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• APRIL 17, 2020 • Midlands Business Journal
Investing for Retirement A section prepared by the staff of the Midlands Business Journal
April 17, 2020
Financial services firms evolve to counsel clients through uncharted waters by Michelle Leach
From floods to pandemics, crisis situations demand change and underscore the importance of planning. “All our associates are working remotely from their homes,” said Lockton Companies Nebraska Partner and President Jack Struyk. “We have equipped them with the needed technology to do their normal work. We do Zoom and conference calls with clients instead of having meetings. It’s possible we will have more associates working remotely in the future, because it’s working well.” Furthermore, he anticipates the pandemic will change the insurance business as it’s currently not covered for business Struyk income. “When the dust settles, I believe coverage will be available and will likely be re-insured by the federal government, much like terrorism is today,” Struyk said. “I believe the upside to all this will be people slowing down their lifestyles and enjoying their families and downtime more.” Foster Group had protocols in place to move operations to a remote environment vir-
Ross Polking, lead advisor-business development at Foster Group Omaha. tually overnight, said Lead Advisor-Business stark reminder of how critical it is to position plans and portfolios to “endure the unknown.” Development Ross Polking. “The worst time to panic and make “Every crisis comes with a ‘new normal’ once we’ve made our way through it,” he said. rash decisions is in the midst of a crisis,” “For us, it may come in how we can reach he said. “Historical data clearly point to the people. Technology has really opened some fact that letting emotions drive behaviors, specifically when it comes to investing, will efficiency doors.” Additionally, Polking indicated this is a derive less-than-optimal results the majority
Reaanddit
of the time. “Since 1980, we’ve had 12 corrections, eight bear markets, and five recessions. Still, the market has historically proven resilient and persevered through those particular times to continue growing wealth.” That said, Polking noted, economic data over the next few months will be awful and unprecedented. “Remember, economic data looks backwards,” he said. “The market is forward-looking and could be into recovery before we get positive economic numbers. If investors wish to wait until things have ‘stabilized’ before they become market participants again, they could miss potential gains.” Swartzbaugh-Farber and Associates COO Deann Uitts said she worked with offsite IT professionals to assure everyone was able to work from home, as several have in the past. At the time of this writing, 50% worked at the office while abiding social distancing and cleanliness. “One thing is that it’s made us test our business continuity plan and realize parts of it may not have been completely seamless,” she said. “We’ve been able to fix those parts so if (and hopefully we won’t have to test it) we need to use it again, we’ll be ready. It’s also made us realize that it is possible to work from home, though not ideal.” Account Manager Life and Executive Benefits Jim Olson said it’s reasonable to assume government actions to confront the crisis will dampen returns insurers see from investments for the foreseeable future, and likely non-guaranteed elements in many existing contracts issued by companies adjusted to reflect that reality. Olson also noted the firm’s counsel has been to “remain as calm as possible and focus on long-term goals,” especially when discussing retirement savings with clients several years away from accessing funds. Behavior modification (going from a non-saver to long-term saver) is a big challenge, VP Jim Farber said, so the potential upside is people realizing they can be better off “preparing in good times to weather the bad ones.” “Maybe this current crisis will get people’s attention like nothing we’ve gone through before,” he added. “Other than the four years it took the market to turn positive after 1929, each downturn — 1938, 1974, 1982, 2000, 2008 — has lasted two years or less. If that length of time repeats, our savings will be buying securities at a discount. When the market starts to recover, our values will, too.”
Reap!
Investing for Retirement — inside APRIL 17, 2020
THE BUSINESS NEWSPAPER OF GREATER OMAHA, LINCOLN AND COUNCIL BLUFFS
THIS WEEK 'S ISSUE:
$2.00
VOL. 46 NO. 16
Prime Rigging takes holistic view of projects by Richard D. Brown
Athletico launches nationwide telehealth service for physical therapy patients. – Page 2
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Expertise helps Crystal Archer excel in real estate at PJ Morgan Real Estate. – Page 3
n tio ruc t s n Co ate oln Upd c Lin
While types of built projects have evolved, they persist in current climate. – Page 22
The owners of Lincoln-based Prime Rigging, a firm specializing in moving industrial machines, credit the 15-years of success their venture has enjoyed to taking a methodical, holistic and analytical approach to each of their projects. “We don’t do anything fast,” said President Carl C. Applegate. He and his partner Field Operations Director Tim Geis own the company that has moved an array of items including a four-story 40,000-pound printing press and a sculpture head on display at University of Nebraska-Lincoln’s Sheldon Art Museum. There’s a good reason for the humor the two entrepreneurs take to their highly specialized projects. Success in their work and the performance of their 10 employees involves the highest of high-ticket items and frequently is done for clients with a high community profile. Prime Rigging works out of 5501 N. 58th Court with offices and crucial warehousing space that Continued on page 10.
From left, President Carl C. Applegate and Field Operations Director Tim Geis … Highly-specialized projects receive comprehensive approach.
The Combine Incubator cultivates high growth agri-food innovators across state by Becky McCarville
The Combine Incubator, an initiative spearheaded by Invest Nebraska and the Nebraska Department of Economic Development, aims to establish a pipeline of tech entrepreneurs in the food and agriculture industries in Nebraska to solve ag-related challenges. As one of Nebraska’s greatest strengths, food production
and the ag sector are ripe for innovation and disruption, but historically have been slow to adoption, said Program Director Matt Foley. From pinpointing precisely where to apply fertilizers or water in a field to monitoring animal health, to using byproducts and biowaste to create recyclable goods, technology can help proContinued on page 26.
Ken Heinze, lab coordinator at the Metropolitan Community College Prototype Design Lab with a face shield that was 3D printed in the lab.
Production lines to signage, companies shift functions to support crisis needs by Michelle Leach
At a Nebraska Food & Ag Technology Meetup networking event … Building a pipeline of tech entrepreneurs in the food and ag sectors in Nebraska to solve ag-related challenges. (Photo courtesy The Combine Incubator)
Editor’s note: This article is part of a series sharing firsthand experiences from local organizations on how their respective industries are adapting to COVID-19. Midlands organizations are adapting to COVID-19 in ways they could never have imagined a handful of weeks ago. In the case of Metropolitan Community College Prototype Design Lab, the team has been
producing masks to fight the personal protective equipment [PPE] shortage. “Nebraska Medicine CEO Dr. James Linder had a discussion with our college President, Randy Schmailzl, who then forwarded the message to our Prototype Design Lab team,” said Lab Coordinator Ken Heinze. “MCC has academic partnerships with Nebraska Medicine and UNMC. So, it is a Continued on page 26.