June 2023
Summary Global equity markets moved higher in June. Boosted by resilient consumer spending and technology sectors, U.S. stocks led the way, as equities continued to rebound from 2022’s losses. Inflation cooled to 4% through May, its lowest level in over two years, prompting the Federal Reserve to pause in their tightening cycle, and ending a…
Read MoreThe Power of the PENsion
Private sector pension plans originated as early as 1875. By 1950, in our post-war manufacturing economy, more than 25% of the private sector workforce had a pension (or defined benefit) plan, offering employer-funded benefits with guaranteed payment (in lump-sum or in payment streams) at retirement. The advent of defined contribution plans like 401(k) plans, with…
Read MoreMay 2023
Summary Most major indexes moved lower in May on volatile trading. With the U.S. Treasury warning that a deal would be needed to raise the debt ceiling by the first week of June to avoid a default, President Biden and House Speaker McCarthy spent most of the month haggling over various proposals before settling on…
Read MoreSecond Annual Highland Open
The second Highland Open was held on June 8, 2023 at Avon Oaks Country Club. Nine foursomes played in this year’s event and more than 50 clients, associates and their family members, and friends of Highland attended the post-golf reception. We began the Highland Open with a couple of objectives in mind – to thank…
Read MoreThe Mirror of Erised
In preparation for a trip to Europe with our son and his wife, both big Harry Potter fans, it made sense to watch at least one movie from the series to familiarize myself with the characters. In the first movie, I was fascinated to learn about the Mirror of Erised. Albus Dumbledore (known as the…
Read MoreApril 2023
Summary In the wake of a volatile close to the first quarter of the year, April provided investors an opportunity to catch their breath. Economic data (and asset returns) were mixed during the month with investors favoring stable, established, “new economy” names, and interest rate movements were relatively subdued. U.S. GDP growth for the first…
Read MoreFiduciary Training: Put Fear to Rest
Fear is a powerful motivating force. Advertisers are keenly aware of this and market products to spur consumers to action. FOMO, “fear of missing out,” is part of our modern-day lexicon. More obscure is liticaphobia, the irrational fear of lawsuits or being sued by someone. This fear is based on an unfounded sense that you…
Read MoreRFPs: Reframing For Productivity
Unlocking the Power of Unconventional Thinking in Your Next RFP. Most pension plan sponsors engage in a “request for proposal” (RFP) process on a periodic schedule to fulfill their fiduciary obligations. Importantly, the RFP process helps to gauge the value of provider services to the plan and the reasonableness of those associated fees. Very likely,…
Read MoreMillennials Investing in a New(er) Millennia
Gone are the days of calling a stockbroker to hear the latest picks to then place a trade with a $50 commission for a mutual fund with a 2% expense ratio. Today, the average American 20-something with a phone and a brokerage account can place a zero-commission trade for any security on an exchange in…
Read MoreAm I a Plan Fiduciary? What Does That Mean?
If your job responsibilities include involvement with an employee benefit plan, you may be a fiduciary, and so might be others who help manage the plan or its assets. Given that, it is important to know what a fiduciary is, who is deemed to be a fiduciary, and what their responsibilities are under ERISA. The…
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