Firm Commentary

Welcome to Wetherby Asset Management’s Online Newsletter Library. Our newsletters and commentary offer insight into timely news and events that shape our financial world. Please read important disclosures by clicking here.

Q4/18 Newsletter

Markets:

We believe the market sell-off during the fourth quarter of 2018 was a healthy and necessary correction of elevated valuations and unrealistic expectations of future growth. With softening growth data across the globe and significant market declines, such as those investors experienced in December, we recognize the temptation to react by reducing risk exposure. However, future expectations of global economic and corporate earnings growth are more in line with what has historically been the norm, and the asset allocation in portfolios has been positioned to incorporate the fact that markets will experience both upside and downside volatility.

Impact Update:

In September, Wetherby Asset Management completed B Lab’s 2018 Inclusive Economy Challenge, a call to action for the Certified B Corporation community to improve our collective impact and work toward a more inclusive economy.

Financial Planning:

The financial planning section topic is intra-family loans. Intra-family lending can be a great tool to assist junior generations through financially impactful moments. By following best practices, senior generations can avoid negative income and gift tax consequences while allowing effective use of family resources.

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Q4 / 18 Impact Investing Digest

Wetherby is pleased to share our Impact Investing Digest for the fourth quarter of 2018. This quarter’s digest features articles that highlight the increasing activism of employees at large technology firms as well as the perspective that purpose informs corporate strategy and culture to underpin sustainable financial performance. In addition, this edition includes several reports which focus on the ways in which impact and environmental, social and governance (ESG) considerations can add financial value. Please feel free to reach out to your Wetherby team if you have any questions or are interested in learning more.

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Our Perspective on Recent Market Volatility

This announcement contains a brief update of recent market events and our perspective on the recent market volatility.

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2018 Shareholder Resolution Sponsorship Report

As shareholders – and in particular, as thoughtful, long-term investors – our clients have a powerful voice. Through active shareholder engagement, our clients can encourage public company action on social and environmental issues that can help businesses achieve better growth and cost savings, improve their brands and reputations and strengthen broader stakeholder relationships, in turn, improving their future financial performance.

We are proud to report that during the 2018 annual meeting season, 23 Wetherby clients signed 78 authorizations to file and co-file 27 shareholder resolutions with 25 companies. We invite you to review the topics, resolutions and company highlights in our report.

If you have any questions, or are interested in getting involved as a client, please reach out to your Wetherby team.

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Q3/18 Newsletter

Markets: Global opportunities and risks are increasingly divergent and we remain wary of increasing vulnerabilities that potential trade wars and tightening monetary policy present. Pro-growth tax reform has supported strong gross domestic product (GDP) and earnings growth, and attractive fundamentals reflect strong confidence in the economy. However, we expect increasing challenges to such economic strength because of investors’ concerns of potentially aggressive monetary policy and the ultimate impact of any trade war on the U.S. economy.

Impact Update: We are proud to announce that Wetherby Asset Management became a Certified San Francisco Green Business in August. We are pleased to highlight an additional recognition as a 2018 Best For The World: Changemaker that we received from the non-profit B Lab in September.

Financial Planning: The financial planning section includes two articles. The first is about important tax considerations resulting from recent tax reform. Topics include standard deduction versus itemizing for 2018 and the future, changes to itemized deductions under the tax reform, aggregating deductions, and Qualified Charitable Distributions (QCDs) from IRA accounts. The second article is about why you may want to freeze your credit, especially now that credit freezes are available at no charge.

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