Month: April 2020

Strategic Retirement Partners Named a 2020 Best Places to Work for Financial Advisers by InvestmentNews

InvestmentNews has recognized Strategic Retirement Partners (SRP) as a 2020 Best Places to Work for Financial Advisers.

Strategic Retirement Partners was chosen as one of this year’s top-75 firms based on employer and employee surveys, evaluating company culture, benefits, career paths, and more.

Jeff Cullen, SRP’s Managing Partner shared “Work-life balance is the theme at Strategic Retirement Partners where 70% of the team works from home in a cloud-based environment. SRP’s talent and culture centric philosophy toward human capital is their “Secret Sauce” in attracting and retaining top-tier advisors. Advisors benefit from a suite of services including operational support, relationship management, innovative IT solutions, marketing, and investment research.”

Now in its third year, InvestmentNews partnered with Best Companies Group, an independent research firm specializing in identifying great places to work, to compile the survey and recognition program.

“We are thrilled to identify, and commend, these 75 firms that understand the importance of a strong workplace culture,” said George Moriarty, InvestmentNews chief content officer. “They are role models to the industry, in that they empower advisers to focus on delivering exceptional service to their clients.”

Strategic Retirement Partners is highlighted in the April 27th issue of InvestmentNews and at bestplacesforadvisers.com.

 

 

About INVESTMENTNEWS
InvestmentNews is the leading source for news, analysis and information essential to the financial advisory community. Since 1998, their standard of editorial excellence and deep industry knowledge has allowed InvestmentNews to educate, inform and engage the most influential financial advisers. Through their weekly newspaper, website, newsletters, research, events, videos and webcasts, InvestmentNews provides exclusive and up-to-the-minute news, as well as actionable intelligence, that empowers financial advisers to serve their clients and run their businesses more effectively whenever, however and wherever they need it. Headquartered in New York, with offices in Chicago and Washington D.C., InvestmentNews is part of London-based Bonhill Group plc. Learn more at www.InvestmentNews.com.

About Strategic Retirement Partners
Strategic Retirement Partners is a nationwide independent retirement plan consulting services firm dedicated to providing guidance in decision-making and problem solving to employers and sponsors of retirement plans. With 20 offices from coast to coast, Strategic Retirement Partners currently consults on over 795 corporate and non-profit plans and over $11 billion in assets as of January 1, 2020.

 

 

 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through Global Retirement Partners, an SEC Registered Investment Advisor. Global Retirement Partners and Strategic Retirement Partners (SRP) are separate entities from LPL Financial.

Global Retirement Partners employs (or contracts with) individuals who may be (1) registered representatives of LPL Financial and investment adviser representatives of Global Retirement Partners; or (2) solely investment adviser representatives of Global Retirement Partners. Although all personnel operate their businesses under the name Strategic Retirement Partners (SRP), they are each possibly subject to differing obligations and limitations and may be able to provide differing products or services

Pre-Retiree Considerations

There’s no doubt recent market volatility has been especially worrisome for pre-retirees. The majority of calls we’ve received in the past month have been from those nearing retirement, with concerns about their retirement accounts. Workers who are within 5-10 years of retirement have specific concerns, and may need to consider specific actions, to keep moving toward their goals.

If you are nearing retirement, click on the link below! In just 5 minutes, SRP Managing Director Jim Robison, AIF® discusses 4 key considerations for Pre-retirees.

 

 

 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through Global Retirement Partners, an SEC Registered Investment Advisor. Global Retirement Partners and Strategic Retirement Partners (SRP) are separate entities from LPL Financial. Global Retirement Partners, Strategic Retirement Partners and LPL Financial are not affiliated with NFIB.

Global Retirement Partners employs (or contracts with) individuals who may be (1) registered representatives of LPL Financial and investment adviser representatives of Global Retirement Partners; or (2) solely investment adviser representatives of Global Retirement Partners. Although all personnel operate their businesses under the name Strategic Retirement Partners (SRP), they are each possibly subject to differing obligations and limitations and may be able to provide differing products or services.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Market Update – April 21, 2020

“Life is 10% what happens to you and 90% how you respond to it.” — Lou Holtz, Hall of Fame football coach

As the battle against the COVID-19 pandemic continues, how we respond to it will determine how we beat it. Continued sacrifices range from everyone in the medical community working on the front lines to the thousands of truck drivers across our country keeping goods flowing, parents who have become homeschoolers, and folks missing their family events to help stop the spread of this terrible outbreak. As Lou Holtz said, we can’t control what happens, but how we respond to it is what matters. Our response to this crisis has shown the resolve and strength of the human spirit, which is why we will overcome.

The response from the economy and stock market, however, has shown a disconnect between the two. Tragically, 22 million people have filed for unemployment in the past four weeks, nearly wiping out all the jobs created during the record 10-year economic expansion. Historic drops in consumer confidence, retail sales, industrial production, oil prices, and housing starts have shown how quickly our economy has gone from solid growth to virtually stopping in its tracks. Yet, stocks have been soaring the past few weeks. Remember, stocks tend to weaken before the economy, and they tend to lead before the economy turns around. Stocks see light at the end of the tunnel before the economy feels it, and the big move recently may be a sign the economy could turn around later this year.

Small businesses have been impacted the most by the economic crisis, and the government and Federal Reserve actions to bridge the gap to better times are unprecedented. The combined stimulus from fiscal and monetary policy is more than 20% of the value of the entire US economy, as measured by gross domestic product, greatly mitigating the economic hardships. The hurried roll out of the small business loan program wasn’t perfect, but it is helping those businesses.

This recession—though not officially declared yet—is unlike any other. It wasn’t caused by the virus itself, but by the government telling people to stay home in an effort to flatten the curve. The government can’t simply turn on a switch to get things back to normal, but with all of the stimulus making its way through the system, it’s possible this could be one of the shortest recessions ever. First quarter earnings season has begun, and it will be interesting to learn how quickly corporate America anticipates the slowdown ending. Estimates for earnings in 2020 have reduced drastically, but there is still hope that a strong second-half economic rebound could help support a recovery in corporate profits.

More than 2 million people worldwide have been infected by the virus, and we all have been impacted in some way. Last week there was very positive news on a potential COVID-19 treatment from Gilead Sciences, while Boeing, one of the hardest hit companies during this crisis, said it might start building planes again soon. We aren’t out of the woods yet, and the economic data and headlines may get worse before they get better, but our response to this crisis reinforces our confidence that the future remains bright.

 

 

 

Important Information
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.
All data is provided as of April 21, 2020.
Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.
This Research material was prepared by LPL Financial, LLC. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

SRP 2nd 2020 Quarter Participant Webinar

Saving for both college and retirement can be a daunting task. It’s easy to feel like these huge financial goals are in competition with one another. How does one prioritize? Let’s explore the challenges of saving simultaneously for multiple family goals. SRP’s very own Zach Morris (Financial Advisor, Providence RI) will offer specific strategies and tools – especially around 529 accounts, college cost trends, and student debt management – that can help you prepare more effectively.

All retirement plan participants and eligible employees are welcome!

Please join us on Tuesday, May 12th (1:00pm EST / 12:00pm CST / 10:00am PST) for this live Participant Education event!

REGISTER HERE:  https://tinyurl.com/SRPCollege

Limited space available so register today!

This session will be recorded.

The CARES Act and Student Loan Repayment Benefits

Did you know the CARES Act has provisions that impact student loans?

• Extends the tax benefits of Tuition Reimbursement programs under IRS Section 127 Education
Assistance Programs
• Payments by an employer to student loans are not included in an employee’s income
• Up to $5,250 is eligible
• Applies to payments made between 3/28/2020-12/31/2020
• Covers principal and interest
• Federal student loan automatic monthly payments are suspended through 9/30/2020
• Interest on federal student loans is 0% through 9/30/2020
• Any manual payments to federal student loans through 9/30/2020 will go to principal only
• Any missed payments under the CARES Act will still qualify as a payment under the PSLF Program

Student Loan Repayment Benefit Plans are one of the fastest growing employer benefits

• Number of employers offering this benefit increased 100% from 2018-2019¹
• Student loan repayment plan is the most requested financial benefit²
• Outstanding student loan debt has tripled in 12 years from 2007 to 2019³
• Average student loan debt balance is $37,172⁴
• 1 in 4 Americans have student loan debt⁵

Types of Student Loan Repayment Benefits Plans Available

• Direct Pay – Employer makes payments to a student loan provider for a fixed amount (monthly)
• Employer Matching – Company makes a matching contribution to retirement plan for employees
making student loan payments unable to contribute to the retirement plan (Abbott Labs example)
• FlexMatch – Gives employees the flexibility to use company matching dollars towards paying
down student loan debt or being traditionally matched in their retirement plan

SRP can help with the administration of Student Loan Benefit Plans.
Contact your local SRP Managing Director to learn more!

 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through Global Retirement Partners, an SEC Registered Investment Advisor. Global Retirement Partners and Strategic Retirement Partners (SRP) are separate entities from LPL Financial.
Global Retirement Partners employs (or contracts with) individuals who may be (1) registered representatives of LPL Financial and investment adviser representatives of Global Retirement Partners; or (2) solely investment adviser representatives of Global Retirement Partners. Although all personnel operate their businesses under the name Strategic Retirement Partners (SRP), they are each possibly subject to differing obligations and limitations and may be able to provide differing products or services.

Sources:

¹https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/SHRM%20Employee%20Benefits%202019%20Executive%20Summary.pdf;

²https://www.benefitspro.com/2018/05/07/student-loan-benefits-more-popular-with-workers-th/ and https://blog.accessperks.com/2018-employeebenefits-perks-statistics#engagement;

³https://www.valuepenguin.com/average-student-loan-debt and https://www.studentloanplanner.com/student-loan-debtstatistics-average-student-loan-debt/;

⁴https://www.nitrocollege.com/research/average-student-loan-debt;

⁵https://www.thebalance.com/student-loan-debtstatistics-4173224

CARES Act Retirement Plan Provisions

Please find below a 5-minute video by SRP’s Consulting team discussing CARES Act and the impact to retirement plans. Please note these provisions are optional and that clients should reach out to their SRP Managing Director or Plan Consultant to discuss the impacts of the provisions on their plans.

 

 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through Global Retirement Partners, an SEC Registered Investment Advisor. Global Retirement Partners and Strategic Retirement Partners (SRP) are separate entities from LPL Financial.

Global Retirement Partners employs (or contracts with) individuals who may be (1) registered representatives of LPL Financial and investment adviser representatives of Global Retirement Partners; or (2) solely investment adviser representatives of Global Retirement Partners. Although all personnel operate their businesses under the name Strategic Retirement Partners (SRP), they are each possibly subject to differing obligations and limitations and may be able to provide differing products or services.

SRP WFH Tips: Greg Gavran

 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through Global Retirement Partners, an SEC Registered Investment Advisor. Global Retirement Partners and Strategic Retirement Partners (SRP) are separate entities from LPL Financial.

Global Retirement Partners employs (or contracts with) individuals who may be (1) registered representatives of LPL Financial and investment adviser representatives of Global Retirement Partners; or (2) solely investment adviser representatives of Global Retirement Partners. Although all personnel operate their businesses under the name Strategic Retirement Partners (SRP), they are each possibly subject to differing obligations and limitations and may be able to provide differing products or services.

Market Update – April 8, 2020

These are challenging times, and this week may be the toughest as we wait for COVID-19 to reach its peak in the United States. As the war against COVID-19 wages on, we continue to be inspired by the tremendous bravery shown by healthcare workers on the front lines. Other heroes will likely emerge from a lab somewhere with a vaccine in the near future. In the meantime, we have important roles to play by maintaining quarantines and social distancing.

We anxiously wait for the day when this threat has passed, as life feels very different. Many of the things we enjoy most are not available right now, such as traveling, sporting events, shows, concerts, or just dinner out with family and friends. We’re video conferencing with our co-workers while children are going to school online, and we’re finding new ways to stay connected and entertain ourselves without leaving our homes. As a society, we’re finding forced isolation can be challenging.

As we adapt to these changes in our daily lives, the stock markets have had to adapt to the new economic realities as well. The longest economic expansion in our nation’s history has ended as the US economy has entered a recession. This economic contraction is quite unique—it’s the first one brought on mainly by governments, as they closed non-essential businesses and initiated social distancing restrictions to limit the spread of the virus. It also may prove to be unique by potentially being one of the shortest recessions in history, depending on how quickly the virus can be contained.

What is not unique is the challenge for investors in navigating the bear market that’s accompanying this recession. Historically, the best time for many investors to buy stocks has been at the trough, or low point, of a recession, although the trough usually has been evident only in hindsight. Since 1970, bear market low points have occurred within an average of three weeks of the biggest increase in weekly jobless claims, something that we hope came last week. In previous recessions since WWII, stocks bottomed an average of about five months before the end of the recession, as stocks sensed improved upcoming economic data (source: FactSet). No one knows for sure when stocks will bottom this time, but looking at these data points suggests we may be getting close.

We’ve received some better news in the battle against COVID-19 over the past few days. China has contained its outbreak, and its economy is restarting. In Wuhan, the epicenter of the China outbreak, the lockdown is being lifted. In Italy, the epicenter of the European outbreak, a peak in new cases likely was reached last week, and the government is starting to plan for a restart of its economy. The epicenter of the US outbreak, New York, is starting to see a slowdown in new cases. This fight isn’t over, and we cannot fully discount another wave of new cases, but the other side of this crisis is coming into view. The stock market also has started to sense that we’re nearing an inflection point.

This is one of the greatest challenges we as Americans have faced, but some light is starting to glimmer in the dark tunnel. We don’t really have a playbook for this human crisis, though we are encouraged that the measures being taken are having the desired effects. The playbook for investing in bear markets and recessions is clearer. It suggests that we stay the course, consider selectively taking advantage of emerging opportunities where appropriate, and focus on long-term investing objectives.

 

 

 

 

Important Information
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.

 

References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

All data is provided as of April 8, 2020.

This Research material was prepared by LPL Financial, LLC. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.