Letter to Stakeholders, November 2026

Thursday, November 5th, 3:29 pm EST. The stock market paradoxically likes two things: stable government (rules) and divided government. Since last Tuesday’s election, we’ve seen anticipation of both. The likelihood of a more restrained U.S. President via so called “divided government” of opposite parties brought a euphoric rise in the stock market on Wednesday. But while as I am typing this today (Thursday), the stock market is sharply down. Now by the time I have this letter reviewed by Doug, where will the stock market be? Nobody knows.

The daily (hourly) changes of the markets are based on expectations rather than facts. On Wednesday oil prices dropped and interest rates cooled in anticipation of a draw down on the Iran War, reduced tariffs and lower interest rates. All of those are potential positives for the economy so the market soared. Today (apparently) there is a lot of concern about an anticipated slowdown in the buildout of AI data centers which has a cascading effect on recent gains in technology and construction so the market is down.

But none of this has happened yet. The newly elected politicians start in January.

Economy & Elections

On election night, I tried explaining the history we were watching in context for my 4th and 7th grader. First, I had to educate them about the number of members and senators we have in congress. And when I started talking about checks and balances, I had to “check” myself because our two-party system only allows for that tension when there is divided government (one party that runs congress and another that runs the White House). I didn’t go into this detail with them. I just let them know (what the market knows) which is divided government could be good for the country (and the economy).

Although we are well past the peak of 2020’s COVID-19 pandemic, it feels a little to me that economically, we’re finishing up our 6th year of “unprecedented.” Our government has not probably been so front and center to our economy since the post-Depression days of FDR. There was a lot of noise among partisans after 2008’s Great Recession but somehow these past many years feel different than then. I am certainly more aware of the belts and pulleys that move our economy than I was in the 2010s. And of course I am older, which is a bias I warned my former students about. Still, the economy is changing faster but thankfully we are learning faster. And we are preparing for what comes next.

Fall Check-Ins

You kept us busy in October! Thank you so much to the many of you who maximized our two-month “Fall Check-In” window by scheduling right away. Reminders went out Monday to those families who are yet to schedule. So far, we’ve received great feedback about revisiting two “family governance” questions from previous family interviews:

What do you hope money will do for you and your family in one year?

What do you hope money will do for you and your family in ten years?

Revisiting these two answers is not only nostalgic, but it also helps to reset our relationship focus with you. We’ve heard from you that help with implementing and executing your financial plans, no matter the headlines, is a big part of what we do for you. We honor that trust and we’ll keep asking for feedback, so we remain worthy of it.

Healthcare Advisory & Wealth Alignment

During COVID-19, our firm started the practice of interviewing strategic partners who could add value to your family. We continued that “tradition” last month with interviews of Joy Slabaugh of the Wealth Alignment Institute and John Samuels of Wellworth Advisors. In Joy’s interview, we discussed how to align wealth with purpose and impact and how hard that can be for relatively wealthy people. In John’s interview we talked about how even people with substantial financial resources find themselves at a loss when they get sick and how his team can coordinate with your doctors and various caregivers. Click the hyperlinks, watch both interviews and please share your feedback.

We’ll watch the markets.

Happy Thanksgiving!

Jason J. Howell, CFP®, CPWA®, CSRIC®

President