The Advisor, May 2024

Make Mother’s Day Special

Looking for creative ways to make this Mother’s Day truly special? Whether you’re spending the day with your mom in person, or celebrating from afar, we’ve curated a list of delightful activities to honor the incredible women in our lives.

  1. Cooking Class Together: Sign up for a virtual or in-person cooking class and learn how to prepare a special meal together.
  2. Personalized Photo Album: Create a heartfelt photo album or scrapbook filled with cherished memories and special moments you’ve shared together.
  3. Outdoor Adventure: Plan an outdoor adventure such as hiking, biking, or kayaking.
  4. Crafting Session: Get creative together with a fun crafting session. Whether it’s painting, pottery, or DIY projects, spend the day unleashing your artistic talents and creating something special together.
  5. Movie Marathon: Have a cozy movie marathon at home with her favorite films or a selection of classic comedies.
  6. Plant a Garden: Spend the day gardening together and plant flowers, herbs, or vegetables in her backyard or balcony.
  7. Family Photo Shoot: Hire a photographer or set up a DIY photo shoot to capture beautiful family portraits.

Remember, the most important thing is to show your mom how much you appreciate and love her, no matter how you choose to celebrate Mother’s Day!

Jeff Wetta, RPS and Dustin Jackson, CFP® RICP®
Managing Partners


Your Market Update

Choppier markets as volatility increases

Equity markets remained positive year-to-date as of April 25th but pulled back from first quarter highs. Month-to-date, the S&P 500 was down 3.0%, the tech-heavy Nasdaq was down 4.4%, and the slower-growing companies of the Dow Jones were down 3.1% as of April 25th. The market pullback was influenced by a higher-than-expected inflation print on April 10th of 3.8% (ex. food and energy), although this was in-line with the prior month’s 3.8% level. It appears that the market is concerned the Federal Reserve is either going to pause or slow down the level of interest rate cuts.

Earnings season started for first quarter and has been generally solid so far. However, many companies will be reporting over the next few weeks and their results will set the tone for the course of the year. Notably strong were earnings reported by Microsoft and Google, while Facebook reported weaker numbers.

Q1 2024 U.S. GDP growth was reported at 1.6% on April 25th; lower than the 3.4% of Q4 2023 and the 4.9% of Q3 2023, and also lower than anticipated. This lower GDP is what the Federal Reserve has been aiming for to help reduce inflation. That said, given recent market volatility and persistent inflation, the market traded down when these stats were released.

On the fixed income side, the prospect of a “higher-for-longer” rate environment coupled with some stickiness in inflation continued to impact investors. The ten-year Treasury rate moved from 4.2% at the end of the first quarter to 4.7% as of April 25th. The upward move in longer-term rates negatively impacted fixed income markets. The Bloomberg U.S. Aggregate Bond Index was down 2.1% month-to-date and down 3.0% year-to-date as of April 25th. On the other hand, floating rate and short-term fixed income investors continued to benefit from high short-term rates which are not impacted by longer-term rate increases.

Throughout the quarter volatility picked up quickly. Although, broad market volatility was still on the low end of the historical range. We anticipate this trend will continue and volatility will increase as the year progresses.

Looking Ahead

Our portfolio is still comprised of a broad mix of securities that are anchored by the S&P 500 and a small allocation to select growth investments. In addition, our equity allocation is augmented with structured growth notes and attractively yielding dividend stocks that have a high confidence of dividend payouts. For qualified investors, we are invested in both the highly vetted private equity manager, Carlyle, and our in-house Venture Growth Fund – an exciting allocation as the environment and valuations for pre-IPOs have improved notably during the quarter.

For fixed income investors, we continue to take advantage of historically high short-term rates while we can. We augment the portfolio with yield notes, mid-duration fixed income, corporate bonds, and municipal bonds, and our private credit allocation to Apollo allows us to take advantage of the higher-for-longer rate scenario. Lastly, we take advantage of moments of volatility when we can to help drive a higher yield.

To Sum Up

We still hold a positive outlook for 2024; the mild pullback in April has not changed our view. We believe the economy will continue to progress and that the Federal Reserve’s position of potentially allowing three rate cuts (in the event the economy begins to falter) provides some support. There are many issues on the horizon that we will continually monitor, including Fed rates and inflation, the budget deficit, the price of energy, earnings growth, and the presidential election. Generally, a buy-and-hold strategy while remaining properly positioned should help drive solid returns and manage risks.

Sevasti Balafas, CFA, CPWA®
CEO & Founder
GoalVest Advisory

Sources: JP Morgan Asset Management, Bureau of Economic Analysis, Bureau of Labor Statistics, Morningstar, Factset, and Ycharts


Protect Your Children from Their Inheritance

Wealthy families often find themselves grappling with how to effectively pass along assets to their children while ensuring those children are ready for the responsibility. As we tread towards the largest generational wealth transfer in history, there is a growing need to ensure those inheriting the assets are adequately prepared to handle them.

There are a variety of risks involved, including:

  • Lack of Financial Literacy: Without proper financial education and guidance, heirs may struggle to manage their wealth effectively, leading to overspending or poor investment decisions.
  • Entitlement Issues: Inherited wealth can sometimes foster a sense of entitlement, which may hinder your children’s motivation to work hard and achieve their goals independently.
  • Predatory Influences: Wealth can attract unscrupulous individuals seeking to exploit your heirs, potentially leading to financial loss or ruin.
  • Family Conflict: Inequities in inheritance distribution or differing views on how to manage family assets can lead to conflicts among siblings or other family members.
  • Taxes and Legal Issues: Poor estate planning can result in substantial tax liabilities and legal disputes, eroding the value of the inheritance.

Each of these potential dangers can be mitigated through proper planning. The following are essential strategies for ensuring you and your heirs are prepared. As you read through them, take an honest self-assessment of whether or not you’ve “checked the box” or still have some work to do.

Educate and Prepare

Begin by providing your children with a solid financial education. Encourage them to develop financial literacy and understand the principles of budgeting, investing, and saving. Consider involving them in discussions about your family’s wealth and financial goals.1

Implement a Trust

Establishing a trust can be a powerful tool for protecting your children’s inheritance. A trust allows you to control the distribution of assets, set conditions for access, and appoint a trusted trustee to manage the assets on your children’s behalf.2

Gradual Wealth Transfer

Rather than transferring your entire estate to your children at once, consider a gradual approach. Structured distributions over time can help your heirs become accustomed to managing their wealth and reduce the risk of impulsive spending.

Encourage Philanthropy

Instill a sense of responsibility and purpose in your children by involving them in charitable activities and philanthropic endeavors. Creating a family foundation or donor-advised fund can be a meaningful way to teach them the importance of giving back.

Professional Guidance

Engage the services of financial and legal professionals with expertise in estate planning and wealth management. They can help you structure your estate plan to minimize tax liabilities and navigate complex legal issues.

Facilitate Communication

Open and honest communication within the family is paramount. Encourage regular family meetings to discuss financial matters, estate plans, and expectations. Clear communication can help prevent misunderstandings and disputes in the future.

Update Your Estate Plan

Review and update your estate plan regularly to ensure it reflects your current wishes and financial circumstances. Changes in tax laws or family dynamics may necessitate adjustments to your plan.

Protecting your children from their inheritance is not about depriving them of wealth or showing a lack of trust in them, but rather about ensuring they are equipped to handle it responsibly. By following these strategies, you can take proactive steps to safeguard your family’s legacy and provide your children with the tools they need to thrive in the world of wealth.


1Lieber, Ron. The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money. HarperCollins, 2015.

2The American Bar Association. Family Trusts Guide.



We’ve Moved!

If you’ve been to our office recently, you may have noticed that we added workspaces to accommodate our expanding team. With the happy dilemma of where to fit all these team members, we have been searching for a new home base. We have officially moved to 8415 E 21st St. N Suite 150 Wichita, KS 67206.