It seems hard to believe that another year has passed.  2021 was certainly another challenging year with the extension of the pandemic, changes in Washington and a tumultuous stock market.

Our Financial Planning team was busy answering questions and calming nerves.  With the start of a new administration in Washington DC, there were many proposed changes to Estate Planning and tax implications.  In a rush to get certain tax situations “grandfathered-in”, many clients scrambled to change or open their Estate Plans.  As with many proposals, this ended up being a non-event with the proposed changes being pushed back to 2026.  It is a cautionary tale, reinforcing our belief that a proactive approach is always best.  Allow the time for your financial team to offer guidance – which is KEY to an all-encompassing thorough plan.  Take this new year as a time to step back and re-evaluate the financial strategies you have established.  Revisit any legacy planning, gifting strategies and charity donations through the course of the year – not in an unnecessary frantic rush.

Our tax and accounting team prepared over 30 PPP (2nd round) loan applications, securing over $5 million in much needed small business funds.  Additionally, they helped our clients apply for PPP (1st round) loan forgiveness.  All PPP1 loans were forgiven, helping our clients receive more than $5.5 million in government stimulus money.  They have also begun the process of applying for PPP2 loan forgiveness, as well as preparing supporting documents for use of Provider Relief Funds phase 1 & 2. They additionally set up eligible partnership & S-Corp entities for the NY pass-through entity tax (PTET) which allows owners of eligible entities to deduct a larger portion of their NYS income taxes paid against their federal income.

Our investment team spoke with many clients, reassuring them to avoid emotional responses to the marketʼs volatility.  Even with tumultuous market fluctuations, remaining calm and keeping emotion out of financial decisions is always in your best interest.  They provided investors a Second Opinion Service to reevaluate portfolios and make any necessary adjustments.

We recently upgraded all of our computer workstations, keeping up-to-date on current technology.  More importantly, we continually evaluate and upgrade our security systems to protect against malware attacks, minimize downtime and improve our clients’ data security.

We also expanded our Family Office capabilities – providing a truly seamless Wealth Management all-encompassing experience.

This year clearly presented its own challenges, but we worked together to help all of our clients – by offering advice, listening to concerns, repositioning strategies and doing the work.  And you – our client- has played a central role.  Now more than ever, we continue to see the real value of communication – not just within WealthEdge®, but mostly importantly with YOU.

Thank YOU for being part of the team.  Here’s to another exciting new year.