Happy Holidays, Clients and Friends!
As the holiday season gets into full swing, autumn’s warmer temperatures are quickly transitioning to winter’s cooler days and frostier nights throughout much of the U.S. As most of you are probably aware, we’ve experienced a transition of our own this year. On October 2, 2023 we announced our name change from Planned Financial Services to Return on Life® Wealth Partners to better express what we bring to our clients, team members, business associates, and the broader financial services marketplace. After 29 years spent building a successful wealth management firm under the Planned Financial Services name, we believe this was the right time in our firm’s growth trajectory to make this change and place our belief—that our clients’ Return on Life® matters most to us—front and center in our name.
Why now?
When we started the firm nearly three decades ago, we picked a straightforward and functional name so we could hit the ground running. However, as we continue to mature and evolve, it’s become increasingly important that our name accurately reflects the founding principles that we continue to live by today and that truly differentiate our brand. Our new name – Return on Life Wealth Partners – represents the distinct financial and life philosophy, vision and beliefs embraced by our team of experienced wealth advisors and associates. It speaks to our core commitment to look well beyond financial returns to help our clients use their wealth as a tool to pursue a life well lived – something we believe is priceless.
“Return on Life” speaks to the idea that happiness cannot be boiled down to an Excel spreadsheet or rate of return. Instead, our team seeks to help you live a more fulfilling life, through a comprehensive approach to providing relevant and timely financial and investment advice in areas including retirement, estate, charitable, business succession, investment, and tax planning, as well as a full range of institutional and family office services to help support and achieve what matters most to you.
The name change announcement also coincides with our roll out of new business growth goals, which include doubling the size of our team over the next 5 - 7 years to start the path to an employee-owned firm. In fact, you can read about the most recent addition to our team, Wealth Planning Liaison Jessica Patton, under Team Updates below.
As we continue to grow our team and our client base, our new name serves as a constant reminder of the trust you have placed in us and the value you place on proactive financial advice, being cared for, and receiving personalized service focused on what matters most to you in life. From your business to your career, family life, and charitable aspirations, we don’t just seek to manage your finances, but help keep you on track with advice tailored to support the goals and priorities that bring purpose and meaning to your life.
To learn more about our recent name change, visit our Getting Frank Blog or take a few moments to listen to our newly launched podcast: Frank Wealth Insights.
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 4th Quarter 2023 Frank Talk newsletter:
News & Events
- Awards & Recognition
- 11th Weatherhead 100 Award
- Chelsea Hussey Named LPL Rising Star
- Danielle LeChard Receives CFP® Certification
- Mike Rinaldi Elected to AHY Board of Trustees
- Team Updates
- Jessica Patton Joins the Team
- Recent Events
- Market Noise Live Webinar – November 28, 2023
- 15th Annual Cleveland Economic Summit
- Smart Business Family Business Conference
- Smart Women Breakfast & Awards
- Understanding Medicare Live Webinar
Resources
- NEW! 2023-2024 Tax Planning Guide
- Complimentary Second Opinion Service
- Visit Our Blog and Podcast and Join Us on Social Media
Market & Economic Update
News & Events
Awards & Recognition
Return on Life Wealth Partners Receives 11th Weatherhead 100 Award
Return on Life Wealth Partners was named a Weatherhead 100 Enterprise company (in the category formerly known as Upstarts) for the 11th time by the Weatherhead School of Management, Case Western Reserve University. Established in 1988, each year the organization recognizes a group of companies who represent examples of leadership, growth and success in our region. Weatherhead 100 Enterprise companies represent fast-growing companies with 15 or fewer employees or net sales of less than $5 million last year. Return on Life Wealth Partners will be honored among its peers at the 35th Annual Weatherhead 100 Awards Ceremony which will be held on December 14th at the Huntington Convention Center of Cleveland.
Wealth Advisor Chelsea Hussey Is Named an LPL Rising Star
Wealth Advisor Chelsea Hussey, CLU®, ChFC®, CFP® was recently selected as an LPL Achieve Rising Star. The Rising Star Women Advisor program is part of LPL Financial’s commitment to increase representation of women advisors within the organization and the industry. This year, LPL awarded 20 scholarships to promising women advisors. All winners were invited to attend LPL’s exclusive women’s leadership forum and pre-program workshop, which took place October 16-18 at The Fairmont San Francisco.
Wealth Advisor Danielle LeChard Receives CFP® Certification
Join us in congratulating Wealth Advisor Danielle LeChard, CFP® on receiving her CERTIFIED FINANCIAL PLANNER™ certification. For more than 30 years, the certification has been considered the standard of excellence for financial planners. In addition to meeting extensive training and experience requirements, CFP® professionals commit to the CFP Board's ethical standards that require them to put their clients' interests first.
Mike Rinaldi Elected To Serve on AHY Board of Trustees
401(k) Prosperity® Retirement Plan Advisor Mike Rinaldi, AIF®, CEBS, CRPS®, CPFA®, MBA was recently elected to serve on the Board of Trustees for the Akron, Ohio-based Alliance for Healthy Youth (AHY), a non-profit, non-partisan organization that empowers, encourages, and educates youth to make and keep healthy lifestyle choices. AHY conducts curriculum and youth-led programs in school classrooms to equip youth with the knowledge and skills to make decisions and practice behaviors that enhance health and wellness.
Team Updates
Jessica Patton Joins the Return on Life Wealth Partners Team
We are pleased to welcome Jessica Patton to our independent financial and investment planning firm as a Wealth Planning Liaison. Jessica brings more than 15 years of experience in the financial services industry. Her broad industry experience complements and further strengthens the firm’s multidisciplinary team approach to providing you with a consistently exceptional client experience. Prior to joining our team, Jessica spent more than 7 years collecting and analyzing data for the development of comprehensive financial plans. She works closely with our team of experienced wealth advisors to build comprehensive financial plans that reflect what matters most to each client.
Recent Events
Recorded Webinar: Market Noise Live: 2023 Market Perspective
Thank you to everyone who joined us on November 28th for our Market Noise Live, 2023 Year-End Market and Economic Perspective. The live webinar was hosted by Frank Fantozzi and 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 your team is working to help manage portfolio risk and position client portfolios for long-term success. If you missed it or would like to watch it again, click on the links below to access the live recording and presentation slides.
ACCESS THE LIVE WEBINAR RECORDING
DOWNLOAD THE PRESENTATION SLIDES
15th Annual Cleveland Economic Summit
For the 15th consecutive year, we had the pleasure of welcoming clients, friends and local business leaders to our annual business summit. The 15th Annual Cleveland Economic Summit took place on September 21st at the Cleveland Botanical Garden and featured guest speakers Philip Camporeale, Managing Director at J.P. Morgan Asset Management, and motivational speaker and bestselling author, Dr. Kevin Elko. If you weren’t able to join us, click on the link below to access the link to the live event and presentation slides:
ACCESS THE LIVE RECORDING: 15th ANNUAL CLEVELAND ECONOMIC SUMMIT
DOWNLOAD PHILIP CAMPOREALE PRESENTATION SLIDES
2023 Smart Business Family Business Conference
For the 7th consecutive year, we sponsored the Smart Business Family Business Conference & Family Business Achievement Awards with Frank Fantozzi participating as one of the industry expert panelists where he provided insight and addressed the challenges of family businesses. The conference took place on September 28th at Corporate College East in Cleveland, Ohio.
Smart Business: Smart Women Breakfast & Awards
For the 7th consecutive year, we participated as a sponsor of the Smart Business Smart Women Breakfast & Awards on July 20th at the Westin Cleveland Downtown. Wealth Advisor Chelsea Hussey, CLU®, ChFC®, CFP® served as an award presenter. The conference recognized the achievements of leading businesswomen, inspiring male advocates, and effective women’s programs.
Recorded Webinar: Get Your Medicare Questions Answered
On August 10th we hosted a live webinar: Get Your Medicare Questions Answered, featuring guest speaker, Rodika Koloda, Life & Health Advisor at Insurance Systems Group and Return on Life Wealth Partners host and Wealth Advisor, Chelsea Hussey. To learn more about choosing the right Medicare options for you, access the recording of the live presentation at the link below:
ACCESS THE LIVE WEBINAR RECORDING
DOWNLOAD THE PRESENTATION SLIDES
Resources
Your Complimentary 2023-2024 Comprehensive Tax Planning Guide Is Here!
- The Return on Life Wealth Partners 2023-2024 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. The guide includes key changes under the SECURE 2.0 Act that go into effect in January 2024, as well as other tax planning information and tips. View or download your 2023-2024 Tax Planning Guide now.
Year-End Tax Planning is Easier with Our 2023 At-a-Glance Guide
- As we approach the end of the year, don’t forget that our at-a-glance guide to 2023 Federal Tax Rates is just a click away! The guide 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. View or download your complimentary 2023 Federal Tax Rates guide now!
Our Second Opinion Service Was Designed for Your Family Members, Friends and Business Associates
Our no-obligation Second Opinion Service continues to be well-received based on feedback from friends, family members and colleagues of our clients and business associates. This 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.
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 and Frank Wealth Insights Podcast
Get a jumpstart on the new year with timely information on the financial planning, business growth and investment topics that are meaningful to you by visiting our Getting Frank Blog and newly launched podcast, Frank Wealth Insights. You can also access our latest blog posts and podcasts by connecting with us on social media at LinkedIn, Facebook, X (formerly Twitter) and YouTube.
Market & Economic Update
A Mixed Bag for Consumers
Key Takeaways:
- Consumers are contending with a confounding housing market. New home prices are down over 17% from a year ago but existing home prices continue to increase. This may provide some opportunities for homebuilders to meet demand.
- As prices for durable goods fall, consumers retained an appetite for purchasing major items, but the pace of spending will likely slow in the coming months.
- Economic data often gets revised downward as an economy downshifts, as we saw in the latest Conference Board report and the revised consumer spending estimates from Q3.
- The recent economic data are suppressing yields and stimulating the appetite for risk assets.
Homebuilders Look for Opportunities
One of the confounding experiences for consumers these days is within the housing market. Prospective buyers are reading the tale of two markets when it comes to residential real estate. After a volatile 2022, the pace of new home sales has stabilized around the pre-pandemic rate. This is good news for homebuilders prepping for 2024, especially for companies such as PulteGroup (PHM) with a diversified portfolio. Median prices for new homes are down roughly 17% from last year as inflation pressures moderate. With supply of existing homes still below 50% of its pre-pandemic level, homebuilders stand ready to take advantage of any increase in demand. Currently, activity is strongest in the Midwest and West, with supply chain issues and inclement weather negatively affecting builds in the Northeast. Both permit issuances and new housing starts saw recent increases and beat their respective forecasts.
Amid low inventory of existing homes on the market, new home sales will likely remain stable to meet the demand. As mortgage rates fall and the Federal Reserve (Fed) pivots away from hiking rates, homebuilders might expect continued growth in business activity.
An Appetite Not Yet Satiated
Confidence in November rose from the previous month, but only because of October’s significant downward revision. As prices for durable goods fell, consumers retained an appetite for purchasing major items such as automobiles, big appliances, and homes. Although, more respondents reported jobs were becoming harder to find, meaning a slowdown in spending is likely as the year wraps up.
Investors should remember that economic data often gets revised downward as the economy downshifts, as we saw in the Conference Board report. The three-month average for consumer confidence fell for the third consecutive month, reaching the lowest since August 2022. As we saw in the holiday sales figures, the consumer is still spending but much depends on the job market. All eyes should be on the upcoming jobs report on December 8. As the labor market cools, investors should expect consumer spending to slow down, but so far, it looks like a soft landing. All in, the data supports the Fed’s likely decision to keep rates unchanged at next month’s meeting.
Another Mixed Bag
The November 29th revised estimate for Q3 GDP was full of surprises. Revisions pushed headline growth to 5.2% annualized from 4.9%, but investors must look beneath the headlines.
Consumer spending was revised down to 3.6% annualized from 4.0% but government spending was revised up. Consumer data is often revised downward as the economy downshifts, and we see this again in the latest GDP report. Looking ahead, we should expect inventories to subtract from Q4 growth and possibly see less support from consumer spending.
In addition to weaker consumer spending, markets are digesting Fed governor Christopher Waller’s apparent pivot, as he commented on November 28th that the Fed could hold rates steady at the upcoming meeting. Investors know that Waller had been the most hawkish of Fed officials, so this is market-moving. Treasury yields and the U.S. dollar fell on the news.
The Bottom Line
The Fed could find themselves in a sweet spot. Inflation is trending lower, the consumer is still spending but at a slower pace, and the Fed could end its rate-hiking campaign without much pain inflicted on the economy. Looking ahead, markets will hotly anticipate the upcoming Beige Book release for anecdotal evidence on the state of the economy, but so far, the economic data are suppressing yields and stimulating the appetite for risk assets.
One additional item to watch is the U.S. dollar. As the Fed started to sound less hawkish, investors saw a decline in the dollar. A weaker dollar is often good for emerging markets, potentially providing an opportunity in the near future. We currently hold a negative view of emerging market equities but acknowledge valuations are attractive and that certain markets such as India and Brazil are intriguing.**
Closing Remarks
As these and other conditions evolve in the weeks and months ahead, you can rely on your Return on Life Wealth Partners team to continue to monitor and adjust our portfolios and keep you up to date on market and economic developments. Please know that you’re always welcome to contact your dedicated team if you have questions or if you’d like 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’re also honored to help our clients’ friends and business associates take greater control of their future with guidance from your 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 no-obligation Second Opinion Service and reach out to us at 440.740.0130.
Real People. Real Answers.
Health, Happiness, and Good Fortune,
Frank Fantozzi
CPA, MST, PFS, CDFA, AIF®, CEPA
President & Founder
Frank@ReturnOnLifeWealth.com
IMPORTANT DISCLOSURES
**A portion of this research material was provided by LPL Financial, LLC, November 2023. All information is believed to be from reliable sources; however, neither Return on Life Wealth Partners or LPL Financial make any representation as to its completeness or accuracy.
Source: https://lplresearch.com/2023/11/29/consumers-getting-a-mixed-bag/#more-29208
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 lplresearch.com/definitions.
All index and market data from FactSet and MarketWatch.
Unless otherwise stated, Return on Life Wealth Partners, 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.
Investment advice offered through Planned Financial Services, a Registered Investment Advisor.