Published Articles
Wealth Planning
Wealth Planning
Understanding Your Philanthropy: A Conversation with Your Wealth Advisor
Keith Fenstad, CFP®, April 2025
As Wealth Advisors, our goal is to ensure that a client’s financial strategies align with their broader goals and objectives. For many clients, philanthropy is not just a way to give back but also a personal expression of their values and priorities.
Your Personal Relationship with Your Advisor Matters More Than You Think
Peter Faust, CFP®, April 2025
Family financial planning demands a lot of technical expertise from your advisor—coordinating overlapping goals, implementing long-term investment and tax strategies, and facilitating estate planning and charitable giving activities.
Is a Family Loan the Right Wealth Transfer Strategy for You?
Keith Fenstad, CFP®, April 2025
The Great Wealth Transfer is already underway. Sometimes it takes the form of carefully structured estate plans and inheritances. More often, it is through the Bank of Mom and Dad.
Economy
Economy
Quarterly Economic Overview & Outlook
John Merrill, Tom Bruce, April 3, 2025
Review. The U.S. economy remains resilient as it enters the second quarter of 2025. While the economy has obviously slowed from the torrid pace of the past two years, labor market conditions remain solid, consumer spending is holding up, and inflation remains less than 1% away from the Federal Reserve’s (Fed) 2% target.
Outlook. The current outlook for the U.S. economy remains fundamentally strong. Our base case continues to favor a period of good growth, supported by resilient fundamentals and improved productivity from the rollout of artificial intelligence (AI).
John Merrill, Tom Bruce, February 4, 2025
Our economy continues to generate strong economic growth averaging close to 3% real GDP over the past 10 quarters. This is well above the “potential long-term growth” that most economists thought the mature U.S. economy was capable of.
Quarterly Economic Overview & Outlook
John Merrill, Tom Bruce, January 3, 2025
Review. The U.S. economy exceeded almost everyone’s expectations in 2024, delivering strong growth and setting the stage for further expansion in 2025.
Outlook. The U.S. economy enters 2025 with the same tailwinds that boosted the 2024 economy – robust business investment (Chart 6), a solid labor market, and strong consumer spending.
Markets
Markets
Quarterly Markets Overview & Outlook
John Merrill, Tom Bruce, Curtis Holden, CFA®, April 3, 2025
Summary. The financial markets of 2025 bear little resemblance to those of 2024. The biggest winners of last year –the "Magnificent Seven" and U.S. growth stocks – have been the biggest losers so far this year.
Monthly Financial Markets Update
John Merrill, Tom Bruce, February 4, 2025
Most asset classes got off to a good start in January. Both U.S. and International equities (including emerging markets) posted strong monthly gains. REITs and infrastructure had more modest gains while bonds posted slight gains for the month. Gold once again led all major asset classes with its continued strong performance.
Quarterly Markets Overview & Outlook
John Merrill, Tom Bruce, Curtis Holden, CFA®, January 3, 2025
Overview. Asset class performances diverged in 2024 as they reacted to the cross currents of a strong U.S. economy, weakness abroad, geopolitical tensions, a flip-flop from the Fed on interest rates, and anticipation of the new President’s policies after the election.
Founder's Perpective
Founder’s Perspective
Policies to Challenge China’s Global Ambitions
John Merrill, April 2, 2025
China was seen as a partner through most of the 1980s, 1990s, and early 2000s. They specialized in making everyday goods cheaper, which benefited most of our consumers and kept inflation (and interest rates) down around the world.
Half a Century of Independence–And Why it Matters More than Ever
John Merrill, February 10, 2025
Most formerly independent wealth management firms have been sold to big institutions. Tanglewood Total Wealth Management remains independent. That means a lot to me, our team, and especially our clients. I believe it should be to you, too.
John Merrill, October 2, 2024
Exactly six years ago, the title of my Perspective was A New World Order (October 2018). The main message of that piece was that the post-WWII world order was breaking apart. The rules formerly agreed for international trade, investment, and security were being undermined by China.
Books
Books Published
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Investing in Uncertain Times 2nd Edition (2018)
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Investing in UNCERTAIN Times (2012)
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The Sure Road to Investment Success
Building Your Best Portfolio for Risk and Reward
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The Sure Road to Investment Success
Preserving and Enhancing Wealth Over a Lifetime
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Outperforming the Market
Everyone's Guide to High-Profit, Low-Risk Investing
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Beyond Stocks
A Guide to the Best Performing Complete Portfolios
