Generations of Trusted Advice

NEW Canfield Office!

We look forward to seeing and serving you at our new location.

3736 Boardman Canfield Rd.

Canfield, Ohio 4406

Elsass Financial Group now has 3 CFP® Professionals!

Congratulations Elizabeth Randall-Dodd, CFP®

It is with great excitement that the Elsass Financial Group announces that Elizabeth Randall-Dodd has passed the certification requirements to achieve the designation of CERTIFIED FINANCIAL PLANNER and earn her CFP® certification! This is a great accomplishment for Beth and something she has worked very hard toward. In order to earn the CFP® designation, applicants need to have a Bachelor’s degree and pass six courses in multiple financial planning disciplines, followed by a rigorous and comprehensive day-and-a-half long exam. In addition to satisfying these requirements, she needed 6,000 hours of experience working with another CFP® advisor.

Generations of Trusted Advice

During the last couple of months I have been speaking with clients, friends and family almost non-stop about their financial and personal lives. What is apparent is that we all are dealing with various levels of fear, depression and anxiety and that this unknown future has created a lot of stress for everyone. In a previous email message a few weeks ago, Karl had mentioned how we have been quite taken by the concern for us shown by our clients. Even now, we are constantly asked how we are doing during the COVID-19 pandemic. This caring about our well-being has been very touching and has meant quite a lot to the entire staff.

Of all the things that have happened during the last couple of months, I am most proud of my four kids and how they have handled themselves. I am especially proud of my three daughters who are all seniors and will be graduating this spring. They have each experienced their own feelings of loss of control, fear and sadness but they have battled through while finishing their studies from home, worked hard and have adopted a (mostly) glass half-full attitude. Congratulations to each of you!

I guess this is the message I would like to pass along to all of our clients and friends. In order to succeed and persevere through these times, please try and look for the positive side of things and have that glass half-full attitude. There have been many examples of kindness, helpfulness and creativity and I have found this to be reassuring that we will successfully endure this time. My kids will tell you that nothing irks me more than a “can’t do attitude” and so I am optimistic for my family, friends, clients and fellow citizens that we can do this.

We want you to focus on your families, your friends and your health. I ask you to try not to focus on the fear, but rather, let’s take care of those around us and try to do good things. Let us worry about your financial life, which is why we are here. When you are ready, we want you to call us to discuss and update your financial goals and plans.  I also want to reiterate that we are here for any of your family or friends who also could use our help. This isn’t a sales pitch, it’s what we can do to help.

Please be safe, be sane and look forward to brighter days ahead.

The investment markets have been recovering nicely these past few weeks.  This has, in turn, helped many client accounts start to look better.  This, along with rays of hope in the form of possible positive drug treatment news, and slowing rates of the virus, is welcoming.  However, I would like to temper expectations a little right now.  We are confident we will get through this, and long term, the economy, markets and account values will continue to improve.  However, in the short term we may not be through the worst of it yet.  Just as we encouraged clients to not panic in March, we would encourage clients to not panic if markets take another larger dip over the next few months.  Again please note, we are not saying this will happen, just don’t be alarmed if it does.  We will be here to help you through whatever happens, and the companies we use to manage client portfolios will continue to look for opportunities to add value during these times.

Speaking of “being here for you.”  We also wanted to update you on what EFG will be doing during the month of May.  At this time, we will continue to have most of the office staff working from home.  However, Kevin, Jonee and I will continue to work in our offices, and when possible, we will continue to have phone and virtual meetings.  This is for both our safety and your safety.  However when needed, with recent health questions asked, masks worn, and social distance maintained, we will consider in-person meetings when necessary.  We feel this will be on a case-by-case basis, and initially, it will likely be the exception.  Although we have been pleased at how we have been able to help clients take distributions, make changes, and open accounts virtually, we all are anxious to be able to see our clients face to face again.

As we have said before, we are here for you and for your family.  If you or any one in your family, have questions about investing, retirement planning, or any other financial questions, please give one of our offices a call or send us a note through email.
Thank you for your continued confidence.  Take care and stay healthy.

Karl

We have had a number of clients ask what steps the Elsass Financial Group (EFG) and our brokerage firm, Cambridge Investment Research (CIR), have been taking to be able to continue helping our clients during this pandemic.  In unprecedented times like these, we know how important it is for you to have access to and information about your accounts and the ability to speak with us about them.  EFG and CIR have taken many steps to be able to continue to help and service our clients, and we thought we would share some of the highlights (if you want more details, just ask – we are happy to go into more detail):

Elsass Financial Group

  • We have invested in our technology to be able to work securely from home.  In fact, most of our staff is working from home currently while Karl, Jonee and Kevin continue working from their offices. We are finding that, although we might not want to work from home long term, it is still quite functional.
  • To provide extra precaution for both clients and staff, all meetings are now virtual – either phone or video conference.
  • We are taking part in regular phone calls and virtual meetings with many of the investment managers as well as reading as many research reports as we can to try to learn more about the changing situation and how we can add value for you.
  • We are doing our best to talk to all our clients as often as we can, as well as sending email updates like this when possible.
  • We have updated our existing disaster recovery plans to make sure we have contingencies, for not only if we can’t use the office, but if one of us were to get sick.

Cambridge Investment Research

  • CIR is also working primarily from home. They have approximately 95% of their home office staff working from home, and the service we have experienced has been as strong as ever.
  • CIR has increased headcount in certain areas – such as trading and compliance to be as responsive as possible.
  • They are providing regular updates regarding the company, as well as sending out regulatory and market related news as they develop.
  • Best of all, they keep asking their financial professionals (like us) if we are getting the services we need or if there are additional ways they can be of help.

While these are uncharted waters, we do know everyone at EFG and CIR will continue to do all we can to help you and your families.  If there is anything we can do, questions we can answer or perspective we can share, please call or email us.  We are here for you: now and into the future.

Look for our next email which will talk about “what’s next.”  Have a great day and be safe everyone!

Karl, Kevin, Beth and The EFG Staff

After a few months of hearing the word ‘unprecedented’ used more often than any of us probably care to hear, it is hard to know what to expect next. While none of us really knows, the following are some of our thoughts and suggestions as we go forward:

  • While the investment markets have recovered somewhat from their recent lows, and this is encouraging, we believe the next few months could continue to be volatile.  Don’t get discouraged – this is part of a typical recovery which is usually measured over a time period greater than a few months.
  • Even though the short term looks to be volatile, we believe the economy and investment markets will recover over time.  Trying to time the short term ups and downs in the market is very difficult.  This is why we typically do not suggest changing the allocation / risk level of longer term investments based on short term events.

What are some things you can do?

  • Make sure you have proper short term cash reserves / emergency funds.  Having adequate emergency funds in place, allows one not to be forced to sell investments in times when investment values are lower.  If you have not spent your stimulus check, and have less than adequate emergency funds, consider saving it as a cash reserve.
  • If you have ample emergency funds in place, you may consider adding to investments.  Many managers have viewed this time as a buying opportunity. You may consider funding a Roth IRA, converting IRAs to Roth IRAs, or adding to a non-IRA account.
  • Be vigilant with identity theft and fraud.  Be sure to review your accounts and change passwords periodically.  Please know that the IRS will never email, call or text you – they will only use US Mail.  If you have concerns over a credit card or charges or receive an email about one, or feel the card could have been compromised, call the number on the back of the card.  Do not use a phone number supplied to you in an email or text.
  • Continue to call those who are quarantining alone, those with limited contact, or just some friends you have not talked to in a while.  We have found these communications to be mutually beneficial.

Most importantly, if you have any questions, if you want to hear some perspective or insight from one of our investment managers, or want to review your situation or your retirement planning, please call or email our office.  We are here to help you and your family.  If you have a family member who has questions about their investments or retirement planning, we would be happy to talk with them.

Karl Elsass, CFP®, ChFC® AIF® CLU®, MBA 

Karl Elsass, president of Elsass Financial Group, works to provide his clients with quality financial plans that speak directly to their wants, needs, and goals. Passionate about numbers and finances from an early age, Karl understands that his business is about helping people through tough decisions. Therefore, he instills caring, trust, and compassion into every client interaction.

Kevin Chiu, CFP®, ChFC®, AIF®, MBA 

Kevin Chiu, vice president of Elsass Financial Group, started his financial career in banking, and joined us to provide objective service to his clients. Investing, finance, and achieving clients’ goals are the cornerstones of his practice. Kevin is focused on helping and bringing value to individuals, families, and businesses.

Karl Elsass, CFP®, ChFC® AIF® CLU®, MBA 

Karl Elsass, president of Elsass Financial Group, works to provide his clients with quality financial plans that speak directly to their wants, needs, and goals. Passionate about numbers and finances from an early age, Karl understands that his business is about helping people through tough decisions. Therefore, he instills caring, trust, and compassion into every client interaction.

Kevin Chiu, CFP®, ChFC®, AIF®, MBA 

Kevin Chiu, vice president of Elsass Financial Group, started his financial career in banking, and joined us to provide objective service to his clients. Investing, finance, and achieving clients’ goals are the cornerstones of his practice. Kevin is focused on helping and bringing value to individuals, families, and businesses.

Check the background of these investment individuals at FINRA’s BrokerCheck.