Dear Clients,

Season’s Greetings! We hope this finds you well and that you are making merry plans to be with friends and family this holiday season.

2024 has flown by! Does it feel that way to you too? This past year, we focused on strengthening relationships with our clients and new partners. If 2023 was about transitions, 2024 has been about integration. We successfully adopted the technology tools available through Mariner and rolled out new features to our clients including software-based financial planning through Right Capital, automated tax return review via Holistiplan, and real-time portfolio analysis in YCharts. These tools enhance our productivity and most importantly, the quality of our advice.

We are grateful that the stock market also extended positive momentum during this consequential election year. With inflation tracking toward its target of 2%, the Federal Reserve elected to cut interest rates three times in September, November, and December. The central bank has signaled this month that it may slow the pace of cuts in 2025 out of concern for lingering inflation. While economic fundamentals appear healthy, geopolitical tensions remain elevated, and investors continue to weigh the risks of ongoing wars in Ukraine and the Middle East. 

A big question on the minds of many investors is how the policies of the incoming Trump administration will impact the economy. Among them include commitments to unleash energy production, support U.S. manufacturing, raise tariffs, reduce regulations, and lower taxes. Most agree that these policies are good for business, and the stock market rallied to all-time highs in the weeks following the election. Others warn that tariffs and reduced taxes could create conditions ripe for renewed inflation and higher spending deficits. While we can all speculate, only time will tell the net impact of these policies.

We are also excited to share some development milestones within our team! Ed was recently accepted into the Wharton MBA Program for Executives at the University of Pennsylvania. He begins in May 2025, and the program will allow him to continue working while pursuing his degree. Carolyn also enrolled in the Certified Private Wealth Advisor (CPWA) program at the Yale School of Management, which focuses on the complex needs of high-net-worth individuals and families. The goal is to deepen our knowledge to more effectively advise this growing segment of our business. Janet also passed her Series 65 exam in October and is now fully licensed as an advisor and will be taking on increased responsibilities. As a practice, we place great importance on continually expanding our knowledge, and we are so glad to demonstrate progress this year.

As we close out the year, we want to express our gratitude for your continued trust. We do not take it for granted and hope to continue earning your confidence in 2025. We wish you and your families a Merry Christmas and prosperous New Year.

Sincerely,

Jong Sook, Carolyn, and Ed Oh

on behalf of the team at JSO Partners