Our Perspective on Industry News and Trends

For many nearing retirement, the decision to purchase an annuity isn’t about returns—it’s about peace of mind. But what are you really paying for that feeling of safety? With annuity sales reaching record highs, it's time to unpack the psychological tradeoffs, hidden costs, and key risks.

Johnson Investment Counsel is pleased to announce six new shareholders to the firm. The shareholders include: Joshua Basinger, CTFA®, Alex Bey, CFA, David Christian, CFA, CFP®, Christopher Godby, CFA, Joseph Henderson, CLU®, CFP®, and James Wineland, CFP®, CIMA®, AIF®.

Timing your Social Security claim is a critical decision that impacts retirement cash flow, portfolio strategy, and long-term financial security. While delaying benefits can boost lifetime income, the right choice depends on personal health, lifestyle goals, and peace of mind—not just the numbers.

As the wealth management industry continues to consolidate, we remain unwavering in our mission: to deliver independent, client-first financial guidance, free from external pressures or competing interests.

CIO, Charles Rinehart, CFA, CAIA, discusses the market volatility in light of recent tariff changes. The S&P 500 fell 4.3% in Q1, while bonds rose nearly 3%. April brought sharp market swings as trade tensions with China escalated. The Fed held rates steady amid cooling inflation. We remain focused on disciplined, diversified investing through uncertainty.

Paying off a home might not be the optimal financial decision, and there are many variables involved in analyzing the data.  By using reasonable assumptions and a well-thought-out plan, the numeric disadvantages, when put in proper context, could be far outweighed by the advantages of peace of mind and contentment. 

This quarter’s market update from CIO Charles Rinehart, CFA, CAIA, the JIC Beyond the Numbers blog “Should We Pay off the Mortgage in Before or In Retirement?” by Managing Director of Northeastern Ohio Market and Senior Portfolio Manager, Anthony Kure, CFP®, and, as always, catch up on all of your JIC employee news.

Following last week's significant tariff announcements and subsequent market turbulence, we've experienced yet another week of heightened volatility. Policy uncertainty continues to drive sharp swings in markets, and we want to provide clarity on recent developments and our approach moving forward. 

This week, the U.S. announced a broad set of new tariffs on imported goods—one of the most significant trade policy moves in decades. While markets were generally expecting an increase in tariffs, the announced policy exceeded even the most aggressive forecasts. This has triggered significant market volatility, and we want to provide clarity on what this means and how we’re managing through it.

Divorce often places individuals in unfamiliar financial roles, especially if they weren't previously managing household finances. Post-divorce, critical financial areas like cash flow, taxes, estate planning, life insurance, and investments need careful reassessment. Investment portfolios, now a significant responsibility post-settlement, often require adjustments to better fit new personal circumstances, which can be daunting for those less involved during the marriage.

While the specifics of 2025 tax legislation remain uncertain, one thing is clear: strategic, proactive planning and coordination with the tax preparer is essential. Rather than waiting for policy changes to be finalized, we believe proactive steps taken sooner rather than later help build flexibility into your wealth plan and reduce exposure to what can be household’s largest annual expense: taxes.

Johnson Investment Counsel recorded our 2025 Wealth Management Forum on February 4. CEO Jason Jackman provided a brief firm update, and CIO Charles Rinehart and Managing Director Brandon Zureick shared a detailed economic and market analysis. 

Letter from Chief Executive Officer Jason Jackman, CFA, this quarter’s Market Update from Chief Investment Officer Charles Rinehart, CFA, CAIA, and, as always, catch up on all of your JIC employee news.

Chief Investment Officer, Charles Rinehart, CFA, CAIA,  eviews 2024’s strong market performance, highlighted by a 25% S&P 500 return and tech-driven growth, and outlines key themes for 2025. With a new administration’s policy shifts, evolving Federal Reserve actions, and market volatility ahead, opportunities and risks abound. Despite high valuations, disciplined investments in reasonably priced stocks can yield results. The firm remains prepared to navigate 2025’s uncertainties and opportunities.

Current and former P&G employees can learn more about their Profit Sharing Trust (PST) distribution options during this informative webinar. Former P&G Finance/Brand Management employee, Mike Stanis, CFA, CFP®, MBA, is a Portfolio Manager and the Procter and Gamble (P&G) Retirement Plans Director at JIC. He spent 17+ years with P&G and will share what he learned about transitioning from P&G so that you can make the best decisions for your family.

Johnson Investment Counsel, an independent wealth management and advisory firm, is proud to announce it surpassed $20 billion in assets under management (AUM).

The Tax Cuts and Jobs Act of 2017 more than doubled the amount that a person can pass at death without incurring any estate tax and is currently $13.61 million. However, in 2026, it’s set to drop to around $7 million. Many are taking advantage of the current higher limits by adjusting their estate plans now. With future changes uncertain, it’s a good time to consult your attorney or portfolio manager to explore your options before the exclusion decreases.

Market Update from Chief Investment Officer Charles Rinehart, CFA, CAIA, JIC Blog article: Estate Tax Law Scheduled to Change from Vice President of Estate Planning and Senior Trust Counsel, Mary Burns, Esq., and, as always, catch up on all of your JIC employee news.

Chief Investment Officer, Charles Rinehart, CFA, CAIA, breaks down a surprising third quarter. From a major Federal Reserve rate cut to a shift in market leadership, this update covers everything you need to know about stocks, bonds, and where the economy might be headed next. Plus, find out why the upcoming election may not impact markets as much as you think.

Have you ever wondered if your Retirement Plan could do more for you? It’s not uncommon for high-earning professionals to hit the $23,000 annual contribution limit and still seek avenues to elevate their retirement savings, especially ones that can maximize tax-free growth.

Election season can be overwhelming. With non-stop news and specialists shouting about the “most important election in history,” it’s easy to feel stressed. But what’s really at risk when it comes to your family’s wealth and long-term financial goals? In our newest blog, we cut through the noise and offer practical steps you can take to protect your finances no matter who wins.

Election years can bring added stress and uncertainty to many aspects of life, and this election cycle is certainly no exception. Elections are important, and their outcomes can affect the lives of millions, if not billions, around the globe. But how important are they for investors? Every cycle is different, and investors’ focus is always changing, but history suggests that the party in the White House is just one of many factors.

With the increasing availability of Roth 401(k) options in many employer plans, the decision on tax deferred vs. after tax contributions has added another layer of complexity to the retirement savings calculus. In short, investors and savers are now faced with the question of if they should elect a Roth option and how much of their hard-earned retirement savings dollars should be put into a traditional tax deferred savings plan (i.e. tax deferred 401(k), 403(b), etc.) versus a Roth (after-tax) plan? 

The market’s reaction to the current economic data resembles jamais vu. The term is taken from the French for meaning “never seen,” and refers to the experience of feeling as though an event or experience is brand new despite experiencing it numerous times in the past. This concept of jamais vu resonates with investor psychology, particularly regarding the most dangerous four words in finance: “this time is different.” 

We want to alert you to a new law tthat may impact our clients who are owners of various types of business entities. In 2021, the Corporate Transparency Act (“CTA”) was enacted. The CTA created new requirements for certain entities to report to the Financial Crimes Enforcement Network (“FinCEN”) starting on January 1, 2024.

Jason Jackman, CFA, Chief Executive Officer of Johnson Investment Counsel, presented the Patrick Chong Memorial Scholarship to two outstanding students, Sydney Richard and Robert Grimaldi.

The Mega Backdoor Roth is more than an excess savings strategy; it is a potential pathway to greater financial flexibility in retirement. By harnessing the power of after-tax contributions and strategic conversions, you can greatly accelerate your retirement timeline and reduce your tax burden in retirement.

Social Security is a bedrock of retirement planning, and a key planning assumption in almost every wealth planning scenario. The important 270-page was released on May 6th with headlines indicating the projected year for “insolvency” for the Social Security Trust Fund is now 2035 as the downward trend in the ratio of workers to beneficiaries continues unabated.

We are at a historically vulnerable point in the economic cycle, where restrictive policy leaves the economy susceptible to unexpected shocks. Current data are encouraging and suggest a return to normalcy may be on the horizon. However, the market's optimism presents heightened risks if future data disappoint. Inflation, a key variable for policy decisions, remains higher than desired. We remain in an extended state of limbo. 

To help smooth out the friction associated with this transition from working to retirement, one technique can be very helpful for a multitude of reasons:  designing a “paycheck” for retirement. 

A focus on investing in quality companies sounds good, but what does that actually mean in practice?  In this paper, Managing Director of Research & Senior Portfolio Manager Brian Kute, CFA, Lead PM on Johnson’s SMID Cap Core strategy and the Johnson Opportunity Fund (JOPPX), defines what quality means for Johnson Asset Management and explains how our research team identifies high-quality companies in the SMID Cap space.  He also demonstrates that a focus on high-quality stocks has historically provided long-term outperformance with downside protection and reduced volatility.

As the 2023 holiday season fades into memory, February ushers in tax preparation season. For retirees, managing federal and state income taxes becomes crucial as it often becomes a major yearly expense. Managing taxes effectively can give retirees more confidence in the sustainability and consistency of their retirement cash flow over what is usually a multi-decade retirement timeframe. 

Johnson Investment Counsel recorded our 2024 Wealth Management Forum on February 7. CEO Jason Jackman provided a brief firm update, and CIO Charles Rinehart and Managing Director Brandon Zureick provided a detailed economic and market analysis. We also welcomed special guest Andy Laperriere, Head of U.S. Policy Research for Piper Sandler in Washington, DC. He and Jason Jackman discussed the market implications of policy and political developments.

Successful investing is as much about temperament as it is about analysis. Often quoted legend of value investing, Ben Graham, cited erratic behavior as a source of many of the opportunities and dangers that emerge for investors. Graham personified the market as a symbolic trading partner, “Mr. Market.” People say that Mr. Market is sometimes greedy and sometimes fearful. Last year he couldn’t make up his mind.

As we wave goodbye to 2023 and say hello to 2024, it's time to reflect on resilient markets amidst economic uncertainty. The year started with negative economic indicators and aggressive Fed rate hikes to combat inflation, sparking recession predictions. Surprisingly, by mid-December, we seem to have sidestepped a predicted economic downturn. Looking ahead, with storm clouds on the economic horizon, we acknowledge that some factors are beyond our control. However, taking charge of our financial destiny, we present a checklist for tangible positive impacts on cash flow, balance sheets, and peace of mind.

Looking back to very recent history with more vivid recall can be helpful as a case study in economic & market resiliency. Was it “different” even then?  Is it “different” now?  Or will it be “this too shall pass” be vindicated yet again?

In conversations with clients in recent weeks, we have fielded a number of questions related to the economy and markets. In this video, Chief Investment Officer Charles Rinehart, CFA, CAIA, and Managing Director and Portfolio Manager Brandon Zureick, CFA discuss recent trends in the market and economy.

For prudent investors and most of our clients, margin borrowing is not a tactic we employ when constructing an investment portfolio and wealth plan on which a family is expected to depend for decades and beyond. However, borrowing on margin can, in select cases, be a smart move financially when used correctly, cautiously, and in very limited circumstances.

This year's market has felt more like that maze with each passing quarter. The initial wide-eyed enthusiasm and AI-driven investing in the first half of the year has been
replaced by a range of worries. Labor strikes, the resumption of student loan payments, and potential government shutdowns have dominated the financial news cycle. Inflation concerns, a growing deficit, and Fed policy loom large, pushing interest rates higher and bringing volatility back to the stock and bond markets. In the midst of all this, I thought the best use of this quarter's newsletter would be to zoom out and take a fresh look at the map.

It’s challenging to change the lifelong savings habit imprinted on the psyche. But if proper wealth planning and an in-depth cash flow plan yield a very high probability of the capacity to spend more, we are strong advocates. Spending on experiences and time-saving services is often overlooked; however, it can significantly enhance a retirement lifestyle without filling up the basement and garage with more stuff. 

Generally, retirement accounts should remain fully invested, monitored, and left to grow over time. However, as interest rates have increased over the past year, Substantially Equal Periodic Payments (SEPP) have become a viable strategy for individuals to consider in unlocking the flexibility of retirement funds sooner while avoiding the burden of penalties.

Jason Jackman, CFA, Chief Executive Officer of Johnson Investment Counsel, presented the Patrick Chong Memorial Scholarship to two outstanding students, Grace Gehner and Sosi Mahdasian.

The S&P 500 is up over 20% from the lows it set last October. All in all, I’d say the year so far has been off to a surprisingly pleasant start. The 2023 economic environment has hardly been a walk in the park. We’ve seen the Leading Economic Index continues to fall. The current reading, -7.9%, is a level which has preceded or coincided with the recession, without fail, going back at least 30 years

Concentrated positions are a great problem to have because it usually means extremely strong growth, but there are many factors to consider when managing this situation prudently. Handling these situations is a case study of how the integration of investment management, tax planning, estate planning, and cash flow is critical

Johnson Investment Counsel is pleased to announce nine new shareholders to the firm. The shareholders include Bryan J. Andress, CFA, Sandy F. Himmelsbach, CFP®, ChSNC®, R. Ryan Martin, CFA, Laura R. Mattern, CFA, CFP®, Maxwell T. Monk, CFA, Justin T. Rowden, CFP®, and Michael R. Timm, CFA, CFP®.

With so many recent headlines surrounding the debt ceiling, inflation, and interest rates, chatter around a global weakening of the US dollar has ramped up along with concerns by some investors. We think, while concern around this topic is troubling, it should not be the primary focus of a family’s wealth plan. Instead of focusing on US currency relative to other countries, we think families should focus on tax efficient investment and wealth plans that help maintain purchasing power of assets relative to domestic goods and services, which provides a more real-world impact on day-to-day life.  

Private information can be used to open new credit cards, apply for loans or government benefits, and file fraudulent tax returns. There are plenty of software/ services advertised today that offer some protection against this. As good as those services might be, “Deep Freeze” more commonly referred to as a “credit freeze” is a simpler and more cost-effective method for protecting personal credit and can be very impactful.

The S&P 500 gained 7% in the first quarter despite banking sector turmoil and economic anxiety. In typical fashion, early action reflected a reversal from themes that drove last year’s markets. The tech sector showed significant strength after taking a massive hit in 2022. Read Johnson Investment Counsel's 1Q2023 Quarterly Insight newsletter including a Market Update, JIC Blog: Interest Rates and Asset Allocation, and other JIC news.

Anyone who drives down a major highway these days can attest there is no shortage of billboards from banks advertising much more attractive yields on savings accounts and CDs. Obviously, the key driver for this major interest rate shift has been the Federal Reserve’s aggressive rate tightening, which they used to battle the not-so-transitory inflation over the past 18 months. It’s pretty easy to find many banks offering one-year CDs paying between 4.5% and 5.0%+. Read more in this month’s JIC Blog.

It’s only natural that the recent bank failures and accompanying market volatility created some fear among investors.By combining clear-headed analysis of the facts and daily vigilance on the latest developments with time-tested strategies, we’re confident we can successfully navigate this storm and the inevitable storms to come.

Retirement date, social security claiming, spending assumptions, inflation – many factors impact retirement cash flow planning. However, one of the most impactful is longevity. By studying and utilizing more accurate assumptions, retirees can have a better understanding of the risks of running out of money so the factors we CAN control can blunt the risk of the factors we cannot. Read more in this month’s JIC Blog.

Johnson Investment Counsel hosted our 2023 Virtual Wealth Management Forum on February 8. CEO Jason Jackman provided a brief firm update, CIO Charles Rinehart and Director Brandon Zureick provided a detailed economic and market review, and a panel of speakers discussed key wealth and estate planning topics, including impacts of the recently passed Secure Act 2.0. 

The recently passed Secure Act 2.0 does not have the magnitude of changes as the original Secure Act, but it does contain a few impactful changes and many minor changes. Find out what you need to know in this month's blog.

After several years of pandemic impact on our daily lives, we’ve all been longing for a return to normalcy. 2022 was anything but normal—with a bear market in stocks, the worst bond market since the 18th century, and inflation levels not seen since the early 80s. Read Johnson Investment Counsel's 4Q2022 Quarterly Insight newsletter including a letter from CEO Jason Jackman, a Market Update, and other JIC news. 

Quite often, recent retirees consider the tradeoff of working part-time versus volunteering for a cause near and dear to their hearts. It can be helpful for clients to have a general understanding of the potential after-tax “hourly rate” one is earning to evaluate this tradeoff. Learn more in this month’s blog.

For most children, their financial literacy will come from life experiences and lessons from their parents, families, and friends. Realizing this, we though it helpful to provide a jump-start to this education process through some commonsense concepts and tactics to share with any young person to help them establish a life-long and healthy relationship with money. 

Some of our offices will be physically moving to new locations and some will be remodeled in their existing location. As the work is being completed, we want to be sure that you are aware of important details impacting your experience. Seamless client service is our top priority.

In recent years, it has become more apparent than ever that politics have a great influence on the market. As the 2022 mid-term elections are upon us, we invite you to consider two historical trends: how congressional leadership has changed during prior mid-term election cycles and what it has meant for market returns in the past. We also look at what numbers show us and our feelings on allowing elections to influence wealth planning and investment goals.

Market conditions deteriorated in the third quarter as inflation remained stubbornly high and the Federal Reserve aggressively fought against it. After 1.50% of rate hikes in the first half of 2022, the Fed raised interest rates twice more in July and September, each time by 0.75%, jarring stocks and sending bond yields higher.

When already grieving the loss of a loved one, being tasked with serving as an executor may feel stressful and overwhelming. In this month's JIC Blog, Alethea Teh Busken, Esq., Johnson Trust Company Counsel, shares some helpful information that may help you in your role as executor.

Instead of worrying about whether a recession is impending, we invite you to consider the relevance of a recession to you. Recessions, a side effect of a normal economic cycle, should already be factored into a good investment and wealth plan. In this month’s blog, we also discuss the relevance of a recession at different life stages, such as pre- and post-retirement.

Jason Jackman, CFA, President of Johnson Investment Counsel presented the 2022 Patrick Chong Memorial Scholarship to two outstanding students, Regan Henderson and Caitlin Kelhoffer.

In times of market volatility, we recognize the importance of helping clients achieve peace of mind. We want to share our thought process and the methodology behind the long-held philosophy that drives our Johnson Equity Income strategy. In this month's JIC blog, we will discuss why quality matters, and what Johnson evaluates as quality, in times of market volatility. 

With the S&P 500 Index officially falling into bear market territory and stocks and bonds falling in tandem, market volatility remains a clear theme in the second quarter of 2022. For our 2022 Second Quarter Newsletter, we share our thought process and the methodology behind the philosophy that drives our Equity Income strategy. We discuss why quality matters, and what Johnson evaluates as quality, in times of market volatility. 

If your economic alarm bells are going off, you certainly aren’t alone. As the probability of two consecutive negative quarters grows, so too has the chorus of investors calling for the official start of an economic recession.  In this update, Director and Portfolio Manager Brandon Zureick, CFA, discusses factors impacting the probability of an economic recession and how Johnson continues to evaluate that risk.