Spring Cleaning: Getting organized with your finances
Welcome to the Spring 2024 edition of Towneley’s newsletter. The theme is "Spring Cleaning: Getting organized with your finances." We will focus on taking easy steps to maximize your finances in 2024. Thank you for taking the time to read this issue, and we hope you and your family are well!
Investment Insights
Before we delve into the importance of springtime financial planning, let's take a moment to reflect on the performance of the markets during the first quarter of the year.
Most major indices experienced positive momentum throughout the first quarter, buoyed by robust corporate earnings and a stable economy. Despite ongoing global challenges and uncertainties, the equity markets demonstrated remarkable resilience, showing positive returns. The U.S. stock market, as reflected by the Russell 3000 Index, returned 10% for the quarter, while international stock markets were up approximately 4%. Equities' positive momentum reflected investors' optimism about the economy and the potential for sustained growth. Bonds were relatively flat during the same period, as the now familiar refrain, "higher interest rates for longer," continues unabated.
Gold's first-quarter performance is also worth noting. The price of gold, often considered a safe-haven asset and an inflation hedge, rose 7.4% year-to-date through March. Despite some volatility, gold prices were relatively resilient, underscoring the yellow metal's role as a diversifier in client portfolios.
It is essential to recognize that market volatility is constant, and fluctuations may occur in response to various factors. Therefore, maintaining a diversified investment portfolio is crucial for weathering market volatility and achieving long-term financial goals. Your Towneley investment team, with their expertise and insight, is here for you. They are available to provide guidance tailored to your specific investment objectives, risk tolerance, and time horizon, ensuring you have the support you need to make informed decisions.
Towneley Spotlight
Live Better with Financial Planning
Planning is often the cornerstone of success. With a clear roadmap and strategic direction, you can take advantage of new opportunities while staying on course. Your wealth advisory team, Marty, Paula, Carlos, and Robyn, our Director of Financial Planning, are key players in this process. They believe that financial success requires planning and a comprehensive understanding of your financial situation. By partnering with you in this approach, we can empower you to make informed decisions that align with your core values and financial goals.
Updating Your Net Worth Statement
A current net worth statement is one of the foundational tools we use to understand your overall financial health. This document provides a snapshot of your assets and liabilities. We will assist you in updating your net worth statement by reviewing your current assets, including investments, real estate, and savings, and your liabilities, such as loans and credit card debt. An up-to-date net worth statement gives you a clearer understanding of your financial picture and aids you in making smarter decisions about your financial future.
Optimize Your Income Tax
Tax season may have come and gone, but your most recent tax return information can be invaluable for optimizing your financial plan and your future tax liability. Paula is applying her income tax knowledge and experience to make a positive difference in this area for Towneley clients. If you will share your 2023 tax return with us through a secure link we provide you, we can partner with you and your CPA to identify and implement options intended to ease your future tax liability. For example, we may suggest harvesting capital gains or losses in your account, investing in tax-exempt bonds, or a strategy for converting all or a portion of your traditional IRA to a Roth IRA.
Gain Valuable Insights
After updating your net worth statement and reviewing your tax return, we can provide guidance tailored to your unique financial circumstances. Carlos often shares with clients, "Together, we'll create a roadmap to provide you with clarity, confidence, and peace of mind." Whether working toward financial independence, enjoying a wonderful retirement, or navigating a major life transition, we can guide and support you at every step. Let's work together to craft a financial plan tailored to what's important to you! We invite you to experience the difference financial planning can make by scheduling a planning meeting with your dedicated wealth advisor.
News from Towneley
Honoring Wesley G. McCain
On May 2nd, the Parkinson's Foundation is honoring Towneley Founder and Chair Emeritus Wes McCain at their Celebrate Spring New York event. For more than a decade, Wes has been a committed benefactor of the Parkinson's Foundation. He was an early investor and, the first patient in the PD GENEration genetics study and the chief champion of the study's expansion into the Caribbean. In addition, Wes sponsored the PF's Movement Disorder Endowed Fellowship in honor of Dr. Lucien Cote. Please join us in congratulating Wes on this well-deserved honor. To learn more about the event, visit http://www.parkinson.org/csny.
