket. That is the reason why, you need the support of a sophisticated, innovative tool like the NBA 2K18 online generator for locker codes.This is an online generator which will help you get the essential locker codes that can further help you to unlock other features of this game. It doesn't involve any cash and neither does it involve you to slave away in front of the system for hours and hours. All it requires is a few simple clicks on your keyboard and a sturdy connection to the internet to get your hands on those free locker codes. With no limitations on the number of times you can run them and no limits on the denomination which you can choose, these definitely offer you the best way out to assist in gaming on NBA 2K18.How can the online generator generally work?A team of highly skilled and well talented coders and programmers have put their heads together to design an algorithm, that can help create the locker codes free of cost, as many times you want at any point of time during the day or at night. The tool was tested absolutely at each step by many skilled technicians and it's undergone quite a lot of testing by multiple users. This has ensured that the internet generator functions effectively whenever it's run even if done through exactly the exact same browser.The generator uses the backdoor in the game server, and guarantees that the information is transmitted with the maximum amount of encryption. The information is transmitted in such a way that the locker code generation happens like every other genuine transaction in the system. This ensures that there is no doubt triggered at any point in the gaming security system.
How to use the NBA 2K18 online generator?For a generator which involves lines of complicated code, you'll be amazed by the simplicity in using this tool. An entire explainer video is below, which shows each and every step to find free locker codes.The system will then prompt you to pick the console from which you are playing the game. The game is compatible with PS3, PS4, Xbox360 and Xbox one and so is your internet generator. Depending on the console you use, the algorithm to create the code will be different. Hence make certain that you choose the right platform.Once you've chosen the platform, you'll be asked to pick the denomination for your locker code, from a few options like 5000 vc locker codes, 50000 vc locker codes, etc. After you opt for the denomination, you need to share the page on Facebook and on Twitter post that the denomination you have selected is credited to your respective account.There will be a human verification that needs to be completed in order for the code to be shown on your screen completely.The entire process doesn't take a lot of time and you will have the ability to get these codes within a period of few minutes with no actual computer knowledge or experience. Typically, these codes will get generated immediately and there won't be any waiting time. However, at times, when there is an overload on the gaming server or the hack machine, there could be a small delay. In which case, it's advised that the user attempts it again. If the hack still does not generate the code, then you can get in touch with the customer support who would respond to your queries within a period of 24 hours.The internet generator to find free locker codes brings along quite a few benefits for an ardent player of NBA2K17. Some of them include,There is no need to spend some of your hard earned money in a game.The codes which you get from these online NBA2K18 online generators are compatible with all sort of gaming consoles such as the PS3, PS4, Xbox one and Xbox 360 where the game is usually set. So every time, you are guaranteed to generate completely working locker codes.The generator uses the very best and the latest encryption technology there is in the current market, ensuring that your information is not shared with anyone or any kind of security system. So you're safe against the security protection of the gaming server at any point.There is no time or place to use these generators. They operate 24×7 in any place as far as you're connected to the web.Given that these generators are online, there's absolutely not any need to download any software or install any program. So you are safe from any sort of security threat to your device or gaming console with this generator.There's a customer care team that's available to you at all times, 24×7 to give continuous support to all of your queries.Is there a risk associated with the NBA 2K18 online generator?There are only two types of risks that one has to battle with when using a generator to get freebies in a match.One is where a virus or a malware gets downloaded into your account or device accidentally.The next is where your data is compromised by the game server along with your account for playing is prohibited permanently. This is a even more serious threat as you may need to restart from scratch in a new username and it could be quite a tedious job.With this online NBA2K18 generator, you will in fact be mitigating both these dangers. You will not be providing any sort of information including your user name when you're using this particular online generator. Given that there's no details shared, there's absolutely no risk of your account getting banned or your information compromised in anyway. Another fact that this is an internet generator ensures that there isn't even an accidental download of any sort of security threat from the internet onto your gaming device.How to redeem the locker codes in the NBA 2K18?Redeeming a locker code is quite a simple task really and it does not take more than a few seconds to do that. Just click on the tab for "Options/Features" into your primary menu from the game console. It will then give you a prompt to enter your locker code. You can now enter the locker code in theparticular field and enjoy the credit it provides you.There is absolutely no limitation on the number of locker codes you can redeem at any point of time. Without a limitation on the amount of times it is possible to generate a locker code, you can now enjoy the game boundless for however much time you want to.It is a given fact that one must shed a few 100 dollars from their wallet to form that dream team that will kick each opponent they face in the NBA 2K18. However, not everyone has the money or the intention to invest so much on a literary character and to get a virtual game. Here are a few tips and tricks to keep you on the high all through the game.At the beginning, once you're building your player, you'll have to pick the archetype, whether the participant is going to be a sharpshooter, post scorer, etc.. When choosing the archetype, be sure that you know the strengths of the selected archetype and you are able to play to its strengths. This can help you to win more matches.Never ignore those practice sessions for even though they are like repeating the same game over and over, you're inevitably making money off those sessions.Attempt to get your play in different modes as many as you can. Multiple game modes will give you varying opportunity to make money in the sport. Irrespective of whether you are part of the MyGM or MyTeam or MyLeague, you will stand to win certain VC and a perfect chance to make your player a much better one from the game.Try not to over shop when you win VC.


text:
For all of the attention paid to the Republican primary -- thanks in large part to the classy marquee name of Donald Trump -- it's worth pointing something out: More Americans currently support Hillary Clinton than Trump, which you probably already knew. But it's safe to assume that more Americans also support Bernie Sanders.
We looked at this a bit back in May, when the Sanders phenomenon was first emerging. But it's worth revisiting now that he has surged.
Also watch: Marco Rubio Defends Colin Kaepernick, Belongs In the NFL
Read more


text:
Great Except...
Norwegian Pearl Cruise Review to Alaska - Inside Passage
Ship: Norwegian Pearl
Cabin Type: Inside
Traveled As: Couple
Reviewed: 5 years ago
Review Summary
Ship was clean, food was fine and room were always made up. Seems more fun activities could have been planned for an Alaska trip when weather is rainy or very cold.
Ship Experiences
Food and Dining
Service and Staff
Ship Quality
Cabin / Stateroom
Pros: Alaska stop were very interesting and the National Park Ranger came on board to explain the glaciers
Cons: The indoor pool and spas were extra and pricy and no daily rate exist. During a colder trip to Alaska many people had no place to go in the cold outdoor temps. Many were found sitting on the window sills, learning about the body treatments or something else that wasn't much fun listening to .


text:
This is what happens when a policeman sneaks up and asks "what are you doing?" just as you press the shutter button:
Once I'd explained that I was just looking for my photo of the day and not actually casing the trash & treasure store for a future robbery I took another shot. I think I want these lights!! (those discs are mirrors)
Now I'm going to start that cleaning I promised myself I would do. I also want to pick all the ripe peppers today and preserve them in some form or other…