Nolan Wealth Management Newsletter
In March, we celebrated the 10-year anniversary of Nolan Wealth Management. While I’ve been fortunate to work in financial services for 25 years, these last 10 have been the most rewarding and challenging. Moving into private wealth was the best decision of my career, and I am deeply grateful for the trust and support of my clients, family, friends, and colleagues.
Of course, my 25 years is just a fraction of our firm’s nearly 200-year history—a testament to the consistency and quality of advice we continue to deliver.
Team Expansion
I’m excited to announce that our team is growing! Please join me in welcoming Bob Meyers to the practice. Bob is on the path to becoming a Financial Advisor and will play an instrumental role in helping us serve clients even better.
Bob is a Greater Philadelphia native, an Indiana University Hoosier alum, and brings a strong background in Account Management and Customer Experience. We’re thrilled to have him on board. (Connect with Bob on LinkedIn!)
As always, June and I remain available to you.
Philadelphia Eagles Partnership
As football season kicks off this Labor Day, I’m thrilled to share that Janney has been named the Official Wealth Management Partner of the Philadelphia Eagles.
For all the Birds fans, feel free to email me directly for details. [Click here to learn more.]
Market Update
Ten years ago, we were at the start of the current equity bull market cycle. Today, we are roughly 12 years in. While history suggests bull markets typically last 10–15 years, there are signs of exhaustion.
Our Chief Technical Strategist, Dan Wantrobski, believes this cycle (which began in 2013) still has room to run—though near-term caution is warranted. Simply owning an S&P 500 index fund may no longer provide the same level of diversification it once did. We now have more ETFs than stocks and more private equity funds than McDonald’s locations. (I wish John Bogle were here to weigh in!)
Key Observations:
- Credit Spreads – The gap between government and corporate debt yields is at its lowest in nearly 20 years, implying investors see virtually no risk of corporate defaults—an assumption that seems optimistic.
- Yield Curve (2-year vs. 10-year) – After one of the longest inversions since the 1980s, the curve is steepening again. Historically, this shift has preceded recessions. If we avoid one in the coming months, it would be the first time in modern history.
- Market Concentration – The top 10 U.S. companies now account for double their share of the S&P 500 compared to 20 years ago, raising diversification concerns.
Current View (from Dan’s 8/28/25 Research Note):
- U.S. equities remain in an overall bullish trend.
- However, overbought conditions, high investor sentiment, and seasonal factors suggest increased volatility ahead.
- Corrections of -10% to -15% are possible in the near term
Longer-term, we remain in a liquidity-driven “crack-up boom.” Historically, such cycles often end with major shifts in currency systems. In these environments, capital tends to flow from public markets (bonds) to private markets (stocks, commodities, real estate).
Despite short-term risks, the S&P 500 remains on track to potentially test the 7,500–8,000 range in the coming years as a function of this broader monetary cycle.
Upcoming Webinar
A Medicare Primer
📅 Date: 9/17/25 @ 12:00PM EST
📍 Online via Webex
