You can watch the recordings of our recent webinars, including Retirement Planning Checklist from last week with Rod Young and Jackie Cornelius.

VISIT OUR VIDEO GALLERY or subscribe to our YouTube Channel

Important reminder regarding estimated income tax payments:
Many taxpayers benefited from the delay in filing due dates for 2019 tax payments and 2020 estimated tax payments.  For those who received their tax returns and estimate vouchers prior to the payment extension, please review your records to make sure that you made any first and second quarter payments by the July 15 extended payment date. (Some states had earlier due dates.) The remaining estimates are still due at the normally scheduled dates of September 15, 2020 and January 15, 2021. 

REMINDER – The Internal Revenue Service is allowing taxpayers who have taken a 2020 Required Minimum Distribution (RMD,) which includes beneficiaries, to repay that amount back to their retirement account(s) by August 31.  For taxpayers who took more than the RMD, only the RMD portion would be allowed to be repaid unless a 60-day rollover would otherwise be available.  If you took an RMD and wish to return some or all of it, please contact your financial advisor.

Regulation Best Interest (BI) and Our Clients
by Matthew Petrozelli, CEO
Regulation BI is designed to establish a “best interest” standard of conduct for broker dealers and associated persons when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities, including recommendations of types of accounts. Last week, in compliance with the U.S. Securities and Exchange Commission (SEC) and Regulation BI, we sent a new regulatory document out to all existing clients – Form CRS. This form provides our clients and the investing public with more transparency around our broker dealer, Valley National Investments, Inc., and our Registered Investment Advisor Firm, Valley National Advisers, Inc. Fees, costs and conflicts of interest are highlighted in addition to important links that help educate new clients. Since the delivery of Form CRS, I want to share some FAQs:

Does my relationship or the fees I pay with VNFA change?
No, this is a disclosure document only. All fee and compensation arrangements are still the same as is your relationship with your advisor.

What is the difference between Valley National Advisers (VNA) and Valley National Investments (VNI)?
VNA is a SEC Register Investment Advisor, which means that our Financial Advisors are held to a fiduciary standard and are obligated to put their clients’ interests ahead of their own. Clients who use VNA are charged an asset management fee and/or separate flat/hourly fee for planning. VNI is a FINRA registered broker dealer that provides securities to clients for a commission. VNI focuses on sale of securities and does not offer discretionary investment management.

Why have both?
VNFA is dedicated to giving our clients the most options. Most of our Financial Advisors are dually registered and can help clients navigate what is best. Today, we see most of our clients use VNA as it has more options for customization for planning, wealth management, and uses a fiduciary standard.

Do I need to take any action?
No. Please reach out to your Financial Advisor if you have specific questions. Regulations have changed significantly since our firm was founded in 1985. For 35 years, VNFA has been committed to core values anchored in a client-first culture. Our team always has and will continue to serve the best interests of our clients in pursuit of their financial goals.

You can vote every day for #TeamVNFA in the Lehigh Valley Business 2020 Reader Ranking Awards between July 1 and July 29, 2020 (Wealth Management Firm category).
CLICK HERE TO VOTE

You can still register this morning for the webinar today at 11 a.m. Join our CEO, Matt Petrozelli, and his guest, Gabe Muller, for a discussion about Wealth Management Trends. REGISTER NOW – https://attendee.gotowebinar.com/register/7431122311571275021

This past weekend marked the start of summer. The June (aka Summer) Solstice was Saturday, June 20. Specifically, Saturday at 5:44 P.M. EDT marked the official beginning of summer in the Northern Hemisphere, occurring when Earth arrives at the point in its orbit where the North Pole is at its maximum tilt (about 23.5 degrees) toward the sun. For those who live in the Southern Hemisphere, this is the shortest day of the year and marks the arrival of winter.

One month left until the 2020 tax filing deadline – July 15. The IRS is urging efile and direct deposit to speed up processing. Additionally, the IRS is reminding taxpayers that the first and second quarter 2020 estimated payments are both due July 15. https://www.irs.gov/newsroom/irs-reminder-file-now-choose-direct-deposit-or-schedule-tax-payments-electronically-before-the-july-15-deadline

Criminals are continuing to use the COVID-19 Economic Impact Payments as cover for schemes to steal personal information and money.

Watch out for Economic Impact Payment scams, fake at-home test kits, cures, vaccine, pills and advice for COVID-19, fake shops and websites selling large qualities of medical supplies, fake charities soliciting donations, and fraudulent investment information about companies working on a vaccine. Finally, be alert about possible phishing schemes utilizing e-mails, letters, texts and links using keywords such as “CoronaVirus” “COVID-19” and “Stimulus” in varying ways. Read today’s IRS press release for more details and guidance.

The IRS has begun issuing Economic Impact Payments in the form of Visa debit cards.

The cards can be used to:

• Make purchases online and at any retail location where Visa is accepted
• Get cash from in-network ATMs
• Transfer funds to a personal bank account

Read more about how to recognize, verify, activate, and use an Economic Impact Payment Card at irs.gov and eipcard.com.