One of the most common questions we hear from clients today is: “Will Social Security run out during my lifetime?”.

Whether you’re nearing retirement or still years away from claiming benefits, the answer is important and so is the plan you build around it.

• The Year 2033, Why It Matters:
  • 2033 is the projected year when the Social Security trust fund reserves may run out. After that, unless changes are made, only about 79% of scheduled benefits will be payable (source: Social Security Administration).
  • That’s effectively a 21% reduction in income for millions of retirees.
  • If you’re counting on Social Security to help support your lifestyle in retirement, it’s crucial to start thinking about how to prepare for a potential gap in benefits.
• Key Stats and Trends to Know:
  • A $40 Billion Shortfall – In 2023, Social Security expenses totaled $1.39 trillion, while revenues were only $1.35 trillion—resulting in a $40 billion gap. Most of that revenue (90%+) comes from payroll taxes and that $40 billion shortfall is expected grow as the worker to retiree ratio is shrinking (source: Social Security Administration).
  • The Worker-to-Retiree Ratio Is Shrinking – Today, there are roughly 3 workers for every Social Security recipient, down from 4:1 in 1960. Projections show it could drop to 2:1 over the next 75 years (source: Pew Research Center).
  • It Affects Nearly Everyone – Over 71 million Americans received benefits in 2023—about 1 in 5 U.S. residents (source: Social Security Administration).
  • Legislative Proposals, A Partial Fix – A recent House tax proposal aims to ease some of the financial burden for retirees.  Including, a $4,000 Federal income tax deduction for taxpayers age 65+, regardless of whether you itemize or take the standard deduction.  However, this proposal does not address the core solvency issue of Social Security (source: Barron’s).
  • What Might Change in the Future – To shore up the program, policymakers are exploring options such as increasing the payroll tax (currently 12.4% split between employer and employee; paid completely by self-employed individuals) or raising the full retirement age which is age 67 for those born in 1960 or later (source: Congressional Budget Office).  These changes would impact both workers and retirees, making it more important to plan ahead.
• What You Can Do Today:
  • Assess Risks – Evaluate how dependent your retirement plan is on Social Security and the potential implications for your long-term cash flow projections.
  • Identify Opportunities – Build additional income streams (such as portfolio strategies focused on income-generating assets including municipal bonds or private credit) and evaluating when to take available pension or Social Security income benefits.  Also, gameplan for strategies that can minimize income tax burdens in the near-term (such as tax loss selling) and for the long-term (such as Roth IRA conversions – you pay the income tax now on the conversion while future distributions can be income tax-free for your personal lifestyle spending needs or for your heirs).

Even a small shift in strategy today can help reduce reliance on uncertain benefits tomorrow. We believe that everyone’s situation is unique. Whether you’re several years from retirement or just starting to plan, we’re here to help you navigate for what’s on the horizon. If you’d like to talk through what this means for your plan, or brainstorm strategies to protect your income, please reach out to our wealth advisory team.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

At Waldron Private Wealth, we partner with individuals and families focusing on:

• Business venturers, asset gatherers and career professionals whose focus is on wealth accumulation and family protection
• Pre-retirees planning for a secure retirement lifestyle
• Retirees whose focus is on wealth preservation and building a family legacy
• Widowers who are seeking assistance with post-loss financial duties

No matter the stage of life, achieving a balanced financial perspective between current and future needs requires coordination. Without a trusted wealth advisor working in unison with your other financial experts (accountant, attorney, insurance agent, etc.), managing wealth can become disjointed and time-consuming, potentially leading to future regrets.

Below, we outline five considerations to address the question at hand, plus an additional set of insights. If you’d like to explore these further, our wealth advisor team is here to provide tailored guidance to both your current and future needs.  Please contact us for a personalized strategy session.

1. Coordination between my Financial Professionals
   • Your team may not be on the same page with another – I’m a passionate NFL fan and few things grind my gears more on a fall Sunday afternoon than seeing an avoidable but costly penalty resulting from a simple lack of communication.  Just like on the football field, those penalized yards can accumulate and move the needle for your financial picture.  One may have a professional team in place today, but if there’s a lack of coordination it can lead to inefficiencies and costly financial decision making for the “current and future you”. 
   • Example: You paid more in income tax and for Medicare than intended – If your portfolio manager incurs a significant amount of capital gains as part of their normal rebalancing, while your accountant separately recommends that you convert an amount of your Traditional IRA to your Roth IRA creating taxable income – this may unintentionally move you up into a higher Federal marginal income tax bracket while also leading to a potentially higher Medicare Part B and D premium down the road per what is called IRMAA tax brackets (source: Kiplinger).
2. Save versus Spend
   • Budgeting doesn’t have to be taboo – Budgeting may have a negative connotation for some individuals.  For others, it can provide a sense of comfort.  We find that some individuals may know what their income is today, but don’t necessarily track what they’re spending (and that’s understandable).  We help our clients with budget planning from high-level summaries to granular breakdowns, driven by your preferences to balance saving for the “future you” with not necessarily taking away from life enjoyment today. 
   • Using budgeting as a tool – Projecting the long-term implications of save versus spend, as well as for desired “big ticket” purchases such as funding for a new home, launching a business venture or covering your child’s wedding costs, is a valuable tool to address the title question above and help ensure those “investments” don’t veer you off path.
3. Pre- and Post-Life Planning
   • Proactive estate planning – We work with our clients to understand what it is that is most important for them, in terms of developing an estate plan designed for financial protection and legacy building for their family and other heirs.  As an example for parents with young children, establishing guardianship and trust accounts that can be designed with specific age-break provisions and delegation to trustees until minors reach adulthood can help direct traffic and clarity when it’s needed the most.
   • Post-life planning duties – We view ourselves as being a supporting partner for surviving spouses in the post-life planning process, so that they may focus their time and energy on their loved ones.  A timely and coordinated effort is essential in our opinion during the post-life planning process across your various professional experts. 
4. Aligning your Asset Allocation with your Cash Flow Needs
   • There’s been a recent shift between equity and bond returns – In 2024, broad U.S. equities gained +23.8% while U.S. tax-exempt bonds gained +1.1%.  For 2025 through March 7^th, U.S. tax-exempt bonds are up +1.0% while U.S. equities are down -2.1%.  Pockets of U.S. equity markets are down even more, such as U.S. large cap equity growth at -5.6% and U.S. small cap equities at -6.8% (sources: Morningstar, Russell 3000 Index, Barclays Municipal Bond Index, Russell 1000 Growth Index, Russell 2000 Index).
   • Income generating versus long-term growth assets – While U.S. equities are trailing U.S. bonds this year (as of the writing of this commentary), it’s important to note that U.S. equities have provided an annualized return that is over double that of U.S. bonds since 1950.  Also, there has historically never been a negative 20-year rolling annualized return for U.S. equities or U.S. bonds over this time frame (there’s a potential long-term reward for owning high risk assets).  However, over the past 30+ years U.S. equities have been positive in approximately 75% of those calendar years while U.S. bonds have been positive in approximately 90% of those calendar years.  For investors looking for tax-efficient income generation from their portfolio, current U.S. tax-exempt bond yields are at their highest level versus the past 15+ years (about 1%+ above the average over that time frame).  Point being, the “current you” and the “future you” may require different asset allocation mixes between these major asset classes and your portfolio should be periodically evaluated in line with your cash flow needs.  This can help mitigate temporary equity market fluctuations from derailing the “future you” plans (sources: J.P. Morgan Asset Management, Nuveen).
5. Building a Tax-Free Bucket for Retirement
   • The Roth account, a tax-free bucket – According to a study conducted by Russell Investments, investors may be losing up to -1.8% in portfolio returns per year due to income taxes.  We believe that what your portfolio earns from an after-tax perspective is paramount and there are various strategies to mitigate this burden (prudent asset location, usage of tax-exempt bonds, the Roth account, etc.).  The Roth account is a bucket that can be withdrawn during retirement income tax-free.  Funding a Roth IRA can be done via direct contributions or backdoor Roth contributions (depending on your income level), contributing to a Roth 401(k), or by converting Traditional pre-tax IRA or 401(k) assets to the Roth form (source: Russell Investments).
   • The “current you” pays the income tax now, while the “future you” enjoys the tax-free benefits – When converting assets from a Traditional IRA to Roth IRA, the income tax is paid in the current tax year.  Or, when you make contributions to a Roth 401(k) instead of the Traditional 401(k) those deferrals are subject to income tax in the current tax year whereas the Traditional 401(k) deferrals would not be subject to income tax.  For the backdoor Roth contribution, there is a nuanced pro-rata rule that should be evaluated.  The added bonus here is that the Roth IRA or Roth 401(k) does not require you to make required minimum distributions, so you control the cadence later in life (unlike a Traditional IRA or Traditional 401(k) which does have that requirement once you’re in your 70’s) (source: Investopedia).
6. Bonus – Funding for Self-Employed Income, Retirement, Health and Educational Expenses
   • Tax Credits available for Self-Employed Retirement Funding – Solo 401(k), SEP IRA and SIMPLE IRA are common retirement plans utilized by self-employed individuals.  There are several income tax credits available for starting up these plans that self-employed individuals should evaluate, including Federal income tax credits worth up to a total of $5k (source: Internal Revenue Service).
   • “Super” catch-up contributions for 401(k), 403(b) and 457(b) Retirement Plans – New for 2025 and resulting from the Secure Act 2.0, individuals who will turn age 60 to 63 in 2025 can make an extra contribution to these retirement plans.  Individuals age 50 and up can contribute the base amount permitted of $23,500 plus an additional $7,500 (a total of $31,000).  For those whose age is between 60 and 63, they can contribute a total of $34,750 which is known as the “super” catch-up contribution (source: Lord Abbett). 
   • Don’t overlook the income tax savings of an HSA – Otherwise known as a health savings account, which can be used to cover medical expenses.  There are requirements for a high- deductible health insurance plan to qualify and the annual maximum contribution is typically below $10k, while those aged 55 and up can contribute an additional $1k.  You generally cannot use an HSA to cover Affordable Care Act health insurance premiums; however, it can cover payment of Medicare premiums.  Contributions are made on a pre-tax basis, grow tax-free and can be withdrawn tax-free meeting certain requirements (source: Morgan Stanley).
   • Funding my child or grandchild’s education – 529 plans are educational savings vehicles that can have triple tax benefits.  Depending on your state of residence a portion of contributions can be state income tax deductible, assets grow tax-free and can be withdrawn tax-free if used for specific educational purposes.  A portion of 529 plans can be used for certain K-12 expenses yearly even for private schooling and when meeting certain rules, can be transferred income tax and penalty free to the child’s Roth IRA to help catalyze their own retirement savings (this can help mitigate “over-funding” 529 plans).  When a 529 plan is owned by a grandparent, those assets are not counted for FAFSA eligibility, which was a new rule as part of the 2024 FAFSA form update.  UTMA’s are not as tax-efficient as 529 plans broadly speaking and are counted against FAFSA; however, this account type is less restricted in terms of future spending usage.  When the child reaches their age of majority (18+ depending on the state of residence), a 529 plan is not owned typically by the child while the ownership of the UTMA would transfer to the child at the time of reaching their age of majority.  A combination of the two can be an impactful tool when developing an educational savings plan and target funding level for your child or grandchild (source: savingforcollege.com).

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

About Sarah

Each member of the team at Waldron aims to leverage their unique skillset and experience to help our clients solve their immediate challenges and achieve their long-term goals.

This week, we turn the Spotlight on Sarah Veverka. Sarah is an Investment Associate and helps manage Waldron’s client’s investment portfolios.

At Waldron, Sarah focuses on reviewing financial data, running performance reports, and building long-term relationships with clients.

Spotlight Questions

• Why did you join Waldron?
  • I joined Waldron because it checked all the boxes I was looking for in a workplace: excitement, continuous learning opportunities, and a welcoming culture that thrives on knowledge sharing. From the beginning, I was drawn to the opportunity to connect with company leaders and hear firsthand how Waldron started and evolved into what it is today. But what truly sealed the deal were the people I met during my interview rounds—now my direct teammates. Their camaraderie and genuine friendships were immediately clear. On the technical side, I was drawn to the multi-advisor approach, where client teams are built around individuals and their unique skill sets.
• What is the best advice you have ever received?
  • The best advice I received came early in my career at Waldron, and it has stuck with me ever since: “If you are the smartest in the room, you are in the wrong place”. That simple yet powerful idea drives me to continuously seek out opportunities to learn and grow, both as an advisor and an individual. It’s a reminder to surround yourself with people who challenge, support, and push you to keep evolving. Whether in my professional or personal life, I strive to be part of environments where I’m constantly inspired to be better. This mindset keeps things refreshing, exciting, and has truly shaped how I approach my career and relationships.
• What is something people would be surprised to learn about you?
  • People might be surprised to learn that I am a very dedicated Taylor Swift fan – I have attended three of her concerts, including the legendary Eras Tour (and yes, I sang every word). During COVID, I decided to put my downtime to good use by teaching myself to play the Ukulele, which I highly recommend if looking for a new hobby. Lastly, when Pittsburgh weather cooperates, I enjoy a “friendly” game of pickle ball and going out for a run.
• What advice would you give to your younger self?
  • If I could give my younger self – or newly graduated aspiring financial advisors – one piece of advice, it would be this: it’s okay to feel overwhelmed. Stepping into a new industry fresh out of college can feel daunting, especially when real-world practice is very different than what you learned in school. In college, there is a lot of pressure to be the smartest in the room, join countless organizations, and consistently prove yourself. Once you enter the real world, your peers and leaders realize you won’t have it all figured out and it is a great opportunity to embrace the learning curve. As a reminder, your career is a journey and not a race. It’s challenging, exciting, and incredibly rewarding and any obstacle in your way will contribute to your growth.
• What is your favorite memory since working at Waldron?
  • One of my favorite memories since I started at Waldron was volunteering at Animal Friends near our office and getting the opportunity to give back to the community and build stronger relationships with my colleagues.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

About Melissa

Each member of the team at Waldron aims to leverage their unique skillset and experience to help our clients solve their immediate challenges and achieve their long-term goals.

This week, we turn the Spotlight on Melissa Lamb. Melissa is the Director of Waldron’s Client Service department. At Waldron, Melissa specializes in managing the Client Service department, focuses on expanding the Client Service team in all of Waldron’s office locations, and continuously producing process improvements.

For more than 15 years, Melissa has been helping entrepreneurs, and their families simplify their financial lives. She enjoys building long-term relationships with clients as she continues to serve them.

Spotlight Questions

• Why did you join Waldron?
  • I joined Waldron because of the incredible people I met during the interview process. Workplace culture plays a vital role in job satisfaction and fulfillment, and it was clear to me that Waldron fosters an exceptional environment for their team members.
• What is the best advice you have ever received?
  • “Growth begins at the edge of your comfort zone” 
• What is something people would be surprised to learn about you?
  • Something people might be surprised to learn about me is that I speak Spanish fluently. My mother is from Nicaragua, and when I was two years old, my grandparents immigrated to the U.S. and helped raise me. Growing up, Spanish was a big part of my daily life—I listened to music and watched TV shows in Spanish, read newspapers and magazines, and even tuned into the Dodgers radio broadcast in Spanish with my Grandpa! Those experiences not only shaped my language skills but also deepened my connection to my heritage.
• What is your favorite memory since working at Waldron?
  • I have so many great memories from my time at Waldron, but one of my favorites must be our “Best Pop-Tart Flavor” competition. It all started as a casual office debate about everyone’s favorite flavor, which quickly turned into a full-blown taste test. Everyone brought in a box of their favorite or the most unique flavors they could find, and we had a blast sampling them all. While we may have ended up with a few stomachaches, the fun and laughter made it all worth it!
• What do you find most rewarding about working at Waldron?
  • The most rewarding part of working at Waldron is building relationships. I truly enjoy collaborating with my colleagues and connecting with our clients, making each day both meaningful and fulfilling.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

About Darcie

Each member of the team at Waldron aims to leverage their unique skillset and experience to help our clients solve their immediate challenges and achieve their long-term goals.

This week, we turn the Spotlight on Darcie Biancini. Darcie is Waldron’s Bill Pay Specialist within the Family Office Services team that provides Personal CFO services as part of our wealth management team.

For more than 5 years, Darcie has been helping entrepreneurs and their families simplify their financial lives through Waldron’s Client Service and Family Office Services teams. After graduating from PennWest University, she earned an Associate’s Degree in Business Management and a BSBA degree in Integrated Global Business.

Spotlight Questions

• Why did you join Waldron?
  • It was a fresh start to a more defined career path that was missed at a younger age. Waldron has allowed me to balance being a single parent and time to further my education.
• What is the best advice you have ever received?
  • As much as talent counts, effort counts twice. I have learned that integrity, responsibility, quality, discipline, and teamwork will get you farther than any textbook alone.
• What is something people would be surprised to learn about you?
  • I have a strong passion for the elderly and their well-being. I spend a significant amount of time with them at various locations throughout the week.
• What advice would you give to your younger self?
  • Your upbringing and your circumstances will not define you. You can succeed at any stage in life. A mid-life college degree can be obtained if initial timing isn’t perfect.
• What is your favorite quote or motto?
  • “It is not whether you get knocked down, it is whether you get back up.” – Vince Lombardi
• How did you get started in the industry?
  • I started entry level at a Stock Transfer Agent on Wall Street in NYC. I spent over a decade at a large wire house and have completed my full wealth management firm circle at our RIA.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

What factors have contributed to the appeal of money market funds for investors in recent years?

A staggering $6.5 trillion is currently sitting in money market funds – a 60% leap since December 2019. This surge was fueled by government stimulus during the COVID-19 pandemic, which injected cash into the economy and contributed to the expansion of this liquid segment of the market. This significant stockpile of cash is closely monitored by investors and creditors, as it represents a large reserve of liquidity in the financial system.

Money market funds have seen a surge in popularity over the past few years for a few reasons. This has mainly been driven by elevated short-term rates, the highly liquid nature of these vehicles, and the flexibility to redeploy as attractive opportunities emerge. Notably, the Federal Reserve’s aggressive rate hiking cycle that aimed to combat sticky inflation pushed money market rates over 5%, making these funds far more attractive to investors seeking higher yields with minimal risk. One of the appealing aspects of this cash management vehicle is its high liquidity, allowing investors to access their capital quickly while maintaining a relatively safe and stable investment. This strategic positioning allows for opportunistic deployment of capital during market pullbacks. As a result, money markets have offered an ideal balance between liquidity and potential for higher returns compared to traditional cash. However, continuing into 2025, there have been rate cuts that have begun to filter through the economy and as a result, the attractiveness of money markets has slowly diminished. The evolving environment presents compelling reasons to consider deploying money market fund assets into the broader market this year.

Federal Reserve Rate Cutting Cycle

The Federal Reserve began its most recent rate-hiking cycle in March 2022, which continued until July 2023, positioning the federal funds rate at 5.25-5.50%. Once they stopped hiking rates, there was a period of 14 months until the first Fed rate cut last September (50 basis points). Following that, there were subsequent rate cuts which occurred last November (25 basis points) and last December (25 basis points). As a result, the current range is 4.25-4.50%.

Kicking off the new year, it is important to monitor anticipated rate cuts expected in the upcoming months, especially as it relates to money market investments. As these cuts take effect and filter through the economy, short-term interest rates – critical to money market investors – are likely to decline. This shift makes money market investments less appealing compared to prior months, where rates peaked at 5.25-5.50%. Money markets generate their income by investing in short-term instruments (treasury bills, commercial paper, repurchase agreements) that pay regular interest, which then the fund collects and passes onto investors as income. Consequentially, as these short-term investment rates decline, the income component becomes less attractive to investors searching for a steady, fixed income stream. Although these funds have gained popularity in the past and have been seen as a “safe haven” for investors to hold cash, the changing landscape highlights the importance of reevaluating investment strategies in light of shifting dynamics.

Election Year Volatility & Historical Performance

Looking back at the 2024 election, it’s important to recognize the historical trends that follow such events. While typical election years often bring volatility due to the finalization of presidential candidates and establishment of their main policy platforms, 2024 stood out with significant market strength. This resilience was supported not only by economic strength and easing monetary policy, but also by the familiarity of the original primary candidates – having previously ran against each other – and by Harris’s established policy positions as the sitting Vice President, which provided a layer of protection against the usual election-year volatility.

Historically, markets tend to gain positive momentum post-election, driven by a clear understanding of future policies and government composition, instilling a sense of certainty – something markets generally favor! Transitioning into the new year, this post-election environment presents compelling opportunities for investors to put their money market funds to work in the broader market and capitalize on this historical upward trajectory.

Geopolitical Risk

Major global conflicts can understandably lead investors to gravitate towards more conversative investments, such as money market funds, especially relative to the current ongoing conflicts in the Middle East and Ukraine that have continued into 2025. As these events occur and new information is released, it introduces significant headline risk – when sudden news events can rapidly affect stock prices – and often leads to heightened short-term market volatility. However, for disciplined, long-term investors, these periods of uncertainty can present interesting opportunities. Looking past short-term market movements, investors can position themselves to benefit from eventual market recoveries and segments of the market that tend to benefit from these types of conflict.

Historical data shows the importance of the long-term investing approach and maintaining a diversified portfolio. Over the last 50 years, numerous geopolitical events have triggered the market to sell off for an extended period of time. According to J.P. Morgan, the average recovery time from when the sell off occurs to when the market fully recovers is 13 days*. These market sell offs can provide opportunities for investors to deploy their money market assets and take advantage of buying securities at discounted prices. Additionally, the average time period mentioned above highlights the importance of keeping portfolio time horizons in mind, as they can range from 5, 10, or even 20 years. Staying focused on longer-term goals helps to mitigate short-term headline risks and participate in eventual recoveries.

Certain sectors of the market are particularly well-positioned to benefit from global conflicts, such as energy and defense. For instance, disruptions in oil-producing regions, especially the Middle East and Russia, present risks to supply chains and oil production, which can drive energy prices up, benefiting oil and gas companies. Similarly, defense companies tend to see increased demand for military equipment, technology, and support services as governments prioritize defense spending, benefiting companies well positioned to capitalize on elevated security needs. Emphasis on a well-diversified portfolio and forward-looking investment strategies not only helps manage downside risk and unlock upside potential from different segments of the market but also encourages investors to put their money market assets to work and stay fully invested.

Conclusion

Progressing through 2025, investors face a shifting landscape shared by monetary policy changes, post-election dynamics, and geopolitical tensions. While money market funds have provided attractive returns for minimal risk, the anticipated decline in short-term rates and evolving market conditions suggest diminishing returns for these investments. This reiterates the importance of reevaluating strategies and considering deployment of cash reserves into the broader market. By maintaining a diversified portfolio and staying focused on specific portfolio goals, investors can navigate volatility, capitalize on market recoveries, and unlock growth potential this year.

*Source: Standard & Poor’s, Deutsche Bank, FactSet, J.P. Morgan Asset Management. Past performance is not a reliable indicator of current and future results. Guide to the Markets – U.S. Data as of April 16, 2024.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

What is the Sunset?

The Tax Cuts and Jobs Act of 2017 (TCJA) enacted numerous changes to the tax code. However, these changes are not permanent, and are set to expire December 31, 2025. Unless Congress acts to make the TCJA permanent, we will see the code revert to previous regulations.

Why does this matter? The new laws temporarily doubled the Federal Estate Tax Lifetime Exemption to $11.2MM, from $5.6MM. Adjusted for inflation, the current Lifetime Exemption amount is $13.61MM meaning, an individual can gift during life or at death $13.61MM of assets without facing Federal Estate Taxes. Without action from Congress, we can expect this to revert back to the original 2016 value increased with inflation – about half the current Exemption amount. Without the proper estate documents in place, individuals with taxable estates can expect to pay close to 40% on assets in excess of the exemption amount. Without sufficient liquidity, business owners or individuals with large real estate holdings could be forced to sell assets to pay the IRS.

While some individuals may be less concerned about the tax implications passed to their beneficiaries upon their death, there is a great opportunity to utilize your Lifetime Exemption prior to the Tax Sunset, potentially saving your estate and beneficiaries millions down the road.

Use it or Lose It

If an individual does not act to utilize their Lifetime Exemption, they lose the opportunity to do so if the TCJA sunsets. On the flip side, if you utilize your full exemption of $13.61MM and the TCJA does sunset, the IRS cannot currently claw back any of those taxes you would have otherwise owed but for the TCJA.

In our experience, estate planning could take several months to over a year to complete. Decisions must be made on which assets to gift/sell to a trust, who will be the beneficiary(s), and who will be trustee(s). All of this can be overwhelming to decision makers. Additionally, it can be expected that estate attorney’s will be overwhelmed with clients trying to shelter assets up until the deadline.

A Flexible Strategy

One of the reasons most hesitate to plan for the tax sunset is that they are not ready to give away assets without knowing what’s going to happen in 2026. A loan to trust strategy is an option for these individuals that can provide flexibility regardless of what Congress decides.

The individual (grantor) establishes an irrevocable trust and loans assets to it in exchange for a promissory note. The trust becomes the owner of the assets, and the individual is owed the note plus interest, freezing the estate.

The minimum rate that can be set on the promissory note is the current AFR Rates. The goal is for assets owned in the trust to have a growth rate in excess of the AFR rate, effectively removing this growth from the Federal Estate Tax System.

This gives the grantor flexibility. As we approach 2026 we will have a better idea of what Congress will do. If they do not act, the grantor could forgive the entire amount of the note, ensuring they use the entire $13.61MM Lifetime Exemption before it is cut in half. If Congress upholds the TCJA, no harm is done and growth of trust assets can continue to be removed from the federal estate tax system.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

June, 5, DC – Brett Rees joins Waldron Private Wealth as a Managing Director – Wealth Consultant in the Greater Washington DC area. Waldron, a wealth management firm who focuses on serving individuals, families, and business owners. Rees will lead and expand the firm’s operations in the mid-Atlantic region.

“After spending over 25 years serving high-net-worth and ultra-high-net-worth clients and their families at an institutional firm, I am pleased to join an independent, boutique and personalized wealth advisory enterprise that aims to provide customized advice that is in the best interest of the clients,” said Rees. “Waldron aims to help individuals and families coordinate all aspects of their complex financial lives so they can focus on the things that are most important to them. Waldron has the breadth of experience, customized approach to managing wealth and the services to help create a comprehensive, objective, and holistic family office experience for our clients.”

Headquartered just outside of Pittsburgh, Pennsylvania, Waldron is an independent wealth management firm catering to high-net worth and ultra-high-net-worth individuals and families.

Waldron’s team has a strong commitment to the company’s founding principles and strategic vision. Central to this approach is maintaining a low client-to-staff ratio, currently better than 5 to 1. This key differentiator allows Waldron advisors to customize planning and investment solutions for each client’s unique situation.

“Waldron has a focus on strategic growth and, while we have been serving clients in the Washington DC area for nearly 30 years, having the opportunity to bring in a seasoned professional like Brett to lead our expansion into the Mid-Atlantic region was an easy decision” says John Waldron, CEO & Founder of Waldron.  “Brett will be responsible for introducing new potential clients to the firm and help with hiring local talent with the ultimate goal of expanding our presence to open an office in the region.”

Since Waldron’s founding in 1995, the firm has built up a strong client base in the greater Washington D.C., Maryland and Virginia area. Strategic growth in the Greater Washington DC area mind prompted a permanent hire to lead our service and growth efforts in the region. As a Managing Director – Wealth Consultant, Brett will be tasked with building client relationships, providing comprehensive wealth planning services, and growing the clientele base in the region.

“We approach every hire at Waldron very thoughtfully and selectively – to help ensure that each person is the right fit for our culture” said Mike Krol, Partner & Head of Wealth Advisory of Waldron. “Brett is a great addition to our team, helping us to grow our footprint in the metro DC area.”

Prior to joining Waldron, Brett was a Regional President at a national financial services company.  Throughout his career Brett has worked towards becoming a trusted advisor for his clients and he brings that experience with him to Waldron.

For more information about Waldron’s services in the Washington D.C., Maryland and Virginia areas, please contact: brees@waldronpw.com

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

Disclosure

Estate freezing and reduction strategies have been an increasingly relevant topic for high-net worth families as the countdown continues towards the sunset of the $13.61MM (double for married couples) estate tax exemption at the end of 2025.  You might recall that the estate tax is a flat 40% imposed on any amount over the lifetime exemption. Did you know that the generation skipping transfer tax (“GSTT”) levies another 40% tax, separate from and in addition to the estate tax? Even the most effective wealth transfer strategy designed to protect assets from estate taxation can be derailed if GSTT is left unaddressed – but much like the estate tax, the generation skipping transfer tax can be eliminated with the right plan in place. 

What is the Generation Skipping Transfer Tax?

As the name implies, GSTT was put in place to prevent families from dodging the estate tax by making gifts directly to their grandchildren or other descendants. Skipping the second generation would, in a perfect world, prevent an inheritance from being subject to estate taxation twice. GSTT was implemented to close this would-be loophole by acting as a backup to the estate tax. The GSTT is a flat tax equal to the maximum estate and gift tax rate of 40%. Consider GSTT as a separate tax system from the estate and gift tax, carrying its own separate exemption. The GSTT exemption is equal to the estate tax exemption of $13.61MM  – and like its estate tax counterpart, the GST tax exemption is scheduled to reduce by half at the end of 2025.

Consider a scenario where you’ve created a trust for the benefit of your descendants. When the trust was funded, you did not allocate your GSTT exemption and named your grandchildren as permissible beneficiaries. The trustee authorizes a distribution to your granddaughter to pay for college – and since GSTT exemption wasn’t allocated, that distribution is considered a taxable distribution to your granddaughter at a rate of 40%.

The bad news is that the GSTT doesn’t stop at your grandchildren. GSTT enters the equation when a transfer is made to someone defined in the tax code as a skip person. A skip person is anyone two or more generations below the transferor, most commonly a grandchild or great-grandchild, but it is not limited to family. A friend can also be a skip person if they are more than 37 ½ years younger than the transferor. A trust can even be treated as a skip person in specific circumstances, such as all beneficial interests being held by skip persons.

The good news is that the IRS has issued guidance that there will be no claw back of GST exemption for gifts made between 2018 and the 2025 sunset, which creates a unique opportunity to ensure this temporarily high exemption is properly utilized.

Anticipating the 2025 Sunset

Allocating your available exemption can protect certain transfers to your heirs from GSTT. There are various ways to utilize your exemption either during life or at death.

Allocation to a Trust

If GST exemption is allocated to a transfer to a trust, that exemption will shield not only the assets initially transferred, but also the future growth of those assets from GSTT.

Recall the example discussed above where a trust distribution to your granddaughter for college tuition is subject to 40% GSTT. In the same scenario, had you contributed $1 MM to the trust and allocated $1 MM of GST exemption, there would be no GSTT consequence to the amount distributed to your granddaughter. Further assume that the $1 MM you transferred to the trust grows to $10 MM. The trustee later makes a $5m distribution to your granddaughter to start a business. Because you allocated GST to the original transfer, the $5 MM distributed to your granddaughter does not trigger the taxable event that it otherwise would. The trust achieved $9 MM of GSTT-exempt growth for only $1 MM of exemption.

Correctly applying GSTT exemption to transfers to a trust can be both effective and complex. While there are automatic transfer rules that apply at death to act as a safeguard against unused exemption, those rules should not be relied upon alone to. Among many other caveats, one aspect that should be considered is the trust’s inclusion ratio which dictates how much of a trust can be subject to GSTT. Generally, it is desirable to have an inclusion ratio of either 0, meaning the trust is entirely exempt from GSTT, or 1, meaning the entire trust is subject to GSTT. It is critical to consult with a tax professional in conjunction with your estate attorney before any transfers are made to ensure the exemption is being correctly applied and confirm that any GSTT-exempt status of the trust is not inadvertently compromised.   

Reverse QTIP Election

Another way to apply GST is through a reverse QTIP (qualified terminable interest property) election. A notable trait of the GSTT exemption is that any portion left unused by a decedent does not pass to their surviving spouse, which the reverse QTIP helps remedy. A traditional QTIP election allows a decedent to leave assets to their spouse in trust under the unlimited marital deduction while controlling the final distribution of assets at the surviving spouse’s death. Since a normal QTIP election causes assets to be includable in the estate of the surviving spouse, the survivor is effectively the decedent for estate tax purposes. A surviving spouse could use their own GSTT exemption, but any GSTT exemption applied to the trust by the first decedent would be wasted because the survivor is now considered the transferor of assets. This is where the reverse QTIP election comes into play. This strategy would treat the surviving spouse as the original transferor for GSTT purposes, thereby allowing them to use their own GSTT exemption while keeping any exemption applied to the trust by the first spouse intact. Consultation with an estate tax professional is essential to property utilize this advanced strategy.

Take Action

The generation skipping transfer tax can apply across many circumstances beyond those discussed above. While GSTT is relatively straightforward, it quickly becomes complicated when unraveling the many ways the exemption can be used to curtail it. It is important to consult with an attorney and tax professional early in the estate planning process to discuss the various ways this tax could apply to you. Don’t allow this easily-overlooked tax to derail your wealth transfer plan.  

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

About Madison

Each member of the team at Waldron aims to leverage their unique skillset and experience to help our clients solve their immediate challenges and achieve their long-term goals.

This week, we turn the Spotlight on Madison Daggett. For more than 3 years, Madison has been helping entrepreneurs and their families simplify their financial lives. She earned a degree in Mathematics and Economics from the University of Pittsburgh, and prior to joining the Waldron team, she served as an associate for Northwestern Mutual.

At Waldron, Madison specializes in constructing personalized and customized investment strategies aiming to help clients achieve their specific financial goals, conducting trading activities and assisting with tax reporting.

Outside of the office, Madison enjoys skiing, gardening, and attempting to collect enough books to have her own library one day.

Spotlight Questions

• Why did you join Waldron?
  • I joined Waldron because of the emphasis on learning and development, the collaborative environment, and the dynamic nature of our work.  
• What is the best advice you have ever received?
  • Maybe this is more of a lesson, but my parents always encouraged me to pursue my interests and emphasized the importance of not allowing my own doubts to hold me back. Having this message instilled in me from such a young age was formative to my growth and to where I am today. 
• What is something people would be surprised to learn about you?
  • I wrestled for a year or two in elementary school. To add a feminine touch to my uniform, I wore a Kim Possible t-shirt and had purple wrestling shoes. Something that I consider a major personal success is that I made a boy cry (and ultimately forfeit) as we were setting up for the first period. He knew he didn’t stand a chance. 
• How did you get started in the industry?
  • I met someone in the industry by chance, which sparked a further dive into the field of wealth management. I majored in mathematics and economics without an idea of the career path I wanted to take, and it felt like a great match for my studies and desire for my core job functions to include complex problem-solving. 
• What is your favorite memory since working at Waldron?
  • A few years ago, one of my team members rescued a rogue caterpillar from the parking lot. We kept the caterpillar as an office pet and named him Honk Shoo. For months, we fawned over Honk, took him home on the weekends, fed him only the finest diet available, and even trained him to be a free-range caterpillar. One day, we came into work and Honk was missing. His disappearance remains a mystery to this day. 

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

What is a Special Needs Trust?

A Special Needs Trust (SNT) is a tool used to provide financial support to an individual with a disability. The goal of the SNT is to preserve eligibility for needs-based government benefits, including Medical Assistance (MA) and Supplemental Security Income (SSI), while providing the beneficiary with the resources to supplement such government benefits. If the SNT has the proper provisions, the assets within the trust may be excludable from the assets of the beneficiary for the purpose of determining eligibility for MA and SSI.

As the purpose of the trust is to supplement the benefits provided by MA and SSI, and not replace them, distributions should be for support beyond the basic needs covered by these programs. If distributions are for expenses of basic needs, government benefits may be reduced accordingly. A few examples of expenses that exceed the basic needs covered by MA and SSI include excess medical and dental expenses, medical equipment, education and training, and special dietary needs.

There are different types of SNTs, each with their own rules and requirements – below is a brief overview of common types of trusts.

Self-Settled Trusts

A Self-Settled Trust, also referred to as a First Party SNT, is an irrevocable trust funded with assets or income that belong to the individual with a disability. The beneficiary of this type of SNT must be classified as disabled by the Social Security Administration and must be under the age of sixty-five when the trust is established. This type of SNT must also include payback provisions to the Department of Health Services (DHS), when the trust terminates, for an amount equal to the MA received by the beneficiary during their lifetime.

Supplemental Needs Trusts

Supplemental Needs Trusts, also referred to as Third Party Trusts, are funded with resources from someone other than the beneficiary. Similar to a Self-Settled Trust, the assets in the trust may be excludable from the beneficiary’s resources when qualifying for needs-based government benefits, but unlike the Self-Settled Trust, Supplemental Needs Trusts often do not require Medical Assistance payback provisions. The contingent beneficiary of a Supplemental Needs Trust can be anyone, including beneficiaries without a disability.

Pooled Trusts

Pooled Trusts are often used if the cost associated with either of the trusts previously mentioned is not feasible given the resources available. A Pooled Trust is typically managed by a non-profit organization, which combines the resources of many beneficiaries into a single trust, often reducing administrative expenses. Each beneficiary will have their own sub-account that can be used for their benefit and shares in the investment performance of the trust. Sub-accounts can be funded by the beneficiary’s own resources (first party) or by the resources of someone other than the beneficiary (third party). Assets remaining in the beneficiary’s subaccount upon their death are typically retained by the trust or used to payback DHS for the medical assistance received by the beneficiary throughout their lifetime.

Each of these types of trusts can provide a unique benefit and your financial advisor can help you determine which is most appropriate for your situation.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

About Meranda

Each member of the team at Waldron aims to leverage their unique skillset and experience to help our clients solve their immediate challenges and achieve their long-term goals.

This week, we turn the spotlight on Meranda Resides. Meranda is a Team Lead in Waldron’s Client Service Department. For more than 5 years, Meranda has been working to help entrepreneurs and their families simplify their financial lives. She earned a Political Science degree from Indiana University of Pennsylvania, and prior to joining the Waldron team, she served as a Compliance Analyst for S&T Bank and as a Senior Representative in the Client Activation group at BNY Mellon.

At Waldron, Meranda specializes in creating and maintaining accurate client records and builds long-term relationships with clients through client reports.

Outside of the office, Meranda enjoys spending time with her family and friends. She resides in Monroeville, PA with her husband, Ian, and daughter, Nora.

Spotlight Questions

• Why did you join Waldron?
  • I decided to join Waldron after leaving a smaller wealth management company in my hometown to work at BNY Mellon. I quickly learned that working for a large company was not for me. Once I had coffee with my future manager early on in my interview process, I knew it was the place I wanted to start my career. I came to the office to meet the team and it immediately felt right to me. I remember emailing the hiring managers every other day until they finally called me. I think I wore them down.
• What is the best advice you have ever received?
  • Be present and enjoy the little things.
• What is something people would be surprised to learn about you?
  • I love reading fiction, specifically horror novels. I hope to write one of my own someday.
• What is your favorite memory since working at Waldron?
  • There are so many. One of my favorite memories at Waldron was when a colleague turned 35 and we decorated his desk for his 40th. We had “Happy 40th Birthday” put on the TV’s in the office and everyone believed us. I can’t wait until next year when he turns 50. One year equals 5 to 10 years for him.
• What advice would you give to your younger self?
  • Go to school for something more useful than political science.
• What does leadership look like to you?
  • Leadership looks like:
    • Leading by example.
    • Flexibility.
    • Kindness and understanding.
    • Providing support and solutions.
    • Being a safe space for your team.
    • Advocating for your team.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer