Perrone’s Perspectives – A warm welcome to Wells Fargo Advisors
Erica and I welcomed our new daughter into the world last June, Amelia Anastasia. Prior to her arrival, parents had a similar piece of advice, “enjoy it, it goes by too fast”. With the end of April approaching, that comment could not feel any more real. Erica is planning her 1st birthday party and I am in shock that we have an almost one year old. Being a parent has provided a different perspective. With that perspective I think of the standards that we will set, the values we want to instill in her, as well as how early I can teach her about compound interest (I do have her listening to Bloomberg already).
As I thought through these standards and values as a new parent, it also made me think about standards in my business. The question I kept asking myself is:
"Where is there an opportunity to raise the standards for my firm & my practice to provide the highest level of service to my clients?"
Over the past 9 months as I pursued the answer to this question, it became very clear that it is time to raise the bar. Here are a few of the many standards that we are raising that you will benefit from:
A team fully dedicated to you. Jennifer Pulver, Senior Client Associate, is a great asset and previously was a shared resource in the office. We have decided to take the next step in our professional relationship and moving forward she will solely be dedicated to my practice and the clients we serve. Furthermore, in the coming months, we will be announcing exciting additions to the team which will increase this even further.
In reviewing client facing technology at other firms, it became clear there was major room for improvement. Specifically, the online client portal, client application and functionality, and client reporting. From an advisor perspective, superior planning software existed as well. Ultimately allowing us to make better decisions aligning your money with your goals.
Regarding research, alternative investments, estate planning, tax guidance (not formal tax advice), insurance, and access to lending products and services through Wells Fargo affiliates. We wanted to find a firm that was best in class in all areas, not just a couple, as each can be critical to your short- and long-term financial picture.
With these standards at the forefront of the decision, we completed an extensive due diligence process. After careful consideration on multiple firms, it was evident that Wells Fargo Advisors set the bar. Wells Fargo Advisors is the 3rd largest full-service provider of wealth management services in the U.S with $1.8 trillion in assets under management. A leader in every financial category a client could need.
I trust that all of this is very exciting for you, our clients. The transition process is simple, and we look forward to speaking with you in the coming days. I want to thank you for your trust and confidence that you have placed with the team. It continues to be our privilege to play a part in your story and life and we look forward to doing so for many years to come.
With gratitude,
MJP
Michael J. Perrone, AWMA, AIF
Managing Director – Investments
As I thought through these standards and values as a new parent, it also made me think about standards in my business. The question I kept asking myself is:
"Where is there an opportunity to raise the standards for my firm & my practice to provide the highest level of service to my clients?"
Over the past 9 months as I pursued the answer to this question, it became very clear that it is time to raise the bar. Here are a few of the many standards that we are raising that you will benefit from:
A team fully dedicated to you. Jennifer Pulver, Senior Client Associate, is a great asset and previously was a shared resource in the office. We have decided to take the next step in our professional relationship and moving forward she will solely be dedicated to my practice and the clients we serve. Furthermore, in the coming months, we will be announcing exciting additions to the team which will increase this even further.
In reviewing client facing technology at other firms, it became clear there was major room for improvement. Specifically, the online client portal, client application and functionality, and client reporting. From an advisor perspective, superior planning software existed as well. Ultimately allowing us to make better decisions aligning your money with your goals.
Regarding research, alternative investments, estate planning, tax guidance (not formal tax advice), insurance, and access to lending products and services through Wells Fargo affiliates. We wanted to find a firm that was best in class in all areas, not just a couple, as each can be critical to your short- and long-term financial picture.
With these standards at the forefront of the decision, we completed an extensive due diligence process. After careful consideration on multiple firms, it was evident that Wells Fargo Advisors set the bar. Wells Fargo Advisors is the 3rd largest full-service provider of wealth management services in the U.S with $1.8 trillion in assets under management. A leader in every financial category a client could need.
I trust that all of this is very exciting for you, our clients. The transition process is simple, and we look forward to speaking with you in the coming days. I want to thank you for your trust and confidence that you have placed with the team. It continues to be our privilege to play a part in your story and life and we look forward to doing so for many years to come.
With gratitude,
MJP
Michael J. Perrone, AWMA, AIF
Managing Director – Investments
Perrone’s Perspective – Issue 1
3/17/2020
The coronavirus continues to spread and the tone in the United States, as well as globally has shifted substantially over the past week. The World Health Organization declared the coronavirus a global pandemic, the United States declared a national emergency, and “social distancing” is the new term we have all been hearing in the media. Financial markets also reacted with the S&P500 down more than 20% and International markets (MSCI EAFE) down more than 25% year to date as I write this. The Federal Reserve also cut interest rates to zero and implemented a $700 billion dollar quantitative easing program.
With this backdrop, I have had numerous conversations with clients across the country, friends, and family around the following questions:
1. Don’t Panic or give into fear
Perhaps the hardest thing for an investor to do is invest during a downturn. When everyone else is panicking and pulling their money out of the stock market that may be the best possible time to invest.
Remember to stay the course and focus on the reasons and goals you started investing in the first place. The things you want to be able to fund in the future. Continue to systematically save into your respective accounts (401(k), Traditional IRA, Roth IRA, brokerage account, 529 Education Savings Accounts, etc...) and if your cash flow allows, increase those contributions. If you typically make a Roth IRA contribution later in the year or within the allowable IRS guidelines of the following year, consider making that Roth IRA contribution now or increasing your 401(k) deferral to maximize contributions earlier in the year.
One thing that all bear markets have in common: they come with a high degree of uncertainty. Being disciplined and sticking to your savings goals is incredibly important during volatile markets.
2. Stay Invested and try not to time the market
If one missed the top 23 trading days since 1997, the cumulative S&P 500 return would almost be flat. It’s Important to have fortitude and stay invested, especially at times of market volatility. When an investor tends to let fear and emotions get the best of them, they may make a decision that in the moment feels like relief, but I believe may represent a mistake in hindsight. Click to see Time spent in the market vs. Timing the Market PDF
3. Focus and revisit the benefits of diversification
Diversification is essential to capture returns. The same asset class is rarely the best performing in consecutive years. Click to see benefits of diversification PDF.
4. Have an investment plan
Every investor needs to have an investment plan that aligns with their goals/objectives, risk tolerance, composure, time horizon, and liquidity needs. There is a saying in the Army which my father (retired full colonel in the Army) would appreciate, “There are those that can shoot on the range, and those that can shoot while being shot at, we are the latter.” When we are in markets like this, trust your process and focus on decision-making that aligns with your investment plan and strategy you have in place. Times like these are the entire reason we have both. Now is not a time to give in to fear, it is time to stay disciplined, focused on your plan, and look through to the other side.
I hope that you have found this information useful, please do not hesitate to reach out to myself or any member of my team when contemplating any financial decision in your life. We are available to assist and provide guidance to you and your family.
All the best – MJP
Michael J. Perrone
Managing Director - Investments
Wells Fargo Advisors is not a legal or tax advisor
3/17/2020
The coronavirus continues to spread and the tone in the United States, as well as globally has shifted substantially over the past week. The World Health Organization declared the coronavirus a global pandemic, the United States declared a national emergency, and “social distancing” is the new term we have all been hearing in the media. Financial markets also reacted with the S&P500 down more than 20% and International markets (MSCI EAFE) down more than 25% year to date as I write this. The Federal Reserve also cut interest rates to zero and implemented a $700 billion dollar quantitative easing program.
With this backdrop, I have had numerous conversations with clients across the country, friends, and family around the following questions:
- What is your outlook on the coronavirus and its effect on the economy?
- What is your market outlook for the remainder of the year?
- What should I be doing with my accounts?
- Should I rebalance?
- Should I pull out/sell?
- Should I stay the course?
- Should I get more conservative with my portfolio?
- What can I do to capitalize on the current market environment?
1. Don’t Panic or give into fear
Perhaps the hardest thing for an investor to do is invest during a downturn. When everyone else is panicking and pulling their money out of the stock market that may be the best possible time to invest.
Remember to stay the course and focus on the reasons and goals you started investing in the first place. The things you want to be able to fund in the future. Continue to systematically save into your respective accounts (401(k), Traditional IRA, Roth IRA, brokerage account, 529 Education Savings Accounts, etc...) and if your cash flow allows, increase those contributions. If you typically make a Roth IRA contribution later in the year or within the allowable IRS guidelines of the following year, consider making that Roth IRA contribution now or increasing your 401(k) deferral to maximize contributions earlier in the year.
One thing that all bear markets have in common: they come with a high degree of uncertainty. Being disciplined and sticking to your savings goals is incredibly important during volatile markets.
2. Stay Invested and try not to time the market
If one missed the top 23 trading days since 1997, the cumulative S&P 500 return would almost be flat. It’s Important to have fortitude and stay invested, especially at times of market volatility. When an investor tends to let fear and emotions get the best of them, they may make a decision that in the moment feels like relief, but I believe may represent a mistake in hindsight. Click to see Time spent in the market vs. Timing the Market PDF
3. Focus and revisit the benefits of diversification
Diversification is essential to capture returns. The same asset class is rarely the best performing in consecutive years. Click to see benefits of diversification PDF.
4. Have an investment plan
Every investor needs to have an investment plan that aligns with their goals/objectives, risk tolerance, composure, time horizon, and liquidity needs. There is a saying in the Army which my father (retired full colonel in the Army) would appreciate, “There are those that can shoot on the range, and those that can shoot while being shot at, we are the latter.” When we are in markets like this, trust your process and focus on decision-making that aligns with your investment plan and strategy you have in place. Times like these are the entire reason we have both. Now is not a time to give in to fear, it is time to stay disciplined, focused on your plan, and look through to the other side.
I hope that you have found this information useful, please do not hesitate to reach out to myself or any member of my team when contemplating any financial decision in your life. We are available to assist and provide guidance to you and your family.
All the best – MJP
Michael J. Perrone
Managing Director - Investments
Wells Fargo Advisors is not a legal or tax advisor
Perrone’s Perspective – Issue 2 – Confidence within uncertain times
5/27/2020
Given that we just celebrated Memorial Day, I would like to start by thanking all of the men and women who have served our country. I have a great admiration for the U.S. military, as my father is a retired Colonel (Army Officer O-6). I remember a quote he gave in one of his interviews while he was serving as the commander of the Joint Detention Operations Group at Guantanamo Bay, Cuba in 2002.“I have a very simple vision, be the best we can be, providing a level of excellence in everything we do. We are not there yet, but we’re certainly heading that way.” This quote not only serves as a guide as to how we can live our lives, but also a vision of what my team and I strive for everyday while working on behalf of our clients. It is with that backdrop that I thought now is a good time to reflect on the last Perrone’s Perspectives which was published about three months ago.
After the inaugural Perrone’s Perspective, the S&P 500 hit a recent bottom, down 35.5% from its all-time high of 3,393.25. Small and medium sized publicly traded companies, as well as international and emerging markets were also well into bear market territory. All of this stemming from the growing uncertainty around COVID-19. To this day, a lot of uncertainly exists, no one knows with certainty how this virus will unfold in the coming months, no one has certainty on when a treatment that improves the mortality rate will be discovered, and no one has any certainty around if and when a vaccine will come to market. With all of this uncertainty, no one can have any certainty as to the near-term future performance of the market, and an unlimited amount of variables exist that need to be taken into account. However, there was no shortage of predictions during the month of March and into early April. Here are a few:
March 3rd, 2020 – Mohamed El-Erian: “market chart will look like a U or an L and not a V.”
March 27th, 2020 – Dubravko Lakos-Bujas, JP Morgan Chief US equity strategist: “Stock market can recover from sell off to hit record highs early next year.”
April 4th, 2020 – Gary Shilling: “The stock market is probably far away from the bottom.”
April 8th, 2020 – Ray Dalio: “We’re heading into a Great Depression.”
I think it is important to note that anyone who makes a prediction with any certainty as to how the market will perform over the next 3 to 12 months is guessing. While we are hearing all of these predictions, whether it be on television or on the radio, an investor is thinking a multitude of questions. Below are the questions I was hearing from clients and prospective clients across the country when Perrone’s Perspective first was published:
1. What should I be doing with my accounts?
2. Should I rebalance?
3. Should I pull out/sell?
4. Should I stay the course?
5. Should I get more conservative with my portfolio?
6. What can I do to potentially capitalize on the current market environment?
One of the key investment basics I highlighted was to not give in to your emotions and time the market. If one missed the top 15 trading days over the past 20 years, the cumulative return on the S&P 500 would be almost flat. It is important to mention that over that same time period, eight of the 10 best trading days occurred within two weeks of the 10 worst trading days. Over the long term, the market tends to be fairly predictable. Since that low on March 23, the S&P 500 has rallied, up 37.6% through 5/26/2020. As I published, when we are in markets like this, trust your process and focus on decision-making that aligns with your investment plan and strategy you have in place. Times like these are the entire reason we have both. Now is not a time to give in to fear, it is time to stay disciplined, focused on your plan, and look through to the other side.
If 2020 has taught us any lessons so far, it is that the recent market volatility, and the subsequent reaction of many investors, speaks to the need to keep your hands off of your long-term investments. A trusted adviser can be there to guide you, remove the emotions from investing, provide perspective, and keep you on a path toward your financial goals.
To conclude with another quote, from one of the most well-known investors of all time, Warren Buffet. “The stock market is a device for transferring money from the impatient to the patient.” Let’s be patient and focused on your goals.
All the best - MJP
Michael J. Perrone, AWMA®, AIF®
Managing Director - Investments
Wells Fargo Advisors is not a legal or tax advisor
5/27/2020
Given that we just celebrated Memorial Day, I would like to start by thanking all of the men and women who have served our country. I have a great admiration for the U.S. military, as my father is a retired Colonel (Army Officer O-6). I remember a quote he gave in one of his interviews while he was serving as the commander of the Joint Detention Operations Group at Guantanamo Bay, Cuba in 2002.“I have a very simple vision, be the best we can be, providing a level of excellence in everything we do. We are not there yet, but we’re certainly heading that way.” This quote not only serves as a guide as to how we can live our lives, but also a vision of what my team and I strive for everyday while working on behalf of our clients. It is with that backdrop that I thought now is a good time to reflect on the last Perrone’s Perspectives which was published about three months ago.
After the inaugural Perrone’s Perspective, the S&P 500 hit a recent bottom, down 35.5% from its all-time high of 3,393.25. Small and medium sized publicly traded companies, as well as international and emerging markets were also well into bear market territory. All of this stemming from the growing uncertainty around COVID-19. To this day, a lot of uncertainly exists, no one knows with certainty how this virus will unfold in the coming months, no one has certainty on when a treatment that improves the mortality rate will be discovered, and no one has any certainty around if and when a vaccine will come to market. With all of this uncertainty, no one can have any certainty as to the near-term future performance of the market, and an unlimited amount of variables exist that need to be taken into account. However, there was no shortage of predictions during the month of March and into early April. Here are a few:
March 3rd, 2020 – Mohamed El-Erian: “market chart will look like a U or an L and not a V.”
March 27th, 2020 – Dubravko Lakos-Bujas, JP Morgan Chief US equity strategist: “Stock market can recover from sell off to hit record highs early next year.”
April 4th, 2020 – Gary Shilling: “The stock market is probably far away from the bottom.”
April 8th, 2020 – Ray Dalio: “We’re heading into a Great Depression.”
I think it is important to note that anyone who makes a prediction with any certainty as to how the market will perform over the next 3 to 12 months is guessing. While we are hearing all of these predictions, whether it be on television or on the radio, an investor is thinking a multitude of questions. Below are the questions I was hearing from clients and prospective clients across the country when Perrone’s Perspective first was published:
1. What should I be doing with my accounts?
2. Should I rebalance?
3. Should I pull out/sell?
4. Should I stay the course?
5. Should I get more conservative with my portfolio?
6. What can I do to potentially capitalize on the current market environment?
One of the key investment basics I highlighted was to not give in to your emotions and time the market. If one missed the top 15 trading days over the past 20 years, the cumulative return on the S&P 500 would be almost flat. It is important to mention that over that same time period, eight of the 10 best trading days occurred within two weeks of the 10 worst trading days. Over the long term, the market tends to be fairly predictable. Since that low on March 23, the S&P 500 has rallied, up 37.6% through 5/26/2020. As I published, when we are in markets like this, trust your process and focus on decision-making that aligns with your investment plan and strategy you have in place. Times like these are the entire reason we have both. Now is not a time to give in to fear, it is time to stay disciplined, focused on your plan, and look through to the other side.
If 2020 has taught us any lessons so far, it is that the recent market volatility, and the subsequent reaction of many investors, speaks to the need to keep your hands off of your long-term investments. A trusted adviser can be there to guide you, remove the emotions from investing, provide perspective, and keep you on a path toward your financial goals.
To conclude with another quote, from one of the most well-known investors of all time, Warren Buffet. “The stock market is a device for transferring money from the impatient to the patient.” Let’s be patient and focused on your goals.
All the best - MJP
Michael J. Perrone, AWMA®, AIF®
Managing Director - Investments
Wells Fargo Advisors is not a legal or tax advisor
Perrone’s Perspective – Issue 3
Q4 2020
Financial markets have taken investors on an exhilarating ride up, gut-wrenching ride down, and triggered some uneasy feelings as the markets continue to take us on a volatile ride. 2020 has been a tough year on all fronts, a year that many would like to put behind us. But before wishing the rest of the year away, there’s still time to control what we can and make the most out of a year that has been anything but controllable. Here are a few ideas to consider before flipping the calendar.
A Socially Distant Gift
There’s no better time to consider a monetary gift than this holiday season. The global pandemic has changed us in myriad ways. Many of us have taken time to reexamine our values, needs, and wants. Whether directly or indirectly we all have seen worry, sadness, frustration, pain, and countless other hardships one could never imagine… including the struggle of finding toilet paper. We’ve also come together as friends, family, and neighbors supporting and sharing with one another. A monetary gift may just be the perfect gift that keeps on giving.
In 2020, you can gift someone up to $15,000 without having to file a gift tax return. This annual exclusion limit applies to each recipient; it is not the total of all your monetary gifts. For example, a married couple could each gift the same recipient $15,000 without having to file a gift tax return[1]. If you gift more than $15,000 in cash or assets (e.g., stock, a new car, down payment for a home etc.) in a year to any one person, you need to file a gift tax return to disclose the gift.
Monetary gifts that can help buy time, an experience, make a memory, or pay off a bill may make a profound impact, especially this year.
5 Year-End Planning Considerations
Tax-Loss Harvesting
Market volatility can be hard to stomach as it’s occurring, but one positive of riding the ups and downs is tax-loss harvesting. Tax-loss harvesting is the selling of securities at a loss to offset realized capital gains that result from selling securities at a profit during the year, as well as any annual capital gain distributions received from mutual funds. Selling portfolio losers can offset up to $3,000 in ordinary income this year. Losses greater than $3,000 can carry forward to offset capital gains and ordinary income over your lifetime.
In a year like 2020, when some securities have soared and others have suffered, it may be the perfect time to evaluate your holdings and adjust allocations to re-align with your desired asset allocation.
Retirement Plan Contributions
If you participate in an employer-sponsored retirement plan, you may still have time to increase your annual plan contribution via payroll deferral. Plans such as a 401(k), 403(b) or 457 are generally funded with pre-tax dollars, thus lowering your taxable income—a benefit which will be helpful come tax time. An increasingly popular employer-sponsored retirement vehicle is the Roth 401(k). A Roth 401(k) is funded with after-tax dollars, meaning you pay tax today in order to reap the benefit of tax-free withdrawals in the future. The 2020 annual salary deferral contribution limit for these plans is $19,500 for individuals who are younger than age 50. Individuals age 50 and older can contribute $26,000 in salary deferrals[i].
If you don’t participate in an employer-sponsored retirement plan, contributing to a Traditional IRA or Roth IRA could be a good alternative. It’s important to note that these plans do have income limitations for Roth IRA contribution eligibility and deductibility for Traditional IRA contributions. The contribution limit is lower at $6,000 for individuals younger than age 50 and $7,000 for those age 50 and older.
While you are at it, the end of the year is also a good time to consider increasing your retirement contributions for 2021. These tax-advantaged retirement accounts compound over time and may make a great investment in your future!
Required Minimum Distributions
In our office year-end is usually filled with requests to take Required Minimum Distributions (RMD) before the December 31 deadline. However, The CARES Act[ii] passed earlier this year allows those that would normally be required to take a RMD in 2020 to skip it. The idea of continuing to let your money stay invested and grow tax-deferred may sound like a good plan. On the other hand, it may not make sense to skip it given rising national debt levels and the increasing likelihood that tax rates may rise in the future. The decision to take or opt-out of this year’s RMD is one that will vary based on your individual situation, consider it carefully.
Consider a Roth Conversion
The waiver of RMDs in 2020, loss of income (for some individuals), and a volatile stock market has created an ideal time to convert taxable retirement savings to an after-tax Roth IRA. In any other year RMDs, which are mandatory at age 72 and taxed as ordinary income, would add to your tax burden. Those required to take RMDs who don’t need the income to live off of may want to consider converting taxable retirement assets to a Roth IRA in an amount equal to the waived RMD. There are a few reasons to consider this move.
Benjamin Franklin famously stated, “In this world nothing can be said to be certain, except death and taxes.” Taxes are a large factor in the decision to convert assets to a Roth IRA. Consideration must be paid to potential governmental changes to future tax rates, your current income tax rate versus future expectations, the taxes you’ll pay this year on the assets converted, and future plans for your estate.
Review your estate plan strategy and beneficiaries
Confirm your overall estate plan strategy, including your will, trust, health care power of attorney, and health care proxy are updated. Review all primary and contingent beneficiaries listed on financial accounts and insurance policies. Taking the time now to ensure your plans will be carried out as you wish will relieve future burdens for your loved ones.
There are consequences, rules, and limitations to each of these planning concepts. It’s important to speak with a trusted financial professional that can coordinate with your tax advisor and estate planning attorney.
No one knows what 2021 has in store for us, but one thing is certain, the global pandemic will still have an ongoing impact on all our daily lives. The stressors of today are unlike anything we’ve ever experienced and can take a toll on our physical, mental, and financial health. When it comes to your financial well-being it’s important to steer away from the attention grabbing headlines in the media and remember your LONG-term investment plan—it’s not just a plan for just the next 3-6 months. If you would like to discuss changes to your financial situation, you need a reminder of plans we previously implemented, or you know someone whose financial well-being could benefit from a discussion, I am here.
Wishing you all a safe, healthy holiday season and prosperous New Year.
MJP
Michael J. Perrone, AWMA, AIF
Managing Director - Investments
[1] www.irs.gov - https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
[i] https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500#:~:text=The%20contribution%20limit%20for%20employees,increased%20from%20%246%2C000%20to%20%246%2C500.
[ii] https://www.irs.gov/newsroom/irs-announces-rollover-relief-for-required-minimum-distributions-from-retirement-accounts-that-were-waived-under-the-cares-act
Wells Fargo Advisors is not a legal or tax advisor
Q4 2020
Financial markets have taken investors on an exhilarating ride up, gut-wrenching ride down, and triggered some uneasy feelings as the markets continue to take us on a volatile ride. 2020 has been a tough year on all fronts, a year that many would like to put behind us. But before wishing the rest of the year away, there’s still time to control what we can and make the most out of a year that has been anything but controllable. Here are a few ideas to consider before flipping the calendar.
A Socially Distant Gift
There’s no better time to consider a monetary gift than this holiday season. The global pandemic has changed us in myriad ways. Many of us have taken time to reexamine our values, needs, and wants. Whether directly or indirectly we all have seen worry, sadness, frustration, pain, and countless other hardships one could never imagine… including the struggle of finding toilet paper. We’ve also come together as friends, family, and neighbors supporting and sharing with one another. A monetary gift may just be the perfect gift that keeps on giving.
In 2020, you can gift someone up to $15,000 without having to file a gift tax return. This annual exclusion limit applies to each recipient; it is not the total of all your monetary gifts. For example, a married couple could each gift the same recipient $15,000 without having to file a gift tax return[1]. If you gift more than $15,000 in cash or assets (e.g., stock, a new car, down payment for a home etc.) in a year to any one person, you need to file a gift tax return to disclose the gift.
Monetary gifts that can help buy time, an experience, make a memory, or pay off a bill may make a profound impact, especially this year.
5 Year-End Planning Considerations
Tax-Loss Harvesting
Market volatility can be hard to stomach as it’s occurring, but one positive of riding the ups and downs is tax-loss harvesting. Tax-loss harvesting is the selling of securities at a loss to offset realized capital gains that result from selling securities at a profit during the year, as well as any annual capital gain distributions received from mutual funds. Selling portfolio losers can offset up to $3,000 in ordinary income this year. Losses greater than $3,000 can carry forward to offset capital gains and ordinary income over your lifetime.
In a year like 2020, when some securities have soared and others have suffered, it may be the perfect time to evaluate your holdings and adjust allocations to re-align with your desired asset allocation.
Retirement Plan Contributions
If you participate in an employer-sponsored retirement plan, you may still have time to increase your annual plan contribution via payroll deferral. Plans such as a 401(k), 403(b) or 457 are generally funded with pre-tax dollars, thus lowering your taxable income—a benefit which will be helpful come tax time. An increasingly popular employer-sponsored retirement vehicle is the Roth 401(k). A Roth 401(k) is funded with after-tax dollars, meaning you pay tax today in order to reap the benefit of tax-free withdrawals in the future. The 2020 annual salary deferral contribution limit for these plans is $19,500 for individuals who are younger than age 50. Individuals age 50 and older can contribute $26,000 in salary deferrals[i].
If you don’t participate in an employer-sponsored retirement plan, contributing to a Traditional IRA or Roth IRA could be a good alternative. It’s important to note that these plans do have income limitations for Roth IRA contribution eligibility and deductibility for Traditional IRA contributions. The contribution limit is lower at $6,000 for individuals younger than age 50 and $7,000 for those age 50 and older.
While you are at it, the end of the year is also a good time to consider increasing your retirement contributions for 2021. These tax-advantaged retirement accounts compound over time and may make a great investment in your future!
Required Minimum Distributions
In our office year-end is usually filled with requests to take Required Minimum Distributions (RMD) before the December 31 deadline. However, The CARES Act[ii] passed earlier this year allows those that would normally be required to take a RMD in 2020 to skip it. The idea of continuing to let your money stay invested and grow tax-deferred may sound like a good plan. On the other hand, it may not make sense to skip it given rising national debt levels and the increasing likelihood that tax rates may rise in the future. The decision to take or opt-out of this year’s RMD is one that will vary based on your individual situation, consider it carefully.
Consider a Roth Conversion
The waiver of RMDs in 2020, loss of income (for some individuals), and a volatile stock market has created an ideal time to convert taxable retirement savings to an after-tax Roth IRA. In any other year RMDs, which are mandatory at age 72 and taxed as ordinary income, would add to your tax burden. Those required to take RMDs who don’t need the income to live off of may want to consider converting taxable retirement assets to a Roth IRA in an amount equal to the waived RMD. There are a few reasons to consider this move.
- The waiver of RMDs is only for 2020. Unless something changes, they will be required in 2021.
- Unlike a Traditional IRA, withdrawals from Roth IRAs during retirement are typically tax-free.
- Also unlike Traditional IRAs, Roth IRAs do not require RMDs to be taken. This benefit allows your money to keep growing tax-free until it’s needed or passed down to beneficiaries.
- The SECURE Act enacted earlier this year eliminated the “stretch IRA” benefit, which allowed non-spouse beneficiaries (typically children and grandchildren) to take money out of an inherited IRA gradually over their lifetimes. The new law requires most IRAs inherited by people other than spouses to be fully distributed within 10 years, which can lead to much higher tax bills over a shorter period of time for heirs. Though a Roth IRA will still have to be fully distributed within 10 years, converting assets from a Traditional IRA to an after-tax Roth IRA could help eliminate costly tax consequences for beneficiaries.
Benjamin Franklin famously stated, “In this world nothing can be said to be certain, except death and taxes.” Taxes are a large factor in the decision to convert assets to a Roth IRA. Consideration must be paid to potential governmental changes to future tax rates, your current income tax rate versus future expectations, the taxes you’ll pay this year on the assets converted, and future plans for your estate.
Review your estate plan strategy and beneficiaries
Confirm your overall estate plan strategy, including your will, trust, health care power of attorney, and health care proxy are updated. Review all primary and contingent beneficiaries listed on financial accounts and insurance policies. Taking the time now to ensure your plans will be carried out as you wish will relieve future burdens for your loved ones.
There are consequences, rules, and limitations to each of these planning concepts. It’s important to speak with a trusted financial professional that can coordinate with your tax advisor and estate planning attorney.
No one knows what 2021 has in store for us, but one thing is certain, the global pandemic will still have an ongoing impact on all our daily lives. The stressors of today are unlike anything we’ve ever experienced and can take a toll on our physical, mental, and financial health. When it comes to your financial well-being it’s important to steer away from the attention grabbing headlines in the media and remember your LONG-term investment plan—it’s not just a plan for just the next 3-6 months. If you would like to discuss changes to your financial situation, you need a reminder of plans we previously implemented, or you know someone whose financial well-being could benefit from a discussion, I am here.
Wishing you all a safe, healthy holiday season and prosperous New Year.
MJP
Michael J. Perrone, AWMA, AIF
Managing Director - Investments
[1] www.irs.gov - https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
[i] https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500#:~:text=The%20contribution%20limit%20for%20employees,increased%20from%20%246%2C000%20to%20%246%2C500.
[ii] https://www.irs.gov/newsroom/irs-announces-rollover-relief-for-required-minimum-distributions-from-retirement-accounts-that-were-waived-under-the-cares-act
Wells Fargo Advisors is not a legal or tax advisor
Perrone’s Perspective – Issue 4 - Two Tax Strategies to Consider
President Biden’s proposed tax plan includes a range of proposals from minor changes to major overhauls. The debate is still out on what may pass, who will be affected and when changes will become effective, but I believe one thing is certain—taxes will be going up. I will continue to monitor changes and guide clients as the weeks and months pass, but there is still time to take advantage of potential tax strategies for 2020 and 2021. And now, tax season, it may be the perfect opportunity to do it. I believe your future self will thank you.
1. Potentially Maximize Retirement Savings
Employees may be able to maximize retirement contributions and employers may be able to maximize their retirement plan design.
Retirement plan salary deferral limits for 2021 will remain the same as 2020.
What IS changing for 2021 are the phase-out income thresholds for tax deductible IRA and Roth IRA contributions, they have increased. This means more people should be able to qualify for tax breaks.
Salary deferral contributions to employer sponsored retirement plans (e.g., 401(k), 403(b), 457 plans) have to be made during the calendar year. While you can no longer contribute for 2020, now may be a great time to increase your contribution amount for 2021.
By increasing your contribution even by only one percent, you can potentially reduce your overall taxable income, all while potentially building your retirement savings.
2. Take advantage of Health Savings Accounts (HSAs)
HSAs are a wonderful tool not only to help pay for current and future medical expenses, but also for retirement planning.
How do you know if you are eligible for a Health Savings Account?
Your health insurance must be a qualifying “high-deductible health plan” (HDHP) and have an expense limit, or maximum, on out-of-pocket costs. If you are enrolled in Medicare, HSA contributions are no longer allowed.
How much can you fund annually?
As with an IRA, you have until April 15 of the following year to make your annual deductible contributions.
If you have high levels of income, an HSA may be a great vehicle for you to make some tax-deferred retirement contributions that traditional and Roth IRAs may phase you out of.
Though we all tend to think more about taxes each spring, tax planning can and should be done throughout the year. Both pre-tax (e.g., 401(k), HSA contributions) and post-tax (e.g., Roth 401(k), Roth IRA contributions) investments offer tax advantages, the biggest difference is when those potential tax savings begin. It is important to work with a financial advisor who will partner with your tax advisor to determine whether pre-tax or post-tax contributions (or a combination of the two) are most beneficial for you.
Looking to understand which of these moves might be right for you?
Wells Fargo Advisors is not a legal or tax advisor
President Biden’s proposed tax plan includes a range of proposals from minor changes to major overhauls. The debate is still out on what may pass, who will be affected and when changes will become effective, but I believe one thing is certain—taxes will be going up. I will continue to monitor changes and guide clients as the weeks and months pass, but there is still time to take advantage of potential tax strategies for 2020 and 2021. And now, tax season, it may be the perfect opportunity to do it. I believe your future self will thank you.
1. Potentially Maximize Retirement Savings
Employees may be able to maximize retirement contributions and employers may be able to maximize their retirement plan design.
Retirement plan salary deferral limits for 2021 will remain the same as 2020.
What IS changing for 2021 are the phase-out income thresholds for tax deductible IRA and Roth IRA contributions, they have increased. This means more people should be able to qualify for tax breaks.
Salary deferral contributions to employer sponsored retirement plans (e.g., 401(k), 403(b), 457 plans) have to be made during the calendar year. While you can no longer contribute for 2020, now may be a great time to increase your contribution amount for 2021.
By increasing your contribution even by only one percent, you can potentially reduce your overall taxable income, all while potentially building your retirement savings.
2. Take advantage of Health Savings Accounts (HSAs)
HSAs are a wonderful tool not only to help pay for current and future medical expenses, but also for retirement planning.
How do you know if you are eligible for a Health Savings Account?
Your health insurance must be a qualifying “high-deductible health plan” (HDHP) and have an expense limit, or maximum, on out-of-pocket costs. If you are enrolled in Medicare, HSA contributions are no longer allowed.
How much can you fund annually?
As with an IRA, you have until April 15 of the following year to make your annual deductible contributions.
If you have high levels of income, an HSA may be a great vehicle for you to make some tax-deferred retirement contributions that traditional and Roth IRAs may phase you out of.
Though we all tend to think more about taxes each spring, tax planning can and should be done throughout the year. Both pre-tax (e.g., 401(k), HSA contributions) and post-tax (e.g., Roth 401(k), Roth IRA contributions) investments offer tax advantages, the biggest difference is when those potential tax savings begin. It is important to work with a financial advisor who will partner with your tax advisor to determine whether pre-tax or post-tax contributions (or a combination of the two) are most beneficial for you.
Looking to understand which of these moves might be right for you?
Wells Fargo Advisors is not a legal or tax advisor
Perrone’s Perspective – Issue 5
FOMO – Fear of Missing Out. It’s back with a vengeance in our lives. As more Americans get vaccinated, the country continues its re-opening, and the summer weather heats up, demand for travel has increased, hotel occupancy is on the rise, and social calendars are filling up with birthdays, cookouts, and weddings.
Adding fuel to the FOMO fire are daily news headlines informing us how much money we’d have if we had invested in technology stocks or cryptocurrency. As we have seen that number can change drastically on any given day.
News headlines are meant to grab your attention and keep it. Headlines create a sense of urgency that can throw us off an otherwise settled course, and can quickly distract us from the long-term view.
While no one knows what the future holds and what returns of various investments will be going forward, we can rely on decades of financial data that tell us a disciplined investment approach and a globally diversified portfolio may be the best way to realize returns over the long-term.
Dimensional Funds conducted a study[i] on the top 10 largest U.S. companies ranked by market capitalization. They found that as companies grow to become some of the largest firms, the returns that got them there can be impressive, but just because these companies gain attention in the headlines it doesn't mean they can maintain their performance over the long term.
Going forward, global markets are likely to experience bouts of volatility as policymakers determine how to unwind some of the policies put in place to help get us get through the pandemic. It is during time periods such as today, when the U.S. stock market is hitting all-time highs, performance of some securities is unhinged from fundamentals, and the risk of inflation returning is very real, that we need to come back to a few key investing principles.
Whether it be nights out, events, trips or investments, FOMO is real and is inevitable. 18 months ago some people predicted the world would never be the same again and in some respects they may be right, but here we all are itching to get back to familiar places, see familiar (unmasked) faces and catch up on missed time together. As we see photos and hear stories of all the activity taking place around us, let’s not forget to reflect back when we realized what truly matters – health, family, security, and peace-of-mind.
A well-constructed wealth management plan that aligns with your financial goals and the discipline to stick to it may lead to a more reliable investment experience than trying to predict the future. If you don’t already have a wealth management plan in place, or would like a second point-of-view, let’s connect.
MJP
[i] https://www.dimensional.com/us-en/insights/why-investors-might-think-twice-about-chasing-the-biggest-stocks-data-vid
Past performance does not guarantee future success and no one can predict the markets with any certainty. Asset allocation and diversification do not ensure a profit or help protect against loss.
Wells Fargo Advisors is not a legal or tax advisor
FOMO – Fear of Missing Out. It’s back with a vengeance in our lives. As more Americans get vaccinated, the country continues its re-opening, and the summer weather heats up, demand for travel has increased, hotel occupancy is on the rise, and social calendars are filling up with birthdays, cookouts, and weddings.
Adding fuel to the FOMO fire are daily news headlines informing us how much money we’d have if we had invested in technology stocks or cryptocurrency. As we have seen that number can change drastically on any given day.
News headlines are meant to grab your attention and keep it. Headlines create a sense of urgency that can throw us off an otherwise settled course, and can quickly distract us from the long-term view.
While no one knows what the future holds and what returns of various investments will be going forward, we can rely on decades of financial data that tell us a disciplined investment approach and a globally diversified portfolio may be the best way to realize returns over the long-term.
Dimensional Funds conducted a study[i] on the top 10 largest U.S. companies ranked by market capitalization. They found that as companies grow to become some of the largest firms, the returns that got them there can be impressive, but just because these companies gain attention in the headlines it doesn't mean they can maintain their performance over the long term.
- From 1927 to 2019, the average annualized return for the top 10 largest U.S. companies over the three years prior to joining the top 10 list was nearly 25% higher than the market. In the three years after, the edge was less than 1%.
- Five years after joining the top 10, these stocks were, on average, underperforming the market—a stark turnaround from their earlier advantage. The gap was even wider 10 years out.
Going forward, global markets are likely to experience bouts of volatility as policymakers determine how to unwind some of the policies put in place to help get us get through the pandemic. It is during time periods such as today, when the U.S. stock market is hitting all-time highs, performance of some securities is unhinged from fundamentals, and the risk of inflation returning is very real, that we need to come back to a few key investing principles.
Whether it be nights out, events, trips or investments, FOMO is real and is inevitable. 18 months ago some people predicted the world would never be the same again and in some respects they may be right, but here we all are itching to get back to familiar places, see familiar (unmasked) faces and catch up on missed time together. As we see photos and hear stories of all the activity taking place around us, let’s not forget to reflect back when we realized what truly matters – health, family, security, and peace-of-mind.
A well-constructed wealth management plan that aligns with your financial goals and the discipline to stick to it may lead to a more reliable investment experience than trying to predict the future. If you don’t already have a wealth management plan in place, or would like a second point-of-view, let’s connect.
MJP
[i] https://www.dimensional.com/us-en/insights/why-investors-might-think-twice-about-chasing-the-biggest-stocks-data-vid
Past performance does not guarantee future success and no one can predict the markets with any certainty. Asset allocation and diversification do not ensure a profit or help protect against loss.
Wells Fargo Advisors is not a legal or tax advisor
Perrone’s Perspective - Issue 6
Q2 2022
What the heck is up with my portfolio?
It’s hard to believe it has been two years and a couple months since March of 2020, it seems like it was ages ago. Overall, we are all getting back to normal life. Kids are in school, we are traveling, getting together with friends and family…and starting to see increased volatility in our portfolios again.
In March of 2020, the S&P 500 was down 34% from its February 19 high of 3,386. Today as I write this (5/5/2022), we are coming off the worst day since 2020 with the S&P 500 down almost 13% year to date, and the NASDAQ in a bear market - down almost 22%. It’s not just equities that are struggling, with the Bloomberg U.S. Aggregate Bond Index down around 10% year to date. Fixed income is also challenged and not acting as the typical hedge to equity volatility. This instability across markets is leaving many investors nervous and with few places to hide.
Let’s put things in perspective
Today’s headlines, uncertainty, and big market moves can be frightening, but let’s take a step back and discuss the stock market as a whole. Success in investing is measured in years, not days or months. The long-term stock market trend has historically trended upward. Since 1928, the U.S. stock market, as represented by the S&P 500, has returned an average of 9.8% per year (this includes the drop we are seeing thus far in 2022). Roughly three out of every four years the market posts a positive return.
It isn’t always a smooth ride up (although in 2021 it felt like it), plenty of setbacks usually take place along the way.
Why has the market, historically, gone up over the long term?
We live in a capitalistic society, and over time as companies grow and increase profits, the U.S. economy grows. Being an investor in the stock market means you get to take part in the profits and cash flows of corporations. As long as companies are growing and profits are being made, investors benefit from their innovation, investment, and growth.
While being an investor means you get to take part in profits and cash flows of corporations, it also means there will be periods of volatility. There are two decisions that challenge long-term investors, 1) when to buy stocks, and 2) when to hold (should you say sell?) stocks. While the first decision may seem to be the easier decision of the two, neither decision is easy and timing the markets rarely pays off. The reason why the stock market is such an attractive asset class and why, based on history, investors make money over the long term, is because stocks are hard to hold on to during these periods of drawdowns. While downturns are a normal feature of markets, they are very emotional, and we often see investors change strategies during these trying times.
With all this said, here are a few things to consider when going through a drawdown:
1) Review your financial plan with your advisor and confirm that your portfolio is aligned with your current goals and risk tolerance. If it is, stay disciplined. If you have never had a financial plan created for you or haven’t reviewed it in the past 12-18 months, it’s time.
2) If you contribute a percentage of your salary to a 401(k) or other workplace retirement plan, consider increasing your deferral percentage to contribute more dollars now while markets are lower. Same rule could be applied for contributions to an IRA, Roth IRA, or brokerage account.
3) Discuss with your tax advisor if it makes sense to convert assets from a pre-tax account to a Roth IRA. In order to have everyone in coordination on your behalf, if you can have the discussion with your tax advisor and financial advisor at the same time, it is always helpful.
4) Revisit your cash “bucket.” Based on your cash flow needs, do you have enough income sources or cash on hand to cover 6-12 months of expenses? Cash on hand can help cover short-term expenses so you don’t have to sell investments while they are down to cover them.
5) Stress-test your portfolio (typically part of the financial plan) and review your current asset allocation. Understand your exposure to large, mid, and small cap securities, growth versus value, and domestic versus international securities. A well-diversified portfolio is key to getting through uncertain times.
6) For the more sophisticated investor, look beyond “traditional” asset classes. If qualified, consider what the industry has defined as “alternative investments,” which can increase diversification and are usually less correlated to the markets. This could include, but is not limited to, private assets (private equity and private credit), real estate, and hedge funds.
I always like to conclude with a quote, so I will leave you with this from one of the most successful and well-known investors of all time, Peter Lynch.
The team and I are here for our clients and friends. Please feel free to reach out to me at Michael.Perrone@wfa.com or (585) 241-7519.
MJP
Michael J. Perrone, AWMA, AIF
Managing Director – Investments
Wells Fargo Advisors is not a legal or tax advisor
Q2 2022
What the heck is up with my portfolio?
It’s hard to believe it has been two years and a couple months since March of 2020, it seems like it was ages ago. Overall, we are all getting back to normal life. Kids are in school, we are traveling, getting together with friends and family…and starting to see increased volatility in our portfolios again.
In March of 2020, the S&P 500 was down 34% from its February 19 high of 3,386. Today as I write this (5/5/2022), we are coming off the worst day since 2020 with the S&P 500 down almost 13% year to date, and the NASDAQ in a bear market - down almost 22%. It’s not just equities that are struggling, with the Bloomberg U.S. Aggregate Bond Index down around 10% year to date. Fixed income is also challenged and not acting as the typical hedge to equity volatility. This instability across markets is leaving many investors nervous and with few places to hide.
Let’s put things in perspective
Today’s headlines, uncertainty, and big market moves can be frightening, but let’s take a step back and discuss the stock market as a whole. Success in investing is measured in years, not days or months. The long-term stock market trend has historically trended upward. Since 1928, the U.S. stock market, as represented by the S&P 500, has returned an average of 9.8% per year (this includes the drop we are seeing thus far in 2022). Roughly three out of every four years the market posts a positive return.
It isn’t always a smooth ride up (although in 2021 it felt like it), plenty of setbacks usually take place along the way.
Why has the market, historically, gone up over the long term?
We live in a capitalistic society, and over time as companies grow and increase profits, the U.S. economy grows. Being an investor in the stock market means you get to take part in the profits and cash flows of corporations. As long as companies are growing and profits are being made, investors benefit from their innovation, investment, and growth.
While being an investor means you get to take part in profits and cash flows of corporations, it also means there will be periods of volatility. There are two decisions that challenge long-term investors, 1) when to buy stocks, and 2) when to hold (should you say sell?) stocks. While the first decision may seem to be the easier decision of the two, neither decision is easy and timing the markets rarely pays off. The reason why the stock market is such an attractive asset class and why, based on history, investors make money over the long term, is because stocks are hard to hold on to during these periods of drawdowns. While downturns are a normal feature of markets, they are very emotional, and we often see investors change strategies during these trying times.
With all this said, here are a few things to consider when going through a drawdown:
1) Review your financial plan with your advisor and confirm that your portfolio is aligned with your current goals and risk tolerance. If it is, stay disciplined. If you have never had a financial plan created for you or haven’t reviewed it in the past 12-18 months, it’s time.
2) If you contribute a percentage of your salary to a 401(k) or other workplace retirement plan, consider increasing your deferral percentage to contribute more dollars now while markets are lower. Same rule could be applied for contributions to an IRA, Roth IRA, or brokerage account.
3) Discuss with your tax advisor if it makes sense to convert assets from a pre-tax account to a Roth IRA. In order to have everyone in coordination on your behalf, if you can have the discussion with your tax advisor and financial advisor at the same time, it is always helpful.
4) Revisit your cash “bucket.” Based on your cash flow needs, do you have enough income sources or cash on hand to cover 6-12 months of expenses? Cash on hand can help cover short-term expenses so you don’t have to sell investments while they are down to cover them.
5) Stress-test your portfolio (typically part of the financial plan) and review your current asset allocation. Understand your exposure to large, mid, and small cap securities, growth versus value, and domestic versus international securities. A well-diversified portfolio is key to getting through uncertain times.
6) For the more sophisticated investor, look beyond “traditional” asset classes. If qualified, consider what the industry has defined as “alternative investments,” which can increase diversification and are usually less correlated to the markets. This could include, but is not limited to, private assets (private equity and private credit), real estate, and hedge funds.
I always like to conclude with a quote, so I will leave you with this from one of the most successful and well-known investors of all time, Peter Lynch.
The team and I are here for our clients and friends. Please feel free to reach out to me at Michael.Perrone@wfa.com or (585) 241-7519.
MJP
Michael J. Perrone, AWMA, AIF
Managing Director – Investments
Wells Fargo Advisors is not a legal or tax advisor
Perrone’s Perspective Issue 7 - Questions you should be asking your advisor
1/18/2023
Happy New Year! While we turn the page on 2022 and look forward to 2023 with much excitement, many of us find ourselves making New Year’s resolutions. While doing some research, resolutions certainly include increased exercise, eating healthy, a weight loss goal, or potentially spending less time on your social media.
I also noted the amount of resolutions that were focused on one’s financial life. Including but not limited to, increasing savings, purchasing an investment property, paying down debt, understanding what my lifestyle costs, getting an estate plan done, etc... With these financial resolutions, one might be thinking about engaging an advisor. With this search, here are some key questions to ask a financial advisor to identify who may be a good fit for you:
What questions did I miss or would you add? Feel free to comment. The team and I are here for our clients and friends. Please feel free to reach out to me at michael.perrone@wfa.com or (585) 241-7507.
MJP
Michael J. Perrone, AWMA, AIF
Managing Director – Investments
Wells Fargo Advisors is not a legal or tax advisor
1/18/2023
Happy New Year! While we turn the page on 2022 and look forward to 2023 with much excitement, many of us find ourselves making New Year’s resolutions. While doing some research, resolutions certainly include increased exercise, eating healthy, a weight loss goal, or potentially spending less time on your social media.
I also noted the amount of resolutions that were focused on one’s financial life. Including but not limited to, increasing savings, purchasing an investment property, paying down debt, understanding what my lifestyle costs, getting an estate plan done, etc... With these financial resolutions, one might be thinking about engaging an advisor. With this search, here are some key questions to ask a financial advisor to identify who may be a good fit for you:
- Do you act as a fiduciary?
- What is your fee structure? How are you compensated?
- Do you participate in any sales contests creating incentives to favor particular vendors?
- Do you focus solely on investment management, or do you also have in-house resources to provide educational feedback on taxes, trust & estate, cash management, insurance, debt management, and financial planning?
- What do your best clients say about you?
- Prior to investing, do you build a customized investment plan for your clients and prospective clients based around their goals and needs?
- After inflation, taxes, and fees, what is a reasonable rate of return to assume on my portfolio over the long term?
- What is your client service model?
- What is your team structure?
- Do you earn fees for referring us to an estate attorney or CPA?
- Do you believe in technical analysis or market timing?
- Do you believe you can beat the market?
- Why did your most recent client who left leave?
- What is your investment philosophy?
- How do you report investment performance?
- What technology will be available to me as a client to help organize my financial life?
- What professional designations and licenses do you have? Any industry recognition?
- Who manages your money? What strategies do you implement?
What questions did I miss or would you add? Feel free to comment. The team and I are here for our clients and friends. Please feel free to reach out to me at michael.perrone@wfa.com or (585) 241-7507.
MJP
Michael J. Perrone, AWMA, AIF
Managing Director – Investments
Wells Fargo Advisors is not a legal or tax advisor