This summer’s financial and economic data has been mostly upbeat, marked by resilient growth, employment, and easing inflation – a trend emphasized by this week’s July CPI report (details below) Today’s PPI report, however, reminds us that inflation can be pretty sticky and stubborn.
As U.S. schools reopen, we hope these positive trends persist through year’s end. Whatever the future holds, we will keep you updated right here.
Lastly, we’d like to extend our heartfelt gratitude to our dedicated teachers and school-based staff. Their unwavering commitment and hard work shape our future, enriching both the lives of our children and our communities. To see our firm’s back to school first day pictures, please see below under FIRM UPDATES.
Key Economics News:
- Wholesale prices rise 0.3% in July, higher than expected.
- Core inflation takes another step in the right direction.
- Small Business Optimism Index improves as inflation concerns ease.
Don’t Let Me Down: An Earnings Season Update
By Schwab Asset Management
- Growing pains still here
- Energy a considerable drag
- Downgrades outpacing upgrades
- And More
How Personal Savings Affect the Economy
- Personal savings have helped to cushion consumer finances.
- Household debt services has risen but is still historically low.
- Consumer sentiment is only slowly improving.
Back By Popular Demand:
We’re thrilled to have Weston Wellington, Vice President with Dimensional Funds and a distinguished market historian as our special guest speaker at our upcoming October client event.
After hosting Weston in 2017 and receiving overwhelmingly positive feedback, it became evident he needed an encore.
Back in 2006, when I was considering Dimensional funds, Weston significantly influenced my choice. For years, he penned an annual article drawing comparisons between analysts’ forecasts and the actual year-end results. The consistent message was evident: the predictions of economists and Wall Street analysts are as reliable as those of astrologers, warranting a healthy dose of skepticism.
Let me be clear: I believe it’s imperative to be well-informed about critical matters like finances and investments. However, hanging onto the short-term forecasts of economists or analysts isn’t the way to do this.
To learn more about Weston, please see below under UPCOMING EVENTS.
TD AMERITRADE TO SCHWAB TRANSITION:
By now, most private clients of Mariaca Wealth Management will be receiving an information packet by mail for each individual account held at TD Ameritrade. This package included your new account number for each account and instructions on setting up your www.schwaballiance.com portal login. Please let us know if you have any questions by contacting our team at email@example.com.
In November 2019, Charles Schwab proposed a $26 billion acquisition of TD Ameritrade, a deal finalized in 2020. The firms have since been focusing on a smooth integration combining the best features of both companies. The transition will be complete this Labor Day, and the TD Ameritrade name will be retired.
Mariaca Wealth Management will continue to invest as we have, and this change will not impact our fees or service model. We will remain an independent Registered Investment Advisor with no affiliation with Schwab beyond our client accounts being custodied there.
Here is the important information to know:
- There is no paperwork to fill out or sign.
- We do not expect any disruptions to what you have come to expect.
- Your accounts will have new account numbers, but
- All banking instructions and authorizations will stay the same.
- All trading instructions will transfer.
- All beneficiary designations will remain intact.
- Your account’s history will transfer as follows:
- All cost basis information
- 4 years of accounts history
- 10 years of statements
- 7 years of tax documents
- 2 years of trade confirmations
- 4 years of outbound check images
- Account checks and debit cards
- If you use a debit card, you will receive a new one
- If you have checks you use, they will continue to be honored and in time you will receive new ones
- Your Orion performance portal access will not change.
- After Labor Day, Your TD’s www.advisorclient.com goes away and the new www.schwaballiance.com portal will be live.
- Your statement preferences will transition but if you wish to remain paperless you must login to the new www.schwaballiance.com platform within 90 days of this transition to keep paperless statements active.
- To enroll, select the profile icon on the upper right, then choose Paperless from the dropdown menu. Select the Enroll in Paperless checkbox next to each document type that you’d like to receive electronically.
- Download the Schwab Mobile App
- To download the app, visit the app store for your mobile device and search Schwab Mobile.
- You can continue to log in to TD Ameritrade’s www.advisorclient.com portal until 8:30 p.m. EST on Friday, September 1st.
- Your new www.schwaballiance.com access will be available on Tuesday September 5th at 5 a.m. EST.
Please let us know if you have any questions!
SPECIAL MESSAGE FROM SERGIO:
Mariaca Wealth Management Annual Client Shred Event Featuring Special Guest Speaker Weston Wellington, Vice President of Dimensional Funds
When: Wednesday, October 18th
Where: Hilton – West Palm Beach | 150 Australian Ave. West Palm Beach, FL
Time: 6 p.m. to 8 p.m.
About Wes Wellington:
Weston Wellington has accumulated over 40 years of experience in the investment industry. He serves as the Vice President of Dimensional Fund Advisors and is one of the firm’s most engaging speakers, helping to shed light on the firm’s unique evidence-based approach to investing. Weston stresses how an equilibrium-based investment strategy may be a good way to pursue investment success and why investors are unlikely to hear about this approach from the usual sources of financial advice. Weston also is an accomplished writer whose column, Down to the Wire, appears regularly on Dimensional’s client website.
Prior to joining Dimensional in 1995, Weston was director of research at LPL Financial Services, Inc. He holds an MBA from the University of California, Los Angeles, and a bachelor’s degree from Yale University.
The Forum Club of Palm Beaches Presents U.S. Senator Marco Rubio:
When: Wednesday, October 18th
Where: The Kravis Center: Cohen Pavilion
Time: 12 p.m. to 1 p.m. (Doors open at 11 a.m.)
For over 40 years, The Forum Club of the Palm Beaches, a non-partisan political and public affairs organization, has hosted speakers from former Presidents, U.S. Supreme Court Justices, and thought leaders whose words and actions affect the world in which we live.
As a supporting member, Mariaca Wealth Management sponsors a table at these events for our local clients and friends.
Limited spots are available, and seats fill up quickly!
SMART MONEY MATTERS:
The year is zipping by! But, hey, realizing we’re halfway through isn’t all bad. It’s an excellent opportunity to evaluate our progress and refocus our efforts for the remainder of the year. So, how are you doing with your 2023 financial goals? Here is a mid-year financial checklist to help ensure you are on track.
- You are sticking to your budget.
- All of your financial accounts have beneficiaries.
- Your estate plan is current, and your beneficiary designations, personal representative & trustee appointments are accurate.
- Don’t forget your living will and healthcare surrogate.
- You have automated bill paying and savings set up.
- You are keeping track of your ‘bucket list’ goals and making plans!
Currently Employed Checklist:
- You are sticking to your budget.
- You have an emergency fund (3-6 months)
- Retirement contributions are on track.
- College savings is on track.
- HSA contribution goals are on track.
- You have set-up automated bill paying and savings.
- Your beneficiaries are up to date.
- All financial accounts have beneficiaries.
- You and your family are protected with adequate disability & life insurance.
- You are making progress in reducing your debt as planned.
If you’ve been crushing your goals like a champ, kudos! Keep doing what you’re doing. But if you’ve slid off the path a bit and haven’t been sticking to your plan, remember, there’s no time like now to get back on track. Don’t wait another day to get started. Trust me, there’s nothing like that feeling of knowing you’re making real progress on your goals.
If you need any help, please let us know.
Halftime Report Webinar with Economist Fritz Meyer
This webinar will cover the latest data on:
- Federal Reserve actions and outlook
- The jobs situation
- ISM Purchasing Managers Index
- Inflation measures
- U.S. debt situation
- Household balance sheets
- Consumer income and spending
- Retail sales
- Housing starts
- Consensus forecast For The Quarterly WSJ Survey
- Latest GDP Now forecast for Q2 2023 GDP
- M2 and the liquidity picture
- And, much more…
Recently, our good friend, economist Fritz Meyer joined us for another insightful annual Halftime Report Webinar on July 12. During the webinar, Fritz put the current financial and economic numbers into perspective, comparing them with past records, and discussed how certain economic metrics, like the LEI, can become outdated because the economy is constantly changing. Fritz didn’t stop there, though. He also reviewed some reliable, time-tested indicators like the Federal Reserve’s stock valuation, price-earnings ratios, and other key metrics to help us understand where we are right now and how things might shape up in the near and distant future.
And just like that, Summer 2023 has come to a close. Our little adventurers, Sofia and Joaquin, are embarking on a new chapter as first graders. Time sure flies, but we’re so excited to see what this school year has in store for them!
Dana’s little one’s, Parker and Jack, were also eager for the back to school season. Parker began his journey as a third grader, while Jack entered VPK.
Our Weekly Wave is all about giving you good insights and valuable information. While we’re good at managing wealth and financial planning, please remember; this content is for informational purposes only and is not legal, tax, investment, financial, or other professional advice. So while we hope to provide insightful and helpful knowledge, please don’t take it as official guidance.