Every year as we sit down to recap the year that was, two things become abundantly clear: first, that many of the predictions made by Wall Street experts did not materialize, and secondly that unique risks and opportunities arise without fail. When the year started, the consensus was that a recession was inevitable and that markets would struggle to recover as a result. As we approach New Year’s Eve, neither of these things came to pass. 2023 instead appears to be a bounce back year for markets while also highlighting the resiliency of the U.S. economy despite many challenging headwinds

Markets and Investing  

In 2023, new risks and opportunities emerged. We have written about many of these topics through our Center for Investor Education (please bear with us on the number of hyperlinks to the various articles, we know there are a lot). This year we published over 50 original pieces. Some highlights we covered included: a banking crisis in the spring, China’s economy facing major challenges, and money market funds paying investors over 5% for the first time in over a decade. As is so often the case, the feeling of a “sure thing” cash and CDs provided came at the risk of missing out on much higher returns in other asset classes such as stocks. It is another example of why putting a strategic plan together with different “buckets” covering different time horizons can remove a lot of stress for investors. It also helps avoid the need to try to be perfect and timing the market. We also dug into how Congress agreed on sweeping changes to retirement plans with Secure Act 2.0 , how regulations around retirement plan audits are changing, and collaborated with trusted tax experts on year-end tax considerations. If there are additional topics you would like us to write about in 2024, please reach out to any member of our team with ideas! 

2023 was a reminder that the only certainty in investing is that things are always changing. It is for that reason our team published the “Foundations of Financial Planning” and “Foundations of Investing” Series for the first time this year. In a world that is changing faster than ever, having a firm grasp on the things that don’t change very much can be extremely helpful.  

Center for Investor Education & Community  

We were also able to use the Foundations Series to start conversations with younger generations of the families we work with. It has allowed us to enhance our financial planning offering as well. We also provided resources and support to organizations in our community to build financial confidence for more people. We enjoy speaking with groups about how people can make better financial decisions. We were able to visit with the students at the Geisinger Commonwealth School of Medicine and speak at the TecBridge Innovation Conference. We also participated in an event on workforce development with the NEIU and Lackawanna College with over 500 area teachers. These organizations are assets to our region that help drive progress, and we were thrilled to be able to collaborate with them.  

We held our second annual Financial Impact Summit, which brought together business owners from different generations for a conversation about values and money. Our Financial Impact events feature leaders in our community, and we learn so much from the conversations we have with them. We are excited to continue building on these events next year. We were able to record three new podcast episodes. These conversations help unlock insights on decision-making for people from all walks of life, but they also highlight their unique personal struggles and how they overcame them. We can’t wait to release additional episodes in 2024. Finally, we were fortunate enough to support some great organizations in our community. Our team is made up of people born and raised in Northeastern Pennsylvania, and we believe we all have a role to play in making it better.

Everything we do is aimed at delivering a better client experience that provides simplicity and peace of mind. We look forward to continuing that focus in 2024. As we reflect on the experiences, successes, and challenges that 2023 brought, we are optimistic and excited about what the future holds for our clients and our firm. Our team wishes you a healthy, happy, and prosperous New Year!

Disclosures