State of Your Practice - February 2020
Happy New Year, an anniversary and updates for you...
Last year marked the 33rd year since I left the corporate world to use skills honed while working in corporate finance to help individuals and families succeed in achieving their financial goals. While I look forward to many more years to come, I am thankful for this extraordinary and fruitful journey. I know Brophy Wealth Management, LLC will be with you long into your future. I want to thank all of you who helped grow our business with your willingness to refer our services to others. I’m also immensely proud of our team of professionals that make up this wealth management firm. I will be continuing to have James Brophy, CFP, CRPC, CLU and Luke Trotochaud, CRPC , and CFP candidate , in meetings and communications with clients so that clients and the entire wealth management team better understand the strategies I have recommended and how and when to best use them. 
Technology Upgrades

We are looking to make several upgrades to the technology we use. Our main goal is to simplify how you can interact with our office. These changes include an overhaul of our Website, Social Media, and Client Account Viewer.
 
We are in the process of simplifying our website to make it easier for you to find account logins, read relevant financial articles, and have access to financial calculators, etc. We are targeting a release of this new website in the first Quarter. We will also be sharing business and financial articles and videos on LinkedIn and Facebook. We will be sending an email when the new website and social media pages are live and look forward to connecting with you.
Custodian Changes

TD Ameritrade announced at the end of last year that they would be bought and merged into Charles Schwab. Luke Trotochaud and I just finished attending TD Ameritrade’s conference at the end of January.  We attended sessions that specifically discussed this merger and were told that this is not expected to start until the 4th quarter of this year and then it is not expected to finish until 12-24 months after that. We are using this time to research and determine if allowing your accounts to move to Charles Schwab is best , or if using a competitor, like Fidelity, Assetmark Trust, or Pershing would be better. We will keep you posted as we continue our in-depth research on this topic.
SECURE Act

On December 23 rd , 2019 a new law was signed called the SECURE Act. While it was not signed with much fanfare, it does have significant implications for many of our clients. It includes changes for 529 college saving plans, Retired Minimum Distribution start dates, Inherited IRA, using trusts as beneficiaries, and more. I've included a link to an article that explains many of the changes in an approachable way. We will make the changes in this law a focus of our meetings throughout this year. Please reach out to us if you have any questions or concerns.
 
If you have any questions, please feel free to reach out to me, or your
wealth management team
Stephen Brophy
Senior Wealth Manager
CFP®, CPA, PFS, MSFP, CLU®, ChFC®, AAMS®, CASL®, CRPC®, AWMA®, CRPS®, CMFC®
Brophy Wealth Management, LLC is a Registered Investment Advisor. 
Certain representatives of Brophy Wealth Management, LLC are also Registered Representatives offering securities through APW Capital, Inc., Member FINRA/SIPC.
100 Enterprise Drive, Suite 504, Rockaway, NJ 07866 (800)637-3211.

Brophy Wealth Management, LLC is independent of APW Capital, Inc.

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