We hope all that all is well during these extraordinary times. Northeast Financial Group understands that economic and market uncertainty creates concerns for individuals and institutional investors alike. In those times, we can look back and identify various periods when it has proven to stay the course, be prudent with personal spending, and things will return to normal with a fair return for your patience. Today, many firsts have and are occurring economically, as well as, upsetting our social norms. In light of these challenging events, Northeast Financial Group would like to offer plan participants the opportunity to share screen or conduct calls with our team of advisors to review their account. During these sessions, participants will be able to assess their current portfolio allocation, overall investment strategy, portfolio return metrics, and have general financial questions addressed. Attendance at such a meeting would certainly help with promoting a participant’s knowledge of the plan and their personal long-term investment strategy.
Also, we would like to offer these same services to participants that had to separate from service, due to recent economic hardships. NEFG’s team of advisors has the expertise and experience to address a wide range of financial topics outside the scope of your employer sponsored plan. If this service is something you would like to pursue, please contact us so that we may coordinate efforts to assist those most impacted by these uncertain times.
As of March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to relieve affected families. The CARES Act includes several provisions that should assist plan sponsors and participants in dealing with the COVID-19 outbreak. Some provisions include; a waiver of the 10 percent early distribution rule, an increase in loan limitations, and a delay in existing loan repayments.
We have attached an informational summary of those provisions through one of our partners, CDM. Based on various legislative updates, options available to plan participants and tax nuances, we would recommend that before a participant elects a distribution or loan / loan deferment, to contact us so that we may provide guidance. NEFG’s principal concern is that a plan participant makes a certain election now, but may not fully understand the future impact of this decision from a tax, portfolio and future retirement perspective. Also, if you would like to review these updates and how they relate to your respective plan, we would be happy to arrange calls with your plan’s Third Party Administrator (TPA). Please let us know if you believe these plan participant meetings would be beneficial to you and your employees. If so, please identify what day or time of the day works best for you and your employees, and we will coordinate with our calendars. Once a time is confirmed, we will send you a flyer and sign-up sheet. As always, please let us know if there are any additional services that we may be able to provide during these trying times.
Financial Wellness Program
We understand your financial goals are unique to you, and your path to achieving them requires careful goal-setting, diligent planning, and ongoing monitoring of your investment decisions.