Last month was World Elder Abuse Awareness Month, started in 2006 by the International Network for the Prevention of Elder Abuse and the World Health Organization at the United Nations. As the majority of our assets managed at Karel Capital belong to clients 65+, we feel a heightened obligation to raise awareness, as well as contribute to the prevention of elder abuse!
As Investment Advisors, our primary focus is on the management of investments. Our top priority when working with portfolios is preservation of capital. We endeavor to make a return on that money, but that is secondary to maintaining what we already manage. While capital preservation traditionally comes down to avoiding outsized risk and making prudent investment decisions, it also involves keeping your money secure and protected! With more and more of life being uploaded to the digital world daily, encrypted passwords and multi-factor authentication have supplanted wrought steel vaults and armed guards as the pinnacle of security.
We hold ourselves out to clients as their “worry department” – and as such, are attuned to a number of troubling cyber security risks; particularly geared towards those lacking technological savvy. From phishing to targeted scams, there are countless ways for criminals to gain access to data or funds.
Fortunately, Charles Schwab – our primary custodian – recently updated their SchwabSafe® security hub with resources to help you protect yourself or loved ones from such scams! Schwab’s Security Knowledge Center offers a plethora of videos and articles covering important security information, and detailed guides on anti-phishing, avoiding scams, and what to do should you encounter fraud or identity theft. There are more targeted articles within SchwabSafe®, such as Financial Exploitation of Older Adults: Prevention Checklist. Though this checklist is geared towards older adults, it contains valuable knowledge for everyone. A large part of elder abuse prevention comes from the intervention of trusted relatives, such as children, grandchildren, or nieces and nephews, making these even more worthy of a read by young people with older loved ones.
In their section titled “How to do your part” Schwab suggests a few ways to secure your account. Though this section references Schwab specific measures, security alerts and multi-factor authentication are important security measures available at most banks/brokerages.
“Security” is a critical element of money management, in more ways than one. Protecting your account from online threats is vital, but so is protecting your lifestyle! There are income opportunities available in the markets we haven’t seen in 15 years. Securing dependable cash flow will help you maintain your lifestyle through retirement. Give us a call at 509-838-9900 or email me directly at cole@karelcapital.com to discuss how these cash flow opportunities could fit in your portfolio.
-Cole Thompson
Portfolio Associate
