Our Quarterly Report

“Happiness will never come to those who fail to appreciate what they already have.”

Rewald, Sebranek, & Frawley An Independent Firm April 2018 Sticking to the Fundamentals 2018 has been a roller coaster ride—up nearly 7%, down over 10%, back up nearly 8% and then down 5%. All this action in just a few months. The result is U.S. stocks—as measured by the S&P 500 Index—are down slightly under 1% year to date. This fluctuation wasn’t anything new and something we have all experienced before. It’s at moments like these that we like to get back to the fundamentals and what our group believes to be the basics and the backbone of successful investing:

• Costs Matter: Investment costs might not seem like a big deal, but they add up, compounding along with your investment returns. In other words, you don’t lose just the tiny amount of fees you pay—you also lose all the growth that money might have had for years into the future. Here’s an example from Vanguard. Im- agine you have $100,000 invested. If the account earned 6% a year for the next 25 years and had no costs or fees, you’d end up with about $430,000. If, on the other hand, you paid 2% a year in costs, after 25% years you’d only have about $260,000. That’s right: The 2% you paid every year would wipe out almost 40% of your final account value. 2% doesn’t sound so small anymore, does it?*

• Time Versus Timing: If we’ve said it once we’ve said it a million times—time in the market is more important than timing the market. The reasoning is not only do you have sell at the right time but you also have to buy in at the right time. In other words you have to be right twice. We know far too many people who liquidated their stock portfolios over the past decade and as a result have missed one of the greatest bull markets of our generation.

• Keeping It Simple: Some of our best and most successful client-friends have only a high school diploma. Yet they have been diligent savers and investors and have portfolios that are made up of simple, tax effi- cient investments. On the other hand, we know of highly educated individuals that have pages and pages of holdings, spend hours researching the various components of their portfolios and ask questions such as “How much do I have in alternative investments and private equity? Should I put more in small cap interna- tional stocks? How will the rising dollar affect the value of my global bonds?” These are legitimate questions but the additional time and costs spent does not guarantee a better return. Rather we’ve found the more involved and tinkering one does within a portfolio, a smaller return is the result.

• Bucket Approach: Only invest the funds that you won’t need for five or more years in stocks. Money that you’ll need in the next five years should be kept aside in short term bonds or safe interest bearing FDIC bank accounts. Our belief is if you have this short term safe bucket of money set aside, not only will you have a cushion should an unforeseen life event occur but it will be an emotional buffer to keep your stock portfolio invested long term.

• Ignore the Noise: When it comes to investing in companies, it truly doesn’t matter who the President is or who controls Congress. The talking heads of CNBC or Fox Business (just to name a few) are fear mongers. Negative headlines get much more attention—blame it on our amygdala. Instead, we encourage you to turn off the television and spend that time doing an activity you love with the people you love.

*This is a hypothetical example and is for illustrative purposes only. No specific investments were used in this example. Actual results will vary. Past performance does not guarantee future results. 2018 Index Returns (Year-to-Date) Major Stock Indices (As of 3/31/2018)* Major Bond Indices (As of 3/31/2018)* S&P 500 -0.76% U.S. Aggregate Bond Index -1.46% Dow Jones Industrial Ave -1.96% U.S. High Yield Bond Index -0.83% MSCI EAFE -1.70% U.S. Treasury: 20+ Year -3.38% MSCI Emerging Markets +1.28% CPI—Headline +0.70% *Source: MSCI Net Returns, Barclays Capital Rewald’s Rant Joel Rewald, Financial Advisor Limited Number of Stanchions After being out west for most of 3.5 months, Lisa and I have settled back into our comfortable confines just outside the city limits of Richland Center. Mobile devices help narrow the divide when we are on the road, however we’re really looking forward to the three new office babies. These winter retreats help me conceptual- ize what it is like to live in a place other than Richland Center. Our children can support that few, if any, in the last 40 years have spent more time downtown than me. Reflecting back on those 40 years, never would I have imagined the degree of care and planning we are able to deliver for client-families as RSF is able to today.

From the time we came to town, every month began with $0 in revenue. Back then, revenue was a function of finding the money and hopefully selling a suitable product that also paid a rich dividend or interest payment to the client and for then Edward D. Jones or Blunt, Ellis & Loewi a commensurate commission, which they then shared with me. You might say going to all those weekday and weekend masses sort of paid off because in the early 1990s, I was transfixed by a column in one of our trade magazines by Nick Murray. Everything Nick conveyed, I read and listened to. As a former broker like me, Nick’s proposition back then was about transi- tioning to the side of the client and away from commission-based-selling. Nick’s proposition was fee-based- selling by charging a client say 1% for the assets they had under our management. For the next several years, our group, then part of the Kemper Group, used both commission and fee or trail based models. Then in the late 1990s, I went cold turkey, quit the commission gig, and affiliated with the financial planning arm of Ray- mond James, then called IM&R.

A handful of years later, the next huge break for me and especially our clients arrived. A former Culvers employee joined Lisa, Mylan and me on Court St. (Remember Mylan? He is now managing an office for a couple of middle-aged women up in Appleton). Well that former Culvers employee is our Terry Sebranek who worked full-time while finishing up his finance major at Platteville. Terry’s joining gave me the impetus in re- taining our first hands on financial advisor consultant, Steve Moore. Steve’s proposition went something like this: “Joel, you have 200+ people on your books that are generating <10% of your revenue and 20 clients generating over 50%. Why do you allow your top 20 to subsidize your bottom 200?”

Terry would chime in by saying something like “then the next best thing that happened to both of us was the recruitment of Kaleb in 2007.” Up until then, RSF hung their hat on investment planning and financial planning played the supporting cast. However with the “twin towers” beaconing down, it wasn’t long that more dismantling of the past took place and RSF’s value proposition centered on what we believe we could influ- ence for our clients versus what I in the past attempted to— outperforming indices. As a result, RSF today is a financial planning firm as opposed to just an investment advisory group.

About four years ago, RSF began on another critical leg of transformation. We committed to doing away with charging clients for assets under management (i.e. 1%) by converting to a flat fee retainer. Before we went whole-hog, we floated this by a host of our clients including my wife. While on the surface it appeared to be just semantics but not so when we gave a few examples—“Why should RSF be paid $6,000 more per year if you transfer your $600,000 401k?” or “Because you have an old TIAA-CREF account that pays a 3.5% fixed rate, why would we move that account into your IRA when RSF through Raymond James/Commonwealth could not come near the benefits of that TIAA-CREF offered to you? As a matter a fact, good chance RSF may recommend pushing assets from your RSF/Commonwealth retirement account to TIAA-CREF!”

In addition to the flat-fee retainer, RSF relieved me of investment management by moving most to all of our active management portfolios to inactive/passive index portfolios. Not only did we reduce management costs by about 80%, RSF had me resign from trying to outperform the indices. Simply stating, minus the marginal costs of an index fund, one’s index portfolios will neither outperform or underperform the stated benchmark. In retrospect, RSF helped me overcome a habit that would at times tear me apart and cost our clients as much as four to five times the cost versus inactive/passive management. As a result, when RSF is doing a financial planning review, we spend a marginal amount of time on what we can’t control (the markets) and most of the time on what RSF has influenced or can, your financial plan and purpose. Rewald’s Rant Joel Rewald, Financial Advisor Stanchions continued….. These days, our group has the opportunity to serve about 150 multi-generational families. Those families pay us a flat fee retainer locked in place for three years regardless if they add money to their portfolios, inherit a large sum, take money out to buy the neighboring farm, move money to a non-RSF unique investment strategy or the market over those three years goes up 40% or down 40%. RSF considers itself our clients ongoing gen- eral contractor in helping them plan for what they value, albeit avoiding income taxes, educational planning, health care planning, retirement planning to their legacy plan. None of this as I call it, morale stuff could have been advanced without the commitment that Terry and Kaleb have put forth, who are dearly supported by Jes- se and Joe. It is a privilege for our group to hold such a trusted place within these families.

Forty years ago this summer, we moved into Richland Center, sight-unseen and opened one of the first Edward D. Jones offices in downtown. Three business divorces later, first from Jones, then Kemper, then Raymond James, we find ourselves with another business conundrum. Last November 2017, Kaleb & Maggie welcomed their first child and about two months later on January 31st, Terry and his wife Jenna welcomed their first…..and second…..twins! As a result, RSF said something like, “Joel, we have to shut you down, no more recruiting business until you get back this Spring and we sit down.” My reply, “Great, so now that we have this well-oiled machine, I am to shut my mouth, really guys!” RSF has a capacity issue and as the above picture illustrates, RSF clients are housed and tenderly milked in a stanchion barn as opposed to open housing/milking parlor. Therefore, we now have more limitations in who we can keep or bring in.

You might say, RSF has decided to keep our friendship more intimate and by doing so, restrained the growth of business or number of cows to manage. RSF believes by focusing on being lean, we will sustain profitabil- ity—relationally, familial and financially. We are open to bringing in another intern much like we did with Terry and Kaleb, however we have to be deliberate considering RSF’s culture and therefore our organizational health so we can also sustain our value proposition to our clients.

This summer, for most client-friends, it will be the three-year anniversary of our initial flat fee retainer agree- ment. It is our intention to sit down and ask for your feedback on how we are doing. (i.e. what you like versus don’t like, what we are not doing that you’d value, where we have missed the mark and where we might have not only hit your target, but hopefully a bullseye or two, and so forth). That meet-up will also be a time for the discussion of what our flat-fee was and what the next three years will look like for you. As we are learning, pending regulatory costs are being shifted from firms like Commonwealth and even clients and being passed down to RSF. Therefore, more than a handful of client-friends will experience an increase in our flat fee retainer amount. RSF considers each client-family’s flat fee on a case by case basis. We aim to be 100% trans- parent of what our group’s costs are as well as what value added we can provide.

RSF cannot overstate the greatest compliments we could ever receive are those heartfelt introductions of a friend, associate, or family member. Your introductions have led to many new and hopefully life-long client- friendships. RSF will not advertise because the risks of bringing in new business in that manner has proven to be unwise. We will continue to only welcome introductions from existing networks and relationships that in some cases, we’ve worked for decades with.

Quite fascinating, as I reflect on the days of the teletype machine to the bag phone to these mobile devices that allow me to meddle 24/7 with RSF, not only because I am still a partner but because we are one of the 150 families RSF serves. Since our son took his life about six months ago, I am more emboldened than ever about how blessed and therefore grateful I am in being surrounded by friends just like you and that certainly includes RSF. The only joy that surpasses the joy of serving others is the joy that comes with mates like Terry and Kaleb, and Jesse and Joe in serving people just like you for a living.

Kaleb’s Corner Kaleb Frawley, Financial Advisor Jumping at Shadows The following chart is from Richard Bernstein’s December “Insights” newsletter. His piece laments the horrif- ic opportunity costs borne by investors hiding out in bonds and alternative investments (ex. hedge funds and private equity) the past decade for fear that mainstream equities might at any moment replay 2008. He esti- mates nearly a 97% return has been sacrificed (i.e. the 5-year compounded difference between stock and bond returns). Here are words directly from Richard’s mouth: “The chart shows the historical probability of large drawdowns in the S&P 500. Drawdowns similar to 2008’s have historically occurred only 0.5% of the time! Yet, both individual and institu- tional investors have been structuring portfolios as though the markets were necessarily going to replay 2008.” In layman’s terms, if you invested $100,000 in the S&P 500 Index fund, there is a 25% chance that 12 months later your investment would be worth less than $100,000. On the flip side, you have a 75% chance that your original investment would be worth more than $100,000. Investors have been overly cautious and as a result have missed out on tremendous gains—not only in 2017 but the past decade. The fear of a loss brings to mind the word This is a hypothetical example and is for illustrative purposes only. No specific investments were used in this we mentioned on the front page—amygdala. example. Actual results will vary. Past performance does not guarantee future results.

When you think of the amygdala, you should think of one word—fear. It is the reason we are afraid of things outside our control. The amygdala is a tiny, almond shaped structure deep inside the emotional part of your brain. It operates unconsciously. You cannot control its immediate, instinctive, automatic reactions because they happen much before your consciousness kicks in. It makes our body ready to “fight or flight” the situa- tion. It makes one feel fear before you can understand what you fear and why you are fearing it.

You are walking alone through the park in the middle of the night. All of sud- den you hear something behind you in the bushes; you stop dead in your tracks. Your heart starts to race, a chill comes over you and your adrenaline starts pumping. Your mind immediately goes into “fight or flight” mode and you suspect someone is following you. But the true culprit could be many things—the wind, a cat, a bird, a branch breaking, etc. Yet our amygdala makes us plan for the worst. The amygdala switches off its alarm when it believes that there is safety. Once turned off, symptoms reverse themselves to normal and the panic subsides. One then can continue on their normal life.

What does a small part of our brain—the amygdala—have to do with an investor’s asset allocation? Nearly everything. Famous investor Benjamin Graham stated, “Individuals who cannot master their emotions are ill- suited to profit from the investment process.” There will be bad times and the media will give us a million and one reasons why we should NOT invest. Those reasons will appeal to our amygdala and our innate inner cave- man “fight or flight” operating system. It is totally normal to have these fears and emotions but is counterintui- tive to ignore them. However when it comes to investing, it’s at these peak times of fear that life altering decisions are made; and perhaps, ignoring that fear can be the best investment decision you’ll ever make. As Rich- ard mentioned previously, because of this fear of the unknown, each individual investor has likely lost out on hundreds of thousands of dollars of portfolio appreciation (a nearly 97% total return). This opportunity cost has changed the legacy planning and retirement outlook for many people—avoiding short term pain over long term gain. The next time you feel your amygdala going crazy, relax and take a deep breath. If you have to do something, please give us a call and we’ll help you from avoiding a life altering decision. Brown’s Blurb Joseph Brown, Relationship Manager My Next Thirty Years “My Next Thirty Years” is a song written by Phil Vassar and performed by country music artist Tim McGraw. It was released back in July 2000 however it didn’t hit home for me until the end of February 2018 when I too turned 30 years old. To mark this memorable occasion, the guys gave me the opportunity to write a little bit about what I’ve experienced the past few years working at RSF and how my perception of life has changed.

Prior to working here at RSF, I was the branch manager at the local Associated Bank. To put it bluntly, it was a corporate owned transaction based business. Quotas and production goals were set for you by corporate. For example, 10 new checking accounts, 2 investment referrals and 2 home equity lines of credit by the end of the month. If you hit the numbers, a bonus was coming your way. Our incentive to get to know people was only surface level—know them enough to create an additional sale or service our bank could provide. If someone came in and was looking to buy a car, no way would we tell them to pay cash for it but rather they should finance it and yes finance it through us. Nobody should ever pay cash for anything. Emergency fund? Who needs that when you have the ability to borrow on your home. I thought I knew basic financial planning. Boy was I wrong.

Right after joining RSF, my wife Karia and I purchased our first home in the ‘metropolis’ of Ithaca. We had a few hun- dred dollars in our checkbook, a small retirement account, student loans, car loans, a mortgage plus a third child on the way. Living the American dream—paycheck to paycheck. The first wakeup call I received from RSF was when they told me “we only do payroll once a month.” We had to be better budgeters and quick as we were accustomed to a paycheck every two weeks. Shortly thereafter Dave Ramsey and his I think I’ll take a moment, celebrate my age “Financial Peace University” course appeared on my The ending of an era and the turning of a page desk. For the next 12 weeks, we worked through the Now it’s time to focus in on where I go from here course together. We’re happy to report that recently Lord have mercy on my next thirty years we were able to pay off Karia’s student loan, have a 6 month emergency fund in place and are debt-free Hey my next thirty years I’m gonna have some fun except for the house and a small car loan. I’ve Try to forget about all the crazy things I’ve done learned that living paycheck to paycheck is the norm Maybe now I’ve conquered all my adolescent fears and the client-friends of RSF are “weird.” And I’ll do it better in my next thirty years

It was also a transition in mindset from where I came My next thirty years I’m gonna settle all the scores from. At Associated Bank, corporate gave us march- Cry a little less, laugh a little more ing orders on what to do and a deadline. At RSF, we Find a world of happiness without the hate and fear have 150 multigenerational families and the motto/ Figure out just what I’m doing here instruction is simply “Joe, treat and serve these peo- In my next thirty years ple like you would your grandparents. Listen, be pre- sent and serve unconditionally. Our clients are our Oh my next thirty years, I’m gonna watch my weight friends and our friends are our clients.” Talk about a Eat a few more salads and not stay up so late radical change and culture shock. Drink a little lemonade and not so many beers Maybe I’ll remember my next thirty years There is much to be said about the benefits of financial freedom and intentionally planning out one’s My next thirty years will be the best years of my life daily, weekly and annual life goals. My hope is to Raise a little family and hang out with my wife use my life experiences and mistakes in a fashion Spend precious moments with the ones that I hold dear that hopefully helps a future RSF client-friend get Make up for lost time here, in my next thirty years started on the right path. God willing, with my new In my next thirty years foundation, my next thirty years will be different! Financial Planning with Terry Terry Sebranek, Financial Advisor Trusted Contact Person Effective February 5, 2018, the Financial Industry Regulatory Authority better know as FINRA implemented changes to protect customers against financial exploitation. Under amended FINRA Rule 4512, FINRA members must try to obtain a third-party contact person when accounts are opened or updated. In laymen’s terms, managers and compliance professionals at firms like Commonwealth have been talking to regulators about the need to protect clients more fully and the lack of available tools to do so. For example, advisors and firms have sometimes been hamstrung by their privacy policies, which generally don’t permit them to contact a family member or trusted friend when they have concerns about a client’s cognitive decline—or possible financial exploitation—unless they have the client’s permission to do so. This rule is an administrative tool to help advisors have clear-cut permission to contact a person whom the client trusts and explain their concerns to that individual. The area of concern could be around diminished capacity, financial exploitation, or simply to find out what may be going on with the client if the advisor has not been able to reach him or her for a period of time.

A Trusted Contact Person or “TCP” doesn’t replace a power of attorney (POA) or the need for proper estate planning, but it is an important means of helping to manage risk. It also doesn’t replace the client from being the initial point of contact. The individual designated solely as a TCP cannot give trading or withdrawal in- structions on a client’s account. Furthermore, the TCP you select is not set in stone and can be changed or re- voke with a simple phone call.

For our client-friends, the next time we connect for a review we’ll be asking you to consider who you would like us to put down as your Trusted Contact Person should we ever have some of those concerns listed above. Important Planning Tools Needed • Aggregation—Because of the extensive estate and tax planning coordination our office does, it is very important that all of our client-friends have this tool up and running through our office. Furthermore, with 150 multigenerational families, it’s impossible for us to memorize and remember every specific asset, loan terms, and so forth for all our clients. What’s the solution then? Commonwealth has the ability to create a net worth page listing all your assets from 401k, farm, home, collectibles, savings accounts, etc. Jesse of our group is the local expert with this tool. In the months ahead, we will be reaching out to you in an effort to gather all the data in regards to your non-Commonwealth assets and liabilities. In the end, this will allow RSF to better serve you and create better communication between the various planning arms in your life.

• 2017 Tax Return—A little over a month ago you should have received a letter or email from our office asking that you provide us with a copy of your 2017 tax return. If you have not signed that tax return release letter or sent us a copy of your tax return yet, would you please do so at your earliest convenience? Due to the tax changes instituted by President Trump and Congress, the financial planning and coordination we do on behalf of our client-friends with your tax preparer this year will be significantly different than in years past. Significant information lies within those returns that affect what our group will recommend in 2018— how does your income affect your Medicare Part B premiums? Is your Social Security taxable? What affect would an IRA distribution or Roth conversion have? Do you have any capital losses carried forward? With- out your 2017 tax return, it’s like our group is driving down the interstate with one hand covering our eye— we can’t see the whole picture. “Stick with big, ‘easy’ decisions and eschew activity.”

“It is a terrible mistake for investors with long-term horizons….to measure their investment ‘risk’ by their portfolio’s ratio of bonds to stocks. Often, high-grade bonds in an investment portfolio increase its risk.”

“If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it’s a bit like telling your ripening teenager to be sure to have a normal sex life.”

-Warren Buffett, 2018 Berkshire Hathaway Annual Shareholder Letter Birth 8 weeks Declan Joseph Sebranek: 5lbs - 13 oz, 19 in. long Declan: 8 lbs - 4 oz, 22 in. long Desirae Lorelei Sebranek: 4lbs - 6oz, 17 in. long Desi: 7lbs - 3oz, 23 in. long

On January 31, 2018, Desirae and Declan Sebranek were born at the Richland Hospital.

Jenna and I started dating in high school in the fall of 2002. Now, after it being just the two of us for 16 years, we are blessed to be parents to Desi and Declan. We have been showered and supported with love, gifts, helping hands and meals. Wherever we go, the kids get attention and we get hammered with questions from complete strangers. The most common questions:

• Are they twins?!?! Yes, they are twins.

• Are they identical? No, under their diapers, they look different. Only twins of the same gender can be identical.

• Do twins run in your family? No (but in reality here, people just ask us this question, don’t listen to what we have to say because they are preparing to tell us about the twins in their family—my wife’s second cousin’s step-daughter just had twins).

• Do you get to sleep much? No.

All kidding aside, it’s wonderful to have the kids join us in our every- day lives. We’ve taken them to plays, they’re good car riders (2.5 hours is Declan’s max without a stop), and bottom line—they’re really good babies! But, please, next time you see a parent out with twins, consider offering to hold the door as they try to maneuver their stretch limo stroller (and if you offer the father your congratulations and sympathy/ pity at the same time with a smile, it will probably brighten his day). Disclosures: • The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources consid- ered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the authors and not necessarily those of Commonwealth Financial Network. Expressions of opinion are by financial advisors Joel Rewald, Kaleb Frawley and Terry Sebranek as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred herein. • Investments mentioned may not be suitable for all investors. Past performance may not be indicative of future results. You should discuss any tax or legal matters with the appropriate professional. • Securities and advisory services offered through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser. • There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. These risks are discussed in the fund’s prospectus which should be read prior to investing. • Diversification does not ensure a profit or guarantee against a loss. • Keep in mind that there is no assurance that any strategy will ultimately be successful or profitable nor protect against a loss. • We do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. • Fixed insurance products and services offered through CES Insurance Agency • Inclusion of indexes is for illustrative purposes only. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect investment performance. Individual investor’s results will vary. • Dow Jones Industrial Average is an unmanaged index of 30 widely held securities. • S&P 500 is an unmanaged index of 500 widely held stocks. • MSCI World ex. USA is designed to measure the equity market performance of developed markets, with the exclusion of the United States. • MSCI Emerging Markets Index is designed to measure the equity market performance of 21 emerging market country indices. • The Barclays Global Bond Treasury index provides a broad-based measure of the global investment-grade fixed-rate debt markets. • The Barclays Corporate Hi Yield Index covers the US Dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market. • The Barclays U.S. Treasury Long contains all bonds covered by the Barclays Gov. Bond Index with maturities of 10 years or greater. • CPI: A measure that examines the weighed average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. 159 East Court St., P.O. BOX 420 Richland Center, WI 53581 (877) 647-3745

Securities and advisory services offered through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser.

Beginning in April, the Centers for Medicare & Medicaid Services (CMS) will be sending replacement Medicare cards to everyone who is currently covered by Medicare. The new cards do not include a Social Security number and will help to prevent fraud, reduce identity theft and safeguard taxpayer dollars. Individuals in Delaware, DC, Maryland, Pennsylvania, Virginia, West Virginia, California, Alaska and Hawaii will receive their new cards between April and June. The rest of the U.S. will have their new cards mailed after June 2018.

There is nothing you need to do… just wait for the new card to come in the mail. You should keep your Supple- ment, Part D or Advantage Card – those won’t change… Only your red, white and blue Medicare card will be replaced. Doctors, other health care providers and facilities know it’s coming and will ask for your new Medi- care card when you need care, so carry it with you.

WATCH OUT FOR SCAMS – Medicare will never call you uninvited and ask for your personal or private information – Please, never give your new Medicare number to someone over the phone.