There is a New Sheriff in Town….

…and it’s name is the Consumer Financial Protection Bureau (CFPB). The CFPB is a new government agency created by the 2010 Dodd-Frank Wall Street Reform Bill. It is this new agency which brought to light the Wells Fargo cross-selling fiasco where Wells Fargo has acknowledged opening over 2 million unwanted accounts for their clients in order to meet sales targets. Unfortunately, the scandal is not limited to Wells Fargo. Citigroup, Bank of America, J.P. Morgan Chase and others are also being investigated by the CFPB for cross-selling abuses.

What does this mean for you? First, we want to reassure you that we have taken a fiduciary oath to you, our clients. What this means is that we have affirmed that we will always put the interests of our clients ahead of our own. This has been a founding principal of our firm and we will continue to abide by it.

Second, it is in your best interest to know that most financial firms do not operate as your fiduciary. Instead, they promise to make sure that any product that they sell to you is “suitable”. This is a very different (and we think predatory) approach that puts the firm’s interests ahead of the client’s.

Third, you should investigate to see if you have been affected by the Wells Fargo, or some other, cross-selling scheme. The best way to do this is to get a copy of your credit report and review it for accounts that you do not recognize. Your credit report is available to you free once per year. The Federal Trade Commission (FTC) recommends using www.annualcreditreport.com to obtain your free credit report. If you want us to help you obtain and review your credit report, let us know.

In order to keep up to date, we are constantly reviewing the new financial products that are hitting the marketplace. Unfortunately, the large majority of these products are not in your best interest. We are here to help you to succeed in your financial life. If you ever want to run something by us, please give us a call.

Even with the United Kingdom deciding the leave the European Union and all of the U.S. election turmoil, markets behaved well in the 3rd quarter and are trading near all-time highs. Our accounts were likewise rewarded by their investments. Looking forward in the short-term, we expect continued market gyrations due to the U.S. election. But in the long-term, we expect the U.S. economy to continue to improve with wage growth paving the way for continued market gains.

We always have, and always will, do business the best way that we know how, by putting your interests ahead of our own.

Very truly yours,

Michael F. Cantlon

Thomas E. Guyett

Robert T. Gephart