◈ Homepage — https://bhpw.com/HOME TEAM SERVICES PHILANTHROPY INSIGHTS CLIENT ACCESS CONTACT US Institutional Precision. Family Office Experience. We Are Your Family Fiduciary. BHPW NEWSLETTER Q3 2025 Read More BHPW NEWSLETTER Q1 2026 Read More BHPW NEWSLETTER Q4 2025 Read More BHPW NEWSLETTER Q3 2025 Read More BHPW NEWSLETTER Q1 2026 Read More BHPW NEWSLETTER Q4 2025 Read More BHPW NEWSLETTER Q3 2025 Read More 1 2 3 Built for Modern Wealth Beverly Hills Private Wealth was formed to move beyond the constraints of traditional Wall Street advisory models. As an independent Registered Investment Adviser, we serve as a fiduciary, legally and ethically bound to act in our clients’ best interests. Our structure allows us to provide advice that is objective and transparent, with investment decisions guided by client needs rather than product sales incentives. We combine decades of industry experience with the focus and accountability of a boutique advisory firm.  $1 Billion+ Assets Under Management and Advisory Institutional scale supported by disciplined internal investment capabilities. 100+ Years Combined Experience Experience across multiple market cycles, capital markets environments, and planning structures. 230+ Families A focused client base designed to preserve depth of service and long-term relationships. Our Core Commitments “We are your Trust company” 1. Fiduciary Discipline As an independent RIA, we are legally bound to act in our clients’ best interests. 2. Direct Investment Execution We manage proprietary equity and fixed income models directly, complemented by specialty partners. Research, portfolio construction, and implementation remain under our direction. 3. Integrated Wealth Coordination We integrate investment management with tax strategy, liquidity planning, and long-term structuring to provide coordinated financial decision-making. 4. Institutional Infrastructure Client assets are custodied with Goldman Sachs Advisor Solutions, providing robust capabilities, operational depth, and institutional infrastructure. Led by Experience. Driven by Service. Our team brings together decades of experience across institutional investment management, capital markets, tax strategy, and complex financial planning – supported by professionals holding CFA®, CFP®, CIMA®, CRPC®, and ChFC® designations. MEET THE TEAM A Higher Standard of Wealth Management If you are seeking independent fiduciary oversight with institutional experience and coordinated family office capabilities, we welcome the conversation. Contact Us Contact Office: 310-388-3800 [email protected] Quick Links Social Security Inflation Capital Gains Estate Strategy Life Insurance Retirement Savings Net Worth & Cashflow College Funding Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information. Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS ◈ Interior Pages — 23 pages crawledLatest Articles | Lisa Westermark --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Latest Articles Retirement Introducing the 530A Accounts 9 Facts About Retirement What to Expect in Your First Year of Retirement Social Security: Maximizing Benefits Who Is Your Trusted Contact? First Year of Retirement: What to Expect Conquering Retirement Challenges for Women Deciding When to Take Social Security Women on the Rise Choosing a Retirement Plan that Fits Your Business Investment The Utility of Sector Investing The Anatomy of an Index Alternative Investments - Going Mainstream The Threat of Identity Theft A Primer on Dividends A Taxing Story: Capital Gains and Losses Inflation & Your Money TIPS for Inflation How Stocks Work Mutual Funds vs. ETFs Estate Problems with Probate Four Steps to Valuing an Estate Intellectual Property and Your Estate Estate Strategies of the Rich and Famous How Often Should You Update Your Estate Strategy? Estate Management Checklist A Brief History of Estate Taxes Steps to Protecting a Child with Disabilities Yours, Mine, and Ours: Estate Strategies for Second Marriages A Living Trust Primer Insurance Keeping Summer Safe: Pool and Spa Safety Tips Teen Drinking and Your Liability Making Sense Of A Home Warranty The Cost of Medical Care What to Look for in an Extended-Care Policy Inventorying Your Possessions When Life Insurance Becomes Taxable Understanding Extended Care Assess Life Insurance Needs The A, B, C, & D of Medicare Tax How Income Taxes Work How to Make the Tax Code Work for You Five Most Overlooked Tax Deductions Understanding Marginal Income Tax Brackets What's My 2026 Tax Bracket? Tax & Estate Strategies for Married LGBTQ+ Couples Filing Final Tax Returns for the Deceased What Do Your Taxes Pay For? Do You Owe The AMT? What Is a 1035 Exchange? Money The Half Million Dollar Baby Buying vs. Leasing a Car How Big is Money? Making Sense of HSAs and FSAs What Can You Buy With 529 Distributions? Personal Finance Calendar What If Your Kids Decide Against College? The Big Pause What Will You Do With Your Bonus or Windfall? Year-End Charitable Gifting and You Lifestyle A Path to Serenity and Smart Money Choices Prevent a Rift: Money Tips for Newlyweds Fixed or Variable Mortgage, Which Should You Pick? Mastering Mobile Lingo Money Draining Food Myths Changing Unhealthy Behaviors The Financial Literacy Crisis Putting a Price Tag On Your Health How Boomers and Millennials Differ Do Your Kids Know The Value of a Silver Spoon?   Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   All Videos | Lisa Westermark --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us All Videos When Markets React When markets shift, experienced investors stick to their strategy. Behavioral Finance An amusing and whimsical look at behavioral finance best practices for investors. Should You Tap Retirement Savings to Fund College? There are three things to consider before dipping into retirement savings to pay for college. Should You Ever Retire? A growing number of Americans are pushing back the age at which they plan to retire. Or deciding not to retire at all. Emerging Market Opportunities What are your options for investing in emerging markets? Social Security: By the Numbers Here are five facts about Social Security that might surprise you. The Other Sure Thing A new LIMRA study shows that 40% of Americans believe the death of a primary wage earner would cause financial challenges. 16 Wall Street Cliches in 60 Seconds Pundits say a lot of things about the markets. Let's see if you can keep up. Retirement Accounts When You Change Your Job This video explores what to do with retirement accounts when you move on from your job. Bull and Bear Go To Market Learn about the difference between bulls and bears—markets, that is! Consider These 3 Things Before Driving Off the Lot Here are 3 quick tips to keep in mind when buying or leasing your next vehicle. 18 Years Worth of Days The average retirement lasts for 18 years. What will you do with your days? How Cash Apps Work Peer-to-peer payment apps are one of the newest ways to send money. Top 5 Things to Tell Your Financial Pro Here are the top 5 things your team may want to hear. How to Bake a Pie-R-A Roth IRAs are tax-advantaged differently from traditional IRAs. Do you know how? Preparation is the Key to Retirement The simplest ideas can sometimes make a massive difference over time. Enjoy this brief video to learn more. Timing Your Retirement This short video illustrates the importance of understanding sequence of returns risk. What You Need to Know About Social Security Every so often, you'll hear about Social Security benefits running out. But is there truth to the fears, or is it all hype? Retirement Plan Detectives Watch this fun video for tips on how to search for missing money. Working With A Financial Professional A financial professional is an invaluable resource to help you untangle the complexities of whatever life throws at you. Leaving Your Lasting Legacy Want to do more with your wealth? You might want to consider creating a charitable foundation. Dog Bites and Homeowners Insurance Reviewing coverage options is just one thing responsible pet parents can do to help look out for their dogs. Retirement and Quality of Life Asking the right questions about how you can save money for retirement without sacrificing your quality of life. 4 Elements of an Estate Strategy Learn about the importance of having an estate strategy in this helpful and informative video. The Wild West of Data Theft Learn about cyber liability insurance in this entertaining video. Risk Tolerance: What’s Your Style? Learn about what risk tolerance really means in this helpful and insightful video. Dreaming Up an Active Retirement When you retire, how will you treat your next chapter? Encore Careers: Push Your Boundaries Ready for retirement? Find out why many are considering encore careers and push your boundaries into something more, here. Stay Safe with a Business Owner's Policy Learn the advantages of Business Owner's Policies with this highly educational and fun animated video. The Long Run: Women and Retirement For women, retirement strategy is a long race. It’s helpful to know the route. Once Upon a Goal Do you know how to set up your financial goals for success? This knight does. A New Way to Look at Your Bucket List Bucket lists don’t have to be for tomorrow. Surprise! You’ve Got Money! Here’s a quick guide to checking to see if you have unclaimed money. RE: Retirement How does your ideal retirement differ from reality, and what can we do to better align the two? Bridging the Confidence Gap In the world of finance, the effects of the "confidence gap" can be especially apparent. Tuning Your Social Security Benefit When should you take your Social Security benefit? Saving for College 101 Here's a crash course on saving for college. The Latte Lie and Other Myths Check out this video to begin separating fact from fiction. It Was the Best of Times, It Was the Worst of Times All about how missing the best market days (or the worst!) might affect your portfolio. The Cost of Procrastination Procrastination can be costly. When you get a late start, it may be difficult to make up for lost time. When Special Care Is Needed: The Special Needs Trust A special needs trust helps care for a special needs child when you’re gone. It May Be Time for a Financial Checkup It’s never a bad time to speak with your financial professional about changes in your situation. Forecast This short video helps explain why markets can be as unpredictable as the weather. Retirement Redefined Around the country, attitudes about retirement are shifting. Acres of Diamonds In life it often happens that the answers to our most pressing questions are right in our own backyards. Investments You’ve made investments your whole life. Work with us to help make the most of them. Surprises Making the most of surprises is a great reason to work with us. Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement? Coaches Coaches have helped you your whole life, in ways big and small. We'd like to be one of them. A Fruitful Retirement: Social Security Benefit Taking your Social Security benefits at the right time may help maximize your benefit. From Boats to Brokers From the Dutch East India Company to Wall St., the stock market has a long and storied history. Jane Bond: Scaling the Ladder Agent Jane Bond is on the case, uncovering the mystery of bond laddering. Jane Bond: Infiltrating the Market Agent Jane Bond is on the case, cracking the code on bonds. The Fed and How It Got That Way Here is a quick history of the Federal Reserve and an overview of what it does. How to Retire Early Retiring early sounds like a dream come true, but it’s important to take a look at the cold, hard facts. Keeping Up with the Joneses Lifestyle inflation can be the enemy of wealth building. What could happen if you invested instead of buying more stuff? Bursting the Bubble Tulips were the first, but they won’t be the last. What forms a “bubble” and what causes them to burst? Inflation and Your Portfolio Even low inflation rates can pose a threat to investment returns. The Real Cost of a Vacation Home What if instead of buying that vacation home, you invested the money? An Arm and a Leg A visit to the hospital can be painful, for both your body and your wallet. Don't let it be more painful than it has to be. What to Do When You Lose Your Wallet Ever lost your wallet? Frustrating. Here’s what you can do to keep yourself safe. The Junk Drawer Approach to Investing It's easy to let investments accumulate like old receipts in a junk drawer. Suddenly Single: 3 Steps to Take Now Have you found yourself suddenly single? Here are 3 steps to take right now. Global and International Funds Investors seeking world investments can choose between global and international funds. What's the difference? Are Alternative Investments Right for You? With alternative investments, it’s critical to sort through the complexity. The Business Cycle How will you weather the ups and downs of the business cycle? The Rule of 72 Do you know how long it may take for your investments to double in value? The Rule of 72 is a quick way to figure it out. A Bucket Plan to Go with Your Bucket List A bucket plan can help you be better prepared for a comfor Capital Gains | Hub Page --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Understanding Capital Gains Enjoy resources tailored to the intrepid investor. Overview Calculator Your Options Insights Get Started We create strategies that are tailored to your needs and goals. Years of experience have prepared us to guide you through your life transitions. Understanding Capital Gains We pride ourselves on providing clear, concise information. Long-Term vs. Short-Term Gains Short-term capital gains are taxed at ordinary income tax rates. The long-term capital gains tax rate is 0%, 15% or 20%. Rules for Capital Losses Capital losses may be used to offset capital gains. Any remaining capital losses above that can be carried forward to potentially offset capital gains in following years. Tax-loss Harvesting You may deduct up to $3,000 of capital losses in excess of capital gains for your federal tax return each year. State tax rates vary. What works for you? Your personal circumstances and financial situation will play a role in how you approach your taxes. Taxes should not drive investment decisions, but understanding the tax consequences of selling an investment can provide some much-needed insight. Use this calculator to better understand the difference between short-term and long-term gains and to get an idea of what you might owe. Also, don't forget that state taxes may be due as well. Inputs These are example values based on hypothetical averages. Sale Price ($) $0 $500,000 Cost Basis (Original Purchase Price) ($) $0 $500,000 Is this a Long-Term Gain? Yes No Federal Income Tax Bracket (%) Select your tax bracket 10% 12% 22% 24% 32% 35% 37% Long-term Capital Gains Tax Bracket (%) 0% 15% 20% Results Total Capital Gain $0 Estimated Tax Owed: $0 Visual Breakdown Did the numbers surprise you, or were they in line with what you expected? If you have any questions, such as how to pay any taxes due, please reach out. Having a strategy in place before making a decision can help you remove some of the guesswork. This calculator is for informational purposes only and is not a replacement for real-life advice. Consult your tax, legal, and accounting professionals if you have specific questions about long- and short-term capital gains. Start Over Download Results Personalized Strategies for Complex Portfolios Our strategies cater specifically to high-net-worth individuals, providing support every step of the way. Schedule a Consultation Explore Your Choices Here are just some of the many ways we can support your goals for the future. Short-Term Gains Discover where you stand with assets held for less than a year and how you can manage those potential tax implications. Long-Term Gains Learn how holding onto assets longer can change your potential tax liabilities. Real Estate Gains Navigate the unique terrain of real estate, where the capital gains rules may differ, and be aware of your potential opportunities. Retirement Funds Learn how tax-advantaged retirement funds can play a role in your overall financial strategy. Capital Gains Corner Spend some time with our capital gains content, where we strive to make knowledge meet clarity. October 30, 2025 A Taxing Story: Capital Gains and Losses Understanding how capital gains are taxed may help you refine your investment strategies. March 13, 2025 What Is a 1031 Exchange? A look at 1031 Exchanges, a real estate investment strategy that may allow you to defer your capital gains taxes. June 20, 2023 Understanding Equity Compensation Net Unrealized Appreciation and how it affects tax responsibilities. January 31, 2023 Counteracting Capital Gains with Tax-Loss Harvesting You may have heard the phrase "tax-loss harvesting." A financial professional may be able to provide some guidance. Realize The Unrealized Make capital gains work for you. Name Email Address Phone Question Schedule Appointment Thank you! Oops! These resource pages  are for informational purposes only and is not a replacement for real-life advice. You are encouraged to speak with your tax, legal, and accounting professionals before modifying any part of your overall tax strategy. Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Net Worth & Cashflow | Hub Page --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Understanding Net Worth & Cash Flow Remain in control of your wealth. Overview Calculator Your Options Insights Get Started We create strategies that are tailored to your needs and goals. Years of experience have prepared us to guide you through your life transitions. Understanding Cash Flow Preparing for Retirement Generating a steady and sustainable cash flow can be crucial. Optimizing Cash Flow Discover ways to maximize income sources and minimize expenses. Retirement Challenges Retirement presents unique financial challenges, including unexpected expenses, market fluctuations, or health-related costs. A Comprehensive Approach Crafting a comprehensive cash flow strategy helps you prepare for retirement. Your net worth is like a snapshot of the progress you've made and a map for where you might go next. As life becomes more complex, this view may be especially beneficial. This tool helps you bring everything together into a single, clear view, enabling you to identify areas of strength and potential growth opportunities. Assets Cash $ Investments ? $ Real Estate $ Vehicles $ Other Valuables ? $ Liabilities Mortgage $ Student Loans $ Credit Card Debt $ Car Loans $ Other Debt ? $ Your Net Worth Total Net Worth $0 Breakdown Total Assets $0 Total Liabilities $0 Net Worth Breakdown Is what you have worth protecting? The answer might surprise you, and the strategies that can be used might even be more eye-opening. We can help you explore your options. Start Over Download Results Effective Strategies for Complex Situations Discover how we can help you prepare for your ideal retirement. Schedule a Consultation Cashflow Confidence Investment Potential We craft strategies to boost savings with an eye to your future. Passive Income Explore opportunities to generate passive income streams to supplement your retirement cash flow. Manage Risk Learn how market fluctuations may impact your retirement funds. Asset Protection Build a strategy designed to protect your assets in case of unforeseen events. Income Insights A wealth of resources to enjoy at your leisure. May 4, 2026 Introducing the 530A Accounts An article explaining 530A Accounts. April 22, 2026 9 Facts About Retirement Regardless of how you approach retirement, there are some things about it that might surprise you. April 16, 2026 The Utility of Sector Investing Successful sector investing is dependent upon an accurate analysis about when to rotate in and out. March 30, 2026 The Anatomy of an Index The S&P 500 represents a large portion of the value of the U.S. equity market, it may be worth understanding. March 26, 2026 Alternative Investments - Going Mainstream Alternative investments are going mainstream for accredited investors. It’s critical to sort through the complexity. March 26, 2026 Making Sense of HSAs and FSAs How HSAs and FSAs might help your household. February 19, 2026 The Threat of Identity Theft An article informing readers about the threats of Identity Theft. January 14, 2026 Choices for Your 401(k) at a Former Employer Individuals have four basic choices with the 401(k) account they accrued at a previous employer. November 18, 2025 Tax Efficiency in Retirement What role would taxes play in your investment decisions? Load More Ready to get started? We can't wait to help. Name Email Address Phone Question Schedule Appointment Thank you! Oops! *Several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder may also pay surrender charges and face income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments. Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   BHPW Newsletter Q1 2026 --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us BHPW Newsletter Q1 2026 Q1 2026 – IN REVIEW BHPW Newsletter Q1 2026 PDF APRIL 2026 “We remain constructive on equities over the long run. However, markets rarely move in straight lines, and when sentiment turns, our focus will be on protecting client capital while positioning to participate in the next phase of compounding. We’ll remain disciplined and vigilant in that process.” – BHPW Q4 2025 Newsletter MARKET RECAP Markets took a turn for the worse to start 2026, with global stocks declining -3.2% in the first quarter. The S&P 500 fared even worse, falling -4.3%, while bonds also failed to provide relief, with the Global Aggregate index down -1.1%. At the center of all these moves was the escalation in the Iran conflict, which began in late February and has weighed on markets ever since. Energy was the first to react, with crude oil and global natural gas prices surging more than 75%. These pressures quickly moved downstream into fertilizers, agricultural commodities, and other energy-intensive inputs. In turn, rising inflation expectations pushed interest rates higher, bond prices lower, and equities toward correction territory. Against this backdrop, our BHPW portfolios held up well, with both our stock and bond models finishing the quarter in positive territory. In equities, performance was supported by our international diversification, defensive positioning, and energy exposure, though this was partially offset by weakness in technology and consumer discretionary. In fixed income, we benefited from our security selection and shorter duration profile, though we did experience some headwinds in longer maturities. DOWNSIDE DISCIPLINE Last quarter, we referred to downside protection as the “sixth man” of our process – always important, but often overlooked. It showed up last year during the tariff-driven selloff, when our equities were down roughly half as much as the broader market. And it showed up again this quarter, with our portfolios capturing approximately 63% of the downside in stocks and 53% in bonds. In practical terms, that means on down days, our portfolios declined meaningfully less. A client recently asked how we achieve this. At a high level, it comes down to intentional design. We are willing to walk away from a riskier 15% annual return for a more durable 13% outcome. We also build our portfolios with the expectation that not everything will go right, actively stress testing across a range of adverse scenarios. Our allocation to energy this period – focused on long reserve life producers in stable jurisdictions – was partly the result of planning with environments like this in mind. If markets continue to move lower, we feel well positioned. In equities, we view nearly half of our exposure as recession resilient. Meanwhile, in fixed income, our largest holdings – representing ~71% of the allocation – are either AAA, government-backed, or high-grade municipals. We are long-term optimists, but recognize that more severe drawdowns than this are inevitable. After all, many of the worst single days in market history have seen declines far greater than anything we’ve experienced so far. Our job is not to predict exactly when those days will occur, but to be prepared when they do. ELEVATED EXPECTATIONS With the recent market pullback, valuations have moved back within their historical range. That said, they remain at the higher end of those norms, at a forward P/E multiple of 19.7x versus the long-term average of 17.2x – and the BHPW model at approximately 13x. Compounding matters, we believe the earnings expectations underlying those market multiples are too ambitious. Consensus estimates still call for the S&P 500 to grow earnings by roughly 18.5% annually over the next two years. Against a backdrop of slowing labor demand, rising energy costs, and ongoing geopolitical tension, that appears optimistic. The chart below highlights one inconvenient implication of that forecast. If the market were to meet its current EPS expectations, implied profit margins for 2026 and 2027 would be, quite literally, off the charts – well beyond anything seen since the 1940s. Taken together, elevated valuations are supported by stretched earnings estimates. Even after the recent pullback, markets look moderately expensive to us. SOFTENING SUPPORT Meanwhile, cracks are beginning to form in the economic backdrop. For much of this cycle, our view has been that the economy is on stronger footing than many were willing to give it credit for. The reasoning wasn’t overly complex: as long as job openings remained significantly elevated, we believed the economy would remain resilient. The chart below highlights the surge in openings that began shortly after COVID. It was difficult to imagine a severe recession with more than ten million jobs available. However, that support is now fading, with the latest JOLTS data pointing to slower hiring, rising layoffs, and openings back at 2018 levels. If a shock were to hit the economy today, we would no longer have the same labor market cushion. CONSUMER CONTRAINTS At the same time that the employment picture is becoming more uncertain, the consumer is also becoming more fragile. The chart below shows income and spending across 20% income cohorts. Two things stand out. First, the bottom 60% of earners are spending more than they earn. Second, the top 20% account for a disproportionate share of consumption. More than focusing on this current state of affairs – often referred to as a K-shaped economy – we are concerned with the second-order implications. Much of the population appears constrained and poorly equipped to absorb a shock. At the same time, any slowdown among higher earners could have an outsized impact on overall activity. Combined with the weaker employment backdrop discussed earlier, we believe the economy is more vulnerable than it has been in years. AI ANXIETY Could AI be the catalyst that exposes those vulnerabilities? We’ve been asked this increasingly in recent months, and while we don’t claim to have a crystal ball, we are somewhat more optimistic here. Periods of technological change tend to reshape industries rather than eliminate them, and the impact is often more gradual than expected. Driverless cars exist today, yet they have done little to change our day-to-day habits. TurboTax didn’t eliminate accountants; self-checkout didn’t replace cashiers; Zoom didn’t end business travel. We expect AI will follow a similar path, and to the extent displacement occurs, the more immediate effect is likely to be a reallocation of labor and capital rather than a reduction. After all, AI is highly capital intensive, requiring significant investment in infrastructure, compute, energy, and skills – spending that is inherently supportive of growth. The distribution of profits may shift, but we would expect the overall pool to grow – with the rising tide of AI lifting much of the economy. WAR WATCH No letter would be complete without addressing the current Iranian conflict. As we noted in our March update, we view a prolonged escalation as unlikely, given the significant economic incentives for a swift resolution. Energy markets in Europe and Asia are already under heavy pressure, which should reinforce a global push toward stability. That said, the environment still carries elevated uncertainty, and there are views we respect suggesting the conflict could persist longer than anticipated. One of the key risks is that the primary parties involved do not want to be seen as conceding, which could prolong the path to resolution. While this may lead to a mo Personal Information Form --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Personal Information Form Name Email Address Message Prohibit the sale of personal information Request copies of personal information Request deletion of personal information Thank you! Oops! Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Inflation | Hub Page --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Financial Guidance For A Changing Economy We provide strategies that may help safeguard your assets and preserve your purchasing power. Overview Calculator Your Options Insights Get Started We create strategies that are tailored to your needs and goals. Years of experience have prepared us to guide you through your life transitions. Understand Inflation's Impact We pride ourselves on providing clear, concise information. What is Inflation? Inflation refers to the sustained increase in the general price level of goods and services in an economy over time. Put simply, it erodes the purchasing power of your money. Causes of Inflation Various factors, including an increase in the money supply, high demand for goods and services, rising production costs, or government policies, can cause inflation. The Impact of Inflation Inflation may impact your financial goals and investments. It diminishes the value of your savings, reduces the real returns on investments, and can even impact retirement. Helpful Strategies As financial professionals, we have developed strategies that are designed to help manage the effects of inflation. The phrase "letting the inflation genie out of the bottle" is a metaphor for how difficult it can be to manage consumer prices once they become a force in the economy. Use the calculator to get an idea of how much money you would need today to replace the same dollars from previous years. Starting Amount ($) $0 $100,000,000 Beginning Year (1914-2024) Ending Year (1914-2024) Inflation-Adjusted Value $107.12 Total Change +7.12% The only inflation level that matters is the inflation you are experiencing. So if you're struggling to keep up, please reach out. If you don't see much of a change, that's great news, but please keep one eye on the genie! Start Over Download Results Effective Strategies For Complex Situations Discover how we can help you weather challenging markets. Schedule a Consultation The Hidden Risks Of Inflation The inflation threat Discover the hidden risks inflation may pose to your wealth and learn how to manage its impact. Can I safeguard my wealth? We create financial strategies designed to guide your investments through changing economic landscapes. ">Inflation-minded Investments Our team understands that managing inflation is a key priority for some investors. Inflationary Trends Take advantage of carefully crafted strategies designed to manage the erosive effects of inflation. Inflation Insights Access a wealth of resources to navigate inflation's impact on your finances. February 17, 2026 How Often Should You Update Your Estate Strategy? Review your legacy approach regularly, particularly following significant life events or legislative updates. September 26, 2025 Do You Owe The AMT? If you want to avoid potential surprises at tax time, it may make sense to know where you stand when it comes to the AMT. August 28, 2025 Inflation & Your Money It's important to understand how inflation is reported and how it can affect investments. August 28, 2025 TIPS for Inflation If you are concerned about inflation and expect short-term interest rates may increase, TIPS could be worth considering. June 25, 2025 The Five Basics of Financial Literacy How literate are you when it comes to your finances? Brush up with these five basics. May 22, 2025 How the Federal Reserve Works Each day, the Fed is behind the scenes supporting the economy and providing services to the U.S. financial system. April 24, 2025 Social Security: The Elephant in the Room Some people wonder if Social Security will remain financially sound enough to pay the benefits they are owed. April 7, 2025 All Muni Bonds Are Not Created Equal Gaining a better understanding of municipal bonds makes more sense than ever. September 29, 2022 Inflation and the Real Rate of Return Learn about the role of inflation when considering your portfolio’s rate of return with this helpful article. Prepare For The Future Ready to get started? Name Email Address Phone Question Schedule Appointment Thank you! Oops! These resource pages  are for informational purposes only and is not a replacement for real-life advice. You are encouraged to speak with your tax, legal, and accounting professionals before modifying any part of your overall tax strategy. Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   All Calculators | Lisa Westermark --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us All Calculators Retirement The Power of 401k Catch-Ups Assess Your Life Insurance Needs My Retirement Savings Annuity Comparison Simple 401k Inflation & Retirement IRA Income Estimate Your RMD Roth 401(k) vs. Traditional 401(k) Emergency Fund Calculator What Rate Would I Need to Earn on My Savings? How Much Do I Need To Retire? Investment How Long Will Your Money Last? Monthly Budget College Savings Comparing Investments Debt vs. Investment What Is My Net Worth? Student Loan Payoff Calculator: Extra Payments Can Save You Money Student Loan Refinance Calculator Wedding Budget Calculator Bi-Weekly Mortgage Payments Taxable vs. Tax-Deferred Savings What Is the Dividend Yield? Debt-to-Income Ratio Calculator The Power of Interest - How Long Will it take My Money to Double? How Can I Save a Million Dollars? How Compound Interest Works Estate Comparing Mortgage Terms Insurance How Long Will My Savings Last If I Become Disabled? Long-Term-Care Needs Tax Home Mortgage Deduction Federal Capital Gains Tax Estimator Social Security Tax Estimator Money Credit Card Payoff Lifetime of Earnings Historical Inflation Lifestyle How Much Home Can I Afford? What's Your MPG? Should I Buy or Lease an Auto? Rent vs Buy Calculator   The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG, LLC, to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Saving for Retirement | Hub Page --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Your Retirement Savings Helpful guidance for life's many financial chapters. Overview Calculator Your Options Insights Get Started We create strategies that are tailored to your needs and goals. Years of experience have prepared us to guide you through your life transitions. Understanding Retirement Savings Defined Benefit vs. Defined Contribution Know your types of retirement vehicles. Social Security Benefits Understand the variables that may influence your Social Security benefits in retirement. Employer-Sponsored Retirement Assess how employer-sponsored products can play a role in your retirement saving strategy. Investing in Your Retirement Explore how different investment vehicles can potentially increase your retirement savings. Even though saving for retirement is a priority for many pre-retirees, knowing where to begin can be difficult. How much should I save? Where should I put my money? How do I know when I have enough? These are just a few of the questions you'll need to answer, and this calculator can help. Your Information Current Age Retirement Age Current Retirement Savings $0 $10,000,000 Annual Contribution $0 $1,000,000 Annual Rate of Return (%) % This worksheet provides estimates based on certain assumptions. It is not intended to provide specific investment advice. The results are not a guarantee of performance. The rate of return on investments will vary over time, particularly for longer-term investments. Investments that offer the potential for high returns also carry a high degree of risk. Actual returns may vary. Your Retirement Projection Projected Retirement Savings Over Time --> Years to Retirement 37 Projected Retirement Savings $4,524,891 If the results were better or worse than you expected — If they were better, great work. Congratulations on making retirement a priority. If they were worse, don't get discouraged. Please know that there are many strategies that can help you close the gap. Start Again Download Results Effective Strategies for Complex Situations Discover how we can help you prepare for your ideal retirement. Schedule a Consultation Diving Deeper into Retirement Savings Saving Vs. Investing Discover the potential synergy between  saving and investing as part of your retirement strategy. Inflation & Retirement Understand how inflation may impact your retirement savings and learn ways to potentially manage this risk. Market Volatility & Retirement Delve into how market fluctuations may impact your retirement funds. Healthcare Costs In Retirement Get to grips with healthcare costs and how they may impact your retirement savings. Retirement Insights A wealth of resources to enjoy at your leisure. May 4, 2026 Introducing the 530A Accounts An article explaining 530A Accounts. April 22, 2026 9 Facts About Retirement Regardless of how you approach retirement, there are some things about it that might surprise you. April 16, 2026 Social Security: Maximizing Benefits There are other ways to maximize Social Security benefits, in addition to waiting to claim them. April 16, 2026 Who Is Your Trusted Contact? This investment account question is vital and answered as early as possible. March 31, 2026 First Year of Retirement: What to Expect Understand the key financial and lifestyle shifts that happen in your first year of retirement. March 30, 2026 Conquering Retirement Challenges for Women Looking ahead can help you conquer these unique obstacles. March 26, 2026 Deciding When to Take Social Security One of the most common questions people ask about Social Security is when they should start taking benefits. March 12, 2026 Choosing a Retirement Plan that Fits Your Business To choose a plan, it’s important to ask yourself four key questions. March 12, 2026 Understanding Extended Care Understanding the types of extended care services—and what those services could cost—may be critical. Load More Prepare For The Future Ready to get started? Name Email Address Phone Question Schedule Appointment Thank you! Oops! *Several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder may also pay surrender charges and face income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments. Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Estate Strategy | Hub Page --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Create Your Legacy We'll take care of your tomorrow so that you can focus on today. Overview Video Strategies Insights Get Started We create strategies that are tailored to your needs and goals. Years of experience have prepared us to guide you through your life transitions. Everyone Needs an Estate Strategy Prepare for the Unexpected We help pair solutions with your financial context. Help Your Loved Ones and Assets Strategic moves now can help provide for loved ones tomorrow. Incorporate Business Succession Strategies Make a business transition part of your estate strategy. Your Legacy Leave behind a lasting impact designed to stand the test of time. Estate Management 101 Estate Considerations For Complex Situations Put our decades of experience to work. Learn More Now Establishing A Will Take steps so your assets are distributed according to your wishes. Naming Beneficiaries Learn the importance of naming a beneficiary and keeping them up to date. Understanding Probate We're available to help with all your probate questions every step of the way. The Powers Learn about the various powers of attorney and the important role they can play in your estate strategy. Strategic Insights A curated library of content for estate-strategy exploration. April 16, 2026 Who Is Your Trusted Contact? This investment account question is vital and answered as early as possible. March 31, 2026 First Year of Retirement: What to Expect Understand the key financial and lifestyle shifts that happen in your first year of retirement. March 30, 2026 Problems with Probate Probate can be a completely public process, or it can be managed to include as little information as possible. March 26, 2026 Four Steps to Valuing an Estate Determining the value of your estate, or for someone who has passed away, can be a complex undertaking. March 26, 2026 Intellectual Property and Your Estate Do you have intellectual property? Consider how you might include your IP into your estate strategy in this detailed article. March 26, 2026 Estate Strategies of the Rich and Famous The examples of famous celebrities underline the need for a clear estate strategy. February 17, 2026 How Often Should You Update Your Estate Strategy? Review your legacy approach regularly, particularly following significant life events or legislative updates. November 18, 2025 Tax Efficiency in Retirement What role would taxes play in your investment decisions? October 30, 2025 Tax & Estate Strategies for Married LGBTQ+ Couples Learn how to maximize your tax and estate strategy as a married member of the LGBTQ+ community. Load More Prepare For The Unexpected Name Email Address Phone Question Schedule an appointment Thank you! Oops! These resource pages  are for informational purposes only and is not a replacement for real-life advice. You are encouraged to speak with your tax, legal, and accounting professionals before modifying any part of your overall tax strategy. Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Disclosures --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Important Disclosures Beverly Hills Private Wealth, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth, LLC unless a client service agreement is in place. Beverly Hills Private Wealth, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. A Higher Standard of Wealth Management If you are seeking independent fiduciary oversight with institutional experience and coordinated family office capabilities, we welcome the conversation. Contact Us Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Philanthropy & Giving | Beverly Hills Private Wealth --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Philanthropy Like our clients, we consider philanthropy to be more than just part of a financial plan. Giving back to the communities that support us and charities that align with our values is part of who we are. Members of our team are proud to donate to the following local and national charities: Discover how we can help. If you are seeking independent fiduciary oversight with institutional experience and coordinated family office capabilities, we welcome the conversation. Contact Us Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Saving for College | Hub Page --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Funding College the Smart Way Now is always the right time to learn about college preparation. Overview Calculator Strategies Research Insights Get Started Mastering College Funding  Investing in your child's education is a significant financial commitment, but with careful preparation and foresight, you can help their future and manage any debt needed for schooling. We're ready for you to explore college savings vehicles and essential concepts that may put your child on the path to success. The Power of College Savings Vehicles Discover the benefits and flexibility of 529 Plans*, Coverdell ESA*, and other college savings choices. These specialized accounts offer tax advantages, which can help set your child up for success. Estimate College Costs with Confidence Use our college savings calculator to estimate future education expenses based on current trends. Be empowered to set realistic financial goals and stay on track while attempting to avoid surprises along the way. Understanding the Expected Family Contribution The Expected Family Contribution (EFC) is a fundamental concept in college funding. Learn how it influences financial aid eligibility and strategies to manage it effectively. Goal-Setting for Financial Success Use the latest collegiate financial statistics, such as rising tuition costs and associated fees, to establish attainable milestones and help align your savings approach with your child's aspirations. Every dollar you set aside today reduces the debt burden on your future student tomorrow. Whether you are just starting or looking to optimize your current strategy, this tool helps you visualize your progress and identify the best path forward for your family's education goals. Your Current Situation Current College Savings $ $0 $500K Years Until College years Annual Contribution $ $0 $100K Expected Annual Rate of Return (%) ? % College Cost Projections Current Annual College Cost $ Projected College Inflation Rate (%) ? % These are example values. Update them to reflect your own situation. --> Your Projection Total savings at college start $0 College Cost Breakdown Future cost of four years of college $0 Projected surplus $0 Savings Over Time Congratulations on making education savings a priority. Since you are in a strong position, the next step is optimization. We can now explore whether to continue overfunding this goal or pivot your surplus toward other wealth-building opportunities. Start Over Download Results The Expected Rate of Return is a hypothetical example used for illustrative purposes only. It is not representative of any specific investment or combination of investments. This worksheet provides estimates based on certain assumptions, including the rate of inflation. The results are not a guarantee of performance, specific investment advice or a forecast. The rate of return on investments will vary over time, particularly for longer-term investments. Investments that offer the potential for high returns also carry a high degree of risk. Actual returns will fluctuate. Customized Strategies for Families Our customized college savings strategies can help you navigate the complexities of higher education financing. Whether you're a traditional student, returning to school for a second degree, or a parent, we're here to help. Let's Get Started Explore a Variety of College Savings Choices Discover the benefits of 529 Plans*, Coverdell ESA*, and more for your child's education: Open A 529 Savings Plan* Funding your child's collegiate education can be one of the most important decisions you make. Put Money Into Eligible Savings Bonds Savings vehicles are just one of the many strategies we employ on behalf of our clients. Encourage Loved Ones to Help Leveraging a Roth IRA to fund higher education is often overlooked despite it's efficiency. Start A Roth IRA As A College Fund For Kids Establishing clear directives can help loved ones contribute to your child's journey. A Comprehensive Comparison: Community Colleges vs. Universities Unveil the actual costs of two-year and four-year institutions and empower your decision-making. Type Of School Residence Details Tuition & Fees With Room & Board Public 4 Year In-State Funded by local and state governments, offering a lower tuition rate for in-state residents. Typically a four-year school. $11,260 $24,030 Public 4 Year Out-Of-State Students from out of state typically pay more because state schools are funded by tax dollars of residents in that state. $29,150 $41,920 Public 2 Year In-State Typically in-district community colleges that offer associates degrees or certificates. They can often be used as a stepping stone to attend a four-year school. $3,990 $13,960 Private 4 Year N/A Not funded by local or state governments. They rely mainly on tuition, fees, and private funding. $41,540 $56,190 Source: research.collegeboard.org College Savings Insights We recognize that higher education can help equip students for success in today's competitive job market. Delve into these valuable resources as you and your future graduate embark on your journey. March 12, 2026 What Can You Buy With 529 Distributions? This article can be a helpful guide when beginning to prepare for education expenses. November 19, 2025 What If Your Kids Decide Against College? Rising college costs prompt students to seek alternatives; 529 account funds can be used for other education options. November 19, 2025 Starting a Roth IRA for a Teen This early financial decision could prove helpful over time. August 28, 2025 Financial Strategies for Women Some may leave their future to chance but in the world of finance, the effects of the "confidence gap" can be apparent. August 26, 2025 Exploring the Federal Student Grant Program In this article, explore the benefits of the Federal Student Grant Program. July 30, 2025 Women and Financial Strategies Most women don’t shy away from the day-to-day financial decisions, but some may be leaving their future to chance. July 16, 2025 Navigating Retirement Pitfalls Why are they made again and again? Making sense of these errors in judgment. May 22, 2025 Strategies for Managing Student Loan Debt Five strategies for managing your student debt. April 8, 2025 Do Your Kids Know The Value of a Silver Spoon? You taught them how to read and how to ride a bike, but have you taught your children how to manage money? Load More Look to the Future Take control of tomorrow and schedule a consultation with one of our college strategists today. Name Email Address Phone Question Schedule Now Thank you! Oops! *A 529 plan is a college savings plan that allows individuals to save for college on a tax-advantaged basis. The state tax treatment of 529 plans is only one factor to consider before committing to a savings plan. Also, consider any fees and expenses associated with a particular plan. Whether or not a state tax deduction is available will depend on your state of residence. State tax laws and treatment may vary. State tax laws may be different from federal tax laws. Earnings on nonqualified distributions will be subject to income tax and a 10% federal penalty tax.  Contributions to a Coverdell ESA aren’t tax deductible, but the account accumulates on a tax-deferred basis. Withdrawals are not taxed, as they are used for qualified education expenses. Contributions may be made until the account beneficiary turns 18. The money must be withdrawn when the beneficiary turns 30, or taxes and penalties may occur. Roth IRA contributions are phased out for taxpayers with adjusted gross incomes (AGIs) above a certain amount. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after ag BHPW Newsletter Q3 2025 --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us BHPW Newsletter Q3 2025 Q3 2025 – IN REVIEW BHPW Newsletter Q3 2025 HAPPY BIRTHDAY, BHPW! As we celebrate our third anniversary as an independent firm, markets continue to reach new all-time highs. What lies ahead? Our CIO, Nick Nejad, shares our latest thoughts below. If you have any questions, please call us at 310-388-3800. MARKET RECAP Stocks climbed higher throughout the third quarter, gaining +7.6% to reach new all-time highs. It was a surprising outcome, as investors looked past a   long   list of concerns – including tariffs, global tensions, slowdown fears, and a looming government shutdown – to keep the momentum going. That strength has lifted global equities +18.4% through the first nine months of the year. Breaking it out by region, international markets continued to lead the way, rising +26.0%, while the S&P 500 posted a more modest gain of +14.8%. A weaker US dollar explains much of that gap, as its -10% decline has provided a meaningful boost to foreign assets this year. Fixed income also added to the gains, with global bonds rising +0.6% for the quarter. That brings their year-to-date return to a solid +7.9%, helped again by the softer dollar. But even domestic bonds have delivered strong results, with the US Aggregate index up +6.1% this year. Our portfolios performed well in this environment, with returns landing between our global and US benchmarks. On the equity side, we benefited from our overweight to international markets, although that strength was offset by our lower weighting in technology. Meanwhile, our bond models largely tracked the US Aggregate, keeping us on pace for a strong full-year performance. Importantly, our portfolios have achieved these results while continuing to demonstrate resilience during market pullbacks. That’s been especially true for our equity sleeve, which has declined by less than half as much as the market on down days this year – resulting in a downside capture ratio of just 42%. Our bond models have shown similar resilience, capturing only about 15% of the downside in that category. Protection remains   central   to our approach – and we think that’s especially important as we enter a period of rising uncertainty and stretched valuations. More on each of these below. RISING UNCERTAINTY More than ever, it feels like the rules of the game are shifting. Each week seems to bring new tariff threats or policy pressures – from recent actions targeting China and heavy-duty trucks to new government initiatives aimed at lowering drug prices. In this environment,   predictability   is becoming harder to find. Many of the business and economic frameworks that have guided us for decades are now being forced to adapt. For example, from a traditional macroeconomic lens, we continue to believe that locking in high-quality bond yields above 5% remains compelling. The Fed is expected to cut interest rates twice more this year, which would bring short-term rates down to around 3.6%. In that context, locking in those higher rates should become increasingly attractive for investors. But this time, a new and competing narrative is also taking shape. The US dollar is down by double digits, and gold continues to reach new all-time highs – suggesting that a broader diversification away from the dollar may already be underway. If trade and policy uncertainty push investors away from US assets more broadly, interest rates could begin to move in ways that defy the usual playbook. We’re staying mindful of these crosscurrents, and our best defense remains diversification – avoiding big bets unless the odds are clearly in our favor. In bonds, that means gravitating toward a duration profile that can benefit from falling rates without meaningfully hurting us if they rise. In equities, it means broadening exposures as long as expected returns remain attractive. This discipline helps us avoid overreacting to every headline – which matters, since most tend to reverse just as quickly as they emerge. In markets that keep rewriting the rules, staying diversified remains  an advantage. STRETCHED VALUATIONS It’s also becoming harder to ignore the euphoria building in parts of this market. By our estimates, trillions in market value now rest on optimistic assumptions – a meaningful figure by any standard. Many of those areas are just one disappointment away from sharp pullbacks. Even among blue-chip names, valuations are starting to look stretched. We wrote about JPMorgan in our Q4 2023 letter, describing it as a best-in-class company trading at a 10% earnings yield. Less than two years later, the stock is up roughly +90%. While part of that reflects genuine earnings growth, valuations are about 50% higher now than they were back then – leaving far less margin for error. The same is true for other blue-chip names. Even if a company like Costco executes flawlessly from here, the stock may still deliver only modest returns. At 40x earnings, perfection is priced in – and even small missteps could lead to stagnant or negative results. In many areas, we’re seeing 40x earnings – or higher – increasingly treated as the norm. And while some companies may justify those valuations, many likely do not. Fortunately, opportunities that meet our standards still exist across this market, and we remain selective in pursuing them. BHPW POSITIONING Staying diversified and selective doesn’t mean standing still. Here’s how we’re positioning for the road ahead. On the equity side, we continue to lean away from the more crowded areas of the market. Nearly 45% of the S&P 500 is classified as Technology or Technology-adjacent, and the 10 largest companies account for almost 40% of the index. That’s unusually concentrated leadership – as the chart below shows – and the companies at the top rarely stay there for very long. Historically, at least half of the top ten US stocks have turned over every decade. AI will no doubt change the world and drive major productivity gains – just as the internet, automobiles, and railroads once did – but the eventual winners are rarely the ones trading at the highest prices. Many companies will benefit, but far more will be disrupted than the market currently expects. Instead of chasing what’s already worked, we’re finding value in the less crowded corners – particularly in international and smaller US companies. One recent purchase is an Ohio-based bank offering a 9% dividend yield that we believe   will soon move higher . It’s a company we’ve followed for more than a decade, and it’s been written off in recent years after overextending into low-rate mortgages. That chapter now appears to be turning, and earnings momentum should improve meaningfully from here. Opportunities like this arise in every environment, and capturing even a few each year helps us navigate equity markets more effectively. Meanwhile, in fixed income, we continue to favor moderate duration and conservative credit exposure, which gives us flexibility if conditions change unexpectedly for the worse. We’ve already begun to see early signs of stress among certain private-credit issuers. Many of these unconventional lenders have enjoyed a long run with limited stress testing, and a genuine downturn could expose vulnerabilities lying beneath the surface. While no major issues have emerged so far, we’re prepared to act opportunistically when spreads eventually widen. In the meantime, we’ve continued adding to a handful of harder-to-trade bonds that offer strong value – often earning tw Beverly Hills Private Wealth: Independent Fiduciary Firm --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Our Firm Experienced Leadership. Direct Access. Our partners and advisors bring together decades of experience at global financial institutions across investment management, capital markets, and financial planning. Our team includes portfolio managers, tax and planning professionals, and experienced advisors with institutional backgrounds. Each client relationship is supported by a coordinated team built for a long-term partnership. Scott Shagrin, CFP® Managing Director, Co-Founder [email protected] Ira H. Ravitz, AIF®, CIMA® Managing Director, Co-Founder [email protected] Lisa Westermark, ChFC® Partner, Co-Founder [email protected] Nick Nejad, CFA® Partner, Chief Investment Officer [email protected] David Crochet Director of Relationship Management [email protected] Brad Hammerman, CFP® Wealth Planning Strategist [email protected] Andrew Fuller, CRPC™ Private Wealth Advisor [email protected] Shirley King Relationship Manager [email protected] Ladan Mirzai Relationship Manager [email protected] Adrian Escalante Planning & Operations Specialist [email protected] Get Started Today If you are seeking independent fiduciary oversight with institutional experience and coordinated family office capabilities, we welcome the conversation. Contact Us Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Perspectives & Research --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Perspectives & Research BHPW Newsletter Q1 2026 Learn more BHPW Newsletter Q4 2025 Read More BHPW Newsletter Q3 2025 Learn more Smart Ways To Save For College In 2025 Learn more One Big Beautiful Bill Act (OBBBA) Read More BHPW Newsletter Q2 2025 Learn more BHPW Newsletter Q1 2025 Learn more BHPW Newsletter Q4 2024 Read More BHPW Market Response to US Election Results- November 2024 Learn more BHPW Newsletter Q3 2024 Learn more Donor Advised Funds- September 2024 Read More BHPW Newsletter Q2 2024 Learn more Behavioral Finance- May 2024 Learn more BHPW Newsletter Q1 2024 Read More USA: State of the Union Speech Kicks off the General Election Campaign – March 2024 Learn more Market Pulse – March 2024 Learn more Love And Money- February 2024 Read More Market Pulse – February 2024 Learn more BHPW Newsletter Q4 2023 Learn more Market Pulse – January 2024 Read More Tax Loss Harvesting Newsletter Learn more Charitable Giving Strategies for Year-End 2023 Learn more Asset Management Outlook 2024 Read More Market Pulse – November 2023 Learn more BHPW Newsletter Q3 2023 Learn more Market Pulse – September 2023 Read More Market Pulse – August 2023 Learn more BHPW Newsletter Q3 2023 Learn more SECURE 2.0: Enhancing Flexibility In 529 Plans Read More Sudden Wealth: Managing Windfall Gains Learn more Market Pulse – January 2023 Learn more As Much Of 2022 That Fits On One Page Read More Are We There Yet? Learn more Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Investment & Tax-Alpha Services | Beverly Hills Wealth --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Our Services The BHPW Investment & Oversight Framework Managing your wealth requires more than asset allocation. Our framework defines how we deliver value. Pillar 1: Investment Management We build portfolios designed for resilience and intelligent diversification. We aim for high-quality return streams across public markets, specialized fixed income, and selective alternative exposures, with the goal of reducing correlation and strengthening balance. Our objective is simple: to deliver durable performance across full market cycles. Direct management of equity portfolios Active fixed income portfolio construction Concentrated position and transition planning Liquidity and capital allocation strategy Select specialty and alternative strategies Ongoing risk management and portfolio refinement Pillar 2: Tax-Alpha Optimization Tax strategy is embedded in every investment decision. Portfolio construction, liquidity planning, and structural design are all evaluated with after-tax compounding in mind. Beyond traditional techniques, we also implement advanced tax strategies designed to meaningfully improve our clients’ long-term net outcomes. Pillar 3: Institutional Access We maintain substantial in-house experience across investment markets, managing capital through proprietary equity and fixed income models. Where appropriate, we incorporate specialized third-party managers and differentiated investment structures to complement overall strategy. Proprietary equity and fixed income portfolio management Integration of specialized managers and strategies Private markets and alternative exposures Tax-aware portfolio implementation Differentiated investment structures and vehicles Pillar 4: Your Personal CFO We operate as the central hub of your financial life. From multi-entity coordination to liquidity oversight and generational strategy, we provide integrated guidance across the entire financial landscape. Clients benefit from alignment, continuity, and clarity. Multi-entity reporting coordination Advisor collaboration Cash flow and liquidity oversight Private investment monitoring Next-generation education Pillar 5: Legacy & Philanthropy Wealth management extends beyond performance, and we collaborate with legal and tax professionals to structure estate and philanthropic strategies that reflect long-term objectives and values. Stewardship remains central to our approach. Comprehensive financial planning Estate structure coordination Trust and entity alignment Philanthropic planning Multi-generational strategy discussions Get Started Today If you are seeking independent fiduciary oversight with institutional experience and coordinated family office capabilities, we welcome the conversation. Contact Us Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Contact | Lisa Westermark --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Contact Beverly Hills Private Wealth 350 S. Beverly Drive Suite 360 Beverly Hills, CA 90212 Phone: (310) 388-3800 Mon-Fri: 6:00 AM - 3:30 PM Have A Question? Name Email Address Message Thank you! Oops! Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   BHPW Newsletter Q4 2025 --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us BHPW Newsletter Q4 2025 Q4 2025 – IN REVIEW BHPW Newsletter Q4 2025 PDF HAPPY NEW YEAR! Strong markets can make investing look easy. 2025 was a reminder that the path matters just as much as the outcome. In this quarter’s investment letter, our CIO, Nick Nejad, shares how we’re thinking about market performance, downside risk, and portfolio positioning amid elevated valuations and index concentration. If you have any questions, please call us at 310-388-3800. MARKET RECAP Despite a few brief flare-ups, global equities marched higher during the final quarter of 2025, with gains broadly distributed across regions and sectors. The MSCI All Country World Index (“ACWI”) rose +3.3%. That result capped a third   consecutive   strong year for equity investors, with the ACWI returning +22.3% for the full year. International markets delivered an especially robust performance, rising +31.2% compared with the S&P 500’s +17.9%. Yet those year-end results tell only part of the story. The path to reaching them was anything but easy. Throughout 2025, investor attention was repeatedly pulled from one major issue to the next. The chart below captures that unusually broad mix of themes, which spanned politics, geopolitics, inflation, the economy, and even cultural moments. Not every headline moved asset prices, but the cumulative effect was still a year marked by frequent shifts in focus. The most consequential market episode came in April, following the US tariff announcements. Equities sold off   sharply , briefly falling nearly -20% from their highs. This reaction ultimately proved short-lived, as several of the most severe tariff scenarios were walked back and the anticipated second-order disruptions failed to materialize. Even so, the episode served as a clear reminder of how quickly investor sentiment can change. In contrast, bonds followed a steadier course throughout 2025, largely insulated from the headline-driven volatility. Returns were positive in each quarter, and the Global and US Aggregate Bond indices climbed by +8.2% and +7.3%, respectively. Both benefited from falling interest rates, which lifted bond prices. BHPW PERFORMANCE Against this backdrop, BHPW portfolios delivered strong results in 2025. Within equities, we  slightly  trailed the ACWI’s +22.3% but meaningfully outperformed the S&P 500’s +17.9%, aided by strong contributions across a broad set of holdings. That breadth exceeded our expectations. As we’ve noted in prior letters, in a typical year only about two-thirds of equity holdings are likely to be “working” – that is, generating positive returns. We cleared that bar once again last year, with roughly 75% of holdings finishing in the green. Equally important was the strength of the winners relative to the losers. Out of 84 model securities held throughout the year, only six declined by -25% or more, while thirty-five gained +25% or more. Many of those winners have been compounding in our portfolios   for years , reinforcing a core investing truth:   you make money with old friends. That said, strong years shouldn’t invite complacency. Some of our winners have grown more expensive in valuation, while laggards risk becoming value traps. We continuously underwrite and re-underwrite our holdings to ensure each remains on the right long-term track. That’s especially important for the names that are underperforming. Thankfully, in the case of the six names that experienced larger drawdowns, we continue to like what we see: market-leading franchises, structurally growing industries, and valuations we deem attractive at just 12.8x earnings on average. These companies may be out of favor today, but sentiment can turn quickly. To that point, they are already up an average of +5% in the first ten trading days of the year. Meanwhile, in fixed income, our bond models performed as intended. Nearly every security finished with gains, and while returns slightly trailed the bond benchmarks, they still exceeded +7% for the year. We’re comfortable with this outcome given our conservative positioning across credit and duration – a trade-off we view as prudent in today’s environment. MANAGING THE DOWNSIDE One result particularly stood out last year. Our equity portfolio’s downside capture ratio – which measures what percentage of the market’s downside we experienced on down days – was   negative , at roughly -11%. In practical terms, that means on days when the market declined, our equity portfolios generated positive returns on average. We view this outcome as largely a function of today’s market structure. As we’ve highlighted recently, indices have become increasingly concentrated in a narrow set of mega-cap and technology holdings. In contrast, we believe our portfolios are actually more broadly diversified, at least across sectors, geographies, and risk factors. In an environment where down days are often driven by a small subset of forces, our diversification creates the room to hold up better than the market. We don’t expect a negative downside capture to be the norm. But since inception, our in-house BHPW equity models have delivered a resilient downside capture ratio of roughly 61%. In fixed income, that figure has also remained below 20% relative to its comparable bond benchmark. Together, these results point to meaningful protection for our portfolios during periods of market declines. We think of this protection as the “sixth man” of our philosophy – quietly important in normal times, but especially essential when conditions turn prolonged for the worse. That feels particularly relevant today as we navigate elevated market conditions. LOOKING AHEAD At roughly 22x forward earnings, the S&P 500 is now hovering near its most expensive levels. The only two other periods with higher valuations were 1999 and 2021. As many readers will recall, both were followed by challenging market environments for investors. Rather than treating valuations as a binary signal – black or white – we think of them as gray. After all, expensive markets can still deliver returns in line with fundamentals, driven by dividends (roughly 1.5% today) and earnings growth (historically in the 5%-6% range). At the same time, two dynamics are worth keeping in mind at these levels. First, generating additional returns from multiple expansion becomes increasingly difficult. Second, drawdowns tend to be more severe when starting from a higher base. We can illustrate the first dynamic by breaking historical market returns into their components. As the chart below shows, the strong results in 2024 and 2025 were driven in large part by multiple expansion (dark gray). Over the long run, however, this tends to even out, with returns gravitating back toward their underlying fundamentals (the dark and light blue bars in the 15-year section). With valuations already above their historical ranges, we don’t expect a lot more positive dark gray surprises. Note: This 15-year period begins from the post-crisis trough in 2010, when both earnings and valuation multiples were depressed. This amplified the subsequent contribution from earnings growth and multiples normalization. Meanwhile, the chart below highlights how higher valuations tend to amplify drawdowns. Since 2020, valuations have remained above average, and intra-year drawdowns have been correspondingly deeper, averaging roughly -17% per year. From 2011 to 2018, when valuations were generally lower, drawdowns were closer to -10%. What this means to us: looking at today’s index levels, there&#821 Social Security | Hub Page --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Manage Your Retirement Leveraging Social Security requires insight and knowledge. Overview Video Your Options Insights Get Started Understanding Social Security Types of Social Security Benefits Learn about different types of Social Security benefits and how they can impact your retirement income. Benefit Strategies Discover strategies to manage your Social Security Benefits. Spousal and Survivor Benefits Understand the spousal and survivor benefits available through Social Security. Social Security: What's Next? Make the most of your Social Security benefits during retirement. What You Need To Know About Social Security Every so often we're told that Social Security benefits are running out. Is there truth to the fears, or is it all hype? Strategies Tailored To Fit Let us assist in evaluating your Social Security benefits. Learn More Now Social Security And You Do's and Don'ts Understand how to avoid common pitfalls when incorporating Social Security into your retirement strategy. Inflation and Social Security Learn how inflation can affect the power of your Social Security benefits and strategies to mitigate this risk. When to Take Benefits Explore different scenarios and goals based on when you begin to take benefits. Healthcare Costs And Social Security See how to use social security to help pay for healthcare expenses. Social Security Insights "> A collection of valuable resources for your retirement. April 22, 2026 9 Facts About Retirement Regardless of how you approach retirement, there are some things about it that might surprise you. April 16, 2026 Social Security: Maximizing Benefits There are other ways to maximize Social Security benefits, in addition to waiting to claim them. March 31, 2026 First Year of Retirement: What to Expect Understand the key financial and lifestyle shifts that happen in your first year of retirement. March 26, 2026 Deciding When to Take Social Security One of the most common questions people ask about Social Security is when they should start taking benefits. November 19, 2025 How to Make the Tax Code Work for You When you take the time to learn more about how it works, you may be able to put the tax code to work for you. November 18, 2025 Tax Efficiency in Retirement What role would taxes play in your investment decisions? November 11, 2025 Social Security: Five Facts You Need to Know Here are five facts about Social Security that are important to keep in mind. November 11, 2025 How Will Working Affect Social Security Benefits? Knowing the rules may help you decide when to start benefits. November 11, 2025 Three Key Questions to Answer Before Taking Social Security When to start? Should I continue to work? How can I maximize my benefit? Load More Secure Your Financial Future Ready for that first step? Name Email Address Phone Question Let's Get Started Thank you! Oops! These resource pages  are for informational purposes only and is not a replacement for real-life advice. You are encouraged to speak with your tax, legal, and accounting professionals before modifying any part of your overall tax strategy. Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Spotlights --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Spotlights Shirley King Read more Brad Hammerman, CFP® Read more David Crochet Read more Scott Shagrin, CFP® Read more Ira H. Ravitz, AIF®, CIMA® Read more Lisa Westermark, ChFC® Read more Andrew Fuller, CRPC™ Read more Adrian Escalante Read more Nick Nejad, CFA® Read more Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Beverly Hills Private Wealth unless a client service agreement is in place. Disclosures | Form CRS   Life Insurance | Hub Page --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Focus On Their Future Life insurance can help protect your legacy and provide for those who matter most. Overview Calculator Your Options Insights Get Started We create strategies that are tailored to your needs and goals. Years of experience have prepared us to guide you through your life transitions. Explore Your Options Here are just some of the many ways we can tailor coverage to your particular goals for the future. Term Life Insurance This provides coverage for a specific period of time or "term" and is generally the most basic life insurance, but it doesn’t build cash value. Universal Life Insurance This is another type of permanent life insurance with an added cash, however, in some cases you may be able to adjust the premium and death benefit amounts without getting a new policy. Whole Life Insurance This is a permanent type of life insurance that provides coverage for the insured person's lifetime and includes a cash value component that can grow over time. Variable Life Insurance Much like whole and universal life insurance, except in case, you can invest the cash value, providing potential for a higher rate of return but also more risk. Did you know that many people believe they don’t carry enough life insurance? Our simple calculator can provide general guidelines to consider and help you in creating a course of action! Your Information Inputs Total Debt ? Include credit card balances, car loans, and any mortgage(s) payments. ▲ ▼ $0 $10,000,000 Annual Income you Wish to Replace ? This amount should include both salary and any bonuses you receive, as well as any other income you generate (e.g., vacation rentals, passive income sources). ▲ ▼ $0 $10,000,000 Years of Income you Wish to Replace ? How many years do you think your spouse or partner will need to recover from the loss of your income? ▲ ▼ 1 50 Anticipated Future Expenses ? Such as, College tuition, Weddings, Home repairs or renovations, Medical expenses, etc. $ ▲ ▼ Estimated Final Expenses ? Funeral costs or any other end-of-life expenses your loved ones will have to bear. $ ▲ ▼ Existing Life Insurance $ ▲ ▼ Existing Liquid Savings $ ▲ ▼ Your Coverage Analysis Outputs Total Needs $0 Total Current Resources $0 Estimated Coverage Gap $0 Don't get discouraged if the results are short of what you expected. There are several ways to incorporate life insurance into your personal finance strategy. But keep in mind that several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. But the good news is that you can start your life insurance journey today! Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder may also pay surrender charges and face income tax implications. You should consider whether you are insurable before implementing a life insurance strategy. Any guarantees associated with a policy depend on the issuing insurance company's ability to continue making claim payments. Start Again Download Results Personalized Coverage For Complex Holdings For those with substantial assets, life insurance can play a role in legacy strategies, wealth preservation, and strategic asset distribution. Schedule a Consultation Understanding Life Insurance We pride ourselves on providing clear, simple, and personalized solutions to help address your life insurance needs. What Is Life Insurance? Life insurance is about focusing on the future. It's about thinking about what will happen with your loved ones if something unexpected happens. Types Of Life Insurance Term life, Whole life, or Universal life – we help you understand the choices available as you consider what may work best for your family. An Investment In The Future Life insurance can act like a safety net - it's about understanding life's uncertainties while leveraging its possibilities. Which Is Right For You? By understanding your personal circumstances, financial status and future goals, we help you evaluate the various life insurance choices available. Life Insurance Insights Spend some time with our Life insurance content, where we strive to make sure knowledge meets clarity. March 26, 2026 Four Steps to Valuing an Estate Determining the value of your estate, or for someone who has passed away, can be a complex undertaking. March 12, 2026 When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases. January 14, 2026 Assess Life Insurance Needs How to help determine life insurance needs to provide for your family after you pass away. October 30, 2025 Estate Management Checklist Is your estate in order? This short quiz may help you assess your overall strategy. August 21, 2025 Term vs. Permanent Life Insurance When considering life insurance, it's important to understand your options. July 30, 2025 What Is a 1035 Exchange? 1035 exchanges provide a way to trade-in an annuity contract or life insurance policy without triggering a tax liability. June 11, 2025 A Look at Whole Life Insurance Whole life insurance remains in force as long as you remain current with premiums. Here's how it works. May 22, 2025 A Primer on Irrevocable Life Insurance Trusts Irrevocable life insurance trusts can be important tools that may accomplish a number of estate objectives. April 7, 2025 Weighing the Benefits of Prepaid Debit Cards It's important to understand the pros and cons when considering a prepaid debit card. Load More Prepare For The Future Take steps today, for their tomorrow. Have a Question? Name Email Address Phone Question Schedule Appointment Thank you! Oops! *Several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder may also pay surrender charges and face income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments. Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information . Copyright 2026 FMG Suite. Beverly Hills Private Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Beverly Hills Private Wealth and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee Blog | Lisa Westermark --> --> --> --> --> --> --> Menu Home Home Team Services Philanthropy Insights   Perspectives & Research Blog Spotlights Client Access   Black Diamond Goldman Sachs Contact Us Blog When Should I Start Taking Social Security: 5 Factors to Consider BHPW Advisor Team Tuesday, May 5, 2026 Social Security decisions are often framed as a single question: “When should I start drawing benefits?” That question matters, but it can also be limiting. The better question is: how does Social Security fit into my overall... Read More Contact Office:  310-388-3800 [email protected] Quick Links Retirement Investment Estate Insurance Tax Money Lifestyle Latest Articles All Videos All Calculators The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. 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