June 12, 2020
2020 is proving to be a year we will not soon forget. The month of May whirled past us as we geared up to re-start client meetings in June, and here it is June 12th already! We are offering in person meetings with proper distancing, masks and cleaning procedures. We also have a video option for those who have decided not to venture out just yet. We are currently scheduling July – November. Tina Barrow will be reaching out via phone and email but feel free to call 317-859-2502 or email firstname.lastname@example.org anytime with your preferred date and time.
Join us today for Chapter Six of Sarah’s Book Club as Sarah Boston recaps recent news and what the next chapter means to you.
The full impact of COVID-19 on the economy has yet to be realized so markets recovering in a “V” shape was quite unexpected. The economy faces high unemployment due to shutdowns, and the slow re-opening plans, along with supply chain disruptions, threaten future wage replacement and growth. These concerns, along with a potential resurgence of COVID-19 cases, creates a scenario of instability for investors. We are pleased to see portfolios react positively with markets but will continue a path of risk management and caution for clients.
Fed Meeting Takeaways
Federal funds rates remain unchanged at 0.00%-0.25%Weak demand and significantly lower oil prices are holding down CPIThe Fed projects a 6.5% decline in economic output in 2020, but expects to see growth again in 2021Unemployment is expected to settle around 9.3% by year’s endStill developing the Main Street Lending Program and is looking into including non-profit organizationsStressed that the Fed only has lending powers, not spending powers, and the power to grant money to businesses or individuals lies with Congress through fiscal policy.
Recommendations for Clients
Review your budget for upcoming cash/liquidity needs.Update and/or review your financial plan and risk profile so that your long-term goals are reflected in your portfolio. Communicate how this recent downturn affected your confidence so we can evaluate if you are properly invested.
Be aware! Current COVID-19 Scams Help receiving stimulus checks or unemployment payments
Designed to obtain your personal information. Do not click on a website link in an email and instead utilize direct websites that are verified.For Stimulus checks: https://www.irs.gov/coronavirus/get-my-paymentFor IN Unemployment benefits: https://www.in.gov/dwd/2362.htm
Cures or treatments for COVID-19
There are currently no vaccines, pills, lotions, lozenges, or any other over-the-counter products available to treat or cure COVID-19. These ‘cures’ can be extremely dangerous to your health – even fatal. Never accept a medical treatment or virus test from anyone other than your doctor, pharmacist, or local health department. If someone offers you a vaccine, cure, or treatment, do not provide any personal information, including your financial information, Medicare or Medicaid number, or private health insurance information.
There is not a government mandate that you have to take a COVID-19 test. A health official may contact you to inform you that you were exposed to COVID-19 and should quarantine for 14 days. Scammers will likely ask you for health insurance information, including your Medicare or Medicaid number, or other personal information.
Medical Bill Audit
If you do receive treatment for COVID-19, be sure to check the medical bills and Explanation of Benefits you receive from your provider, government health program, or insurance company after your treatment to ensure you have not been billed for medical services you did not receive and that the dates of service are accurate.
Carefully research requests for donations. Do not send cash, gift cards, or wire money.
Many of our clients believe volunteer time is an essential part of their financial plan. We want to congratulate Terry Hunter, recognized recently by The USO of Indiana for the incredible amount of hours she has volunteered at the Camp Atterbury USO Center. Terry’s father was a Prisoner of War in WWII and her son served in the Navy. She started volunteering in 2016 after reading an article in the newspaper and loves bringing lunch for service members nearly every week. She has volunteered over 650 hours!At a time when charitable giving and volunteer hours are needed more than ever, we would like to thank Terry and all of our clients for their service to their communities. It makes a huge impact!
The Treasury Department has released updated guidelines regarding PPP loans. Key points are listed below as well as in this article. We recommend consulting your banker and tax preparer for personalized guidance on how the updates affect you. “Coverage period” extended from 8 weeks to 24 weeks. Application for forgiveness extended to 10 mos following coverage period. Expenditures for payroll reduced to 60% from 75%. (There are still questions around compensation calculations, further clarity is expected so check with your lender.) Also includes the deferral of payroll tax until 12/31/20 with 50% paid by the end of 2021 and the remaining 50% paid by the end of 2022. Loan repayment terms extended from 2 years to up to 5 years. *Banks are not obligated to amend the terms, discuss this option with your lender. Extension for rehiring employees or hiring qualified employees to the end of the year. *Documentation will be important.
At the end of June we are releasing the first of our new podcast series, Page by Page: Financial Storytelling for Every Chapter of Your Life. The first volume is “But I don’t want to be a burden….A Guide to Caregiving and Advocacy.” Stay tuned for more details!
-The Bookends Team
Mike Wetzel, Financial Adviser, Principal: Mike.Wetzel@bookendsfp.com
Sarah Boston, Financial Planner, Investment Consultant: Sarah.Boston@bookendsfp.com
Chandy Wilcoxon, Financial Adviser: Chandy.Wilcoxon@bookendsfp.com
Mindy Christian, Operations Manager: Mindy.Christian@bookendsfp.com
Bridgett Mueller, Operations Assistant: Bridgett.Mueller@bookendsfp.com
Tina Barrow, Client Services: Tina.Barrow@bookendsfp.com
Heidi Hargis, Chief Compliance Officer: Heidi.Hargis@bookendsfp.com
Gene Trueblood, Chartered Financial Analyst
7320 US 31 SIndianapolis, IN 46227
|If you do not wish to receive emails from us, primarily intended to advertise or promote products or services, please reply to the sender of this email stating that you do not want to receive such emails. If you opt-out of this type of email, we will continue to send to you emails that are not primarily advertisements/promotions, including emails addressing information related to servicing your accounts. |
Investment advisory services offered through Bookends Financial Planning. Securities offered exclusively through Raymond James & Associates, Inc. Member FINRA/SIPC. Bookends Financial Planning is not a registered broker/dealer. Bookends Financial Planning is not affiliated with the IRS. Bookends Financial Planning is not affiliated with the State of Indiana. Bookends Financial Planning is not affiliated with Forbes. Bookends Financial Planning is not affiliated with the Indy Channel. Links to third-party websites are being provided for informational purposes only. Bookends Financial Planning is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors. Bookends Financial Planning is not responsible for the content of any third-party website or the collection or use of information regarding any websites users and/or members.
Expressions of opinion are provided as of the date above and subject to change. Any information should not be deemed a recommendation to buy, hold or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. This report is not a complete description of the securities, markets, or developments referred to in this material and does not include all available data necessary for making an investment decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct.
Whenever you invest, you are at risk of loss of principal as the market does fluctuate. Past performance is not indicative of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.
Any information provided in this e-mail has been prepared from sources believed to be reliable but is not guaranteed by Bookends Financial Planning and is not a complete summary or statement of all available data necessary for making an investment decision. Any information provided is for informational purposes only and does not constitute a recommendation. Bookends Financial Planning and its employees may own options, rights or warrants to purchase any of the securities mentioned in e-mail. This e-mail is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this message in error, please contact the sender immediately and delete the material from your computer.
Bookends Financial Planning does not accept orders and/or instructions regarding your account by e-mail, voice mail, fax or any alternate method. Transactional details do not supersede normal trade confirmations or statements. E-mail sent through the Internet is not secure or confidential. Bookends Financial Planning reserves the right to monitor all e-mail.