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Why Having a Financial Advisor Team is Important

Why Having a Financial Advisor Team is Important

With the advent of online trading platforms and information available for free on the Internet, many investors have decided to take a do-it-yourself approach to manage their money. Managing your portfolio is perfectly fine, especially those who are just starting, have little money, or have less complicated financial situations.

 

However, once investors begin accumulating wealth and add to their financial complexities by purchasing homes or running their businesses, it’s often a good idea to hire an advisor. There are several reasons people in these situations benefit from hiring an advisor to help them with their investment needs.

 

You don’t know what you don’t know

The world of finance is complex and ever-changing. If you have a full-time job that does not involve investments, it’s unlikely that you have the time, much less the inclination, to keep up with the continual adjustments in the space.

 

You may have a solid grasp of the fundamentals of stocks, bonds, and mutual funds. But do you know what the rules are on employer-sponsored retirement plans and Roth/IRAs and when you qualify for each? Do you understand the difference between HSAs and FSAs, and how to use them as an investment vehicle? Are you clear on whether you should pay down your mortgage, increase your savings, or do something else with your raise?

 

A financial advisor is required to keep up with changes in the marketplace. They understand how things like the CARES and SECURE Acts might affect your finances. They also know what they don’t know when it comes to finance, and will pull in other experts when necessary.

 

  • Help you determine your goals

Most investors understand that they need to save for retirement, given the lack of pensions and the uncertainty around Social Security. But what other goals do you have when it comes to money? Many people have goals that will impact their finances, but they might not know how sizeable it could be.

 

  • Provide a sounding board 

Just as business owners have an advisory board to help them get unstuck when facing issues and provide advice to help them grow, your advisor can provide commentary and guidance when it comes to your money.

 

There are many financial decisions for which there is no objectively correct answer. Whether to invest in a traditional IRA versus a Roth is one example. There are circumstances that better fit one than the other, but because they rely on assumptions about future taxes and earnings, there’s no right answer.

 

Similarly, people often need help thinking through the wisdom of buying into a retirement community or continuing care retirement community. Or even deciding whether to pay down the mortgage or invest some extra funds. Again, there are no objectively correct answers. Bouncing your questions off a third-party who’s knowledgeable about the issues can help you reach a satisfying decision for you and your family.

 

  • Help you stick to your plan

Emotions often get caught up in finances. When tech stocks prices go through the roof or housing finance options are attainable for everyone, it’s easy to be carried away by exuberance. No matter how irrational it might be. 

 

The financial press will cover these types of booms in breathless detail, adding to the perception that everybody’s doing it, and you’ll miss out if you don’t.

 

Similarly, during market volatility, watching your portfolio value decrease every time you look is painful. Many investors soothe the pain by selling out. It’s not a rational response, because it locks in the losses that would otherwise only be on paper. 

 

But at least when all the money is in cash, there are no fluctuations. Of course, leaving it too long exposes the capital to inflation, which eats away at spending power.

 

When other people are selling out, it seems like the smart thing to do to avoid being the last one left holding the bag. The stock market doesn’t work like that, but it’s persuasive messaging since the financial press will have been covering the bust in breathless detail.

 

Having someone who can talk you off the ledge and prevent you from doing long-term damage to your portfolio is priceless.

 

  • Work with your tax & estate planning needs

Once your finances start getting complex, so does your tax situation. Your accountant focuses on reducing this year’s taxes, but that may not be the right thing to do for the portfolio overall. You need someone who understands investments from a taxation point of view.

 

Similarly, as you increase wealth or develop a blended family, your estate planning needs increase too. In California, most people who have accumulated assets need a trust. 

 

If you have children from a previous marriage, you’ll need to protect their inheritance, no matter what happens with your current spouse. Most of these issues are too complicated for people to do it themselves, even though there are plenty of forms online of the unwary. 

 

While your advisor probably doesn’t do estate planning, they’re aware of the different kinds of asset ownership implications. They can often recommend an estate planning professional who will take care of you. 

 

No professional wants to recommend someone who isn’t competent, because it reflects poorly on them. A good advisor will only want to recommend the best estate planning attorney and tax professional too.

 

  • Understand your risk tolerance so you can sleep at night

What do the words “aggressive” and “conservative” mean? It depends on the person. For someone very comfortable with investment risk, “conservative” might mean having 20% of the portfolio in cash and bonds. Others with a lower risk tolerance would consider that aggressive.

 

A financial advisor will tailor the risk of your portfolio to the point where you can sleep at night. A portfolio invested entirely in small company assets and international stocks, particularly emerging markets, has demonstrated high performance. But very few investors can stomach the roller coaster ride it takes to get there. 

 

For investors who are very afraid of risk or not very knowledgeable about the market, the advisor may coax them into taking on a little more risk or else the portfolio won’t grow. 

 

Still, a good advisor wants you to be comfortable and able to sleep at night. They’ll try to find the sweet spot where you are relatively comfortable and yet earn some return on your money.

 

  • Objective advice

Have you ever noticed that when your friends come to you for help, you can easily see the problem? You have no problem explaining the consequences and pros and cons of their decision. Yet when it comes to your own life, you don’t even know where to start when a problem arises.

 

Your financial advisor has that objective viewpoint that you need. They see the market as a whole, not just the parts of it that concern you. They can widen out and look at the bigger picture, which is hard for individual investors to do when faced with a decision.

 

Need some objective advice or want a second opinion on your investment portfolio? Feel free to give us a call at 619.255.9554 or email us.

 

Why You Need to Hire the Best Financial Advisor Today

Why You Need to Hire the Best Financial Advisor Today

With the advent of online trading platforms and information available for free on the Internet, many investors have decided to take a do-it-yourself approach to manage their money. Managing your portfolio is perfectly fine, especially those who are just starting, have little money, or have less complicated financial situations.

 

However, once investors begin accumulating wealth and add to their financial complexities by purchasing homes or running their businesses, it’s often a good idea to hire an advisor. There are several reasons people in these situations benefit from hiring an advisor to help them with their investment needs.

You don’t know what you don’t know

 

The world of finance is complex and ever-changing. If you have a full-time job that does not involve investments, it’s unlikely that you have the time, much less the inclination, to keep up with the continual adjustments in the space.

You may have a solid grasp of the fundamentals of stocks, bonds, and mutual funds. But do you know what the rules are on employer-sponsored retirement plans and Roth/IRAs and when you qualify for each? Do you understand the difference between HSAs and FSAs, and how to use them as an investment vehicle? Are you clear on whether you should pay down your mortgage, increase your savings, or do something else with your raise?

A financial advisor is required to keep up with changes in the marketplace. They understand how things like the CARES and SECURE Acts might affect your finances. They also know what they don’t know when it comes to finance, and will pull in other experts when necessary.

 

Goals and guidance: the best financial advisors do more

 

  • Help you determine your goals

Most investors understand that they need to save for retirement, given the lack of pensions and the uncertainty around Social Security. But what other goals do you have when it comes to money? Many people have goals that will impact their finances, but they might not realize how short-term goals can have big impacts on their future retirement plans.

 

  • Provide a sounding board 

Just as business owners have an advisory board to help them get unstuck when facing issues and provide advice to help them grow, your advisor can provide commentary and guidance when it comes to your money.

 

There are many financial decisions for which there is no objectively correct answer. Whether to invest in a traditional IRA versus a Roth is one example. There are circumstances that better fit one than the other, but because they rely on assumptions about future taxes and earnings, there’s no right answer.

 

Similarly, people often need help thinking through the wisdom of buying into a retirement community or continuing care retirement community. Or even deciding whether to pay down the mortgage or invest some extra funds. Again, there are no objectively correct answers. Bouncing your questions off a third-party who’s knowledgeable about the issues can help you reach a satisfying decision for you and your family.

The best financial advisors provide a steady hand

 

Emotions often get caught up in finances. When tech stocks prices go through the roof or housing finance options are attainable for everyone, it’s easy to be carried away by exuberance. No matter how irrational it might be. 

 

The financial press will cover these types of booms in breathless detail, adding to the perception that everybody’s doing it, and you’ll miss out if you don’t.

 

Similarly, during market volatility, watching your portfolio value decrease every time you look is painful. Many investors soothe the pain by selling out. It’s not a rational response, because it locks in the losses that would otherwise only be on paper. 

 

But at least when all the money is in cash, there are no fluctuations. Of course, leaving it too long exposes the capital to inflation, which eats away at spending power.

 

When other people are selling out, it seems like the smart thing to do to avoid being the last one left holding the bag. The stock market doesn’t work like that, but it’s persuasive messaging since the financial press will have been covering the bust in breathless detail.

 

Having someone who can talk you off the ledge and prevent you from doing long-term damage to your portfolio is priceless.

 

The best financial team

Once your finances start getting complex, so does your tax situation. Your accountant focuses on reducing this year’s taxes, but that may not be the right thing to do for the portfolio overall. You need someone who understands investments from a taxation point of view.

 

Similarly, as you increase wealth or develop a blended family, your estate planning needs increase too. In California, most people who have accumulated assets need a trust. 

 

If you have children from a previous marriage, you’ll need to protect their inheritance, no matter what happens with your current spouse. Most of these issues are too complicated for people to do it themselves, even though there are plenty of forms online of the unwary. 

 

While your advisor probably doesn’t do estate planning, they’re aware of the different kinds of asset ownership implications. They can often recommend an estate planning professional who will take care of you. 

 

No professional wants to recommend someone who isn’t competent, because it reflects poorly on them. A good advisor will only want to recommend the best estate planning attorney and tax professional too.

Here at Platt Wealth Management we’re working remotely, and we’re happy to answer questions or schedule a virtual meeting. Feel free to call us at 619.255.9554 or email us.

Sleep well at night with the best financial advisor

  • Understand your risk tolerance

What do the words “aggressive” and “conservative” mean? It depends on the person. For someone very comfortable with investment risk, “conservative” might mean having 20% of the portfolio in cash and bonds. Others with a lower risk tolerance would consider that aggressive.

 

A financial advisor will tailor the risk of your portfolio to the point where you can sleep at night. A portfolio invested entirely in small company assets and international stocks, particularly emerging markets, has demonstrated high performance. But very few investors can stomach the roller coaster ride it takes to get there. 

 

For investors who are very afraid of risk or not very knowledgeable about the market, the advisor may coax them into taking on a little more risk or else the portfolio won’t grow. 

 

Still, a good advisor wants you to be comfortable and able to sleep at night. They’ll try to find the sweet spot where you are relatively comfortable and yet earn some return on your money.

 

  • Objective advice

Have you ever noticed that when your friends come to you for help, you can easily see the problem? You have no problem explaining the consequences and pros and cons of their decision. Yet when it comes to your own life, you don’t even know where to start when a problem arises.

 

Your financial advisor has that objective viewpoint that you need. They see the market as a whole, not just the parts of it that concern you. They can widen out and look at the bigger picture, which is hard for individual investors to do when faced with a decision.

Need some objective advice or want a second opinion on your investment portfolio? Feel free to give us a call at 619.255.9554 or email us.

Questions You Should Ask When Looking for a Financial Advisor

Questions You Should Ask When Looking for a Financial Advisor

Choosing a financial advisor is an essential step in taking control of your finances. You’ll want to complete your due diligence before you even start talking to an advisor you’ve selected as a possibility. 

Find a financial advisor

 

If you have friends or family who are happy with theirs, you can ask for an introduction. But don’t stop there. Look at their website and social media sites. Most financial advisors should have a profile on LinkedIn.

In most cases, advisors who manage money and make stock, bond, and mutual fund recommendations must register with the regulatory agency FINRA (which used to be the NASD). You can look them up by name on BrokerCheck and see if they have any violations or complaints. 

If there’s more than one, you should probably move on to another advisor in your search. Most financial professionals have none, but a disgruntled client can make a complaint. However, more than one charge (or violation) is a worrisome trend.

Once you have a name or two that appear to be a good fit, you can start meeting with them and asking them questions. Feel free to write the questions down and bring them with you, because you want to make sure that you’re comfortable with the person you’re entrusting with your money.

For most investors, having more than one advisor doesn’t make financial sense. People sometimes aren’t sure whether they can trust one advisor, so they split the difference with two. Using two advisors causes issues with your portfolio since neither advisor has a full view of your money. With an incomplete picture, they may not be able to make the right recommendations.

Find an advisor you trust, by checking their bona fides and getting satisfactory answers from them. You may not invest all your money with them at once, but give them a portion to manage for at least a few months, to determine your comfort level with giving them more.

 

 

The financial advisor fit for you

Before you meet, ask if they offer a free consultation or “get-to-know-you” meeting. Good advisors usually don’t take all the clients who come to them. They want to have long-term relationships with the people who entrust them with money. 

 

You want to have a good relationship with your advisor. You need to be comfortable calling them if you have questions. If you feel that they don’t take you seriously or talk down to you, you won’t be able to build that level of trust you need to consult with them when necessary.

 

Your financial advisor should assist you with different financial decisions: buying a home, choosing a retirement community, saving for college, etc. Make sure you have someone with who you feel comfortable discussing your finances.

 

The relationship may not be a good fit, and it’s best to find that out ahead of time. If the advisor doesn’t offer free initial consultations, scratch them off your list and move on to the next.

 

Many people prefer to meet in person, but with the current COVID-19 restrictions, that may not be possible. See if you can set up a video conference so that you can see them and with potentially other members of the team. Just bear in mind that web conferences are a new technology for many financial advisors, so there might be some technical glitches at first.

Look for a fee only fiduciary

You want an advisor who tells you they act as fiduciary. This ethical promise is common in firms that are Registered Investment Advisors (RIA) and financial advisors who are also CFP® professionals. They are fee-only and must abide by strict fiduciary guidelines. 

 

A fiduciary is someone who has the legal duty to put your interests above their own. That means they have to recommend an investment right for you, and cannot receive product incentive pay or product commissions.

 

Advisors who are not fiduciaries have less restrictive suitability standards. That means they only need to recommend suitable products. They can suggest a product that pays them better over an equivalent that might be cheaper for you, as long as it’s suitable for your portfolio.

Financial advisor investment approach

  • What is their investment philosophy?

Depending on your risk tolerance and what stage of life you’re in, the financial advisor’s philosophy may or may not match with your own. When you’re young and looking for growth from your investments, you don’t want an advisor who says they’re conservative and focuses on protecting investments. You want a financial advisor to build a custom portfolio for your life priorities, time horizon, and risk profile.

 

 

  • Do they perform a risk assessment with their clients?

The asset allocation, or how much money is in different kinds of stocks compared to bonds, is an important indicator of how much and how volatile your portfolio performance will be. The best financial advisors will match your portfolio to your risk tolerance, within reason, so they need to know what your risk tolerance is.

 

If they don’t use a risk assessment with you, they’re most likely to use a cookie-cutter allocation for everyone. You may not get the performance you need to achieve your goals or take on too much risk for your time horizon. 

How does the financial advisor get paid?

There are many different ways advisors get paid, some of which come with conflicts of interest. The advisor should disclose all fees and methods of payment to you.

Fee-only is an excellent way to align the advisor’s incentives with the client’s. The more your account grows, the more your advisor’s compensation grows too. Many advisors use the Assets Under Management (AUM) model and get paid a percentage of the assets under management, which should be well under 2%.  

Or you may be charged on a retainer basis. 

The other model is commission-based, and you should steer away from financial advisors who are either 100% commission or fee-based with some investments on commission. Here you’re charged a fee for each transaction. There’s little to no incentive for the advisor to grow your account, and they do have incentives to keep you buying and selling, which is known as churning.

  • How often will you contact me?
    • Meeting schedules vary widely, and it’s up to you to decide if that frequency works for you. Typically, for accounts that are less than six figures, you should expect less contact and fewer meetings.

       

    • Who will have custody of my assets?
      • You want the advisor to have a third-party custodian. TD Ameritrade and Schwab are popular ones, but there are others. Having a third-party custodian provides you the ability to look at your accounts and see your account statements. Advisors who offer custody can make their account statements, structuring them in a complicated or misleading format.

         

        Without a third-party custodian, major crooks like Bernie Madoff got away with millions. He created fraudulent statements that showed the client making what he’d promised them.

      What are the financial advisors qualifications?

      There are websites where you can check what specific designations mean. If you’re starting out investing, you might be OK with someone else who has a bit less experience and is currently working on their qualifications, because they will likely charge you less.

      A financial advisor should have a minimum of five years’ experience, preferably through years of market volatility. Credentialed financial advisors, such as CFP Professionals must complete rigorous study and experience requirements. To keep their credentials active, they attend conferences and classes to stay informed and knowledgeable. CFA, CPWA and other credentials deepen an advisor’s knowledge and expertise to apply to complex planning and investing.

      Ideally, you want to see on the advisor’s website and hear from the advisor that they are familiar with your specific issue and that they’ve helped clients like you. 

      If you own your own business, you’re better off with an advisor who specializes in such clients because they know the typical problems and can help you solve them. 

       

      Interested in meeting with us for your initial consultation? Give us a call at 619.255.9554 or email us for an appointment.

      Investing for the Sandwich Generation

      Investing for the Sandwich Generation

      Our tendency to live longer means that many families are in the unenviable position of supporting elderly parents while preparing for their retirement and trying to send their kids to good colleges. 

      It’s impossible to get everything you want without an infinite supply of funds. But there are some reliable guiding principles. July is Sandwich Generation Month, a month dedicated to all the families struggling with this issue.

       

      Put on your own oxygen mask first

       

      We’ve talked about this principle before, particularly around the idea of self-care. It’s equally important when you’re trying to juggle your financial needs with those of others.

       

      Why do the flight attendants tell you to put your oxygen mask on first? Is it because they think your selfish, or they want you to be selfish? Is it because they think you don’t care about the others around you? Do they believe, without even knowing you, that you feel you’re more important than everyone else?

       

      It sounds ridiculous when put like that, right? You know why you need to put yours first: because you can’t help other people when you can’t breathe yourself.

       

      Your financial needs are no different. If you don’t secure your financial future, how can you help others with theirs? If you drain your resources to help your parents, you cannot help your kids. If you assist your kids, you may put yourself in the position of needing their help in the long run.

       

      Hopefully, by looking at the situation this way, you can see that it’s not selfish for you to want to prioritize your financial health before you try to support others with theirs. It’s common sense, not arrogance or unwillingness to help others.

       

      Get help when you need it

      There are a lot of services available for the elderly that your parents can use. You may need to research them. If you can’t spare the time to make all their meals or take them shopping, you’ll probably be able to find a program that will help them. 

       

      And even if you do have the time, make sure that you get a break. Caregiving is a wonderful gift that you give to others, and it is also emotionally and mentally draining. All caregivers need to be able to take breaks to recharge

       

      It’s not selfish to recharge your batteries. When you let them run down, you have nothing left to give to anyone. Keeping them charged is the best way for you to provide the care that you want your family to have. There are organizations specifically for caregivers that help with the mental and physical resources you need.

       

      Years ago, a friend (at the time in her sixties) whose mother had early-onset Alzheimer’s disease was the primary caregiver. Her brother agreed to pay her for the service she provided. 

      But because she took her mom to an adult daycare a few days a week, he wouldn’t pay for caregiver relief to come in so that she and her husband could go on vacation. This stress went on for years until her mother died of related complications. A few months later, she realized that she was displaying symptoms of the disease and that she had inherited it. 

       

      Imagine spending all those years unable to take a break and enjoy time with your spouse or children due to your caregiving duties. Then you spend more years unable to take a break and enjoy that time because of a disease that prevents you from doing so. 

       

      It would help if you took the vacation time that you get at work because rest and breaks are crucial to maintaining productivity, and even more importantly, joy in your life. Also, make sure that you get breaks and rest when you’re caring for a loved one. Renew your energy by spending time with your spouse and children too.

      Loans for school, but no loans for retirement

      On the other side of the sandwich, many parents feel the need to provide for their kids’ education in the same way that their parents did. Or because they recognize how important education is.

       

      You and your kids are in very different phases of life. Your own earnings years are either drawing to a close or decreasing. While your kids either haven’t started yet or just entered the workforce. They have the time to pay off loans that you don’t. Most of the time, when you die, your loans and debts stay live.

       

      Which means that you need to make sure you’re saving enough for retirement. You probably are already aware that Social Security is on somewhat shaky financial ground. However, it’s highly unlikely that people who have already paid into the system for decades won’t get anything. Currently, the program is fully solvent until 2035, but after that, it will be able to pay out only 75% of promised benefits.

       

      We’ve been here before, most recently in the 1980s, when one solution was to push back the age at which people could take normal retirement, from age 65 to age 67. There are other ways to fix Social Security, including paying the tax on all wages, not just the first $138,000. On the other hand, it’s probably not a wise course to decide that you will depend utterly on Social Security for your retirement either.

       

      Few workers have pensions anymore, so your retirement savings will be the bulk of what you live on in old age. If your balance is low, you have less time for the money to compound and you need to beef it up significantly. If you’re in the middle of your prime earning years (your 40s and 50s), you need to sock away as much as you can.

       

      That may leave less for your kids’ college educations, but they can take out loans. They can also look into work-study programs. Many families save by enrolling their kids in community college for the first two years, before transferring to a 4-year university. There are a lot of options when you’re not focused on specific institutions or specific degrees. 

       

      Be honest with your kids that they’ll need to contribute to their college fund. They might choose to supplement what you can give them with earnings from summer work, or save up birthday and holiday gifts. Get them involved in the future. Not only is it good for your wallet, but it’s better for them too.

       

      If you want to discuss how to balance out your sandwich situation, please give us a call at 619.255.9554 or email us for an appointment.

      Operating in a Covid 19 Summer

      Operating in a Covid 19 Summer

      We at Platt Wealth Management hope that you enjoyed a safe and sane Fourth of July weekend. The dog days of summer are indeed upon us, and we thought it might be a good time to address some of the uncertainty that many of our clients and others are experiencing.

       

      Summer in the time of COVID-19

       

      Hanging out inside bars is one of the worst things you can do if you want to stay healthy and avoid infection. The good news is that being outside, especially on a neighborhood walk, is relatively low risk. See more details on what’s safe here

      If you’re outside and keeping a distance of six feet between your family and other people, you’ll probably be fine. Feel free to enjoy your outside activities, unless they involve packing into a small area where you can’t maintain the distance.

      What researchers have discovered about the novel coronavirus should guide your decisions about how you have fun this summer. The good news is that you don’t have to stay in lockdown! Being outside at a safe distance from others is healthy. 

       

      Enjoy your summer, stay healthy

       

       

      • You don’t have to show symptoms to infect other people. You could inadvertently spread the virus to anyone because you’re unaware that you have it. You might have come into contact with another asymptomatic person and received it from them. Unknowingly, you could give it to someone who has an underlying condition. 

      That’s why it’s still important to take precautions, even if you’re healthy and not in a high-risk group. Not only are you protecting yourself and your family, but everyone around you.

       

      • The virus is typically transmitted through droplets from an infected person within a radius of six feet.

      When you stay farther away, the virus has less chance of spreading.

      The droplets are why going to large venues is so dangerous, especially if you’re in a choir or cheering on a team. Singing increases the amount of virus that an infected person emits, as you’ve seen in all the news articles about people in choirs getting sick.

      Large venues that don’t practice social distancing also accelerate the spread of the virus, because talking also increases the volume of droplets and the volume of contagion from someone infected. The person may not know it, but they could create a lot of sickness.

       

      • Masks reduce transmission, and paper or fabric masks protect others from you.

      These types of masks are breathable because air molecules are much smaller than the water droplets you emit while breathing and talking. You can breathe in air and still prevent the spreading of disease if you happen to be infected.

      Some people are concerned about whether masks increase the amount of carbon dioxide that you breathe. Doctors and nurses wear masks for most of their working day, and they function just fine. You’ll wear the mask without any side effects when you need to go to the store.

       

      • The US is still in its first wave of infections, and there are still hotspots with significant transmission.

      It briefly appeared that the US was experiencing a decrease in transmission, but that was because New York City, which was one of the first places hit by the virus, get a handle on it, and their infection rate improved. However, the rest of the country is still getting sick, and rates of infection have increased in hotspots.

      Most of these are places where no distancing or masking is practiced, or where the temporary closure of stores and offices was lifted too early. We are not out of the woods yet. 

       

      • Though some places are open, it may not be safe for you to go there.

      The barbershop and hair salon requires people to be very close together, so think carefully about whether you can hold out for a little longer. 

      If you do go, make sure they sanitize surfaces often because the virus can survive on smooth surfaces for the duration of your visit (and longer).

       

       Spend time together, take care of each other

       

       

      • People with underlying health conditions are the ones who suffer the most.

      COVID-19 appears to target the lungs, particularly, so anyone with lung issues needs to be careful. However, they’re not the only ones. Anyone with heart disease, immune system issues and diabetes, among others, needs to be careful.

       

      • Younger people still spread the virus, are infected by it and can die from it.

      Although most of the people who get sick and die from the coronavirus are elderly and/or have underlying health conditions, that doesn’t mean that younger people are immune. Please don’t assume that because you or your kids are in their twenties that it’s safe to go to packed events where everyone squeezes in like sardines.

       

      • PWM continues to work remotely and offer virtual meetings to keep ourselves and our clients healthy.

      Although we love to see and visit with our clients, we’re still careful to ensure that we keep everyone as safe as we can. Here at Platt we look forward to long-term relationships, and we don’t want anything to stand in the way of that!

      Investing during this time

       

      As you’ve no doubt noticed, there’s a lot of uncertainty in the economy, and the stock market is subject to rollercoaster rides right now. Unemployment remains high, and the Fed agrees with many economists that the first round of stimulus was not enough to keep everyone afloat.

      However, nothing has fundamentally changed. Retail was already in decline, which has accelerated due to COVID-19. Although we don’t know when the infections will ease, we know that this is most likely a temporary situation. 

      The virus requires behavioral changes in how we live and work, but not in how we invest. Once the pandemic slows, we can expect an uptick in the economy and market. Staying invested in your designed allocation is the best way to weather the current uncertainty.

      We know this is a difficult time because there is so much unknown. We’re happy to talk to our clients, review their current situation with them, and their investments. 

      If you need a refresher on why we chose the investments we did or feel nervous about the ups and downs in the market, please let us know. 

      We’re all in this thing together, and we want to help you pull through so you can sleep at night.

       

      Give us a call at 619.255.9554 or email us if you’d like to set up an appointment.

       

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