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FAQ: Bitcoin 101

Bitcoin, and more broadly cryptocurrencies, are seeing increasing news coverage. This has left many wondering: “What is bitcoin and how does it work?” For those trying to better understand bitcoin and cryptocurrencies, here’s our understanding on a handful of frequently asked questions:

What is bitcoin?

Bitcoin is a digital “currency” that can be used to purchase goods and services (only at select locations, for now), or held as a store of speculative value. There are many differences between bitcoin and traditional currency, but the principal difference is that bitcoin is not issued by a government or regulated by a government entity.

Where did bitcoin come from?

This is where it gets a bit mysterious. Bitcoin was created by “Satoshi Nakamoto”, an unknown individual or group of individuals. Under this pseudonym a white paper was circulated in 2008 that first described the concept for a transparent, visible peer-to-peer payment system authenticated by a vast network that does not require the presence of a third party middleman – such as banks or other financial institutions. By combining cryptography and unique software protocols, Satoshi Nakamoto originated a payment system that allowed participants to transact directly with one another.

How is it possible to make currency transactions without banks?

Bitcoin transactions have been made possible with the encryption technology underpinning cryptocurrencies known as “blockchain.” Blockchain is a global Internet-wide distributed network that is at its core a decentralized accounting ledger recording every bitcoin transaction. The blockchain ledger is shared by way of an extensive network and the information therein is validated by network “miners” every ten minutes by solving mathematical puzzles using very fast computers and high amounts of electricity. This network validated ledger is crucial as it ascribes proof of ownership to digital assets like bitcoin. If the ledger proves ownership, participants can have trust when making transactions.

Tying together the concept of bitcoin and blockchain, think of it this way – the bitcoin “coins” themselves are simply seats within the aforementioned blockchain ledger. Anyone can buy into or sell out of this ledger at any time – with no prior consent, and with little-to-no fees. Therefore, when buying a bitcoin you are essentially acquiring one of a number of fixed slots within this ledger. You leave the ledger by selling your bitcoin to someone else who wishes to buy in.

If I want to buy bitcoin, how would I make a purchase? Do I need to buy a whole coin?

There are many exchanges out there that allow participants to deposit US dollars (or other widely accepted global currencies) directly from traditional bank accounts in exchange for bitcoin. Some cryptocurrency exchanges also have mobile apps allowing participants to buy bitcoin anytime, anywhere.

Additionally, participants need not buy a whole bitcoin to participate. The smallest unit of bitcoin, a “satoshi”, is the size of one hundred millionth of a single bitcoin (0.00000001 BTC).

What are the risks to purchasing and holding bitcoin? The current price seems high!

It depends on the type of risk one is referring to. Let’s start with general cybersecurity threats. Cryptocurrency exchanges, including those which trade bitcoin, have been hacked before, and will likely be hacked again. Perhaps the most notable example was in 2014 when “Mt. Gox”, the largest bitcoin exchange at the time, failed as a direct result of hackers and vast bitcoin theft. Security surrounding cryptocurrency exchanges have notably improved since Mt. Gox’s failure. Individuals can use bitcoin digital wallets and vaults that are encrypted with a secure network key which dramatically reduces the possibility of being hacked.

Another key risk worth touching on is the possibility of loss of capital for those speculating on its price. Bitcoin has experienced a monumental run as of late. There are a variety of opinions and market variables as to why this has occurred. Will this price rally continue, or crash? Nobody knows for sure. However one way to think about it is, by design, bitcoin was given a finite supply – determined at inception to be 21,000,000 bitcoins – and we are now seeing growing awareness leading to rising demand. This basic supply / demand dynamic may help describe, at least at some level, recent price moves in bitcoin. That being said, just because more cryptocurrency enthusiasts are now entering the market seemingly pushing up prices does not mean everyone should take a position. With a greater understanding of bitcoin – both its potential opportunities and risks – paired with careful holistic wealth advice, more educated decision making can be made on potential bitcoin / cryptocurrency participation.

We hope that this FAQ provides a helpful introduction to bitcoin / cryptocurrencies, and perhaps even sparks your desire to want to learn more. The investment team at Albion Financial Group is well versed in bitcoin / cryptocurrencies and blockchain technology. Please reach out to us at 801-487-3700 or info@albionfinancial.com if we can answer your bitcoin, investment, or financial planning questions.

Disclaimer: Information provided is for educational purposes only. This is not a recommendation to buy or sell any security or cryptocurrency. There are significant risks associated with cryptocurrency that are unique and must not be taken lightly. It is critical that you perform your own due diligence prior to engaging in any buy or sell transaction. The value of bitcoin, or any cryptocurrency can, and may, ultimately go to zero.

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2021 Planning Guide: What You Need to Know

A quick reference for tax rates, savings and retirement contributions, college savings strategies, as well as Social Security and Medicare information.

Everyone’s financial situation is unique – the information found in the 2021 Planning Guide should only be used as a foundation for discussing your individual circumstances with a CERTIFIED FINANCIAL PLANNER™ practitioner, legal or tax professional.

The wealth advising team at Albion Financial Group understands the complexities of the current wealth management environment and would be honored to discuss your financial situation and strategies that may help you reach your personal financial goals.

Please give us a call at (801) 487-3700 or email dpope@albionfinancial.com.

We wish you a prosperous 2021.

Devin Pope, CFP®, MBA
Senior Wealth Advisor
Albion Financial Group

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Conference Call Recording – November 5, 2020

Listen back to Albion’s November conference call.

  • 00:00  John Bird, President & CEO – Introduction
  • 03:27 Jason Ware, CIO – Markets & Economy
  • 11:54 Doug Wells, Partner – Planning Strategies
  • 26:09 Q & A
  • 27:28 How is potential regulation of “Big Tech” affecting our investments?
  • 33:23 What should I be doing to protect my portfolio in the context of so much ambiguity?
  • 41:21 Who can I talk to if I am anxious about my portfolio for any reason?
  • 43:18 With the ongoing pandemic and a potential change of president, are there investment changes I should make?
  • 48:48 Conclusion
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Conference Call Recording – October 6, 2020

Listen back to Albion’s October conference call.
00:00 – John Bird, President & CEO: Introduction
14:01 – Jason Ware, CIO: Markets and Economy
28:17 – Liz Bernhard, Senior Wealth Advisor: Planning and Tactics
41:44 – Q&A

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Planners’ Corner – August 20, 2020

Should I refinance?

Mortgage rates are at historic lows. According to Bankrate, the national benchmark rate for a 30-year fixed refinance mortgage is 3.16% and a 15-year fixed refinance mortgage is 2.62% (8/27/2020). It is worth noting that rates for refinancing tend be a bit higher than for purchases. Many clients are wondering if they should refinance and it seems like the answer would be, “yes,” however, not unlike many financial planning questions we address, the real answer is, “it depends.”

Yes, refinancing at a lower rate will reduce your monthly payment. But, it may not reduce the total payment you make over the life of your loan. One of the most determinate variables in the refinancing equation is how long you’ve had your current mortgage.

For example, we have a client who was looking to refinance a few months ago. They were 10 years into a 30-year fixed mortgage at 4.375% and were looking to refinance into a new 30-year fixed loan at 3.5%. Sounds like a good move, right? Their monthly payment would drop by $400 which is a savings they would feel right away. But, over the life of the loan, they would actually end up paying an additional $15,000 of interest. Why? Because more of the monthly payment goes towards interest in the early years of a mortgage. When you refinance, you restart the interest clock. In our client’s example, they already paid 10 years of interest. If they continued paying on their current loan at 4.375%, they would pay a total of $128,000 in interest over the life of the loan. If they refinanced at 3.5%, they would end up paying a total of $143,000 in interest.

If the client chose to invest their monthly savings ($400) they could potentially earn more than the additional interest of $15,000 thus making the refinance a more attractive option.

For simplicity sake we are not accounting for closing costs, but they do have an impact on the refinancing decision. Additionally, a new refinance fee – called the “adverse market” fee – is set to go into effect on December 1st of this year. It will add a 0.50% charge to the vast majority of refinances. The fee is applied to the total loan amount. For example, if you take out a $300,000 mortgage, you will pay an additional $1,500 in closing costs.

So, should you refinance? Again, the answer is, “it depends.” How long have you been paying on your current mortgage? If you haven’t had your current mortgage for very long, a refinance is likely more compelling, especially if you can do it before the new fee goes into effect later this year.

Other important questions. How much lower will the rate be with a refinance? What will you do with the monthly savings? Are you trying to shorten the term of your loan?

We have helped many clients work through refinancing decisions. Please reach out if you have questions about your current mortgage or other loans. We are happy to help you determine the best decision for your individual circumstance.

by Liz Bernhard & Danielle Gregory, August 2020
Senior Wealth Advisors at Albion Financial Group
www.albionfinancial.com | 801-487-3700

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Planners’ Corner – May 15, 2020

Often, the Planners’ Corner is used to provide straight forward, actionable guidance from our planners and advisors. In these extraordinary times, it’s a piece of behavioral psychology that will beset the following text. We are working hard to provide insights into the changing world around us using a plethora of mediums – conference calls, blog posts, emails, phone calls, video chats, TV appearances, social media posts, etc. Yet we can’t discount that the world has seemingly tempered to a halt. As a community, we do our best to make do, but sometimes fear and anxiety permeate our best efforts at normalcy.

It was once thought that ostriches buried their heads in the sand to avoid danger. Although a reasonable assumption, it’s wrong. This hasn’t stopped the term “ostrich effect” from bleeding into the study of behavioral finance. The misconception about why ostriches bury their heads in the sand, led to a broad definition describing this effect as “avoiding exposing oneself to [financial] information that one fears may cause psychological discomfort.” As with every story, there are two sides – some tend to find themselves falling victim to the over monitoring of finances in periods of high uncertainty and volatility. Coined the “meerkat effect” due to a change in behavior that resembles more of a hyper-vigilant meerkat than a head in the sand ostrich. Regardless of whether we act more like ostriches, meerkats, or just humans – our built-in psychology can reinforce negative emotions in times of uncertainty.

Whether we like it or not, some aspect of the ostrich effect influences us within or outside of our financial lives – avoiding listening to a voicemail because we know its contents are undesirable, not checking financial statements for fear of unpleasant details, putting off an uncomfortable phone call, or unnecessarily rescheduling a filling at the dentist. We, as humans, experience this effect even with the most minor unpleasantries. Financial health is no minor detail. It’s easy for financial advisors and investment gurus to repeat the same truisms over and over in times like this to aid clients who are wading in murky waters. However, we should never discount the unprecedented nature of this pandemic as it relates to all of our ever-changing situations.

So why do ostriches bury their head in the sand? They dig holes to keep their eggs, and occasionally insert their heads into the ground to turn the eggs. They are nurturing, not hiding. This is time we can spend nurturing our financial eggs, controlling what we can control. Below are 5 steps we can take, together, to manage our financial and mental health during and after the novel coronavirus:

Talk to us, talk to others – We do our best to reach out to all clients personally, both prior to and during this time. Discussing finance, family, friends, canceled trips, or plans for the future are all suitable topics. We are here to listen to you, regardless of the topic. Communicating with our clients does as much for us as it does for you – we all need the personal connection right now. Remember to connect with those you love via phone or video chat or catch up with someone you haven’t spoken to in years.

Automate – Finances can fall by the wayside when our health is at risk. Manually making transfers, withdrawals, paying bills, and contributing to retirement accounts can feel tedious and stressful right now. Let us help you automate your financial life so that you can focus on what’s important.

Plan with real data – Financial planning is probably not near the top of many lists right now. However, I would be hard-pressed to find a better time to properly plan. Working together to understand and finetune your entire financial picture can be a great way to confront both sides of this psychological coin. Planning with estimates is good, planning with data is better. When we understand what is coming in versus what goes out while factoring in all assets you have, we can act faster with real data in times of need (good or bad). Please reach out to discuss formal planning and we will work together to realize its benefits.

Get informed – We work with some of the most intelligent clients out there, but no one knows everything about everything. Albion employees are working as a cohesive unit from home to deliver the most relevant insights and information for our clients. Following us on social media, attending our conference calls, keeping up with the blog, and dissecting our emails are great ways to understand where we stand on the most important topics facing the world today. We can’t cover everything, but we are willing and able to research or answer any tough questions that you have – don’t hesitate to make us your first call.

Take it slow, make a list – Whether we are busy or finding ourselves with too much free time, trying to tackle everything at once can be draining. We are here every day working to ensure your success but might not wholly understand what concerns you have for one reason or another – everyone has different worries and wants. Making a list of things we have been actively avoiding or overanalyzing is a logical first step. Acting on and completing this list over time yields the desired outcome. Small steps turn into big leaps with time.

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COVID-19 Relief: Yellow Ribbon Network

The Yellow Ribbon Network is an online platform for veterans, active military and their families in need of counseling and resources to help with finances, housing, employment or education. The Yellow Ribbon Network has partnered with AFCPE® (Association for Financial Counseling & Planning Education®), whose mission is to ensure the highest level of knowledge, skill and integrity of the personal finance profession. AFCPE® aims to empower people to achieve lasting financial well-being through financial counseling, coaching, and education.

Together, The Yellow Ribbon Network with AFCPE® are currently offering free financial counseling to anyone who has experienced a negative change in income and/or budget due to COVID-19. This partnership has come about due to the widespread economic impact that COVID-19 has had on individuals and families. While the government has worked to expand public benefits and has distributed stimulus checks, there is still a great deal of financial stress and uncertainty for many people. The goal of this partnership is to help individuals navigate their financial situation in the short and long term.

The certified financial counselors and coaches will help you to make a plan and will provide you with unbiased, trustworthy advice. These sessions are available virtually – and are free.

An AFCPE® certified professional will never sell you products. They can help you to address your spending and savings plans, overcome debt, work through ineffective money management behaviors, and/or create a specific plan during this time of uncertainty. Your financial counselor will work closely with you to help you through today’s challenges and to develop a strong financial foundation for the future.

A member of the Albion Team donates her time as a volunteer CFP with the AFCPE.If you have additional questions about this service, please click the following link:

https://www.yellowribbonnetwork.org/COVID-19
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From the desk of Doug Wells: “Should You Invest More Money in the Stock Market?”

It is now four weeks since the March market lows. We have more information on how the pandemic will impact our lives and the economy and we have seen both bad and good come out during this unprecedented time.

Sadly, we have seen the virus spread quickly to every state in our nation.  Nationwide there have been over 750,000 cases and over 40,000 deaths. Many of our favorite local businesses have temporarily closed or dramatically scaled back their services, all of us know at least a few people who have lost their jobs and most of us have been sheltering in place for over four weeks.

There has also been uplifting news. Many of our neighbors have become local heroes by opening their hearts to help others – whether that be through grocery runs for others, celebrating a child’s birthday with a drive-by parade or health care workers continuing to risk their own well-being every day to help those infected. In addition, we have seen positive news on vaccines (J&J, Moderna, and others) and potential drug therapeutics (Gilead).

While the current situation remains scary, many of us have settled into our new temporary reality. And, the stock market has done the same. Since the March 23 lows, the market has made up roughly half of its losses and rebounded approximately 30%. As we adjust and get a bit more comfortable with our new daily routine, some people are asking “If I have additional capital, should I invest more in stocks?” As with most questions, the answer is – it depends. Below are a few of the factors to consider if you are contemplating investing new money into the stock market:

What is the purpose of each of my accounts? 

Most people have several accounts, each with different goals, and you want to make sure your investments match your goals. For example, you may have several college savings accounts for your children or grandchildren, an emergency fund with 6 months to 2 years of living expenses and your retirement accounts. The right answer for one account likely will not be the right answer for all of your accounts. For instance, your emergency account should be held in cash or high-quality liquid investments (like US treasuries). Adding equity exposure to this type of account likely does not make sense. For college savings accounts, it depends on how soon the beneficiary will need the money and your ability to add additional funds should the need arise. If the college funding is needed in the next 1-3 years, adding equity exposure likely does not make sense. However, if the child does not need the funds for 7-10 years, adding some equity exposure might make sense. For retirement accounts, if you have 5-7+ years of living expenses in bonds and/or cash, it might make sense to consider investing any new money in stocks.

Timeline – Strategy: What is the investment timeline for this new money?

Each market correction is different. In some cases, new highs are reached after just a few months. In other cases, it can take a few years. And, occasionally, it can take longer. Only invest new money in the stock market that you don’t need for several years, preferably 5 years or more.

Timeline – Tactical: How quickly should I make new investments?

Trying to call “the bottom” is an expensive exercise in futility. Yes, you might get lucky but, more likely, you will miss your opportunity. Most investors are far better off splitting their money into 4-6 tranches and investing regularly over a period of time. For example, invest 1/6 th  of the new money on the first trading day of each month for the next 6 months. This allows you to dollar cost average into new investments. A quick side note. If you believe the market will be higher in several years than it is today, you actually want the market to continue to fall as you invest as it will give you a lower average cost basis for your new investment.

What is my personality?

For investing, it helps if you are an optimist who believes in a better tomorrow. Yes, the next few months, and possibly years, will be challenging. Some companies will miss their earnings estimates, unemployment will almost certainly continue to rise to previously unthinkable levels, new coronavirus infections and deaths will continue, some cities and states will have setbacks after reopening their economies and there will be other expected and unexpected challenges. However, there will also be unforeseen positive developments such as promising news about vaccines and drug therapies, success stories from hospitals, cities, and states, additional fiscal policy support from the state and federal government and more. The point is, can you weather the bad news and a declining stock market if it continues over many months? Remember, your timeline for any new money invested in the stock market should be 5 or more years. That can be a  very  long time in a negative or flat market.

What is my goal?

I would argue that your goal should be to make a series of good financial decisions over several years. You will not get every decision “right”. But, if the vast majority of your decisions are sound and your mistakes are modest, you will likely do very well over time.

Is now the right time to start?

As I write this note (Sunday evening 4/19/2020), the S&P500 is at 2,875 – down just 11% year-to-date and very close to levels last seen in October of 2019. Think about that. If six months ago you had perfect clairvoyance and knew a global pandemic was coming and it would halt the world’s economies (and many of the small businesses in your neighborhood) what would you have predicted the stock market would do? “Flat” would not have been my prediction. Yet here we are.

At these levels, it feels as though there is a fair amount of optimism regarding the re-opening of the economies around the world, the power of unprecedented fiscal and monetary policies from various governments and the progress on drug therapies and vaccine candidates. Yes, I am optimistic on what the world looks like in 2 years. However, I am also a realist on what the path to get through this likely entails. The reality is that we will have some tough weeks and months in front of us as well as some heartbreaking setbacks in our fight against this virus.  It is impossible to know when the market bottom will happen.

Given the fear and uncertainty, a course of action could be to wait and start your first tranche of investing should the market fall another 5-10% from these levels.  But be clear this carries two big risks; first, the market may not correct the amount you’ve defined as your entry point causing you to leave you funds on the sideline. Second, you can be certain the headlines will look dreadful if/when the downdraft occurs. Will you be willing to buy in the face of really bad news?

In summary, is now a good time to invest new money? Maybe. But it is definitely a good time to plan how you intend to add to your equity exposure regardless of what the market does over the next several months.

On a similar note, if you found your portfolios a bit too aggressive in your current asset allocation, it makes sense to reevaluate and possibly de-risk some of your investment accounts. Your aim is for your asset allocation to match the specific account’s goals. With the market down just 11% year-to-date and at levels close to those seen in as recently as October of 2019, it may be a good time to evaluate a change like this.

Our goal is to help you make good financial decisions; often this includes helping you avoid short-term thinking with long-term assets (or, conversely, long-term thinking with short-term assets). Please reach out to your Senior Wealth Adviser if you would like to discuss any of the ideas shared in this note and how they might relate to your specific situation. Also, if any of your colleagues, friends or family are struggling to make good financial decisions during this stressful time, please feel free to let them know about Albion. We would be honored to have a conversation with them to see if Albion can be of service.

Doug Wells
Partner
Albion Financial Group

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COVID-19 Letter

Thursday, March 12, 2020

In this rapidly evolving market environment we’d like to share how we perceive our role in serving families who depend on us.

Our training, experience, and commitment to the craft of being the best financial advisors we can be is about to be put to the test. The recent double whammy of COVID-19 and the apparently unrelated breakdown of OPEC has created tremendous uncertainty and fear. Eight of the last twelve trading days have seen the S&P 500 close up or down more than three percent with a nearly eight percent decline on March 9th. This is what volatility looks like.

This is our World Series and we are in game one. We’ve been here before; sliding into the abyss, staring down a sheer cliff into the fog of uncertainty. That same fog obscures the view across the chasm; while our rational selves know the other side of the canyon exists our emotional selves feel a rising doubt.

The other side exists. There is a solution to this crisis and we’ll be well on our way out of this hole before we have clarity on the path. The way will only become clear in hindsight, when we are standing in sunshine on the opposite rim. As financial advisors our challenge is to help our clients remain clear about why they are investing, clear about understanding what is possible and what is not possible, and keep them on course so they are onboard for the eventual climb out of this morass – which no one will believe is sustainable even as it is happening.

Following are some thoughts that may be helpful as we work to help our clients through the coming months.

  • Remain calm. Decisions made from a place of fear rarely work out well. Recall that markets have experienced black swan events before; events that at the time are unique and in the moment appear to have the ability to upend everything we’ve ever known about investing. Note that those events, in hindsight, always pass into history and the world moves ahead. In the depths of the financial crisis of 2008 – an event the world had never before experienced – there was no clear path out. Many hypothesized it was the end to capitalism. Yet here we are.
  • Revisit your reasons for investing. Most of us are investing in an effort to benefit from the better returns that owning part of the economy can offer. Sometimes it’s easy to stay the course. At other times, like now, it can be difficult. By revisiting your reasons for investing, and acknowledging that part of the price of benefiting from what markets offer in the long-term is accepting that sometimes it hurts in the short-term, you are more likely to be successful. Millenia of evolution has wired us to flee danger; to climb the tree when we see the lion on the savannah. While such quick reaction to perceived danger allowed us to survive as a species it has proven to be an impediment to investment success. The best time to buy stocks is when nobody wants them.
  • Recall your time frame. Your near term financial needs should already be invested in low volatility assets such as cash accounts and high quality fixed income tools. Your long-term investments can and should remain invested in spite of the volatility.
  • Hold the perspective that you invest in companies, not stocks. Is the business proposition sound? Will the business proposition still be sound when the current crisis is behind us? When we look at our portfolio companies – from Amazon to Visa, we are confident that their businesses will be bigger, better, and stronger three to five years from now than they are today.
  • Be wary of trying to anticipate the market. While the news is bleak be clear that markets will recover well before we are out of this morass. In fact it’s nearly certain the news will be even bleaker when the market begins a sustained recovery. And also be clear that no one called this selloff. Yes, there are perma-bears who can now say “Aaha, I told you so! This is a terrible market and you should be out!” Yet these same individuals have been bearish for over a decade and following their advice would have caused you to miss out on an historically strong bull market. Even a stopped clock is right twice a day.
  • Recognize the news will get worse before it gets better. And when the news is really, really bad the market will have some exceptional and unexplainable up-days. The vast majority of stock market gains over the course of a decade happen in just a handful of trading sessions. You do not want to miss those days! Unfortunately such days may occur around the same general time as the handful of historically terrible market days. To benefit from the market you have to accept the pain it dishes out from time to time. Unfortunate, but true.
  • Understand the difference between the medical issues and the political issues surrounding Coronovirus. The medical issues, while still not perfectly clear, are coming into focus. The political issues revolve around the fact that we all feel compelled to do something. Whether a federal, state, or local government, a large or small company, an individual or family, there is a strong need to do something. (see: evolutionary drive to climb the tree when lion is spotted on the savannah). Even at Albion we are doing something. We are updating and practicing our disaster mitigation plans, particularly those relating to working remotely. And we are focusing on the basics; washing hands, staying home when ill, and generally avoiding contact. Much of the impact the economy is experiencing is driven by our desire to do something. Much of it will likely turn out to be either irrelevant or counterproductive. But do something we must.
  • Your long-term goals, and likelihood of reaching them, have probably not changed. As of this writing equity markets have retreated to where they were back in the middle of 2019. If you were on track then you’re still on track now.
  • This too shall pass. We are deep into the challenge and there is no apparent way out. But there is a way out; we just don’t see it yet. The world can only end once and this isn’t it.

While we work to address and plan for potential downsides to our clients financial position in calm times it is ok to revisit such conversations in the midst of risk events. Most of the time we’ll find that the allocation is correct, the adjustments that have been made are sufficient, and we can move ahead. However there are circumstances when this is not the case. And there are actions you can be taking right now.

  • Be clear about how much risk you have – In the market meltdown of 2008-2009 no one went bankrupt just owning stocks. However many went bankrupt leveraging up to own assets with debt – primarily real estate. Low debt or no debt makes it far easier and safer to weather economic storms.
  • Prospective clients often come to us with no buffer against stock market volatility. Some balance between growth and stability in an asset allocation almost always makes sense.
  • Take advantage of the lower prices in the selloff to add to investment accounts. Regular investments in your 401(k), 529 plan, or other investment accounts mean you will continue buying when prices are lower. Will you nail the bottom? Almost certainly not. But you will be paying less than you were a few weeks ago.

We hope you can make one of our conference calls and look forward to visiting with you then. And as mentioned above please reach out to your Albion team if you have any questions or concerns about your specific situation.

Please stay healthy,

John Bird

CEO

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2020 Planning Guide: What you need to know

A quick reference for tax rates, savings and retirement contributions, college savings strategies, as well as Social Security and Medicare information.

Everyone’s financial situation is unique – the information found in the 2020 Planning Guide should only be used as a foundation for discussing your individual circumstances with a CERTIFIED FINANCIAL PLANNER™ practitioner, legal or tax professional.

The wealth advising team at Albion Financial Group understands the complexities of the current wealth management environment and would be honored to discuss your financial situation and strategies that may help you reach your personal financial goals.

Please give us a call at (801) 487-3700 or email dpope@albionfinancial.com.

We wish you a prosperous 2020.

Devin Pope, CFP®, MBA
Senior Wealth Advisor
Albion Financial Group