COVID-19 Regulations: New York

A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under your life insurance policy or annuity contract if you can demonstrate financial hardship as a result of the novel coronavirus (“COVID‑19”) pandemic. These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the Department’s website at https://www.dfs.ny.gov/consumers/coronavirus for updates. A copy of the Executive Order and regulations can be found at https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency and https://www.dfs.ny.gov/system/files/documents/2020/03/re_consolidated_amend_pt_405_27a_27c_new_216_text.pdf, respectively. Insurance Payments - Grace Period If you can demonstrate financial hardship as a result of the COVID-19 pandemic, your insurer must extend to 90 days the applicable grace period for the payment of premiums and fees under your life insurance policy or annuity contract. If you do not make a timely premium…

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More Irrational Exuberance? Has unchecked optimism inflated asset values?

“Irrational exuberance.” That phrase – uttered by Federal Reserve Chairman Alan Greenspan in 1996 and reputedly coined by economist Robert Shiller – has become part of the investment lexicon. Now and then, bears reference it – especially when the market turns red-hot. Late last year, many Wall Street investment strategists thought the S&P 500 would advance about 5.8% in 2014. They were wrong. As 2014 ends, the broad benchmark is poised for another double-digit annual gain. Asked to explain the difference, bearish market analysts might point to irrational exuberance.1 Irrational exuberance – the run-up of asset values due to runaway enthusiasm about an asset class – reared its head catastrophically in 2000 (the tech bubble) and in 2007 (the housing bubble). In the first edition of his book of the very same title (2000), Shiller warned investors that stocks were overvalued. In the second edition of Irrational Exuberance (2005), he cautioned…

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What can a music teacher offer the financial planning profession?

In another life time I taught music appreciation classes. My narrative was simple. Understand the aesthetic qualities of music- Melody-Rhythm-Dynamics-Form and Texture, and you will better appreciate the art. Aesthetics is a branch of philosophy dealing with the nature of art, beauty, and taste, with the creation and appreciation of beauty. Improving music listening skills requires that the listener becomes more aware of the aesthetic building blocks of music.  A few questions for financial advisors to consider. Can financial planning be thought of and communicated in terms of aesthetic qualities? Can using an aesthetic approach to financial planning enable clients to more easily see their problems? Is there a benefit to creating more interactive and "playful" financial conversations? The book I studied in graduate school, Teaching General Music, was written by Thomas Regelski, might give us some clues. Participation in music should have the same qualities as play: 1- It must engage the attention immediately. 2- Many of the rewards…

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ideas to develop

- tell me about your best day as a financial advisor - I have been asked  from a practical sense what it would look like to connect a plan to your personal values- tell rabbi"s issue where he needed to make a decision to sell a rental property and fund the proceeds with an annuity or keep it. I asked him If he like being a landlord. He said no. - The days of trial and error to master your discovery process are long gone.

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