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Mortgage company layoffs hit Charlotte

June 11th, 2018 | Leave a comment.

Movement Mortgage said Thursday it is laying off 100 employees nationwide, including 18 in the Charlotte area, as the lender founded by a former Carolina Panthers player braces for an industry slowdown.

Movement, based in Indian Land, S.C., attributed the cuts in operations positions to slower than expected loan growth. Affected jobs in the region are all at the company’s headquarters, Movement said.

Source – The Charlotte Observer

That being said, the rating of 54 versus a top rating of 91 could equate to 23 additional years of work and or over $296,104 in lost savings.
The plans administrator is Arasely Valdez and is handled in Indian Land, South Carolina.
One of the key concerns is that the plan only has 2 investment options which is very low for most 401k type plans.

Most 401k, Profit Sharing or ESOP plans do not have active management so there really is no one guiding the plan investments. What this means is that like most traditional investment companies, in the event of an economic downturn there is no method for automatically moving your portfolio to a lower risk profile.

With the WealthSentry system we participate in, accounts are automatically re-balanced to lower risk portfolios in the event of a severe economic downturn. Learn more in our guide, 6 Critical Steps You Must Take Now.

For an in-depth analysis of your options feel free to make an appointment, read one of our guides or participate in one of our workshops.

Wishing you the best.

Doug Reed, CRPC, AAMS

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