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Frisch Financial: Let's Talk About Credit Card Fraud

Today, most people are aware that credit card fraud is a serious concern and that if you are the victim of a scam you can expect countless headaches and many sleepless nights. With the added security offered by the EMV-chip-enabled credit and debit cards, most consumers are sleeping easier. But don’t stop your vigilance now, because, as has happened before, just as soon as the banks upped their technology, so did the scammers.

Carbon Copying

In the past, before the influx of computer technology, scammers would collect discarded carbon copies of transactions, and “mine” the numbers. The “miners” would net between $4 and $12 per number as they sold it to their buyer. Today, it is a very rare occasion to see a credit card carbon, and most consumers are aware of the need to shred any copies generated. So, where have the perpetrators of fraud gone now? Most frauds today occur when the holder of the card, and the card itself are not present or through consumer naivete.

Card and Owner Not Physically Present

  1. Fraudsters will install malware on your computer without your knowledge, generally through an email hack. The malware is designed to collect passwords and financial institution account numbers.
  2. Wait staff swiping cards for legitimate transaction and then swiping a second time into a skimmer which records credit card numbers for “mining” purposes.
  3. Unattended credit card readers; ATM’s, gas pumps, and parking meters, are vulnerable to the installation of remote skimmers which are used to “mine” credit card numbers in large volumes.
  4. Fraudsters will sometimes create fake emergencies to draw cashiers away from their posts. They will then install a remote skimmer that is removed later, after having “mined” credit card information.
  5. Free Wi-Fi sounds good, but can be an avenue for installation of malware or “mining” of bank institution information.

Consumer Naivete

Fraud perpetrators are learning that one of the easiest ways to collect card numbers and security codes is by playing on the emotions of the consumer. Many people are not as vigilant if they trust the caller, are scared, or are excited.

  1. Particularly attractive to those in debt, scammers call the consumer offering to reduce credit card rates. As the call progresses, the offer is made to reduce outstanding debt for a small upfront fee. The FTC has become aware of this practice and it is now against the law to charge an upfront fee.
  2. The Jury Duty Scam feeds on your fear. The caller, representing themselves as an officer of the court, indicates that you have missed jury duty and a warrant has been issued for your arrest. When you respond that you did not receive a notice, the scammer will indicate a need to verify some information to clear you of charges. Feeling fearful, many people share their personal information (birth date, Social Security Numbers), to clear their name. A variation of this scam is the caller indicating that since you have missed jury duty, you owe a fine which you may pay over the phone by providing your credit card information.
  3. The Fraud Department Security Scam is probably the most insidious scam out there and the one most likely to net results. The beauty of this scam, is that the caller provides the consumer with almost all their private information as they verify your identity, the key word here is “almost,” the scammer needs one small piece of information, the security code from your card. The call goes something like this; I’m calling from the Security and Fraud Department of Master Card and your card has been flagged for an unusual purchase. Did you purchase a medical devise from a firm in New York for $487.99. When you answer “No,” the caller indicates that a credit will be issued to your account and goes on to verify your information. The caller provides you with your address, and maybe the last four digits on your card, and gives you a control number for your claim. The caller indicates they need to confirm that you have the card in your possession, and asks you to repeat the numbers on the back of your card. When you read the numbers off to the caller, you have fulfilled their goal, you have provided the 3-digit security pin number from your card.

Most consumers are aware that they need to screen their account statement for fraudulent charges, and that hasn’t changed. In 2015 the implementation of EMV chips slowed unauthorized withdrawals and charges on existing accounts from $14 billion to $12 billion. EMV chips, named after their creators, Europay, MasterCard, and Visa, create a unique transaction code when used which makes collecting credit card numbers less lucrative for scammers. Fraud perpetrators are turning more-and-more to identity theft as it becomes more lucrative. In 2015 new account fraud increased from $2 billion to $3 billion.

Your partners at Frisch Financial are always working diligently to ensure the financial safety of you and your family. Should you ever have a concern or suspect that your personal information may have been compromised, please contact us so that we may assist you.

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Types of CEO and Executive Compensation

There are several types of compensation that CEOs and executives can receive from their company. Frisch Financial provides financial planning and wealth management services for CEOs and executives to help you better understand the different CEO and executive compensation options.

  • Base Salaries – In today’s world, most CEOs and executives receive a base salary. Base salaries as well as performance based compensation are awarded to the CEO or executive regardless of whether the company does well or does badly. While total compensation can be in the millions, many companies limit the base salary to the federal tax-deductible limit of one million dollars and compensate the CEO or executive through other compensation means.
  • Bonuses – Bonuses are used as a way to measure and reward CEOs or executives for good company performances. Providing bonuses based on the performance of the company and the performance of the CEO and executive encourage hard work as an incentive. The performance can be based on profits, equity return, share price appreciation, or revenue growth. Generally, a board of directors judges the effectiveness of the CEO or executive to determine the percentage of the bonus.
  • Stock Options and Restricted Stock – Stock options are another way to compensate CEOs or executives by linking shareholders’ and executives’ financial interests together. There are a few different types of stock options available. Restricted stock is stock that cannot be sold until specific conditions are met and it has the same value as the market price of the stock. This can allow companies to add performance type features, such as earnings per share or internal financial targets, to the conditions of the stock. Stock ownership allows CEOs and executives to own stock shares instead of stock options. Owning stock shares allows CEOs and executives to act more like owners, thus they have more incentive to take part in the company.
  • Benefits – Generally, the benefits offered to CEOs executives are enhanced versions of the benefits offered to the rest of the company employees. This includes medical insurance, life insurance, pension plans, vacation days, holidays, and sick days. The enhanced versions could include extra levels of life insurance, fully paid medical insurance, stock purchase plans or long-term stock based plans. CEOs and executives are also typically able to participate in specific retirement plans, such as nonqualified deferred compensation plans and supplemental employee retirement plans (SERPs). These plans allow CEOs and executives to save a portion of their income until a certain date.
  • Perks – Perks, or perquisites, are additional incentives given to CEOs or executives as a form of compensation. These perks can vary from company to company, but can include exclusive club memberships, convenient parking, company vehicles, use of company planes or other incentives to maximize the CEOs and executives time. Some companies provide financial planning and wealth management services, similar to the services offered by Frisch Financial, to their CEOs and executives as an added perk. These perks are used to demonstrate the value of the CEO or executive to the company.
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Frisch Financial: An Ongoing Women's Choice Award Winner

Frisch Financial Group, located in Long Island, New York, and Florida, continues to be a Women's Choice Award Winner. The Women's Choice Award for Financial Advisors & Firms was established by WomenCertified Inc. in an effort to help assist women locate firms and advisors that provide a strong commitment to their female clients. Firms and advisors who meet the 17 criteria are given a distinguished Women's Choice Award.

The Women's Choice Award Financial Advisor Program consistently recognizes Frisch Financial as having highly qualified advisors that are committed to serving women clientele. In addition to meeting the 17 criteria mentioned above, Frisch Financial conducts periodic client surveys to ensure that we are delivering the highest level of service. We are pleased and honored that in our most recent survey our clients gave us an overall client satisfaction rating of 4.8 out of a possible 5 points!

At Frisch Financial, our goal is to help our clients preserve, protect, and grow their wealth with the help and support of our experienced financial planners and investment management team. We use a co-management approach that allows us to customize our client's level of involvement in their portfolio. Since we are a fee-only advisor, we are not tied to particular products therefore, we provide our clients with unbiased advice. Our clients are our first priority.

We continue to be committed to helping our women clientele achieve financial security and their individual financial goals. We are here to help guide our clients through all of their life events to include retirement, widowhood, divorce, or a second, third, or fourth marriage. As a fiduciary, we provide unbiased advice and support throughout all of your life changing events, and strive to build a life-long, trusting relationship with all of those we serve.

Since first being designated as a Women's Choice Award Winner in 2013, Frisch Financial Group now carries the Women's Choice Award seal which indicates our commitment to enhance the empowerment of women. Some of the many services we provide under the areas of our two core departments - financial planning and investment management are:

Investment Management:

  • Development and Implementation
  • Ongoing Management
  • Disciplined Investment Strategy
  • Risk Tolerance Assessment
  • Tax Efficient Investing

Financial Planning:

  • Retirement Planning
  • Life Changing Events (i.e., Buying a Home, Marriage, Educating Children, etc.)
  • Cash Flow Management
  • Income Tax Planning
  • Family Wealth Management
  • Divorce Planning
  • Estate Planning
  • Assistance to Surviving Spouse
  • Insurance Needs Review and Planning
  • Charitable Planning and Gifting Strategies

In addition to being a Women's Choice Award Winner, Frisch Financial Group also was awarded the Top 10 Advisor Award by AdvisoryHQ in 2016 because of the extensive services we provide, our years of experience, out limited number of clients and fee-only structure.

As a National Association of Personal Financial Advisors (NAPFA) member, Frisch Financial offers a wide range of fee-only services which include hourly services, portfolio advice and ongoing investment services in a cohesive manner. Our Frisch Financial advisors are also located in the CFP Board's directory of financial advisors.

No matter what life situation you find yourself in, our professionals at Frisch Financial Group are committed to providing you with financial planning and wealth management options that are right for you. Contact us today to make an appointment to meet with one of our advisors so that we can assist you on the road to financial security.

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The Benefit of Choosing a Fee Only Financial Advisor

There are many things to consider when deciding what type of financial advisor to work with. One of the big differences between advisors is how they charge their clients. Two of the most common advisors are fee-only and commissioned based. When comparing fee-based and commissioned financial advisors, a person should weigh out all of the pros and cons of both types of advisors.

Fee Based vs. Commissioned Based

A financial advisor who is only compensated by fees is known as a fee-only advisor. Fee only advisors can charge a flat retainer, an hourly rate, or a percentage of assets that are managed by the advisor. In comparison, a financial advisor who is compensated by commissions is known as a commission-based advisor. Commission based advisors are typically compensated by the products they sell. SO the question is...do you want to work with an advisor that is unbiased with their advice or do you want to work with an advisor who is paid to sell you something?

Fee-Only Advisor Pros

Fee-only advisors are held to the highest standards and almost always operate as a fiduciary. A fiduciary has a legal obligation to give advice that in the client's best interest. When choosing a fee-only financial advisor one of the benefits is that you will not worry about a conflict of interest. This removes the questions of whether a recommendation is in the best interest of the client or the advisor. Another benefit is that many fee-only advisors are financial planners well. Fee-only financial advisors can offer you an objective opinion of your entire financial situation. These services might not only include investment management of your portfolio, but also address other financial questions you may have or maybe even a full financial plan.

Choosing a Fee-Only Financial Advisor

At Frisch Financial our team of experienced fee-only financial advisors works together to help you with what you need. We offer a wide range of services, which include hourly services, portfolio advice and ongoing investment services. Choosing an advisor to help you with your financial needs is an important decision. If you have any questions about our services, please call. We would like to have the opportunity at Frisch Financial to serve your financial planning and investment management needs. 

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Frisch Financial Charitable Projects

During this holiday season, Frisch Financial is excited to find several ways to give back. Jake, step-son of Denise Davies, is in the U.S. Navy.  He is 19 years old and works and lives on a submarine tender as a Hull Technician and Fireman.  Frisch Financial was looking for a way to give back to the military and decided to start a collection of needed items for him and his crew.  Through the generosity of employees, family and friends of Frisch Financial Group, the office was able to send 9 boxes filled with items ranging from candy and movies to personal necessities.  All was mailed last week, in time for a December delivery of holiday cheer.

In addition, the firm “sponsored” 10 children for the holidays with clothes and toys to be delivered to those less fortunate on Long Island. Many of the staff do this every year with different organizations. However, it was a wonderful experience this year to share the shopping with our families and then share this experience with the entire office, with the knowledge that our efforts will help provide clothes and toys and bring happiness to youths locally.

Frisch Financial also wanted to collect gently used winter coats, hats, gloves and scarves for a local shelter.  As the weather is getting colder and the first snows have started to fall in New York, this was a wonderful opportunity for us to help others in need.

During this holiday season, we are thankful to be in a position to be able to give back and help provide for others.  Everyone at Frisch Financial wishes you and your family a wonderful holiday season, a Happy Hanukkah, a Merry Christmas and a Happy & Healthy New Year.

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Frisch Financial Group earns coveted Top 10 Advisor Award

Frisch Financial Group, located in Long Island, New York, and Florida, recently received the Top 10 Advisor Award in New York City from AdvisoryHQ. Using AdvisoryHQ’s Top-Down Advisor Selection Methodology, the Top 10 Advisor Award was awarded to financial firms based on their fiduciary duty, independence, transparency, customized service level, innovation history, fee structure, services provided, team excellence and experience.

AdvisoryHQ is a news media company that reviews and ranks firms throughout the United States, United Kingdom and Canada. AdvisoryHQ independently researches financial advisory firms, and ranks them without any payment from the firms. AdvisoryHQ publishes the reviews and rankings so consumers do not have to worry about finding a good firm. For information on how AdvisoryHQ selects their top advisors: Selection Methodology

Frisch Financial Group earned the Top 10 Advisor Award based on a few key factors, including our limited number of clients, extensive services provided, our fee-only structure, and our years of experience. 

* Limited Client Base – At Frisch Financial Group, our clients are our top priority, so we limit the number of clients in order to provide you with a individualized experience every time. 

* Services Provided – We offer a wide range of financial planning and investment management services and help you determine exactly which services meet your needs. 

* Fee-Only Structure – Our fee-only structure means that we do not work on commission and do not sell any products, thus our team offers unbiased advice. 

* Years of Experience – Our team of advisors and staff have over 100 years of service in the financial advisor field. 

In addition to receiving the Top 10 Advisor Award, Frisch Financial Group also received The Women’s Choice Award® for the last four years. This award is granted to advisors that are committed to serving women clients and the women’s market. For information on how The Women’s Choice Award selects their top advisors: Evaluation Criteria Considered 

Additionally, our years of experience allow us to provide services that are geared towards executives, business owners, and families. 

For executives, we offer assistance with understanding the “golden handcuffs” that often come with success in the corporate world. Our goal is to help you understand the complex benefits associated with these golden handcuffs, which can include 

stock options, deferred compensation, Supplemental Executive Retirement Plans (SERP) and excess benefit plans. 

For business owners, our team assists with answering questions about your small business that relate to your personal finances and your taxes. At Frisch Financial Group, we have financial advisors that are credentialed as both CPAs and CFPs to help you better understand the ins and outs of your small business finances, and thus how to prepare for the present and for the future. Our team works together with your CPA to help you make informed decisions. 

For families, we provide wealth management knowledge in order to prepare a financial plan or investment strategy for your hard-earned wealth. Our family focused approach values and works with each member of the family so you are able to leave behind a legacy for many generations. 

Regardless of whether our clients are executives, small business owners or families, our team at Frisch Financial Group is dedicated to providing wealth management and financial planning options for you. To learn more about our services and how we can assist you, contact us today to set up a meeting in one of our offices in New York City, Long Island, Westchester, or Florida.

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