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A Summer Summary of HFA Happenings

Peter K. HooverJuly 19, 2019

HFA News

It’s hard to believe what a difference the last six months have brought us!  As I think back to the end of last year, times certainly have changed.  We had just seen a large stock market decline in the fourth quarter, rising 10-year Treasury bond yields, a Federal Reserve who was suggesting future interest rate increases, a lackluster economic outlook for 2019 and an uncertain world political situation.  Six months later, investors have made money the first half of the year, the Federal Reserve is now suggesting interest rate cuts ahead, the U.S. economy still looks favorable and there is no recession is in sight.

This by any means does not suggest we are on easy street as there are still big factors that will influence Wall Street going forward, such as, trade tariffs, Brexit, corporate profits, world political tension, and presidential issues among others.  Our office has taken some positive investment steps recently by taking profits in client accounts, raising cash needed for those clients who receive a monthly systematic withdrawal or those who still need to withdrawal their RMD before year end.  If you expect to need any monies over the balance of this year, now is a great time to take some profits. Please contact our office if you have any questions.

HFA has also reflected on some of the exciting events we shared so far in 2019. We celebrated our best tax season ever. Countless clients are relying on us to handle their tax returns and other tax-related matters. We prepared more than 360 returns, representing 100-plus increase over last year. The quality of tax work has increased with the addition of top professionals in the industry. One of these new staff members is Nancy Tomlinson, EA (enrolled agent). Nancy, who has 39 years of experience in the tax industry, holds the significant enrolled agent status, which is the highest credential the IRS (Internal Revenue Service) awards. Prior to HFA, Nancy was with Block Advisors in West Chester. She also taught tax courses for H&R Block. She attended St. Joseph College in Emmitsburg, Maryland, as well as Immaculata University. Nancy resides in West Chester.

Our benefits department has continued to grow and thrive in 2019, as well.  We have provided insurance solutions for many of our clients and our 401(k) platform is expanding.  We recently added a new member to the Benefits team, Timothy Catanzano.  Tim joined HFA as a Business Development Officer who will be responsible for retirement plan design, consultation and the distribution of best in class plan sponsor investment fiduciary services. Prior to HFA, Tim worked locally at Vanguard in their Institutional Retirement Plan Sales group. He brings many years of consulting and managing defined contribution retirement plan sales.  We look forward to him helping further develop our benefits department.

The year has brought us a few awards and recognitions, which are great sources of pride to our team. For the third year in a row, HFA was named to the Financial Times 300 Top Registered Investment Advisors. The list recognized top independent RIA (Registered Investment Advisors) firms from 37 firms across the United States. The average FT 300 firms on the 2019 list have been in operation for more than 20 years and manage $4.6 billion in assets. Additionally, HFA was ranked by Advisory HQ as one of the eight Top Best Financial Advisors in Philadelphia. In February, I was selected by Forbes as one of the best wealth advisors in Pennsylvania. As I have stated so many times, these honors are wonderful to receive, but it is still HFA client relationships that are most important to us.

Last year, I was invited to write a monthly financial column to appear in six local newspapers, including West Chester Daily Local News, the Pottstown Mercury, and Delaware County Daily Times. Three other financial professionals also have columns. Mine runs the fourth Sunday of the month on the front page of the Business section. Topics are gleaned from our blogs and other resources. If there is a subject you wish me to pursue and present in the column, please let me hear from you.

I conclude this blog with a summary of its spinoff. Because our blogs have been so popular, we decided to present a monthly video blog, or vlog as they are called. Staff members present short helpful on-air tips and updates on HFA’s website and other platforms. Our first three vlogs, featuring college, the stock market and Social Security, have received positive reviews. This is a work in progress, and we look forward to your comments. Tune in and let us know what you like, (don’t like) and topics to showcase.

I wish you all a wonderful finale to the summer. As always, we are here to provide any help or guidance that you may need.  Please contact us if we can be of any service (610-651-2777).  Enjoy the weather, vacations and relaxing.