Disclaimer: These are the views of Summit Financial Consulting and should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
Attention Clients with Employer Retirement Plans – 401(k)’s, 403(b)’s, etc..
Summit Financial Consulting is pleased to announce that starting this September we will be launching a new investment management service for clients with 401(k)’s, 403(b)’s, and other employer retirement plans.
For years we have assisted clients in selecting their 401(k) investment options, however, we have not had a disciplined system in place to help assure investment allocations remain in line and up-to-date throughout the year and longer-term. We have also upgraded our research process and that has the potential to improve the recommendations. This is extremely important because we have found that keeping retirement plan investment options up-to-date can potentially increase returns in the long term.
By hiring additional staff and investing in new research and technology we are now able to dedicate the time and resources necessary to ensure our client’s retirement plans remain invested appropriately and according to their risk tolerance on an ongoing basis. The nuts and bolts of the new service are as follows:
1. Summit will gather information about the available investment options within your qualified retirement plan.
2. After cross-referencing independent research, a list of recommendations will be provided with the name and percentage for each holding, at least quarterly.
3. If we believe it is warranted, you may be contacted on any given day with an update.
Because of the time and manpower required to provide this new service, we have to charge a fee; however, we feel the cost is very reasonable. Included in the cost of this service is the option to meet face-to-face in our office, or to set up a screen sharing session over the internet to assist in making the necessary investment changes, quarterly. The charge for this service will be $25 per month. In most cases, Summit Financial Consulting cannot withdraw the fees directly from the client’s qualified retirement plan or another investment account, and this will require an invoice to be sent to the client, or an auto-debit from their preferred bank, credit union, or investment account. Please note, in many cases, after-tax payments for the service will be tax-deductible on your tax return. Please review the Qualified Plan Disclosure Form for additional details, disclosures, potential benefits, costs, and risks.
The average employee has the bulk of their retirement savings inside of their employer-sponsored plan. Do you believe you have the expertise and knowledge to invest strategically to potentially maximize gains while also attempting to protect against potential losses? If not, managing your employer-sponsored retirement funds yourself only adds to the overall risk of investing. Many people often pay for auto and home insurance, life insurance, and even insurance on their valuables such as golf clubs or fine jewelry. Does it make sense to pay a small fee to help ensure the largest retirement savings vehicle of your lifetime grows as much as possible and is being managed accordingly throughout your working years? Statistics and our independent research certainly lead us to believe it!
Please let us know if you are interested in discussing this service and if you have any questions. We would love the chance to discuss the service, the investment research, the resources we’re able to provide, and how we can potentially help our client’s secure the most comfortable retirement possible. If you have any friends or family members that could benefit from this service, please feel free to forward this information to them as well.
Disclaimer: These are the views of Summit Financial Consulting and should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
An Enjoyable Summer
Last month we mentioned that technology stocks had experienced a setback but we were holding onto them because we expected them to recover. They more than made up for it, and that was one of the reasons that we had a fantastic July within our managed portfolio at TD Ameritrade.
We have reduced and increased risk in our portfolios quite often the past four months because the S&P 500 and DOW have made headlines by setting new all-time highs, but the moves up are mostly incremental. Our short term indicator turned red in late March and the market has had more volatility since then, but it has not resulted in huge losses for the indexes. Because our short term indicator is red, we’ve been taking a cautious approach and have been trying to sell many holdings when the indexes hit an all-time high, and then buy stocks back later when they are lower (or on sale).
If our short-term indicator turns green, we will most likely notify our clients that taking on more stock exposure is warranted if it is suitable for your risk tolerance, but until then, some caution is warranted.
We’ll continue to review your TD Ameritrade managed portfolio holdings daily. If you are a client and disagree with any of the moves inside your portfolio, if you would like to update us on your risk tolerance preferences, or if you have had a dramatic change to your income or financial situation, please contact us to discuss it.
Please feel free to forward this commentary to a friend, family member, or co-worker. If they would like to be added to our free commentary, please send us an e-mail at info@summitfc.net at your earliest convenience.
Interesting Points
Millennials have officially overtaken Baby Boomers as America’s largest living generation. Those who are between 18 to 34 years old now number 75.4 million, surpassing the 74.9 million Americans ages 51 to 69. – The Week, July 21, 2017
Before 1800, no country in the world had an average life expectancy at birth beyond 40. Today there is not a country that does not – The Economist, July 6, 2017
In January 2016, Seattle hiked its minimum wage for larger employers from $11 an hour to $13. Preliminary research now suggests this increase “may have come at significant cost,” resulting in lost jobs and fewer hours for low-wage workers. Even worse, the losses have offset the higher wages with workers, on average, earning $125 less per month. – FiveThirtyEight.com, June 26, 2017
George Washington has two books still checked out from the New York Society Library. Loaned in 1789, the books are more than 227 years overdue, and have accumulated a fine of more than $300,000 – CNN.com
Americans made 433 million fewer trips to eateries at lunchtime last year than in 2015, resulting in roughly $3.2 billion in lost business for restaurants. It was the lowest level of lunch traffic in at least four decades. – The Wall Street Journal, May 31, 2017
“The biggest communication problem is that most people do not listen to understand; they listen to reply.” – Stephen Covey
Fifty years ago, Barclays Bank in London installed the world’s first ATM. Afraid of losing their jobs, bank tellers spread honey over the ATM’s keyboard in hopes of preventing people from using it. – Marketplace, June 27, 2017
Summit Financial Consulting LLC
43409 Schoenherr Road, Sterling Heights, MI 48313
Phone: 586-226-2100 Fax: 586-226-3584 E-mail: info@summitfc.net
Securities offered through Gradient Securities, LLC (Arden Hills, MN (866)991-1539) Member FINRA/SIPC
Summit Financial Consulting LLC is independent and is not an affiliate of Gradient Securities, LLC. Investment advisory
services offered through Summit Financial Consulting LLC, a Registered Investment Advisor in the State of Michigan.
