Home Adviser Fund Update Fidelity Manager Retires; IRS Phone Scams Increase Published September 10, 2018 Longtime Fidelity Mutual Fund Manager Announces Retirement At the end of August, Fidelity announced that prolific fund manager Mark Sommer plans to retire at the end of the year, capping a 26-year tenure at the Boston fund giant. Sommer, a municipal bondA financial instrument representing an IOU from the borrower to the lender. Bond issuers promise to pay bond holders a given amount of interest for a pre-determined amount of time until the loan is repaid in full (otherwise known as the maturity date). Bonds can have a fixed or floating interest rate. Fixed-rate bonds pay out a pre-determined amount of interest each year, while floating-rate bonds can pay higher or lower interest each year depending on prevailing market interest rates. specialist, currently oversees 21 Fidelity mutual funds, accounting for a combined $29.5 billion in assets. He shares management duties on all 21 funds with Kevin Ramundo and Cormac Cullen. The list includes 12 state municipal bond funds, among them California Municipal Income, Massachusetts Municipal Income and New York Municipal Income. He also works on four target-maturity municipal bond funds. The largest fund under Sommer’s co-direction is the $6.3 billion Intermediate Municipal Income fund. The trio of managers each brings a different approach to the table for their investment approach. Sommer’s background is in quantitative management, placing a heavy reliance on mathematical modeling, while Ramundo has a credit-quality focus and Cullen specializes in the legal expertise of muni-bond structures. Sommer was joined by Elizah McLaughlin on all of his funds on September 1 so that she can learn the ropes in the four months leading up to his retirement. McLaughlin earned her B.A. at Wellesley College in 1997 and an M.B.A. at Cornell University in 2004. She has managed Fidelity’s New Jersey Municipal Money Market and AMT Tax-Free Money Market funds since December 2010. In December 2011, she assumed primary management of Tax-Exempt Money Market. She took over Fidelity’s California and Massachusetts municipal money market funds in 2015. As a co-manager, she has helped run Conservative Income Municipal BondA financial instrument representing an IOU from the borrower to the lender. Bond issuers promise to pay bond holders a given amount of interest for a pre-determined amount of time until the loan is repaid in full (otherwise known as the maturity date). Bonds can have a fixed or floating interest rate. Fixed-rate bonds pay out a pre-determined amount of interest each year, while floating-rate bonds can pay higher or lower interest each year depending on prevailing market interest rates. since March 2017 and Flex Conservative Income Municipal Bond since October 2017. Most recently, she assumed co-managerial duties on SAI Municipal Money Market in January. Ramundo and Cullen will continue to co-manage all of the funds on which McLaughlin will be replacing Sommer. It’s tough to fill the shoes of a manager as seasoned as Sommer, but McLaughlin is an experienced manager herself, albeit more in the muni money market space. Still, given the transition period and the fact that she’ll be joining an established team, we wouldn’t expect shareholders to see a dramatic effect on the funds’ investment approaches or portfolio characteristics once Sommer has left the building. IRS Phone Scams on the Rise: Protect Yourself with Cybersecurity Checklist It looks like phone scammers are at it again. Even after a significant bust, and dozens of convictions this year, a new wave of fraudsters has begun calling the unsuspecting claiming to represent the Internal Revenue Service (IRS). Here’s what we know about these calls and what you should do if you receive one. The scammer (or if you miss the call, the voicemail left behind) will inform you that there is a problem with your tax return or that you owe taxes. Usually there is a threat of legal consequences unless you pay the owed taxes immediately. (An alternate version of this scam will claim you are owed a big refund to lure you into sharing personal information instead of seeking payment.) The U.S. Internal Revenue Service does not handle disputes or refunds this way, so you should immediately be suspicious if you get a call like this. The IRS will never call you if they haven’t first mailed you a bill, and they will never demand immediate payment without allowing you to question or appeal what you owe. They will also never ask for a credit card number over the phone or require a specific form of payment like a prepaid debit card. If you get such a call, don’t agree to make the payment or share any personal information. Instead, note the number, hang up and then independently verify whatever it is they were claiming through www.IRS.gov/account. (Alternately, you can call the IRS at (800) 829-1040.) The IRS has also provided guidance on avoiding and reporting fraudulent activity. These scams are a good reminder to periodically review what you’re sharing online or in emails and affirm the security of your personal accounts. We’ve put together a helpful infographic with practical tips you can use to protect yourself—click here for a free cybersecurity checklist. (Note that Adviser Investments takes all of the recommended precautions listed and more.) If you’d prefer a deeper dive into the topic, please click here to read our cybersecurity tips. It’s our goal to provide our clients with peace of mind when it comes to their portfolios—not just in terms of wealth management and financial planning, but also regarding the security of financial accounts and personal information. Making sure that only the people who should have access to accounts are the ones who do is part of the service we provide every Adviser Investments client. If you’d like to find out what we can do for you, please contact us today at (800) 492-6868 or email@example.com. We’d be happy to hear from you. About Adviser Investments Adviser Investments is a full service wealth management firm, offering investment management, financial and tax planning, managed individual bond portfolios, and 401(k) advisory services. We’ve been helping individuals, trustsA legal document that functions as an instruction manual to how you want your money managed and spent in your later years as well as how your assets should be distributed after your death. Assets placed in a trust are generally safe from creditors and can be sold by the trustee in short order, avoiding the lengthy and costly probate process., institutions and foundations since 1994, and have more than 3,500 clients across the country and over $6 billion in assets under management. Our portfolios encompass actively managed funds, ETFsA type of security which allows investors to indirectly invest in an underlying basket of financial instruments (these may include stocks, bonds, commodities or other types of instruments). Shares in an ETF are publicly traded on an exchange, and the price of an ETF’s shares will fluctuate throughout the trading day (traditional mutual funds trade only once a day). For example, one popular ETF tracks the companies in the S&P 500, so buying a share of the ETF gets an investor exposure to all 500 companies in the index., socially responsible investments and tactical asset allocation strategies, with particular expertise in Fidelity and Vanguard mutual funds. We take pride in being The Adviser You Can Talk To. Our minimum account size is $350,000. To see a full list of our awards and recognitions, click here, and for more information, please visit www.adviserinvestments.com or call 800-492-6868. This material is distributed for informational purposes only. The investment ideas and expressions of opinion may contain certain forward-looking statements and should not be viewed as recommendations, personal investment advice or considered an offer to buy or sell specific securities. 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