Most Recent Letter
June 15, 2020
Dear Clients and Friends,
We hope that you and your family are safe and healthy in these continuously trying times. Here in Oregon and around the world economies are starting to open back up, which is encouraging, but also an uncertain experiment. It is likely that the SARS-CoV-2 coronavirus that causes Covid-19 will continue to impact our lives and the economy for the foreseeable future, but there seems to be a light at the end of the tunnel. Here at Advanced Wealth Management we will continue to work remotely for some time, and we are very grateful to be able to help you all with your financial goals so efficiently even when not meeting in person. We are very much looking forward to seeing you all again soon!
While 2020 continues to be challenging in many ways, at times it seems that the financial markets can be immune from all the bad news in the headlines. US stocks turned positive for the year in early June, which seemed incredible given the massive unemployment and unrest that is shaking our country. Markets have since fallen a bit from their recent highs. Going forward there are reasons why these levels in the stock market might be justified, and reasons why things could continue to improve from here. However, there are also many reasons to be concerned. While we feel we have not seen the end of downside potential in the markets, the last few months have proven the wisdom and power of crafting a long-term plan and staying the course.
We want to give you advance notice of some new disclosures you will be receiving later this month from the financial firm with which we are affiliated, Commonwealth Financial Network®. The SEC enacted important regulations last year that become effective at the end of June 2020. These regulations require all brokerage and investment advisory firms to provide new written disclosures to their investors. We at Advanced Wealth Management fully support the intent of these new regulations. The regulators encourage you to review these documents and retain them for future reference. We will also always be able to provide you copies in the future.
Among the disclosures you will receive from Commonwealth is Form CRS. (CRS stands for Client Relationship Summary.) This document provides general information about Commonwealth’s investment advisory and brokerage services, including the fees, costs, conflicts of interest, and standard of conduct associated with those services. You will also receive Commonwealth’s Investor Disclosure Brochure (IDB). The IDB expands on the information contained in Form CRS by providing greater detail regarding the fees, costs, conflicts of interest, and standard of conduct discussed. We understand you may also receive an update from National Financial Services verifying any links between your investment account(s) and your bank account(s).
Forms CRS and the IDB include general information about the products and services available through Commonwealth. They do not clarify how Advanced Wealth Management’s business differs from those offered by other advisors affiliated with Commonwealth, so not everything in the disclosures will actually apply to our relationship with you. None of the new SEC regulations nor any of the updated disclosures affect or change the agreement or accounts we currently have with you. There is no action required on your part, other than reading the materials to your interest level and asking us any questions that arise. However, we wanted to give you advance warning as these disclosures can sometimes be overwhelming, and we did not want to you be surprised by what might seem to be a large envelope or long email. If you have any questions about the details of our current plan with you, please give us a call!
Should you have any questions or need clarification on these disclosures when they arrive please don’t hesitate to reach out. We hope that you stay well, enjoy these early summer days, and we will look forward to talking with you soon!
Theodore R. Haley, CFP® AIF®