Page 32 - Bulletin Vol 25 No 2 - May-Aug 2020 - 9-2-20.pub

Article | Finance continued

Not only would such an investor miss the large rally, but in essence would have locked in
a steep loss, making it more difficult to get back to breakeven which may add years to
reaching financial security. The investor should have said, “I understand the market and
economy may not look good right now and for the near future, however I am a long-term
investor, I will not need the funds for many years, so I will simply ride through this period
of time.”

All investors should rebalance their portfolios and look for opportunities to tax loss harvest
on non-qualified accounts.

COVID19 has reinforced the need for proper estate planning. Unfortunately, many
became extremely ill and some died from the virus. Many were caught without the
necessary estate planning documents to assist their loved ones. A Durable Power of
Attorney (DOA) is an important document. A DOA allows someone to act on your behalf
even if you become incapacitated. A health care proxy is a document that appoints an
agent to legally act if you are incapable of making decisions due to incapacitation. Lastly,
a Will is a legal document that spells out one’s wishes for the distribution of assets and
caring for dependents if one dies. These three particularly important estate planning tools
should be a part of your legal documents, and the time to obtain them is when things are
going well. The markets, and life, can often be viewed as a roller coaster. The time to do
the planning and making sure you have a sound strategy is during periods of calm. You
do not want to adjust during the big roller coaster drop or during a loop de loop, it is just
too dangerous. Working with a Financial Advisor who understands your unique
circumstances can help you create a sound plan to navigate through many of the key
planning decisions and help you uncover some key items that you may be overlooking.

A Certified Financial Planner™, Chris Congema began his career in the
Financial Services Industry in 1991. He has been in the Investment
industry since 1995 when he joined Merrill Lynch. Chris spent over 10
years at Charles Schwab & Company. In 2005, Chris joined Fidelity
Investments. Chris has tremendous experience in providing financial
planning and counseling to high net worth investors. He has worked
exclusively in the high net worth space (1MM +) since 2000. Chris left
Fidelity to start his own firm, Core-X Wealth Management, which
subsequently merged into Landmark Wealth Management in 2015.

Landmark Wealth Management, LLC is an SEC Registered Fee-Only
Advisory firm. For more information please visit
www.landmarkwealthmgmt.com

32 | Nassau County Dental Society  www.nassaudental.org