David F. Click
Principal, Click Capital Management

David F. Click is the principal in Click Capital Management, LLC, a registered investment advisor. Click began investing for his own account on graduating from Yale in 1969. He received his J.D. from Yale Law School in 1973 and his master’s in economics from Yale in 1974. At Yale Click became interested in financial institutions and modern portfolio theory.

Teaching property, trusts and estates, and law and economics at three law schools from 1974 to 1984, Click researched and lectured on the prudent investor rule, modern portfolio theory, the efficient market hypothesis, and the conditions under which active managers can outperform index mutual funds.

Since 1984, Click has been an estate planning attorney in Jupiter, Florida, advising individuals, corporations, estates, and trusts on legal and financial matters. After some of his law clients suffered significant losses due to the bursting of the tech bubble in 2000, Click became concerned about the investment advice they had been receiving from their investment advisors and the conflicts of interest that existed. Click Capital Management was formed in Florida in 2000 as a separate entity which renders investment advice, not legal advice. Clients of the law firm have no obligation to use Click Capital Management, and investment clients have no obligation to use the law firm.

Click follows the fiduciary standard of what is in the client’s best interest, rather than the suitability standard which allows the advisor to select securities in which the firm has an interest or which yield the highest commissions.

In an era of constrained returns it is important to keep costs low. Some advisors charge 1.5% or more of assets under management and then delegate the investment decisions to outside managers which charge a similar fee in addition. Click Capital charges 1% or less and makes the investment decisions in house. In addition to individual securities, low cost exchange traded funds are used which offer transparency, diversifications, liquidity, and tax efficiency.

Securities are currently held at Scottrade, which charges a commission of $7 per trade.

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