Financial Horizons Your Connection for Wealth, Lifestyle & Legacy
Adjusting to Changes Serving Clients When the World has Turned Upside Down
T he best part of my job is being there for my clients when they need me most. When a spouse passes away or a work situation changes, I’m able to show up for my clients in that moment of sadness or fear and alleviate some of their burdens, and that drives me forward. I love being able to assure my clients that in the event of a life change — good or bad — they can count on me to help take care of the people they care about the most. I enjoy the problem-solving aspect of financial planning, but what I really love is the relationship aspect and being able to be there to guide and advise my clients through the peaks and valleys of their lives. COVID-19 has driven workplaces around the globe to operate remotely, and it has not been easy for me. Many of our clients are 60 or older, so we can’t afford to take any chances with their health. I miss the interaction of in-person meetings, but client safety is our No. 1 priority. I know those meetings give us the opportunity to build and strengthen our relationships, but for now, we will have to rely on technology. We are committed to conducting our meetings online for as long as caution dictates. We’ve all watched the markets growing increasingly volatile. I’m here for my clients to remind them that we are going to get through this. We’ve been through market drops and even recessions, such as the 2008 financial crisis. We got through that. We’ve been through 9/11, too. When that happened, it felt like nothing would ever go back to normal again, but it did. We also knew that a market correction would come. My financial planning clients know we accounted for market volatility. Though we could never have expected an event such as the coronavirus, our process utilizes a Monte Carlo stress test that does take into account a variety of variables when calculating the probability of success. Through the comprehensive planning process, and using Monte Carlo, we can find and use the right financial instruments for our client’s unique situation and help them live their life with more financial confidence
The coronavirus is just a season — a difficult season, yes, but a season nonetheless. As a country, we are going to pull together and
overcome this. It’s what we’ve always done, and it’s what we’re going to do now.
In the meantime, I will continue to be here for my clients.
Meeting over the phone or
through an online web meeting is not the same as meeting face to
face, but right now, it’s what we have. We will continue to ride out
this season of our lives together. I hope you and yours are staying safe and sane.
Maintaining Health While Homebound
Stay Connected With These Helpful Resources
convenient if you don’t want to deal with mobile apps. Regardless of your method, you should become familiar with getting food delivered because you don’t know how long the situation will last. SOCIAL MEDIA. Utilizing social media is a great way to keep in contact with your loved ones. Facebook is very popular with older people — 1 out of 3 older adults already uses the platform because it’s easy to use. Facebook and other social media
Due to the growing concerns about COVID-19, getting the resources you need to maintain a healthy lifestyle is more challenging. The Centers for Disease Control and Prevention’s (CDC) request for social distancing makes it harder to get food and maintain social norms. So, to help maintain your well-being in these uncertain times, here are a few resources that will make getting food and keeping tabs on your family a breeze.
platforms can help you stay connected with friends, family, and groups of people with similar interests to avoid feeling so isolated at home. You can also continue to share photos and videos so you don’t miss a day in your loved ones’ lives.
FOOD DELIVERY. Because COVID-19 is easily transmitted, getting food at a grocery store is riskier. If you don’t prefer mobile apps like Postmates or Instacart, local food kitchens,
municipalities, and senior centers may offer food delivery. Using a delivery service limits the number of people you interact with to the delivery person. For an added measure of safety, put a note on delivery
Video chat apps like Skype, Zoom, and Apple FaceTime enable you to have those essential face-to-face conversations when you can’t be with other people. If you’re unfamiliar with the applications, they are easy to download for free on your phone or computer, and they allow you to see and verbally chat if you have a webcam and microphone. (If you use a phone or laptop, this equipment is already built-in.) A video chat app also lets you be a part of important life moments like birthdays and anniversaries if a shelter-in-place order prevents you from celebrating in person. Ensure you’re up to date on the best ways to keep you and your family safe during these uncertain times by visiting CDC.gov for more information.
instructions requesting they leave the bags at the door.
If you have trusted family or friends nearby, reach out to them. They can pick up what you need when they’re already getting groceries, which is especially
3 Financial Opportunities to Consider As the markets plunged into turmoil and the coronavirus spread across the U.S., many people saw large pieces of their retirement savings evaporate overnight. At McBeath Financial Group, we are here to remind you that even a down market can provide opportunities. tax burden. Those funds then grow tax-free (though are still subject to some rules). Even if this was a move that didn’t make sense for you in years past, conditions have changed dramatically in a short amount of time, so checking back in on where you stand with this opportunity is worthwhile.
SWITCH TO A PROFESSIONALLY MANAGED PORTFOLIO.
GO THROUGH THE PLANNING PROCESS. If you don’t have a financial plan in place, then how are you feeling about self-managing your money right now? How confident are you that your portfolio risk is aligned with your risk tolerance and that you’ll be able to handle the emotions that come up during a bear market? If the answer is not very confident, then you should consider going through the planning process.
If you’ve considered switching to a professionally managed portfolio but the tax implication of large capital gains deterred you, then now may be an excellent time to do so. The recent losses incurred have likely minimized the taxable gain or eliminated it, possibly giving you an opportunity to claim losses. It is important not to sit on the sideline after doing so, as you may miss out on the recovery. Regardless, removing the emotional elements associated with managing your own money can be a huge stress reliever. MAKE THE CONVERSION TO A ROTH IRA. Between the changes put into place by the SECURE Act, market conditions, and historically low tax rates, converting your current plan into a Roth IRA may be the perfect move for you. If you have money in a 401(k) plan or a traditional IRA, then switching those pre-tax funds into a post-tax account like a Roth could allow you to minimize your
At McBeath Financial Group, we help you connect with the right financial instruments for your situation, and we strive to help you live your life with more financial confidence. Visit McBeathFinancialGroup.com to learn more.
Keep Stress Out of Your Finances
At McBeath Financial Group, we know that people have been fearfully
watching what is happening with the market, and their feelings are understandable.
There are a lot of scary figures whizzing around out there in the media, and some people
The Secret Benefits of the Planning Process
may see large amounts of their portfolio disappear overnight. If you’ve been through the
comprehensive planning process, then you know we have accounted for market volatility. We’ve also discussed your tolerance for risk as well as your liquidity and income needs. That is part of why we love planning so much. If you have a plan and have followed recommendations, then you are likely in a much better position to ride out these volatile markets with confidence. It is important to note that the stress tests we use can’t possibly account for every scenario; this is why it is imperative to work with a professional and keep your plan up to date. When we take our clients through the planning process, we account for a lot of different variables and scenarios, in addition to those mentioned above. We also address inflation, the death of a spouse, and more. We address those variables right up front, and we construct the financial plan and recommendations with those things in mind. Right now, we’re going through something that none of us have ever experienced before, and for most, there’s fear that comes with the unknown. Still, the planning fundamentals are the same. For my clients that have been through the planning process and implemented it, there should not be a concern for their income stream being interrupted. We can always expect market corrections when we’ve been in a bull market for so long. Our current market environment is exactly why we plan accordingly to meet income needs in all market conditions.
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Going through the planning process sets the course for you to allocate your assets with the right mix of risk and reward opportunity to help achieve your goals. It also might help you to be less fearful during times of extreme market volatility. Having a plan is about your money, your goals, and your peace of mind.
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I N S I D E
Adjusting to Changes
Stay Connected With These Helpful Resources
3 Financial Opportunities to Consider
The Secret Benefits of the Planning Process
Meet the Woman Who Biked 4,200 Miles in 18 Days
Advisory services are offered through McBeath Financial Group and Motiv8 Investments, LLC. McBeath Financial Group and Motiv8 Investments, LLC are not affiliated. Insurance products and services are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC. are affiliated. All content of this newsletter is for information purposes only. Opinions expressed herein are solely those of McBeath Financial Group and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual financial professional prior to implementation. Copyright 2020 McBeath Financial Group.
Meet Cycling Legend Lael Wilcox
Picture the distance between Oregon and Virginia on a U.S. map. Now, picture crossing that distance on a bicycle. Odds are you either can’t imagine it or you conjured up a monthslong slog, but in 2016, ultra- endurance cyclist Lael Wilcox crossed that distance in just 18 days and 10 minutes — the second-fastest time in the history of the Trans Am Bike Race. As hard as it is to believe, the 4,200 mile stretch from Astoria, Oregon, to Yorktown, Virginia, is actually a racecourse. Every June, roughly 50–100 cyclists undertake the journey, pedaling through a total of 10 states. It’s an insane obstacle course of cars, mountains, and weather events that riders go through alone, without required checkpoints or designated rest periods. When Wilcox won the Trans Am in 2016, she became the first woman and the first American ever to do so. According to NPR, the victory came down to a combination of endurance and luck. In the final days of the race, she was in second place behind Steffan Streich when exhaustion sent him pedaling out of Bumpass, Virginia, in the wrong direction. When the two met on the road at 3 a.m., a panicked Streich turned around and sprinted neck and neck with Wilcox toward the finish. After a few miles, she pulled ahead and won.
In response to those who said a woman could never win the Trans Am, Wilcox told NPR, “If you beat ‘em, you beat ‘em. That’s what happens. And then everybody has to change the way they think.”
Perhaps the most impressive thing about Wilcox, even more than her 2016 win, is that she didn’t start
cycling until she was 20 years old, when her boyfriend at the time gave her a bike. Since then, she’s competed all over the world, logging a total of 100,000 miles in 35 countries. When she’s isn’t racing, Wilcox encourages teenage girls to try cycling with scholarships and group events. In November 2019, she even starred in “I Just Want to Ride,” a 38-minute film following her quest to win the 2019 Tour Divide Race. To learn more about the film and what makes Wilcox tick, visit LaelWilcox.com.
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