Introducing the MFT App for mobile devices
It wasn’t that long ago one would’ve needed to use a stack of printed statements and a financial calculator to determine the return on an investment. And, to find out how the market or an investment had behaved in the past, a trip to the library for historical data (probably on microfiche) was needed.
Today, when curious about these and other things, information can be obtained in mere moments via the web. This is wonderful or awful depending on the circumstances.
On the positive side, a tool such as our client portal at www.moisandfitzgerald.com gives fast access to basic information needed to answer many quick questions. Wonder what your accounts are worth or when a deposit or a withdrawal was made? That information is available on demand. To make getting data even easier, we have released the Moisand Fitzgerald Tamayo mobile app. Many clients will find the app more convenient than logging on through a computer.
The app is available for download from the app stores for both Apple and Android devices. The first time a client logs-in, the app will request answers to security questions but after that, it is very easy to get into your portal. The app is equipped to respond to the fingerprint function on both Apple and Android phones and tablets so using a strong password is even easier.
Once in your portal, you will find much of the same information available to you as when accessed through a computer. It cannot look exactly the same due to the phone’s smaller screen size, but we found it relatively easy to navigate. We are happy to provide the app as an additional convenience for clients.
All that said, we would be remiss if we didn’t mention a negative to such data. Studies show that in the aggregate, people who take frequent peeks at account values and other data have a higher incidence of poor investment results. Checking in frequently often results in the creation of anxiety, false conclusions, and short-term thinking – a dangerous combination. Please try to keep in mind much of the data in your portal is just information, not actionable insight.
Checking in frequently often results in the creation of anxiety, false conclusions, and short-term thinking – a dangerous combination.
New addition to your reports
One of the primary long-term goals of an investment portfolio is to keep up with inflation. Over time, inflation erodes the purchasing power of our income and assets. A loaf of bread costs more today than it did 20 years ago and is likely to cost more in the future.
Because of its importance, we are now including data about inflation on our performance reports, as measured by the Consumer Price Index (CPI). You will see this new line regardless of whether you view your reports online, through the app or on a printed copy.
Inflation is a process of continuously rising prices and the Bureau of Labor Statistics produces many versions of the CPI. We could have used a “seasonally adjusted” measure of inflation but those numbers were nearly identical over longer time frames as the unadjusted version. Since we are long-term investors, we opted instead for an unadjusted version because it reflects the prices consumers truly pay. As the Bureau puts it, this form of CPI measures inflation “… as experienced by consumers in their day-to-day living expenses.”
News & Notes
Charlie hits the road for CFP Board As a board member for the Certified Financial Planner Board of Standards, Inc., Charlie Fitzgerald recently completed a two-city visit with the board’s CEO, Kevin Keller. They provided updates on the recent accomplishments of the board and fielded a wide array of questions. The most recent and significant accomplishment is the board’s release of its new Code of Ethics and Standards of Professional Conduct. Most notable is that starting in October 2019, CFP Board will hold all 82,000 CFP® professionals in the U.S. to a fiduciary standard for financial advice, benefiting all clients.
Dan down under For nine days in late August, Dan Moisand led a delegation of financial planners to Australia on behalf of the Financial Planning Association. The delegation and their guests toured Sydney and Melbourne and had several meetings with Australian financial planners, government officials, educators and other financial planning related parties. This is the fourth international delegation Dan has led. Past trips included Russia (2008) China (2011) and India (2013). A past-national President of FPA, Dan has now spoken to planner organizations on six continents.
Selling a home? Don’t forget portability Since 1992, annual increases in the assessed value of property receiving Homestead Exemption have been capped at 3% or the percentage change in the Consumer Price Index, whichever is lower. This limitation is commonly referred to as the “Save Our Homes” cap. The SOH cap became portable in 2008, which means the dollar value difference between the assessed value and market value of your prior Homestead property, up to $500,000, can be transferred to a new Homestead property anywhere in the state of Florida. Portability enables relocation while retaining the limitation on assessed value. Apply for Portability when applying for Homestead Exemption by using form DR-501T (Transfer of Homestead Assessment Difference). This application is required in addition to the Homestead Exemption application and is due March 1st.
Moisand Fitzgerald Tamayo, LLC is an Orlando, FL and Melbourne, FL based fee-only financial planner serving central Florida and clients across the country. Moisand Fitzgerald Tamayo, LLC specializes in providing objective financial planning, retirement planning, and investment management to help clients build, manage, grow, and protect their assets through all phases of one’s life and the many transitions in between.
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Important Additional Information & Disclosures
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Moisand Fitzgerald Tamayo, LLC-“MFT”), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.
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