Moving Past the COVID Chaos: Tips for Your Insurance, Finances, and Business - July 7, 2020

July 07, 2020
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News. Insights. Analysis. Inspiration.

Today's Key Question:

An article below from Wealth Advisor reports the results of a survey of CPAs who do financial planning with their clients. They indicate that most of their clients employ long-term strategies, and so are making only minor changes to their portfolios due to the pandemic.

I assume this includes their life insurance.

Is this the case with you? Or do you need a change in strategy?

 

 "OPEN: New Paramus Chipotle Designed With Social Distancing In Mind"

From Daily Voice:

* The new Route 17 store opened Tuesday, features a "Chipotlane" -- a drive-thru pickup lane where customers can retrieve their digital orders without leaving their cars.

 

 "A spike in known COVID-19 cases doesn’t warrant another shutdown"

From Orange County Register:

* The virus is also a lot less deadly than previously thought. According to revised CDC estimates, the coronavirus mortality rate is 0.4 percent—which is considerably less than the 3.4 percent death rate that was initially reported by the World Health Organization. Again, as testing increases, the mortality rate decreases. The virus is taking its toll on those over the age of 65, particularly those in institutional settings, accounting for 80 percent of California Covid-19 fatalities. If you’re under the age of 35 years old in California and contract the virus, the likelihood of death is less than one out of a thousand—a risk that shouldn’t spark hysteria.

 

"In These Factories, Inspector Robot Will Check Your Work"

From Wired:

* “Over the last four months, since the coronavirus, we've had to reevaluate how we are going to service and deploy our machines worldwide,” says Neal Harkrider, chief operating officer at P2i.

To spot problems, P2i is using technology from a company called Instrumental. Cameras dotted around P2i’s nano-coating machines examine smartphones after they’ve been treated, and an algorithm sounds an alert if the process appears to have gone awry.

 

 "Amid uncertainty, financial planning clients stick with long-term plans"

From Wealth Advisor:

* With financial plans built for the long term, major adjustments shouldn’t be necessary, said Paula McMillan, CPA/PFS, CGMA, a member of the AICPA Personal Financial Specialist Credential Committee. “Advisers who know their clients well and had already been doing the appropriate level of planning have been able to focus on identifying strategic opportunities” rather than significant changes, she said. “After all, part of the reason we plan is because you do not want to be trying to fix the airplane as you are flying through the air.” 

Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here