Happy Summer, Clients and Friends!
As we enter summer, we hope that you have some exciting plans to travel or spend time relaxing with family and friends in the coming months. While working hard to accomplish your long-term goals is an important part of securing the future you desire, it’s important that focusing on the future doesn’t come at the cost of living your life to the fullest today. At Planned Financial Services, we believe that finding meaning and purpose in each day is critical for living a fulfilling life. So, whether you’re planning a family vacation, a short weekend escape or simply gathering with family and friends around the firepit in the weeks ahead, know that we’re here to help make sure your life is well lived on your terms. That’s what our focus on Return on Life® is all about. And with the most recent addition to our staff, we’re in a better position than ever to provide the level of service, attention and advice you require. You can read more about our newest team member, Client Liaison Jennifer Damron under Team Updates below.
This spring, we were pleased to have many of you join us for two live webinars, the first was on the markets and economy and the second was on business exit planning. We’ve included links to both recorded webinars and their accompanying presentation slides under our News & Events section, so please take a moment to check those out.
You also don’t want to miss this month’s Market & Economic Update which takes a deeper look at what may be in store for the markets in the month ahead, including a possible “June swoon” and our latest thinking on the tech sector. We will continue to proactively communicate information about the markets and economy, through our regular Market Noise email publication, as well as information and education on topics such as charitable giving, estate planning, retirement income and preparing your business for a sale, through our blog, newsletter, social media channels, email communications, articles, seminars and webinars. If there are topics you would like to see us address through these or other communication channels, please don’t hesitate to contact us with your thoughts and suggestions.
As always, we encourage you to reach out to your dedicated team whenever you have questions or when circumstances in your life change. If you need additional help or someone you know needs our advice, remember, we’re only a phone call away at 440.740.0130.
What’s In It for You?
At-a-glance guide to your 2nd Quarter 2023 Frank Talk newsletter:
News & Events
- Awards & Recognition
- Frank Fantozzi: Forbes 2023 Best-in-State Wealth Advisor
- Cynthia Yang: Forbes Best-in-State Women Wealth Advisors
- Team Updates
- Jennifer Damron Joins PFS
- Upcoming Events
- Smart Women Breakfast & Awards
- Understanding Medicare Live Webinar
- 15th Annual Cleveland Economic Summit
- Smart Business Family Business Conference
- Recent Events
- Market Noise Live Webinar
- Business Continuity Planning Webinar
- 2023 Tax Planning Guides
- Complimentary Second Opinion Service
- Visit Our Getting Frank Blog and Join Us on Social Media
Market & Economic Update
News & Events
Awards & Recognition
Frank Fantozzi is Recognized in Forbes as 2023 Best-in-State Wealth Advisor
Planned Financial Services President and Founder, Frank Fantozzi, CPA, MST, PFS, CDFA, AIF®, CEPA, was recently ranked No. 50 in Ohio in the Forbes 2023 Best-In-State Wealth Advisors list. This marks the sixth consecutive year that he was named to the list. According to Forbes, the annual ranking spotlights the nation’s top-performing advisors, evaluated based on criteria* that includes industry experience, client retention and assets under management. View the full list here: Forbes 2023 Best-In-State Wealth Advisors.
Cynthia Yang is Named Among Forbes’ Best-in-State Women Wealth Advisors
Planned Financial Services Wealth Advisor Cynthia Yang, CFA®, (CAIA®), (CIPM) has been recognized for the second consecutive year among Forbes’ Top Women Wealth Advisors Best-In-State. The special report identifies U.S.-based female financial advisors who are leading the way in offering best practices and providing high-quality experiences for their clients, according to Forbes. The annual list is compiled by Forbes with insights from SHOOK Research. Advisors are selected based on quantitative and qualitative data, and are assessed on a variety of criteria, including in-person interviews, years of experience, compliance records and assets under management.
Client Liaison Jennifer Damron Joins the Planned Financial Services Team
We are pleased to announce that Jennifer C. Damron joined our independent financial and investment planning firm as a client liaison. Jennifer’s broad financial services industry experience complements and further strengthens the firm’s multidisciplinary team approach to providing you with a consistently exceptional experience. Prior to joining Planned Financial Services, Jennifer spent seven years as a senior financial analyst at Cleveland-based AML RightSource where she led a team of 20 analysts focused on providing technology-based compliance and fraud prevention solutions to financial services institutions. Prior to that, she spent 13 years at Powers & Powers in Berea, Ohio as a legal assistant in the firm’s probate practice. She is a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) and the Association of Certified Fraud Examiners (ACFE) and is a Notary Public for the State of Ohio.
Smart Business: Smart Women Breakfast & Awards – July 20, 2023
For the 7th consecutive year, PFS will participate as a sponsor of the Smart Business Smart Women Breakfast & Awards on July 20th, 8:00 am – 10:30 am, at the Westin Cleveland Downtown. PFS Wealth Advisor Chelsea Hussey, CLU®, ChFC®, CFP® will be an award presenter. The Smart Women Breakfast addresses issues facing women in the workplace. The conference also recognizes the achievements of leading businesswomen, inspiring male advocates, and effective women’s programs through the Smart Women Awards program.
Understanding Medicare Live Webinar on August 10, 2023
Get Your Medicare Questions Answered, on August 10 from 11:00 am – 12:00 pm.
Take the guesswork out of Medicare planning! Join guest speaker, Rodika Koloda, Life & Health Advisor at Insurance Systems Group and PFS Wealth Advisor and host, Danielle LeChard, to determine which options are right for you and when you can enroll or change plans. You’ll get the facts about Medicare, as well as answers to all your questions, including how health and/or prescription drug coverage from a current or previous employer could affect your choices. Don’t miss out! Watch for an email providing webinar details and registration instructions.
Save the Date! 15th Annual Cleveland Economic Summit – September 21, 2023
We look forward to welcoming you and your guest(s) to our 15th Annual Cleveland Economic Summit on September 21st at the Cleveland Botanical Garden/Woodland Hall from 4:00 – 6:30 pm. The Summit features dynamic speakers addressing topics impacting the local and national business environment and factors influencing your taxes, business and personal finances. Save the date and watch for an invitation via email in the coming weeks with more details about the speakers and venue.
2023 Smart Business Family Business Conference – September 28, 2023
For the 7th consecutive year, Planned Financial Services will sponsor the Smart Business Family Business Conference & Family Business Achievement Awards with Frank Fantozzi participating as one of the industry expert panelists providing insight and addressing the challenges of family businesses. The conference will take place on Thursday, September 28th from 7:30 a.m. – 11:00 a.m. at Corporate College East in Cleveland, Ohio.
Business Continuity Planning Webinar: Why Exit Planning Is Business Strategy
We were pleased to welcome the business owners and business partners who joined us on May 17th for our live webinar event and Q&A session: Why Exit Planning Is Business Strategy. As a Certified Exit Planning Advisor and business owner, Frank shared his insight on the critical role exit planning can play in helping to maximize business value now and when you’re ready to exit. Frank also had the privilege of speaking on this topic at a meeting of the Lake County Bar Association on May 31st.
If you missed the live webinar: Why Exit Planning Is Business Strategy, or would like to hear it again, click the links below to access the recording or download the presentation slides.
Market Noise Live: 2023 Market Perspective
Thank you to those who joined us for our recent Market Noise Live webinar and Q&A, Managing Market Volatility & Uncertainty: A 2023 Market Perspective on May 25th. Host Frank Fantozzi was joined by Wealth Advisors Cynthia Yang, CFA®, CAIA®, CIPM, and Chelsea Hussey, CLU®, ChFC®, CFP® who shared insights on what they believe may be in store for the financial markets and economy in the months ahead, what this could mean for your business and personal investment planning and how PFS is working to help manage portfolio risk and position client portfolios for long-term success.
If you missed the live presentation, or would like to revisit all or a portion of it, you can access the recorded webinar and presentation slides at these links:
Prepare for the Year Ahead with Our Complimentary Tax Planning Guides
- The Planned Financial Services 2022-2023 Tax Planning Guide is your comprehensive guide to key tax provisions and deadlines that can help you reap the full benefits of collaboration with your qualified tax advisor. View or download your PFS 2022-2023 Tax Planning Guide now.
- Our at-a-glance guide to your 2023 Federal Tax Rates makes it easy to quickly find the information you need from federal income tax brackets and rates to capital gains and qualified dividend rates, contribution limits for retirement plans, annual gift and estate tax exclusion amounts, and more. Feel free to download it, print it out or save it to your device to access throughout the year. View or download your complimentary 2023 Federal Tax Rates guide now!
Our Complimentary Second Opinion Service Was Designed for Your Family Members, Friends and Business Associates
Our complimentary Second Opinion Service continues to be well-received among the friends, family members and colleagues of our clients and business associates. This valuable service provides the people you care about with an opportunity to benefit from the same expertise and guidance that you have come to expect as a valued client of Planned Financial Services.
In many cases, a second opinion will simply provide confirmation, and the confidence that those you care about are on track to fulfill their values and achieve their goals with their current financial provider or strategy. However, if needed, we are happy to suggest ways in which we can help, including recommending another provider if we are not a good fit for their needs. Either way, following a Discovery Meeting and Investment Plan Meeting with our experienced team, they will receive a Total Client Profile and a Personalized Financial Assessment of their current situation.
Don’t Miss Out on the Topics that Are Important to You: Visit Our Getting Frank Blog
Get a jumpstart on the new year with timely information on the financial planning, business growth and investment topics that are meaningful to you. Visit our Getting Frank Blog at PlannedFinancial.com. We post new articles and opinions weekly, so be sure to visit often. You can also read the latest blog articles by connecting with Frank personally on social media at LinkedIn, Twitter and Facebook.
Market & Economic Update
Time for a June Swoon?
There is no shortage of headlines referencing the “sell in May and go away” seasonal pattern for stocks, but perhaps investors should focus more on a potential June swoon. As debt ceiling negotiations progressed in Washington before the revised June 5th X-date, the S&P 500 continued to struggle with key resistance at 4,200. While the deal reached in Washington could be a catalyst for a breakout, overbought conditions in the technology sector and mega-cap space—the primary drivers of this year’s market advance—could make this a high hurdle for the market to clear on a near-term basis, especially without broader participation.
The technical setup for the technology sector remains bullish, but overbought conditions have become widespread. Perhaps the rally may be a little too much too fast, as the sector’s Relative Strength Index (RSI) is overbought along with over one-quarter of tech sector stocks. Even the ratio chart comparing the sector to the S&P 500 is well-extended above its rising 50- and 200-day moving averages (dma). While overbought conditions provide validation of the sector’s uptrend, and overbought does not mean over, odds for a shorter-term consolidation and/or pullback appear to be growing. The good news is that if there is mean reversion, it would likely be toward the sector’s uptrend and provide a potential pullback opportunity for investors seeking a better entry point into tech. In the event of a pullback, both the rising 20- and 50-dmas provide dynamic support levels to watch, along with the August highs near 2,650.
Don’t expect any seasonal tailwinds for stocks this month. The S&P 500 has generated average and median price returns during May of 0.0% and 0.1%, respectively, making it the fourth worst-performing month since 1950. Furthermore, the index has only produced positive returns 54.8% of the time during June. For additional context, the S&P 500 has posted average monthly returns of 0.7% and finished positive 61% of the time for all months since 1950.
While the overall average June return is underwhelming, when the S&P 500 does trade higher during the month, the average return has been 2.5%. In contrast, when the S&P 500 trades lower during the month, the average June return has historically been -3.0%.
What About Tech?
The seasonal setup for the technology sector in June is even worse. Since 1990, the sector has generated average and median price returns during the month of 0.0% and -1.7%, respectively, making it the second-worst month based on average returns and the worst month based on median returns. Furthermore, the tech sector has only produced positive returns 42.4% of the time during June, the lowest positivity rate across the calendar.
A June swoon may be in the cards for the broader U.S. equity market as the S&P 500 continues to struggle with resistance at 4,200. At the same time, overbought conditions have become widespread across the technology sector, which is 1) responsible for most of the index gains this year and 2) carries around a 28% index weight. While overbought conditions provide validation of the tech sector’s uptrend, and overbought does not mean over, probabilities for a temporary consolidation and/or pullback appear to be growing. The good news is that if there is mean reversion, it would likely be toward the sector’s uptrend and provide a potential pullback opportunity for investors seeking a better entry point into tech. We maintain a neutral recommendation on the technology sector and are waiting for a better entry point.
As these and other conditions evolve in the weeks and months ahead, you can rely on your PFS team to continue to monitor and adjust our portfolios and keep you up to date on market and economic developments. We understand the concerns that can accompany change and uncertainty and are confident in our approach to navigating through these challenging times.
We also want to remind you that you are always welcome to contact your dedicated team if you have questions or to schedule time to meet with us at our office. For those who prefer to meet virtually, we continue to use Zoom for virtual meetings, and are always available via phone. Just let us know how you prefer to meet, and we’ll make it happen!
We are always honored to help our clients’ friends and business associates take greater control of their future with guidance from the PFS team. We welcome and are grateful for the many introductions our clients continue to provide. If you, or someone you know, has questions or concerns about your personal investment strategy or business finances, please don’t hesitate to share information about our complimentary Second Opinion Service and reach out to us at 440.740.0130.
Real People. Real Answers.
Health, Happiness, and Good Fortune,
CPA, MST, PFS, CDFA, AIF®, CEPA
President & Founder
A portion of this research material was provided by LPL Financial, LLC, June 2023. All information is believed to be from reliable sources; however, neither Planned Financial Services or LPL Financial make any representation as to its completeness or accuracy.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.
Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services.
For a list of descriptions of the indexes and economic terms referenced in this publication, please visit www.lplresearch.com/definitions.
All index and market data from FactSet and MarketWatch.
Unless otherwise stated Planned Financial Services and the third-party persons and firms mentioned are not affiliates of each other and make no representation with respect to each other. Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services.
This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific issues with a qualified tax advisor.
Planned Financial Services, LPL Financial, Forbes, SHOOK Research, Smart Business, Rodika Koloda, Insurance Systems Group, and the Lake County Bar Association are all separate, unaffiliated entities.
Investment advice offered through Planned Financial Services, a Registered Investment Advisor.