The sudden and dramatic failure of Silicon Valley Bank, the 16th-largest bank in the country, was the largest bank failure since the 2008 financial crisis, prompting concern that history could repeat itself. In a recent edition of “Wealth Insights,” XML President Curtis Congdon shared his insights into SVB’s collapse, how it all unfolded so quickly, and why the circumstances suggest that it’s an isolated event, not a symptom of the overall financial sector.
Ongoing high inflation is a significant source of stress for Americans. In a recent blog post, we discussed tips that can help ease inflation anxiety—especially among people preparing for or living in retirement. Elsewhere on our blog, we discussed another key cause of anxiety for investors: the ongoing bear market. For those required to distribute their retirement accounts, there is a possible silver lining: a smaller RMD—and, by extension, a smaller tax bill—for 2023.
One of the biggest challenges women investors face is their fear of making a mistake. Despite the financial power they wield, many women lack confidence in their investing and financial planning abilities, and that can hold them back from achieving their financial objectives. XML’s Shawna Biedawas recently joined by Wendy Lin from Goldman Sachs Asset Management for an important discussion on empowering female investors. A recording of the event will be made available soon in our Webinars Library.
As a reminder, you are still able to fund both your Roth and Traditional IRA accounts for the 2022 tax year by the tax deadline of April 18, 2023.
As always, if you have any questions about the information shared in the newsletter, please don’t hesitate to get in touch.
Upcoming Webinar: Leaving a Lasting Impact
On Friday, April 21 at 12:00 PM ET, we are holding a webinar about the financial uncertainty that follows the death or disability of a loved one. In this candid discussion, Karen Drancik (Senior Vice President at Neuberger Berman) and XML's Johh Sciuto (Wealth Advisor), will discuss the keys to navigating this uncertainty and how proper estate planning can minimize stress and confusion for your loved ones once you are gone.
The short-term effects of inflation are felt by all of us, but many people are also concerned about the potential long-term impact to their financial plans—especially people who are preparing to retire or are living in retirement. If you’re feeling anxious about inflation, read on to find out what you can do to help alleviate some of the stress.
The Bear Market Could Lessen The Tax Impact Of Your RMDs
In general, the bear market we have been experiencing since last June hasn’t been great for investors. For people over the age of 72 and living in retirement, RMDs can come with a hefty tax hit, especially when it’s coupled with a market downturn. But that downturn could also mean a smaller RMD amount for 2023—which, in turn, means a smaller tax bill.
In a recent nasdaq.com article, XML President, Curtis Congdon commented on the role of short-term Treasuries in 2023, while expressing caution regarding closed-end funds. Curtis was also featured in a U.S. News & World Report article titled, 7 ETFs to Bet on a Banking Sector Rebound where he commented on investing considerations for well-positioned banks and financial companies with diverse portfolios and strong capital ratios.
Congratulations, Jaime!
Jaime Brown first joined the firm in 2016, expanding her responsibilities over time from Office Administrator to Client Service Associate until her husband’s job took the family to live in Guam in 2020. Now, years later, working remotely on special projects for XML, Jaime discovered her calling for the field of compliance. She recently passed the FINRA S14 exam to become qualified as a Compliance Officer, and she will be working closely with Jennifer Szaro, CRCP®, Chief Compliance Officer. Please join us in congratulating her on this new focus and continued growth at XML!
Giving Back
Recently, XML Senior Wealth Advisor, Lauren O'Brien CFP®, CPA, participated in making 100 sandwiches for those food impoverished at our local Alexandria City High School as part of the Community Caring program led by ALX Community.
This communication is for information and educational purposes only. This is not a recommendation for the sale or investment in any product or strategy nor should it be perceived as individual advice. Information presented has been prepared from sources believed to be reliable but is not guaranteed and does not represent all available data necessary for making investment decisions. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. Forecasts do not consider the specific investment objectives, restrictions, tax and financial situation or other needs of an individual. Actual data will vary and may not be reflected here. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. The opinion expressed by this individual is based on facts and circumstances known at this time, is subject to change and does not reflect the opinions of all financial professionals of XML.
