F I N A N C I A L S E R V I C E S , L L C
The More Things Change …
The more things change, the more they stay the same. Let me explain. As you’ve heard, the Department of Labor (DOL) is rolling out new requirements for financial advisors. These are new fiduciary standards. If you’re not familiar with what a fiduciary is, here’s an example. I had a client who wanted to buy Tesla stock. We waited until both the price and timing were right for her portfolio. On the day of the purchase, we exercised her purchase at 10:10 in the morning. That same day, at 2:30 in the afternoon, I purchased Tesla stock for my own portfolio. However, at 2:30, my share price was 9 cents cheaper than my client’s. So, I acted in her best interest. She received my purchase price, while I got hers. By putting my client in the best possible position, I’m acting as a fiduciary. I bring this up not because I’m advocating for Tesla stock, but because of what the new DOL rules want fiduciaries to do — or to not do. As many of you know, we’ve been doing taxes for our clients for years. Under the new rules, the DOL does not want financial advisors to file taxes for their clients. The DOL feels this could potentially be self-serving for the advisor, as they may suggest tax saving strategies that may have financial incentives for the advisor. So, the DOL wants fiduciaries, such as ourselves, to stop doing taxes for our clients. To go along with this, we also lost our CPA due to a conflict of interest related to his full-time employer. He could not fulfill the needs of his employer and our clients year-round. It’s not all bad news, though. We have partnered our firm with Becky Van Dort. She’s an accountant and tax preparer, and Becky’s committed to preparing and filing our taxes, as before. She is also available year-round and spends time in our office on a weekly basis.
How does this fit in with the new DOL rules? Becky is independent from us. She will not be working directly for Mattson Financial Services. However, she will be available at both of our offices two to three select days a week. You can call us for specifics. By partnering with Becky, this allows us to continue to bring you the best resources to allow us to keep you in the best position possible. While some things have changed, in many ways, they remain the same. this: At Mattson Financial Services, LLC, we will, each and every year, look for the best ways to serve our clients, putting their needs first. That’s the gift of giving that all of us at MFS are committed to; we work for our clients’ interests. And remember, the first Friday of each month we open our doors so you don’t need an appointment. You can come in, hear updated financial news from the portfolio managers So, as this holiday season unfolds and you join your families’ traditional gatherings, remember
themselves, get any service you desire, and have your questions answered. That’s truly a money mentor. We make sure you are informed and protected to get you to and through retirement. If you have questions or would like to schedule an appointment to discuss your taxes, give our office a call at 1-800-536-8907. As always, we thank you for your business and allowing us to serve as your financial advisors. As a way to express our gratitude, we’d like to invite you to join us on Saturday, Dec. 16, at 1 p.m. at Celebration! Cinema South for “Star Wars: The Last Jedi.”We invite you and your guests (18 years or older) and are excited to watch with whomever comes along. I hope you and your family have a wonderful holiday season, and I look forward to seeing what the new year has in store for us all! –Gary Mattson
Published by The Newsletter Pro • www.newsletterpro.com
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