Where Are You Going?
Wow! 2021 is finally here. Around this time 12 months ago I, like many of you, found myself contemplating New Year resolutions or ideas of what I was hoping the year would bring. As we all know now, what we had hoped for or anticipated probably didn’t pan out as expected in 2020. This yearly unknown keeps us on our toes. It often reminds me of golf. Quite often we head to the course with positive thoughts and high hopes of a low score. This sometimes goes as planned leading to an energetic conversation at the 19th hole. But there could also be a lot of water and woods in the equation that keeps us coming back for redemption. Life is a balancing act of both ups and downs with a proverbial reset at the start of the New Year.
As it relates to the market and your investments, these ups and downs are expected and have their place in your financial picture. The New Year is a great opportunity to reassess where you are and where you would like to go. Given the recent run-up in equity markets, an individual stock or a basket of stocks may now hold a higher percentage of your overall portfolio than what was originally intended. Rebalancing your portfolio back to its target allocation might be an appropriate step as you enter 2021.
There are uncertainties on the tax front with our incoming administration. This is an area to devote attention to in hopes of not being caught by surprise. We will often work with your CPA to determine what, if any, action should be taken. Aside from monetary values, are your beneficiaries up-to-date? Is your estate positioned in an organized and efficient manner?
To close out this month’s addition I wonder, might you have a New Year’s resolution or tradition you don’t mind sharing? I would be most interested in hearing from you! Feel free to email me (byron.swarts@opco.com) or give our office a call (989-652-3251) and ask for Rob. Thank you!
I wish you a safe and prosperous New Year!
From Rob Swarts,
Frankenmuth Group of Oppenheimer & Co. Inc.