There is no doubt about it. Identity theft issues seem to be on the same trajectory as the COVID pandemic. In a typical month, SWP usually has one or two clients who alert us about some identity breach they have personally experienced. However, in the last two months, we have received one or two alerts per week from clients, which has definitely caught our attention.
One of the newer frauds being reported is when an imposter files for state unemployment benefits using your name and other personal information even though you have never applied for these benefits. In fact, in Illinois, the Illinois Department of Employment Security (IDES) estimates it has received over 200,000 false unemployment claims since March. Many of our clients learn about this breach when debit cards arrive by mail claiming to be preloaded with benefit money. Alternatively, they receive a letter from IDES about the acceptance or rejection of an unemployment filing.
Every state has procedures to report someone using your identity to collect unemployment benefits. In Illinois, we advise that you immediately report any such fraud to IDES at 800-814-0513 (option #1 for Claimant and then option #5 for identity theft) and do not use the debit cards or dispose of them. In Wisconsin, you can report this type of fraud to the DWD here or call the Fraud Hotline at 800-909-9472. We have developed a full set of action steps to follow in the event you are the victim of this form of identity theft, so please feel free to contact us so we can share this information.
Just like wearing a mask or washing your hands can help protect you from the virus, there are steps you can take to make it harder for you to be a victim of identity theft. Use strong and unique passwords, freeze your credit at all three credit agencies, and regularly request copies of your credit report to ensure all reported activity is legitimate.
We also want to share one new important step that we encourage all clients to consider, even if you have never been a victim of identity theft. Please contact your insurance agent for your homeowner’s policy and ask what identity theft protection you have included in your policy and if you can add a “cybersecurity rider” to your existing policy. While policy benefits are different with each insurance carrier, we hope that this new rider will entitle you to more benefits and provide you with more resources should you experience a breach.
There are many parallels between COVID and identity theft right now. Both seem to be growing exponentially and both can be mitigated by taking certain precautions. As we develop additional actions that you can take to reduce your risk of identity theft, we will be sure to let you know.
SWP continues to post important information on how to reduce your risk of identity theft on our website. See the below links to past articles about this topic.
People often ask me, “is now the right time to get into the market?” If I had a crystal ball that told me when to buy and when to sell, I probably would not be writing this piece! With the highest inflation numbers since the 1980s, concerns about an economy potentially in recession, and the most prolonged downturn in stocks since the Great Financial Crisis, there is no question that investors have been challenged this year.
The good news is that there are always opportunities for long-term investors with the right plan.
Whether you are an experienced investor, have recently come into cash, or are new to the financial markets, below I discuss some things to consider when asking if now is the right time to invest.
This week has been another extremely turbulent one in the stock market. While it is never comforting to see large, red numbers, volatility can be even more uncomfortable for recent retirees or those considering retirement. A colleague of mine recently told me that he has seen more of his clients retire in the last two years than in his first ten years of working at SWP. This got me thinking a lot about the notion of retirement. Retirement is a huge life event and adding volatile markets can compound the feeling of uncertainty. In this article, I will share some of the concepts we have been discussing with our clients.
Strategic Wealth Partners is proud to be listed in the Milwaukee Business Journal’s Investment Management Firms ranking. The list is ranked by firm assets under management from December 31, 2021.
“We are so pleased to be included in this list of the largest investment advisors in the Milwaukee area. We first entered the Milwaukee market in 2018 because we saw tremendous potential to combine forces with some outstanding professionals,” says Principal and Co-Founder Neal Price. “Kathy Klein, Joe Thompson, and the entire Milwaukee team are best-in-class. We are excited to expand our presence and become the go-to firm for comprehensive wealth management services in the Milwaukee area.”
“Our success comes from a solid and loyal client base who believes in our personalized solutions. Our work on behalf of our clients is far-reaching, but it all comes down to our unique process that is client focused, manages complexity, delivers simplicity, and guides our clients to their goals,” states Wealth Advisor Kathy Klein.
Strategic Wealth Partners is an independently managed wealth management firm that has been partnering with clients since 2008 in Deerfield, IL, and since 2018 in Milwaukee, WI. For more information on services, please visit www.stratwealth.com.
