There are some new rules in Maine around Workers Compensation Insurance and Independent Contractors. The Maine Workers Compensation Board has issued a newsletter with some important information.
Independent contractors are workers who perform services for remuneration under a verbal or written contract, but who are not under the essential control or superintendence of another person, both under the person’s contract of service and in fact. The worker must also meet specific criteria.
In order for a person to be an independent contractor they must meet the test in §102(13-A) of the Workers’ Compensation Act. An independent contractor is not required to have workers’ compensation insurance; however an independent contractor is required to have workers’ compensation insurance for any employees hired by the independent contractor.
Allen Insurance and Financial is hosting two summer interns in 2019. Both are graduates of Camden Hills Regional High School and attend colleges in Maine.
Jack Gallagher of Camden is a graduate of Thomas College in Waterville and will be working in both the insurance and financial divisions at Allen Insurance and Financial before returning to Thomas this fall to study for his MBA.
Daulton Wickenden of Rockport, who will be a fall 2019 graduate of Husson University, is focused more exclusively in the company’s personal insurance division.
“These internships will provide a complete immersion into the nature of our work at Allen Insurance and Financial,” said company president Mike Pierce. “Jack and Daulton will have the opportunity to put their academic experience to work to complete a variety of business assignments. We look forward to working with them this summer.”
Anna Moorman of Allen Insurance and Financial has received the Silver Award for Medicare Sales for her work with Anthem in 2018. Moorman placed eighth out of 181 brokers for top sales and seventh for Medicare Supplement Sales in the State of Maine.
Moorman has been with Allen Insurance and Financial for more than six years and is one of two agents at the company who specialize in the complex market of Medicare insurance. She works with a number of insurance carriers to give customers a range of choices to suit their needs.
The Anthem award was announced in Portland on May 1. This is the fourth consecutive year that Moorman has received an award from Anthem for Medicare sales.
“Our goal is to provide dedicated, one-on-one attention to our Medicare customers, assessing each person’s needs and finding options that will align with their budget and healthcare goals,” said Michael Pierce, company president. “I know Anna enjoys helping clients navigate the Medicare maze and as this award indicates her clients appreciate the way she simplifies the process.”
Nikki Castellano has joined Allen Insurance and Financial as an assistant in the company’s benefits division.
A native of Pleasant Valley, N.Y. and graduate of Newbury College in Boston, Castellano’s work supports the Allen Insurance benefits division staff at their Chestnut Street location in Camden.
Castellano lives in Camden with her husband and their two sons. Outside of work, she is active in her community, currently serving as the marketing and fundraising coordinator for Megunticook Rowing, a Camden organization in which her sons are active. An interior designer in Boston, London and San Francisco for 12 years, Castellano is also a crafter/artist with a focus on use of recycled items.
We are pleased to announce that Jane Harford has obtained a license to sell property and casualty insurance in the state of Maine.
Jane is a member of the support staff at the agency’s Camden office. A resident of Belfast, she joined the company in 2018.
The state-issued study guide for insurance licensing is 400+ pages. The state exams are comprised of 150 questions drawn from a pool of 2,400 questions on a complete range of subject areas, including business and personal insurance, workers’ compensation, maritime insurance and Maine insurance law.
Several years ago there was a lot in
the news about a fiduciary rule that was going to change how advisors worked;
the imposition of a fiduciary standard of behavior meant that advisors would
have to make decisions and recommendations for their clients in their clients’
best interests, and not their own.
Otherwise, advisors could charge
commissions and earn fees on investments and other financial products that were
perhaps questionably in their client’s best interests, but were definitely in
the advisor’s best interests.
essentially making decisions based on the best interests of someone beside
yourself. While this isn’t a foreign concept to most people, it is not
necessarily human nature. After all, survival instincts naturally tend toward
self-preservation, not altruism. However, as advisors, we are in the unique
position of helping others with decisions that require not only objectivity to
understand available options, but professionalism and expertise to advise and
recommend the best course of action for a particular individual’s
though the fiduciary rule was not ultimately enacted as part of the regulatory
scheme for financial advisors, some of us have always made it our practice to
only make recommendations in our clients’ best interests. It is easier to do
that when your income is not based on commissions from sales. Fee only planners
are compensated solely by the client with neither the advisor nor
any related party receiving compensation that is contingent on the purchase or
sale of a financial product. Fees are usually paid through the investment
management of one or more portfolios based on a percentage of their value, or
in some cases for consulting work done on an hourly basis.
A question to ask yourself
if you have a financial advisor would be are they acting in a fiduciary
capacity for you?
There are many ways to be well. Most people consider wellness to include physical health and well-being. Some would also consider emotional, financial and spiritual wellness as worthy of their attention, and devote time and resources to addressing issues to promote those types of wellness.
For many investors, this approach
aligns with their desire to support business that are “doing good” in the world
either in terms of what social or environmental issues they are addressing, and
perhaps in terms of how they govern themselves and treat the employees within
In recent years, greater emphasis has
been placed on the intersection of financial wellness and emotional or spiritual
wellness. The world of investing has
begun to focus attention on ways in which capital can be invested to support
businesses that are promoting social or environmental welfare, and/or govern
themselves in a way that promotes diversity and inclusion of those historically
marginalized in corporate leadership, either by virtue of gender, race or other
What has come to be known as Socially
Responsible Investing (SRI) or Environmental Social Governance investing (ESG)
involves using criteria like environmental, social, governance and employment
practices to choose what investments will be held in a portfolio. According to Commonwealth Financial Network’s website:
Sometimes referred to as environmental, social, and corporate
governance (ESG) investing, Socially Responsible (SRI) is a
broad-based strategy in which corporate
responsibilityand societal concerns are factored into investment decisions. In short, an SRI
strategy seeks to maximize both
financial return and social good.
that deal in tobacco,
gambling, fossil fuels, weapons, or involve child labor, employee
discrimination, or lack board diversity are the kinds that get attention in
SRI/ESG screening. Mutual funds will screen out companies that don’t measure up
in those areas.
This has broad appeal for many
investors, but for some time there have been concerns that one could sacrifice
market performance for social benefit. For example, removing fossil fuel stock
from a portfolio could exclude some of the top performing companies during
certain market periods. That is a difficult choice to make. Over time, the
index that measures the performance of mutual funds that screen for SRI
companies has shown that the gap has narrowed significantly between the general
mutual and exchange-traded fund world and SRI-screened funds.
According to a US News and World
Reports June 7, 2018 blog post entitled Socially
Responsible Investing Delivers:
Research and performance history imply that
socially responsible investors receive superior absolute returns and
risk-adjusted performance, while also addressing sustainability concerns.
Dollars invested in sustainable and socially responsible strategies provide
companies with better ESG metrics easier access to capital, which reduces the
cost of equity and supports higher stock prices.
So when you’re thinking about your own
wellness, consider whether a more socially responsible approach to investing
makes sense for you. Would knowing that your investments were supporting
companies working to improve the environment, or address social causes, or
include women and minorities in executive leadership add value to your
experience as an investor? As with all investment choices, you should consult
with your financial advisors before making any changes to your portfolio or
responsible investing involves the exclusion of certain securities for
nonfinancial reasons. This may result in the investor forgoing some market
opportunities that may have been available to those not subject to such
criteria. There is no guarantee that any investment goal will be met.
Allen Financial of Camden advisors and wealth managers Abraham Dugal and Sarah Ruef-Lindquist, JD, CTFA, were the featured speakers for United Midcoast Charities at Allen’s offices in Camden in early February. They spoke about issues surrounding how to grow endowments through planned giving, when donors seek to provide long-term support through gifts that can be more complex than cash or marketable securities.
Participant groups at the presentation included Trekkers, Wayfinder Schools, Watershed School, Waldo CAP, Belfast Soup Kitchen, Speaking Place, Pen Bay YMCA, Ripple Initiative, Rockland District Nursing Association, Ecology Learning Center, Knox County Homeless Coalition, Window Dressers, AIO, Big Brothers Big Sisters, and Coastal Children’s Museum.
Dugal and Ruef-Lindquist spoke about the policy foundations and recognition practices they view as necessary to have fiscally-sound and successful planned giving programs. Their backgrounds – hers as an attorney, financial and philanthropic advisor, trust officer – his as an investment manager – and both as board members contribute to their unique perspectives as advisors and fiduciaries and how they approach potential gifts through clients’ estate and financial planning.
Given the unprecedented intergenerational transfer of wealth taking place in the United States, and the projections for gifts to non-profit organizations during the next 30 to 40 years in the trillions of dollars, organizations are well-served to pay greater attention to this area of resource development to build their long-term financial sustainability.
The Financial Advisors of Allen and Insurance Financial are Registered Representatives and Investment Adviser Representatives with/and offer securities and advisory services through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Allen Insurance and Financial, 31 Chestnut Street, Camden, ME 04843. 207-236-8376.
We have had a report of a customer receiving a robocall from (207) 596-2038, identifying as from “Allen Agency” and offering a free health exam. We would like to let you know that we are not making any such calls.