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Greetings,
Manning Wealth Management is pleased to publish the second quarterly E-newsletter. We hope you found the first issue informative and enjoyable. We are excited about the new sections: A Message from the President and a Client Spotlight. |
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A WORD FROM THE PRESIDENT!
Michael Manning, MBA, AIF�
President
"Wow, here we are 6 months into 2011 and the market is performing as expected. History shows more often than not after a Bear Market year (2008) two Bull Markets follow (2009 & 2010). The question is what can we expect in 2011? In our opinion that is continued volatility with gains from equities limited to low single digits. All this makes it more important than ever to diversify into various asset classes, look for tactical opportunities and have a 20-30% allocation into Alternative Investments." |
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Are You Nearing 70? Don't Forget Your RMD
If you own a Traditional, SEP or Simple IRA or are a qualified plan participant, you must take a required minimum distribution (RMD) from your retirement account by April 1st following the year you reach age 70 1/2. RMD amounts must then be distributed each subsequent year.
Help Your Child or Grandchild Fulfill Their Dreams
What do your children or grandchildren want to be when they grow up? A firefighter? A nurse? An artist? Whatever it may be, to help them fulfill their dreams they will need encouragement, support and a solid education. With college costs on the rise, financing an education can be a challenge. At Manning Wealth Management, we can help you overcome that challenge and help you reach your college savings goals.
When putting together your college savings investment strategy, we encourage you to use a vehicle such as a 529 plan that allows for tax deferred investment growth and federal tax-free distributions when used to pay for qualified higher education expenses. With a 529 plan you have the ability to make up to five years of contributions at one time (up to $65,000 a year per beneficiary or $130,000 per beneficiary if married jointly) without incurring a federal gift tax. The 529 plan also allows you to remove assets from your federal taxable estate while still having complete control of the assets (you are still the owner).
The 529 plan is a great way to save for college and reduce your taxable estate if necessary. Call us today to get started on your college savings investment strategy!
The fees, expenses and features of 529 plans can vary from state to state. 529 plans involve investment risk, including the possible loss of funds. There is no guarantee a college-funding goal will be met. Earnings must be used to pay for qualified higher education expenses to be federally tax-free. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient's marginal rate and subject to a 10% penalty. By investing in a Plan outside your State of residence, you may lose any State tax benefits. 529 plans are subject to enrollment, maintenance and administration/management fees and expenses.
Article of Interest:
Pimco's Bill Gross states, College is a waste of money if there are no jobs....
In this article, fund manager and founder of Pimco Bill Gross discusses the reason he thinks college is now a waste of money as there are no jobs for college grads. He states the cost of college tuition has increased 6% higher than the general rate of inflation for the past 25 years, making it four time more expensive relative to other goods and services as it was in 1985. Subjective explanation: University administrators have a talent for increasing top line revenues via tuition, but lack the spine necessary to upgrade academic productivity. Professorial tenure and outdated curricula focusing on liberal arts instead of a more practical global agenda focusing on math and science are primary culprits. Click here to read more....
Investment Strategy Committee Established
MWM has established an Investment Strategy Committee which will advise regarding the direction of our firm and the investments chosen for our clients. Michael Manning is chair of this committee with the assistance of several highly regarded industry professionals. Be sure to look for a bio on each group member in the next Newsletter!
Seminars Update
Our firm continues to take great pride in keeping our clients and other business professionals informed of industry and investment topics. In response to your requests, we are now offering seminars at the cocktail hour in addition to our regular lunch seminars.
The next seminar will take place on July 20th and will highlight Estate Planning Strategies. A full list of our upcoming 2011 seminars can be found at www.manningwm.com.
Don't forget you can bring a friend!
Webinars-
This will give our out-of-state clients and clients who could not attend in person a chance to attend virtually. Look for an update in the next E-newsletter!
Investor 360 Reminder
If you haven't yet taken advantage of Investor 360 which allows you to review your entire investment portfolio online please contact Gemmalyn at 619-237-9977 ext. 304 to set up your account.
*If you are interested in adding your outside accounts click here for instructions. Please Note: You must be logged into Investor 360 to do this. |
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Michael Manning- earned his Accredited Investment Fiduciary� (AIF�) designation! He is now part of a prestigious network of professionals dedicated to advancing fiduciary responsibility.
Mike Privett- recently became a volunteer mentor, Big Brother, in the Big Brothers Big Sisters of San Diego County program and was matched to a 12 year old Little Brother. Mike is very excited about the opportunity to mentor his Little Brother and hopes to make a positive impact in his life.
Mike is also looking to become active in a committee within the Big Brothers Big Sisters program as another way to give back.
- If you are interested in learning more about Big Brothers Big Sisters check out www.sdbigs.org
Bill Corder- Purchased his first his first home. His 2 bedroom 2 bath condo is located in the friendly neighborhood North Park.
Nancy Manning- joined the team as Marketing Associate. To see a full bio on Nancy check out the team page on our website.
Krystel Roy- and her husband are expecting their first child. Their baby boy is due in October, 2011.
Crystal Long- has departed the firm to pursue another endeavor. She has been a great asset to Manning Wealth Management for the last five years. She will be missed, but we wish her well.
MWM Welcomes Three Summer Interns
Cory Couture- will be working closely with Reed to become familiar with the Investment Analysis aspect of Manning Wealth Management. He will gain a good working knowledge of the basics of Financial Planning. Cory will be a senior at Denison University this fall and is majoring in Economics. He is a philanthropic chairman and captain of the lacrosse team. He currently lives in Coronado where he graduated from high school. In his free time Cory enjoys playing lacrosse, coaching, surfing and being involved with the community.
Ariana Corrigan- will be assisting with client servicing, investment and insurance processing, and marketing. She graduated from the University of Southern California with a degree in Communication and a minor in Business Administration. She will be attending graduate school for International Business in London this fall. In her free time she enjoys riding horses, walking her dogs Daisy and Bandit, yoga and swimming.
Sallie Privett- will be working in the Operations Department to assist with client servicing and administrative tasks. She will be a sophomore at UC Davis and is studying Fine Art. As a freshman she ran Cross Country at UC Davis. She currently lives in Coronado. In her free time Sallie enjoys art and yoga. |
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Client Spotlight
 Kathryn Roberts, LSW Chief Operating Officer Exciting news! Pumps It, Inc., a MWM client has received the prestigious Pinnacle Award, the highest achievement in their industry. The award was for overall excellence, quality, management and service. Click here to see the Press Release from the Houston Better Business Bureau. To learn more about Pumps It, Inc. and their services check out their website at www.pumpsit.com. If you would like to be considered for the spotlight in our next issue we would love to hear from you! |
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Current Market Update
To see the latest market commentary presented by Michael Manning please click here. |
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"Manning Wealth Management is dedicated to providing superior financial planning and wealth management services that create value and deliver results. We strive to fulfill the unique needs of every client, exceeding expectations throughout the client experience."
To learn more about our firm check out our website at www.manningwm.com. |
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Sincerely,
Manning Wealth Management, Registered Investment Advisor
The Financial Consultants of Manning Wealth Management are Registered
Representatives and Investment Adviser Representatives with/and offer securities and advisory services through Commonwealth Financial
Network, member FINRA/SIPC, a Registered Investment Adviser. Additional advisory services and fixed insurance products and services may be offered through Manning Wealth Management, a Registered Investment Adviser, and are separate and unrelated to Commonwealth
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FOR YOUR PROTECTION
Because many people use simple passwords that are easy to remember, their personal e-mail accounts may be more vulnerable to hackers. Indeed, a hacker using automated software can break through a simple password almost effortlessly. And if the hacker happens to come across a few e-mails from the victim's financial advisor, he or she knows there may be monetary gain to be made by running a scam with information gleaned from the account.
What follows is a story about a hacker break-in that targeted both a Commonwealth advisor and his client. What's different about this story from many others we hear about in the news is that the advisor had a good Internet security policy in place to help safeguard client data.
A NOT-SO-TYPICAL DAY AFTER ALL
It was a typical day for advisor Brad French of Commonwealth Financial Network in Portsmouth, New Hampshire, and Ellen Leonard, his assistant at Provident Investments and Insurance, a Commonwealth Branch in Amesbury, Massachusetts. But that was about to change. Ellen received an e-mail from a retirement client requesting balances on all of her accounts. Although this kind of request is not out of the ordinary, Brad and Ellen followed their firm's security policy, which prohibits providing sensitive information over the Internet. Instead, they directed the client to call the office.
The plot thickens. A few hours later, the client sent another e-mail, this time saying she was out of town for her sister's burial and that she wanted to complete a domestic wire transfer to another bank. This request was also not unusual, but Brad's security policy required the client to speak to Brad before such a request could be fulfilled. So, after extending their sympathies for her sister's death, Ellen e-mailed the client, reminding her of the firm's policy. Once again, the client responded via e-mail, this time asking for Brad's contact information. Ellen shared Brad's telephone number, though all of her previous e-mails had included it.
Soon the phone rang, and on the line was an operator from AT&T's service for the hearing impaired. The operator claimed to represent the client who had been e-mailing Ellen and who was now attempting to relay wire instructions to Brad.
One too many red flags. At this point, one too many red flags had been raised. A second verification was definitely in order. Ellen called the client at her work number. To Ellen's surprise, the client was in her office. She had not been travelling, and her sister was alive and well. But Ellen also learned that the client's personal e-mail account had been hacked. The hacker knew to contact Brad because of a market commentary Brad had e-mailed his client.
LESSONS LEARNED
This tale had a happy ending, but most stories like it do not. What really contributed to the good outcome was the security policy that Brad had put in place. By sticking to it and not sending any sensitive information over the Internet-and by taking steps to verify the identity of the individual who requested that funds be wired-Brad and Ellen thwarted the fraud attempt and protected the client's information and assets.
We at Manning Wealth Management wish to assure you that our firm has procedures in place to protect your personal information and wish to remind your of the importance of using strong passwords for your personal accounts.
To refresh your memory about what constitutes a strong password. Strong passwords:
- Contain both upper- and lowercase characters.
- Have digits and punctuation characters, as well as letters.
- Are at least eight alphanumeric characters long and are passphrases, such as Ohmy1stubbedmyt0e.
- Are not a word in any language, slang, dialect, or jargon.
- Are not based on personal information, names of family, and so on.
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