Estate Planning: Cleaning Out the Fridge Before Vacation

by Kevin Rigg, Lead Advisor, CFP®


No one loves cleaning out the fridge before vacation. It's not fun, it's not glamorous, and there’s often something in the back you have forgotten about. But it's a necessary step to avoid returning home to an unpleasant surprise.

Estate planning is similar in that it’s not always top of mind; however, when done well, it can prevent future confusion and uncertainty, providing your loved ones with the clarity and support they’ll need when it matters most.

That’s why estate planning is the focus of our 2025 Strategic Planning meetings. This year, our goal is simple: to ensure that every client has an estate plan that is current, consistent, and clear.

Being current means that your plan reflects the latest estate laws and financial strategies. It aligns with today’s environment, not yesterday’s assumptions. Consistency ensures your planning reflects your true intentions, values, and family dynamics. And clarity is about making sure every person involved can understand what’s in place—no confusion, no surprises.

Turning ‘Someday’ into a Solid Plan


Our process will involve assisting each client in organizing and confirming the details of their estate. This includes reviewing and updating essential legal documents, verifying the accuracy of beneficiary designations and asset titling, and ensuring that everything is stored securely and accessibly. Additionally, we are documenting your estate-related priorities and completing a genogram (family tree) to clarify relationships and decision-making roles.

Every client will receive a comprehensive overview of their estate plan, including document summaries, a statement of estate net worth, a visual flowchart of the asset distribution plan, and estate tax projections. For those with more complex needs, we’ll also model advanced planning strategies and provide supplemental resources where appropriate.

And finally, we will actively assist with implementing any necessary changes, whether that involves coordinating with your attorney to update documents, revising beneficiaries, retitling assets, or helping to develop a thoughtful communication plan for family members and heirs.


Leave a Legacy, Not a Mess


At its core, this isn’t just about updating forms or running tax projections—it’s about providing you with peace of mind. It’s about ensuring that your legacy is managed with the same care, intention, and clarity that you strive for in every other aspect of your financial life.

So, let’s clean out the fridge, so to speak. It may not be glamorous, but it’s one of the most considerate things you can do for the people you care about most.

Chart of the Month: Investing is a Yo-Yo, Not a Rocket Ship

by Austin Boyce, Advisor & Trading Analyst


2025 has given us plenty of ups and downs, and we are only four months into the year! Some of you have proactively expressed your concerns and questions during our Annual Review meetings, specifically questioning whether the current economic climate warrants a new direction for our investments.  The answer to that is always, “It depends.”

While it can be easy to get caught up in the daily headlines that often skew negative, playing on our fears, it is important to remember that volatility is normal. One of my favorite analogies for investing in the stock market is yo-yoing while walking uphill. The short-term swings may take you up and down, but over time, you'll find yourself higher on the hill.

It can be helpful to think of a downturn as the price of admission to the market instead of a penalty. Enduring the downturns means you can enjoy the upswings. The chart below shows intra-year declines and the total return for the S&P 500 by year. Looking at last year, you can see the market was down 8% at one point during the year, but was up 25% from January 1st to December 31st.

 

At SoundView, we work closely with clients to develop a financial plan, which includes an investment strategy designed to withstand market downturns. We understand that volatility is a matter of when, not if, so we utilize a globally diversified portfolio that aligns with client needs and risk tolerance, ensuring we have a strategy that can ride out the market’s yo-yo moments without losing sight of the uphill climb.

Control What You Can: Financial Planning in Uncertain Times

by Kevin Rigg, CFP®, CPA®  &  Krista Wallace, CFP®, AFC®

 

Hope is not a strategy. Luck is not a factor. Fear is not an option.  
- James Cameron, American Filmmaker

 As the days start to lengthen (thank you, daylight savings time), we find ourselves navigating the darkness with hope. Hope for warmer weather. Hope for sunlight. Hope for outdoor activity. Hope for change.

The first quarter of 2025 presented a sharp contrast to the close of 2024. Sweeping changes over this timeframe have heightened investor concerns about the economic environment and impact on investment markets. As a result, the market has reacted with some turbulence.

When we experience sudden change, it can cause us to feel unsteady and even hopeless when we perceive the change as negative. However, if we see the change in a positive light, we can often find ourselves rejoicing in our good fortune (or “luck”).  When we find ourselves feeling uncertain and anxious, we often feel called to action, but what actions are appropriate, and how do we find hope in the midst of turmoil?  

One of our advisors noted that his basketball coach often said, “You can only control your effort and your attitude in the game,” this wisdom applies beyond the court. While uncertainty is an inherent part of economic and market cycles, it can be difficult for us to find perspective while it is occurring.  As advisors, we aim to help you focus on what you can control, those things most important to your long-term financial plan, and reduce anxieties about the things outside your control.

You can’t control everything, but you can control your financial strategy. This graphic helps separate the noise from what truly matters—and we’re here to help along the way.

Your advisor is available to discuss your concerns with you, and it will be a priority during your upcoming Annual Review meeting this spring.  

Questions are always welcome at any time.  

Chart of the Month: Trade and the Markets

by Ben Jennings, Lead Advisor, CFP®

It's been a dynamic first quarter of 2025 in the markets. The US stock market has rapidly shifted between achieving an all-time high in February and a correction (10% decline from the high) in March.

One topic impacting the markets in a big way is the anticipation of coming tariffs. To understand the impact of tariffs, it's important to consider some historical context about the US balance of trade - also called our trade surpluses or deficits.

  • The US began as a country with persistent trade deficits (from 1800 to 1870, we had a trade deficit for all but 3 years).

  • In 1870, following the Civil War, we began 100 years of consistent trade surpluses.

  • Starting about 1970, we shifted to trade deficits again, and 2025 marks the 50th anniversary of annual trade deficits for the US (we last had a trade surplus in 1975).

Below, you’ll see a chart showing the trend of monthly trade deficits over the past 35 years (Note: the dotted line is the average over the period, not the zero line!). A trade deficit happens when we (as a country) consume more than we produce - either taking on credit or transferring assets to pay for the difference.

While trade deficits were modest in the 1970s and 1980s, the deficit was over $900 billion annually in 2024 - comprising 78% of trade deficits worldwide (add up all the trade deficits worldwide, and we’ve got ~80% of them!). Note the $131 billion monthly deficit shown in the chart for January 2025 is a result of a temporary jump in anticipation of coming tariffs.

Tariff Use Through History

The US has a long history of using tariffs. Before Alexander Hamilton was singing and dancing, he was promoting the Tariff Act of 1789 - the first major piece of legislation passed by the newly formed US Congress and signed by President George Washington.

More recently, President Trump employed tariffs in his first term, and President Biden continued and even expanded many of these during his term in office. Entering Trump’s second term, tariffs are dominating headlines in an even bigger way.

Tariffs are used to raise revenue, to impact trade, and to influence foreign governments - though it’s hard to achieve all three purposes simultaneously.

The new administration seems to have each of these purposes in mind for various aspects of the tariffs they have proposed or implemented:

  • Initially, for example, the tariffs announced on Mexico, Canada, and China were focused on influencing those governments to make more significant efforts toward reducing the flow of fentanyl and undocumented immigrants into the US.

  • Other announced tariffs are focused on influencing trade in particular sectors (e.g., steel and aluminum).

  • Tariffs have also been presented as a tool to reduce the federal government’s budget deficits.

 

Impacts on the 2025 Market

OK, let’s tie all this back to this quarter’s market volatility. Tariffs are likely to slow economic growth, at least temporarily and in the short term. The pronounced and accelerating emphasis on tariffs in US policies is contributing to market volatility for a couple of reasons:

  •  First, there’s some uncertainty day-to-day as to what tariffs might be in place and how other countries will react.

  • Secondly, even if we knew what tariffs the US and other countries might have in place later in 2025, we won’t know how that will impact companies' earnings (which drive market prices).

After reading this, you may not think better or worse about tariffs, but hopefully, this will help you put the evening news in a broader context.

Your Advisor is available to answer questions about current volatility and its impacts on your portfolio.

Jump(ing) Ahead: Keeping Meetings Personal in a Digital World

Nate Porter, Chief Operating Officer

This month we have started using a new note-taking application called Jump to help document our client meetings. Jump acts as a virtual stenographer. It will “sit in” on our client meetings, transcribe the conversation, and then draw up a first draft of meeting notes, summaries, and suggestions for follow-up.

Considering the Benefits

Our hope is that Jump will enhance human connection during our meetings and ensure more accurate follow-up afterward. We have done quite a bit of research on this topic, and we are confident this is a meaningful step forward for our team and, most importantly, our clients. Here’s why:

More Focus, Less Distraction

Jump frees our Advisors from constant notetaking during meetings, allowing them to engage in conversations fully. Instead of looking down at a notepad or keyboard, they can focus on listening, discussing, and advising.

More Efficiency, Less Administrative Drag

Incorporating Jump into our process means faster meeting summaries, more organized records, and improved collaboration. Ultimately, our goal is to keep our team informed on the outcome of our meetings and focused on serving clients.

More Accurate, Actionable Follow-up

Jump will capture every key decision, follow-up, and action item. This ensures precise communication, streamlined and faster execution, and consistent documentation for our SEC compliance requirements.

Considering the Risks

Sometimes, I feel like my superpower must be “Healthy Skepticism.” When the topic of AI is mentioned, for example, my spidey sense REALLY starts to tingle. I have MANY questions. Here are some of the topics that we had to work through before deciding to partner with Jump:

Client data security & privacy are of top concern. Will Jump use our meeting data for training or sell our information?

Thankfully, no. Unlike some AI tools that collect and use data to refine their models, Jump does not train its models using client data or sell or share any information. Firm and client information is not added to the “data pool.” Using Jump, our conversations remain as confidential as they always have been.

Additionally, Jump complies with strict data privacy and security protocols, including SOC2 Type II compliance, end-to-end encryption, and multi-factor authentication through Microsoft. This ensures that all client data remains protected and inaccessible to unauthorized parties. We also maintain control over data retention policies, allowing us to determine how long meeting records are stored before they are deleted.

We must remain transparent. Will clients know when AI notetaking is being used? Can they opt out?

Every participant in a meeting will be informed when an AI note-taker is being used. If the meeting is conducted virtually, you will see the “SVA Notes” participant. If the meeting is in person, the meeting will be captured via a secure App. If clients would prefer we not use this tool, they can say so anytime, and we will turn it off.

Could AI misinterpret what is said in a meeting?

It ABSOLUTELY can. It can misunderstand words, miss subtle meanings, or even misidentify key takeaways. An advisor will review every AI-generated note before it is saved or shared. Essentially, Jump is writing a first draft, not doing our work for us.

We prioritize human connection above all else. Can AI understand tone, sarcasm, or non-verbal cues?

AI is a great tool, but a tool is all it is. It will never replace human judgment, interaction, and reasoning. Unlike a person, AI cannot read body language, detect sarcasm or anxiety, or read subtle shifts in tone. Our Advisors, on the other hand, will remain fully engaged in meetings, ensuring that context, intent, and emotion are properly understood and communicated.

Your Experience, Your Choice

So that you know, your advisor will remind you about Jump at the beginning of your next meeting. If you would prefer that we not use the tool, please let us know. Our priority is to serve you in the way that best aligns with your preferences and comfort.

One last thing: this article provides a high-level overview of our thinking. If you would like to learn more about Jump—what it does, what it doesn’t do, our broader stance on the use of AI…. or the price of eggs—I would be happy to chat. Send me an email, and we will talk about it.

Here’s to a better-connected future.

Employee Spotlight: Lisa Graber

by Krista Wallace, Advisor, CFP®


Lisa Graber has been a valued member of the SoundView team for over eight years, most recently serving on the Business Operations team. She and her husband, Michael, recently celebrated 40 years of marriage with a special trip to Italy (pictures below). They have one son, TJ, who lives in Nashville with his wife, Grace, along with their grand-dog, Guinness, and grand-cat, Gabby.

I sat down with Lisa to talk about love, money, and, of course, SoundView.

KW: What do you enjoy most about your role in Business Operations at SoundView?

LG: I love being able to support our clients! Whether it's answering the phones (let’s be honest, no one enjoys a phone tree) or ensuring that our staff have what they need to succeed, I enjoy simplifying processes and keeping things running smoothly. During the past year, I’ve become the first point of contact for new clients, helping them identify what’s needed and making the onboarding process as seamless as possible.

KW: How is your relationship with clients? Do they sometimes show appreciation for you, too?

LG: Absolutely! Sometimes I’ll receive an encouraging email that brightens my day. Other times, returning clients stop by, and we chat about shared interests—Oregon Ducks football (Go Ducks!), cooking, knitting, and more. These connections help me understand our clients better and find ways to improve our processes too!

KW: What’s best about working at SoundView?

LG: The people here make all the difference. Every team member is unique, and I’m constantly learning from them. When I started, I had no idea how much personal growth would come from simply being part of such a great team. It’s an unexpected benefit—having teammates who help me understand both the big picture and the finer details of our work.

KW: With your life experience, SoundView experience, and love experience, any wisdom to share?

LG: I’ve always loved connecting with a wide variety of people—that’s just who I am. I also love to learn and engage in conversations, even when I don’t always agree with someone. If I had to share a lesson, it would be this: Be curious. Ask good questions. Read a few books (not necessarily every book) to educate yourself on areas where you desire growth. We’ve all heard it, “There’s no such thing as a dumb question,” and I wholeheartedly agree.


KW: You and Michael have been married for 40 years—an impressive milestone! What has helped maintain your relationship?

LG: So many things! Michael and I met in high school—I was a senior, and he was a junior. We’ve lived a lot of life together since then. We like to say we grew up together. Early on, I handled our finances because of my bookkeeping background. Over time, we decided Michael should take on the day-to-day management of money, and that shift really improved our communication. We enjoy working together to solve important issues. Last year, we finally updated our estate documents, which was a huge relief. Like any couple, we’ve had our ups and downs, but we’ve found clear communication is what keeps us moving down the road.  I’m incredibly grateful.


Five "This or That" Questions

Candy or flowers for Valentine’s Day? Both!?

Delivered to the office or waiting at home? To the office, of course!

Valentine’s dinner—dine in or eat out? Out!

On Valentine’s Day or around the holiday? Around—I know all about those markups!

Favorite Cuisine? Italian – of course!  Our recent cooking vacation to Italy sealed the deal!

Love and the Markets: A Long-Term Story

by Austin Boyce: Portfolio Management; Emerging Advisor; Process Designer

Love is in the air this month. It made me realize that, in a sense, we ask clients to envision their money entering a long-term relationship with the market. It takes patience, trust, and a willingness to ride out the ups and downs.

Wanting a little perspective, I reached out to a client who recently celebrated 60 years of marriage. They said, “All relationships are going to have ups and downs; what helps us get through the down parts is having patience and knowing that the lows are only temporary. All these years later, we have been greatly rewarded.”

Patience and being ok “riding out the lows” are skills that translate well to investing. When we look at market returns for the S&P 500 Index from 1928-2023, holding period returns vary and improve over the long-term horizon. For example, one-month holding period returns have been positive roughly 59% of the time. A one-year holding period indicates positive returns about 69% of the time. Stay in the market longer, say ten years, and returns are positive around 88% of the time.

Why does this matter?  Said differently, for any ten-year period when someone bought and held the S&P 500 between January 1928 and December 2023, they received a reward for staying in the market. This is an encouraging improvement, going from 59% to 88%, but if we zoom out one more time to a twenty-year holding period, the story gets even better. 100% of the time, the S&P 500 has had positive returns for any twenty-year holding period. The chart below illustrates this historical data. Over the long-term, market returns aren’t a consistently smooth ride up - but given enough time, your patience is rewarded.

At SoundView, we take a long-term, diversified approach—something our client wisely noted works well for investing (but not so much for romance). We also recognize that returns won’t always be positive, but patience and commitment make all the difference. Still, we aim to minimize the lows based on individual risk tolerance.

Similar to the advice from our client for a successful relationship, we strive to be patient and take the long view.


Disclaimer: Past performance does not guarantee future returns.
Linked Website: https://www.fool.com/investing/2024/02/06/average-stock-market-return-in-every-month-of-year/

(Not So Traditional) Traditions

by Nichole Harrison, Advisor, CFP®

My 11-year-old wholeheartedly embraced a challenge from her teacher who required each of the 28 students to create handmade Valentine’s Day cards and write at least two sentences on each one for every classmate.

No candy, no store-bought cards—just thoughtful, personal messages.

Bringing her vision to life required time, creativity, and perseverance. She gathered materials from around the house, carefully cutting out bows and hearts to decorate tiny pieces of folded pink cardstock. When frustration crept in as the deadline approached, we talked about her expectations versus what was truly required. I encouraged her to simplify where needed while staying true to the heart of the project. The result was something she was proud of.

When I picked her up from school, she carried a woven paper heart basket overflowing with messages from her classmates. As she read them aloud on the drive home, I saw the impact of the effort she and her classmates had made:

“You are very good at math.”
“You are helpful and kind.”
“You are a good friend.”
“I like working with you on challenging assignments.”
“I love your long hair.”

This assignment was challenging. My daughter couldn’t see the outcome at the start, yet the collective effort made a deep and lasting positive impact.

My takeaway wasn’t that achieving this outcome required hours of painstaking work on handmade cards. Rather, I realized I had let tradition, expectations, and convenience overshadow the balance between efficiency and genuine care.


Efficiency with Heart

At SoundView Advisors, we recognize that this balance is essential—not just in personal moments but in financial planning as well. Efficiency and care are not at odds; they must work together. Just as my daughter’s project demonstrated the value of thoughtful effort, we believe financial planning is more than just numbers—it’s about trust, relationships, and intentional decision-making.

As we integrate new technologies to improve efficiency, we do so with careful consideration, ensuring these advancements serve our clients rather than create distance. We understand that change can bring concerns—will technology make the process feel impersonal? Will something valuable be lost in the shift? These are questions we take seriously.

Our commitment remains unwavering: to provide thoughtful, personalized guidance while embracing tools that help us serve more effectively. By adopting innovation without losing sight of what matters most, we continue to uphold the deep care and stewardship our clients have come to expect.

Beginning Well to Finish Well

by Krista Wallace, Advisor, CFP®

It’s January again, folks, and by now the would-be fitness fanatics are already realizing and (perhaps) accepting their limitations and revising their goals for the year ahead. As a recovering resolution-maker, this time of year continues to evoke feelings of hope as I reflect on what has been and move into what can (will) be.  

Your SoundView Team is full of reflection, too, and harnessing that energy by Reviving Routines, Resetting our Focus, and Reaching forward in the calendar.



REVIVING ROUTINES

“Quality is not an act, it is a habit.” - Aristotle

If you’ve been a client for at least a year, you are likely already familiar with our January “to-do” lists and are likely hearing a lot from your Support Advisors (Debbie, Sophea, and Danielle). They are hard at work processing Qualified Charitable Distributions and Required Minimum Distributions from IRA accounts. They’ve sent data-gathering forms to collect year-end information, and soon, they’ll be coordinating tax letters and forms. Although our processes have changed and expanded over the years, this time of year reinforces our value of collaboration and propels us all into a productive year.

RESETTING OUR FOCUS

“Every new beginning comes from some other beginning’s end.”
(Semisonic, ‘Closing Time’, 1998)

This is also the time of year when we tally the scores on your newly minted successes and prepare to present them during the Annual Review meeting. As an advisor, this is possibly my favorite meeting with my clients – the opportunity to refocus and clarify goals, count financial and personal successes, and overview the impact of your big-picture plan. Hearing about your daily routines, seeing your family photos, and answering your many questions (without the aid of a crystal ball) energize and invigorate our work for the year.

REACHING FORWARD

“To finish the moment, to find the journey’s end in every step of the road, to live the greatest number of good hours, is wisdom.” – Ralph Waldo Emerson

Taking a proactive approach to planning is a priority for every member of the SoundView team. Beginning well sets the stage for not only the current year’s work but also your confidence for the “what ifs” in life. We’ll focus our strategic efforts on estate planning this year and take a comprehensive look at what finishing well can really mean for you. We’ll identify life events that may have an impact on your distribution plans, explore charitable giving options, and collaborate with attorneys to revise your estate documents as needed.

A New Year, A New Calendar

by Kevin Slater, Lead Advisor, CEO, CFP®

 

Back in the old days, we kept track of important events on calendars with lovely pictures hung on our kitchen wall. When is our vacation? Don’t forget so and so’s birthday! Is there a cool picture for my birth month?

On New Year's Day, we excitedly hung up a new calendar. Are we using the one with pictures of our dream vacation or one with pictures of cats or dogs? Sometimes, just before it hit the trash (no recycling back then!), we glanced through the old calendar to see if there was anything important to remember in the new year.

Today our calendars are portable, and most of our pictures are on our phones. Yet it is as important as ever to look back and acknowledge the significant things in life.

OUR TEAM
They are phenomenal in their knowledge, experience, and commitment. Kevin Rigg, Ben, Krista, and Nichole engaged with clients and shared their wisdom. Sophea and Deb worked tirelessly to ensure decisions become realities. Nate and Lisa put our team in a position to serve clients well. Austin Boyce passed his CFP exam. Danielle joined us and hit the ground running because our team set her up for success.

OUR CLIENTS
We work with fascinating people and talk about the things that truly matter. Each has a unique story, goals, and concerns. We know we have a rare window into their lives, and we appreciate their trust, confidence, and transparency.

OUR JOINT ACCOMPLISHMENTS
We helped clients understand their resources and progress toward their goals. We identified risk exposures and how to address them. We managed portfolios for great years and for an inevitable correction. We walked with clients through career changes, retirement transitions, and personal losses. It was a full year!


THE NEW CALENDAR
Finally, let’s take a peek at the pictures on our 2025 calendar. At SVA, we always have more to learn and ways to improve. Here is a snapshot of three specific plans we have for 2025:

  • Leverage a secure, AI-based note-taking tool to improve our analysis and service. AI is not perfect, but it can be very helpful. More to come in February!

  • Review every client’s estate plan in the fall. Do their documents accomplish what they really want? Are the right people named for the right roles?

  • Pursue (illiquid and semi-liquid) alternative investments that offer competitive returns and are less exposed to the forces that may harm stock market returns.

Why not a calendar with dogs and cats, AND dream vacations?

We are excited about this year and recognize that no calendar only has pictures of our favorite people and places. We know that some unexpected things may happen. Rest assured, we are here for you during all of them.

Happy New Year!

Chart of the Month: 2024 In Review

Austin Boyce, Portfolio Management, Emerging Advisor, Process Designer

2024 was another great year for markets, building upon a strong 2023. Every asset class had a positive return in 2024 from the S&P 500 leading the way at 25% to fixed income at 1.3%. Robust US performance occurred despite concerns around inflation, recession predictions, and Fed policy changes. While large technology companies continued to dominate the headlines, positive performance spread across the market, with eight of the thirteen sectors within the S&P 500 achieving positive returns.

2025 is sure to have its share of market-moving events. It is impossible to know what those will be, when they will happen, and what impact they will have. As the chart shows, performance within a given asset class can vary significantly from year to year. That's why, at SoundView, we use well-constructed, diversified portfolios aligned with client risk profiles to help you reach your financial goals.

Chart of the Month: Portfolios Traditions

by Austin Boyce: Portfolio Management; Emerging Advisor; Process Designer

As the year winds down, traditions often take center stage.

For many of us, this includes shared meals, time with family and friends, or looking ahead with resolutions for the coming year.

One important tradition we have at SoundView is to monitor client portfolios to ensure they stay aligned with your investment policy statement and investment objectives. With this info, we can take action to rebalance portfolios as needed. The chart below shows how portfolios would have been impacted over the last fifteen years if a portfolio was never rebalanced.

Year to date, the S&P 500 index is up around 25%, which is on top of a 26.3% return in 2023. As investors, we appreciate these substantial returns, but it’s important to ensure our portfolios don’t drift, potentially exposing us to more risk than we need or are comfortable with. Using the example above, a portfolio composed of 90% equities and 10% bonds has a much different risk profile than one with 60% equity and 40% fixed income. This highlights the importance and need for rebalancing.

At SoundView, our proactive approach to investment planning keeps you on track and addresses issues before they arise. Ask your advisor for more details on your portfolio!

Your Own Swiss Banker: Freeze Your Credit

by Ben Jennings, Lead Advisor, CFP®

The primary reason for freezing your credit has nothing to do with your credit. It's for your security.

Imagine a scene from one of the many films where clues to a central mystery are held in a Swiss bank (think of James Bond, or Jason Bourne!). The defining characteristic of a Swiss bank is the Swiss banker - a serious, mature gentleman with gray hair at his temples, dressed in a 3-piece suit, the pocket watch in his vest pocket somewhat anachronistic but adding to his gravitas. His paramount role is to ensure the security and privacy of the items his clients entrust to him and ensure these are accessed only by his clients.

Think of the credit freeze (also known as a credit lock) offered by each of the three major credit bureaus as your personal Swiss banker.


The “Keys” to Freezing Credit

A major goal of digital criminals who seek out details about your identity is to open a new financial account in your name, against which they can borrow, purchase, etc. To complete such a transaction, they not only need the information they might secretly obtain from you, but the institution where they want to open a new account also requires access to your credit report before granting credit. Without access to your credit file, no credit will be granted.

To use another banking analogy, such a transaction is like a safe deposit box at your local bank branch: opening the box requires two keys.

So, while you do everything you can to protect "your key" (use passwords that can't be easily guessed or generated, for example), we also want you to protect the other key - in this case, access to your credit file.

Follow the instructions (found here) to set up (or confirm you have already set up) a credit freeze at each of the three major credit bureaus.

The turn of the calendar to 2025 is a great time to take a few minutes to put your own Swiss banker in place!

Chart of the Month: Social Security Payments Increase

by Kevin Slater, Lead Advisor, CEO, CFP®

Social Security beneficiaries will get a 2.5% raise for 2025! This is not the first time they have increased payouts. In fact, they have a formula - Good old CPI-W!

CPI-W Explains It All (But Not Always in Time)

The US Bureau of Labor Statistics (BLS) calculates this version of the Consumer Price Index (CPI) by measuring the spending of urban wage earners and clerical workers, about 28% of the US population, where most income comes from clerical or hourly wage jobs. The CPI you hear about most often, CPI-U, tracks expenses for a broader sample of the overall US population.

So, what’s wrong with a raise? The problem is receiving it a year after prices have already gone up. This is not a problem when inflation is low, but it certainly can be when prices are jumping in back-to-back years, as they did in 2021 and 2022. Social Security checks were not increasing fast enough for those dependent upon them.


Takeaways: Social Security provides nice inflation-adjusted benefits - however, client portfolios must also be built to cover shortfalls as they appear in the economy.

Giving Thanks for Smart RMD Strategies

by Kevin Rigg, Lead Advisor, CFP®

The holiday season is upon us, a time for joy, festivities, family, and… RMDs? Yes, it's that time of year again when we start thinking about next year’s Required Minimum Distributions from retirement accounts. Like preparing the perfect Thanksgiving feast or wrapping gifts for loved ones, getting ahead of your RMDs now can save stress later.

At SoundView, we're already hard at work estimating 2025 RMDs for our clients who have their own retirement accounts (and will be at least 73 years old in 2025) or who own inherited retirement accounts. We are currently working to ensure RMDs are completed in January, aiming to avoid any potential tax complications. We'll be taking a close look at several key factors, including charitable giving, tax withholding, and the newly clarified rules for inherited accounts.


Charitable Intent

The IRS provides a way to reduce the tax impact of RMDs through Qualified Charitable Distributions (QCDs). Many of our clients take advantage of this strategy, and we have already started reviewing and updating charity lists and QCD amounts for 2025. For those who have not utilized QCDs, here is a quick primer:

• Allows those 70 ½ years of age or older to make gifts directly from their individual retirement account (IRA) to a qualified charity.
• Counts toward satisfying the RMD without being treated as taxable income.
• Often leads to net lower taxes compared to making outright cash gifts.

If you satisfy the requirements and are interested in making QCDs from your retirement account, please let your advisory team know. We can help with the details and ensure that the paperwork is ready this January to complete the QCDs and satisfy any RMDs on your retirement accounts.

Just as many use the holidays to share blessings with those in need, QCDs are a wonderful way to align your financial planning with the season’s spirit of giving.


Tax Withholding

Our tax planning process involves projecting both your current and future annual tax liability. It is possible to withhold funds from an RMD for federal and/or state income taxes, which is usually much simpler than making estimated tax payments throughout the year. Your advisor will discuss these details during your Strategic Planning meeting this fall and let you know if tax withholding from your RMD is recommended in the coming year.


Inherited Accounts

RMDs from an IRA or retirement plan will cease after death. If a spouse inherits the account, they can generally roll the inherited IRA or plan account into an IRA in their own name, which allows them to delay taking RMDs until turning 73. If a non-spouse beneficiary inherits the account, they are subject to different rules, and the requirements have become quite complex in the last several years (if you don’t believe us, check out this chart!). Rest assured, your advisory team is up to date on all the inherited account RMD rules and will help you navigate any annual requirements.

SoundView is committed to helping clients navigate the complexities of retirement account distributions and ensuring their retirement accounts remain on track.

Chart of the Month: The President & the Economy

by Kevin Slater, Lead Advisor, CEO, CFP

It is a presidential election year, and we are hearing many claims from candidates on how well the economy would do under their leadership, as well as accusations of how it would fare under their opponent.

Warning: this month’s chart may not match your expectations.

May I have the (fact) check please?

Presidents Don’t Own the Economy’s Playbook

In August, we looked at how the S&P 500 performed during different administrations; this month, we are looking at the overall economic performance during those same years.

Presidents have a lot less impact on the overall economy than they would have you believe. Often, they tout some sort of jobs or economic initiative, but those are a drop in the bucket of the overall economy.

How often are they “responsible” for a recession? In every case (under Republicans or Democrats), the contributing factors leading up to a recession are well beyond their control. Could any of them have single-handedly staved off the 1970s energy crisis, the 2000s dot-com bust, the great financial crisis, or prevented COVID-19? No.

There are far more actors involved, some with arguably more influence on the economy than the president. From the Federal Reserve to entrepreneurs, from consumers to corporations, and from homeowners to Congress--there are many, many hands contributing to the health of the US economy.

The president does have an important and influential role in our country and the world. Thoughtfully cast your vote this November, but know that economic control is more complex than political promises.

The Two Minute Warning

by Austin Boyce: Portfolio Management; Emerging Advisor; Process Designer

If you’re anything like me, fall equals football time. As I have been transitioning to my new role as a Financial Advisor, I lean on the wisdom and experience of our entire advisory team, especially our three Lead Advisors who often take on the role of coach. Here are some strategies from their playbooks as we head into the year’s final quarter.

Assess Healthcare Needs – Most employer plans, the individual plan marketplace, and Medicare all include November as open enrollment time, so no better time than now to start considering the best plan for the upcoming year. Plans and personal needs change from year to year so evaluating the available options is essential.

Max Out Retirement Accounts – The 2024 contribution limit is $23,000; if you turn 50 before December 31st, you can put in an additional $7,500. You still have a few paychecks left to increase your contribution rate to ensure you max it out (you’ll want to make sure to evaluate the contribution rate again in January to know you are on track to meet the 2025 maximum).

SoundView Advisors’ Head Coaches, Hard at Work

Spend Flexible Spending Accounts (FSAs) – These accounts are set up as use-it-or-lose-it. Some employers may offer a grace period into next year or allow for some carryover. Make sure you know the rules for your account so you don’t lose any money!

Charitable Contributions – If you aren’t itemizing your deductions but are giving to charities, it might be worth considering “bunching” your contributions so that you give multiple years in one year to push you over the itemized threshold.

Tax Bracket Management – If you have had a temporarily low-income year for 2024, communicate that with your advisor (if you haven’t already). We can implement strategies to take advantage of the relatively lower income.

Tax Evaluation – For W-2 employees especially, now is a good time to look at your most recent paycheck and evaluate if your tax withholdings are on track. Better yet, ask your advisor to review your pay stub and see if any changes or estimated payments should be made for the last quarter of the year.

October is an ideal time to implement a strategy for tackling these year-end tasks. Before you know it, the holiday season will be in full swing, and 401k’s, HSA’s, and taxes will be the last things on your mind. Your SoundView team is available to answer questions and help you call the right plays for your financial game plan.

Chart of the Month: Back to Class with the YIELD CURVE

by Kevin Slater, Lead Advisor, CEO, CFP

Traditionally, at the start of the new school year, we review important concepts from the prior year that will be fundamental in continuing our educational journey. Welcome to your fall class! Since “the yield curve” is featured in articles past (here, and here) and present (here), let’s review what the yield curve is and what it can tell us.  

What is the “yield curve”?

Fixed income portions of a portfolio are often primarily made up of bonds- lending instruments that enable corporate and government entities to raise money to fund operations or other projects.  US Treasury obligations are considered among the most secure, liquid assets available, with nearly $900 billion bought and sold every day (per SIFMA).  Treasury Bills, Notes, and Bonds are issued and sold with a variety of maturity dates:  short-term: 1 month to 1 year (e.g., Treasury Bills); medium-term: 2 years to 10 years (e.g., Treasury Notes); and long-term: 20 or 30 years (e.g., Treasury Bonds). 

The fixed-income markets determine what the “appropriate” interest rate for the various maturities should be. This is based on many factors, including Treasury supply and demand for fixed income, economic expectations, US Federal budget deficit levels, and Federal Reserve policy expectations. 

The yield curve itself is a simple graph that plots what the market implies is the appropriate current interest rate (or yield) for each maturity.  Connecting the dots usually creates a sort of curve.

Three Lessons in the Yield Curve

First, it provides an up-to-the-minute market-based valuation for Treasury securities. This helps investors make portfolio-level decisions.

Second, the yield curve is a useful summary of the overall market’s expectations of the economy and interest rates. Higher future rates suggest growth and a stronger economy. Lower future rates suggest economic weakening or a recession.

Finally, while it gives hints on how the general market feels about the economy, it is not a reliable predictor of what will happen in the future.

Why does it matter?

The yield curve is one source we use when projecting returns from various portions of our bond portfolio.  It is also a tool for evaluating returns from other types of investments. Does additional risk result in additional reward?  Ultimately, it helps us guide clients on the asset mix needed to achieve their goals.

Disability Insurance: Plan for Interruptions

by Krista Wallace, Advisor, CFP®

Earlier this summer, I encouraged exercising the freedom to “obligate ourselves by choice,” but we will likely encounter an interruption or two. Sometimes, these interruptions are joyous – a new connection, a trip to a bucket-list destination, or a happy accident.

At other times, an interruption can cause fear as we face uncertainty. Four years ago, a dear friend of mine was facing this: at age 40, he received a heart-related diagnosis which robbed him not just of the ability to earn an income for his family but also his pride. Newly married, depression set in as well. He felt like a failure even though he wasn’t (and isn’t!). He and his wife began the arduous task of filing for Social Security Disability while navigating a drastic reduction to their household income. They had to choose to find new meaning and adjust their goals for their life together while utilizing their available resources.

Disability insurance is one option to replace income from working if you become injured or ill. Your advisor will review your need for and access to this wealth management tool this fall. We will also be clarifying some terminology for you to unpack what a disability is and what it is not.

The Basics

Disability insurance is a form of earned income protection, that safeguards against a loss of wages for a season of time. This could range from a few weeks to years. How you become disabled can impact how long your policy will provide benefits.   

Many employers offer some type of coverage, and many states offer coverage, as does the federal government with the Social Security Disability Insurance Program (SSDI). Standalone policies are also available through many insurance companies. When purchasing a policy, you should consider your occupation, age, and income.

How and When Do I Qualify?

A qualifying disability can have many definitions across policy types. For example, when a child is born, the policy benefit is often determined by the type of delivery and recovery period for the mother. On the other hand, Social Security Disability payments are much harder to qualify for but can last longer and provide access to Medicare benefits prior to age 65. My friend has been fortunate enough to access these benefits, but only after three years of stressful denials, lifestyle changes, and ultimately the need to hire an attorney.

The Risk

A 2022 study by Social Security reported that 25% of 20-year-olds will become disabled sometime before they reach retirement age. So, the risk becomes not if we become disabled but when and how. Our task is to find a way to control and transfer the portions of risk that we can and continue to take care of ourselves in the meantime.

When life interrupts our ability to earn an income, our future goals can go unfunded, and the stability and sustainability of our plans can be at risk. Finding a way to address this risk proactively is incredibly important early in the plan when income generation is critical, but it can continue to be a priority throughout our working lives.

Protecting your income is essential for staying on track with your goals. Talk with your advisor about disability insurance to ensure you’re prepared for any unexpected challenges ahead.

The Fed Cuts Rates! So, Now What?

by Kevin Slater, CEO, Lead Advisor, CFP®

Undoubtedly, by now, you have heard from multiple sources that the Federal Reserve Bank (“The Fed”) cut short-term interest rates by 0.50% last Wednesday (9/18). There are reasonable expectations that they will make further cuts later this year and in 2025.

For consumers and borrowers in general, this is good news as the cost of borrowing is dropping. Mortgages, car loans, business loans, etc. will all be less expensive.

For savers and investors, the feeling is more ambivalent. The rise in interest rates allowed for healthy returns on savings accounts, money market funds, CDs, and short-term Treasuries. Those returns will decrease as interest rates fall.

What about our fixed-income portfolio?

This requires strategy and patience as interest rates fall.  (Learn more Yield Curve basics from Kevin Slater, here.)   We continue to experience an inverted yield curve when short-term fixed-income investments pay higher interest rates than longer-term investments. We expect the yield curve to normalize (when longer-term interest rates are higher than short-term rates) over the coming year or two. How the market moves to get to that point matters.

To Time or Not to Time

At SoundView, we do not believe in timing markets. However, we do believe there are ways to invest that lean toward higher probability events without going “all in.” For example, maintaining well-diversified equity portfolios while investing a higher proportion in US large-cap stocks - we think they will outperform other areas of the market more frequently. We still invest in many of those other areas but with a lower proportion of the portfolio.

With fixed income, we have invested heavily in shorter-term bonds. This has worked well with a few brief exceptions. We do believe the yield curve will normalize, but when and how are still up for debate. If short-term rates fall while longer-term rates stabilize or rise, short-term bonds will outperform long-term bonds for a while. That has been the case for the past few days, but there is more to come as The Fed makes choices and the markets anticipate their impact.

On the horizon

We anticipate one or two trades in fixed-income portfolios in the next three to twelve months. What and when will depend on Fed policy and market responses. We will continue our work to both preserve capital and generate a reasonable return for our investors.