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It’s Feel Good Friday! We love our members! #FeelGoodFriday Read More September 22, 2017
The NCET Expo is about to begin! Join us and so many great companies at... Read More September 22, 2017
Don’t forget! The NCET Expo is tomorrow at the Atlantis Casino! See you there. Read More September 21, 2017
Don’t forget! The Budgeting Seminar is TONIGHT at 5:30pm. You can still RSVP at GreatBasin.org Read More September 21, 2017
When you miss Game of Thrones… Read More September 20, 2017
Our next seminar on “Buying a Building for Your Business” is coming up soon! Don’t... Read More September 19, 2017
Welcome! Darryl and Andy have joined the Great Basin Federal Credit Union Volunteer Board of... Read More September 19, 2017
Welcome Associate Board Members, Darryl and Andy! September 19, 2017

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Don’t forget to donate these much needed items at any of our three branches to... Read More September 18, 2017
Free Shred Day is a go! 11-1 at our S. Virginia Branch today. Read More September 18, 2017

Featured

The DOL’s Fiduciary Duty Rule

laptop, phone and notepad

This is something you may already be aware of, the Department of Labor’s (DOL) Fiduciary Duty Rule or “Conflict of Interest” Rule, which applies to IRAs and retirement accounts subject to the Employee Retirement Income Security Act (ERISA). In February, the President issued a directive to the DOL requiring it to re-analyze the Rule to ensure that it does not adversely impact how Americans like you can receive financial advice. To facilitate this review, the DOL decided to roll back the implementation date from April 10 to June 9, and also determined that certain elements of the Rule would not go into effect until January 1, 2018.

I applaud the DOL’s delay to assess if further amendments to the Rule are warranted and to determine if certain requirements of the Rule should be further postponed. I am also encouraged that the DOL is actively calling for the Securities and Exchange Commission (SEC) to be part of the ongoing evaluation, and that the SEC has issued its own request for comments. My ultimate hope is that this process will benefit consumers and advisors alike in creating a fiduciary standard that applies equally to all investment advice and is also easy to understand.

As your financial advisor, I greatly support the goal of investor protection for all investor assets, not just retirement savings. [OPTIONAL for ADVISORY CLIENTS: Because you have entered into an advisory agreement with me, you know that I am required to act in a fiduciary capacity as a result of that agreement.] I strive to do what is in the best interests of my clients in every interaction and firmly believe all financial advisors should do the same. To that end, I wholeheartedly support appropriate regulation and full transparency for investors, and I take the responsibility of complying with regulations from several agencies, and that of providing financial advice to you, very seriously.

As the various elements of the Rule went into effect on June 9, you can expect that you may receive additional disclosures or other information, or that I may ask you for some additional information that will be required under the new Rule during the coming months as we discuss your investments. For the most part, this will simply be business as usual and I will let you know of any impact to you and your accounts. Please rest assured that as always, your best interests are my primary concern and the highest focus of our business relationship.

Thank you for allowing me the privilege of helping you achieve your financial goals. Please don’t hesitate to reach out to me if you have any questions.

Sincerely,

Steve Lindquist

 
Steve Lindquist 
stevelindquist@peakfns.com 
Financial Consultant
9600 S McCarran Blvd
Reno, NV 89523 
(775) 789-3140
Registered representative offering securities through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency), member FINRA/SIPC.  Cetera is not affiliated with any other named entity. CA Insurance License #0G30574
Investments are not deposits; not NCUSIF insured; and not insured by any federal government agency.  No credit union guarantee.  May lose value.
 
Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. This information is found in the issuer’s official statement and should be read carefully before investing.
Investors should also consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 Plan. Any state-based benefit should be one of many appropriately weighted factors in making an investment decision. The investor should consult their financial or tax advisor before investing in any state’s 529 Plan.

529 College Savings Plan: What You Need to Know

family in back of car

529 College Savings Plan: What You Need to Know

Many parents today suffer from sticker shock when they learn what it costs to send their children to college. The price for higher education in this country has grown astronomically to the tune of $33,480 for tuition at a private university and nearly $25,000 for out-of-state residents attending a public university, according to the College Board’s estimate of average 2016-2017 school year tuition and fees1. Tuition has increased almost four percent at private schools and nearly three percent at public universities—and those numbers are up nearly five percent over the last 10 years2. And, these fees do not include room and board, books, etc.

Whether you have a baby, high school-aged child or intend to help your grandkids, it may be time to get familiar with a 529 College Savings Plan. Interesting fact about the “529” part of the plan—which comes from that part of the tax code where the provision lives—is that some have dubbed May 29th “National 529 Day” (the fifth month and 29th day). While it’s no Cinco de Mayo, the cost of college can be a hard pill to swallow and this commonly used college savings plan has offered parents and their college-bound kids tax-free withdrawals to pay for college. Whether you decide to consider a plan on May 29th or any other day of the year, here is the information you need to know about a 529 College Savings Plan:

What is a 529 College Savings Plan?

Also known as a “qualified tuition program,” a 529 Plan allows an individual to save for higher education expenses for a determined beneficiary. Anyone—whether they are a family member or friend—can establish a 529 Plan for a designated beneficiary. A 529 Plan is provided by a state, an agency of the state or by an educational institution itself. Money invested in the plan accumulates on a tax-deferred basis and distributions used for higher education expenses are tax and penalty-free. Here’s the catch, the funds must be used for approved education expenses. We will want to talk before you invest in a 529 Plan to discuss the eligibility requirements. Some plans will only allow savings to be used to pay for college depending on the investor’s designated state, for example.

529 College Savings Plan vs. a trust

If you are considering establishing a trust for your child to pay for college instead, be aware that most trust funds may not be an effective means of sheltering this cash from the financial aid process—if your child will be applying for aid. It could actually backfire as trust funds can be counted in the financial aid process as an asset of the child. This could affect your child’s eligibility for aid. A potential work around could be established if the trust was restricted to withdrawing just the principle for the beneficiary.

What does a 529 cover?

While 529 Plans do have to be used for qualified expenses, it’s surprising how much they can actually cover. They can be used to help pay for undergraduate or graduate school, trade or technical schools, even cooking schools and some accredited schools abroad. They can also be used to pay for room and board, books, supplies or other fees.

Anything else I should know about a 529?

You are not relegated to using your state’s 529 plan and can shop around to find the right plan—you’ll just need to factor in fees and of course the performance of the investments. However, you may only be eligible for a tax deduction if you use your state’s plan. You can also open multiple 529 plans, meaning you could hold them in multiple states and won’t be required to consolidate or combine them. Some plans offer a variety of ways to invest including mutual funds, exchange traded funds as well as risk-based or age-based investment options. Finally, there is a high threshold to the limit of these accounts, even going as high as $400,000. In addition, there is no “use it or lose it” factor with these accounts. In fact, 529 owners can change the beneficiary anytime and without limitation.

Give Steve Lindquist a call today at 775-789-3123 to discuss savings and investment strategies to ensure you have the funds to send your child or grandchild off to the school of his or her dreams.

Registered representative offering securities through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency), member FINRA/SIPC.  Cetera is not affiliated with any other named entity. CA Insurance License #0G30574

Investments are not deposits; not NCUSIF insured; and not insured by any federal government agency.  No credit union guarantee.  May lose value.

 

Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. This information is found in the issuer’s official statement and should be read carefully before investing.

Investors should also consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 Plan. Any state-based benefit should be one of many appropriately weighted factors in making an investment decision. The investor should consult their financial or tax advisor before investing in any state’s 529 Plan.

 
1 http://www.collegedata.com/cs/content/content_payarticle_tmpl.jhtml?articleId=10064

2 http://www.savingforcollege.com/tutorial101/the_real_cost_of_higher_education.php

Retirement in 2017

Portrait Of Senior Couple In Park

We thought you might find the following information useful as it explains noteworthy changes to Social Security that both retirees as well as those currently paying into Social Security can expect in 2017.

  • Cost-Of-Living Adjustment– Based on an increase in the Consumer Price Index over the last two years, a Cost-Of-Living Adjustment (or COLA) will be implemented for Social Security income beneficiaries in 2017. This will result in a 0.3 percent increase in payouts, or approximately an extra $5 per month.1 A modest increase compared to a 14.3 percent payment increase back in 1980.2
  • Earnings limit increase– Retirees who plan to work and collect Social Security at the same time may have some of their benefit withheld if they exceed the new earnings limit. In 2017, the earnings limit for those aged 65 and younger will increase to $16,920 from $15,720. Those taking Social Security benefits, who earn more than the new amount, will have $1 in benefits held back for every $2 in earned income over the $16,920 limit. However, the earnings limit will go away once you turn 66 and Social Security payments will no longer be withheld if you work and receive benefits at the same time. Also, payments will increase to credit you for any part of your benefit withheld in the past, according to US News & World Report.3
  • Changes to double claiming– Often married couples age 66 or older have taken advantage of collecting spousal Social Security payments worth half of the higher wage earner’s benefit amount only to later opt to take payments based on the other spouse’s individual work history, which now would be higher due to delaying the claim. Yet in 2017, this will no longer be an option. Retirees who turned 62 on January 2, 2016 or later will no longer be able to double claim a spousal payment and an individual payment at separate times. Instead, they will now just receive the higher of the two benefit options.

Bump in full retirement age – Like the COLA, it may seem like a modest increase, however, this change could affect the Social Security payments that you may plan to receive. Seniors reaching the eligible full retirement age of 66 years old will now have to wait 2 months (age 66 and 2 months) in order to receive full benefits.

How will this impact retirees? Those planning to claim Social Security as early as possible—such as age 62—will see a larger reduction from their overall benefits (slightly larger than the one they’d receive for claiming benefits early) with the extra 2 months tacked onto the full retirement age.

Give our financial services department a call at 775-789-3123 if these changes have you thinking about your retirement strategy, or if you just want more information.

All the best,

Steve Lindquist
stevelindquist@peakfns.com
Financial Consultant
9600 S. McCarran Blvd.
Reno, NV  89523
(775) 789-3140
gbfinancial.org
Find me on Facebook!

 

Registered representative offering securities through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency), member FINRA/SIPC.  Cetera is not affiliated with any other named entity. CA Insurance License #0G30574

Investments are not deposits; not NCUSIF insured; and not insured by any federal government agency.  No credit union guarantee.  May lose value.

 

The Aftermath of a “Leave” Vote

sun carved in rock

Steve, our favorite financial consultant, weighs in on the #Brexit by sharing this article with us. Enjoy!

Citizens of the United Kingdom voted last night in favor of their country leaving the European Union (E.U.). This outcome, to a large extent, rejects the status quo in world economic relations and may elevate market uncertainty over the near term investment horizon. It is important to note that while this transition will not be resolved quickly, as policymakers will need time to negotiate new agreements and regulations, it is not a global crisis event. As the markets adjust to new realities, investment opportunities will also arise. In the meantime, we continue to invest for the long-term, focusing our portfolios on prudent diversification with a measure of downside protection.

The vote on whether Britain should remain in the E.U. was caused by a combination of factors, some unique to Britain and some broader, including an anti-globalization sentiment that has taken hold in many parts of the developed world. Growing income inequality in developed countries may be a possible root cause of this, leading to a backlash against current policies and politicians. The trend has undeniably played some role in the rather interesting U.S. presidential primaries as well.

The market reaction to the “leave” vote news has been swift, and for now investors are remaining conservative and are bidding up safety assets as insurance against the uncertainty posed by possible complications from Britain’s exit from the E.U. Polling before the actual vote had been close, causing equities to move up in the early part of this week as a “leave” result seemed less likely. However, after the exit vote a “risk-off” sentiment took hold, causing a still modest selloff in equities, while traditional safe haven assets such as gold and government bonds are trading higher.

In situations like this, we are often reminded that the while the equity markets may be volatile in periods of uncertainty, they tend to recover over time as the focus returns to fundamentals. The chart below shows equities reaction to similar events, and to the extent that history repeats, there is a chance of a stock market recovery over the near term.

BrExit_Commentary

Source: Charles Schwab, Bloomberg; Data as of 6/23/2016

With the “Brexit” headline in the rearview mirror, we are starting to shift attention back to fundamentals and to central bank actions. On the fundamentals side we see a U.S. or global recession as unlikely, with tepid economic growth continuing. The secular bull market is likely to extend, albeit with more measured gains. Central banks remain accommodative, and the monetary stimulus should provide a floor to valuations and a measure of protection from bear market downside. If there is a silver lining in last night’s vote, it looks like the Federal Reserve is on hold and not likely to raise interest rates anytime soon. However, as possible unconventional monetary policies are introduced, their effects may contribute to market volatility. The resulting increased dispersion in returns may offer opportunities for active managers to differentiate themselves, and the use of a mix of active and passive strategies remains prudent.

We view the possibility of any meaningful equity market sell-offs this summer as an opportunity to deploy sidelined capital. There may also be good risk/reward opportunities in high yield bonds given a potential for credit spread contraction and in dividend-paying equities as cash flow becomes an increasingly important part of total return in the slower growth global economy that we currently anticipate.

Again, the elevated global uncertainty may likely cause the Federal Reserve to hold from its tightening stance, which reinforces our view that interest rates will be lower for longer. However, given sub-1.6% 10-year Treasury rates in the short-term, the risk is now greater that rates may increase from here, so some caution is warranted regarding interest rate sensitivity. There also is an indication of some inflation pressure building, which could provide a compelling opportunity within commodities and/or inflation-protected securities. Stabilizing energy prices and a steady U.S. dollar should provide opportunities in emerging markets, given their lengthy period of underperformance.

We believe that the markets may be range-bound, and there may still be upside left, as result of which we do not recommend drastic deviations from long-term stock/bond targets. Within stocks, we still favor domestic equities; however, opportunities in international developed markets have increased. Within fixed income, we continue to maintain a somewhat defensive position; although, we favor an allocation toward the long end of the duration spectrum as longer term rates are likely to be more stable. Lastly, to mitigate unforeseen volatility in an increasingly uncertain environment, we believe it prudent to retain an allocation to alternative investments that have low correlations to traditional investments. Case in point, the positive reaction of gold prices to the Brexit news shows how low correlated investments potentially offer diversification benefits in times of market stress.

Last night’s news is still evolving as investors determine the short-term and long-term impacts to the global economy and world financial markets. You can expect additional updates as the ramifications become clearer.

This report is created by Tower Square Investment Management LLC 

Tower Square Investment Management LLC is an SEC registered investment adviser owned by Cetera Financial Group. It provides investment research, portfolio and model management, and investment advice to its affiliated broker-dealers, dually-registered broker-dealers and registered investment advisers.

Cetera Financial Group is a leading network of independent retail broker-dealers empowering the delivery of objective financial advice to investors across the country through trusted financial advisors and financial institutions. The network is comprised of ten firms: four legacy Cetera®-branded firms (Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services, marketed as Cetera Financial Institutions, and Cetera Financial Specialists) along with First Allied Securities, Investors Capital Corporation, Legend Equities Corporation, Summit Brokerage, VSR Financial Services and Girard Securities.

Cetera Financial Group is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions. Cetera Financial Group delivers award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, and innovative technology to over 9,000 independent financial professionals and over 500 financial institutions nationwide. Through its distinct firms, Cetera Financial Group offers the benefits of a large, established broker-dealer and registered investment adviser, while serving independent and institutions-based financial advisors in a way that is customized to their needs and aspirations. Cetera Financial Group is committed to helping advisors grow their businesses and strengthen their relationships with clients. For more information, visit ceterafinancialgroup.com.

The material contained in this document was authored by and is the property of Tower Square Investment Management LLC. Tower Square Investment Management provides investment management and advisory services to a number of programs sponsored by affiliated and non-affiliated registered investment advisers. Your registered representative or investment adviser representative is not registered with Tower Square Investment Management and did not take part in the creation of this material. He or she may not be able to offer Tower Square Investment Management portfolio management services.

Nothing in this presentation should be construed as offering or disseminating specific investment, tax, or legal advice to any individual without the benefit of direct and specific consultation with an investment adviser representative authorized to offer Tower Square Investment Management services. Information contained herein shall not constitute an offer or a solicitation of any services. Past performance is not a guarantee of future results.

For more information about Tower Square Investment Management strategies and available advisory programs, please reference the Tower Square Investment Management LLC Form ADV disclosure brochure and the disclosure brochure for the registered investment adviser your adviser is registered with. Please consult with your adviser for his or her specific firm registrations and programs available.

No independent analysis has been performed and the material should not be construed as investment advice. Investment decisions should not be based on this material since the information contained here is a singular update, and prudent investment decisions require the analysis of a much broader collection of facts and context. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The opinions expressed are as of the date published and may change without notice. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision.

All economic and performance information is historical and not indicative of future results. The market indices discussed are unmanaged. Investors cannot directly invest in unmanaged indices. Please consult your financial advisor for more information.

Additional risks are associated with international investing, such as currency fluctuations, political and economic instability, and differences in accounting standards.

While diversification may help reduce volatility and risk, it does not guarantee future performance.

Investors should consider the investment objectives, risks and charges, and expenses of the fund carefully before investing. The prospectus contains this and other important information about the fund. Contact your registered representative or the issuing company to obtain a prospectus, which should be read carefully before investing or sending money.

 

 

Small Business Loans in Reno

small business loan reno

You have finally made the leap to start your own business. Congratulations! You have the dream and the business plan, but do you have the capital? Learn more about small business loans and how you can get a small business loan for your startup.

Types of Loans for Small Businesses

Business lending can come in different types of capital based on your needs and timeline of repayment. Some business owners open up a line of credit, while others choose a term loan. A line of credit enables you to borrow the amount you need instead of a set amount offered in a term loan. Another business loan option is the merchant cash advance, which is set up so you pay off your loan with percentages of your debit card sales over time.

Small Business Challenges

small business loan reno

Reno startups can be eligible for small business loans at GBFCU.

It can be tough to get a business loan from a larger financial institution or bank when you are just starting out as a business. Some banks will only lend to small businesses if the loan amount is large. How can you take the next step in growing your business if your bank wants you to borrow much more capital than you need? At Great Basin Federal Credit Union, we can lend to small businesses that may need a loan amount that is considered too small for other banks to lend.

New businesses can end up having a hard time getting loans from banks, since the businesses are so new. Many businesses loans at big banks include a requirement that a business has to have been open for at least two years before applying for a loan. The first two years of a business are often the years that require the most investment, so our small business loan is open to entrepreneurs whose businesses have just opened or are even still in the process of opening!

GBFCU Small Business Loan Program

small business loans reno

Learn more about small business loans available at Great Basin FCU in Reno!

Great Basin Federal Credit Union offers business loans to small business owners and entrepreneurs who have passion, a vision, and a business plan. After you apply for a small business loan with us, we take the time to meet with you and learn more about what you need in order to grow your business.

At Great Basin Federal Credit Union, we are proud to have supported over 22 local businesses in the past year! We created the loan program to support local businesses and the Reno community. Each year our small business loan program grows as we help more local business owners with start-up companies and business ventures!

Building Small Businesses

Our small business loan program is not the only effort we use to help start-ups and businesses in the Reno community. We also host a small business seminar series that is free to the public. The small business seminars cover a variety of topics to empower business owners and entrepreneurs to improve their businesses.

Stop by a GBFCU branch today to learn more about our small business loans and small business seminar series!