We are finalizing the necessary modifications to our client contracts as a result of the changes made by the Department of Labor Rule (DOL) and How it Impacts D3 Clients. We will be sending out letters to all clients in the latter half of October and early November that will update your contracts to comply with current SEC and DOL rules.
Estimated Taxes Completed and Insurance Review Started for Affordable Family Office Clients:
We have completed reviewing our Affordable Family Office (AFO) clients’ estimated taxes to determine if any estimated tax payments were needed to avoid under withholding penalties. We are now in the process of reviewing all of our AFO clients’ insurance situations to identify potential risk management gaps. We look to complete that process in late October. If you are an AFO client and have made a recent change in insurance coverage, or have had a change in employer provided benefit options, please make us aware of these changes so we are able to incorporate this into our insurance review.
Preferred Funds and Non-Fidelity Account Holdings Review for All Clients:
We are starting the quarterly review of all funds held in all D3 clients’ accounts. This review includes all 401k, 403b, 457, annuity and deferred compensation accounts that are included in the portfolios that we manage for our clients. We look to have this completed by the end of October and implement any investment changes in November.
D3 is the Platinum Sponsor of Hope’s Front Door Fund Raiser:
D3 Financial Counselors is the platinum sponsor for The Traveling Feast event on Thursday, October 5th. Hope’s Front Door often acts as a “first responder” to neighbors who are facing financial and/or medical crises. Hope’s Front Door lays out a a clear pathway into the network of social agencies that can assist in need people with the long-term restructuring of their lives by helping to move them out of living a “crisis to crisis existence.” D3 encourages and supports agencies that focus on helping people plan to better themselves.
D3 Featured in Crain’s Chicago Business:
Don was featured in this week’s Crain’s Chicago Business wealth management round table. Please feel free to forward the link to your family and friends: Crain’s Wealth Management Round Table.
D3 New Mexico Office:
D3 is opening up a third office in Santa Fe, New Mexico. Don will be manning the office for one week a month starting the first Sunday of each month. We have integrated the phone system and the D3 network so Don is accessible for all client communication when he is in the New Mexico office.
Don and Cindi Duncan Open House:
All clients should have received an email invitation to Don and Cindi’s open house at their new Chicago residence at 1211 S. Prairie on November 4th. If you misplaced the email invitation or want to RSVP, please email Sharon@D3FinancialCounselors.com or call Sharon at 312-526-3680.
The markets have been consistently chugging forward in spite of record setting natural disasters and on-going threatening actions from North Korea. A consequence of natural disasters is that their immediate impact causes an economic disruption, but the longer-term impact creates economic growth (assuming the destroyed property is rebuilt or replaced). The consequence of North Korean aggressive action is not fully known, but it appears the markets believe that it will be contained.
From an economic standpoint, U.S. economic growth for the second quarter of 2017 was revised upwards to 3.1% (the highest since 2015). Economic growth throughout the rest of the world continues to pick up according to analysis we’ve received from Goldman Sachs and JP Morgan.
Our biggest concern is the lack of volatility in the equity markets. We appreciate it from a portfolio management and client perspective, but it is unprecedented. Unprecedented situations bear watching.
As mentioned above we are starting our quarterly review of our preferred list of mutual funds and ETFs as well as the fund options in all of our clients’ retirement plan accounts. Our goal is to make sure all of these investments are the best options available to help our clients achieve their investment goals and in turn their financial planning goals.
We did complete a review of our fixed income funds on our preferred funds list to determine if they had significant Puerto Rico bond exposure. Our conclusion was that none of the funds on our preferred list have undue exposure to this devastated Commonwealth.