Tips on Shopping for a Financial Advisor

Published in the Pawtucket Times on February 8, 2021

As a result of living in times of economic uncertainty resulting from the ongoing COVID-19 pandemic, retirees are worried about how they can protect their hard-earned egg nest from the volatility of the stock market.  It is even now more important to be working with a financial planner who is watching your back and not putting their interest first.   

Just days ago, the Washington, DC-based AARP launched “AARP Interview an Advisor™,” free resource to help investors to assist investors in evaluating a financial advisor. This new financial tool enables older investors to better assess and understand the credentials of financial advisors and how they are compensated. SEC’s ‘Best Interest Fails to Put the Interests of the Investor First AARP says this online resource was created in response to a Securities and Exchange Commission’s (SEC) 2019 ruling that stopped a long-standing federal regulation requiring financial advisors to put their clients’ interest above their own. 

AARP and other critics of the Final Rule say that it fell short of defining exactly what that term means operationally. “The regulation explicitly states that it does not mean that financial advisors provide a fiduciary standard of care. Despite its name, ‘Regulation Best Interest’ does not require that financial advisors put their client’s interest above their own financial interests,” charges AARP.  The nation’s largest aging advocacy group warns that warns that sound financial advice from Fiduciaries won’t happen without a Code of Standard that requires the best interest of the client. AARP Interview an Advisor™ guides users through process of researching potential advisors and provides them with this valuable evaluation tools to help them evaluate their financial planner.     

Last year, AARP conducted a national survey to gauge investors’ awareness and views of the SEC’s Regulation Best Interest ruling and also their understanding of the fees and expenses they pay for investment products and financial advice.  

The survey findings, detailed in the recently released 27-page report, Should Financial Advisors Put Your Interests First, indicated a need to raise the awareness of the SEC’s new regulation and its impact on investing.  It also became very clear to the study’s researchers that investors require more assistance in vetting current and/or future financial advisors to ensure that their financial advisor puts their interests first and more education is needed requiring investment fees and expenses. 

AARP’s survey of 1,577 adults ages 25 and older who have money saved in retirement savings accounts and/or other investment accounts, conducted by NORC at the University of Chicago on behalf of AARP between Aug. 22, 2019 and Aug. 26, 2019 (prior to the COVID-19 pandemic), found more than 80 percent of American investors were not aware of the SEC ruling.  Upon learning about this regulatory change, four-in-five investors (83 percent) opposed the change. According to AARP’s survey findings, nearly 70 percent of investors have at least two investment accounts.

Among those having multiple accounts, 74 percent do not use the same financial institution to manage all of their accounts. The median amount that investors currently have in savings and investments ranges between $50,000 and $99,999. Additionally, 90 percent of investors either somewhat (52 percent) or completely (38 percent) trust the financial institutions or advisors who manage their investment accounts.  

Despite 68 percent of investors believing that they are somewhat (54 percent) or very (14 percent) knowledgeable about their investments, 41 percent mistakenly believe that they don’t pay any fees or expenses for their investment accounts. 

 Can You Trust Your Financial Planner? 

Yet the survey findings note that 58 percent of investors think financial advisors would choose to increase their earnings by selling their clients higher cost investment products even if similar lower cost products are available. “With millions of American families concerned about the financial uncertainty caused by the pandemic, it is crucial for them to be equipped with the best resources and information when selecting a financial advisor,” said Jean Setzfand, AARP Senior Vice President of Programming, in a Feb. 4, 2020 statement announcing the release of the new Financial Planning tool. “The new SEC regulation states that advisors must act in their client’s ‘best interest,’ but falls short of defining exactly what that term means,” she said. “

AARP Interview an Advisor™” is an online resource that provides guidance and a checklist for investors on how to assess the services and standards of financial advisors. Investors are invited to fill out a short survey that evaluates the potential advisor and compares them on a three-point scale. It also provides investors with advice on how to effectively communicate with a prospective advisor, assess their credentials and better understand how advisors are compensated.The COVID-19 pandemic has put many seniors off track in reaching their financial goal of building a big enough egg-nest to provide financial security in their later years.  Now its even more important for you to have a top-notch financial planner who has your back.

To view AARP’s Survey of retail investors about advisor-client relationships and fees, go to https://www.aarp.org/content/dam/aarp/research/surveys_statistics/econ/2019/retail-investor-survey-report.doi.10.26419-2Fres.00342.001.pdf.

Never forgetting will help us keep the promise of “never again.”

Published in RINewsToday.com on February 1, 2021

During a Pro-Trump rally, as thousands of rioters swarmed the US Capitol on Jan. 6, Robert Keith Packer, sporting an unkempt beard, came wearing a black hoodie sweatshirt emblazoned with the phrase “Camp Auschwitz,” in white letters, the name of the most infamous of the many Nazi concentration camps where 1.1 million people were murdered during World War II.  Under a skull and bones at the bottom of his shirt was the phrase, “Work brings Freedom,” a loose translation of the phrase “Arbeit macht frei” that was inscribed above the main entrance gate at Auschwitz and other concentration camps’ gates. 

Packer’s image, 56, a former welder and pipefitter, was circulated widely on social media and by newspapers, evoking shock and disbelief.

Packer, a resident of Newport News, Virginia, was not the only anti-Semitic rioter that day, according to a report released by the Miller Center for Community Protection and Resilience at Rutgers University-New Brunswick and the Network Contagion Research Institute. The report identified at least half a dozen neo-Nazi or white supremacist groups involved in the failed Capitol Insurrection who had also attended President Trump’s “Save America” rally speech. 

In recent years, anti-Semitic incidents have become more common in the Ocean State.

In 2017, the Providence Journal reported that the New England chapter of the Anti-Defamation League recorded 13 incidents of anti-Semitism in Rhode Island. Nazi swastikas were painted on a Providence building, at Broad Rock Middle School in North Kingstown, and even at a Pawtucket synagogue.

Anti-Semitism is Nothing New

But, anti-Semitism, exhibited at the “Save America” rally, has been in our country since its founding, and in fact, has been around western societies for centuries.  Over three years ago, torch marchers, some wearing Nazi-style helmets, carrying clubs, sticks and round makeshift shields emblazoned with swastikas and other Fascist symbols, and others entered the one-block square in downtown Charlottesville, Virginia, to protect a controversial Confederate monument, chanting “Jews will not replace us” and “Blood and Soil” (a Nazi rallying cry).  

The Anti-Defamation League’s (ADL) 2014 Global Index of Anti-Semitism documented world-wide anti-Semitism. The survey found that more than 1 billion people – nearly one in eight – around the world harbor anti-Semitic attitudes. Carried out by First International Resources and commissioned by the ADL, this landmark survey included 53,100 adults in 102 countries representing 88 percent of the world’s adult population.

Over 30 percent of those surveyed said it was ‘probably true’ that Jews have too much control over financial markets, that Jews think they are better than other people, that Jews are disloyal to their country, and that people hate Jews because of the way that Jews behave. 

Most troubling, the ADL study found a large gap between seniors who know and lived through the horrendous events of World War II, and younger adults who, some 75 years after the Holocaust, are more likely to have heard of or learned that six million Jews were exterminated by the Nazis’ “Final Solution.” Nearly half of those surveyed claim to have never heard of the Holocaust and only a third believe historical accounts are accurate.

Gearing Up to Fight Antisemitism

On Jan. 14, the American Jewish Congress (AJC), a global Jewish advocacy organization, briefed the FBI on the continuing threats of anti-Semitism to the nation. 

“Antisemitism fundamentally is not only a Jewish problem; it is a societal one. It is a reflection on the declining health of our society,” Holly Huffnagle, AJC’s U.S. Director for Combating Antisemitism, told the FBI officials on a video conference briefing. “Education is essential, to clarify what constitutes antisemitism, the various sources of this hatred, and what effective tools are available for law enforcement to fight antisemitism,” she said.

The presentation of AJC’s second annual report on antisemitism in the U.S. took place in the wake of the January 6 assault on Capitol Hill, where anti-Semitic images and threats were openly conveyed by some of the rioters.

AJC’s 2020 report, based on parallel surveys of the American Jewish and general populations, revealed that 88 percent of Jews considered antisemitism a problem today in the U.S., 37 percent had personally been victims of antisemitism over the past five years and 31 percent had taken measures to conceal their Jewishness in public.

In the first-ever survey of the general U.S. population on antisemitism, AJC found a stunning lack of awareness of antisemitism. Nearly half of all Americans said they had either never heard the term “antisemitism” (21 percent) or are familiar with the word but not sure what it means (25 percent).

The AJC experts praised the FBI for its annual Hate Crimes Statistics report, which provides vital data on antisemitism. The latest report found 60.2 percent of religious bias hate crimes targeted Jews in 2019. But the report historically has not provided a full picture of the extent of hate crimes, since reporting by local law enforcement agencies is not mandatory.

To improve the monitoring and reporting of hate crimes, AJC continues to advocate for passage of the Jabara-Heyer National Opposition to Hate, Assaults, and Threats to Equality (NO HATE) Act. This measure will incentivize state and local law enforcement authorities to improve hate crime reporting by making grants available and managed through the Department of Justice.

In addition, AJC is asking the FBI to use the International Holocaust Remembrance Alliance (IHRA) Working Definition of Antisemitism as an educational tool. The definition offers a clear and comprehensive description of antisemitism in its various forms, including hatred and discrimination against Jews, and Holocaust denial. 

FBI officials in the Bureau’s Civil Rights Unit, Intelligence Division, and Community Outreach Program, among others, participated in the AJC briefing.

Keeping the memory alive about the Holocaust is key to fighting antisemitism, says Andy Hollinger, Director of Communications, for the United States Holocaust Memorial Museum (USHMM). “”We are seeing a disturbing trend in the rise of antisemitism and the open display of neo-Nazi symbols, most recently at the attack on the U.S. Capitol. This is a long-time problem requiring a long-time solution. We must remember. Education is key. We must learn from this history-learn about the dangers of unchecked hatred and antisemitism. And we must not be silent,” he says.

Adds Bill Benson, who has interviewed Holocaust Survivors before live audiences at the USHMM’s First Person program for more than 2 decades, observes that the majority of those visiting the museum are not Jewish and many of have little familiarity with the Holocaust, and as a result of their visit are profoundly affected by their experience. “The USHMM provides an extraordinary avenue for educating the general public about the Holocaust and anti-Semitism for those millions who visit it, but it is essential that many millions more learn the truth about anti-Semitism and that must done through our educational systems,” he notes.

“The USHMM does an incredible job of educating and assisting teachers who want to teach about the Holocaust, but far too many school systems do not teach about the Holocaust, without which the gulf in knowledge and awareness may only grow as we lose those first-hand knowledge of the Holocaust,” says Benson.

A 2009 report, “Jewish Survivors of the Holocaust Residing in the United States Estimates & Projections: 2010 – 2030,” prepared by the Berman Institute-North American Jewish Data Bank, for the Conference on Jewish Material Claims Against Germany, estimated that 36,800 Holocaust survivors would still be living by 2025. As the number of survivors who witnessed the horrors of Genocide and the Holocaust during World War II continues to dwindle, a growing number of states, including Alabama, Florida, Georgia, Illinois, New Jersey, Ohio, and Texas, and have established Commissions to keep this knowledge alive to millennials, GenZ and  younger generations through educational programming and raise awareness through public education and community events to provide appropriate memorialization of the Holocaust on a regular basis throughout the state.

If the Rhode Island General Assembly legislates the establishment of a Rhode Island Genocide and Holocaust Education Commission, its motto might just be, “Never forgetting” will help us keep the promise of “Never Again.”

Study Takes Look at Decision Making in Getting a COVID-19 Vaccine

Published in the Pawtucket Times on January 25, 2021

Last month, the first shipment of COVID-19 vaccines came to Rhode Island. With limited stockpiles, debate in the state is heating up as to who gets priority in getting vaccinated. While many Rhode Islanders are waiting for the opportunity to be vaccinated, it has been reported that others, including health care workers, are declining to be inoculated. They turned down the chance to get the COVID-19 vaccine because of their concerns it may not be safe or effective.  Now research studies are being reported as how to increase a person’s likelihood to be vaccinated.

Last week, the COVID-19 Vaccine Education and Equity Project Survey, a group whose mission is to increase public dialogue on vaccine education, released survey findings that ranked preferred locations to receive COVID-19 vaccines, as well as leading information sources that would influence a person’s decision to get vaccinated. 

The CARAVAN survey was conducted live on December 18-20, 2020 by ENGINE INSIGHTS, among a sample of 1,002 adults over the age of 18 who had previously volunteered to participate in online surveys and polls. The data was weighted to reflect the demographic composition of the population. 

The researchers found that nearly two-thirds of the public (63 percent) say they will “definitely” or “probably” get vaccinated against COVID-19. The numbers of those indicating they would “definitely” or “probably” get vaccinated varied widely by race. While 67 percent of white respondents indicated they would get a vaccine, the numbers fell to 58 percent among Hispanic respondents and only 42 percent among Black respondents. 

Influencing a Person’s Decision to Get a COVID-19 Vaccine 

This study, commissioned by the Washington, DC-based Alliance for Aging Research, one of the three nonprofit organizations leading the project, found the majority (51 percent) of respondents ranked their healthcare provider or pharmacist as one of the sources most likely to influence their decision to get a COVID-19 vaccine. Almost two-thirds (64 percent) of respondents said they would prefer to receive a COVID-19 vaccine in their healthcare provider’s office. 

After healthcare providers and pharmacists, when asked to provide the top two additional sources of information about COVID-19 vaccines that would most influence their decision to get vaccinated, 32 percent of respondents cited nationally recognized health experts, and 30 percent named family and friends. However, older respondents were increasingly more likely (75 percent ages 65 and older) to trust their healthcare provider or pharmacist, followed by 43 percent (ages 65 and older) trusting nationally recognized health experts. 

“While we’re encouraged to see the majority of respondents planning to get vaccinated, we need to continue to educate about the safety of receiving COVID-19 vaccines from various healthcare professionals, including pharmacists in drug stores, supermarkets, and vaccine clinics,” said Susan Peschin, President and CEO of the Alliance for Aging Research, in a Jan. 14 statement released announcing the study’s findings.  “It is critical to our pursuit of health equity that all Americans have confidence in and access to COVID-19 vaccines,” she said. 

Overall, the researchers say that survey responses provided important information about the factors influencing the likelihood to get vaccinated and where respondents prefer to receive COVID-19 vaccinations. As to the likelihood to be vaccinated, the study’s findings reveal that about a quarter (24 percent) of respondents said they would “probably not” or “definitely not” get a vaccine, with Black respondents more likely to say they would not receive the vaccine (25 percent), compared to Hispanic (15 percent) and white (13 percent) respondents. Respondents that said they will “probably not” get a vaccine also tend to be younger (13 percent ages 18-34, 14 percent ages 35-44). 

Identifying Preferred Locations to be Vaccinated 

Researchers looked into what is the preferred location to be vaccinated. The survey asked respondents to select one or multiple locations where they would prefer to receive a COVID-19 vaccine. The majority (64 percent) of respondents indicated they would prefer COVID-19 vaccination in their healthcare provider’s office, while 29 percent prefer a pharmacy, 20 percent a drive-thru vaccine clinic, and only 13 percent would like to receive the vaccine at a grocery store pharmacy. 

Researchers found a generational split among these options (health care providers office, pharmacy, drive-thru clinic and grocery store-based pharmacy). When asked about their top two considerations, older respondents were much more likely (72 percent ages 65 and older) to cite preference for receiving COVID-19 vaccines in their healthcare provider’s office, compared to over half (56 percent) of respondents ages 18-34.

More than a third (36 percent) of those ages 18-34 prefer to be vaccinated at a pharmacy. In evaluating location preferences, nearly two-thirds (61 percent) of respondents said they would prefer to get vaccinated from a healthcare provider they know. This percentage was higher when looking at respondents over the age of 65 (74 percent). Additional factors driving the location where respondents would like to receive the vaccine included the ability to get the vaccine quickly or not have to wait in line (45 percent) and a location close to home (41 percent), the study found. 

Debunking Some Myths and Misconceptions 

RIDOH has compiled a listing of frequency asked questions about COVID-19.  Here is a sampling: Some believe that vaccines are ineffective due to the vaccine’s fast track development, fearing corners have been cut during the clinical trials. The Rhode Island Department of Health (RIDOH) stresses that “the vaccines are 95% effective in preventing symptomatic laboratory-confirmed COVID-19 and in preventing severe disease.” 

It’s been reported that some people may choose to not get vaccinated because that believe that the vaccine contain a microchip.  That’s not true, says RIDOH. “There is no vaccine microchip, and the vaccine will not track people or gather personal information into a database. This myth started after comments made by Bill Gates from the Bill & Melinda Gates Foundation about a digital certificate of vaccine records. The technology he was referencing is not a microchip, has not been implemented in any manner, and is not tied to the development, testing, or distribution of COVID-19 vaccines,” says RIDOH.  

Others express concerns that MRNA vaccines can alter your DNA.  “The COVID-19 vaccines currently available, which are messenger RNA (mRNA) vaccines, will not alter your DNA. Messenger RNA vaccines work by instructing cells in the body how to make a protein that triggers an immune response, according to the Centers for Disease Control and Prevention. Messenger RNA injected into your body does not enter the cell nucleus where DNA is located and will not interact with or do anything to the DNA of your cells. Human cells break down and get rid of the messenger RNA soon after they have finished using the instructions,” states RIDOH.  

A vaccine will not give you COVID-19.  RIDOH says: “None of the COVID-19 vaccines currently in development or in use in the US contain the live virus that causes COVID-19. The goal for each of the vaccines is to teach our immune system how to recognize and fight the virus that causes COVID-19. Sometimes this process can cause symptoms, such as fever. These symptoms are normal and are a sign that the body is building immunity. It typically takes a few weeks for the body to build immunity after vaccination. That means it’s possible a person could be infected with the virus that causes COVID-19 just before or just after vaccination and get sick, but this is not because they got the vaccine. This is because the vaccine has not had enough time to provide protection.” 

For more resources on the impact of COVID-19 vaccination uptake in protecting individuals, families and communities, and for details on how organizations can partner with the COVID-19 Vaccine Education and Equity Project, visit https://covidvaccineproject.org. Want to know more about COVID-19 Vaccinations?  Go to https://health.ri.gov/publications/frequentlyaskedquestions/COVID19-Vaccine.pdf.