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Michael Pierce Attends Financial Advisor Conference

Michael Pierce

Michael Pierce, president of Allen Insurance and Financial, joined a select group of financial advisors invited to participate in Commonwealth Financial Network®’s President’s Club, June 18–23, 2013, at the Montage Deer Valley in Park City, Utah. Qualification is based on a ranking of annual production among Commonwealth’s network of financial advisors.

Throughout the conference, a variety of business meetings and sponsor presentations allowed attendees to gain key insights and recommendations from industry leaders. Significant time was also dedicated to networking sessions. Overall, emphasis was placed on financial advisors’ ability to provide the highest level of service and value to their client base.

“Attending this conference was extremely beneficial to my continued learning” said Pierce. “Through the formal sessions and networking opportunities that were offered, I gained knowledge that will help me manage my firm and better serve my clients.”

About Allen Insurance and Financial
Allen Insurance and Financial provides individuals and organizations with financial guidance. Located at 31 Chestnut St. in Camden, Maine, the advisors of Allen Insurance and Financial pride themselves on crafting unique strategies for each client. For more information, please visit www.allenfg.com. Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA, SIPC, a Registered Investment Adviser. Fixed insurance products and services and employee benefit services offered by Allen Insurance and Financial are separate and unrelated to Commonwealth.

About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, is the nation’s largest privately held independent broker/dealer–RIA, with headquarters in Waltham, Massachusetts, and San Diego, California. J.D. Power and Associates ranks Commonwealth ‘Highest in Independent Advisor Satisfaction among Financial Investment Firms, Three Times in a Row.’ The firm supports more than 1,450 independent advisors nationwide in serving their clients as registered representatives, investment adviser representatives, and registered investment advisers, as well as through hybrid service models. For more information, please visit www.commonwealth.com.

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Wyatt Lafreniere is Our Summer Intern

Wyatt LafreniereWyatt Lafreniere of Lincolnville is Allen Insurance and Financial’s 2013 summer intern.

Lafreniere, a 2012 graduate of Camden Hills Regional High School, is double majoring in finance and resource economics at the University of Massachusetts’ Isenberg School of Management in Amherst, Mass.

“My goal for my internship here at Allen Financial is to learn more about the business world — to just get a feel for how a business works and what I might be doing after I graduate. It is nice to see how what I am being taught in classes is applied in the real world with actual problems,” said Lafreniere.

Allen Insurance and Financial’s summer internship program allows a local high school graduate the opportunity to learn about each of the company’s insurance and financial planning departments. Lafreniere’s desk is based in the personal insurance department, where he is working with Account Executives Cale Pickford and Jennifer Coffin.

In the fall, Lafreniere plans to play club ultimate Frisbee and club soccer.

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Weekly Market Summary

 

While many agree that Treasury yields present a decent opportunity at current levels, there’s no lack of volatility in the market. After bouncing as high as 2.64 percent last Monday, yields on the 10-year Treasury fell as low as 2.45 percent late in the week. The 10-year begins what could be a slower holiday week slightly above 2.50 percent.

Read our Weekly Market Summary.

NEW: Brad McMillan, vice president, chief investment officer of the Commonwealth Financial Network, talks with Maria Considine King, vice president of practice management, about the Fed’s announcement of a reduction in stimulus. Brad also offers updates on China and Europe, as well as his thoughts on what to look for in the financial markets going forward. Click for the video.

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ACA Update: Guidance on 90-Day Waiting Period

For plan years beginning on or after Jan. 1, 2014, the Affordable Care Act (ACA) prohibits group health plans and group health insurance issuers from applying any waiting period that exceeds 90 days.

ACA’s 90-day waiting period limit does not require an employer to offer coverage to any particular employee or class of employees, including part-time employees. It only prevents an otherwise eligible employee (or dependent) from having to wait more than 90 days before coverage under a group health plan becomes effective.

Read our full update.

Allen Insurance and Financial’s Insured Benefits Division is available to answer your questions about the Affordable Care Act and what it means for you.

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Recognition from Safeco for Excellent Performance

Safeco President's Award, June 2013
 Stephanie Davis of Safeco Insurance and Tom Nanof of Peerless Insurance, visited Allen Insurance and Financial’s Camden office recently to congratulate the company on being named a President’s Award winner and  member of the Safeco Premier Partner program. With them, at left, is Allen Insurance and Financial Executive Vice President Michael Dufour. 

Allen Insurance and Financial has earned two top honors from Safeco Insurance® — the distinguished President’s Award and membership in the Premier Partner program.
Approximately 200 agencies that sell Safeco Insurance in the United States earn the President’s Award each year, which celebrates their success with Safeco. The Premier Partner distinction recognizes excellent performance as well, providing agencies with access to special programs designed to help grow their business while maintaining high standards of service for customers.
“President’s Award and Premier Partner agencies are among the best independent insurance agencies that sell Safeco,” said Matt Nickerson, president of Safeco Insurance. “These awards celebrate the hard work, dedication and success of Allen Insurance and Financial as a loyal Safeco partner who works with us to be there when customers need us most.”

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Weekly Market Summary

The yield on the 10-year Treasury was as high as 2.63 percent early Monday morning. This move seems to be in reaction to last Wednesday’s Federal Open Market Committee (FOMC) meeting, during which Chairman Bernanke gave us more clarity on the Fed’s exit plan. Read more now in our Weekly Market Summary.

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5 Steps to Maximizing Your IRA

When it comes to planning for retirement, the more you save today, the better prepared you’ll be tomorrow. That’s why we are sharing five easy steps to take right now that could make all the difference in reaching your goals.

  1. Maximize your annual IRA contributions. For 2013, the maximum amount you can contribute to a Traditional IRA or a Roth IRA is $5,500. Individuals ages 50 and older can make an additional catch-up contribution of $1,000—for a total contribution of $6,500.
  2. Invest on a regular basis. Making regular monthly contributions to a brokerage account or a 401(k) can add up over time. A $250 monthly contribution could potentially grow to $127,6011 after 20 years, assuming an average annual rate of return of 7 percent.
  3. Set up automatic investments. Establishing a periodic investment plan1 is easy to do and helps put your retirement savings on autopilot. Set up direct deposit to put a portion of your paycheck into your IRA.
  4. Consolidate IRAs. If you have multiple IRAs at several financial institutions, consider transferring them into a single account. You’ll have a more complete look at your financial picture, and it will be easier to manage those assets. You’ll also reduce the number of statements and tax forms you receive, and potentially reduce fees.
  5. Roll over 401(k) accounts from former employers. If you’ve changed jobs or plan to retire, why leave your 401(k) plan behind? Although there may be good reasons for keeping an old 401(k) plan intact, moving it to a Rollover IRA has its advantages. For one, you’ll have better control over the management of those assets and more flexibility to access those dollars.

1 Periodic investment plans and dollar cost averaging do not assure a profit or protect against losses in declining markets. Such plans involve continuous investment regardless of market conditions. Markets will fluctuate, and clients must consider their ability to continue investing during periods of low price levels. The above hypothetical example illustrates the potential value of regular monthly investments and assumes an average annual rate of return of 7 percent. The end value doesn’t reflect taxes or fees. Earnings and pretax contributions from Traditional IRAs are subject to taxes when withdrawn. IRA distributions taken before age 59½ may also be subject to a 10-percent penalty. Earnings distributed from Roth IRAs are free from income tax, provided certain requirements are met.

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Weekly Market Summary

Little movement is expected in the Treasury market to start off the week, as investors wait for notes from the Federal Open Market Committee (FOMC) meeting this Tuesday and Wednesday. The 10-year Treasury stood at 2.12 percent early Monday morning.

Given volatility in the markets and a slowing economy, many expect Federal Reserve Chairman Ben Bernanke to confirm a continued commitment to quantitative easing. Read more now .

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