October is Cybersecurity Awareness Month AND Financial Planning Month

Safe Senders and Ransomware 
By Rob Ziobro, AVP Technology
Did you know that you can add our domain to your Safe Senders list? Due to the nature of our business, we need to discuss finances through e-mail at times. For obvious reasons, spam filters don’t always like that, and we may be mistakenly categorized as “Junk.” The easiest way to keep receiving the emails we send is to add your Service Team’s email addresses to your e-mail “Whitelist.” If you are available to whitelist our full domain, even better. 

The last topic for the month that I would like to discuss is the dreaded pop-up and ransomware. If you ever see a pop-up on your computer telling you to call Microsoft right now, to fix an issue or your computer will explode, please do not fall for their scare tactics. Immediately shutdown your computer by holding the power button or by pulling the plug. Usually, a website will be hijacked to display these false claims. Once they are clicked, bad things can start happening. Don’t waste time trying to read pop-ups or clicking to perform a proper shutdown. The quicker you end the process before it can do harm, the better. 

Listen to a recent recording of “Your Financial Choices” radio from WDIY 88.1FM when Rob was a guest discussing Cybersecurity Awareness and the hot topics that everyone should know to stay safe. Cybersecurity – Your Financial Choices Radio

What is a Financial Plan?
According to Charles Schwab, there are eight major components to a good financial plan:

1. Financial goals
2. Net worth statement
3. Budget and cash flow planning
4. Debt management plan
5. Retirement plan
6. Emergency funds
7. Insurance coverage
8. Estate plan

Want to dive in to these “8 Components of a Good Financial Plan,” read the full article by Charles SCHWAB or ask one of our professionals about VNFA’s Financial Roadmap.

October is Cybersecurity Awareness Month AND Financial Planning Month

THE REAL VALUE OF A FINANCIAL PLAN
by Jonathan Ritter, CFP^®, CPA
“The process of financial planning can help guide you through complicated financial decisions so you can have less stress and more time to focus on the things that matter to you. The time you don’t have to spend worrying about financial uncertainty can be devoted to activities that bring you enjoyment rather than anxiety and frustration.”

Clients are most appreciative and thankful when we prepare a plan and provide them with strategies to accomplish their financial goals.

CYBERSECURITY TIP
by Robert Ziobro, AVP Technology
Do you know about Phishing?  Phishing is a cybercrime in which a target or targets are contacted by email, telephone, or text message by someone posing as a legitimate institution to lure individuals into providing sensitive data such as personally identifiable information, banking and credit card details, and passwords.  The information is then used to access important accounts and can result in identity theft and financial loss.

Here are some common features to look for:

Too Good To Be True – Lucrative offers and eye-catching or attention-grabbing statements are designed to attract people’s attention immediately. For instance, many claim that you have won an iPhone, a lottery, or some other lavish prize. Just don’t click on any suspicious emails. Remember that if it seems to good to be true, it probably is!

Sense of Urgency – A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time. Some of them will even tell you that you have only a few minutes to respond. When you come across these kinds of emails, it’s best to just ignore them. Sometimes, they will tell you that your account will be suspended unless you update your personal details immediately. Most reliable organizations give ample time before they terminate an account, and they never ask patrons to update personal details over the Internet. When in doubt, visit the source directly rather than clicking a link in an email.

Hyperlinks – A link may not be all it appears to be. Hovering over a link shows you the actual URL where you will be directed upon clicking on it. It could be completely different, or it could be a popular website with a misspelling, for instance www.bankofarnerica.com – the ‘m’ is actually an ‘r’ and an ‘n’, so look carefully.

Attachments – If you see an attachment in an email, you weren’t expecting or that doesn’t make sense, don’t open it! They often contain payloads like ransomware or other viruses. The only file type that is always safe to click on is a .txt file.

Unusual Sender – Whether it looks like it’s from someone you don’t know or someone you do know, if anything seems out of the ordinary, unexpected, out of character or just suspicious in general don’t click on it!

October is Cybersecurity Awareness Month AND Financial Planning Month

Cybersecurity TIP
by Rob Ziobro, AVP Technology
Last week we learned how to secure our passwords, but do you know how to take your security to the next level? Add MFA to your account. Multifactor Authentication (MFA) is a security feature offered by many websites, applications and devices that dramatically improves account security. Sometimes MFA is also referred to as Two-Factor Authentication or 2FA. MFA refers to a system where there are more than two forms of authentication. MFA increases security because even if one authenticator becomes compromised (recall: brute forced passwords), malicious actors will be unable to meet the second authentication requirement, therefore blocking access to the targeted device, site, or system.

How does it work? Each additional authentication factor added to the login process increases security. A typical MFA login would require the user to present some combination of the following:

• Something you know: like a password or Personal Identification Number (PIN);

• Something you have: like a smart card, mobile token, or hardware token; and,

• Some form of biometric factor (e.g., fingerprint, palm print, or voice recognition).

What can you do? Check the Settings of your apps or the Account Settings and Privacy Settings of your web-based accounts for MFA, then turn it on, if it is offered. If it is not available yet, it most likely will be soon. Taking this extra security measure is a great way to solidify your logins and protect your accounts. Stay Safe!

Financial Planning TIP
by Rod Young, PFS/CPA, CFP^® – SVP / Financial Advisor

One common issue I see is people not understanding their 401k plan, and the various options. For example, most do not know if their plan offers a Roth account, and the potential benefits of the Roth versus pre-tax contributions. Perfect example is I just spoke with a client two weeks ago who helped his recently graduated daughter enroll in her employer’s 401k. He did not even think about the Roth option, but when I explained it to him, he was going to have her change her contributions from pre-tax to Roth. So, the planning tips here is: “take the time to learn about your 401k.”

October is Cybersecurity Awareness Month AND Financial Planning Month

Cybersecurity TIP
by Rob Ziobro, AVP Technology
What is the one thing keeping people from gaining access to your accounts? Your PASSWORD! So, would you feel protected when using a generic password like Password or 123456? And so many people do just that. We recommend using the most secure password as possible. Something with UPPER case, lower case, numbers, and symbols is great, and the longer the better. Did you know that a longer password is can technically be stronger than a shorter, complex password? It’s due to its Entropy! Entropy is a calculation of password randomness in bits. Next week: find out how we can add another layer of security on to your accounts.

Financial Planning TIP
by Jaclyn Cornelius, CFP^®, EA – VP / Financial Advisor
In times like we are currently experiencing (current market downturn), we suggest that clients be in more communication with us (their financial advisor). Everything from their thoughts, big financial decisions, upcoming cash flow needs or any other potential changes. We find that increased communication is an important key to weathering storms like what we are all going through right now. We often check back against the Financial Plan we prepared and that helps calm a client’s nerves to see that they are still on track given current market conditions.

Our VNFA Riders are more than halfway to their goal of raising $1,000 for Community Bike Works during the 2022 Cycle Challenge. The fundraiser, which continues through October 3, has almost reached $70,000 of the $100,000 target. LEARN MORE

Our own Rob Ziobro, Assistant Vice President of Technology, talked about Cybersecurity on last week’s “Your Financial Choices”on WDIY 88.1FM.

Last week, our Chief Investment Officer Bill Henderson, was the guest on “Your Financial Choices” radio show. He discussed the first half of 2022 and the outlook for the remainder of the year. Listen to the recording at yourfinancialchoices.com and submit follow-up questions. LISTEN NOW

We Are Hiring!
Team VNFA is looking to add an experienced Tax Preparer to our Bethlehem office.
Tax Preparer – Valley National Financial Advisors (valleynationalgroup.com)

Mother’s Day is this Sunday, May 8

According to the US Census Bureau, the first Mother’s Day was organized by Anna Jarvis on May 10, 1908, in Grafton, West Virginia and Philadelphia, Pennsylvania. It was such a success around the country that Jarvis asked Congress to set aside a day to honor mothers. In 1914 Congress made the second Sunday in May Mother’s Day.