Category: Blog

Wealth Management Spring Newsletter 2026

MARKET REVIEW 2025: US STOCKS RIDE ROCKY ROAD TO A THIRD STRAIGHT YEAR OF GAINS

KEY TAKEAWAYS

• US stocks continued climbing in 2025, with the S&P 500 gaining almost 18%, while international stocks soared nearly 32%.
• The Fed reduced interest rates by 0.75 percentage points even as it coped with stubborn inflation, citing labor market worries.
• Value lagged growth in the US, but international small value was among the best-performing asset classes of the year.

US stocks notched their third year in a row of double-digit gains, but it wasn’t the smoothest ride. The S&P 500 hit records in the winter that were followed by a spring swoon. After powering past that to new highs in the fall, the markets cooled a bit along with the temperatures.(1) Still, the S&P 500 was up 17.9% for the year and closed near record levels.(2) The climb came despite tariff uncertainty, interest rate changes, and concerns about the durability of AI’s gains—not to mention the longest government shutdown in US history.(3) Global stocks rose (see Exhibit 1), with returns in developed international and emerging markets better than those in the US. In the bond market, US Treasuries were higher for the year, and the benchmark 10-year yield fell to just above 4%.(4)

Technology companies were below earlier highs at year’s end, but the tech-heavy Nasdaq still advanced 20.9% in 2025. Just months after reaching $4 trillion, NVIDIA became the first public company to reach a market capitalization of $5 trillion, though it wouldn’t hold that level. The headline names associated with artificial intelligence have been strong performers in recent years.(5) But diversified equity portfolios don’t need to chase a few big names to have exposure to AI—the technology touches many types of businesses. Broad diversification can help investors avoid missing out on these winners, wherever they show up.

The US Federal Reserve cut the federal-funds rate by a quarter point three times, in September, October, and December, to a range between 3.5% to 3.75%, the lowest level in three years.(6) In its December statement, the Fed cited labor-market worries as it lowered rates while also noting rising inflation and that not all members supported the rate decrease. But while investors may worry about the impact of Fed rate changes, market interest rates and the federal-funds rate don’t always move as one—the 10-year Treasury yield, for example, hasn’t always gone in the same direction as the fed-funds rate.

Market fluctuations coincided with trade talks throughout the year, most notably with the global tariff announcement from the US in April, after which stocks took a downward turn. But as tariffs were delayed and talks progressed—and with the US reaching a number of trade deals—the market rebounded.(7) Still, questions remained about tariffs elsewhere. In a high-stakes case, the Supreme Court appeared skeptical about the legality of tariffs but has yet to rule on whether any recently imposed levies can remain in place.(8) Adding to uncertainty late in the year, the government shut down in October and November for 43 days. But markets continued to post gains, as they often have during extended closures. Congress reached a deal in mid-November to reopen the government, but only through the end of January.(9)

LOOKING ABROAD
In a departure from recent years, developed international stocks fared better than their US counterparts. The MSCI World ex USA Index gained 31.9%, outpacing the S&P 500 by the widest margin since 1993 and serving as a reminder of the potential benefits of an internationally diversified portfolio. Emerging markets fared even better than developed markets, with the MSCI Emerging Markets Index rising 33.6%. Global equities, as measured by the MSCI All Country World Index, rose 22.3% for the year.(10)

Developed market international stocks outdid their US counterparts by the widest margin since 1993.

Likewise, investors who targeted value stocks outside the US were rewarded; however, value lagged growth in the US. Large caps outperformed small caps in the US and globally, but international small value was among the best-performing asset classes of the year. Longer term, US small value has been one of the best-performing asset classes since 2000. That has included a period of strong performance for the large cap S&P 500: Over the past 10 years, it returned 14.8% annually. That’s a notable deviation from large caps’ long-term average, whereas the returns of small caps have been more in line with their historical performance over that same period. Elsewhere, high profitability stocks were outpaced by low profitability stocks in global developed markets in 2025, while the opposite was true in emerging markets.(11)

In the bond market, US Treasuries returned 6.3%, sending the yield on the benchmark 10-year Treasury down to 4.18%.(12) The broader bond market also posted gains during the year, with the Bloomberg US Aggregate Bond Index up 7.3%, its best annual return since 2020. The Bloomberg Global Aggregate Bond Index (hedged to USD)—a broad benchmark of sovereign and corporate debt—rose 4.9% for the year.(13)

Investors showed increased appetite for gold in 2025, pushing prices up more than 50% to above $4,000 per ounce for the first time.(14) Some market participants view gold as a hedge during economic downturns or against inflation. But since 1970, gold has often experienced large price swings relative to annual inflation. Over the same period, gold prices showed little relation to fluctuations in the US GDP. Whether gold was up or down doesn’t appear connected to what was happening in the economy. Since markets tend to reflect expectations for the economy in advance, it’s not clear holding gold provides additional protection against adverse economic developments.

MIND OVER MATTERS
A better way to cope with market volatility may be to simply pay less attention. Just this past year, if you had gone to sleep on April Fools’ Day and checked your investment portfolio a month later, you might have assumed the market had been relatively calm. But for investors who spent the month tracking daily returns, the experience likely felt more disruptive. April 2025 turned out to be one of the most volatile months in recent history, as market participants were processing new information about tariffs and trying to make sense of what the developments might mean for businesses, investors, and the global economy.

The same thinking can guide investors’ approach over longer time periods—especially when looking at data across many years or even decades. With reliable stock data stretching back to 1926, we are, as of this year, now able to consider a full century of stock returns. Doing so gives further credence to the merits of focusing on the long run. A short-term view of yearly gains and losses shows what may appear as wild swings in the market, as seen in Exhibit 2, but a long-term view reveals a fairly steady growth of wealth over the 100-year period.

It is natural to want to stay informed about what’s going on in the world. And when markets are volatile, it may be hard to resist the urge to do something. But doing nothing can be a fine course of action. Thinking about investments over the long term might ease the urge to make hasty asset allocation changes. An investor who stayed the course over the long term—riding out the ups and downs of economic shocks, wars, and other crises—would have seen exponential gains in their investment. Declines can be painful in the moment, but markets have shown resilience throughout history. Last year was another example: Investors who stayed in their seats were in a great position to be rewarded.

Article By: Dimensional Fund Advisors

Footnotes:
1. Joe Rennison, “Late Rally Pushes Stocks Back Near Record High,” The New York Times, November 28, 2025.
2. S&P data © 2025 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio; Ben Levisohn, “S&P 500 Hits a Rare Christmas Eve Record,” Barron’s, December 24, 2025.
3. Martin Baccardax, “One Earnings Report Can’t Erase the Stock Market’s AI Bubble Concerns,” Barron’s, November 20, 2025; Rachel Treisman, “The Government Shutdown Is Now the Longest in US History. See How It Compares,” NPR, November 5, 2025.
4. Returns are based on the Bloomberg US Treasury Bond Index as of December 31. Bloomberg data is provided by Bloomberg Finance LP. Source for US Treasuries: US Department of the Treasury.
5. Cade Metz, “The AI Boom Has Found Another Gear. Why Can’t People Shake Their Worries?” The New York Times, November 20, 2025.
6. The federal-funds rate is the overnight interest rate at which one depository institution (like a bank) lends to another institution some of its funds that are held at the Federal Reserve. Source: “Federal Reserve Issues FOMC Statement,” US Federal Reserve, December 10, 2025.
7. Chao Deng and Drew An-Pham, “What to Know About Trump’s Latest Tariffs,” The Wall Street Journal, October 30, 2025.
8. Lawrence Hurley, “Supreme Court Appears Skeptical of Trump’s Tariff Argument,” NBC News, November 5, 2025.
9. Kaia Hubbard and Caitlin Yilek, “Government Shutdown Now Over as Federal Agencies Reopen and Employees Return to Work,” CBS News, November 13, 2025.
10. MSCI data © MSCI 2025, all rights reserved. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.
11. The MSCI World ex USA Value Index gained 42.2%, while the MSCI World ex USA Growth Index rose 21.9% as of December 31, 2025; the Russell 3000 Value Index added 15.7%, while the Russell 3000 Growth Index rose 18.2%; the Russell 2000 Index added 12.8%, while the Russell 1000 Index gained 17.4%; the MSCI All Country World Small Cap Index advanced 19.7%, while the larger cap MSCI All Country World Index rose 22.3%; the MSCI World ex USA Small Value Index was up 38.6% as of December 31, 2025; the Fama/French Developed High Profitability Index rose 19.3% versus 30.0% for its low profitability counterpart as of December 31, 2025; the Fama/French Emerging Markets High Profitability Index rose 32.6%, and its low profitability counterpart rose 20.8% as of December 31, 2025. Past performance is no guarantee of future results. Actual returns may be lower. The Fama/French indices represent academic concepts that may be used in portfolio construction and are not available for direct investment or for use as a benchmark. Index returns are not representative of actual portfolios and do not reflect costs and fees associated with an actual investment. See “Index Descriptions” in the Appendix for descriptions of the Fama/French index data.
12. “Daily Treasury Par Yield Curve Rates,” US Department of the Treasury. Data as of December 31, 2025.
13. Bloomberg data provided by Bloomberg Finance LP. Data as of December 31, 2025.
14. Spencer Kimball, “Gold Price Reaches $4,000 an Ounce for the First Time Ever,” CNBC, October 7, 2025.

Please see below for additional disclosures

WHY NOW MAY BE A GOOD TIME TO REVISIT YOUR SILVER COLLECTION

Investing isn’t always about what you buy. Sometimes it’s about recognizing when something no longer needs to be held. We typically see gold dominating the headlines, but current conditions have shifted the focus to silver. Silver has multiple roles, both as a monetary metal and a key component in technology items, including solar panels, cell phones, electric vehicles and items in healthcare.

During the holidays, silver was in the middle of a strong run. While visiting my parents, I asked my dad about a stash of bulk silver coins he’d been holding for years. Most of them came from my uncle’s estate and had been sitting in a closet, untouched.

Selling doesn’t have to mean selling everything. We kept the coins that had sentimental or collector value. The rest were simply silver. After checking prices with a couple of dealers, we sold them locally at a price tied to the COMEX market. It’s always a good idea to obtain multiple appraisals and work with reputable and established dealers.

The value ended up being nearly three times what it would have been a year earlier. Instead of letting the gains sit idle, the proceeds were used to fund 529 plans for the grandkids.

This wasn’t a market call or a prediction. It was just a reminder that assets don’t exist in a vacuum. Their purpose matters. Turning something that had already appreciated into future education costs felt like a reasonable trade.

Conditions can shift quickly, so it’s worth occasionally taking inventory — not just of your portfolio, but of the things you own that have quietly become investments.

Article By: Nate Raabe

Market Review 2025: US Stocks Ride Rocky Road to a Third Straight Year of Gains disclosures continued:
Appendix
Index Descriptions: Results shown during periods prior to each index’s inception date do not represent actual returns of the respective index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Eugene Fama and Ken French are members of the Board of Directors of the general partner of, and provide consulting services to, Dimensional Fund Advisors LP.
Fama/French Developed High Profitability Index: Provided by Fama/French from Bloomberg data. Includes stocks in the upper 30% operating profitability (OP) range in each region; companies weighted by float-adjusted market cap. Rebalanced annually in June. OP for June of year t is annual revenues minus cost of goods sold; interest expense; and selling, general, and administrative expenses, divided by book equity for the last fiscal year-end in t – 1.
Fama/French Emerging Markets High Profitability Index: July 1991–present: Fama/French Emerging Markets High Profitability Index. Courtesy of Fama/French from Bloomberg and IFC securities data. Includes stocks in the upper 30% operating profitability range in each country; companies weighted by float-adjusted market cap; rebalanced annually in June. OP for June of year t is annual revenues minus cost of goods sold; interest expense; and selling, general, and administrative expenses, divided by book equity for the last fiscal year-end in t – 1.
Fama/French Total US Market Research Index: July 1926–present: Fama/French Total US Market Research Factor + One-Month US Treasury Bills. Source: Ken French website.
Disclosures: This information is intended for educational purposes and should not be considered a recommendation to buy or sell a particular security. Named securities may be held in accounts managed by Dimensional.
The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by Dimensional to be reliable, and Dimensional has reasonable grounds to believe that all factual information herein is true as at the date of this material. It does not constitute investment advice, a recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. Before acting on any information in this document, you should consider whether it is appropriate for your particular circumstances and, if appropriate, seek professional advice. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized reproduction or transmission of this material is strictly prohibited. Dimensional accepts no responsibility for loss arising from the use of the information contained herein.
This material is not directed at any person in any jurisdiction where the availability of this material is prohibited or would subject Dimensional or its products or services to any registration, licensing, or other such legal requirements within the jurisdiction.
“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Hong Kong Limited.
RISKS: Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original value. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful.
UNITED STATES Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.
Investment products: • Not FDIC Insured • Not Bank Guaranteed • May Lose Value
Dimensional Fund Advisors does not have any bank affiliates.
Exhibit 1: MSCI data © MSCI 2025, all rights reserved. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.
Exhibit 2: Data presented in the Growth of $1 chart is hypothetical and assumes reinvestment of income and no transaction costs or taxes. The chart is for illustrative purposes only and is not indicative of any investment. S&P data © 2025 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.

Investments provided through McMill Wealth Inc, a Nebraska Corporation, Registered Investment Advisor

This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not assured.

The articles and opinions in this publication are for general information only and are not intended to serve as specific financial, accounting or tax advice

Paper Tax Refund Checks Being Phased Out by the IRS

As part of a broader U.S. Department of the Treasury initiative to transition to fully electronic federal payments, the Internal Revenue Service (IRS) is phasing out paper tax refund checks for individual taxpayers for the 2026 federal tax filing season.1

Why is the IRS making this change?

The move towards electronic payments is designed to protect taxpayers from the possibility of a paper refund check being lost, stolen, altered, delayed, or returned to the IRS as undeliverable. Electronic refunds are also more cost efficient and faster than nonelectronic payments, which can take six weeks or longer to process.2

What does this mean for taxpayers?

No changes are being made to the process of filing a tax return. Taxpayers should continue to file their tax returns as they normally would, using one of the existing filing options. However, refund delivery will be shifting towards electronic payment methods. As a result, taxpayers should have all of their banking information (e.g., account and routing numbers) readily available when filing their returns.

While most tax refunds will be delivered by direct deposit or other secure electronic methods, there will still be alternative options available, such as prepaid debit cards or digital wallets, for those taxpayers who do not have access to a bank account.3

What if I owe the IRS money?

The IRS has stated that taxpayers should continue to use existing payment options until further notice but is strongly encouraging individuals and businesses to use electronic payment options, since they are easier, faster, and more secure. Further IRS guidance is expected soon.4

The IRS offers the following electronic payment options:

  • IRS Direct Pay, which pays the IRS directly from your bank account without fees
  • Electronic Federal Tax Payment System (EFTPS), a free system offered by the U.S. Department of the Treasury to pay your federal taxes
  • IRS2Go, an IRS mobile app for easy and secure mobile payments
  • Debit card, credit card, or digital wallet

For more information on the IRS transition towards electronic payments, visit irs.gov.

1-4) Internal Revenue Service, 2025

During the 2025 tax filing season, the IRS issued more than 93.5 million tax refunds to individual tax filers, and 93% of those, almost 87 million refunds, were issued through direct deposit.

Source: Internal Revenue Service, 2025

IMPORTANT DISCLOSURES

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of NE. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2026.

State Approaches to OBBBA Income Tax Provisions

The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, implemented several significant provisions, including new deductions for overtime and tips. States, in turn, have been evaluating how these federal tax changes will impact their own income tax revenue and administration. For individuals, how states respond to the federal legislation is significant because it may directly influence their state income tax obligations.

Since most states use the Internal Revenue Code (IRC) as the starting point for determining state taxation, each state must decide whether to adopt or reject (decouple) from these new federal income tax modifications. Nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming — do not impose a personal income tax and do not require conformity. For the states with an income tax, their legislative actions related to OBBBA generally fall into three categories: rolling conformity, selective (partial) conformity, and static conformity. 1

Rolling conformity states

Rolling conformity states automatically adopt amendments to the IRC, such as those in OBBBA, as the changes occur, unless the state decouples from a specific federal provision. Twenty states and the District of Columbia follow rolling conformity. 2

The primary advantage of rolling conformity is administrative clarity since the tax laws in these states will instantly reflect federal tax law changes without requiring separate state legislative action. This simplifies compliance for taxpayers, as federal income and deductions will apply for both federal and state purposes. However, states also retain flexibility to decouple if a federal provision will reduce state revenue or contradict state fiscal policy.

Unfortunately, rolling conformity may expose states to unanticipated revenue fluctuations. Acting quickly to decouple from federal provisions also can be politically difficult depending on the party makeup of the state legislators, and the transition period from state adoption to implementation may create compliance challenges or processing delays for both taxpayers and state agencies.

Selective conformity states

Selective, or partial, conformity states evaluate federal tax changes and adopt only the provisions that support revenue or policy goals while rejecting those that do not. There are four partial conformity states. 3

This hybrid type of conformity allows states to respond effectively to federal tax changes. For example, a state may elect to adopt the federal income tax deduction for tips to benefit lower-income taxpayers but decide to decouple from a different federal deduction that could reduce its tax revenue. Similarly, a state might choose to conform to a federal deduction related to overtime pay or other employment-based adjustments that align with its policy priorities while rejecting others that do not. Selective conformity allows states to protect their budgets.

However, partial conformity may create administrative challenges and unpredictability. Taxpayers will be required to apply separate federal and state income tax rules, while state agencies may have to use resources to evaluate and implement conformity. Additionally, taxpayers may face higher compliance costs and ambiguity in long-term tax planning.

Static conformity states

Static conformity states adopt the IRC on a specific date, which means that federal changes enacted after that date, such as OBBBA, do not apply unless the legislature later updates the conformity statute. Seventeen states follow this model. 4

This approach provides stability and legislative control over revenue. State lawmakers can assess the fiscal impact of each federal change before deciding to conform, meaning more budget predictability and less sudden revenue fluctuations. Taxpayers benefit from knowing that state tax law will not automatically shift in response to federal modifications.

However, problems with static conformity arise when federal law changes occur after a state’s conformity cutoff date, which means taxpayers must reconcile their state returns to older definitions or rules related to income, adding complexity. Gaps between conformity updates may result in certain taxpayers receiving federal tax benefits that do not carry through to their state returns.

For a complete list of how states conform to OBBBA provisions, visit https://taxfoundation.org/

Bottom line

State conformity to federal income tax changes, such as those introduced under OBBBA, can vary widely. Depending on where you live, some, all, or none of these federal changes may apply at the state level. Because state adoption of federal tax provisions is complex and continues to evolve, you should stay informed about how your state is responding to OBBBA provisions that affect you and consider consulting a qualified tax professional to better understand the potential differences between federal and state treatment.

1–4) Tax Foundation, July 31, 2025

IMPORTANT DISCLOSURES

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of NE. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2025.

Wealth Management Winter Newsletter 2025

EDUCATING THE NEXT GENERATION ABOUT FAMILY WEALTH MANAGEMENT

Over the next few decades, an enormous amount of wealth is expected to pass from older to younger generations. This has been dubbed the “Great Wealth Transfer,” and one estimate suggests that $124 trillion will change hands by 2048. It’s an eye-popping figure, to be sure, but it also highlights the reality that many families are, or soon will be, navigating how to pass on their wealth. A top-of-mind question: Is the next generation ready to take on the responsibility?

Wealth is not just cash in the bank; it can include investments, real estate, businesses and more that require stewardship and foresight. Successful management means preserving and growing assets and using them wisely. Striking the right balance here is key: For the next generation to succeed, it takes intentional preparation and education.

PLANT THE SEEDS OF FINANCIAL LITERACY
Where to begin? In an ideal world, financial education starts in early childhood and is treated as an open and ongoing conversation as kids age. The goal is to build financial literacy gradually, so wealth management feels natural rather than overwhelming.

When kids are young, this might mean introducing simple topics like the difference between saving and spending. Managing an allowance can help put those ideas into practice. As kids get older you can begin introducing more complex topics, such as investing, compound interest, debt and taxes.

It’s equally important to engage adult children, many of whom may have received no other formal financial education. While 29 states now have K–12 financial education requirements in public schools, this focus has largely come to the forefront only in the last few years. If your kids are adults now, they may have missed out. So it’s worth finding out what they know, what they don’t know and what they’d like to know more about.

PUT STRUCTURE AROUND LEARNING
In addition to ongoing conversations about money, your family might benefit from more intentional ways of building financial literacy. Some families hold regular financial meetings where they share goals, key issues and address questions or concerns. Others put together more formal workshops with wealth advisors or other experts. There also is a wealth of credible educational content online that is built to both educate and engage audiences around financial literacy topics.

TURN CONVERSATIONS INTO ACTION
Eventually, theory should give way to practice. As younger family members learn the basics, you might consider providing a “practice portfolio,” giving them the chance to make investment decisions with small amounts of money and learn from their successes and mistakes. When family members have honed their knowledge, consider assigning them real responsibilities that match their skills and interest. This might mean relatively simple tasks like helping guide gifts made through a donor-advised fund. Or these responsibilities could be more involved, such as taking a role in the family business or helping to make investment decisions with the family’s wealth.

With your guidance and oversight, these experiences can help develop confidence and capability.

GROUND WEALTH IN PURPOSE AND VALUES
One of the most important things that helps guide families on how to grow and spend wealth is imparting a strong value system. Values can help you frame wealth as a tool rather than a goal.
Your values will be unique to you, but some worth considering may be:
• Stewardship: Recognizing the responsibility that comes with wealth. Stewardship encourages careful management and intentional choices so resources can benefit both current and future generations.
• Giving back: Using wealth to help create positive change in your community and the greater world.
• Self-worth beyond wealth: Remembering that wealth is a tool to achieve goals—whether gaining an education, pursuing passion or giving back, for instance—not a measure of personal value.

By grounding financial decisions in values, families can help prevent counterproductive or reckless financial decisions, foster responsibility and ensure wealth is not seen as something to be simply consumed.

KEEP THE CONVERSATION GOING
Discussing money isn’t always easy, and for many families, it’s downright taboo. While 66% of Americans say conversations about wealth are important, 62% say they never have them.3 But getting over this hurdle is incredibly valuable. The most successful families treat wealth education not as a one-time event, but as an ongoing process that evolves as your family grows and your financial picture changes. We can work with you to create an environment where family members can openly discuss the unique challenges and opportunities that come with wealth.

HAVE YOU RECEIVED A LETTER FROM THE SSA ABOUT “POTENTIAL PRIVATE RETIREMENT BENEFITS”?

TIMING AND PURPOSE OF LETTER
Each year—typically between August and October—the Social Security Administration (SSA) mails notices to individuals who may have unclaimed 401(k), pension, or other retirement benefits from a previous employer.

If you recently received one of these letters, don’t ignore it!

It could mean there’s a retirement account in your name waiting to be claimed.

HOW TO PROCEED WITH LETTER
Contact us and we would be happy to help you:
• Identify which employer and plan the notice refers to
• Locate and recover any old 401(k) or pension benefits
• Consolidate those assets into a Rollover IRA for easier management and continued growth

The letter usually comes from the Social Security Administration and includes a “Plan Number” and employer name. You will want to keep the letter handy when you reach out for guidance.

WILL THE MAGNIFICENT 7 STAY ON TOP?

The Magnificent 7 entered 2025 among the Top 10 largest US stocks. But before making an outsize bet on gains from these technology giants, investors should consider a few lessons from market history.

It’s hard to stay on top. For example, only three of the ten biggest companies from 1980 made the 2000 list—and none of them was in 2025’s Top 10.

Industries ebb and flow. Technology-focused firms currently dominate the list. But in 1980, six of the ten largest companies were in the energy sector.

New technology doesn’t benefit only tech firms. Throughout history, companies across industries have used technology to innovate and grow.

Diversification enables investors to share in the success of today’s top companies while staying positioned to benefit from tomorrow’s market leaders.

Past performance is not a guarantee of future results. 
Investing risks include loss of principal and fluctuating value. There is no guarantee an investment strategy will be successful.
The Magnificent 7 stocks are Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla.
This information is intended for educational purposes and should not be considered a recommendation to buy or sell a particular security. Named securities may be held in accounts managed by Dimensional.
Source: Dimensional, using data from the Center for Research in Security Prices and Compustat. Includes all US common stocks. Largest stocks identified at the end of the calendar year preceding the respective period
by sorting eligible US stocks on market capitalization using data provided by the CRSP, University of Chicago.
Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.
Investment products: • Not FDIC Insured • Not Bank Guaranteed • May Lose Value
Dimensional Fund Advisors does not have any bank affiliates.

PREDICTIONS

I recently read an article about predictions for our area for the upcoming winter.
In the article the author took a look at predictions made by the Farmers Almanac,
the Old Farmers Almanac, the Weather Service, the old wives-tales about ground
fog and the woolly worm whether it was fat or slim. Some of the various means
of predicting how the winter would go did coincide at least partially, but most of
them were quite different. In hindsight, when the winter is over is truly the only
way we will know for sure the outcome.

It is very similar with the markets. Everyone seems to have a different viewpoint
on how the markets will trend in the future. Even those with Nobel Prizes in
Economics will admit that they can not accurately predict the markets with any
consistency. The future is unknown until it turns into the present.

Not accounting for life-changing events, we have attempted to build a portfolio
that would fulfill your needs for the long-term based upon your risk aversion and
plans for your future. By focusing on your long-term plan, you shouldn’t need
to worry about what is going on daily in the market. You have a portfolio that is
diversified and based upon your wants and desires.

We are often asked “when would be a good time to invest?” No one actually
knows with any certainty the optimal time to invest. However, we usually say
that anytime is probably the right time to invest. The market will fluctuate
both higher and lower over time, and we can help you take advantage of those
fluctuations through rebalancing the investments within your investment
portfolio. Rebalancing provides the basis for selling “high” and buying “low”
during fluctuations in the market. We use this formula for a successful investment
experience over the long term.

So no matter what goes on in the market on a daily basis during 2026, don’t
worry about it. Your portfolio was designed specifically for you to be able to stick
with your financial plan. However, if you do experience a life-changing event,
please consult with us. We will be glad to help you determine if any adjustments
to your financial plan and investment portfolio need to be made under those
circumstances.

Remember to thank veterans and first-responders that you know for the many
sacrifices that they have made to make our country safe and free, and recognize all
of the blessings that we have enjoyed in 2025. We are very fortunate and thankful
to have had the opportunity to serve you as our clients in the past year and look
forward to continue our professional relationship with you in 2026.

Best wishes to you and yours to have a joyous holiday season, and a happy,
healthy, and prosperous new year!

Investments provided through McMill Wealth Inc, a Nebraska Corporation, Registered Investment Advisor

This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not assured.

The articles and opinions in this publication are for general information only and are not intended to serve as specific financial, accounting or tax advice

Modernizing Payments for Individual Taxpayers

Paper Checks Phasing Out:

Executive Order 14247, “Modernizing Payments To and From America’s Bank Account”, was signed on March 25th, 2025. This policy is working to transition payments made to and from the U.S. Department of Treasury to be fully electronic. Beginning September 30th, 2025, the federal government ceased issuing paper checks, with limited exceptions.

The Goal of This Policy Change:

Safety and Security: Electronic payments can help reduce the risk of fraud, theft, and undeliverable mail. According to the irs.gov, “paper checks are over 16 times more likely to be lost, stolen, altered, or delayed than electronic payments.”

Efficiency and Reduced Costs: Paper refund checks can take 6 weeks or more to arrive by mail. Electronic refunds may be issued in half that time or less with direct deposit. In addition to electronic payments being a more efficient option, it also costs less than paper checks.

Information for Individual Taxpayers:

No Changes to Filing: Taxpayers should expect to file the same. To avoid issues or delays, ensure that your bank account information is included and accurate when filing.

Payments and Refunds: The majority of refunds will be delivered via direct deposit. For payments made to the federal government, it is not yet mandated to do so electronically, but it is recommended that you start making payments electronically as well.

The policy does allow for certain expectations for those without access to bank accounts. If you have any questions about electronic payments or refunds, please do not hesitate to reach out to us.

Webinar: Nebraska’s New Sick Leave Policy

Clint Weeder from McMill CPAs & Advisors, and Jordan Arndt from Zelle HR, discuss the new Nebraska sick leave policy details, share implementation tips and go through numerous FAQs. Recorded September 18th, 2025.

The information presented in this webinar is provided for educational and informational purposes only. It should not be considered legal, tax, or accounting advice. You should consult with your CPA, attorney, or other qualified professional regarding questions specific to your situation.

Lemonade Camp – August 5th, 2025

Norfolk’s annual Lemonade Camp, hosted by McMill CPAs & Advisors, Retirement Plan Consultants and Wealth Management, was a success again in 2025! Lemonade Camp has been held annually since 2011. The camp invites kids to come learn business basics and apply those lessons to their own business, a lemonade stand! All money raised at Lemonade Camp is always donated back to the community. 

Tuesday, August 5th, 2025, over 75 young entrepreneurs gathered to spend the day learning business skills, running their own lemonade stand and having fun! The campers raised over $650 to be donated to the Norfolk Fire Department’s Junior Fire Fund. 🚒🍋

Wealth Management Fall Newsletter 2025

TIMELESS WISDOM FROM WARREN BUFFETT

In May, legendary investor Warren Buffett announced he will retire as CEO of Berkshire Hathaway at the age of 95. Sixty years ago, Buffett took over Berkshire Hathaway, a struggling New England textile company, and built it into a powerhouse that operates everything from insurance companies to household brands like Duracell batteries. Along the way, he became known as the “Oracle of Omaha” due to his reputation for carefully identifying undervalued companies and sticking with them for the long haul. It’s a strategy that has served him well. Today, he is the sixth richest person in the world with a net worth of about $154 billion.

Throughout his career, Buffett has shared some of the secrets to his success, often through his famed—and frequently funny—shareholder letters. Below are some of our favorite insights that continue to guide investors of all kinds.

Navigating Fear and Greed
“Occasional outbreaks of those two super-contagious diseases, fear and greed, will forever occur in the investment community…We never try to anticipate the arrival or departure of either disease. Our goal is more modest: we simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

Investing is carried out by people, and people are emotional. As a result, human behavior plays a huge role in the movements of markets. The powerful impulses toward fear and greed can lead investors to hop in and out of the market en masse, often to their detriment. Buffett warns us to be wary when investors are “greedy,” as they can push prices up—sometimes unsustainably—leading to a crash. Similarly, when investors are fearful, they may miss out on powerful opportunities to invest in bargains during a market downturn.

The key to good investing is controlling emotional urges. Buffett has said: “The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.”

Bursting Bubbles
“Bubbles blown large enough inevitably pop. And then the old proverb is confirmed once again: ‘What the wise man does in the beginning, the fool does in the end.’”

During market bubbles—like the Dot Com bubble of the late 1990s or the housing boom that preceded the 2008 crash—prices rise rapidly beyond their true value driven by speculation and hype. Even investors who were initially skeptical might succumb to the urge to jump on the bandwagon, entering the market when prices are overly inflated and due for a crash.

Buffett has also said, “It’s only when the tide goes out that you learn who’s been swimming naked.” Indeed, when a booming market reverses course, you don’t want to be the one who has taken on too much risk and is left scrambling for your clothes.

Playing the Long Game
You’ve probably heard us say investing is a long-term venture. This happens to be one of Buffett’s fundamental tenets as well. To wit: “Our favorite holding period is forever.” He has also said, “Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”

The evidence is clear: Over the long term, the stock market has historically moved higher. Committing to long-term holding periods is the best way to ride out the inevitable short-term market fluctuations that come with the historical upward trend.

Starting Early
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”

Unsurprisingly, there is a lot of overlap in aphorisms about planting trees and investing. Both require planning and an early start to ensure you reap their benefits. Likewise, a well-built investment plan requires attention and nurturing, which we can make easier through disciplined approaches like dollar-cost averaging—the practice of regularly investing a set amount of money no matter market conditions—and periodic rebalancing. But mostly, wealth and trees just need time to grow.

In that sense, Buffett’s “secrets” of success have never really been secrets. They are just simple truths that all investors can follow: stay calm when others panic, resist the hype, invest regularly and think long term. But even with these insights, it’s not always easy to stay the course—especially when markets get turbulent. Please reach out when you have questions about the markets and how they affect your long-term plan.

THE POWER OF PURPOSE IN RETIREMENT

If you’re lucky, summer has been a chance to unwind, catch up on beach reads and spend quality time with family and friends before the familiar rhythm of fall resumes. But what happens when there’s no routine to return to? For many, that’s the dream of retirement: endless relaxation, free from the constraints of work. But the reality can be more complicated.

Retirement is a major life shift, one that impacts more than just your schedule. It can reshape your sense of identity, daily habits and even your health. In fact, research has shown that retirement can raise the risk of heart disease and other medical issues by up to 40%. The reason? Experts point to a loss of purpose and reduced social connection, both of which can take a toll on mental and physical well-being. Without a plan for how to spend your time meaningfully, the transition can bring unexpected emotional challenges.

The Risks of Unstructured Retirement
Many retirees begin this new chapter with a “honeymoon phase”—a period marked by the novelty of free time, relaxation or long-awaited travel plans. But this initial high can eventually fade. When the excitement of sleeping in and checking items off the bucket list wears off, retirees can find themselves facing unexpected emotional challenges. Common struggles include boredom, loss of routine, identity shifts and social isolation. In fact, 24% of older adults are considered to be socially isolated. Isolation can also have a ripple effect on health: It’s associated with a 50% increase in risk of developing dementia and increased risk of premature mortality.

Designing a Retirement with Purpose
To avoid some of the potential pitfalls of an unstructured retirement, it’s important to think carefully—and proactively—about purpose. What do you want this next phase of life to look and feel like? Beyond financial planning, consider how you’ll meet the deeper needs that your pre-retirement life—including work and raising kids—may have fulfilled: structure, identity, accomplishment, social connection and a sense of meaning. What brings you pleasure and meaning? What have you always wanted to try or learn? Pursuing these activities can provide purpose and help ensure retirement is not just a long vacation, but a rewarding chapter of your life. Feeling stuck here? Try asking close friends or family what they see light you up. Often, others can reflect back passions or strengths that are hard to see on your own.

Staying Connected and Active
Relationships and physical routines matter more than ever when you retire. Staying active, both physically and socially, offers measurable health benefits. Regular physical activity lowers risks, including the likelihood of dementia, heart disease, stroke and eight types of cancer. People-centered activity is important, too. Look for ways to stay engaged, whether through volunteering, mentoring, part-time work, creative pursuits or community involvement. Older volunteers, aged 55 and up, who gave 100 hours or more each year were two-thirds less likely to report poor health than non-volunteers.

Spending more time with family is a high priority for many retirees and can be a great way to fulfill social needs. But make sure that vision is shared. Open conversations with loved ones about time together, expectations and boundaries can help align plans and avoid disappointment down the road.

The Retirement Identity Shift
In many ways, it’s hard to define what retirement is. After all, it’s not a single moment but a series of transitions. For instance, rather than an abrupt shift to not working at all, you may consider bridge employment—usually part-time work in a temporary position or as a consultant in your field or in a different industry. This can offer a gradual shift into retirement, providing continued income and engagement as you adjust. As your vision for retirement evolves, keep us in the loop. We’d love to hear what you’re planning—and we’re here to help ensure your financial strategy stays aligned with your goals.

DONUT BUY THE MEME HYPE

Lately, investors may be having flashbacks to the early days of meme investing. Newly labeled meme stocks like Krispy Kreme (DNUT) have joined the meme menu with members of the original stack, including GameStop (GME) and AMC Entertainment (AMC).

But before investors consider loading up their portfolios with DNUT or any other meme stock, remember that chasing them is just another form of stock picking and market timing. History suggests such tactics rarely pay off: Those who try to pick winners generally lose to the broad market.

Single stocks—meme or otherwise—have a wide range of returns and on average underperform the broad market. Examining how meme stocks have fared since the phenomenon began can provide a reminder to investors to take caution. Many meme stocks have experienced extreme volatility: GME, for example, saw eye-wateringly high returns in early 2021 before falling sharply. Some, like Bed, Bath, and Beyond (BBBY), don’t even exist anymore.

By holding a diversified portfolio, investors often get exposure to meme stocks, while being more likely to capture market returns and limit individual stock risk. Stocking up on just one thing—whether it’s donuts or stocks with buzzy appeal—is not a reliable strategy for long-term satisfaction. But a well-balanced portfolio will often include a few meme stocks, which, like donuts, are best enjoyed in moderation.

Past performance is not a guarantee of future results. 
Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio. In USD. Source: Dimensional, using FactSet data. Drawdowns are the cumulative negative returns from the prior peak. Peak is defined as the highest cumulative return level prior to a given day. This information should not be considered a recommendation to buy or sell a particular security. Named securities may be held in accounts managed by Dimensional. It should not be assumed that an investment in the securities identified was or would be profitable. S&P data © 2025 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
This article originally appeared in Above the Fray, a weekly newsletter for Dimensional clients.
Please see end of this post for important disclosures.

IN SUMMARY

Last quarter we referred to Warren Buffett deciding to step down from his current position with Berkshire Hathaway. In this issue, we wanted to share once more a few of his investment strategy ideas.

With the volatility in the market that we have been experiencing, more people have been questioning investing in gold. Gold does not provide the stability that many people think that it does. Warren Buffett does not favor investing in gold, saying that it just lies there and does not produce anything. Bitcoin has also been in the news and talked much about lately. It is very speculative in nature, and does not provide a source for long-term investment. If you have extra money that you are not afraid to lose and want to gamble or speculate with, then bitcoin might be an answer to that.

The resurgence of meme stocks such as Krispy Kreme, GameStop, and AMC highlights their volatility and tendency to underperform the broader market. A diversified portfolio offers broader market exposure and stability, with meme stocks best enjoyed in moderation rather than as the core of an investment strategy.

Planning for your retirement should probably include more than just the dollars and cents needed. It has been proven that we need a “purpose” to get up in the morning, including when you are retired.

There is a lot of noise out there in the news. Try not to let it influence your views and decisions when it comes to investing. If you have any questions or concerns, please contact us. Wishing you and your family a great fall season!

Disclosures for Donut Buy the Meme Hype
dimensional.com
Dimensional Fund Advisors | Aug 13, 2025
Written By: Isabelle Williams | Deputy Head of Investment Solutions
The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by Dimensional to be reliable, and Dimensional has reasonable grounds to believe that all factual information herein is true as at the date of this material. It does not constitute investment advice, a recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. Before acting on any information in this document, you should consider whether it is appropriate for your particular circumstances and, if appropriate, seek professional advice. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized reproduction or transmission of this material is strictly prohibited. Dimensional accepts no responsibility for loss arising from the use of the information contained herein.
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“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
RISKS
Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original value. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful.
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Investments provided through McMill Wealth Inc, a Nebraska Corporation, Registered Investment Advisor

This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not assured.

The articles and opinions in this publication are for general information only and are not intended to serve as specific financial, accounting or tax advice

Paid Sick Leave – Effective 10/01/2025

The Nebraska Healthy Families and Workplaces Act (HFWA) takes effect on October 1, 2025. A key component of the act is Initiative 436, which requires employers to provide paid sick time based on the number of employees:

  • The HFWA does not apply to businesses with less than 11 employees.
  • Businesses with 11-19 employees, including full-time, part-time or temporary employees, must provide 40 hours per year of paid sick leave.
  • Businesses with 20 or more employees must provide 56 hours per year of paid sick leave.
  • These are minimum requirements and an employer may choose to provide additional paid sick leave.

If a business already has a current PTO policy or sick leave policy in place, and it meets the minimum requirements of the act, they are not required to offer additional sick leave time. Employers are encouraged to discuss their current policy with a legal advisor if they have any questions or concerns. The FAQs available on the DOL website provide additional guidance on this act.

When determining business size:

  • The DOL includes employees who worked at least 80 hours in the state of Nebraska in a calendar year.
  • Scenario: An employer that normally has 8 employees on payroll, has 4 turnovers and 4 new hires in a calendar year, so therefore issues 12 W2s. This employer would not be subject to this act because the employer never had 11 or more concurrent employees.

Nebraska Employer Action:

  • Written notice is required to be provided to all current employees by September 15, 2025, and to all new employees going forward. The DOL has provided a model notice you can use to satisfy this requirement, or you may produce your own written notice.
  • The NE DOL poster must be displayed if there is a physical worksite. If there is no physical workplace, electronic communications can satisfy this requirement.
  • If 5% or more of the employees do not speak English as a first language, and the DOL has translated versions available, the employer must provide the notice and poster in that language as well. The DOL currently has provided a notice and poster in Spanish.

Each pay period, whether on the physical paystub, as an attachment, or via an online platform, the amount of paid sick time available, amount of paid sick time taken, and amount of pay the employee has received as paid sick time must be provided to each employee.

As a reminder, although the act doesn’t take effect until October 1, 2025, written notice to employees regarding this act must be provided to employees by September 15, 2025. We anticipate additional guidance will come from the NE DOL as this act takes effect. We will do our best to provide timely updates. If you have any questions, please don’t hesitate to reach out.