IN THE KNOW
Monthly Newsletter
September 2021
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In this month's newsletter, we have a helpful article on protecting seniors from financial exploitation. In advance of National Cyber Security Awareness Month in October, we have some best practices for working online. We are continuing our employee spotlight and introducing you to retirement associate, Pam Raffaele. And as usual, we are sharing helpful COVID-19 resources from our parent company, Maxwell, Locke & Ritter, and relevant investment articles and videos from Dimensional.
We are a firm that understands that managing your assets is about more than money. It is about empowering your future. At ML&R Wealth Management, we focus on you.
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As more and more Baby Boomers retire and advance in age, increasing numbers of American seniors are at risk of falling victim to schemes aimed at their wealth. In fact, a recent study found that financial exploitation affects many seniors, causing losses of more than $2.9 billion¹ annually. Sadly, the losses often aren’t reported when discovered and they’re rarely recovered.
So what can you do to protect your loved ones? It starts by gaining an understanding of what elder financial exploitation is, learning how to spot the red flags, and putting preventative measures in place.
What Elder Financial Exploitation Looks Like
Elder financial exploitation and abuse occur when someone misuses or takes advantage of a vulnerable adult’s assets for their own benefit. It’s often done without the vulnerable adult’s knowledge or consent and can drain their financial resources.
Elder financial exploitation and abuse can often be prevented by paying attention to tell-tale signs that someone you love is being scammed. Here are some red flags to watch out for:
- Unusual or unexplained withdrawals, purchases, or changes in financial habits
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“If you put a key under the mat for the cops, a burglar can find it, too. Criminals are using every technology tool at their disposal to hack into people’s accounts. If they know there’s a key hidden somewhere, they won’t stop until they find it.”
~ Tim Cook, CEO of Apple
October is National Cyber Security Awareness Month. In preparation, our team hit the pause button to reflect on our daily interactions with the internet, share our experiences with fraud, and discuss best practices with regard to cyber security. Below are some key takeaways and suggestions to help you keep your private information and investment accounts secure.
Beware of E-mail
If there is one piece of advice you take from this article, let it be this: Do not share personal information over e-mail. Be mindful of private details disclosed in your electronic communications and suspicious of e-mails you receive. You should never, ever, disclose sensitive data, such as account numbers, social security numbers, and passwords, over e-mail. Instead, make it a habit to provide such details in person, over the phone, or through previously vetted, secure portals.
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Employee Spotlight
We are excited to spotlight employee, Pam Raffaele this month! Below are some fun facts to help you get to know her better! |
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Birthday: August 24
Tell us about your family: My husband Sal and I have been married for 25 years. We have 3 children. Our oldest graduated from Texas Tech with his master's in Environmental Engineering. He works for Smith Engineering in Albuquerque NM. Our middle son, Christopher, is studying Logistics at the University of North Texas. Our daughter, Jennifer, is at Texas Tech studying Chemical Engineering. We have a mini schnauzer named Lucy.
What's your favorite food? My favorite food is anything Italian. Lucky for me I married an Italian who also happens to be a great cook. He also bakes the best bread.
What's your favorite outdoor activity? I like to be outside and enjoy nature. It doesn't have to be anything specific although I do like waterfalls and running streams. I could sit and read a book or watch the wildlife for hours.
What was your first job? My first job was at a small firm called Pension Paperwork doing administration on small company plans. I have been working in the retirement field since I first graduated from college.
What was your dream job as a kid? I'm a bit of a nerd and I always wanted to be a math teacher. I did earn my bachelor's in mathematics but ended up in the retirement field instead of teaching and never looked back.
What is your favorite part of working at ML&R? This is an easy one, the people! I have the pleasure of working with the best team of individuals. Everyone looks out for each other and I always know someone will have my back if I need it. The team is full of professional, kind, caring and hardworking people that really care about each other and the work we do.
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Upcoming ML&R Hosted Events |
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This year the Department of Labor released cybersecurity guidelines and has already begun audits to ensure enforcement. Tune in to review what their new guidelines include as well as learn about new proposed legislation on the horizon. ML&R Wealth Management invites you to our virtual webinar on Tuesday, October 26 at noon. ML&R’s Retirement Plan Services team will have an informative presentation followed by a time set aside for Q&A at the end of the session. ML&R Wealth Management partner and investment advisor, Vanessa McElwrath, and associate, Julie Reinhardt will cover the following topics:
- Regulatory issues including DOL and IRS audits, lost participants, cybersecurity, and lifetime income disclosures
- Restating documents and common voluntary plan design changes seen in the marketplace
- Future retirement plan considerations in America
Feel free to invite staff who administer the retirement plan or make decisions about retirement plan issues.
*1 hour of continuing education credit provided to CPAs
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Tuesday, October 26, 2021
12:00 - 12:50 p.m. ~ Program
12:50 - 1:00 p.m. ~ Q&A
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By David Booth, Executive Chairman and Founder
We’ve learned a lot about investing over the past 60 years, a period that has seen many breakthroughs in the world of finance. What we know comes from studying public markets and is grounded in serious academic research. The lessons are clear: Investing in markets is an excellent plan for meeting long-term goals, like maximizing your retirement income. When you develop a deeper understanding of public markets, you can cultivate a sense of optimism about investing.
Dimensional separately managed accounts (SMAs) are robust investment solutions that can help investors meet their financial goals while also incorporating customized tax management; personal environmental, social, and governance preferences; and flexibility around individual securities and sectors.
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Subscribe to our 401(k) Plan Services Quarterly Newsletter |
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Are you responsible for administering your company's 401(k) plan?
Would you like more insight and resources regarding the retirement plan services industry?
If so, please subscribe to our 401(k) Plan Services Quarterly Newsletter. You can check out the last few issues below.
See our latest Retirement Plan Services articles:
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As the novel coronavirus (COVID-19) continues to spread in the U.S. and across the world, our priority at Maxwell Locke & Ritter is the safety and well-being of our people, clients, families, and community. We are monitoring daily updates and recommendations from the CDC. Additionally, we are minimizing the impact that COVID-19 could have on our services and are staying abreast of all filing deadline adjustments. We understand that in this time of uncertainty you may have growing concerns for the financial health of yourselves and your businesses, employees and families. We have curated some helpful resources for you and will continue to update this page as new information and updates occur.
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What's Happening in Austin Next Month |
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About ML&R Wealth Management: |
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At ML&R Wealth Management, we take investing personally. Your ML&R Wealth Management advisor will work to develop a lasting relationship with you, keeping in touch to understand your changing goals and to provide an asset management strategy to help achieve them. Whenever you need sound financial advice, you have a direct line to a trusted advisor.
For over 20 years, we have served individuals, families, businesses, and nonprofits with wealth management services, custom retirement and 401(k) plans, and portfolio management.
We believe in accountability and transparency and operate as a fee-only advisor with fees calculated solely on assets under management.
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