2024 Year-End Letter
2024 Year-End Letter
Year-End Letter to Clients and Friends
As we reflect on the year 2024, three observations come to mind that we’d like to share.
1. The importance of equity ownership
Robert Arnott famously quoted, ‘In investing, what is comfortable is rarely profitable.’ At Miller Wealth Management, we have been, are, and will be believers in equity ownership. It’s one of the great benefits within a democracy (and not every country allows it). This past year followed similar trends as the year before, where stock markets far outpaced safer investments like CDs, bonds and money market funds. Even in retirement phase, investors should always have exposure to equity; the amount varies among many factors, but with the increased cost of living and future uncertainties, equity ownership has proven to help minimize the risk outliving assets.
2. Having a comprehensive financial plan makes everything better
Here’s the great news: We understand your financial plans so that you don’t have to every day. Some clients are experiencing that peace of mind we so desire for everyone. When can I retire? What can we do to prevent outliving our assets? Can I afford to increase my giving? How do I plan for a successful wealth transfer in the future? The more clarity we have on the goals, desires, concerns, and needs, the more confidence we have to advise well. I think about one client who recently retired, and he has planned well for this transition. Since we’ve already covered all the basics successfully, we’re now looking beyond the basics with excitement: generous giving, mortgage support for children, education support for grandchildren, increased travel, and lots of discussion about future wealth transfer. I sense these clients are finding purpose with their wealth, and they’re experiencing increased joy with how money is being used. And this is our mission, to help people steward their assets well.
3. Technology is causing change; Is Miller Wealth Management changing with it?
We’re thankful for technological improvements. Many investment structures have changed or improved. With our adoption to using more Exchange-traded funds, our clients’ fees have been reduced. We’re using semi-liquid private investments that offer attractive risk-adjusted returns. We’re using ‘Box’ to bring organization and oversight to all clients’ financial life. Box is our secure, digital file storage center offering clients visibility to their important documents like life insurance policies, Wills, and Trusts. We’re applying new tools and technologies when our tech partners offer them. But just as importantly, here’s what is not changing: our mission to care for our clients and help them steward assets well, our investment principles of steady plodding, diversification, and long-term focus, our time-tested planning philosophies of aggressively paying down debt, seeking wise counsel, and spending less than you earn, and our commitment to continue meeting face-to-face with our clients. We believe that if we’re doing all these things, we’re giving our clients the best chance of financial success and peace of mind.
We’re excited about the year 2025, and we look forward to the opportunities to come!
Sincerely,
Stephen W. Miller, CIMA, CRPC® James E. Miller, CFP®
Senior Financial Advisor Senior Financial Advisor
J. Parker Morris, CFP®
Financial Advisor