COVID-19 Week Four Update

For week four of our updates, we thought we would focus on our business capabilities and discuss recent legislation that may be of assistance to clients or friends in this unusual time.

As we have mentioned in previous updates, CrestPoint can continue to work with clients and address client needs as normal, with the exception of meeting face to face. Following is a sample of services CrestPoint has provided for clients in just the past two weeks:

• Opened new accounts
• Deposited client checks
• Conducted annual reviews
• Met clients via Zoom
• Transferred client accounts from outside brokerages to Cambridge
• Completed life insurance applications

The last two weeks have seen about ten million new applications for unemployment in the US. Hopefully, as restaurants, entertainment venues, and other businesses open back up, many of these recently unemployed people will get their jobs back. As part of the CARES Act, mortgage lenders have the ability to defer three months of mortgage payments. This does not affect a borrower’s credit report or standing with the lender. Please pass this information along to anyone who is being financially affected by this situation.

You will be receiving your monthly and quarterly statements this coming week. The month of March 2020 was one of the most difficult months in history for the stock markets, and so no accounts were immune. We continue to repeat our advice to clients of staying with your original investment strategy, but please feel free to call us should you want to talk about your particular situation. As stated above, we are conducting business as (almost) usual—again, thank you for the opportunity to work with you.

The CrestPoint Wealth Management Team