Give us a call!866-688-0180 Contact Us Client Login Mayflower Minute The new Retirement Plan Contribution Limits for 2022 are official! Review the full list of contribution limit changes below and share with your plan participants! Download a copy of the new 2020 Limits CARES Act Aftermath: What Plan Sponsors Need to Do The CARES Act gave plan participants quick access to funds during the COVID crisis, although only about 6% of participants took advantage of the options offered. However, as a plan sponsor you must understand your own obligations and how to keep your plan in good standing. In most cases, the Coronavirus Aid, Relief, and Economic Security (CARES) Act did not change administrative procedures; however, it did raise a few compliance questions. With the subtle complexities involved, it is a best practice for plan sponsors to stay in close communication with their trusted administrator and, if necessary, ERISA counsel. You can read all about the CARES Act in our latest blog post The DOL Has Begun Retirement Plan Cybersecurity Audits Attorneys say the requests plan fiduciaries have received ask for a broad amount of information and documentation, and they urge fiduciaries to act on the DOL’s recent guidance. Attorneys from Morgan, Lewis & Bockius LLP have confirmed that the Department of Labor (DOL) has begun an audit initiative focused on retirement plan cybersecurity practices. Read the full story in our latest blog post What's New for Q3? As the first half of the year phases out, it’s time to focus on measuring and begin strategic planning for your retirement plan. There’s a lot of new items on the agenda this year, from the CARES Act rules for repayment of loans to SEPs, MEPs and PEPs. Plan sponsors may have a lot of their plates. This quarter, we’re helping you make sense of all of the normal duties as well as the new plan sponsor obligations. Jump right in with our Q3 newsletter! Download the Newsletter Valuable Gifts for Your Favorite Graduate: Financial Literacy to Financing Education Graduation commencements are finally happening again after mostly being canceled in 2020. It’s safe to say, we’ve all enjoyed getting back to celebrating these joyful life milestones: As parents, grandparents and other loved ones, we revel in the opportunity to share our best wishes for a bright and prosperous future! Trying to figure out what to give your favorite graduate? There’s no shortage of gifting suggestions available; and while the much-coveted Grubhub gift card will surely be appreciated, we’ve shared a few impactful, long-term value options to help celebrate your favorite grad! The Fiduciary Standard: Who You Trust With Your Hard-Earned Wealth Matters Just because someone calls themselves an advisor and maybe even has several official-looking letters following his or her name does not necessarily mean that they are committed to your best interests. This month’s Mayflower Minute explores the roles and obligations of fiduciaries. Thankfully, the SEC has strict rules and regulations governing advisory firms, and Registered Investment Advisors (RIAs)—like Mayflower Advisors—“must, at all times, serve the best interest of its client and not subordinate its client’s interest to its own.” Managing Partner Larry Glazer noted, “As an independent RIA, we can sit on the same side of the table along with our clients, just like we have for three generations of valued relationships.” Learn more about the fiduciary standard and its impact on wealth stewardship. ESG, Sustainability & Profit: You Don’t Have to Sacrifice Principles for Performance Anymore Once viewed as a fringe movement, environmental stewardship has seen exponential growth in the past few years. We’ve seen a dramatic shift, with impact investing, purposeful prosperity and related philosophies gaining increasing traction. There’s no shortage of jargon in the financial industry, but this one has garnered a lot of attention: ESG, investing in companies that are Environmentally friendly, Socially responsible and with Governance accountability. You’ve likely heard the acronym, but we thought that Earth Day (celebrated on April 22nd) offered a timely springboard for a deeper dive on this complex, potentially polarizing and often misunderstood topic. Learn more about Mayflower’s impact investing solutions—as ESG goes mainstream and purpose and profits intersect. Women & Investing: Financial Literacy, Independence & Parity By 2030, American women will control the majority of wealth in this country, and an unprecedented amount of assets will shift into the “hands of US women over the next three to five years” (McKinsey & Company). This is an especially striking projection considering that it has only been about 160 years since women were even granted the legal right to hold bank accounts or own property in their own names. In recognition of Women’s History Month and International Women’s Day, we thought this would be a fitting time to explore the history of women from a financial perspective, highlight the importance of literacy and independence and offer some tips on how women can cultivate wealth and achieve their financial goals through every stage of life. Read more about women and investing. Keeping It All in the Family: Fostering Intergenerational Wealth Stewardship A shocking 60%-70% of family fortunes dissipate by the second generation, with a dismal 90% gone by the third. Beyond the obvious financial implications, other legacies—like family businesses and philanthropic, charitable priorities—are also at risk. How can this happen and, more importantly, what can you do about it? The main culprits are lack of planning on behalf of benefactors and lack of preparation for their heirs. Family dynamics can get awkward when it comes to discussing and distributing wealth, causing many to simply avoid these conversations. Learn more about the importance of a proactive and purpose-driven wealth stewardship strategy. New Year, New Priorities: Financial Resolutions For some of us, 2020 may seem like the longest year ever and others may feel like it has flown by (or maybe a little bit of both). Normally as the year draws to a close, we reflect on the year that’s passed and start thinking about changes and resolutions. But as we know all too well, this year has been anything but normal. As we approach what is likely one of the most welcome flips of the calendar, we’ve come up with a list of 10 straightforward tips that can help you as you plan for your financial future in 2021—and beyond. Read "New Year, New Priorities: Financial Resolutions." All information contained herein is informational in nature and not intended as individualized financial, legal or tax advice. Wealth management and financial planning decisions are complex and fluid and should be structured around each client’s unique situation and needs. Parties should carefully consider all related benefits, risks and costs and speak to their trusted advisors before making any significant decisions. Mayflower Advisors offers a New World approach to meet your financial life management needs. By the numbers 6 Accredited Investment Fiduciaries® 5 Chartered Retirement Planning Counselors℠ 4 CERTIFIED FINANCIAL PLANNER™ Professionals 3 Forbes' Best-in-State Wealth Advisors1 2 Certified Plan Fiduciary Advisors 1 Shared Vision & Commitment Shortcut Links Contact Us Our Team In the News Our Commitment Privacy Statement Mayflower Financial Advisors, LLC (dba Mayflower Advisors, “Mayflower”) is an SEC registered investment adviser with its principal place of business in Boston, Massachusetts. Securities offered by Registered Representatives through Private Client Services, Member FINRA/ SIPC. Advisory products and services offered by Investment Advisory Representatives through Mayflower Advisors, a Registered Investment Advisor. Private Client Services and Mayflower Advisors are unaffiliated entities. A copy of Mayflower’s current written disclosure statement as set forth on Form ADV, discussing Mayflower’s business operations, services and fees is available upon written request or by visiting the SEC’s website at http://www.adviserinfo.sec.gov. Member FINRA (https://www.finra.org) /SIPC (https://www.sipc.org). Obtain more information about our firm and its financial professionals at FINRA’s BrokerCheck: https://brokercheck.finra.org. Access Mayflower's Form CRS. Our Advisors are Securities Registered in the follow states: AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY. Our Advisors offer advisory products and services in the following states: AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY. Mayflower does not make any representations as to the accuracy, timeliness, suitability or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly. We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting or tax advice. We recommend that you seek the advice of a qualified attorney and accountant. Access to this website is provided for informational purposes only and without warranties expressed or implied, regarding the accuracy, completeness, timeliness or results obtained from any information posted on this website or any third party website linked to from this website. The publication of Mayflower’s website on the Internet should not be construed by any consumer or prospective client as Mayflower’s solicitation or attempt to effect transactions in securities or the rendering of personalized investment advice over the Internet. The information on this Internet site should not be construed as personalized individual advice. This website may also contain views and opinions of individuals from the firm, there is no guarantee that these views and opinions expressed herein will come to pass. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly. 1Forbes included advisors from the Mayflower team on its Best in State Wealth Advisors list 2018-2020. Forbes created and conducted the survey for the Forbes Best in State Wealth Advisors. Award nominees are identified by ranking algorithm is based on industry experience, interviews, compliance records, assets under management, revenue and other criteria by SHOOK Research, LLC. In 2018, 25,732 candidates were considered for the award and more than 2,000 candidates received the award (approximately 8%). In 2019, 6,389 candidates were considered for the award and 250 candidates received the award (approximately 4%). In 2020, 32,000 candidates were considered for the award and more than 4,000 candidates received the award (approximately 13%). Award evaluates neither client experience nor previous investment performance and is not indicative of future performance. No payment of fees was required in exchange for participation with this recognition.