In many places in the United States, it feels like we can see the light at the end of the proverbial COVID-19 tunnel. Vaccinations are up, transmission rates and hospitalizations are far short of their high-water marks, and people are starting to awaken to the idea that a return to ‘normalcy’ may be on the horizon. While my crystal ball remains murky as to the timing of that, now is undoubtedly a good time to proactively look forward to the things we can control so that when the time is right, we are ready to jump back in.
Online Security: It should come as no surprise that online shopping rates are higher now compared to the start of 2020. While the convenience of getting everything delivered to your door or curbside to your car is great, remember to take a few quick steps to protect yourself, as your risk of identity theft or data breach has increased. Changing passwords from time to time and not using the same password on multiple sites is a must. There are a few great security tools to help organize passwords, many of which allow you to name an emergency contact who can gain access to your ‘password vault’ in the event you are incapacitated. If this is something you have thought about doing, or have never heard of it but are intrigued, now is a great time to start and I’ll be happy to help you think through the steps and get it done.
Property & Casualty Insurance: In the last weeks of 2020 we built a [for the kids, of course!] a giant jungle gym in our backyard, complete with monkey bars and the start of an American Ninja Warrior course. I’ve already communicated this home ‘addition’ to our insurance agent and confirmed our coverage is adequate to cover any potential injuries. If you’ve added or renovated anything in the last year or are planning to make some changes this summer, take a few minutes to confirm coverage with your agent. Avoid being surprised when an accident occurs.
Travel Planning: Although I am not entirely sure when we’ll be gallivanting around the globe again, there are positive signs on the horizon. We have taken the last few months to make some adjustments to the credit cards we carry. Small changes can have outsized affects when it comes time to traveling on points and miles.
Estate Planning: If it has been a while since you have reviewed your estate documents, spring is an excellent time to do so. My wife and I updated our documents just last year, and I’ll be happy to help you think through changes of your own if it is time for an adjustment.
How You’re Invested: This past year was extreme in lots of ways. Thankfully, the market’s downturn was followed by a sustained and relatively quick recovery. Portfolio returns for the last 12 months are generally above average and the story is mostly a good one. Still, if the heartburn caused from the market drop remains a poignant memory, let’s talk about it and make an adjustment. Give me a call.
A Brief Update on Schwabitrade
In 2019 Charles Schwab announced the acquisition of TD Ameritrade, which passed its final regulatory hurdle in late 2020 and has now been completed. Although there have been signs of growing pains, and I continue to monitor the situation for anything that could materially affect you and your accounts, it appears to be business as usual for the time being.
Live Long and Prosper,
Dan Tobias, CFP®
Please note: The above is a copy of the 2021 Q1 Passport Wealth Management client newsletter attached to quarterly statements from April 2021. The newsletter is published to the website for informational purposes only and is not financial or investment advice. You should consult a CERTIFIED FINANCIAL PLANNER™ Professional for financial advice.
Past performance may not be indicative of future results. Indexes are not available for direct investment. Investing involves risks, including the potential for loss of principal. There is no guarantee that markets will act as they have in the past or that any investment plan or strategy will be successful.
Daniel Tobias is a CERTIFIED FINANCIAL PLANNER Professional and a Fee-Only Advisor. He owns Passport Wealth Management, a financial advising firm based in Cornelius, NC that works with clients across the globe. He helps individuals plan for retirement, manage investment portfolios, mitigate taxes, and secure their financial futures. With more than 10 years in the industry, Daniel has spoken nationally on financial planning practice management and has served on the National Association Personal Financial Advisors (NAPFA) South Regional Board. He resides with his family near Lake Norman in North Carolina where he enjoys mountain biking, hiking and travel.