1. More Signs A Recession Is Near 2. Poll: Do You Spring Clean? 3. Ask Us A Question! 4. Consider A Financial Spring Cleaning 5. Webinar Recording Now Available 6. “If we had no winter…” 7. How Sites Like Ancestry.com, 23AndeMe, & Others Can Disrupt An Estate Plan
1 | Week In Review
Fed’s predictions for tepid growth – and indications from the bond market – provide more signs that a recession seems to be looming. Annex Wealth Management’s Dave Spano and Derek Felske discuss.
2 | Poll
Spring has officially been here almost one week! At this time of year, we can notice a newfound energy that we lacked during the winter.
We’re interested to hear what our readers think of “spring cleaning.” Do you bring out the supplies at this time of year like clockwork? Do you not have a designated time of year for cleaning? Do you not clean at all?
Let us know!
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3 | Ask Annex
Ask Us A Question!
4 | Client Exclusive
Consider A Financial Spring Cleaning
The signs are everywhere. Warming temperatures. Longer days. And everyone’s favorite: tax season. Spring is officially here. With the snow melting (and hopefully done for now), many of us have begun to start thinking about spring cleaning. Getting rid of clutter. You’ve considered cleaning out your car, closet, or home. Why should your financial life be any different?
As you move from place to place over your life, it’s easy to accumulate things: clothes, keepsakes, and paperwork. Many of us don’t realize how much we’ve collected until we stop and review or it’s time to move again.
Financial accumulation happens when the number of accounts in your name grows through time. Whether it’s old employer 401(k)s, bank accounts, or investment accounts, keeping track of what you own and how it all fits together can be challenging.
Have you considered financial spring cleaning? There might be benefits to consolidating similarly registered accounts to reduce clutter, creating efficiencies, tidying up your beneficiaries, and even saving money.
Spring cleaning accounts can save you time and reduce stress, as you won’t have to keep track of multiple accounts with different companies.
For example, we often see clients who have old stock accounts with companies like Computershare or EQ Shareowner created from life insurance demutualization. Some hold stocks purchased in physical certificate form. In these instances, it’s possible accounts like those could be transferred into an account already established for you.
Even if you’re able to track your spiderweb of account numbers and statements, we’ve seen instances where critical details like beneficiaries have not been updated or kept current. Sometimes, beneficiaries in outdated accounts don’t agree with the proper beneficiaries or titles established in your estate plan. The outdated, ignored account could throw a wrench into the plan you’ve worked hard to establish.
In addition, consolidation can help save on fees. If you have multiple investment accounts, you may be paying a range of fees for each account, which can add up quickly. By combining accounts, you can often reduce fees and potentially save a substantial amount of money over time. Consolidating your investment accounts can also help create a more efficient and uniformed investment strategy.
Overall, spring cleaning your financial accounts could be a simple but powerful way to improve your financial plan and outlook. Consider it an opportunity to streamline your financial life and enjoy the benefits of a simplified, more effective financial life.
As always, reach out to your Wealth Manager or Client Service Manager if you have any questions!
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5 | ICYMI
Webinar Recording – Financial Planning In A Changing Tax World
If you weren’t able to make our Client Exclusive webinar “Financial Planning In A Tax Changing World,” it’s now available for viewing on the Client Center of our website!
How do you meet your goals in a changing tax world?
SECURE ACT 1, SECURE ACT 2, pending changes in the tax code… all highlight the importance of tax planning in your financial plan; knowing what you have when all the pieces are aggregated, and addressing strategies to meet your goals in an ever-changing retirement and tax planning world.
CLICK HERE to view the recording
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6 | Quote of the Week
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