Hey wealth managers, are you ready for the summer?
Don’t even bother answering that question because, after a highly eventful first half of 2025, we know you are!
From New Year’s Day through “Liberation Day” up until this coming Memorial Day weekend, it’s been a whirlwind for financial advisors who have suddenly been tasked with becoming international trade and tariff experts on top of their already extensive daily duties.
Not only have they been closely watching the markets and client accounts, but they’ve been forced to monitor port traffic, presidential tweets, Houthi missiles, crypto launches, and the progress of “one big, beautiful bill” through Congress.
Yeah, it’s exhausting simply to think about all that’s happened, year-to-date. And the kicker is that the S&P 500 is only down a little over 1% after all that mishegoss!
“This year has been a roller coaster, in terms of both investor emotion and market movement,” said Stephen Kolano, chief investment officer at Integrated Partners.
Ironically, Kolano said the 20% Spring selloff felt “less stressful” than previous episodes because the reason for the market’s turn downward - tariffs - was clear and tangible. In other words, wealth managers did not have to sift through the vagaries of the market to explain to clients the move in stocks. Nor were they forced to make major portfolio moves, lest they be found on the wrong side of a presidential tweet.
Still, riding that roller coaster has Kolano ready for a recharge, especially with news this morning of additional tariffs from the EU and the coming debt ceiling debate in early fall.
“Summer is always a welcome time to take a pause and think about the second half of the year and major things to watch. This year hasn’t necessarily been any more stressful, but the opportunity to take a breather and think about the second half of the year is always a good thing,” Kolano said.
Elsewhere, Jason Britton, founder and CIO of Reflection Asset Management, called the first three months of 2025 “prototypical,” with the market looking to find its footing and responding to traditional economic and financial news. The last two months, however, he described as “watching a train wreck in slow motion of an administration that actually seems to be going out of its way to make policy errors by putting neophytes in charge of entire government departments.”
To clear his mind after the volatile first half, as well as beat the Charleston, South Carolina heat this summer, Britton plans to travel to Europe and the mountains of North Carolina.
“You have to take time away from the markets to keep a fresh perspective. As we all know, most of an advisor’s job is being able to separate noise from actionable intelligence. Although it’s getting harder and harder to distinguish the two,” Britton said.
Colin Walker, co-founder, financial advisor at CoFi Advisors, meanwhile, said it may feel like investors have experienced a year’s worth of headlines in just a few months. But, in his opinion, that’s part of what keeps investing dynamic and engaging.
“Clients do seem more uneasy than usual, but we believe that as political discourse becomes more normalized, some of that anxiety will ease. The average intra-year market decline is around 14.1 percent, so while volatility exists, it’s nothing we haven’t encountered before. Market swings are part of the job—if the market only ever went up, it would be a little boring, wouldn’t it?” Walker said.
This summer, he’s heading to Portland, Maine for a team retreat where they will reflect on goals and initiatives while enjoying concerts, dinners, and time together.
“One of our team members has a baby on the way, which we’re all very excited about, and we’re also looking forward to some overseas travel,” Walker said.
Steve Stanganelli, certified financial planner at Clear View Wealth Advisors, is also headed up to Maine for some well-deserved rest and relaxation after a five month period he dubbed “chaotic.”
“I've had root canals that have been more fun. Added to the usual stress of tax season, it's been a long year these past three months,” said Stanganelli, who will also be leading a trek to Philmont Scout Ranch in Cimaroon New Mexico with the Boy Scouts in early July.
Moving on, Don Bennyhoff, founder at Bennyhoff & Co., noted that for both advisers and clients it’s worth remembering that investment strategy should be shaped by the headlines in an investor’s life not the headlines in the news. A new child, an upcoming retirement, a financial windfall, these are the moments that merit a review of the plan and portfolio, according to Bennyhoff.
“Portfolio changes are needed far less often than the media suggests. Long-term success hinges more on investor behavior than strategy, and advisers who serve as ‘emotional circuit breakers’ - not just portfolio managers - can make all the difference. If you embrace this belief, then it makes enjoying life and disconnecting from the noise far easier,” Bennyhoff said.
Finally, Tracy Byrnes, vice president of women and investments at Lebenthal Global Advisors, believes the market’s volatility so far this year has been jarring for a lot of people, and while the market has bounced back a bit, the emotional aftereffects will linger.
“Clients want to talk about it. Events like this remind advisors that our jobs are more behavioral science some days than stock picking,” Byrnes said.
And while Americans nationwide will be enjoying their vacations this summer, trying to take their minds off their day jobs for a week or maybe an extended weekend, Byrnes points out that wealth managers are always on call as long as the market remains open.
“The markets don’t take off, so we obviously can’t. And, as for stress, find me a job that’s not stressful these days. And just to add to it, I just started at independent firm Lebenthal Global Advisors so my summer will be less of a break and more about making sure my clients are happy with me in our new home,” Byrnes said.
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