Dear Clients & Friends,

As we mark the halfway point of 2025, it’s our pleasure to report on the progress of your financial plan—especially in light of what has been an eventful and, at times, turbulent first six months of the year.

Periods like these serve as an important reminder of the enduring truths that guide our work together.  While markets may shift and headlines may swirl, the principles of successful long-term wealth management remain unchanged.

Timeless Principles

  • We are goal-focused, planning-driven, long-term investors. Your portfolio reflects your most important life goals—not our opinion on the market’s next move or the economy’s latest data point.
  • We do not believe anyone can consistently predict the economy or accurately time the markets. As such, we avoid reactive decisions and remain committed to long-term discipline.
  • Because equities have historically delivered the best after-inflation returns over time, we believe the most effective strategy is to stay fully invested through both calm and storm.
  • Volatility is not a reason to panic—it is the price of admission for long-term growth opportunities. Declines are temporary; compounding is permanent. Even in turbulent markets, reinvested dividends continue working on your behalf, buying more shares and planting the seeds of future growth opportunities.

Market Reflections

If you glanced at the equity markets on January 2nd and didn’t look again until June 30th, you might think not much had happened.  But of course, a great deal did happen—though, at least for now, without lasting consequence.

  • The S&P 500 touched a new all-time high in February, only to drop nearly 19% by early April—largely in response to a surprise escalation in U.S. tariffs announced by President Trump.
  • What followed was a textbook case of market overreaction. Panic gripped investors, only to subside just as quickly when a 90-day tariff postponement was announced days later. Since then, the markets have gradually recovered, bolstered by resilient economic data and signs of easing inflationary pressures.
  • Through it all, the most effective strategy remained unchanged: stay the course. That’s what we advised then, and it remains our guidance today.  Not because we know what the next six months will bring—we don’t—but because we know what has always worked over the course of time: steadfast adherence to a solid, personalized plan.

A Teachable Moment

 While market declines are never pleasant, they can be profoundly instructive.  The lesson is clear: successful investors keep showing up.  They stay committed.  They don’t abandon carefully built portfolios in the face of uncertainty.  In contrast, those who allow emotion to override discipline often pay a steep and unnecessary price—selling high-quality assets at precisely the wrong time.

That is the real divide in investing.  And our role—one we’re honored to fulfill—is to help you stay on the right side of that divide: calm, committed, and continually working your plan.

Closing Note 

We remain as focused as ever on your goals, your plan, and your long-term financial success.  We are grateful for the trust you place in us and welcome your questions, comments, or concerns at any time.  It’s truly a privilege to serve you.

Best,

Nick

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

Dividend payments are not guaranteed and may be reduced or eliminated at any time by the company.

No investment strategy assures a profit or protects against loss.

Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Mariner Independent Advisor Network, LLC, a registered investment advisor. Mariner Independent Advisor Network, LLC and Mercer Partners Wealth Management are separate entities from LPL Financial.