From the Desk of CEO Scott Sarber July 7, 2020
2020 is shaping up to be a very interesting year. Everything was fine until we found ourselves in a global pandemic. Then, everything changed very quickly. During the last week of February and first weeks of March, we were busy coming up with solutions for our team to work remotely. We had experimented with remote working before, and we knew it could be accomplished, but we did not know we would have to flip the switch as quickly as we did. Our team had uninterrupted ability to continue to manage portfolios by rebalancing the accounts and capture tax losses for non-IRA type of accounts. If your financial situation changes, please reach out to your advisor so we can help you plan for what’s next.
In times of crisis, there is an increased need. As a result of this need, a number of clients referred friends, family, and co-workers to Petersen Hastings so they could get help with their financial planning and investments. As a result of referrals and the technology to work remotely, we began new relationships with people we have actually never met face to face. The quick adoption of video conferencing coupled with the document sharing capability we already had, helped get some individuals on track to their goals and solve some of their financial issues. Although we would prefer face to face meetings, video conferencing is the next best thing. If there is somebody you care about that can use our help, please do not wait for phase 2 or 3 or for our office to reopen. Contact your advisor and arrange an introduction, so they can get the help they deserve and need.
TD Ameritrade/Charles Schwab Merger
The Department of Justice (DOJ) has approved the merger of the two companies, and the shareholders have also voted in favor of the merger. We have been in communication with both companies and there are still a lot of unknowns. The deal is supposed to close in the fourth quarter of this year, at which time it will enter a transition period over the next 12-18 months. We will continue to monitor the activity, and keep you informed about the merger as details grow.
Walla Walla Expansion
Yes, we started an office in Walla Walla! We are renting space in the Drumheller Building, and it will be staffed full time by John Keyes, a Walla Walla native, who has investment advisory experience with Fidelity and Baker Boyer Bank. Check our website for more details.
Cameron Ridgeway started with us on July 1st as an Associate Advisor. He is a recent graduate of Eastern Washington University, and has been a summer intern for us the last couple of years.
We know the cancelation of our annual shred day was a big disappointment for some, but with COVID-19, we just could not pull it off with CI Shred. We hope that cases of the virus start declining, and we can enter a phase that allows the event to occur. In the meantime, keep those old documents safely stored, and we will be able to shred them for you hopefully before year-end.