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Dear Clients and Friends,
A fitting analogy for the times we find ourselves in is the game of chicken. ‘Chicken’ links the fate of two players and their own mutually assured destruction. Knowing “when to flinch” staves off the path of ruin by yielding at the most appropriate time. The U.S. Federal Reserve is now ensnared in this game, carefully assessing economic growth and inflation – a byproduct of falling behind the curve and maintaining extraordinary accommodation for too long. This dynamic is unfolding rapidly as the Fed reacts to incoming data without the luxury of making incremental and smooth adjustments leading to a heightened risk of a policy error. The rapid interest rate increases are affecting practically every asset class and currency. These are the times we’re pleased to have done the portfolio and personal financial stress testing we do with clients as we wrap up our new client onboarding. Perhaps it is this stress testing that has provided the resilience and discipline for clients to see this market through.
Ashley Murphy
Founder, Principal
Areté Wealth Strategists
Sarah Newcomb, Ph.D., Morningstar Behavioural Economist joined us for our Q3 private client in mid-September and shared with us her profound ‘Financial Life Modes’ model. Sarah’s paradigm-shifting model relates to the traditional financial life mode which posits a single journey from early accumulation, to late accumulation, to decumulation. Building upon this, Sarah suggests instead that there are as many as eight different segments each with its own distinctive features. One only makes a consistent progression from left to right by learning different skills and addressing the appropriate planning tasks required of the stage.
In late July, my family said goodbye to Minnesota and moved back to Brisbane. Gone were the long, hot, and humid days of the mid-Western summer replaced with a cool winter freshness in Brisbane (which thankfully has persisted). On the flight out of Minneapolis, my girls were given the super-rare opportunity of taking a peek in the cockpit of the Airbus A321. As a budding aviation nerd, I had to muscle into the cockpit too (of course).
Part of the reason for coming to Australia was to give my family a real Australian cultural experience. These past September school holidays, we were able to tick another important one off when we visited the Great Barrier Reef and the Daintree rainforest. It had only been 35 years since I last saw the reef.
Kellen and his wife Jessica welcomed their first child, Griffin, back in July! He came in weighing 7 lbs 12 oz and is a healthy boy. Everyone is doing great and Kellen has just returned this week from his Q3 paternity leave. He looks forward to continuing to serve you.
- In Q3 we transitioned from Morningstar Office to Advyzon for our Portfolio reporting. Client's received a portal invite in early September. Overall, this is a big improvement in client experience, load times and the variety of reports that can be created.
- We went live with FPAlpha, a cutting edge suite of financial planning tools that allow us to provide fresh insights into tax and estate planning amongst a host of other topics.
Remember that nice little rally from mid-June until somewhere around mid-August, when the market returns seemed to be moving us out of bear market territory? We don't either; that little upturn seems like a long time ago.
Retirement at a Glance
IF YOU COULD PUT A PRICE ON IT – For a middle-income, married-couple family with two children, the estimated expense to raise a child from birth through age 17 was $233,610 in 2015, which, adjusted for inflation, is $292,017 today (source: USDA, CPI Inflation Calculator).
The Ever-Stronger Dollar
There’s an old joke that’s kind of funny: during a time when the U.S. dollar is weak against other currencies, we see a patient at the end of a checkup sitting on the doctor’s table with his shirt off, and the doctor is saying: “You’re sound as a dollar. If you think about that for a minute, you’ll check right into the hospital.”
Top Financial Do's and Don'ts for Americans Living in or Moving to Australia
Living in the United States, you've gotten used to the American system for banking, taxes, and investments. So, what happens to your finances when you move to Australia?
How to Move Your U.S. Retirement Accounts to Australia
For those moving to or returning to Australia, learn about your options and strategies for moving your U.S. retirement accounts into Australia.
Issues Affecting the Children of the Globally Mobile
Tuesday, Oct 24th at 8:30 PM ET / 7:30pm CT / 5:30PM PT which will be Wednesday, Oct 25th, at 11:30 AM in Sydney/Melbourne and 10:30 in Brisbane.
In this webinar, Arete Wealth Strategists Australia Founder/Principal Ashley Murphy, GFP (USA/AUS) CFP®, AIF® will be looking at Immigration issues, Education & college planning, How to structure and where to obtain life insurance, Estate planning (Wills/trusts) and Real Estate decisions.
Look for the webinar registration next week
Australian Real Estate - What the Expat Buyer Needs to Know
Tuesday Nov 29th, at 8:30 PM ET / 7:30pm CT / 5:30PM PT which will be Wednesday, Nov 30th, at 11:30 AM in Sydney/Melbourne and 10:30 in Brisbane.
I'm thrilled to be joined by Dr Andrew Unterweger, CEO of Wise Guru, an Australian expatriate buyer's advocate firm. He'll be sharing his insights to do with;
Registration available in mid November
Aussie Biz Owner's Guide to U.S. Financial Planning
Tuesday Dec 13th, at 8:30 PM ET / 7:30pm CT / 5:30PM PT which will be Wednesday, Dec 14th, at 11:30 AM in Sydney/Melbourne and 10:30 in Brisbane.
In this webinar, I'll be looking at what constitutes Taxable Australian Property and the tax impact on expatriating from Australia, what the taxable basis of one's business upon entering the U.S., the process of re-domestication (i.e. forming a Delaware, C Corp, Form 8854), defining source of income for assets titled outside of the U.S. (e.g. Australian family trust), provide an introduction to Controlled Foreign Corporations, U.S. Retirement Plans and definitions of tax residency.
Registration available in early December
Our Process - The Wealth Summit Pathway
If you’ve been pleased with the work we’ve accomplished together and have a friend or someone you care about facing similar challenges, please make an introduction. We guide all prospective clients through our Wealth Summit Pathway (WSP). The WSP is a well-defined process for onboarding a new client that aims to understand someone's most deeply held values, goals and understand their relationship to money. If we’re not the right firm to help them, we will do our best to find them the right advisor.
"Please let us know if we might be of assistance.
Have a wonderful rest of your day,"
Ashley Murphy, GFP (USA/AUS) CFP® AIF®
Areté Wealth Strategists, LLC.
Access our comprehensive, unbiased financial guides here.
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