Day to day the media is reminding you to wash your hands and avoid large crowds as new coronavirus cases pop up across the world. What they should also be discussing is what else you should be concerned about; your cybersecurity.  Global disasters such as the coronavirus creates a golden opportunity for fraudsters because the whole world is informed and constantly trying to learn more about said disaster. This causes a greater potential for impulse clicking on suspicious emails or attachments. The fraudsters know this.  Starting in February 2020, a new coronavirus phishing scam has popped up in the United States. So, not only do you have to worry about the coronavirus outbreak hitting your area but now you must be on the lookout for the latest e-mail scam! These scam artists are trying to prey on the fear of the outbreak, hoping that you’ll impulse click on their seemingly legitimate e-mail and it’s working.  

So how are these cybercriminals getting you to click on their e-mails and links? Scammers are sending e-mails pretending to be from the Centers for Disease Control and Prevention (CDC) or the World Health Organization (WHO) offering to provide an update on confirmed coronavirus cases in your area or luring you in with a link to see “safety measures” to combat the spread of the virus. Why do consumers believe these e-mails are real? One reason may be that the sender’s e-mail address at first glance could look very legitimate. The scammers create addresses that look very similar to the real organizations, making it very hard to catch. Another possible reason is that they also will copy and paste the organization’s logo in the e-mail to create a sense of legitimacy. Let’s look at a few examples of fake e-mails below.  ..

Who doesn’t love FREE? Let’s face it, we all love a good bargain or free item. “Discount Chuck” is looking out for individual investors again, slashing online equity and ETF trading commissions from $4.95 to ZERO, making it even more affordable to invest. Schwab will continue to charge a commission for trading of foreign stocks, fixed-income investments, transaction-fee mutual funds, options, and large block trades that require special handling.

Since 2006, Charles Schwab has been disrupting the brokerage industry by periodically reducing their trading commissions. Revenue will be derived from Schwab’s other business lines like its US Bank (Schwab Bank) and from net interest income. Charles Schwab continues to be a leading provider of financial services with more than $3.72 trillion in client assets as of August 31, 2019. Covington has utilized Charles Schwab as our Custodian of client assets since our inception. We continue to choose Schwab because they are economical and have best in class service, industry leading technology, broad range of investment solutions, and account security safeguards; all of which allow us to best serve the needs of our clients. See below the historical milestones of the Charles Schwab Corporation.

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 Just a month after Charles Schwab & Co., Inc. announced they were reducing trading commissions, they have delivered more good news! Schwab anticipated that their competitors would likely respond to their significant commission decreases and they were right. Now, Schwab is adjusting their pricing again to remain competitive and make sure that trading commissions will never become a barrier to choosing them as a Custodian.

Starting on March 3, 2017, Schwab reduced their standard online equity and ETF trade commissions further, from $6.95 to $4.95¹ per trade.  Schwab’s cost of investing will continue to remain among the lowest in the industry.

¹_{Restrictions apply.} ..

Charles (“Chuck”) Schwab started the Charles Schwab Corporation in 1971 as a traditional brokerage company and in 1974 became a pioneer in the discount brokerage business. In 1975, after a Securities and Exchange Commission mandate deregulated trading commissions, Chuck established a series of radically different policies, including cutting the charges to his customers in half compared to his competitors. He was known for offering a combination of low prices with fast, efficient order executions and soon became the nation’s largest discount broker. Today, Charles Schwab Corporation is the nation’s largest publicly traded investment services firm with around $2.83 trillion in client assets.

Schwab lowers the cost of investing

Bernie Clark, EVP and Head of Charles Schwab Advisor Services, announced that in an effort to put advisors and their clients first, Schwab is now lowering the cost of investing. Schwab made this change to not only help advisors better serve their clients but so advisors can be the best fiduciary possible. ..

                           Annuities

“Annuities are not bought, they’re sold"..

Once or twice a year, Patrick Wallace is invited by Dr. Robert Camp, Dean of the Business College at Indiana University of Pennsylvania, to speak to the Seminar in Finance students at IUP as part of their “Hot Topics in Finance” speaker program. This is an initiative of the Finance and Legal Studies Department that brings professionals working in the finance industry into the classroom to speak to students throughout the year. Covington Investment Advisors is proud to support the local community and provide students with an overview of several topics relating to finance so that they can use the tools they learn in their future careers.

Please click on the link below to read an article written in response to Patrick Wallace’s last presentation at IUP early this month. ..

 IDENTITY THEFT 101

“But he that filches from me my good name/Robs me of that which not enriches him/And makes me poor indeed.”

-Shakespeare, Othello, act iii. Sc. 3. ..