As the calendar year comes to a close and the holiday spirit begins to fill the air, it's an ideal time to engage in end-of-year planning. This season not only invites festive gatherings and cherished moments with loved ones but also presents an opportunity to reflect on your financial health and set goals for the upcoming year. Whether it's assessing your budget in light of holiday spending or strategizing ways to maximize your savings and investments, taking a proactive approach can set a positive tone for the new year ahead. Embracing this reflective period allows for thoughtful decisions that align with both your personal and financial aspirations.

Every month, we host live, in-person educational workshops throughout the local community. We welcome you to attend these events and share them with those in the community who may benefit from these no-cost seminars and workshops! New this quarter is your ability to register for the live recording in advance, so you can tune in when you can't make it to the in-person event. Click the Register Now button for more details.

November 18, 2024 at 11:00am

at Lewes Public Library & via Zoom | No Cost

This free webinar workshop offers a blend of expert insights and practical strategies, empowering attendees with knowledge and tools to create a customized approach to long-term care planning, ensuring peace of mind for the future.

December 18, 2024 at 11:00am

at Lewes Public Library | No Cost

Prepare your family for a secure future by joining us at the Lewes Public Library on Wednesday, December 18, 2024, from 1:00 PM to 2:00 PM, for an enlightening workshop on transferring wealth and values across generations. This session will guide you through the often-complex process of wealth transfer with a focus on clear communication and unity, ensuring that both assets and family bonds remain intact. Learn effective strategies for managing legacy conversations, simplifying financial concepts, and building a lasting family plan that honors your hard work and values. Don’t miss this chance to foster peace of mind and empower your family for generations to come.

About the Presenters:

Join Kenneth Reese, MSFS, CPWA®, CFP®, CIMA®, CLU®, ChFC®, EA, Partner and Financial Advisor at Black Diamond Financial Solutions, and Derrick Diksa, CLTC®, associate advisor, for a valuable educational experience.

Instructors with Delaware's The Money School, Kenneth and Derrick bring a wealth of expertise to their presentations.

Kenneth, a Penn State graduate with over a decade in wealth management, specializes in tax-centered financial strategies that empower clients.

Derrick, also a Penn State alumnus, combines his background in leadership and communication with nine years of experience supporting small businesses’ financial success.

Together, they offer practical insights to help you navigate complex financial landscapes with confidence.

Here is a look inside Ken's latest seminar at the Lewes Library on Cybersecurity. Join us for our next topic!

Reflections on the Recent Election and Market Resilience by Derrick J. Diksa, CLTC®

This year’s presidential election can be defined as one of the most unconventional in recent memory, characterized by significant events and heightened emotions. For many voters, this election felt historic. Yet, what does history tell us about how the stock market reacts after an
election? It’s important to take a moment to reflect on the election’s implications for the markets and our long-term investment strategies.

Looking back at history, we see a consistent pattern. Over the last century, regardless of whether a Republican or Democratic president is in office, the U.S. stock market has shown remarkable resilience (see figure 1), delivering an average annual return of about 10%¹ over the past century. This trend holds true even in times of uncertainty. In fact, leading up to the 2024 election, the S&P 500 Index rose by approximately 22%² .

While election outcomes are certainly influential, they are just one of many factors that can impact stocks and bonds including economic policies, interest rate changes, technological advancements, and global events. Investors should focus on these fundamentals rather than getting swept up in the political narrative. Remember, when you invest, you’re buying into companies, not politicians.

As we process the recent election, it’s essential to differentiate between noise and meaningful information. The media will likely amplify various opinions about the election’s potential impacts on the markets, but history tells us that making significant changes to your investment strategy based solely on political outcomes can be counterproductive. Although it is natural to feel apprehensive following an election, it’s crucial to maintain a long-term perspective. While the election may have passed, our commitment to disciplined investing remains steadfast. As we look ahead, let’s focus on what we can control and continue to pursue our financial
objectives with confidence.

If you find yourself feeling uncertain or anxious about your investments, I encourage you to reach out. Together, we can review your investment plan to ensure it aligns with your long-term
goals.

1. In US dollars. Based on S&P 500 Index annual returns, 1926–2023. S&P data © 2024 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.

2. Based on S&P 500 Index returns. S&P data © 2024 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.

Derrick J. Diksa, CLTC^®

Associate Advisor

Meet Joe McGloin - our newest Advisor Associate who is beaming with excitement to begin his dream career.

We had some good laughs with Jeff for his 50th Birthday

Thank you to all Veterans for their service to our country including our very own Austin Carter!

Derrick, Austin and Joe represented Black Diamond proudly as they won second place in the Milford Rotary Club charity golf tournament!

Black Diamond believes in supporting our local families which is why we are a drop off point for the Nassau area Toys for Tots chapter.  Help us with this initiative in one of three ways:

George has been sharing his passions and future plans with Black Diamond over the past several months and through many conversations, we've found that our standards of how we plan with our clients align too well to not be in partnership.   While still owning and operating his own practice, he will compliment the work Black Diamond does by providing comprehensive estate planning solutions to our clients! 

By George F. Reilly, JD, LL.M.(Tax), CFP®

“Quality family time” is a phrase often heard in the period from Thanksgiving to New Year’s, sometimes even with air quotes, to describe what many people believe to be a necessary, but not necessarily enjoyable, time of family togetherness. Don’t get me wrong, many folks truly love having their families come together from near and far during the holidays and look forward to it every year. But there are those who view this togetherness as an obligation to be endured and look at the clock or calendar longingly to see when it will be over. Whatever your perspective on this “quality family time,” chances are that for most of you it was/will be a missed opportunity to discuss very important matters with your loved ones—namely what happens in the event of disability or death; who takes care of what; a parent’s (or grandparent’s, or your own) wishes on end of life medical care and funeral/burial/cremation choices; your wishes on guardians for minor children; and other critical, but admittedly sensitive and gloomy topics.

In other words, did your family engage in “the Conversation” as it is called by a growing movement called the Conversation Project? The intent of this Project is to encourage families to have these important discussions before it is too late, and to provide them with the tools to make having this conversation a bit easier—using what they call the “Conversation Starter Kit.”  Why is this conversation so important? Consider these statistics from surveys conducted by the Conversation Project:

95% of Americans say they would be willing to talk about their wishes, and 53% even say they’d be relieved to discuss it.

92% of Americans say it’s important to discuss their wishes for end-of-life care.

Only 32% have had such a conversation.

60% of people say that making sure their family is not burdened by tough decisions is “extremely important.”

Yet 56% have not communicated their end-of-life wishes.

70% of people say they prefer to die at home.

Yet 70% die in a hospital, nursing home, or long-term care facility.

82% of people say it’s important to put their wishes in writing.

Yet 23% have actually done so.

You are starting to see the reason for the Conversation Project—providing families with the tools they need to help them change these statistics and give all of the family the peace of mind of knowing that there is a plan, that everyone knows it (and knows where the legal documents are located), and that they will be ready and able to carry out the wishes of their loved ones when necessary.

Having this conversation and then taking the legal and financial actions needed to put the plan in place is a way to avoid additional pain and anguish in an already difficult time. For example, there have been families who did not know the burial wishes of a loved one and made a decision that was later learned – when a Will was discovered – to be contrary to the deceased’s wishes.

In other cases, where families did not know the intentions of their loved ones regarding end-of-life care, and/or did not have the legal authority to act, they were obligated to authorize extensive treatment to keep the family member alive when it was later discovered that was not their intention.

One way for the younger family members to prepare for this process it to get their own legal readiness and financial planning in order allows you to start the Conversation with a “do as I did, not as I say” approach and emphasize the peace of mind you now feel having taken care of these important matters. Think of it like the safety briefing on an airplane—if the oxygen masks drop you should put your own mask on before helping others. Recent surveys show that more than half of American adults do not have any of the most basic estate planning documents, including a Will, a Living Will/Advance Medical Directive, and health care and financial Powers of Attorney. Getting your own legal plan in place is a great way to demonstrate the importance of this process and you are then ready to help your loved ones.

And since the most successful estate plans are coordinated with the client’s financial planning, having a financial review as part of this process can be a critical part to a successful outcome. While in many families there is a sensitivity to the discussion of their financial situation and a reluctance to provide details, this reluctance can often lead to unintended consequences, missed financial opportunities, unnecessary taxes, and in some situations, an outcome very different than what the person would have wanted.

Working with both a trusted financial professional and an experienced estate planning attorney can make a tremendous difference in the outcome. That coordinated effort should be one of the goals of your own family Conversation Project experience. These trusted professionals can also serve a key role as advisors and not interested parties, and help the family move past some of the concerns and objections that otherwise may cause this process to fail. If you don’t have an estate planning attorney already we can help you with some trusted referrals.

You can learn more about the services offered at Black Diamond Financial Solutions at https://blackdiamondfs.com/ and learn more about the Conversation Project, and get their “Starter Kits” here.

Chances are, you've met Rosalie "Rose" Whitehouse if you've visited Black Diamond Financial Solutions before.  In addition to excelling as our Senior Account Representative and Office Manager, she is an excellent photographer.  While some of our clients are her biggest fans, we love supporting her hobby by sharing some of her photos from time to time.  Enjoy!