Wealth Management

Dear readers, like you we are concerned for the longevity of small businesses across the country and are eager to receive the Payment Protection Program (PPP) loans and EIDL grants that hundreds of thousands of small business owners have applied for across the US. Seemingly everyone who has applied is frustrated and confused because of all the issues that the SBA, lenders, and the government are having in issuing the loans. We know thousands of financial advisors are also small business owners and have applied for these loans. Because of this, we have started a site – covidloantracker.com – to track the application and issuance of PPP and other loans. This will help business owners understand when and how many loans are actually being paid and will hold media and the government accountable to provide the aid they have promised. Our aim to is to share this site with as many small business owners as possible and then share results with the media on a daily basis as a way to track what percentage of applicants have received their loans.

Please visit covidloantracker.com and fill out the 60 second form.

(New York)

Advisors need to be careful of how they market and sell annuities to clients. The market is rife with annuities demand as the big losses and volatility of the last month have sent many looking for guaranteed retirement income. That said, advisors need to make sure they walk a fine line in selling annuities. In particular, be mindful of wording you use. Particularly, avoid fear-based selling tactics, and even the word “crisis”—though that could be appropriate in some circumstances. Also, don’t only focus on one aspect of the annuity you are selling, as that can easily be misconstrued as misleading selling.


FINSUM: Some selling techniques are always wrong, but in this scary environment, even the most disciplined advisors could accidentally overstep the line in their approach.

(Washington)

Many brokers were hoping that the SEC might grant an extension of the deadline to be in compliance with the forthcoming Regulation Best Interest. Advisors must be in compliance with the rule by June 30th, a previously set date that SEC chief Jay Clayton just reiterated last week. The only reprieve the SEC granted was that the regulator would take “good faith efforts” into account in the initial phase.


FINSUM: Many hoped this deadline would be pushed back into the Fall, but the SEC is dead set on June 30th.

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