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The start of the new year is a great time to assess financial strategies while positioning yourself for the next phase of interest rate movements and economic changes. With a potential economic slowdown on the horizon, risks of market volatility, and shifting tax policies, proactive wealth management will be key to navigate the year while protecting and maximizing your capital. In this executive wealth management outlook, we will explore:  Economic and Market Outlook for 2024 Wealth preservation approaches Evolving tax code changes Executive compensation planning Economic & Market Outlook for 2024by Mark Luschini and Guy LeBas December 15, 2023Outlook 2024 offers the Janney Investment Strategy Group’s baseline forecasts for the economy and equity and fixed income markets in the coming year. Phase TransitionPhase transition describes a change in the state of an object, such as water going from stasis to boiling once the temperature reaches 212 degrees F°, or conversely, freezes at 32 degrees F°. Outlook 2024 is about an economic phase transition. After a year of posting positive and surprisingly strong growth, the question is whether, metaphorically speaking, inflation’s falling temperature and the Federal Reserve’s rising temperature will change its state. Could the economy continue to expand, averting a recession, and perhaps even overheat should inflation reignite? Or will the economy slow and even contract as the yoke of high borrowing costs and shrinking savings bears too much weight for the consumer and businesses to carry?There is even a theory developing that productivity, often quoted but difficult to see and measure, may be the elixir to rescue the economy from a growth-sapping policy of maintaining a tight monetary setting until inflation is ameliorated. That is, even if it comes at the cost of job losses and an accompanying recession. The latest report on that front did hint at such an outcome, giving hope that an upshift in the output/worker will help cure inflation without the need for further heavy-handed monetary intervention. It may be too soon to tell, but the means by which it could happen, via the application and ubiquitous adoption of artificial intelligence, robotics, and various other forms of automation, are among those things that could be the catalyst.Outlook 2024 establishes a central case with the acknowledgment that new data will be parsed in the coming months that might provide even better clarity as to which phase transition outcome is increasingly likely. In the meantime, also presented are the investment implications to peruse and consider in the context of an investor’s bespoke goals and objectives. Continue to read full PDFhttps://www.janney.com/docs/default-source/latest-articles-insights/isg/outlook/tl---isg---market- outlook-2024---1286600-1223.pdf?sfvrsn=19beee00_3Executive Wealth Preservation StrategiesWith market uncertainty elevated, wealth preservation should take priority in 2024 planning. Top priorities include: Risk Management Assessment - Review all existing insurance policies both internally and externally to ensure adequate coverage levels for health, life, disability, and long-term care based on individual executive needs. Portfolio Immunization - Stress test investment allocations to guard against market drawdowns.  Liquidity Optimization – Rates haven’t fallen yet, and until that time, consider maximizing cash reserves by moving extra cash into tax-free high yielding money markets, T-Bills and CD ladders. Maintain adequate liquidity for 1-2 years of living expenses. Tax Diversification – Harvest tax losses throughout the year to help offset capital gains realized from the sale of highly appreciated equity. Any unused losses may be used in subsequent years to help offset future years’ capital gains. Maximize funding to all retirement accounts by confirming the new year’s IRS limits. Engage tax-advantaged strategies like deferred compensation and trusts whenever possible. Estate Optimization - Maximize exemptions before they sunset in 2026. Front-load large gifts into irrevocable grantor trusts and implement other protective estate strategies in anticipation of change.Tax Code Projections for 2024While tax policy changes remain uncertain, some projections based on existing legislation include:  Estate tax exemption sunsets to $5 million in 2026 Long-term capital gains tax rates may rise to 28% for incomes above $400k Roth IRA conversions could face new restrictions Earned income thresholds may be introduced for current passive loss restrictions Executives have a closing window to implement tax planning under the current historically favorable laws. Accelerate any contemplated moves to 2024 to maximize exemptions and lock in preferential rates.Executive Equity Compensation PlanningFluctuations in company stock prices and vesting schedules can significantly impact the value derived from ISO, NQSO and RSU grants. Monitor position expiration dates so as not to allow options to expire. When applicable, plan on selling equity immediately after exercising to avoid capital gains. For concentrated positions with low-cost basis, engage sophisticated hedging, monetization, and disposition techniques. Use tax-loss harvesting consistently throughout the year. Seek an “Exchange” fund for swapping concentrated stock for shares in a “pooled” fund. Have a plan in place for strategic vesting, exercise, and liquidity opportunities as they emerge. During periods of volatility or expansion, restricted stock and options plays an enhanced role in driving executive wealth. Work closely with a specialist to maximize tax-efficiency and reduce risk while aligning financial goals with wealth optimization strategies.Key Takeaways for Executive As 2024 uncertainty builds, being proactive, resilient, and opportunistic will enable executives to thrive. Keep liquidity high, risk managed, and optionality open across finances. Leverage changing market conditions for tax optimization and strategic planning moves before economic landscapes shift. Most critically, take this period to ensure complete alignment between wealth management strategies and your life’s highest priorities. Envision your multi-generational financial legacy and purpose-driven impact, and plant seeds for an abundant future.This is being provided solely for informational and illustrative purposes, is not an offer to sell or a solicitation of an offer to buy any securities. The factual information given herein is taken from sources that we believe to be reliable but is not guaranteed as to accuracy or completeness. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Employees of Janney Montgomery Scott LLC or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed here. The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances. For more information about Janney, please see Janney's Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

At Kaminsky Clavin Wealth Management Group, our philosophy is underpinned by the conviction that wealth management is an art form as much as it is a science. It is an endeavor that demands not just technical expertise and strategic acumen but also a profound understanding of the human elements that define our clients' lives. Client-Centered Focus: We start with listening. Every interaction with our clients is an opportunity to learn more about their dreams, needs, and concerns. By placing our clients' aspirations at the heart of our practice, we ensure that every piece of advice and every strategic decision is tailored to their unique life stories. Integrity and Transparency: We operate with unassailable integrity and a commitment to transparency. Trust is the cornerstone of our client relationships. Through clear communication, prudent advice, and a steadfast dedication to our clients' best interests, our goal is to help them achieve all that is important to them. Long-Term Perspective: Our advisory work is driven by a long-term perspective. We recognize that true wealth management is measured over lifetimes, not fiscal quarters. Our strategies are designed to create enduring value and provide stability and prosperity for our clients and their future generations. Innovative and Adaptive Strategies: The financial landscape is ever-changing, and adaptability is key. Our philosophy embraces innovation, allowing us to navigate market shifts and economic cycles with agility. We are continually looking to capitalize on opportunities within the global financial markets. Holistic Approach: We believe in a holistic approach to wealth management. Our strategies integrate all facets of our clients' financial lives, from asset management to estate planning, tax strategy to philanthropy. By considering the full picture, we can create harmonized solutions that amplify wealth and personal fulfillment. Collaborative Synergy: We advocate a collaborative approach, working in synergy with our clients' other trusted professionals, including accountants, attorneys, and business advisors. This team approach ensures a unified strategy that encompasses all aspects of our clients' wealth. Commitment to Excellence: Above all, we are committed to excellence. Our team is composed of leading professionals who are relentless in their pursuit of excellence and innovation in wealth management. Our promise to our clients is to provide unparalleled service that exceeds expectations at every turn. This philosophy is the very essence of the Kaminsky Clavin Wealth Management Group. It is reflected in our daily work, our client interactions, and the strategies we deploy. It is the guiding light that enables us to build a path of financial success for each client we have the honor to serve.

As retirement looms for senior executives, proper planning is crucial to align this shifting phase with your wealth profile and lifestyle vision. While each executive situation is unique, adhering to a robust readiness checklist can set you up for long-term success.This retirement readiness blueprint for executives covers: ·        Risk management assessment·        Pension & 401 (k) Optimization·        Social Security Optimization·        Income & Cash Flow Planning·        Healthcare and Insurance Alignment·        Tax Planning·        Estate Strategy Updates Let’s explore these retirement planning focal points for executives preparing to transition from their peak earning years:Risk Management AssessmentExecutives should begin evaluating their retirement goals, including desired lifestyle, travel plans, healthcare expenses, and legacy planning. Executives should review their investment portfolio and assess the risk level. Consider diversification, asset allocation, and the appropriate risk tolerance for this stage of life. Determine if adjustments are needed to align with retirement objectives and time horizon. Executives should assess their tolerance for market fluctuations and their ability to withstand downturns in retirement. Assess the sustainability and potential risks associated with various income streams such as Pensions, Investment accounts and Social Security. Consider the impact of inflation and market volatility on retirement income. Executives should have regular reviews to monitor changes in their financial situation, market conditions, and evolving retirement goals to ensure the risk management strategy remains aligned.Pension & 401(k) OptimizationAs you enter the five-year window before retiring, get detailed projections of your expected pension and 401(k) distributions. Seek specialist advice to maximize each vehicle with distribution planning and beneficiary decisions. Draft your personalized payout strategy early, so you can gather all essential facts to make the best possible decisions.Pension payout options must be reviewed carefully as these selections may not be reversed once chosen. Will you receive a taxable payout on your life only or will it be a combination of yours and your spouse/partner’s life? Do you prefer a periodic taxable payout, or would it make more sense to take a lump sum payout that can be rolled into an IRA remaining tax deferred until Required Minimum Withdrawals (RMD) arise? Model different scenarios to quantify tradeoffs.Upon retirement, 401(k) plans typically offer three options. Comparing the benefits vs. costs associated with each option is important when deciding what to do with these assets come retirement. You may choose to remain in your company’s 401(k) plan after retirement. While you won’t be able to make any more contributions to this account, you will be able to take periodic payments over time if you choose and remain invested using the investment choices within the plan that are afforded to all 401(k) plan participants. You may choose to move your assets to your own personal Individual Retirement Account (IRA). This movement is called a ‘401(k) Rollover’ and allows you to take control of your 401(k) assets while not removing them from their tax-deferred status. While company plans are slightly different, the typical benefits of a ‘rollover’ would be the opportunity for a larger selection of investment vehicles to choose from and the ability to employ professional management of these assets if you choose. As mentioned earlier, it is important to consider all fees associated with these benefits. You may choose to remove the assets from the 401(k). This involves taking the assets out of the 401(k) and moving them to a non-qualified taxable account. This option would have considerable tax consequences given that the holdings within this account have not previously been taxed and once removed from a tax-deferred account they become fully taxable at ordinary income tax rates. This does not apply to Roth 401(k)’s as these plans are funded with after tax dollars thereby having no income tax due when removed, but possible penalties for early withdrawals. It is important to consult with a tax professional when making these decisions.Social Security OptimizationWhen deciding on Social Security, there are several factors that need to be considered. Once you have chosen a payout method, it cannot be reversed. Understand your Full Retirement Age (FRA) which is the age at which you are entitled to full benefits. Your FRA is based on your year of birth and ranges from age 66 to 67. Taking Social Security early will reduce your lifetime payout and waiting until age of 70 will give you the maximum lifetime payout. Whatever payout age you decide on, your spouse and in certain situations domestic partner, will receive this payout for the remainder of their life should you predecease them. What is your family health history? Poor family longevity might mean taking Social Security earlier. When making these decisions its best to seek advice from a financial advisor or Social Security Specialist who can provide personalized guidance based on your cash flow needs and specific situation.Income & Cash Flow PlanningOnce pension and social security projections are known, strategize durable, diversified income streams to supplement. For most executives, a foundation of tax-free bonds and quality dividend paying stocks help secure a healthy cash flow and equally important portfolio diversification.Be conservative estimating returns in your projections. Will you take on a second act as a consultant, or will you travel the world and never collect another paycheck? Will there be large cash outlays periodically or family commitments that need to be considered such as adult children or aging parents? What is the balance between taxable accounts and tax-deferred accounts such as IRA’s, 401(k)’s and Deferred Comp plans? How much of a cash reserve is needed so as not to sell off assets at just the wrong time? Working with a financial advisor professional can help you collaborate on ideas that best meet you and your family’s needs.Healthcare & Insurance AlignmentRetirement makes comprehensive insurance coverage more crucial. Conduct a risk analysis, then strategically transition corporate policies to strong individual coverage.Reviewing disability and long-term care needs are important to plan for. Self-funding or passing the risk on to an insurance carrier are important decisions that should be considered. Which Medicare plans make most sense at age 65? Executives commonly underestimate healthcare costs so build robust contingency funds to supplement Medicare benefits. How will you bridge the gap to Medicare payouts if you retire prior to age 65? Insurance may be a beneficial component as part of your Estate Plan. Considering the sunset provision taking place in 2026 and how this may affect your estate once you pass is critical. After December 31, 2025, the lifetime exemption will revert to pre-2018 levels of $5.5 million per individual. Are you prepared for that? Certain Insurance structures can help alleviate the estate tax burden that comes at the passing of you and your spouse/partner.Tax PlanningExecutives often have stock options and RSU’s that need to be carefully managed to minimize tax implications upon retirement. It may be beneficial to strategize the timing of exercising options or selling RSU’s to minimize tax liabilities.Executives should plan for tax-efficient rollovers and distributions from retirement accounts considering factors such as required minimum distributions (RMD’s), tax brackets, and potential penalties.Executives can explore tax-efficient charitable giving strategies such as donor-advised funds or direct donations, to reduce taxable income at retirement.It is important to understand the tax implications of health care expenses in retirement such as Medicare premiums and potential deductions.Estate Strategy UpdatesExecutives should review and update their estate plan, including wills, trusts, medical and financial directives as well as beneficiary designations to ensure a smooth transfer of assets while minimizing estate taxes. When updating health directives consider establishing guardianship provisions for minor children.Maximize lifetime estate and gift tax exclusion amounts available before 2026 policy window closes. Frontload large QTIP trust gifts where possible under current high exclusion rules. Now is a good time to revisit with your estate attorney and financial advisor if it has been a while or if there have been recent material changes within the family structure, health or other situations that would warrant revisiting.The cornerstone of retirement readiness for executives remains tangible lifestyle visioning paired with robust continuity planning. Retirement marks your opportunity to cement significance beyond career title as life’s next vibrant chapter unfolds. With clear eyes on what matters most, backed by proactive planning, your executive retirement journey is just ahead.  This is being provided solely for informational and illustrative purposes, is not an offer to sell or a solicitation of an offer to buy any securities. The factual information given herein is taken from sources that we believe to be reliable but is not guaranteed as to accuracy or completeness. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Employees of Janney Montgomery Scott LLC or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed here. The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances. For more information about Janney, please see Janney's Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.  

No matter where you are in life – we’re here to help you every step of the way. We have the knowledge and experience to analyze your current financial situation, and provide a personalized plan designed to meet your specific needs.

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