Letter to Stakeholders, February 2024

Tuesday, February 6th, 11:32 am EST. We are more than one month into 2024 and things are okay. We have survived the faux “Blue Monday,” the stock market is doing well enough to ignore, the job market is consistently strong and the “shared ownership movement” has even made it to Walmart’s employees. Oddly, even our US Presidential election – only 9 months away – has seemed unremarkable.

This isn’t to say that there’s nothing to do. Tax season officially started so if your CPA needs help with anything we might have, just ask. If you haven’t yet introduced us to your CPA/tax preparer, please do.

Mission and Vision

Since this firm’s beginning in 2015, the goal has been to teach and deliver the best of multi-generational, ultra-high net worth wealth strategies to families who are navigating their first generation of wealth.  Every year Doug and I “retreat” for a meeting to discuss what that looks like and to review our mission and vision for the firm. Here’s what we came up with this year:

• Mission: to guide and strengthen families making the transition from first generation and business wealth to family wealth.
• Vision: a world where families grow closer together, give generously and govern themselves in ways that enrich their local communities.

There are over 300,000 financial advisors and among those, nearly 100,000 CFP® professionals. Many will gladly manage your money; some will even build you a financial plan. Doug and I have earned many credentials, but what we hope our work does is strengthen your family, build on your overall confidence, and help you to positively impact your community. We constantly think about how to do those things better.

Team of Advisers

When we started our client engagement with you, we promised to help build a “team of advisors.” Whether it’s been a tax preparer (CPA/tax attorney), estate planner, insurance broker or mortgage lender; we have made those introductions when necessary. What we haven’t done as often is combine meetings with some of these professionals so you could “see” your whole team together. Let’s fix that.

Starting this year, we would like to explore opportunities to get your entire (or partial) team of advisors together for coffee, lunch or perhaps a larger event. Doug and I discussed ideas to make your “team” seem more tangible. But maybe you have an opinion about this?

• Would you be encouraged to meet with two or three of your advisers at a time?
• If so, would you prefer to meet them alone or alongside other clients?

Share your thoughts. Let us know.

Education

In addition to corralling your advisors, we also want to make sure that education is an obvious part of what we offer you and members of your family. Both Doug and I are teachers at heart. You hired us mostly to deliver on our strategies but if there are relatives (children/adult children, nieces/nephews or otherwise) who could benefit from some financial education, we would like to be your resource.

• Can you imagine one-to-one or one-to-many conversations (with your family)?
• Do you think virtual instruction would be as effective as in-person?

Share your opinion. Let us know.

Looking Forward

Before you know it, tax season will be over. It will be time to start preparing for your “Spring Check-In,” with us (March/April). By April we will make an additional investment allocation into structured notes (from 5 to 10%).  The first quarter of the year “goes” the quickest.

Carpe Diem.

Jason J. Howell, CFP®, CPWA®, CSRIC®

President

Jason Howell Company is a family wealth management firm that strengthens families making the transition from first generation success to family wealth. We envision a world where wealthy families give, grow and govern themselves in ways that enrich their local communities. We do this by reducing the fear, isolation and guilt associated with financial success.

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