Letter to Stakeholders, December 2025

Wednesday, December 10, 4:05 pm EST. The big news of the day was the decision by the Federal Reserve Bank to lower the federal funds (interest) rates by 0.25%. When the rate that banks charge to lend money to themselves gets lowered, so (usually) do interest rates for the rest of us. Lower costs to borrow means it’s easier for businesses to invest and people to buy homes: two of the biggest drivers of our economy. 

The other way that the Federal Open Markets Committee (FOMC) effects the economy is through buying and selling of US Treasury Bonds. If you read the official statement by the FOMC, you’ll also learn that they’ve decided to start purchasing more US Treasury bonds. These two actions: both lowering the federal funds rate and buying bonds are typically positive for economic growth because they increase the ”supply” of money in the markets. 

The Federal Reserve Bank’s FOMC has two mandates: keep inflation low and create conditions for maximum employment. Because as Fed Chair Jerome “Jay” Powell put it, there is an unusually “persistent tension between the two parts of the mandate,” you may hear that the FOMC argued about whether to lower, raise or keep rates the same. Disagreement among committee members is more common than media channels would lead you to believe. Reporting on FOMC communications real-time is a recent phenomenon. We appreciate the disclosures but realize how easy it is for talk to become politicized. Despite the headlines the rate cut decision was the result of a 9 – 3 vote.

Remembering Two Clients

Thankfully, it isn’t often we hear of clients passing away. Unfortunately, the month of November has made it two years in a row. The morning of last year’s election we heard of Jenny’s passing. This year November brought us the loss of Peggy and Torrence. 

Peggy was a friend before she was a client. I think we met sometime in 2012. She was a long-time Realtor® and her big personality was well suited for the role. Peggy was always energetic, even through multiple ankle surgeries and as I came to know earlier this year, two hip surgeries. Some clients you get to know well enough that you are invited to their life celebration at their death. Her son invited me to a Zoom because Peggy had friends all over the world. That said, she didn’t want a funeral but her son, was too kind deny friends and family a chance to say goodbye. Peggy was 82 years young and our society doesn’t weep much for people past a certain age. But family does. 

And so do friends. Peggy was described as “Bigger than life,” “Grandma Peggy” – even for people to whom she was unrelated – and for many, “The reason people could afford a house today.” Peggy “Secured the future” of one attendee and helped another “Through the toughest time.” For me, she was a friend, who became a client but remained a friend. Her son left us with this message:

“For anyone that’s out there that feels like there’s somebody they need to talk to. Do it now. Life is too short for a grudge.” 

Torrence was a client first and foremost to me but boy, he was special. At 46 years of age, he was younger than me, which brings its own kind of unique reflection. He was also a heck of a lot more accomplished (and interesting) than he let on. Yes, he was an Ivy Leaguer – both a Duke and Yale graduate – but he was also considered a “lifelong learner” and earned three advanced degrees including a Doctor of Philosophy. A conversation with him might cover his additional studies in library and museum history at the University of Oxford. Or perhaps he might share why he was selected as an Archivist at the National Galler of Art. I don’t’ know. I didn’t know him long enough. From his tribute movie: 

“When we remember someone it’s usually not the big things we miss most. More often it’s the irreplaceable little things.”

The Healing Path

Last weekend, one of our clients co-hosted a “Holiday Healing Circle” remembrance event specifically to create a space to remember those we have loved and lost. Our client, Lisa McFarland has used her many encounters with grief to create a supportive community and become a resource to others.  I just learned that she published “part 2” of her book The Healing Path earlier this week. Tomorrow I plan to interview her about managing grief during the holidays and will send out the recording ASAP. 

Jason J. Howell, CFP®, CPWA®, CSRIC® 

President

Jason Howell Company is a family wealth management firm that serves ALL family members for ALL things financial. Our specialty is multigenerational wealth planning.

Jason J. Howell, CFP®, CPWA®, CSRIC® and Douglas W. Tees, MBA, CFP® CAP®, CBDA  have spent a lot of time in the Washington, DC area, and are aware that many people who are first generation wealth suffer from a kind of "financial imposter syndrome."  Successful entrepreneurs and family businesses are always looking over their shoulder; government contractors worry about the next contract; former Capitol Hill staffers privately wonder if they should "feel bad" for the money they now make. Imposter syndrome is common among people who work for the many corporate headquarters based in this area as well. These feelings get in the way of properly managing family wealth. We empower them to get organized, build a team of advisors and make decisions.

Our typical "first generation wealth" families include dual income parents who work, save and have just the right amount of fun. For long-time, family owned businesses we focus on much family preservation as we do wealth preservation. 

First generation wealth success stories and family business owners realize that they:

• Need to “do something” with the cash in their checking/savings
• Need to eventually diversify their portfolio away from the family business
• Need an investment strategy for “up” and “down” markets
• Need a plan to mitigate market, credit, inflation, and political risks
• Need to start tax planning instead of just tax paying
• Need to be sure they are choosing the right work benefits
• Need to reduce financial miscommunications between family members
• Need to separate business finances from personal finances
• Need to separate family wealth from individual wealth
• Need a plan to provide space for both family and individual philanthropy
• Need to plan for money while alive and for what happens after death