BPC Advisors

06/04/2020

BPC Advisors - Safety Measures

As the economy and businesses begin to open their doors again, we want you to know we are committed to the safety and well-being of our clients. As part of Phase 2 in New York, we are now allowed to hold in-person meetings as financial advisors. While we are able to meet in-person, New York State is still recommending the use of phone calls, emails, or video conferencing when possible. We are committed to following the NYS guidelines for Phase 2 reopening. (Summary Guidelines. Detailed Guidelines.) Below is a list of office procedures we are implementing to help minimize the health risk and keep our environment as safe as possible.

Masks: We will be wearing masks for all meetings to lower the risk of passing on any known risks. We will have disposable masks in our office for our clients to wear.

Hand Sanitizer: We will also have hand sanitizer available for any scheduled in-person meetings.

Conference Room Cleaning: In addition to the daily cleaning completed by our office building, we will clean touchable surfaces before and after any meeting.

Social Distancing: We are in the process of reconfiguring our conference room to allow for six feet of distance between us and those we are meeting with.

This process is all new and we appreciate your patience as we adjust to this new reality. If you have any questions or other ideas for us to consider, please do not hesitate to let us know.

Thank you and please stay safe.

03/25/2020

It is important to stay calm in times of market uncertainty. In a quick 5-minute post, we share an easy to understand summary of what is causing the large swings in the markets.

During this time of uncertainty, we will continue to provide our thoughts, guidance, and insights surrounding the markets and your personal financial success. Below are two topics we find extremely relevant to the current markets and how we should (or should not) react. Please don't hesitate to sc...

03/24/2020

Providing a framework and context around the recent market volatility is extremely important. Please check out our monthly newsletter as we live through the COVID-19 pandemic.

In light of events this past week, we wanted to contact you during this tumultuous time.  First, BPC Advisors is set up as a cloud-based business that has the capability to work and hold meetings from anywhere.  Please be confident that we will be here to answer questions and update financial plan...

07/02/2018

A new report on the health of the Social Security program arrived this month. Learn how it affects you in our recent article!

On June 5th, the Board of Trustees that oversee Social Security benefits released their annual report. As in previous years, the report continues to show a negative trajectory of the current system. How Does The Social Security System Work for Retirees?In general, US workers and employers pay into t...

06/28/2018

A gem of a summer read. Factfulness by Hans Rosling.

Recently, I finished reading the book Factfulness by Hans Rosling. I found this book on Bill Gates summer reading list after he called it "one of the best books I've ever read". In a cheerful and understandable voice, Rosling depicts how the world is indeed becoming a better place, despite news that...

06/28/2018

Don't leave extra cash on the table! Check out our recent article on what rising interest rates mean to your savings.

Most of the last decade, interest rates on savings accounts and Certificates of Deposit (CDs) have been virtually 0%. This was a shock initially in 2009, but now it feels like the norm. In the past few years, there have been 7 small but steady increases in the Fed Funds Rate, which has a strong conn...

04/17/2018

3 Winning Traits for Professionals

Recently, both Doug and I learned of two medical experiences that involved getting a second professional opinion. The families are just fine now (so there is no need to worry) but it was very enlightening and we felt a strong correlation to the financial advisory industry. Below are three key components which helped immensely.

Technical Expertise
In one instance, seeking an alternative diagnosis from another physician provided a completely new understanding of the situation. During the initial hospital stay, the first doctor group was not able to accurately diagnose the condition and instead took the best "suitable" approach. In contrast, the second doctor group had experience with this very specific condition. With that experience, a prompt and complete diagnosis was given, potentially eliminating a week or more of hospital stays and thousands of dollars in unneeded medical costs.

Communication
In the other situation, the family received a medical opinion, but the communication was unclear regarding their loved one's prognosis. This confusion caused the family to worry and seek a second opinion which yielded the same clinical diagnosis. However, it was paired with a clear and concise delivery and additional context that alleviated their concern.

Timeliness
In both situations, the families experienced a significant time delay between medical testing and the physician communicating the results. For the acute medical situations, getting results quickly and effectively was extremely important to them.

Similar to medicine, technical expertise, communication skills, and timeliness are all crucial skills for your financial advisor. At BPC, we strive to be the number one provider in each of these three areas. It may sound cliché, but our overarching goal is to treat our clients the same way we would want our family treated.

04/10/2018

Are Your Online Passwords Secure?

How are you keeping track of your passwords for all of your online accounts? Let me guess: sticky notes, a special password notebook in your home office, or the same password for all accounts. Am I close?

If you haven’t used a password manager to store secure passwords, here is a look at how they work.

Password Manager Concept:

- Remember one very hard password to log into your password manager account.
- After logging into your password manager, all other passwords are stored and pre-populated whenever you visit a website.
- Each online account has a unique random string of characters as a password so that if one account is compromised, all your other passwords are still secure.

Personally, I am a big fan of LastPass. The amount of time I have saved not having to track down written passwords or reset forgotten passwords is immeasurable.

So for all you sticky note users, there is certainly a better way for you to manage your online passwords and to make your online life more secure. Give it a shot.

04/05/2018

Time vs. Money - Finding a Balance

The concept of time vs. money has come up several times recently in client meetings and continues to ensnare my thoughts. I was also reminded of this while watching the 2011 movie In Time. Yes, the acting may not be Oscar worthy, but the concept of directly substituting time as a currency instead of money is fascinating.

After further reflection, I see the following cycle:

Step 1: Use time to earn money
Step 2: Use money to create time
Step 3: Repeat

Initially, money is the more important factor since we require it to provide shelter, food, clothing, etc. Once money is great enough, time becomes the driving factor. If you are reading this, you are an excellent saver and certainly in Step 2.

So what does this all mean?

First, plan so that all money needs are in-place for your long-term goals. Then, don't be afraid to use money as a tool to save time (or to create moments - see below). Feel free to go on that family vacation you have been talking about for years or hire an accountant instead of doing your own taxes.

Personally, I try to think what the octogenarian version of myself would want when faced with a time vs. money decision.