News and Commentary

The current market environment is reinforcing the importance of tactical discipline. As we navigate the historical "Year Two" presidential cycle slump, we are also contending with the "Black Swan" impact of the Iran-Israel conflict.While the broader markets have struggled—with the S&P 500 under pressure and leaders like Microsoft down over 20% YTD—our diversified approach has provided essential stability.• Tactical Resilience: Our heavy emphasis on dividend stocks, international equities, and fixed income has allowed our client portfolios to hold up significantly better than the passive indices.• Active Advantage: Current conditions prove that active management and intentional allocation outperform a "passive index" strategy in times of high uncertainty.We continue to monitor global events closely, fine-tuning portfolios to ensure they remain aligned with your private wealth goals.Coming Soon: Keep an eye out for our team’s new video release arriving in the next month. See attached for more details on the quarter: Broadridge quarterly market review SWM News:I’m pleased to share that Caroline Ballou, our Client Service Associate, has successfully passed the Series 7 exam, an important milestone in her professional development.Earning this license reflects a strong understanding of financial markets, investment strategies, and regulatory standards.For you as a valued client, this means:Enhanced support: Caroline is now fully licensed to assist with a broader range of investment needs.Expanded capabilities: She can help execute transactions and provide more comprehensive guidance across your portfolio.Continued commitment to excellence: Her achievement reflects our team’s dedication to maintaining high standards of expertise and service.Congratulations Caroline!

SWM Private Clients,Last year, we correctly identified that a combination of political continuity and strong corporate fundamentals would drive a high-performance market. Our thesis that the AI revolution would mirror the transformative growth of the late 1990s has also been validated by recent market activity. Our outlook for the coming year remains optimistic, fueled by:Monetary Policy: Anticipated Fed cuts providing increased liquidity.Fiscal Growth: Positive policy shifts supporting domestic earnings.AI Integration: Continued expansion of technology-driven productivity.The Bottom Line: While the momentum is undeniable, we are mindful of the late-stage nature of this cycle. We will continue working with you to ensure your "game plan" remains robust, prioritizing risk management alongside moderate growth. Consider tuning into our Janney Outlook 2026 call next week.  See attached for more details on the quarter: Market Vane Monthly UpdateSWM NEWS:Schultz Wealth Management and Jeff were again named to the CEO Roundtable at Janney, provided to only the top 12% of the firm's financial advisors. Jeff spent time with his parents and family over the holidays and had a ball!Clarke had a nice trip for with friends to Mexico in December for a birthday celebration. He and Laura are grateful to work along a strong team and thoughtful clients, and he is looking ahead to 2026. This holiday season reminded us that the best moments usually include a little chaos, a lot of laughter, and being together. Kevin, Meg, Ridley (9), and Hughes (7) are grateful for a year full of family time, memories made, and plenty of reasons to smile.Caroline spent lots of time with family and friends in Q4, including a trip to Costa Rica!

The term “broken record” is one that is coming back into vogue with Gen Z buying vinyl records these days. I bring this term up because I continue to say what I’ve been saying over a year now; this time is familiar to me and similar to the late 90’s. You’ve started hearing this in the media now too, so it seems history maybe repeating or rhyming. Our client portfolios and game plans have continued to outperform our goals and hit new highs. The market dip we thought we might see this quarter was squashed by the Big Beautiful bill, the Fed cut, and continued growth and positive news from the technology sector. The S&P 500 was up nearly 8% for the quarter(wow), the EAFE international index cooled a bit but still grew 4.4%, and Fixed Income showed another gain. It’s all been rosy, particularly if your risk tolerance is high, and the Fed is on our side.  Keep enjoying the bull market and we will continue to participate and monitor client portfolios for adjustments!See attached for more details: Q3 2025 ReviewSWM NEWS:Team updates:I’m pleased to announce that Kevin McKane, our in-house financial planner, has been promoted to Senior Wealth Planner. Caroline passed the Securities Industry Exam, and this is the first step on the way to getting licensed. Next up series 7 before year end. Wish her luck.Clarke passed the CEPA exam and is now certified in working with business owners and investment bankers through exits/business sales.Personal updates:Jeff and his family attended their son, Palmer’s, last parents weekend at the University of Tennessee. Time flies.Clarke had the chance to travel to Costa Rica for a family wedding and couldn’t resist ziplining over the rainforest. It was an amazing trip and definitely one for the books!Kevin and his wife, Meg, enjoyed celebrating their kids hard work training for this past swim season at Capital City Club. Ridley (3rd grade) was awarded MVP for 7&8 girls & Hughes (1st grade) was awarded Most Improved for 6U boys in August.Caroline enjoyed spending time at Kiawah Island this summer with family.