Check out the latest edition of our newsletter!
SEPTEMBER/OCTOBER 2023
Financial Horizons Your Connection for Wealth, Lifestyle & Legacy
McBeathFinancialGroup.com
309.808.2224 A Scammer Came for My Client! USE THESE 4 TIPS TO PROTECT YOUR MONEY
1. Don’t trust provided phone numbers. If someone texts or emails you a phone number to call, don’t trust it. Instead, look up the number for Apple Support, your bank, etc., and use that number instead. 2. Speak to your bank or a trusted financial advisor like me before making withdrawals. We can help clarify your situation and give you sound advice on how to move forward. 3. When in doubt, visit your bank in person. Your real-life bank teller will help you get to the truth! 4. Remember, you are in control. It may feel like the scammers are holding something over your head financially, but ultimately, they’re fearmongers thousands of miles away. They only control you if you pick up the phone and listen to them.
A while back, one of my clients came by the office to talk to me. This lovely woman — I’ll call her Debra — was visibly flustered and shaken. She insisted that we talk alone, and when we were safely in my office, she asked me a confusing question: “Krista, what would happen if I asked you to withdraw $50,000 from my investment account and transfer it to my bank account?”
of Debra’s bank and even the Federal Reserve, the scammers convinced her to willingly send them thousands of dollars. It was a plot worthy of a Hollywood movie. By the time Debra arrived at my office, the scammers, under the guise of the Federal Reserve, had convinced her that if she initiated a few additional transfers, they would be able to help her trace and reverse the $15,000 they’d already stolen. They wanted her to withdraw $50,000 from her retirement accounts to get back the $15,000 they’d stolen. Luckily, Debra was talking to the right person! After a few calming breaths, I reassured her that her investments with us were safe (we have extremely strict technological and institutional safety protocols in place to protect our clients’ money) and encouraged her to go straight to the police to file a report, then visit her bank in person to close her old
I commend Debra for seeking my guidance and taking decisive steps. Together, we prevented further
My clients are always free to decide what’s best for their money, but $50,000 is quite a large amount. I was worried about Debra, so I probed deeper into the “why” behind her request. We talked for a long time, and eventually, I discovered something terrifying: Debra was being scammed! Not only that, but she’d already lost $15,000 to the scammers — and they were coming after her investment accounts next. The whole ordeal started when a virus appeared on Debra’s computer. She contacted Apple for help — or thought she did. It turns out that the Apple “representative” she spoke to was actually a scam artist. Through an elaborate scheme involving scammers impersonating members
“They wanted her to withdraw
$50,000 from her retirement accounts to get back the $15,000 they’d stolen. Luckily, Debra was talking to the right person!”
accounts and open new ones. Although her $15,000 was not recovered, those simple steps prevented further financial damage.
financial losses that could have jeopardized her
retirement security. Debra’s courage in sharing her story with her friends and family will undoubtedly protect them from similar fraudulent schemes.
Financial scams are running rampant right now, and anyone can be a potential target. If you ever get a computer virus that triggers requests for money or suspect someone from a “financial institution” is trying to scam you, remember these safety tips.
Remember, if you ever find yourself in a distressing situation, know that we are here to provide assistance, just as we did for Debra.
–Krista McBeath
309.808.2224 1
How Can You Safeguard Your Lifestyle From Inflation and Market Risks? Retirement Question No. 4
Aiming for a comfortable retirement entails maneuvering through the difficulties presented by both inflation and market risks. Traditional safety-based financial tools, such as fixed and indexed annuities, often offer protection against market volatility, but their growth potential might be limited, especially when inflation comes into play. Market-based investments like stocks, mutual funds, and exchange- traded funds (ETFs) can provide considerable growth and may help sustain your purchasing power, but they are accompanied by their own set of risks. 2 WAYS TO PLAY IT SAFE First, let’s consider fixed indexed annuities (FIAs). These financial instruments are celebrated for their ability to shield your money from market downturns while having the potential to deliver a steady income stream. However, their growth potential without an income rider can be somewhat lackluster, particularly when pitted against inflation. FIAs can be attractive for those who prefer a guaranteed rate over a period of time as well as tax deferral options. Of course, each annuity has its own set of policy specifications that are important to understand. Another popular “safe” choice is certificates of deposit (CDs), which typically offer a lower yield than FIAs. Again, while they may provide stability, inflation and taxation can undercut their returns over time.
within your overall financial plan investment strategy before purchasing an annuity and committing to a long-term contract.
‘RISKY’ OPTIONS THAT MAY PAY BIG DIVIDENDS Having weighed the “safe” options, we now shift our focus to more “risky” market-based options including stocks, mutual funds, and ETFs. While it is possible to have market-based investments that are more conservative, there is always risk in the market. So, even the most conservative asset type, bonds, still have risk. The terms risk and return typically go hand in hand. The more risk you take, the higher the return you might expect. However, it also means the greater chance you have for loss. It is important to understand your tolerance for risk, then focus on a diversified portfolio that will optimize your return for the amount of risk you are willing to accept. One of the key advantages of ETFs — pooled investment securities that are similar to mutual funds but can be traded like stocks — is the ability to diversify your investment across various asset classes and sectors. ETFs are designed to mirror specific indexes or groups of securities. This provides broad exposure to the market, thereby reducing the inherent risks linked with investing in individual stocks. The best way to leverage ETFs effectively is by working with a financial advisor like Krista. A professionally managed portfolio can help improve your risk-adjusted return, reduce or avoid overlap within your portfolio, increase your yield, and help with tax efficiency. If you’re not already working with our team, reach out today! We can recommend a strategy that aligns with your risk tolerance and goals. If we’re taking care of your retirement already, you can also send your friends and family our way for advice — we’re here to help. THE SECRET TO BALANCING SAFETY AND GROWTH Protecting your lifestyle from both inflation and market risks requires a balanced approach. “Safe” options like FIAs and CDs can shield you from market risks but may not deliver desired growth. Conversely, focusing solely on market-based investments without a financial plan or understanding of your risk tolerance, investment strategy, and diversification can also bring substantial risk. However, a carefully curated portfolio can provide a comprehensive solution combining diversification, growth potential, and risk management. By precisely selecting and managing ETFs according to your risk tolerance, liquidity needs, and time horizon, you can craft a financial strategy that helps safeguard your lifestyle against inflation and market risks.
Both of these products can be a great addition to your portfolio. However, we suggest that you understand the product’s purpose
2 McBeathFinancialGroup.com
With AI capabilities growing daily, you need to be even more vigilant against potential scammers. We’ve already heard about AI’s power to create written content and, more recently, use musicians’ voices to sing different songs. So, how does this relate to scammers? Well, TikTok users and other online users have shared a new scam that utilizes AI to drain the bank accounts of their family members called voice cloning. Scammers looking to steal thousands of dollars will use AI to replicate the voices of people who’ve posted their voices online via videos like TikTok. They’ll clone a person’s voice and then use it to call their relatives and pretend to be their children or grandchildren who need money as soon as possible. The person on the phone is a scammer, not your family member, even though they sound just like them. AI Scams: Voice Cloning Could Drain Your Bank Account!
SUDOKU
SOLUTION ON PG. 4
Never send money without first verifying whether it is or isn’t your relative. Some online users advise creating secret code words to exchange over the phone to confirm their family member is requesting the
money. Always contact your relative and ask if they actually made the call. Remember, anyone who has
posted a short clip of their voice can find it cloned with AI and
used to scam their families. Stay safe!
309.808.2224 3
Published by Newsletter Pro • www.NewsletterPro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
203 Landmark Dr., Unit A - Normal, IL 61761 - 309.808.2224
INSIDE
1
4 Ways to Protect Your Money From Scammers
2
How to Keep Inflation From Ruining Your Retirement
3
AI Scams: Voice Cloning Could Drain Your Bank Account!
4
Byzantine Empire Waged War on a Whale?
SOLUTION
Advisory services are offered through Landmark Wealth Management Inc, dba McBeath Financial Group, an Illinois Registered Investment Advisor firm. 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 informational 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 2021 McBeath Financial Group.
Constantinople Waged War on a Whale
THE TRUE LEGEND OF PORPHYRIOS
Social media lit up in spring with news that orcas were attacking boats in Portugal and Spain. Experts can’t agree on why, but it’s not the first time whales have gone rogue. The Byzantine Empire dealt with a similar problem in the form of a fearsome whale they named Porphyrios. Porphyrios struck terror in the hearts of those in Constantinople during the 6th century; he spent roughly 50 years attacking boats in the area. Then he would disappear for years, but the locals never knew when he would reappear to sink more ships. The whale caused so many problems that Emperor Justinian I prioritized killing him. But even renowned war strategists couldn’t take Porphyrios down. Unfortunately for Porphyrios, he beached himself near the Black Sea, and the Byzantines took advantage and viciously ended his reign. Despite his end, Porphyrios is still the only whale to threaten the Byzantine Empire.
4 McBeathFinancialGroup.com
Published by Newsletter Pro • www.NewsletterPro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator