Mayflower Minute

 

CARES Act Aftermath: What Plan Sponsors Need to Do

The CARES Act gave plan participants quick access to funds during the COVID crisis, although only about 6% of participants took advantage of the options offered. However, as a plan sponsor you must understand your own obligations and how to keep your plan in good standing.

In most cases, the Coronavirus Aid, Relief, and Economic Security (CARES) Act did not change administrative procedures; however, it did raise a few compliance questions. With the subtle complexities involved, it is a best practice for plan sponsors to stay in close communication with their trusted administrator and, if necessary, ERISA counsel.

You can read all about the CARES Act in our latest blog post


The DOL Has Begun Retirement Plan Cybersecurity Audits

Attorneys say the requests plan fiduciaries have received ask for a broad amount of information and documentation, and they urge fiduciaries to act on the DOL’s recent guidance.

Attorneys from Morgan, Lewis & Bockius LLP have confirmed that the Department of Labor (DOL) has begun an audit initiative focused on retirement plan cybersecurity practices.

Read the full story in our latest blog post


What's New for Q3?

As the first half of the year phases out, it’s time to focus on measuring and begin strategic planning for your retirement plan. There’s a lot of new items on the agenda this year, from the CARES Act rules for repayment of loans to SEPs, MEPs and PEPs. Plan sponsors may have a lot of their plates.

This quarter, we’re helping you make sense of all of the normal duties as well as the new plan sponsor obligations. Jump right in with our Q3 newsletter!

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Valuable Gifts for Your Favorite Graduate:
Financial Literacy to Financing Education

Graduation commencements are finally happening again after mostly being canceled in 2020. It’s safe to say, we’ve all enjoyed getting back to celebrating these joyful life milestones: As parents, grandparents and other loved ones, we revel in the opportunity to share our best wishes for a bright and prosperous future!

Trying to figure out what to give your favorite graduate? There’s no shortage of gifting suggestions available; and while the much-coveted Grubhub gift card will surely be appreciated, we’ve shared a few impactful, long-term value options to help celebrate your favorite grad!


The Fiduciary Standard:
Who You Trust With Your
Hard-Earned Wealth Matters

Just because someone calls themselves an advisor and maybe even has several official-looking letters following his or her name does not necessarily mean that they are committed to your best interests. This month’s Mayflower Minute explores the roles and obligations of fiduciaries. Thankfully, the SEC has strict rules and regulations governing advisory firms, and Registered Investment Advisors (RIAs)—like Mayflower Advisors—“must, at all times, serve the best interest of its client and not subordinate its client’s interest to its own.”

Managing Partner Larry Glazer noted, “As an independent RIA, we can sit on the same side of the table along with our clients, just like we have for three generations of valued relationships.” Learn more about the fiduciary standard and its impact on wealth stewardship.

ESG, Sustainability & Profit:
You Don’t Have to Sacrifice Principles
for Performance Anymore

Once viewed as a fringe movement, environmental stewardship has seen exponential growth in the past few years. We’ve seen a dramatic shift, with impact investing, purposeful prosperity and related philosophies gaining increasing traction.

There’s no shortage of jargon in the financial industry, but this one has garnered a lot of attention: ESG, investing in companies that are Environmentally friendly, Socially responsible and with Governance accountability. You’ve likely heard the acronym, but we thought that Earth Day (celebrated on April 22nd) offered a timely springboard for a deeper dive on this complex, potentially polarizing and often misunderstood topic.

Learn more about Mayflower’s impact investing solutions—as ESG goes mainstream and purpose and profits intersect.

Women & Investing:
Financial Literacy, Independence & Parity

By 2030, American women will control the majority of wealth in this country, and an unprecedented amount of assets will shift into the “hands of US women over the next three to five years” (McKinsey & Company). This is an especially striking projection considering that it has only been about 160 years since women were even granted the legal right to hold bank accounts or own property in their own names.

In recognition of Women’s History Month and International Women’s Day, we thought this would be a fitting time to explore the history of women from a financial perspective, highlight the importance of literacy and independence and offer some tips on how women can cultivate wealth and achieve their financial goals through every stage of life.

Read more about women and investing.

Keeping It All in the Family:
Fostering Intergenerational Wealth Stewardship

A shocking 60%-70% of family fortunes dissipate by the second generation, with a dismal 90% gone by the third. Beyond the obvious financial implications, other legacies—like family businesses and philanthropic, charitable priorities—are also at risk.

How can this happen and, more importantly, what can you do about it?

The main culprits are lack of planning on behalf of benefactors and lack of preparation for their heirs. Family dynamics can get awkward when it comes to discussing and distributing wealth, causing many to simply avoid these conversations. Learn more about the importance of a proactive and purpose-driven wealth stewardship strategy.

New Year, New Priorities: Financial Resolutions

For some of us, 2020 may seem like the longest year ever and others may feel like it has flown by (or maybe a little bit of both). Normally as the year draws to a close, we reflect on the year that’s passed and start thinking about changes and resolutions. But as we know all too well, this year has been anything but normal.

As we approach what is likely one of the most welcome flips of the calendar, we’ve come up with a list of 10 straightforward tips that can help you as you plan for your financial future in 2021—and beyond.

Read "New Year, New Priorities: Financial Resolutions."

All information contained herein is informational in nature and not intended as individualized financial, legal or tax advice. Wealth management and financial planning decisions are complex and fluid and should be structured around each client’s unique situation and needs. Parties should carefully consider all related benefits, risks and costs and speak to their trusted advisors before making any significant decisions.