Jack and Diane recently sold a business, transitioning from high income last year to a much lower income in 2024. Additionally, Diane inherited a substantial IRA from her mother a couple years ago and would like to use a portion of the inheritance to honor her.

• Technology companies continue to propel stocks higher year-to-date; however, concentration risks are high and potential for a valuation adjustment is elevated should optimistic growth forecasts fail to materialize.

• Strength in technology has masked underlying market weakness and the “Magnificent 7” continue to have an outsized impact on market returns and investor portfolios.

• To reduce exposure to market-cap weighted indexes and improve the valuation profile, we increased the allocation to value and managed strategies in our domestic equity portfolios.