Happy Thanksgiving 2020! One of my favorite traditions is taking time each year before Thanksgiving to reflect on the year. As I have done for the past 20 years, I use the quiet time of an airplane ride to think about the year and all of the things I am grateful for. In the old days, there was no chance of being interrupted during this time of quiet introspection because there was no such thing as “Wi-Fi” on airplanes. Today, I must admit, I have had to resist the temptation to log on to the onboard WiFi – I think they refer to my syndrome as “FOMO– Fear of Missing Out!” This year, one of the things I am grateful for is technology. I am grateful smart people like Bill Gates and Steve Jobs created technology tools that allow me to stay connected to the people and things I care about. In addition to the crucial role technology played in my personal life this year, I marveled that in just one day last week I was sitting in a dental chair returning e-mails; I went from there to the office in Maryland to meet with clients in Florida via video conference.
I would say technology is one of the things for which I am exceedingly grateful; in fact, can anyone remember what we did without it? After all, the iPhone and all of its extended technology has been around less than ten years but most of us are already so used to its amazing features, we probably take it for granted. As mentioned above, technology played a crucial role in my personal life this year. Various family members experienced difficult situations. It is worth noting that we consider our clients part of our “family.” In this family, we share the good and the bad, the happy and the sad. We share our hopes and dreams as well as our disappointments and failures. Since we continually ask our clients to stay as transparent as possible, I always like to do the same and share what’s been going on in my life – this year has certainly been a mixed bag and technology has played a big role.
As it relates to our work at Financial 1 Wealth Management, what is important are the people. Yes, there is usually money involved, along with things like estate planning and risk management strategies, but at the end of the day, it’s always about the people. It is the people with whom we work who have toiled thirty or forty or fifty years to get where they are today. It is their dreams we hope to help them achieve or maintain. It is the people they care about that matters - their children, grandchildren and extended family members. What we have seen, is the lessons handed down about money are one of the most valuable lessons we can give our children. What we teach our children about money has a significant impact on their character. I can point to dozens of examples where the children of our clients were either grateful or entitled, successful in their own right or waiting for an inheritance. Seeing the tie in between the character of our clients’ children and the lessons they learn about money has solidified our resolve to continue to provide financial education for the adult children of our clients. While we cannot change the lessons learned earlier in life, we can provide them a place to go where they are safe to ask “dumb” questions or admit they don’t know something. I want to encourage you to speak to your children this Thanksgiving holiday about the importance of financial education in leading successful and productive lives.
This year we achieved many honors in the firm. While we are grateful to be recognized for our work by our industry, what has been far more valuable to us is to be recognized by our clients who gave us a record number of prospective client referrals this year. One, it is gratifying to see our clients value the work we have done for them enough to want to inspire their friends and colleagues to seek out the same planning experience. Second, it is humbling to see how much our clients care about their friends and family members and want to make sure their financial road map is clearly lit. Thank you to all of you who have made introductions on our behalf; we are truly grateful for your advocacy and active good will. As the founder of this firm, I am so grateful to have a team who work together to help our clients pursue their goals.
As I focus on high level initiatives and staying up to speed on the two threats that impact our clients – market meltdowns and legal threats, it is our team of advisors and relationship managers who handle the day to day operations of the business and serve our clients with top notch financial advice. We stay committed to our firm motto: “It all works better when we work together.” Everything we do is viewed through that lens so we can pour each decision through the filter of that ideal. We hope your holidays are spent with family and friends. Know we are grateful for your business and friendship; we will always do our best to give you confidence about your financial future.
With warm regards,
P.S. We will be operating with a skeleton crew on Friday, November 26th so the majority of our team can spend time with their families.
Registered Representative offering securities and advisory services through Independent Financial Group, LLC (IFG), registered investment advisor. Member FINRA/SIPC. Financial 1 Wealth Management Group and IFG are unaffiliated entities. Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice as individual situations will vary. For specific advice about your situation, please consult with a lawyer or financial professional. Past performance is no guarantee of future results. Sources: Forbes, Fortune, MarketWatch, Wall Street Journal, Oppenheimer Funds, Investopedia, Barron’s.
Note: The views stated in this letter are not necessarily the opinion of Independent Financial Group, LLC (IFG), and should not be construed, directly or indirectly, as an offer to buy or sell any securities mentioned herein. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Please note that statements made in this newsletter may be subject to change depending on any revisions to the tax code or any additional changes in government policy. Please note that individual situations can vary. Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount is subject to its own five-year holding period. Investors should consult a tax advisor before deciding to do a conversion.
Rules and laws governing 529 plans are varied and subject to change. As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover college costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. Investors should consider, before investing, whether the investor's or the designated beneficiary's home state offers any tax or other benefits that are only available for investment in such state's 529 college savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors. The tax implications can vary significantly from state to state. Tax laws and provisions may change at any time. Please consult a qualified tax professional to discuss tax matters. Contents provided by the Academy of Preferred Financial Advisors, Inc. Reviewed by Keebler & Associates. © Academy of Preferred Financial Advisors, Inc. 2020.