By Published On: January 7, 2023

Happy 2023!

Now that 2022 is officially in the books, we can look back and safely say that markets experienced quite a few challenges this year, but that even those were tempered by a sizable rebound in the fourth quarter.  For the S&P 500, this was the 7th worst year going back to 1929 and ranks with the ugliest years of the Great Depression, the 2008 Financial Crisis, and the dot com bust of 2000.  With respect to a diversified portfolio, one of the worst parts was that bonds—which we hold in the portfolio as a something of a ‘hedge’ against poor equity returns—fared uncharacteristically poorly and didn’t serve their traditional role as ‘ballast’.  I could go on, but for now allow me to just say: “That’s the bad news.”

The good news was that markets rebounded in the fourth quarter as inflation data began to look more ‘normal’ and that despite the challenges of 2022, 2020 and 2021 had quite positive returns, making the entirety of markets during the pandemic era relatively unexceptional, especially when considered against how historically unique this period was otherwise.  I obviously do not know what 2023 holds in store for the markets, and we can certainly still point to a variety of global concerns, but staying invested when markets are down (so that we can capture the upswing when it happens to show up, as came this past November) has historically been one of the BEST things we can do to generate long-term positive returns.

Moving to Charles Schwab in 2023

In the Fall of 2019 Charles Schwab moved to acquire TD Ameritrade.  It feels like a lifetime ago but now the ‘merger’ is actually upon us, and transition plans and processes are being communicated.  Accounts will be moved from TD Ameritrade to Charles Schwab in early September 2023.  Although ‘bumps in the road’ are a near guarantee of such a change, I am comfortable with the plans and process that have been communicated to date.  Still, I am exploring several other custodial options should things change.  Any questions, please give me a call.

It’s Tax Season: See you this Spring

With most pandemic era precautions in the rear-view mirror, we’d like to make a point of seeing you this tax season.  For those clients for whom we prepare tax returns, expect a tax agreement in the coming weeks with deadlines and other critical information, and plan to meet with us between late January and early March.  If you don’t want to wait for us to reach out to you to schedule that meeting, please feel free to use my calendar link1 to schedule a meeting between January 20th and March 10th.

Clients for whom we do not engage in tax prep, please plan to meet with us between late April and Memorial Day weekend once we have had a chance to review your completed tax return. We’ll request your return in mid-April and will look to schedule our review at that time, but if you want to save space on your calendar now, and don’t want to wait for us to reach out and schedule, please feel free to use my calendar link[1] to set something up after April 15th.

I look forward to seeing you soon, Happy New Year to you and yours!

Live Long and Prosper,

Dan Tobias, CFP®


Please note: The above is a copy of the 2022 Q4 Passport Wealth Management client newsletter attached to quarterly statements from January 2023. The newsletter is published to the website for informational purposes only and is not financial or investment advice. You should consult a CERTIFIED FINANCIAL PLANNER™ Professional for financial advice. 

Past performance may not be indicative of future results. Indexes are not available for direct investment. Investing involves risks, including the potential for loss of principal. There is no guarantee that markets will act as they have in the past or that any investment plan or strategy will be successful.

About the Author: Dan Tobias

Daniel Tobias of Passport Wealth Management Fee-Only Financial Planner in Cornelius, NC
Daniel Tobias is a CERTIFIED FINANCIAL PLANNER Professional and a Fee-Only Advisor. He owns Passport Wealth Management, a financial advising firm based in Cornelius, NC that works with clients across the globe. He helps individuals plan for retirement, manage investment portfolios, mitigate taxes, and secure their financial futures. With more than 10 years in the industry, Daniel has spoken nationally on financial planning practice management and has served on the National Association Personal Financial Advisors (NAPFA) South Regional Board. He resides with his family near Lake Norman in North Carolina where he enjoys mountain biking, hiking and travel.

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