Month: May 2021

Congratulations to Our 2021 ESI Circle of Excellence Members!

May 10, 2021

We’d like to congratulate our 2021 ESI Circle of Excellence* members!

Comprised of our twenty-five top producers, based on 2020 production, membership in ESI’s Circle of Excellence represents an exceptional dedication to clients and the industry. Circle of Excellence members receive a waiver of licensing fees as well as a marketing allowance.

Again, on behalf of the ESI team, congratulations!

Steven Simon

Mark Vosk

Dominick Citera

Rich Kelly

Charles Creighton

Daniel Streeter

Paul Sortino

Jarred Muraco

Daniel Wolodkiewicz

Nicola Riverso

Donald Reutemann

Jay Maffe

Travis Ramsdell

Justin Paine

Jeffrey Friedrich

Alan Fishman

James Muro

Scott Maitland

John Stephens

William D’Angelo

Gary Liskow

W.M. Nzambi

Patrick Stephens

Michael Castillo

Scott Levin

*Circle of Excellence membership is based on 2020 total year-to-date GDC production. Credits have been adjusted to comply with the Massachusetts Fiduciary Rule.

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Important Date Change to Fund Class Conversion in PMC Flagship Portfolios

May 10, 2021

Envestnet PMC will be using lower cost share class mutual funds in their Flagship portfolios.  These lower cost funds will be used with new business and share class conversions will be made in existing accounts.  The changes to the portfolios were originally scheduled for the week of April 26th but have been postponed until May 17th.

Specifically, making this change will involve updating the portfolios on the platform for new business proposals , as well as completing a share class conversion on the existing accounts. 

Share class conversions are not a taxable event, and don’t result in any new paperwork for advisors and clients.  It will, however, require the accounts be put on trade hold while the conversions are completed*.    In addition, the conversion will generate a confirmation of the conversion to the client, which may generate questions from your clients, so you may wish to discuss these changes with your clients before April 26th.

To view the specific changes to the portfolios, click here.

*The trade hold is temporary and is designed to prevent trading in the account at the same time the conversion is being done.  In the event of an emergency, ESI could work with Envestnet to manually trade the account if necessary.

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IRA Contribution Deadline is May 17th – Here’s How to Make Those Last Minute Contributions Faster and Easier

May 10, 2021

The 2020 IRA Contribution deadline is May 17th. Checks must be received with a post-mark date of no later than May 17th in order to qualify for a prior-year (2020) contribution. For checks received AFTER May 17th, NFS requires a copy of the post-marked envelope and a client letter of instruction specifically indicating that the deposit represents a 2020 tax year contribution.  Please note, a FedEx envelope, tracking sheet, shipping confirmation, etc. does not fulfill this requirement (check must be mailed through USPS).

You may be asking, “How can I avoid this terribly cumbersome and laborious process for my clients that choose to wait to the last minute to make contributions?” I am glad you asked. Clients can use Mobile Check Deposit through the Wealthscape Investor Mobile App. The following link contains a user tour that can easily walk your clients through the process.

Wealthscape Investor Mobile App with MCD

Each year we have numerous checks that do not make the deadline for a prior year contribution. This creates headaches for home office, our field, and our end clients. Don’t create headaches for home office, yourself, or your clients. With any questions, please call the service desk at 1-800-344-7437.

Use Mobile Check Deposit! Do it! Do it!

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Morningstar: When is the “Right” Time to File for Social Security Benefits?

May 10, 2021

When Is the ‘Right’ Time to File for Social Security Benefits?

Author Mike Piper discusses when it makes sense to claim Social Security early and when delaying is advisable.

Christine Benz

May 5, 2021

Many consumers have heard the advice to delay claiming Social Security until later in life–past age 62 and perhaps up until age 70–with the goal of claiming a higher lifetime benefit.

But is delaying Social Security always advisable? Not necessarily. In a recent episode of The Long View podcast, author Mike Piper shared instances when claiming earlier is advisable, as well as when claiming benefits later makes sense. He also discussed the free tool he created to help with Social Security claiming decisions, Open Social Security. Piper writes the popular Oblivious Investor blog, and he is also the author of several books about Social Security, taxes, and retirement, including Can I Retire?, Social Security Made Simple, Investing Made Simple, and Taxes Made Simple.

Click Here to Read Full Article

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IRA Contribution Deadline is May 17th – Here’s How to Make Those Last Minute Contributions Faster and Easier

May 5, 2021

The 2020 IRA Contribution deadline is May 17th. Checks must be received with a post-mark date of no later than May 17th in order to qualify for a prior-year (2020) contribution. For checks received AFTER May 17th, NFS requires a copy of the post-marked envelope and a client letter of instruction specifically indicating that the deposit represents a 2020 tax year contribution.  Please note, a FedEx envelope, tracking sheet, shipping confirmation, etc. does not fulfill this requirement (check must be mailed through USPS).

You may be asking, “How can I avoid this terribly cumbersome and laborious process for my clients that choose to wait to the last minute to make contributions?” I am glad you asked. Clients can use Mobile Check Deposit through the Wealthscape Investor Mobile App. The following link contains a user tour that can easily walk your clients through the process.

Wealthscape Investor Mobile App with MCD

Each year we have numerous checks that do not make the deadline for a prior year contribution. This creates headaches for home office, our field, and our end clients. Don’t create headaches for home office, yourself, or your clients. With any questions, please call the service desk at 1-800-344-7437.

Use Mobile Check Deposit! Do it! Do it!

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Important Date Change to Fund Class Conversion in PMC Flagship Portfolios

May 5, 2021

Envestnet PMC will be using lower cost share class mutual funds in their Flagship portfolios.  These lower cost funds will be used with new business and share class conversions will be made in existing accounts.  The changes to the portfolios were originally scheduled for the week of April 26th but have been postponed until May 17th.

Specifically, making this change will involve updating the portfolios on the platform for new business proposals, as well as completing a share class conversion on the existing accounts. 

Share class conversions are not a taxable event, and don’t result in any new paperwork for advisors and clients.  It will, however, require the accounts be put on trade hold while the conversions are completed*.    In addition, the conversion will generate a confirmation of the conversion to the client, which may generate questions from your clients, so you may wish to discuss these changes with your clients before May 17th.

To view the specific changes to the portfolios, click here.

*The trade hold is temporary and is designed to prevent trading in the account at the same time the conversion is being done.  In the event of an emergency, ESI could work with Envestnet to manually trade the account if necessary.

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Form ADV Part 2A Update

May 5, 2021

Field Notice 2021-12
Effective April 30, 2021, ESI Financial Advisors (“EFA” or “the Firm”) updated its Form ADV Part 2A (ES0408) disclosure brochure (“Brochure”) to reflect Schwab’s acquisition of the TD Ameritrade Retirement Plan Platform.

The Brochure describes the various products and services offered by EFA, and provides required disclosure of fees, disciplinary events, and conflicts of interest.  Note that delivery of a brochure is not required for accounts on which EFA acts in a solicitor’s capacity.

The updated version of this brochure is available on the ESI Illuminations website and through the NLG website, via MerrillConnect. Please destroy and discontinue use of any previous versions of this disclosure document, and only use the current version.

SUMMARY OF CHANGES
The ADV Part 2A (Item 5) has been updated to reflect Schwab’s acquisition of TD Ameritrade and the TD Ameritrade Retirement Plan Platform, which is now known as Schwab Retirement Advisor Services (“SRAS”). 

DELIVERY REQUIREMENTS
ADV Part 2A
The Form ADV 2A must be delivered to all advisory clients at or before the time of entering into an investment advisory agreement. This includes clients with accounts in one or more of the following programs:

  • ESI Illuminations
  • EFA Financial Planning/Consulting Agreements
  • American Funds Retirement Plan Platform
  • AssetMark (adviser model)
  • Morningstar
  • Saratoga Advantage Trust
  • Schwab Retirement Advisor Services
  • SEI

ADV Part 2A-Appendix 1
The Form ADV 2A – Appendix 1 is specific to the Firm’s wrap program (i.e. ESI Directions) and must be delivered to all advisory clients with accounts in the ESI Directions program at or before the time of entering into an investment advisory agreement.

QUESTIONS
If you have any questions regarding the Form ADV 2A or Form ADV 2A-Appendix 1, please contact ESI Compliance at 800-344-7437.

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$140 Stimulus Credit for MoneyGuide Training!

May 5, 2021

MoneyGuide is offering a $140 stimulus credit that you can apply towards any MoneyGuide training courses. These interactive, CE-approved, training sessions will help you gain a deeper understanding of goal based financial planning.

The MoneyGuide Studio’s multi-camera live streaming creates a more interactive experience making you feel like you’re with us in person.

Reserve your spot by May 17th to take advantage of discounted pricing.

View Training Courses

Use Promo Code: NLSTIM2021

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