First Some Announcements:
Tax review is available. Once you have completed your 2020 taxes, we would like to review them for any additional planning opportunities. Simply upload your 2020 tax return documents at https://ascendinvestment.com/resources/secure-file-upload and reply to this email and we will get working on them.
Recent Blog Posts include: May 15th is International Day of Families: 4 Ways to Teach Your Kids About Money, 6 Steps to Determine Your Retirement Deadline, and Did you Know a Digital Detox Could Improve Your Finances? Here Are 5 Tips to Help Reset Your Spending Habits. To read visit: AscendInvestment.com/GarrettsGarage
We will be having our annual review time in August and September of this year. We will be reaching out to schedule a time with you. If you would like to meet before that time, please call or reply to this email and let’s schedule a time.
Recently the SEC (The U.S. Securities and Exchange Commission) released a warning about financial scams that were on the rise. We wanted to put a couple on your radar, so you know to keep an eye out. The top three right now are Fake CD’s, Stock Promotions using COVID-19 claims, and Community-Based Financial Scams.
Fake CD’s, certificates of deposit, are a fixed rate return product typically assumed to be safe. Online advertisements are redirecting traffic to fake websites in order to collect your personal information. Some key bits to look out for are companies that are promoting only CDs and no other financial products, directing investors to send (wire) funds abroad, and identifying “clearing partners” that are purportedly registered with the SEC. If you would like to read more click here.
Stock Promotions using COVID-19 Claims. The SEC states: “We have become aware of promotions claiming that publicly-traded companies are poised to profit from the current pandemic because, for example, the companies are developing products or services that can prevent, detect, or cure COVID-19, and that the stock of these companies will dramatically increase in value as a result. . . Be cautious of claims that a company’s products or services can help stop COVID-19, especially claims that involve microcap stocks (stocks of very small companies).
Lastly, look out for community-based financial scams. Fraudsters can use close communities and trusted friendships to promote an “investment.” Often those leaders may not realize the product is fraudulent, meaning they too may be victims. Always take a second look when someone is offering an “investment” opportunity to only those in a select group. For more information, click here.
Stay on your toes, even in the warm summer months. And if you see anything that you have a question about reach out to us. We are more than happy to do some investigative work on your behalf.
Thank you for your trust and business and we look forward to sitting down soon.
Garrett G. Smith
Ascend Investment Partners
Paul M. Norman, CFP®
Senior Financial Advisor
Ascend Investment Partners
214 South Main Street
Logan, UT 84321
175 Historic 25th Street
Ogden, UT 84401
Ascend Investment Partners is not a legal or tax advisor. You should consult with your attorney, accountant and/or estate planner before taking any action.
Ascend Investment Partners did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Ascend Investment Partners or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.