Updated: Jan 11
We hope you were able to kick off July by enjoying time with family and friends.
While you have been working hard toward your goals, traveling, and enjoying the sunshine during the summer season, we have been keeping up with the latest tax reform news, TD Ameritrade updates, continuing education events, and much more.
Be sure to let us know what topics you are interested in reading about in our newsletters. We welcome ALL feedback!
Ohio Small Business Deduction
Ohio Small Business Deduction: Decision Reached
We found out today that the Ohio Small Business Deduction will remain for the first $250,000 of income, but now lawyers and lobbyists are excluded from taking the deduction.
The Ohio House had originally passed a budget that would have reduced the deduction to $100,000, but after more than two weeks of negotiations, the $250,000 deduction will remain, with small business income taxed at 3% after that.
Click here to read more.
High Interest Savings Accounts
Ally Online Savings Account Interest Update
After a period of interest rate increases, there has been a slight downswing due to market conditions. Ally Bank has recently announced that Online Savings Accounts rates have moved from 2.20% to 2.10% Annual Percentage Yield (APY) on all balance tiers. With this change, for every $1,000 in an Online Savings Account balance, one dollar less will be earned over the course of a year.
However, according to the FDIC Weekly National Rates and Rate Caps – Weekly Update, as of the week of July 15th, 2019 the national rate for Savings accounts is 0.10%. This means that Ally Bank’s interest rate for Online Savings Accounts is 21x that of the national average.
Alternative High Interest Savings Accounts
There are many other institutions outside of Ally Bank that offer High Interest Savings Accounts. Check out our research below:
This is a good option for Non-U.S. citizens or permanent residents, as the requirements are that the account owner be at least 18 years old, have a physical address in the U.S., and be a resident alien with a social security card or valid tax ID.
No minimum opening deposits and no monthly fees.
No minimum opening deposits and no monthly fees.
NorthAvenue Client Portal "App"
Bookmark the NorthAvenue Client Portal on iPhone or Android Device
Did you know that you can create a bookmark "app" of the NorthAvenue Client Portal on your iPhone or Android Device? The bookmark will appear as an app on your home screen for easy access.
TD Ameritrade Update
TD Ameritrade Letter & Account Profile Information Update Form
In order for TD Ameritrade Institutional to be compliant with the Patriot Act, they are required to review any accounts open for four years or more to confirm that all account owner information is up to date. To do this, TD Ameritrade is sending out letters to account holders requesting that the account holder verify their personal information related to the account. This information will include the TD Ameritrade account number, the account holder’s home address, mailing address, employment status, employer information, annual income, and approximate net worth.
Additionally, when new accounts are opened at TD Ameritrade, it is now part of TD Ameritrade’s mailed welcome packet to include this letter and form to again verify all information. However, if all information is up to date and correct, please disregard the letter and form.
We recognize that this is a large amount of personal information to share with a custodian that already has the account owner’s information on file. Please know that client privacy and security is a top priority of ours. We ask that if you receive a letter from TD Ameritrade requesting that you verify your information and there are items to update, please upload it to your NorthAvenue Client Portal Vault and notify us. We are more than happy to review the information with you, fill in any necessary updates, and submit it to TD Ameritrade securely for processing.
Monthly NAPFA Meeting Focus: Disability Insurance
Chandler attended the monthly study group of our local chapter of the National Association of Personal Financial Advisors (NAPFA) presentation on disability insurance options, which reviewed the benefits of private and group employer disability coverage, as well as several pointers on how to determine which insurance company is best given a particular client’s situation and health history.
30% of people age 35 to 65 will suffer a disability for at least 90 days, and 51% of claims last longer than 5 years. Given the statistical probability of a disability event within a clients’ lifetime, we place a priority on discussing appropriate disability coverage options with our clients. Your Personal Disability Quotient (PDQ) is a calculation of your chance of income loss due to injury or illness. You can calculate your own PDQ here.
First Annual Compliance Manual Meeting
We had our first annual Compliance Meeting on July 2nd! We are thrilled to be actively working on Compliance as it ensures that we have best practices in place to operate in conformity with federal and state laws to conduct our business in the highest ethical and professional manner. Acting in our clients’ best interest at all times is our top priority.
NorthAvenue Recommended Summer Reading
Our team is full of avid readers! Whether it is diving into a mystery, whisking away into a romance, discovering self-improvement tools, or searching for an adventure, we are always game to read a new book. Below is a list of our office favorites!
Kristen - The Woman in Cabin 10 by Ruth Ware
Chandler - Americanah by Chimamanda Ngozi Adichie
TJ - Kon Tiki by Thor Heyerdahl
Kendyl - Girl Stop Apologizing by Rachel Hollis
Anne - Book Thief by Markus Zusak
Interested in utilizing your local public library and enjoy ebooks and audiobooks? There is a new app called Libby, by Overdrive that allows you to use your local library card to instantly browse your local library’s collection and borrow books. Can’t find a book through your local library or interested in browsing a larger selection? Sign up for library cards at libraries throughout the state. Libby, by Overdrive allows you to sign into multiple libraries and search their collections. Libby, by Overdrive is able to be downloaded on the App Store, Google Play, and Microsoft. We have no affiliation with Libby, by Overdrive. However, we are always interested in supporting local libraries that tax dollars pay for. Happy Reading!
The National Association of Women Business Owners Columbus and the Women’s Small Business Accelerator partnered with Brady Ware & Company to present the annual Women’s Leadership Conference on Friday, June 28th.
Kristen and Chandler attended the conference and came back to the office inspired and ready to take on our goal to become a recognized leader in Fee-Only Financial Planning in Columbus, Ohio.
The conference brought together professionals on the entrepreneur and intrapreneur – individual within large organizations that use entrepreneurial skills to advance business within their organization - career tracks. During the event Kristen and Chandler attended Power Panels on leadership, breakout sessions, a keynote speech, and networking.
Coffee with a Cause: Hunger in Columbus
Last Friday Chandler attended Coffee with a Cause: Hunger in Columbus, hosted by the Columbus Young Professionals Club. Coffee with a Cause is an educational event series that focuses on community impact and awareness.
At “Hunger in Columbus”, Brad Draper (Vice President of Agency and Program Services at the Mid-Ohio Foodbank), Judith Mobley (President & CEO of Children’s Hunger Alliance), and Nick Stanich (Executive Director at Franklinton Gardens) discussed the many issues behind hunger in our community, the barriers to reaching those in need, funding hurdles, and volunteer opportunities.
WISE: Women of Inspiration Summit & Expo
Kristen attended the very first Women of Inspiration Summit & Expo (WISE) hosted by the Columbus Young Professionals Club on June 19th. WISE welcomed women and organizations as they came together to network and share their experiences. The theme of the event was “Finding Your Inner Strength (Through Storytelling)”. Everyone was able to connect and grow while sharing stories of failure and success through inspiration chats, panel discussions, networking, and breakout chats.
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