AUGUST 2025 Newsletter: A Note from Rick West

At this point, we’ve all received the same unsettling message from various companies:

“A bad actor infiltrated our systems and stole your personal data.”

From Facebook and Apple, to Google, LinkedIn, Target, and Marriott, data breaches have become rampant. Companies typically respond with temporary remedies—most often a free year of credit monitoring. At this point though, most of us could probably string those offers together into a lifetime subscription. And realistically, the effectiveness of credit monitoring as a true preventive measure is questionable. The sobering reality is that once our personal data is exposed, it’s nearly impossible to keep it from surfacing on the Dark Web, where it can be exploited.

No matter your financial standing, social circle, or professional role, identity theft doesn’t discriminate—including against someone who’s spent over twenty-five years in the financial industry: me, the Senior Partner at Concord River Financial. That’s why I’m using this platform today to share my firsthand experience—in the hope it helps you avoid becoming identity theft’s next victim.

On August 18, 2021, when T-Mobile disclosed that over 40 million former and prospective customers and 7.8 million current postpaid customers had their data compromised, I was unfortunately among them. My name, birthdate, Social Security number, driver’s license ID, phone number, and account PINs were fully exposed—if they weren’t already. But this breach felt different. Extensive. And I knew two things with certainty:

1. My information was now fully exposed.
2. It was only a matter of time before I became a victim of fraud.

So, I took action—not knowing if it would be effective. Six weeks ago (and almost four years after the known T-Mobile breach), those steps proved worthwhile: I began receiving rejection letters from various banks for accounts I hadn’t attempted to open. To me, that was confirmation that the steps I had taken to safeguard myself were working. I’m not confident these measures will be impenetrable forever, but so far (from what I can tell), I’ve been fortunate.

What I Did to Protect Myself:
I created accounts with each of the three major credit bureaus:

• Equifax – equifax.com
• Experian – experian.com
• TransUnion – transunion.com

Then, I implemented acredit freeze with each. This option is often buried deep beneath the more aggressively promoted “credit lock” paid service. But here’s the difference:

I may be missing something, but I haven’t found a compelling reason to pay for the credit lock option. It’s unfortunate and frustrating that within their websites and mobile apps, the credit agencies make the credit freeze difficult to find—likely to steer you toward their paid lock service. That said, the freeze has been well worth the extra effort to track down.

Additional Protection: Fraud Alert:
In addition to the freeze, and after having received the notices about the attempted account openings, I added another layer of protection—a "fraud alert". A fraud alert tells lenders to take extra steps to verify your identity before issuing credit. It doesn’t block access to your credit report like the credit freeze or lock, but it makes fraudulent activity harder. You only need to place a fraud alert with one bureau as they’ll notify the others.

• Standard Fraud Alert: Lasts 1 year, renewable.
• Extended Fraud Alert: Lasts 7 years but requires an FTC identity theft report or police report. This option is more restrictive and may complicate legitimate credit applications.

The Trade-Off:

For me, these protections have made a meaningful difference—but they’re not without friction. Applying for credit now means temporarily lifting—and later reactivating—freezes, often with all three bureaus. That process involves navigating websites, apps, and occasionally making phone calls. It’s inconvenient, but far less painful than dealing with identity theft.

A Recent Breach: One of our insurance partners, Allianz:

On July 29, our firm received notice from Allianz, one of the insurance providers we work with, that their systems had been breached. The breach affected not only information related to our team of CRF advisors, but regrettably, also the personal data of our clients who hold Allianz insurance or annuity contracts. As with many companies facing similar incidents, Allianz responded with the now-familiar assurances:

“We shut down our secure website, implemented heightened security monitoring, will notify impacted individuals, and will provide free identity monitoring.”

Unfortunately, as with the many breaches before—and the many that will inevitably follow—our data has once again been exposed to the world.

If you own Allianz contracts and were affected by their data breach, please accept my sincerest apologies. If you haven’t yet heard from them, I expect you will soon. But regardless of whether your information was involved in this incident or not, I strongly encourage you to, at a minimum, take the same proactive steps I’ve taken to protect my personal credit:

• Open accounts with the major credit bureaus
• Implement credit freezes with each
• Consider adding a fraud alert

Yes, implementing credit protection takes time. But the alternative—fraud, financial disruption, and emotional stress—is far more costly. Sadly, this isn’t an excuse for Allianz or any other company. It’s simply the reality of the world we live in today.

Warmly,

Rick

• On July 4, 2025, the United States Congress passed the One Big Beautiful Bill Act (OBBBA)—a sweeping legislative package that reshapes the American economic landscape. Please see LPL'sOne Big Beautiful Bill Act Investors Guide to help you understand the action items you might want to consider to take advantage of the bill.
  
  
• Did you know? Answers to many frequently asked client questions can be found on theFAQ pageof our website. Here you can find updated information on account maintenance, Account View access, and the Wealthvision/eMoney platform.
  
  
• As the summer begins to wind down, we hope you are taking the time to soak up the sun and enjoy your loved ones. From our CRF family to yours, we hope this season was filled with warmth, growth, and memorable moments. 

Essential Tax Reminders for People Selling a Home 

If you’re selling your home, you may be able to exclude all or part of any gain from the sale when filing your tax return. To see if you are eligible for this benefit, you have to consider:

• The home’s ownership and use: Over five years, ending on the date of the sale, the homeowner must have owned the house and lived in it as their main home for at least two years.
  
  
• Any gains:Taxpayers who sell their primary home and gain from the sale may be able to exclude up to $250,000 of that gain from their income. The exclusion increases to $500,000 for a married couple, filing jointly.
  
  
• Mortgage debt: Generally, if your mortgage debt was forgiven or canceled, such as in the case of a foreclosure, you have to report this forgiven debt as income on your tax return.

^{Tip adapted fromirs.gov}

^{*This tax tip is for informational purposes only and is not a replacement for real-life advice. Consult your tax, legal, and accounting professionals for more specific information.}