75 CENTS
Omaha Star
The
Proudly Serving Our Community for Over 80 Years
Dedicated to the Service of the People that NO Good Cause Shall Lack a Champion and that Evil Shall Not Go Unopposed
Nebraska’s Only Black Owned Newspaper Vol. 84 - No. 7 Omaha, Nebraska
Friday, April 1, 2022
Family of the Week: The McKessons
Taylor and her Mother, Precious are two busy females in our community. Precious recently returned to Omaha from a political appointment as a Special Assistant in the US Department of Education in Washington D.C. Her return to Omaha was to accept the position of Executive Director of the Nebraska Democratic Party. The FIRST person of color to hold this position. Precious has been in Omaha since she was two years old. She is the eldest of three, she has a brother and a sister. Politics was not her dream growing up, but is NOW her passion. She appreciates that she can use her voice to influence change on so many levels and be a part of that change. She admits that this IS her dream job. Taylor M. N. McKesson is a senior at Omaha North Magnet High School. She is the Senior Class President. Her other activities include: Cheerleading, track, Black Student Leadership Council, National Honor Society, UNMC High School Alliance, journalism, the yearbook, and the I Be Black Girl League. Her mother admitted that Taylor has been busy since she was three years old. A busy young person does not have time to get into “other” things. Her favorite subject is science because it encourages her to think outside of the box. She would like to continue her education in STEM and ultimately become an OB GYN. Scholarships to date are to Creighton University (full tuition), Xavier (Louisiana), Xavier (Ohio), Ohio State, and Langston University. She believes that education is important because it opens doors in your life.
NAACP Juneteenth Parade Returns
Rev. T. Michael Williams, president of the Omaha Branch NAACP, announced that the organization’s highly anticipated Juneteenth parade will be held on Saturday, June 18, at 10 a.m. Williams said, “We are pleased that our 2022 parade will travel through the heart of our community on North 24th St” The parade will kick off on the iconic corner of 24th and Lake. According to Parade Committee Chair, Frankie Jean Williams, this year’s theme is Village Legacies & Legends. Williams stated, “This freedom celebration will highlight residents whose legacies are interwoven in the fabric of our community. Through brilliantly, boldly, and defiantly serving this community, they have become legendary torch bearers shining a light on North Omaha.” The parade route is Lake north to Sprague; Sprague east to Florence Boulevard; Florence south to Pratt. If you are interested in having an entry in the parade, please phone the NAACP Juneteenth hotline at 402-502-0395. Founded in 1918, the Omaha Branch NAACP has been a champion for equality and equity for people of color. The NAACP legacy is long, our work consistent: to build Black political, social, and economic power to end racial injustice.
Information due April 8, 2022 Publish date
April 15, 2022
Send information to: publisher@omahastarinc.com
5
FINANCE TIPS
For Personal
1.
Budget before you spend
2.
Track your expenses
3.
Move your credit card balance
4.
Realize that value is different from price
5.
Save, even if just a little
75 cents
Fiduciary-vs-Suitability Standards for Financial Advisors By Michael L. Green
There is a big difference you should be aware of. In the past in this column space I have written many times about the pit falls of investing in annuities and the advantages of working with an Registered Independent Advisor who practices under the fiduciary standard as opposed to brokers or sales people who are connected to insurance companies, large brokerages companies, and bank wealth management departments. What follows are excerpts from a New York Times article which ran in the World Herald Sunday (Nov. 9, 2014). “When Elaine and Merlin Toffel, a retired couple in their 70s, needed help with their investments, they went to their local Bank branch. The tellers knew them by their first names. So when the tellers suggested they meet with the bank’s investment brokers, the Toffels made an appointment. After discussions and evaluation, the bank sold them variable annuities, in which they invested more than $650,000. The annuities promised to generate lifetime income payments…..”What she said they didn’t fully understand was that the variable annuities came with a hefty annual charge: about 4 percent of the amount invested. That’s about $26,000 annually-enough to buy a new Honda sedan every year. What’s more, if they needed to tap the money right away, there would be a 7 percent surrender charge, or more than $45,000” A spokesman for Bank, said the investments were appropriate for the Toffels, the fees were disclosed and the sale was completed after months of consultations.” You have to wonder why the broker wasn’t allowed to explain his actions and recommendations. “But the Toffels like many consumers, say they didn’t realize their broker wasn’t required to follow the most stringent requirement for financial professionals, known as the fiduciary standard. It amounts to this: providing the advice that is always
100 percent in the consumer’s interest….” “Brokers, like those at the Toffels’ bank, are technically known as registered representatives. They are only required to recommend “suitable” investments based on an investor’s personal situation-their age, investment goals, time horizon and appetite for risk among other things. “Suitable” may sound adequate, but there’s a hitch; It can mean that a broker isn’t required to put the customer’s interest before his own.” “While many brokers do right by their clients, others push bad products at high prices,” said Knut A. Rostad, the regulatory and compliance officer at Rembert Pendleton Jackson, an investment advisor…they do so because their cultures celebrate sales. They do so because they can.” “This creates a muddle for investors. Say you sit down with a broker-one who isn’t legally required to act as a fiduciary- and the broker has access to a dozen mutual funds, all of which are deemed “suitable” for a particular customer. The broker can recommend the most expensive fund, even if it makes him more money at the consumer’s expense and isn’t preferable in any other way.” “On the other hand, if advisors are following a fiduciary standard, the proper course is clear: They have to recommend the one that is the lowest cost” because that will be in the consumer’s best interest.” An advisor’s pay can provide clues about whether their interests may be mismatched with consumers….At the largest brokerage firms- Merrill Lynch, Wells Fargo, UBS Morgan Stanley (and the smaller ones-Edward Jones, Waddell Reed, and others, and just about all insurance companies ) there are incentives to bring in new money. These firms typically pay their advisors 44-55% of the fees and commissions generated for their company’s products…” “Conflicts can also arise when a brokerage firm receives money from, say a mutual fund provider through a practice known as revenue sharing: Those funds may land on a “preferred list:, which a broker may favor.” At EverGreen Capital Management we have always operated by the fiduciary standard as an independent fee only advisor. This standard prevents independent registered investment advisors from having a conflict of interest. It requires complete
Publisher’s Pen
By Terri D. Sanders
Just when we are ready to remove the masks and get ready for a hot summer, another COVID variant has risen up and yet another shot has been concocted to fight it. So now there is a fourth shot… Dotcom Studios Washington was a buzz during the confirmation hearings for the potential of a Black female Judge to be named the next Supreme Court Justice of our United States. Judge Ketanji Brown Jackson was tried in the fire and she shown forth like pure gold. I speak as a Black woman and WE know that we have to be TWICE as good to get the job. This was a moment in history and those asking the questions showed their behinds asking things not relevant to the task at hand, but asked because they felt that they could. After all is that not what privilege is about? When one feels that they have the upper hand they can do what they want and say what they want…But GOD…US Senator Cory Booker wrapped it up and put a bow on everything
Green continued on page 2
when he gave his remarks. He brought the Sister to tears… As of this writing a confirmation has not been declared and we have to wait, but he who began a good work…AS that person told her on the Harvard campus, PERSEVERE… and that she has done. In this issue of the paper we are beginning a page / section “The Culture”. The Culture is about our community and what is going on. It will encompass art, the arts, fashion, beauty, health, food, and all things culture. If you have an interest in The Culture and want to write, let me know. This issue The Culture: do you know how designer luggage began? Read the column, Haberdash O.N.E. to learn a lesson. Dr. Richard Brown gives us a lesson on ten Black Women and their contributions. Please note that the Union for Contemporary Art has a grant opportunity for artists. Did you know that the production Hadestown, brought to us by Omaha Performing Arts, has a former Omahan in the lead role, Kevyn Morrow. He was interviewed by the Omaha Star and talked to us about how he got his start right here. Did you see the Color Purple staged at the Omaha Community Playhouse? We have some very fine local talent both on the stage and behind the scenes. Keep your eyes on The Omaha Star as we share The Culture.
“A budget is telling your money where to go Instead of wondering where it went.” – Dave Ramsey