Well Balanced

For most people, retirement doesn’t stay the same from start to finish. It tends to move through distinct phases, each with different priorities and financial rhythms. Presented by Joe Grochowski, a senior wealth advisor at Vector Wealth Management. Connect with Joe and the team: vectorwealth.com/contact In this short video, I walk through what are often called the Go-Go years, the Slow-Go years, and the No-Go years. Early on, retirement may be active and experience-focused. Later, life often becomes steadier, with more attention on income alignment and simplifying finances. Eventually, planning may center more on health, support, and making things easier for you and your family. Put simply, your income strategy, withdrawal approach, and planning focus may need to evolve as your lifestyle changes. What works well in one phase may need adjusting in the next, and that flexibility is often a key part of thoughtful retirement planning. Watch the full video to better understand how these phases unfold and what to consider at each stage. - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - vectorwealth.com/regulatory V26076323

Retirement isn't just leaving your job—it's a life shift. Your time, your days, and your finances all change. Here's what matters: ✅ Replace your paycheck with steady income from savings & investments ✅ Protect against inflation over 10-20 years ✅ Time Social Security & Medicare strategically ✅ Coordinate withdrawals to minimize taxes But it's not just financial. Work gives life structure—retirement requires finding new rhythms. Ready to make your transition intentional and well-planned? Let's talk. Contact Vector Wealth Management https://www.vectorwealth.com/start - V26070321 All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. vectorwealth.com/regulatory

In this informative presentation, Paul Ewing, Schwab’s Senior Technology Consultant, and Boima Freeman, Senior Financial Fraud Investigator at the Minnesota Department of Commerce, share real-world examples and actionable strategies to help you safeguard your financial accounts and personal information. Vector’s Senior Wealth Advisor Mike Nesheim moderates the fireside chat and Q&A with the audience. Suzy Klapperich, Vector’s Chief Compliance Officer, shares a best practice of having trusted contacts on file with your financial advisor and financial custodians. Learn about: Email Security Best Practices - Why email is the #1 attack vector and how to protect sensitive information Password Management - The critical importance of unique, long passwords and password manager tools Multi-Factor Authentication - Adding essential layers of security to your accounts Phishing & Social Engineering - How to recognize and avoid sophisticated scam attempts Romance & Investment Scams - Real cases and warning signs to watch for Check Fraud & Mail Security - Protecting yourself from check washing and mail theft Credit Freezing - Preventing identity theft with credit bureau freezes Minnesota Safe Senior Act - Legal protections available to prevent financial exploitation Discover practical tips like using VPNs, avoiding public WiFi, cleaning up old emails, and setting up trusted contacts. Whether you're concerned about protecting your retirement savings or simply want to strengthen your cybersecurity posture, this session provides essential knowledge to keep you and your family safe in an increasingly digital world. - V26050315_2

Fraud is no longer rare—it's happening everywhere. In 2024 alone, three out of ten people experienced attempted fraud, with one in ten falling victim. For Minnesotans age 60 and older, reported losses reached $52.2 million, with actual losses potentially much higher since many cases go unreported. In this recording, Boima Freeman, Senior Financial Fraud Investigator at the Minnesota Department of Commerce shares his experience with a presentation focused on: the impact of financial exploitation, trends and tactics, the MN Safe Senior Act, and his advice on what you can do to avoid becoming a victim of financial fraud. Sharon Calhoun, Managing Director and Suzy Klapperich, Chief Compliance Officer at Vector Wealth Management kick off this recorded live event and introduce Boima. Check out a second live recording from the event featuring Schwab’s Senior Technology Consultant Paul Ewing and Senior Wealth Advisor Mike Nesheim, along with Boima Freeman for a fireside chat and Q&A with the audience. Visit our blog for more. Scams have become increasingly sophisticated. Fraudsters impersonate trusted companies, government agencies, and even family members. They create urgency and fear, keeping victims on the phone while coaching them on what to say to their banks. Common tactics include tech support pop-ups, romance scams, investment schemes, and government imposter calls. Three Critical Rules to Remember: Don't answer unknown calls—if it's important, they'll leave a voicemail Hang up immediately if something feels wrong Verify by contacting the company directly using a number you trust Red flags include requests for payment via gift cards, cryptocurrency, or wire transfers; demands for secrecy; and pressure to act immediately. The IRS will never ask for gift cards. Banks don't call demanding you move money to "secure locations." Vector Wealth Management recently prevented a major fraud when a long-time client attempted to liquidate his entire portfolio. Through persistence and partnership with the Minnesota Department of Commerce, they discovered he'd fallen victim to a Microsoft tech support scam. Protect yourself: Establish trusted contacts with your financial institutions, create unique passwords for different accounts, and never rush financial decisions. If someone pressures you to keep secrets or act immediately, it's a scam. Remember: Only you can prevent fraud. When in doubt, hang up and verify through official channels. - V26050315_1

The S&P 500 closed 2025 with an impressive 17% gain, underscoring the market’s resilience and strength. That strong finish came despite a challenging start to the year. In this update, we revisit what last year’s swings taught us and look ahead to how broader market participation is shaping the landscape for 2026. - More details on our website: vectorwealth.com Contact us: vectorwealth.com/contact - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - vectorwealth.com/regulatory V26020309

As we kick off the new year, we want to share a simple habit that can make a meaningful difference in your financial life: organizing your financial documents. Think of this as your Marie Kondo or Barbara Costello moment—but for your finances. A small amount of effort now can make the rest of the year feel smoother, more organized, and less stressful. What does financial decluttering involve? It really comes down to three key areas: account statements, tax documents, and important legal paperwork. 1. Account Statements & Confirmations Your monthly or quarterly custodian statements are the official records of your accounts. If you’re still receiving paper statements, consider switching to electronic delivery—it’s faster, easier to store, and more secure. In most cases, keeping your most recent statement is all that’s needed. If you’re holding onto statements from 10–15 years ago, it’s worth checking with your advisor before discarding them. Older documents may contain cost basis details that aren’t always tracked by custodians. 2. Tax Documents Keep your most recent tax return somewhere easy to access as new tax documents from the prior year begin arriving. Having last year’s return handy helps you know what to expect and simplifies the process for you or your accountant. A simple system works best. Consider creating a folder—digital, physical, or both—for each tax year. Inside, include items such as: W-2s and 1099s Investment statements Charitable giving receipts Medical and childcare expense records Mortgage interest statements Estimated tax payments Any other documents needed for filing 3. Important Legal Documents This category includes: • Wills • Powers of attorney • Healthcare directives • Beneficiary designations • Insurance policies • Birth and marriage certificates Make sure these documents are up to date, stored securely, and accessible to someone you trust. Having them organized provides peace of mind and makes things much easier for your loved ones if they ever need them. A Simple 30-Minute Challenge Schedule just 30 minutes this week—Tuesday at noon, for example—to: • Review last year’s tax return • Check on your key legal documents • Create folders for the new tax year You might even consider making this a recurring annual calendar event. Your future self—and your family—will thank you. Staying organized reduces stress, helps prevent mistakes, and keeps your financial life running smoothly. And if you’d like help getting started or want to review your documents together, don’t hesitate to reach out. We’re always here to support you. - vectorwealth.com/contact - V25351303 vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment.

Get a head start on your financial goals for 2026! In this episode, Chris Wagner, Wealth Advisor at Vector, shares six financial planning topics for the year ahead. Financial Planning in the New Year 73+ in 2026? Plan for Required Minimum Distributions (RMDs) from pre-tax accounts Maximize Giving with Qualified Charitable Distributions (QCDs) Roth Conversion for tax-free growth once in a Roth IRA Beneficiary Designations – Reminder to review and update Fund a Donor-Advised Fund (DAF) with appreciated investments Contribute to a 401(k) or HSA: Updated Limits in 2026 Plus, New Catch-Up Contribution Rule for High Earners If you’re age 50 or older and earned more than $150,000 with the same employer last year, all of your 401(k), 403(b), or 457(b) catch-up contributions must go into a Roth 401(k) account. 2026 is a transition year for this rule, with full enforcement starting in 2027. Check with your employer or retirement account custodian to learn if your plan is eligible. Whether you’re planning for retirement, looking to optimize your tax strategy, or simply want to stay informed about the latest changes, Vector is here to help. Happy New Year! - Connect with Vector at vectorwealth.com - Regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. Vectorwealth.com/regulatory

The Federal Reserve (Fed) recently lowered interest rates again. We discuss why—and what it could mean for markets and investors. Here’s a clear, plain-English update. What the Fed Did The Fed reduced its benchmark interest rate by another quarter of a percent this December, bringing the federal funds rate to about 3.50%, the lowest level in roughly three years. This marks the third consecutive rate cut following a period of aggressive rate hikes that began in 2022 to combat inflation. The federal funds rate is the interest rate banks charge one another for overnight loans, but its influence extends much further—affecting mortgage rates, business borrowing costs, and consumer credit. Why the Fed Cut Rates The Fed has a dual mandate: • Price stability, defined as inflation of about 2% annually (measured by the PCE index) • Maximum sustainable employment, meaning healthy job growth without overheating the economy Recent economic data—some of it delayed by the government shutdown—suggests that hiring is slowing, even as inflation continues to cool. That combination gave the Fed room to ease policy modestly without undoing progress on inflation. Beyond Rate Cuts: A Shift in Policy In addition to lowering rates, the Fed announced an important change to its balance sheet strategy. It ended its policy of allowing bonds to mature without reinvestment (known as quantitative tightening). Instead, the Fed will begin Reserve Management Purchases (RMPs)—buying roughly $40 billion per month in Treasury bills. While framed as a liquidity-stabilization effort, the practical effect is similar to quantitative easing: adding liquidity to the banking system to keep money moving through the economy. How Markets Have Responded Markets initially reacted positively, with stocks moving higher following the announcement. That said, not everyone at the Fed agreed—some policymakers dissented—highlighting ongoing uncertainty about how much further easing may occur. See our past Market Perspective episode titled “The Pen is Mightier than the Sword,” where we discuss how the Fed affects markets without adjusting interest rates. What This Means for Investors Lower interest rates can support economic growth by reducing borrowing costs and encouraging investment. This environment can be favorable for stocks if inflation remains contained and corporate earnings hold up. That said, we’re closely monitoring: • Employment trends • Consumer spending • Corporate earnings Staying Grounded in Your Plan While Fed decisions and short-term market moves make headlines, our approach remains consistent: bucket-based, goals-focused planning. We align your investment strategy with your personal objectives—whether that’s retirement, a business transition, or legacy planning—rather than reacting to every policy shift. If you have questions about how recent Fed actions may impact your portfolio or financial plan, please don’t hesitate to reach out. We’re here to help. - vectorwealth.com/contact - Regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. Vectorwealth.com/regulatory - V25349300

When it comes to retirement planning, one crucial piece often gets overlooked: your will. As you near retirement, a quick review can help ensure your wishes are clear and up-to-date, and your loved ones are protected. In this short video, we share about why, when, and how to update your will and ensure your estate documents are current and complete. If you have questions or need guidance on updating your estate plans, contact our office today to schedule a meeting. - vectorwealth.com/contact Sharon Calhoun, Managing Director - Regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. Vectorwealth.com/regulatory - V25342294

vectorwealth.com/contact - At Vector Wealth Management, we believe that strong families build strong legacies. One of the most effective—yet often overlooked—tools for achieving this is the regular family meeting. Why Family Meetings Matter Family meetings aren’t just for large family offices or businesses. They’re a powerful way for any family to improve communication, strengthen relationships, and ensure everyone understands the purpose and plan behind your family’s wealth. These meetings create intentional space to talk about what matters most: your values, goals, and the legacy you’re building together. What Can You Achieve? Share family history and stories Give every family member a voice Educate about shared assets, investments, or estate plans Introduce your advisors and clarify roles within the family Help family members build financial confidence for the future. Tips for Running Effective Family Meetings Define a clear purpose for each meeting Decide who should attend—immediate family, spouses, or even older grandchildren Share an agenda and materials in advance Establish ground rules to ensure everyone is heard Foster open, positive dialogue and focus on shared values The Long-Term Benefits Families who meet regularly are better prepared for life’s transitions. These conversations build trust, clarity, and resilience, helping your family navigate change with confidence. We’re Here to Help If you’d like help getting started—whether it’s structuring your first meeting, hosting a meeting space, or aligning your estate plan with your family’s goals—your Vector team is here to support you every step of the way. -> Regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. Vectorwealth.com/regulatory V25338293

vectorwealth.com/contact - High-earning families often do everything right: they save, they invest, and they plan ahead. But many still bump into a frustrating limitation—income limits that prevent direct Roth IRA contributions. In this episode of Well Balanced, Senior Wealth Advisor Mike Nesheim shares a story that highlights a potential solution for high earners: the backdoor Roth IRA. The household: a physician and spouse were saving diligently, but their high income meant they couldn’t make Roth IRA contributions. They assumed that opportunity was simply off the table. It wasn’t. After reviewing their situation together, Mike showed them how a backdoor Roth IRA could be a powerful long-term planning strategy. How the Strategy Works When income is too high for a direct Roth IRA contribution, you may still be eligible to: 1. Make a nondeductible (after-tax) contribution to a traditional IRA. 2. Convert it to a Roth IRA, where future growth and qualified withdrawals are tax-free. 3. Repeat annually if it aligns with your household tax picture. For this couple, the spouse—who wasn’t working full-time—was still eligible to contribute to an IRA because they filed jointly. That alone opened the door to decades of potential tax-free growth via Roth conversion. A Word About Rules: The Pro Rata Rule This isn’t a one-size-fits-all approach. The IRS looks at all your IRA balances when calculating how much of a conversion is taxable. This is known as the pro rata rule. If you only have after-tax IRA contributions with no pre-tax IRA balances, the conversion is generally tax-free. However, if you have pre-tax IRA balances, the conversion will be prorated. It’s these nuances that make thoughtful planning and coordination with your advisor and tax professional essential. Done thoughtfully, this strategy may be a meaningful lever in your long-term plan. If you’re wondering whether a backdoor Roth IRA—or any type of Roth conversion—fits your household, connect with your Vector advisor. We’re here to help you explore your options thoughtfully and in the context of your broader plan. And if this story resonates or reminds you of someone in your life, feel free to share it. Sometimes the right idea at the right time makes all the difference. - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Learn more: vectorwealth.com/regulatory - V25324292

A Moment of Low Consumer Confidence — and What’s Behind It In the most recent episode of Well-Balanced, Vector’s Jason Ranallo discusses the latest drop in U.S. consumer sentiment. November’s reading from the University of Michigan fell to 50.3, the second-lowest point since the pandemic recovery. The decline spanned age groups, income levels, and political affiliations — though households with larger stock ownership were noticeably more optimistic after a strong market year. Uncertainty continues to be the biggest drag. Concerns around the government shutdown and signs of a cooling labor market have made consumers hesitant heading into the holidays. Yet inflation expectations — how we believe future prices will behave — remain fairly steady. Economic Cycles vs. Market Cycles Cycles are normal. Historically: U.S. economic expansions average about four years Bull markets run for about 70 months, delivering cumulative returns above 220% on average Recessions last just over a year, Bear markets decline for roughly 14 months with an average drop of 39%, (*based on the S&P 500 index over the last ~100 years) Each downturn feels unique while we’re in it — the 1970s, the dot-com era, the financial crisis, the pandemic — yet markets have recovered every time, often stronger than before. Where Things Stand Today Despite low sentiment, several fundamentals remain supportive: Corporate earnings have generally been solid, Inflation has moderated, And the Federal Reserve has begun easing interest rates, gradually. Periods like this — when confidence is low but fundamentals are stabilizing — have historically preceded some of the strongest one-year market returns. A Framework for Uncertain Environments Two core principles that guide Vector’s planning approach: Diversification across markets, assets, geographies, and time periods We can’t predict which part of the market will lead in the short term. A goals-based or “bucket” structure Short-term spending needs are separated from longer-term growth buckets, helping individuals navigate volatility without disrupting their broader plan. Take Aways Low consumer confidence doesn’t always signal weakness in markets. Sometimes, it simply reflects uncertainty during transition — and history shows that patient, long-term investors have often benefited by sticking to the plan. If you’d like to review how your own financial buckets are positioned for the next few years, feel free to reach out. And if you found this helpful, share this Well-Balanced episode with anyone who might appreciate the perspective. - vectorwealth.com/contact vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed.

Some lessons are too valuable to keep to ourselves. If there’s someone in your life—a child, grandchild, or friend—who’s just beginning to save or invest, consider passing along this episode of Well Balanced. David Moser shares a simple, yet powerful illustration of how compound interest turns small, consistent investments into lasting wealth over time. Even for those already living off their portfolios, it’s a powerful reminder of why time and consistency matter. In David’s story, four friends each invest $1,000 per month, earning the same, for illustration purposes, 7% annual return but starting at different ages: · At 52, the total grows to about $170,000 after 10 years. · At 42, roughly $520,000 after 20 years. · At 32, over $1.1 million after 30 years. · At 22, about $2.5 million after 40 years. Each invests the same monthly amount—but the ones who start earlier let time do most of the work. It’s a great reminder for all investors: compound interest rewards patience, not perfection. 💡 Share this episode with someone who could use a head start—or a fresh perspective—on the power of saving early. - Chapters 0:25 Introduction to Compound Interest 1:44 The Scenario 3:02 Comparing Outcomes 4:30 The Hockey Stick Effect 5:21 Key Takeaways and Action Steps 5:56 Regulatory - vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25300287

If you own property in Minnesota but live elsewhere, you could face estate tax liabilities. Let’s say you live in Florida but own property in the great state of Minnesota—perhaps a summer cabin or investment real estate—understanding Minnesota’s estate tax laws is crucial for your financial planning. In this week’s Well Balanced podcast episode, Vector’s Managing Director, Sharon Calhoun discusses estate taxes and what out-of-state property owners need to know. Minnesota is one of only a dozen states that still impose a state-level estate tax, with an exemption of just $3 million (as of 2025). This is significantly lower than the federal exemption of $13.9 million, meaning many families who wouldn’t owe federal estate tax could still face a substantial Minnesota tax bill. Tax rates range from 13% to 16%, and the state’s overall tax burden is among the highest in the nation. Even if you’re domiciled in a tax-friendly state like Florida, your Minnesota-based assets may be subject to this tax. The calculation is pro-rated: the tax is first determined as if you were a Minnesota resident, then adjusted based on the proportion of your estate located in Minnesota. Key considerations include the lack of portability for married couples, the inclusion of certain gifts made within three years of death, and the treatment of property held in entities like LLCs. Estate planning in this environment is complex, but proactive strategies can help minimize surprises for your heirs. If you think these rules may affect you or your family, please reach out to your Vector Wealth Management advisor for personalized guidance. - This material is for informational purposes only and is not intended as, nor should it be relied upon for, tax, legal, or accounting advice. Always consult your own tax, legal, and accounting advisors before making decisions or implementing strategies. Learn more vectorwealth.com/regulatory - V25294285

Online Scams: How to Spot and Stop Them Before It’s Too Late Fraudsters are getting smarter — and more personal. One in three adults will face an online scam attempt this year, and even the most tech-savvy among us can be caught off guard. In this recent Well Balanced podcast, Chief Compliance Officer Suzy Klapperich and Vector advisor Charlie Gruys discuss the rising threat of online scams, including a real client experience that shows just how convincing these attacks can be. “My client saw a big red warning on his screen saying his computer was infected,” Charlie explains. “The message told him to call Microsoft immediately — but that number went straight to the scammers.” These scams are designed to create panic. They mimic trusted companies, use countdown timers, and even include robotic voices warning you not to shut down your computer. In the rush to “fix” the problem, many victims unknowingly give criminals remote access to their devices and financial information. Prevent and Protect Suzy and Charlie share a few key steps to prevent — and respond to — fraud attempts: Don’t call the number. If you see a pop-up or urgent message, close your browser window. Never grant remote access unless you initiated the request with a verified company. Call your advisor or a trusted family member if you’re unsure whether something is legitimate. A quick conversation can stop a phishing attempt or scam in its tracks. Have a trusted contact on file at Vector. This gives your advisor someone to reach out to if something looks suspicious and you’re unavailable. If you think you’ve been targeted, act fast. Contact your advisor or financial institution right away. Even if you’ve already shared personal information, firms and custodians have safeguards that can help freeze accounts and limit damage. These scams are designed to trick you into opening the door. By staying alert and knowing scammer’s tactics, you can stop or limit the impact if something does occur. The Bottom Line Scams aren’t going away, but with awareness, communication, and the right safeguards, you can manage and limit risk. Remember — if something feels urgent, frightening, or too good to be true, it probably is. If you’d like to learn more about protecting your financial accounts, reach out to your advisor at Vector Wealth Management. Visit vectorwealth.com/cyber-security for more information. Chapters: Introduction (0:00) The Scam Threat (0:49) Real-Life Example (1:09) How Scams Work (1:49) Protecting Yourself (2:28) Trusted Contacts (3:00) Regulatory (4:57) - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio. vectorwealth.com/regulatory - V25288284

Medicare is an important part of retirement planning, and for many is a topic that can feel overwhelming—especially with significant changes on the horizon. In our latest video, Joe Grochowski, Senior Wealth Advisor at Vector Wealth Management, breaks down what you need to know about Medicare, upcoming changes, and how to prepare. Understanding Medicare: The Basics Medicare is the government’s health insurance program for people 65 and older. It’s made up of four main parts: Part A: Hospital insurance (usually premium-free if you’ve worked long enough) Part B: Outpatient care, like doctor visits (monthly premium applies) Part C: Medicare Advantage, a private plan that bundles A and B, sometimes with extra perks Part D: Prescription drug coverage You’re eligible at age 65, with a seven-month window to sign up (three months before your birthday month, your birthday month, and three months after). Missing this window can result in penalties. What’s Changing in 2026? Several important updates are coming, especially for clients in Minnesota: UCare Exit: UCare is leaving the Medicare Advantage market at the end of 2025, affecting about 158,000 Minnesotans. If you’re on a UCare plan, you’ll need to select new coverage during the annual enrollment period (October 15 – December 7, 2025) to avoid losing coverage in January 2026. Medigap Flexibility: Minnesota is expanding guaranteed issue protections for Medigap (Medicare Supplement) plans in 2026. This means more people can switch plans without medical underwriting—a win for those with pre-existing conditions. However, premiums are expected to rise by about 6% on average. National Changes: Part D drug costs will be capped at $2,100 per year starting in 2026, with no more out-of-pocket costs for covered prescriptions after that. Medicare will begin negotiating prices for high-cost drugs, which could lower pharmacy bills. Medicare Advantage plans will face tighter rules on extra perks, focusing on real health outcomes. Expect increases in Part B premiums and IRMAA surcharges, especially for higher-income individuals. What Next? Here are a few key action items to keep in mind: If you’re on a UCare Advantage plan, mark October 15, 2025, on your calendar for open enrollment. Considering Medigap? 2026 brings more flexibility, but likely higher premiums—start exploring your options now. Using Part D? Budget for the new drug cap and check which medications will be covered under negotiated pricing. Each fall, review your annual notice of change to stay ahead of updates. Stay Proactive Medicare isn’t a “set it and forget it” program. The rules, costs, and your health needs can all change. Whether you’re preparing for your first enrollment or looking to optimize your current coverage, staying informed and proactive is essential. Stay well balanced! - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio. vectorwealth.com/regulatory

Fall is the perfect time to do a little “financial spring cleaning.” At Vector, we’re committed to helping our clients achieve long-term goals, but there are also some small steps you can take right now to set yourself up for success. Here are five easy financial tasks you can tackle this fall: Review Your Beneficiaries Take five minutes to log into your retirement accounts, life insurance, or old 401(k)s and make sure your beneficiaries are up to date. Life changes—marriages, divorces, new family members—can happen quickly, and keeping your paperwork current can save your loved ones stress down the road. Refresh Your Passwords Just like changing the batteries in your smoke detector, updating your passwords is routine maintenance that protects your most valuable assets. Update weak or duplicate passwords, enable two-factor authentication, and make sure a trusted family member knows how to access your key accounts if needed. Consider using a password manager for extra security. Sweep Out Old Subscriptions Take a look at your bank and credit card statements for recurring charges—subscriptions, apps, streaming services—that you no longer use. Canceling these can feel like finding extra cash in your pocket and gives you back control over your finances. Review Your Insurance Coverage Insurance is easy to set and forget, but it’s important to make sure your coverage still fits your life. Review your home, auto, umbrella, life, and disability policies. Have you added new valuables? Has your liability protection kept pace with your needs? A quick review now can prevent surprises later. Organize Your Key Documents Make sure your wills, trusts, healthcare directives, powers of attorney, and insurance policies are all in one place—whether digital or physical—and that someone you trust knows where to find them. This organization provides clarity for your family during stressful times. A Little Maintenance Goes a Long Way None of these tasks should take more than a few minutes, but together they’ll give you a clearer, more confident financial picture heading into the new year. If you have questions or want help prioritizing areas of your financial life, please reach out to your team at Vector Wealth Management. We’re here to support you every step of the way. - Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. All investment strategies have the potential for profit or loss. Past performance is not indicative of future performance. Form CRS and other regulatory information is available on our website: vectorwealth.com/regulatory - V25269280

Fall is a natural time to pause, reflect, and make sure your financial plan is aligned. At Vector, we proactively look across our client’s financial picture to identify opportunities that could improve tax efficiency before December 31st. Five Year-End Tax Planning Strategies 1. Roth Conversions – Paying some taxes now at current rates may provide more flexibility in retirement. 2. Tax Loss Harvesting – Using market downturns to offset gains and manage taxes in a disciplined way. 3. Capturing Capital Gains – Realizing gains strategically to rebalance or step up a cost basis. 4. Distribution Strategies – Evaluating which accounts to draw from, and when, to balance taxes and portfolio longevity. 5. Charitable Giving – Making generosity go further with strategies like donating appreciated securities or Donor-Advised Funds. While not every strategy fits every situation, the right ones can potentially make a meaningful difference. For more context, Vector’s Mike Nesheim dives into these topics in this week’s Well Balanced podcast. - vectorwealth.com/start to schedule an intro call. - Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. All investment strategies have the potential for profit or loss. Past performance is not indicative of future performance. Form CRS and other regulatory information is available on our website: vectorwealth.com/regulatory - V25258275

Why September Stands Out If you’ve heard of the “September Effect,” you already know the reputation. Over a century of data, every month of the year has averaged a positive return for the S&P 500—except September. Its historical average is a decline of about 0.8%. At the other end of the spectrum sits July, the strongest month, with an average gain of nearly 2%. In 2025, July (and August) lived up to that record, delivering fresh all-time highs for the index. Is September doomed to weak performance just because it has followed the good vibes of summer? Let’s dig deeper to understand what is behind these numbers. Frequency and Outliers What makes September unusual isn’t just the size of its average decline. It’s also the frequency. About half of all Septembers finish in the red, compared to the typical month, which is positive nearly two-thirds of the time. But the averages hide the real story. If you look closer, September’s record is heavily influenced by about 10 extreme downturns since the 1920s. These coincided with global events and systemic stress—like the Great Depression, the dot-com collapse, and the 2008 financial crisis. Remove just 10 outlier Septembers, including three from the Great Depression alone, and the month shifts from negative to positive. That tells us September’s reputation comes less from built-in seasonal weakness and more from a handful of extraordinary moments in market history. Context for Today Fast forward to today: we don’t see the same structural cracks that defined those historically bad Septembers. Surprises are always possible—markets have a way of delivering the unexpected—but current conditions look very different from the environments that produced those extreme outliers. It’s also important to note the setup. After a strong 2025 summer run, with the S&P 500 posting multiple new highs, some cooling off is normal. What Investors Can Do At Vector, we emphasize a disciplined approach to rebalancing. After strong gains, rebalancing means trimming back what has grown ahead of expectations and reallocating towards other areas . This helps manage concentration risk and turns volatility into an opportunity. So, is September truly cursed? Unlikely. More than anything, it reminds us that markets don’t move in straight lines—and even one of the world’s most consistent wealth-building engines has its off months. The long-term trend remains clear: growth outweighs the setbacks. A diversified plan, paired with conditions-based rebalancing, provides the steady foundation investors need—through Septembers, through Octobers, and well beyond. -- Contact us: vectorwealth.com/contact or schedule an intro call: https://www.vectorwealth.com/start - Disclosures and Regulatory vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

In moments when you need short-term liquidity—whether for a home down payment, a business opportunity, or bridging a timing gap—your portfolio can offer more flexibility than you might think. In our latest podcast, Wealth Advisor David Moser explores three strategic solutions available to Vector clients through their Schwab accounts. We talk though how each solution can provide access to funds based on your existing portfolio value. Overview 60-Day IRA Rollover Withdraw from your IRA without tax or penalty—as long as the funds are returned within 60 days. This can be a smart strategy for short-term cash needs, such as bridging a home sale. Keep in mind, this strategy requires selling investments, which means sitting out of market participation during the rollover period. Margin Loan Borrow against your brokerage account—no credit check or approval required. Your investments remain intact, and you avoid triggering potential capital gains. This option offers quick, flexible liquidity and, as a Vector client, you benefit from reduced negotiated interest rates through Schwab. Pledged Asset Line (PAL) A more structured loan against your brokerage account, typically suited for larger borrowing needs (minimum $100K). While it requires an application and setup process, it offers potentially higher borrowing limits—often around 60–70% of your portfolio’s value—compared to a margin loan. Each of these tools are generally available for investors with financial assets held at a custodian like Schwab—and each comes with its own pros and cons depending on your goals, account type, and timeline. Our role at Vector is to help you consider solutions that fits your financial plan best. If you’d like to learn more or explore which lending strategy may be right for you, we’re here to help. - Contact us: vectorwealth.com/contact or schedule an intro call: https://www.vectorwealth.com/start - Disclosures and Regulatory vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

In this edition of the Well Balanced podcast, we dive into three major financial stories making headlines: Stock Market Highs: The S&P 500 and NASDAQ have reached record highs, driven by optimism over potential interest rate cuts and strong corporate earnings. Earnings Season Highlights: Overall strong corporate earnings for Q2, with significant earnings growth across sectors like technology, communication, and financials. Interest Rate Outlook: Recent inflation report showed higher-than-expected price levels for producers in the economy. Despite this recent report, we anticipate the Fed will still cut interest rates in 2025, with implications for borrowing costs and investment. Watch, listen or read this week’s Market Perspective with Jason Ranallo. For more: vectorwealth.com/blog - Regulatory: visit vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio. - V25226266

In this conversation, Tom Lyons, chairman of the Minnesota Veterans Pantry and Vector’s Chris Wagner, discuss the importance of charitable giving and philanthropy. Tom shares his personal journey from military service to establishing the Minnesota Veterans Pantry, which addresses food insecurity among veterans. They explore the tax benefits of charitable contributions and the role of financial planning in supporting philanthropic efforts. Tom emphasizes the need for community support and encourages others to get involved in charitable work, highlighting the fulfillment that comes from helping those in need. Takeaways Tom's military service deeply influenced his commitment to helping veterans. The Minnesota Veterans Pantry addresses food insecurity among veterans. Charitable giving can provide tax benefits under new legislation. Sojourn is a valuable tool for financial planning and charitable giving. Tom encourages others to find a personal passion in philanthropy. Leaders have a responsibility to care for those they lead. About Thomas Lyons Tom Lyons has 40+ years of experience in business brokerage and mergers & acquisitions helping owners maximize the value of their companies. A Vietnam-era Air Force veteran, he’s also the author of Exit Strategy, a host of Minnesota Military Radio, and a passionate advocate working on veterans’ food security and family support through nonprofit initiatives like the Minnesota Veterans Pantry. Visit faelon.com/thomas-lyons to learn more about Tom and connect with his various causes and interests, including the Minnesota Veterans Pantry. - Disclosure: Tom Lyons is a current client of Vector Wealth Management. Vector Wealth Management is also a paid sponsor of Today’s Business Radio, a program hosted by Tom Lyons. Tom was not compensated for participating in this interview or for sharing it. His comments reflect his own opinions and experience and should not be construed as investment advice or a recommendation of Vector Wealth Management’s services. Past performance is not indicative of future results. Regulatory vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

In this conversation, Tom Lyons, founder of a mergers, acquisitions, and advisory firm, and Vector’s Sharon Calhoun, discuss the intricacies of business valuations, exit strategies, and how to maximize the value of a business. They explore the importance of planning and preparation for business owners considering selling their business, the role of management in enhancing enterprise value, and common mistakes to avoid during the exit process. The discussion emphasizes the need for business owners to understand their goals and plan for retirement effectively. Video and audio versions, along with a transcript of this conversation may be found on our blog. Vectorwealth.com/blog Takeaways Business valuations are an important part of planning an exit strategy. Understanding enterprise value may help owners to maximize their business worth. Planning for an exit (and retirement) should start early, ideally years before selling. A strong management team can increase a business's attractiveness to buyers. Not preparing adequately for a sale is a common mistake Business owners should seek multiple valuations to better understand worth. Tax implications play a significant role in business sales. Have a clear vision of life after business ownership. About Thomas Lyons Tom Lyons has 40+ years of experience in business brokerage and mergers & acquisitions helping owners maximize the value of their companies. A Vietnam-era Air Force veteran, he’s also the author of Exit Strategy, a host of Minnesota Military Radio, and a passionate advocate working on veterans’ food security and family support through nonprofit initiatives like the Minnesota Veterans Pantry. Visit www.faelon.com/thomas-lyons to learn more about Tom and connect with his various causes and interests, including the Minnesota Veterans Pantry. -- V25210263 vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brings sweeping tax changes—many of which could directly affect your income, savings, and estate plans. From an expanded standard deduction to new rules for charitable giving and 529 plans, the law offers opportunities—but also new limits and deadlines you’ll want to keep on your radar. In our latest podcast and blog, Vector Wealth advisors Sharon Calhoun and Joe Grochowski break down: How the standard deduction is changing—and when phaseouts apply The expanded SALT deduction cap (and who really benefits) A permanent $15 million estate and gift tax exemption Key charitable giving opportunities before 2026 rules take effect New flexibility for 529 education savings plans As always, we’re here to help you make sense of these changes and ensure your strategies stay aligned with your goals. More OBBBA details on our blog: vectorwealth.com/search?q=OBBBA - ID: V25205262 vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

All-Time Highs: What They Mean—and What They Don’t Today, we’re exploring a topic that’s hitting headlines, stirring conversations, and maybe even finding its way into your family group texts: all-time highs. Markets Are Up Let’s begin with the markets. Despite a turbulent first half of the year—rife with tariff negotiations, interest rate debates, geopolitical tensions, and the occasional curveball—the U.S. stock market has shown remarkable resilience. As of this week, major indices like the S&P 500 and Nasdaq are trading at or near record highs. But before jumping to conclusions: an all-time high in prices alone doesn’t mean the market is “due” for a drop. Think of it like your car’s odometer rolling past 100,000 miles—it doesn’t signal an imminent breakdown. In fact, hitting new highs is a normal part of long-term investing. This year alone, we’ve reached seven new highs. For perspective, there were 57 record-setting closes last year. Other items we are watching: corporate earnings, market valuations, volatility, interest rates. So far this year, the market is up about 7%. That journey hasn’t been smooth. In April, markets dropped nearly 20% from previous highs—only to rebound 26% from the bottom. April 9th even saw a record-setting one-day performance. As we like to say: the market takes a bumpy road to the long-term average. Another Kind of All-Time High: National Debt Ceiling Let’s shift to a different milestone—one that’s perhaps less celebratory. Recently, the U.S. passed the budget reconciliation law known as HR1, or informally, “one big beautiful bill.” Along with it came a $5 trillion increase to the national debt ceiling, from $36 trillion to $41 trillion. That’s a staggering number. For context: in 1996, the entire debt ceiling was $5 trillion. The debt ceiling operates like Uncle Sam’s credit limit—it doesn’t authorize new spending, but allows the government to meet its existing obligations like Social Security, defense, and interest payments. Since 1960, it’s been raised nearly 80 times to keep pace with our economy and obligations. Raising the ceiling helps avoid default, which is crucial. But rising debt levels raise questions about sustainability. It’s akin to continually raising your credit limit—the spending may continue, but so do the minimum payments. Eventually, the lender starts to worry. That’s why markets tend to focus more on debt sustainability than the absolute number. As long as our economy grows and trust in our institutions remains strong, the system is expected to hold. The All-Time High That Hits Home: Gap Between Home Prices and Housing Affordability Finally, let’s talk about an all-time high that’s hitting close to home—literally. The gap between home prices and affordability is near historic highs, posing a real challenge for new prospective homebuyers. While home values have climbed steadily—accelerating during the low-rate pandemic years—today’s higher mortgage rates have sharply increased the cost of borrowing. Mortgage rates now hover between 6.5% and 7%, more than double what they were just five years ago. That means even if a home’s price hasn’t changed, the monthly payment on a new mortgage has—by a lot. Historically, affordability crunches have created pressure for change, whether through falling rates, policy shifts, or increased housing supply. But none of those solutions happen overnight. At Vector, we believe the financial landscape is always a blend of opportunity and complexity. That’s why staying informed, grounded, and committed to a financial plan is essential—especially during times of record highs. Thanks for tuning in to Well Balanced. If you have questions or want to explore how these dynamics might impact your strategy, we’re here to help. vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25192257

What Would You Do With $300? In the latest episode of Well Balanced, Vector advisor Chris Wagner joins Ezra Firkins to discuss a simple but revealing question: Can a $300 purchase improve your life? From air fryers to flight upgrades, Chris and Ezra explore how small, intentional spending can bring real value—especially for clients who’ve spent a lifetime saving. The conversation invites listeners to reflect on their own comfort, habits, and hesitation around spending, even when their financial plans say, “Yes, you can.” But this isn’t just about gadgets or upgrades. The episode dives into deeper territory—how savers can transition into purposeful spenders, how to build confidence through small financial experiments, and how tools like Vector’s Sojourn planning platform can model those choices. They also explore themes of legacy, joy, and the emotional work of allowing yourself to enjoy the wealth you’ve built. Takeaways: 💸 Small purchases can spark big joy — Even $300 spent wisely can make life noticeably better. 🧠 Savers need a mindset shift — Transitioning from saving to spending in retirement is emotional, not just financial. 🧪 Start small, then evaluate — Try one thing (like a flight upgrade or a home project), and see how it feels. 🧰 Modeling builds confidence — Tools like Sojourn can show you exactly how a purchase fits into your plan. 🎁 Spending can be legacy too — Helping kids, supporting causes, or enjoying travel—these are meaningful uses of your wealth. Chapters 00:00 – Welcome & The $300 Idea 03:31 – Why Savers Struggle to Spend 07:02 – From Plans to Possibilities 10:34 – Start Small, Build Confidence 14:05 – Legacy, Comfort & Experience 17:36 – Model Financial Choices 21:08 – Confidence in Action & Wrap-Up - vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. -

In this edition of The Well Balanced Podcast, Ezra Firkins sits down with Senior Wealth Advisor Mike Nesheim to unpack a scenario that pre-retirees face: I’ve got a target date fund in my 401K and I plan to retire in the next few years. What next? Mike and Ezra explore how target date funds work, why they’re often a great accumulation tool, and when it might make sense to move beyond them. Here are 7 key takeaways about target date funds: 1. Target Date Funds Offer Built-in Diversification Target date funds are “funds of funds” — they include a mix of domestic and international stocks, bonds, and cash. This provides a simple, cost-effective way to achieve diversification within a single investment, especially within retirement plans like 401(k)s. 2. They Follow a Glide Path Strategy These funds automatically adjust their asset allocation over time, reducing equity exposure and increasing fixed income and cash as the target retirement year approaches. For example, a 2030 fund may move from 90% equities decades out to 60/40 near retirement. 3. They’re Designed for the Average Investor, Not the Individual Target date funds use a “one-size-fits-all” model. While they can be a good fit during accumulation years, they don’t account for individual needs like healthcare costs, specific withdrawal timelines, or legacy planning. 4. Withdrawal Mechanics Can Be Inefficient in Retirement When you take distributions from a target date fund, you’re selling both stocks and bonds in proportion to the fund’s allocation. This can be suboptimal during market downturns, as it may force selling equities at depressed values. 5. They Aren’t Built for Strategic Tax Planning Target date funds don’t allow for intentional asset location (e.g., placing stocks in Roth IRAs for growth, or bonds in taxable accounts for stability). Personalized portfolios can be more tax-efficient. 6. They May Not Reflect Your Risk Tolerance or Legacy Goals For investors with assets earmarked for heirs or charitable giving, target date funds may reduce equity exposure too aggressively. Customized plans can maintain higher stock allocations for long-term growth when appropriate. 7. Flexibility During Market Shifts Target date funds don’t allow you to selectively draw from low-volatility assets in a downturn. In contrast, a bucket strategy — like the one used at Vector Wealth Management — offers withdrawal flexibility that helps clients stay invested with confidence. - vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25155250

In this episode of Vector's Well Balanced podcast, senior wealth advisor Joe Grochowski discusses the financial planning aspects of weddings, particularly focusing on how parents can support their children while managing their own retirement plans. We explore the rising costs of weddings, the importance of budgeting, and the emotional significance of these events. 7 Key Takeaways: The average cost of a wedding is trending upwards. $30K+ on average. Parents often want to help make their child's wedding special. Planning for the costs of a wedding should ideally start in advance. Begin assessing available financial resources for wedding expenses. Avoid tapping into retirement funds or high interest debt for wedding costs. Setting a realistic budget that includes some overages. Planning for milestone events can enhance the joy of the occasion. Chapters: 00:00 Introductions and Setup 00:42 Scenario: Kids Get Married. Mom & Dad Spend. 01:04 Planning for Wedding Expenses 03:18 Bucket Base Approach to Planning 04:58 Avoid High Interest Loans 06:39 Setting Aside the Funds 09:21 Start Early - Final Thoughts - vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25155252

In this episode of Vector’s Well Balanced Podcast, our communications director Ezra and wealth manager Charlie Gruys explore retirement savings goals through practical examples, benchmarks, and financial planning insights. They discuss how income multiples (example: 6x annual income = investable savings at 55 years) can help guide retirement preparedness. The conversation presents two household scenarios: 10 years from retirement, earning $250,000 annually but starting with different asset bases ($500K vs. $1M). These examples illustrate the impact of savings contributions and hypothetical return rates in achieving a $2.5 million retirement goal by age 65. They talk about how rules-of-thumb such as “10x income at retirement” and “15% savings rate” are useful, effective planning must be tailored to the individual’s unique circumstances, including investment allocation, inflation assumptions, taxes, retirement age, and desired legacy. 7 Key Takeaways 1. Rules of Thumb Provide a Starting Point. Common benchmarks—like saving 3–4x income by age 45, 6x by 55, and 10x by retirement—are helpful guidelines, but not definitive prescriptions. 2. A 15% Savings Rate Is a Solid Target. Contributing approximately 15% of income toward retirement (including employer matches) is a widely accepted and achievable goal for many. 3. Investment Returns Significantly Impact Savings Needs. Assumed returns of 4%, 8%, or 12% greatly influence monthly savings requirements. Higher returns reduce the need for large monthly contributions, but are harder to sustain consistently. 4. Asset Location and Tax Considerations Matter. Saving in tax-advantaged accounts (e.g., 401(k)s, IRAs) and ensuring assets are invested appropriately—not merely saved in low-yield accounts—is essential for long-term growth. 5. Personal Factors Affect Retirement Needs. Variables such as lifestyle, health, debts, retirement age, and longevity expectations all play critical roles in determining appropriate savings goals. 6. Inflation Assumptions Should Be Tailored. While 3% is a standard inflation assumption, personalized inflation rates for categories like travel or healthcare may offer better forecasting accuracy. 7. Legacy Goals and Risk Tolerance Influence Planning. Whether a retiree wishes to leave a financial legacy or spend down their assets affects savings targets and investment strategy, especially as market volatility becomes harder to stomach near or in retirement. - vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25149249

In our latest episode, Vector’s Sharon Calhoun sits down with Emily Victory, a pattern-driven artist whose work lives at the intersection of art and mathematics. Emily shares her journey, revealing how structure and expression come together through a creative process. Takeaways Taking the first steps in any creative pursuit is often the hardest. Embrace the journey of exploration. Art can make math more accessible. Every piece of art, like every financial plan, is unique. Curiosity drives creativity. Maintain a beginner’s mindset. Chapters 00:00 Exploring Patterns in Art 07:50 The Creative Process: From Concept to Completion 16:39 The Role of Math in Art and Financial Planning 25:17 Authenticity and Individuality 28:53 Connect with Emily 30:37 Final Thoughts 32:04 Regulatory About Emily Emily has degrees in mathematics and fine arts and loves combining the two. Her work has been featured on HGTV, PBS, and Twin Cities Public Television. She has spoken at The Walker Art Center, University of Minnesota, St. Cloud State University, Luther College, and the Science Museum of Minnesota. A MN Original Artist Day Jobs episode featuring Emily won a Midwest Emmy and was included in PBS’s National Video Contest, where it won Most Viewed Video. Visit emvictorystudio.com. About Vector Vector Wealth Management is passionate about helping clients succeed by providing a financial planning framework to make confident, smart decisions and, ultimately, planning for tomorrow while getting today right! - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - vectorwealth.com/regulatory V25139246

A shift occurred in the world of government bonds—one that, if the trend continues, could have implications for interest rates, mortgage affordability, and the broader economy. In our latest podcast episode, Vector’s Jason Ranallo breaks down what rating agency Moody’s downgrade of U.S. Treasury debt means—and if it matters for your financial future. Summary Moody’s has lowered the U.S. government’s credit rating from AAA to Aa1, citing persistent fiscal deficits and rising interest costs. While this may sound concerning, we believe that Treasuries can have a place in a diversified portfolio, and the fundamentals of the U.S. economy are still strong. We also look at Treasury yields–which have remained in fair-value range, mortgage rates, U.S. debt levels, and GDP. ⸻ Key Takeaways Moody’s Downgrade: The U.S. lost its last AAA rating from Moody’s, following similar moves by S&P and Fitch. Historical Context: Moody’s AAA rating had stood since 1917, when the U.S. issued Liberty Bonds to fund World War I. Debt Trajectory: Federal debt could rise to 134% of GDP within a decade, analysts suggest, up from 40% two decades ago. Market Response: Despite the downgrade, 10-year Treasury yields remain steady around 4.45%. Impact on Mortgages: With rates near 6.9%, housing affordability is at a multi-decade low—especially for first-time buyers. Investment Strategy: Treasuries remain valuable for their liquidity and relative stability, even amid changing credit ratings. At Vector, our team remains focused on helping you navigate changes in your financial life with clarity, not reaction. This downgrade is important, but it doesn’t change our confidence in your investment policy. -- vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

Every quarter, a new set of GDP reports make headlines. In our latest podcast we dig into Gross Domestic Product, market reaction, and dig into the details behind the numbers. Here’s the backdrop: The first estimate of Q1 GDP report showed the U.S. economy contracted in the first quarter of the year—which rattled markets Wednesday morning. That said, if you checked markets after lunch the same day, you might have missed the whole reaction. As with most things, there is a nuanced story beneath the headline. Imports. Compared to the prior quarter, imports increased by over 9% (~40% annualized), which in economic accounting reduces GDP. Here’s the takeaway: imports bringing down GDP is likely a short-term effect. We believe that businesses and consumers were buying goods ahead of expected tariffs, thereby increasing imports in Q1. This is front-running—essentially stockpiling today to avoid future costs tomorrow. We would expect imports to ease or average out in future quarters. At Vector, we believe that emotional investing based on headlines is usually unhelpful. Contractions and advancements are a normal part of the economic cycle. But predicting exactly when they’ll come, how long they’ll last, or what will cause them is nearly impossible. That’s why we focus on planning for uncertainty, rather than trying to avoid it altogether. - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. V25120241

This week, we’re applying our facts-frame-approach concept (introduced in last week’s podcast) to a couple of themes making headlines: tariffs and market volatility. News Theme One: Tariffs and Historic Market Reaction On April 2, the administration announced sweeping tariffs on a range of imported goods. After an initial market decline of nearly 20%, a 90-day tariff pause was issued, and markets quickly rebounded — posting a 9.5% single-day gain, one of the highest on record. This highlights two key frameworks: markets don’t move uniformly (underscoring the value of diversification) and attempting to time (in and out of) the market can have major downsides. Historically, missing just the 10 best days over 20 years could reduce returns by nearly half. News Theme Two: Market Volatility and Uncertainty Markets have seen increased daily swings, with the S&P 500 down around 10% year to date. Volatility like this, while uncomfortable, is not unusual. Historically, and on average, 10% market corrections happen about once a year, and deeper declines (20+ percent) occur roughly every three years. Staying invested through turbulent periods has historically rewarded patient investors, as the strongest rebounds have been clustered around the steepest declines. Throughout it all, we remain grounded in these four frameworks: · Time Horizon: Time in the market is more effective than timing the market. · Real Returns: Focus on outpacing inflation. · Diversification: Prepare for multiple scenarios. · Compounding of Assets: Growth on growth, over time. At Vector, we believe that having a thoughtful framework not only helps make sense of today’s headlines, but also keeps us steady when the next story breaks. - Get started at Vector: vectorwealth.com/start - vectorwealth.com/regulatory V25104237 - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

In times of market swings, it’s easy to feel like you’re being swept along by a wave of headlines and data points. At Vector Wealth, we believe that while facts, like market prices, are important, they only tell part of the story. Sound investment decisions come not just from knowing the facts, but from having a framework that gives those facts meaning and direction. In our latest podcast episode, Facts, Framework & Approach, Jason Ranallo walks through the current state of the market and economy. Then we follow up with our views and perspective: 📉 This week markets brushed up against bear market territory, declining nearly 20% from February highs. We have seen some recovery since the low. 🧮The S&P 500 index whipsawed this week after on-again, off-again tariff talks were paused — though not without caveats. 📊 Unemployment is at 4.2% — up, but still within a historically normal range. 📉 The Fed Funds rate is holding steady at 4.33% after a series of cuts that started in September 2024 when the rate was 5.33%. 🛒 The inflation rate has cooled to 2.8%, down significantly from its 2022 peak and down slightly from its year-to-date average. These key investment frameworks shape our approach: Time Horizon – Time in the market is more effective than timing the market. Real Returns – Wealth is built by outpacing inflation. Diversification as a Discipline – Prepare for multiple outcomes & uncertainty. Compounding of Growth Assets – Given time, returns effectively earn returns. Two key tenets of our bucket-based approach include: Planning for 2–3 years of assured income to avoid becoming a forced seller of long-term assets in a down market. Staging growth assets for the long term to isolate the potential volatility of stocks into later buckets to position for compounding growth. Our view is that by maintaining this diversified stance, clients will be better prepared for what comes next. As always, we’re here to help you make informed, confident decisions about your financial future. - New to Vector? Schedule an introduction at vectorwealth.com/start - V25099236 vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

When people feel the worst about the economy, that’s often when markets perform their best. Strange, right? But this is one of the fascinating dynamics we see when we dig into consumer sentiment—a gauge of how people feel about the economy. The March preliminary Consumer Sentiment Index slumped 7 points to a lower-than-expected reading of 57.9. This was the third consecutive decline, bringing sentiment to its lowest level since 2022. The sharp deterioration is historically consistent with a slowdown in economic growth, as consumers typically pull back on spending. Historically, when consumer sentiment is at its lowest, the stock market tends to rally—often strongly—over the next 12 months. In fact, the average return for the stock market following sentiment troughs is just over 24%, compared to just 3.5% after sentiment peaks. Why this disconnect? While current concerns about inflation, layoffs, and geo-politics are valid, financial markets are forward-looking. Markets are not only reacting to today’s emotions—they’re also trying to price in tomorrow’s outcomes. Periods of extreme pessimism can signal opportunity for long-term investors. In this video podcast, we explore how sentiment acts as a contrarian indicator and how investors can respond. Rather than predicting the bottom, we emphasize having a plan, a diversified investment approach, and the ability to take action. Take aways: • Consumer sentiment can be a contrarian indicator • Markets are forward-looking. • Intra-year market declines have averaged -14% (yet finished positive a favorable 75% of the time) Worth noting past performance is no guarantee of future results. We zoom out for context and understanding. If this market update has got you thinking about someone you care about or your own financial plans—we’d love to hear from you. You can reach out to us directly or through our website to schedule a conversation. - Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. - For more, visit: Vectorwealth.com/regulatory V25087233

Stock market volatility has returned, driven in part by increased uncertainty. As of March 11th, the S&P 500 was down about 9.3% from its all-time high made in February. The largest tech-oriented companies, like those comprising the Magnificent 7, experienced an even steeper decline. While this can feel unnerving, it’s important to remember that five to 10 percent market declines are not unusual. Over the past 100 years or so: - A 5% market decline has occurred about 3.4 times per year (mild correction). - A 10% market decline has occurred about 1.1 times per year (moderate correction). - 100% of the time (present decline excluded, for now) declines have been overcome (new all-time high). During this period of increased market volatility, diversification of investments has proved its value. While U.S. large-cap stocks, broadly, are down so far this year, international stocks, bonds, and commodities have been positive. Why diversify: “No single investment or asset class should determine the success of your financial future.” Economy: Estimates of activity as measured by real GDP, were recently revised down. Importantly, this revision was primarily driven by a surge in imports ahead of potential tariff implementation. In short, economic activity is uneven given that people and businesses were front running the tariffs. Despite the concerns and revisions, other key economic indicators remain stable. Unemployment is low, household debt, while increasing, is still manageable, and credit conditions are supporting demand. This data can change, however at this time, there is not yet evidence of a broader economic slowdown or recession. We know that market volatility can feel unsettling. Uncertainty, however, has always been part of investing, and these mild and moderate corrections, while uniquely challenging, have historically been overcome. Our Approach: Maintain a disciplined strategy built on asset and time diversification, an ability to take action, and thoughtful planning. - Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. - Vectorwealth.com/regulatory V25070230

In this podcast episode, senior wealth advisor Mike Nesheim discusses the importance of financial planning for surviving spouses. We explore the role of financial advisors in guiding families through the complexities of asset management, distribution strategies, and legacy planning. The conversation emphasizes the need for open communication between spouses about financial goals and the necessity of involving family members in the planning process. We also highlight the significance of proper beneficiary setup and the use of tools like Vector’s Sojourn to provide clarity and confidence in financial decisions. Takeaways: Surviving Spouse & Financial Planning Open communication about finances is crucial between spouses. Beneficiary setup is key to avoid probate issues. Involving family in financial discussions can ease transitions. Asset staging helps in managing distributions effectively. Understanding tax implications is important for financial strategies. Regular reviews of estate plans are necessary. Advisors should act as CFOs to their clients' financial decisions. Planning for a post-passing legacy ensures a smooth transition of assets. Chapters: 00:00 Introduction and Overview 00:39 Personal Catch Up 01:39 Financial Planning for Surviving Spouses 04:49 Importance of Communication 06:16 Involving Family in Financial Discussions 08:39 Asset Distribution and Tax Strategies 11:47 Preparing for Financial Planning Meetings 13:43 Final Thoughts 14:01 Regulatory Regulatory information at: vectorwealth.com/regulatory Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. V25056218

You might wonder—do tariffs or the Super Bowl cause inflation? Locally, and in the short term, yes. This week, two seemingly unrelated events—proposed tariffs and the Super Bowl—offer us a chance to dig into consumer behavior in the face of potentially rapidly changing pricing. Tariffs can drive up prices on goods which increases costs for consumers and businesses. Tariffs, broadly, act like a tax—they create friction in trade, making it harder for businesses to operate efficiently. Think supply chain disruptions, re-tooling of manufacturing, and changing workforce dynamics. Similarly, the Super Bowl creates a localized economic surge, with host cities seeing higher hotel rates, packed restaurants, and a surge in demand for ride shares. In our view, neither tariffs nor the Super Bowl generate new money—they simply redistribute existing economic resources. Tariffs can shift economic activity from importers to domestic producers. This week, fans will shift their entertainment dollars toward football and the big game’s necessary accouterments. After the Super Bowl, however, New Orleans, the host city, will clean up, fans will travel home, and the local economy will trend to average. The $3,500 ticket, hotel stay, and meals out attending Super Bowl weekend are dollars not spent on a new car or a vacation to Cancun. Tariff Takeaways for Investors We believe at this point the risks to US economic growth from tariffs are low. Presidents can implement tariffs easily, just as they can reverse course. Diversification is still one of the best tools to manage uncertainty. Get Started - Schedule Intro Call: https://www.vectorwealth.com/start - Regulatory: https://www.vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. - Item: V25037207

This week’s Market Perspective explores the significant influence of future expectations on economic activity. We illustrate the point through a few examples: Nvidia's stock volatility, the Federal Reserve's interest rate decisions, and the impact of social media on tourism. The discussion emphasizes how new information can shift economic value and consumer behavior, highlighting the dynamic and interconnected nature of markets. Key Insights Stock prices (like Nvidia's) reflect a volatility driven by market expectations. Expectations can swing back just as easily as they surge. New information can instantly alter economic value. At the heart of our three stories lies a fundamental truth: markets, economies, and behaviors are inherently unpredictable. Just as Nvidia’s stock price can swing dramatically based on shifting investor sentiment, the Federal Reserve’s policy decisions hinge on ever-evolving economic data, and a single social media post can turn a quiet ski resort into a crowded hotspot overnight. While we analyze trends and make informed predictions, the future remains unknowable. Forward expectations drive markets, but they can reverse just as quickly as they form. This unpredictability is not a flaw—it’s the essence of dynamic systems, where new information continuously reshapes value, perception, and behavior. The best way, in our view, to navigate the inevitable twists and turns ahead is recognize that uncertainty is constant. The economic landscape isn’t just shaped by what’s happening now—it’s defined by what people expect to happen next. And when expectations shift, so does everything else. The takeaway: Those who remain steady amid uncertainty, adjusting without overreacting, we believe, are the ones who often come out ahead in the long run.

In this episode we discuss the importance of regular maintenance in both skiing and financial planning, emphasizing how proactive measures can prevent larger issues down the trail. Vector advisor Charlie Gruys shares insights from his experience as a youth ski coach, detailing the process of tuning skis and dialing DINs. The conversation also covers common financial to-dos, the significance of regular budget reviews, and the need for portfolio rebalancing. Ultimately, we cover the importance of mindset and resilience in both skiing and financial planning, encouraging listeners to act on the deferred maintenance in their lives. About Charlie Charlie is a wealth advisor at Vector and works directly with clients to support their financial planning and portfolio management. He has been involved in coaching youth downhill skiing at Hyland Hills since 2012. When he is not sharping ski edges in January or serving Vector’s clients, you can find him with his wife and four kids enjoying lake life. Ski tuning or wealth management needs? Charlie is here to help. Takeaways Regular maintenance can lead to optimal performance Choosing the right types of accounts is important when considering saving and investing strategies Regular budget reviews help maintain financial health Portfolio rebalancing is a way to respond to changes in the weight of your portfolio allocations Mindset and resilience are key in both skiing and your financial life Reflect on your own deferred maintenance tasks Chapters 00:00 Introduction to Skiing and Maintenance 02:45 The Importance of Ski Tuning 04:41 Ski Safety and Equipment Checks 07:10 Financial Analogies in Ski Maintenance 09:55 Deferred Maintenance in Financial Planning 11:51 Beneficiary Considerations 13:10 Regular Budget Reviews 15:53 Portfolio Maintenance and Rebalancing 18:05 Mindset and Resilience in Skiing 19:01 Conclusion and Call to Action 20:15 Regulatory 20:15 Good Job Benny!! We’d love to hear your stories of deferred maintenance. What have you finally crossed off your list? Let us know! - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. V25021202 - vectorwealth.com/regulatory

Jason Ranallo and Kara Murphy discuss the economic and market outlook for the upcoming year. They explore various themes including market trends, the impact of U.S. debt, the performance of the Magnificent Seven stocks, and the influence of AI on productivity. The conversation also covers mergers and acquisitions, real estate investment considerations, and the effects of political administration on market dynamics. The session concludes with insights on planning for future investments and the importance of diversification. Originally recorded and streamed on January 14th, 2025. Takeaways The best-selling Barbie was Totally Hair Barbie, illustrating market surprises. Chewbacca Barbie is the most valuable today, showing how perceived value can differ. S. large cap stocks had a strong return of 25% last year. Don't fight the Fed; monetary policy significantly impacts stock performance. The Magnificent Seven stocks have shown extraordinary performance, but earnings growth is crucial. Diversification is essential to mitigate some risks in investing. S. debt is a growing concern, requiring a mix of solutions. AI has the potential to boost productivity but may not benefit all workers equally. Chapters The following chapter titles and start times are provide for those wanting to quickly jump to sections of interest. 00:00 Introduction and Overview of Vector Wealth Management 01:16 Investing and Barbie 04:41 Looking Back: 2024 Returns 05:28 The Economic Dashboard 06:38 The Magnificent 7: Driving Performance 09:40 Mag 7 vs. S&P 500, Among Others 11:27 Zooming Out - 200 Years 12:24 Jason & Kara Discussion & Market Perspective 14:33 Q&A Section 14:43 Q&A: U.S. debt as a percentage of GDP 16:53 Q&A: Owning assets that outpace inflation 17:35 Q&A: Public debt as a percent of the economy 18:51 Q&A: M2, The money supply. 19:48 Q&A: Productivity gains from AI 21:31 Q&A: U.S. workers left out of economic recovery 22:01 Mergers and Acquisitions: Current Trends 23:42 Real Estate and REITs: Investment Considerations 24:59 Q&A: Political Climate and Market Implications 26:51 Software & Semiconductors - Post Election 28:16 Bitcoin – Post Election 29:32 Q&A: IRA & Roth IRA 30:20 Q&A: 529 & Roth IRA 31:22 Q&A: Insurance, Fires in California 34:11 Q&A: Time Horizons & Asset Allocations 36:04 Contact Vector with Questions 36:28 Regulatory -- Kara Murphy is the Chief Investment Officer of Kestra Investment Management. She and her team collaborate with Bluespring/Kestra partner firms, including Vector Wealth Management. Kara is a keynote speaker at industry conferences and a regular contributor to many television and radio programs, including CNBC, Bloomberg TV, and Bloomberg Radio. She is also regularly quoted in financial publications like the Wall Street Journal, New York Times, and Barron's. And to top it all off, Kara was recently named chief investment officer of the year in 2024's Women in Finance Awards*. Hosted by Jason Ranallo, who serves as Chief Operating Officer and Director of Portfolio Management at Vector Wealth Management. - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - Vectorwealth.com/regulatory V24355195

When it comes to withdrawing from your portfolio, timing is everything. During your working and saving years, the average annual return over time is what matters most since you’re not actively withdrawing funds. However, as you approach retirement and begin drawing from your portfolio, the sequence of returns—the order in which market gains or losses occur—takes on much greater importance. Poor returns experienced early in retirement can significantly impact the longevity of your savings. At Vector Wealth, we use a bucket-based approach to planning and investing. This strategy segments your investments into different “buckets” based on your time horizons and financial goals. By aligning withdrawals with specific investment buckets, this method helps mitigate the risks of a poor sequence of returns. How It Works: A Practical Example Imagine a recently retired 65-year-old couple with a $3 million portfolio. They plan to withdraw $120,000 per year for living expenses. Using our bucket-based approach, we would set aside three years’ worth of income needs—$360,000—into very conservative investments. This first bucket serves as a buffer for their immediate withdrawal needs. Now, let’s examine two potential market scenarios: one good and one less favorable. Scenario One: A Positive Market Sequence In the first scenario, the stock market rises for two consecutive years. During this time, the withdrawals occur, and the first bucket begins to be spent down. As markets moved higher, we rebalanced the portfolio and “reloaded” the first bucket to maintain the three-year buffer for future withdrawals. Scenario Two: A Negative Market Sequence In a less favorable scenario, markets decline during the couple’s first few years of retirement. Withdrawals still occur, and the conservative bucket is drawn down. However, since markets are down, we delay reloading this bucket, giving the longer-term investments time to recover. By not selling stocks during a market downturn to fund withdrawals, we avoid locking in losses. Once markets recover, we resume rebalancing and reestablishing the three-year buffer. The Benefits of a Bucket-Based Approach Why do we use this strategy? Market Unpredictability – Stock markets are volatile in the short term, and no one can predict their movements. A bucket-based approach helps you plan for uncertainty. Peace of Mind – Withdrawal needs are thoughtfully planned and matched to specific investments, providing clarity and confidence. Limit Emotional Decisions – Having a structured plan in place helps prevent making emotionally charged decisions. By aligning your withdrawal strategy with a bucket-based approach, you can maintain your lifestyle while safeguarding your portfolio against the risks of a poor sequence of returns. To learn more about the sequence of returns and other financial planning topics, visit us at vectorwealth.com. - vectorwealth.com/regulatory for more about our relationship with you and this informational and educational content. v25007200

As we approach 2025, it’s great time to plan for a financially strong year ahead. In this podcast, Vector Advisor, Chris Wagner discusses Required Minimum Distributions (RMDs), Qualified Charitable Distributions (QCDs), and explores Roth conversions. Chris also reminds us to review beneficiary designations to ensure they align with your wishes. Did you know: The gift tax exclusion increases to $19,000 in 2025. For charitably inclined individuals, a donor-advised fund may offer tax benefits and flexibility. Higher limits on HSA’s may help maximize health savings. Chapters: 0:03 - Introductions & 2025 Planning 0:16 - Required Minimum Distribution 1:15 - Qualified Charitable Distributions 2:31 - Roth Conversions 3:16 - Beneficiary Designations 3:52 - Gift Planning 4:20 - Donor Advised Fund 5:04 - HSA - Health Savings Account 5:22 - Wrap Up 5:55 – Regulatory - All content discussed in our podcasts, videos, or related blog articles is for informational purposes and should not be construed as individualized financial advice. Learn more: vectorwealth.com/regulatory V24358196

In this episode of our podcast, Jason Ranallo and Kara Murphy discuss the current state of the markets and consumer behavior, particularly in the context of the holiday spending season. They explore the complexities of consumer confidence, the impact of inflation on spending habits, and the performance of the stock market, including the potential for a Santa rally. Kara shares insights on the health of consumer balance sheets, the labor market, and the overall economic outlook for the coming year. Who is Kara Murphy? Kara Murphy is the Chief Investment Officer of Kestra Investment Management, where she and her team collaborate with Bluespring/Kestra partner firms, including Vector Wealth Management. Kara is a regular contributor on CNBC and Bloomberg TV. She is also active within financial publications including The Wall Street Journal, The New York Times, and Barron’s. Takeaways from the conversation The labor market is healthy with low unemployment. Consumer confidence is relatively low, in part due to the impacts of inflation. Holiday sales are expected to be up about 3%. Earnings growth among large companies is strong. Santa rallies (strong year-end market performance) have been less reliable in recent years. Save the Date – January 14th at 3 pm (CST) Kara will join us again for a livestream on the market and economic outlook. We will follow up with additional details about this event. Stay tuned. Chapters 00:00 - Introduction to Kara Murphy 03:11 - Current Trends in Consumer Behavior 06:33 - Understanding Consumer Confidence 08:12 - The Impact of Inflation on Spending 09:32 - Market Trends and Santa Rallies 11:34 – Regulatory - V24353194 vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles is for informational purposes and should not be construed as individualized financial advice.

In this engaging conversation hosted by Vector’s Jason Ranallo, Matthew Hartranft, an experienced M&A attorney with Brutlag Trucke & Doherty, shares practical strategies for business owners navigating the mergers and acquisitions (M&A) landscape. With a background in banking and inspiration drawn from his early legal and volunteer experiences, Matt emphasizes the importance of understanding your business’s value and being prepared for potential exits, even if they aren’t imminent. He highlights actionable steps, including conducting a gap analysis to determine what’s needed to meet personal financial goals post-sale and ensuring financial advisors and accountants are on the same page. Matt stresses the need for readiness, as external factors like interest rate shifts or market conditions can quickly influence opportunities. A key takeaway is the importance of preparation in negotiations, including gathering robust financial evidence to support valuations and leveraging timing to secure better deals. Matt underscores the principle that “time kills deals,” advocating for clear planning and collaboration to streamline the process. Sharing a success story of nearly doubling a client’s deal value, Matt illustrates how strategic negotiation, competitive analysis, and attention to details like restrictive covenants can unlock hidden value in transactions. He concludes by encouraging business owners to approach deals with diligence, collaboration, and foresight, ensuring they achieve their long-term financial and business goals. Get this podcast as video or audio on our blog along with a transcript and chapter start times. - vectorwealth.com/regulation V24345193 - The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Be sure to consult first with a qualified financial advisor and or a tax professional before implementing any investment strategy.

Senior living is more than just a place—it’s a journey, and this episode explores how to navigate it with intention and empathy. In this engaging podcast episode, creator and executive producer of the groundbreaking PBS docuseries Inside Senior Living, Melissa Fritz explores the important and often complex topic of senior living with Joe Grochowski, Senior Wealth Advisor at Vector Wealth Management. Inside Senior Living (website) is a show that provides a relatable and educational perspective, following eight families as they navigate aging-related decisions, transitions, and challenges over the course of the series. Together Joe and Melissa discuss the emotional, practical, and cultural dimensions of aging and senior care, offering listeners valuable insights into a topic that, will at some time, touch many families. Melissa shares her personal and professional journey into the senior living space, driven by her passion for helping older adults and their families navigate this phase of life. With her depth of experience in senior living communities and her personal connection as a caregiver for her father, Melissa brings both expertise and empathy to the conversation. The conversation sheds light on common misconceptions about senior living. From aging in place to independent and assisted living communities, Melissa talks through a wide range of options available and the importance of starting conversations about aging early. Podcast listeners (or viewers) can expect a heartfelt discussion about the emotions, struggles, and opportunities that come with making senior living decisions. Joe and Melissa highlight the benefits of planning ahead, the power of focusing on what can be gained through transitions, and some cultural differences in how we approach aging. Whether you’re currently navigating senior living decisions or preparing for the future, this episode is filled with insights and perspective that can help you and your loved ones. - vectorwealth.com/regulatory V24332189

With major stock indices at record highs, some investors are asking, ‘Is now the time to pull back?’ In this podcast we dive into the numbers, address recent market movements, and explain why a long-term perspective remains essential. Key discussion points: Market Milestones in 2024 51 all-time highs, the Dow at 44,000, and the S&P 500 above 6,000 What Happens After All-Time Highs? Looking back: Discussion of all-time highs and historical growth over time. The Recession Question: Is It on the Horizon? Low unemployment, continued economic growth, and the Fed’s rate cuts lead us to believe we won’t see a recession in the near term. Why Long-Term Investment Is Key It can be a bumpy road to the long-term average. Setting aside short-term investments to cover immediate needs so that long-term investments can weather market downturns. - Regulatory vectorwealth.com/regulatory Item: V24319184 - The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed.

In a recent conversatior, Vector senior wealth advisor Mike Nesheim hosts mortgage expert Tyler Wiltse from Cambria Mortgage. Tyler shares his insights into the current mortgage landscape, focusing on everything from interest rate trends to strategic refinancing. Tyler emphasizes that while recent interest rate hikes may deter some buyers, real estate remains a strong investment. For those unsure about timing, he advised that consulting a mortgage expert early on is essential, especially when planning major moves. For individuals transitioning between homes, Tyler highlighted options like "rent-back" arrangements and bridge loans, which provide both flexibility and financial security during the buying and selling process. Another focal point was the importance of a holistic approach to mortgage planning. Tyler and Mike discuss how mortgages can be a critical piece of an individual’s overall financial strategy. They talk about refinancing strategies, with Tyler recommending consideration of an option to delay closing-cost in cases where rates might decrease before too long. Additionally, as rising home prices push more buyers into the jumbo loan category, Tyler discussed alternatives, which may offer better terms. This discussion underscores the need for proactive, well-informed planning in today’s evolving market. - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. - V24305181 V24305181

In our latest podcast, we explore three key investing principles that we believe every investor should keep in mind. First, time in the market is generally more effective than trying to time the market. Trying to predict the highs and lows is challenging and can reduce your potential gains if you miss just a few key trading days. Second, while the range of potential market outcomes in any given year is wide, it historically narrows given time. This reinforces the importance of a long-term strategy. Finally, risk isn't just about market volatility—it includes concentration in a single stock or asset class, tax implications, and choosing the right withdrawal strategy for your accounts. Join Charlie Gruys, one of our experienced advisors at Vector Wealth, as he discusses these principles. - vectorwealth.com/regulatory V24297176

In our latest podcast episode, Jason Ranallo, Director of Portfolio Management, provides an in-depth review of recent market performance and key economic trends. Starting with last quarter’s market performance and discussing recent all-time highs. We also cover September’s Federal Reserve cut, yield curve normalization, and mortgage rates. Whether you're interested in understanding the current state of the market or looking for a deeper strategic understanding, this podcast episode offers a comprehensive overview. Tune in to gain a better understanding of the economic landscape. The central themes of our conversation, along with start times, are listed below as chapters. - Chapters: Market All-Time Highs and Performance: Discussion of the markets hitting all-time highs, particularly the S&P 500, with an overview of market trends and volatility, as well as recent stock market milestones. Starts at 00:00 - U.S. Stock Market Performance and Global Markets: A detailed review of the U.S. stock market’s performance for the quarter, including gains in the S&P 500, Nasdaq, Dow Jones, and a look at emerging markets and international stocks. Starts at 00:31 - Portfolio Diversification and Asset Allocation: Explanation of how different asset classes—U.S. small-cap stocks, international, developed, and emerging markets—fit into a long-term diversified portfolio, balancing risk and reward. Starts at 01:48 - Gold's Recent Performance: Insight into gold’s role as a portfolio diversifier, its long-term historical performance, and why it has shown strong returns recently. Starts at 02:22 - Federal Reserve’s Rate Cuts and Inflation: Discussion of the Federal Reserve’s September rate cut and its impact on inflation, employment, and future interest rate movements. Starts at 03:50 - Yield Curve and Bond Market Behavior: Overview of the yield curve, including its recent inversion and return to normal, and the performance of the bond market in response to falling interest rates. Starts at 06:24 - Mortgage Rates and Housing Market: Exploration of how interest rate cuts have affected mortgage rates and borrowing costs, and how homeowners are adjusting to the changes in rates. Starts at 08:48 - Investing at All-Time Highs and Rebalancing: A discussion on whether to invest or pull back when markets are at all-time highs, including thoughts on rebalancing portfolios and managing risk. Starts at 12:02 --- vectorwealth.com/regulatory v24289173