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Mitlin Financial Inc. - An SEC Registered Investment Advisor - Coronavirus

Ask A CEO: Lawrence Sprung, President and CEO, Mitlin Financial

Our Founder, Lawrence Sprung, had the pleasure of sitting down (virtually) with Greg Demetriou on his Ask A CEO Series 

Listen in and learn more about how Mitlin Financial has adjusted to the new "normal", the financial markets in this environment, and Larry's involvement in suicide prevention.

Be sure to listen and feel free to contact us at (631) 952-4466 x11 if we can be of any assistance.

 Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.  Past performance is not indicative of future results.

Mitlin Financial's Response to Coronavirus (COVID-19) – Preparation, Safety, Continuity

3.16.20
Coronavirus Alert
 
Mitlin Financial is and will continue to monitor the Coronavirus (COVID-19) outbreak in the United States and the New York Metro Area.  We hope that you and your families stay safe and well.  We would like to also thank all those that have an active role in making sure that we stay safe and healthy during these difficult times.  Your service and dedication is greatly appreciated
 
We are taking proactive steps to help ensure the safety of our employees and work continuity for our clients.  With that said, we will begin to implement our continuity plan on Tuesday, March 17, 2020 which will include a work from home policy for all Mitlin staff.  The plan is to operate under this plan for the remainder of the week and re-evaluate as the week goes on.  We will be sure to communicate, if and when, a decision is made for next week.
 
The office phones will be forwarded to cell phones and emails will be received remotely.  This should ensure that all client questions and inquiries will be answered in a timely manner.  Our intentions are to continue to operate at the same level of service you are used to, but at the same time, we ask that you provide us with a bit more flexibility than normal to respond to your requests. All in-person meetings will be placed on hold for the time being, to maintain the safety of our clients and staff, but we will be sure to make ourselves available by phone and online meetings, using Zoom, during this time.
 
Based on the current state of the outbreak, we are continuing to monitor communications from the CDC and various other federal and state organizations to help keep our employees, contacts, and clients informed and safe.  We understand this is a difficult time for many and want to assure you that Mitlin and our staff is here for you and your family.  Please let us know if there is something we can assist you with, whether financial or otherwise, as we are here to serve you.
 

Mitlin Minute: Paycheck Protection Program

The Paycheck Protection Program is now open!

I was able to successfully apply for the SBA Paycheck Protection Program with Bank of America.  My business banker was helpful during this process and for me highlighted why relationships matter.

Happy to chat about my experience and methodology for applying if anyone wants and remember to Make it a Great Day?

Be sure to listen and feel free to contact us at (631) 952-4466 x11 if we can be of any assistance.

 Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.  Past performance is not indicative of future results.

Mitlin Minute: Paycheck Protection Program for Self Employed and Independent Contractors

The Paycheck Protection Program is now open for self-employed and independent contractors!

April 10, 2020, the PPP program for self-employed and independent contractors opened for applications.  We understand that this is a complicated and unclear process.

Happy to chat about my experience and methodology for applying as a business, if anyone wants and remember to Make it a Great Day?

Be sure to listen and feel free to contact us at (631) 952-4466 x11 if we can be of any assistance.

  Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.  Past performance is not indicative of future results.

Mitlin Minute: We Are All In This Together

A special edition of Mitlin Minute discussing the current events of the market and the fact that we are all in this together.

We talk about the recent volatility and the importance of remaining calm.

Be sure to listen and feel free to contact us at (631) 952-4466 x11 if we can be of any assistance.

 Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.  Past performance is not indicative of future results.

Stay the Course, What Does That Mean?

Roadmap

Volatility has been consistent throughout the COVID-19 pandemic. One other constant I have heard is, stay the course. Staying the course during an event like this may very well be the right advice, but I think there is another variable that needs to be looked at to help confirm that this is the right choice. Reviewing how the volatility has affected your plan is an additional component that needs to be reviewed. The plan is paramount in deciding to stay or abandon the course.

Investors mistake making buy/sell decisions for their investments with having a plan for their financial future that will dictate how the investments should be handled. This may seem like semantics, but it is not and there are definitive differences in the way you look at your portfolio and judge when to stay or change your course.

This reminds me of a quote by John F. Kennedy, “The time to repair the roof is when the sun is shining.”. This rings true with your investments and too. Typically, volatile times do not present an ideal time to change or amend your investment strategy or financial plan, you want to address these items when the sun is shining.

You should have a plan in place for your financial future. This plan will act as a roadmap, a guiding light to help you make decisions about your financial life including your investments. Investments are simply one component of your financial plan. The plan will help you make the decisions you need to reach the goals you are aiming towards. Whether you have a plan in place or not, now is the time to look at it or get one in place. This will ultimately provide you with the assurance of staying the course or the suggestion that you should consider adjusting your overall plan

Staying the course, without knowing what the course is, is simply looking at your investments and making an educated guess on where you believe asset prices will be soon. Making decisions based simply on market prices, and not your plan, can cause you to make a bad or wrong short-term decision that can harm you in the long-term.

To effectively determine if and adjustment needs to be made to your portfolio, you want to evaluate market fluctuations in terms of your financial plan and whether your plan is on or off track. This is what will indicate if the fluctuations have caused your plan to veer off course. Making decisions simply about your investments is like driving to a far destination, getting off the highway, and taking local roads the rest of the way because there was a small traffic jam. This may help you avoid five minutes of traffic but will add hours to your trip.

In my work with clients over the last 20 plus years, I have come to realize that most people are not concerned about the change in the value of their portfolios when markets fluctuate, and they see market declines. They are nervous about what it may mean to their overall financial plan and their ability to reach their goals and dreams. Essentially it is not the loss of the money, but what the money will ultimately be able to “buy” them. To be able to evaluate the impact the market fluctuation has on their ability to reach their goals, clients would need to have a financial plan. This would provide them with a clear view of how they will be impacted in both the short and long term.

We would be happy to discuss the recent volatility and how it may be having an impact on your plan. We can also help you get a plan in place so the next time volatility arises you will be prepared. Just contact us, Mitlin Financial, at (844) 4-MITLIN x12 to schedule a time for this review. Be sure to share this article with friends, family, and business acquaintances who might be interested too. We look forward to helping you, and them, get on the right path and stay there.

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

Update April 3, 2020: Mitlin Financial's Response to Coronavirus (COVID-19)

04.3.20
Coronavirus Alert
 
Mitlin Financial is continuing to take proactive steps to help ensure the safety of our employees and work continuity for our clients.  With that said, we will continue to operate on our continuity plan for the week of April 6, 2020 and going forward, which will include a work from home policy for all Mitlin staff.
 
At this point, we plan on working in this way until we get notification from local authorities that we can return to the office.  We will update you once we are able to do so.  The firm is continuing to work remotely and we have not missed a step.  Client meeting (via Zoom) and calls are taking place on a daily basis.
 
The phone system is now virtual and you will be able to reach all staff members by dialing their extensions and emails will be received remotely.  This should ensure that all client questions and inquiries will be answered in a timely manner.  Our intentions are to continue to operate at the same level of service you are used to, but at the same time, we ask that you provide us with a bit more flexibility than normal to respond to your requests.
 
Based on the current state of the outbreak, we are continuing to monitor communications from the CDC and various other federal and state organizations to help keep our employees, contacts, and clients informed and safe.  We understand this is a difficult time for many and want to assure you that Mitlin and our staff is here for you and your family.  Please let us know if there is something we can assist you with, whether financial or otherwise, as we are here to serve you.
 
Those of you that are small business owners will want to look into the Payroll Protection Program and see if it something that can assist you.  I would be happy to share my own experiences with you if you have questions.
 
We hope that you and your families stay safe and well.  We would like to also thank all those that have an active role in making sure that we stay safe and healthy during these difficult times.  Your service and dedication are greatly appreciated!  You are the true heroes......
 
 

Update March 27, 2020: Mitlin Financial's Response to Coronavirus (COVID-19)

3.27.20
Coronavirus Alert
 
Mitlin Financial is continuing to monitor the Coronavirus outbreak as new information is being released.
 
We are continuing to take proactive steps to help ensure the safety of our employees and work continuity for our clients.  With that said, we will continue to operate on our continuity plan for the week of March 30, 2020, which will include a work from home policy for all Mitlin staff.  The plan is to make a decision on a week to week basis and let you know as the decision is made. The firm is continuing to work remotely and we have not missed a step. 
 
 This week our phone system went virtual and you will be able to reach all staff members by dialing their extensions on our phone system and emails will be received remotely.  This should ensure that all client questions and inquiries will be answered in a timely manner.  Our intentions are to continue to operate at the same level of service you are used to, but at the same time, we ask that you provide us with a bit more flexibility than normal to respond to your requests.
 
All in-person meetings will be placed on hold for the time being, to maintain the safety of our clients and staff, but we will be sure to make ourselves available by phone and online meetings, using Zoom, during this time.  This has been working very well and we continue to hold meetings in this manner.
 
Based on the current state of the outbreak, we are continuing to monitor communications from the CDC and various other federal and state organizations to help keep our employees, contacts, and clients informed and safe.  We understand this is a difficult time for many and want to assure you that Mitlin and our staff is here for you and your family.  Please let us know if there is something we can assist you with, whether financial or otherwise, as we are here to serve you.
 
Today the Care Act was passed and it heads to the White House to be signed off on.  We expect to discuss this with you in upcoming calls and meetings, as there are aspects of this act that may impact you for 2020.
 
We hope that you and your families stay safe and well.  We would like to also thank all those that have an active role in making sure that we stay safe and healthy during these difficult times.  Your service and dedication is greatly appreciated
 
 

Update: Mitlin Financial's Response to Coronavirus (COVID-19)

3.20.20
Coronavirus Alert
 
Mitlin Financial is continuing to monitor the Coronavirus outbreak as new information is being released.
 
As we mentioned earlier, we are taking proactive steps to help ensure the safety of our employees and work continuity for our clients.  With that said, we will continue to operate on our continuity plan for the week of March 23, 2020, which will include a work from home policy for all Mitlin staff.  The plan is to make a decision on a week to week basis and let you know as the decision is made. This first week went well and we were able to work without missing a beat.
 
The office phones will continue to be forwarded to cell phones and emails will be received remotely.  This should ensure that all client questions and inquiries will be answered in a timely manner.  Our intentions are to continue to operate at the same level of service you are used to, but at the same time, we ask that you provide us with a bit more flexibility than normal to respond to your requests. All in-person meetings will be placed on hold for the time being, to maintain the safety of our clients and staff, but we will be sure to make ourselves available by phone and online meetings, using Zoom, during this time.
 
Based on the current state of the outbreak, we are continuing to monitor communications from the CDC and various other federal and state organizations to help keep our employees, contacts, and clients informed and safe.  We understand this is a difficult time for many and want to assure you that Mitlin and our staff is here for you and your family.  Please let us know if there is something we can assist you with, whether financial or otherwise, as we are here to serve you.
 
We hope that you and your families stay safe and well.  We would like to also thank all those that have an active role in making sure that we stay safe and healthy during these difficult times.  Your service and dedication is greatly appreciated
 
 

When Volatility Strikes, Whats Your Plan?

Planning Photo

Investing is not something you can simply do in a vacuum and the goals of your portfolio should be tied to an overall financial plan. Overall, markets have been on the rise for the last ten years plus, but there certainly have been some hiccups along the way including the most recent effects of the pandemic.

Looking back in history, there are always events, incidents, political unrest, and other things that would make a good case for not investing. In many cases, these events tend to cause short term fluctuations and do not last forever. Depending on where you stand in terms of time horizon, these fluctuations could present an opportunity that may not be seen again or could be a tremendous stress.

Ideally you want to begin your investment process with an overall financial plan. This will provide you with the guidance needed to see if you are on or off track when markets take a change for the worse. Realistically we do not believe our investments will always go up, but at the same time there is a level of concern when they do not. Much of the anxiety we feel when our investments decline is not the loss of the money itself, but the fact of what those funds will buy us. Meaning, will our future goals be impacted by this decline in assets? Will we need to delay or adjust our retirement? This is where the plan comes in handy to provide you with a gauge to see if the market fluctuations could impede our goals.

Making adjustments is something that needs to be addressed with your portfolio on an ongoing basis, as we are all in a constant state of change. Events that take place may require you to make a change to your investments and others may allow you to keep things the same. Evaluating the changes to the markets and their impact on your overall plan is paramount and may be the driver to making adjustments that could lead to your success or failure in reaching your goals.

You must have an open line of communication with your wealth advisor as these events take place. As we have seen over the past ten plus years, many events that have taken place have not had a major impact on the overall success of the market. There have been significant short-term fluctuations at times, for example, the last quarter of 2018, but nothing that has lasted all that long or caused too much concern until the recent pandemic. The economic event we have been currently living through is unique in the fact that it is a health event causing an economic one. Anxiety is at an unusually high level because people are not only concerned about reaching their financial goals, but maintaining their health too.

Hindsight is always 2020, no pun intended. I look back over the years that I have been an advisor and recall several instances where clients were so concerned with short term events that they made rash and costly decisions. It is always wise to heed caution during a volatile incident, but you also want to make sure that it does not force you to do something that will sacrifice your long-term performance.

Flexibility and making adjustments over time are extremely important. You should make sure that your portfolio is an accurate representation of your time horizon, risk tolerance, and financial plan. When you know that this is true, this should help you feel more comfortable when markets adjust. It is those people that have not aligned their portfolio with these factors that may be in for a surprise. In cases like this, it may make sense to make some adjustments more quickly if your comfort level has gone out of range.

Many investors in recent years have made adjustments to the amount of equities they have versus bonds, simply because they have not been able to get the yield they need or expect from the bond market. This is a prime example of making an adjustment based upon market conditions and/or events. Many of these same people will most likely return a greater percentage of their investment assets to bonds when we see interest rates on bonds return to levels we saw in years past.

Developing and maintaining a financial plan and having your investments represent these goals will dictate if and when adjustments should be made to your portfolio. It all starts with having the proper risk, asset allocation in your portfolio, and plan for your future. I would be happy to discuss your situation regarding the asset allocation, risk profile of your portfolio, and overall plan.

Just contact us, Mitlin Financial, at (844) 4-MITLIN x12 to schedule a time for this review. Be sure to share this article with friends, family, and business acquaintances who might be interested too. We look forward to helping you, and them, get on the right path and stay there.

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.