VESTED | Fall 2025

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The Joy of Missing Out

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Bonnie Baskin: The Science of Reinvention PLUS Purposeful Philanthrophy Advancing from Want to Worth The Magnificent Seven Art As An Asset FALL 2025

“

When a family receives one of our Ready Bags, they feel the support of a community that knows exactly what they’re going through. And when groups rally around a family to build a play structure, they get to witness their child playing and smiling, not thinking about cancer.

That’s what hope looks like.

”

CAPTRUST Community Foundation Each year, CAPTRUST’s in-house, employee-run nonprofit, the CAPTRUST Community Foundation (CCF), selects a Charity of Choice and five additional organizations to receive national grants.

The 2025 Charity of Choice is Roc Solid Foundation, a childhood cancer foundation that builds hope for families by providing them with hospital Ready Bags at diagnosis and backyard play structures during treatment. Ready Bags include everything a family might need for their unexpected hospital stay.

Eric Newman Roc Solid Foundation founder and cancer survivor Chesapeake, Virginia

The CCF’s mission is to enhance the lives of children in communities we serve.

To learn more about CCF, visit captrustcommunityfoundation.org.

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Winter | 2023

DEAR FRIENDS,

PUBLISHER

I hope this letter finds you well and enjoying the early signs of fall. As the days get a little shorter and the pace of the year starts to pick up, we know many of you are taking stock—of your goals, your plans, and what’s ahead.

With that in mind, this issue of VESTED reflects the conversations we’re having with you, what you’re curious about, what you’re working toward, and what’s keeping you up at night. I hope these pages leave you feeling supported and inspired as you look toward the end of the year.

Our Second Act star is Bonnie Baskin, PhD, a retired scientist and biotech entrepreneur who founded and served as CEO of two successful life sciences companies. After retiring to Johnson City, Texas, Baskin and her husband, Robert Elde, a neuroscientist, transformed an abandoned mill in the center of town into a cutting-edge, tech-based laboratory for children.

This issue also features a wide range of other topics, including: •

weighing the pros and cons of disaster insurance,

•

questioning if self-driving cars will dominate,

•

exploring a toward-and-away budgeting method,

•

investing in art, and

•

selling your business.

In this issue’s Lifestyle Feature, “The Joy of Missing Out,” Catherine Stuckey explores the surprising pressures of retirement and

Volume 11, Issue 2 | Fall 2025

J. Fielding Miller Chief Executive Officer

EDITOR-IN-CHIEF Roxanne Bellamy Marketing Manager

SPECIAL THANKS TO Kelly Brothers Financial Advisor

the essential skill of setting boundaries.

This story offers a thoughtful look into how saying no—with intention—can lead to a more fulfilling, balanced life.

Lastly, in our Investment Feature, Christian Ledoux, CAPTRUST’s senior director of investment research, explores the rise, resilience, and ongoing evolution of the so-called Magnificent Seven—seven U.S. tech giants reshaping the global economy. The piece examines the forces driving their dominance and what the future may hold.

We hope you enjoy our first fall issue of VESTED. Thank you for reading, and as always, we welcome your feedback and thoughts on the topics that matter most to you.

Onward and Upward!

All the best,

Josie Dorris Advisor Operations Philip D’Unger Wealth Planning Kathleen Hopkins Communications Wilson Hoyle Managing Director Veronica Karas Financial Advisor Christina Lecholop Financial Advisor Lisa Ivey Miller Financial Advisor Mike Molewski Financial Advisor

ART DIRECTION AND MARKETING Lonzetta Allen Art Director

Emory Brooks Copy Editor

Elizabeth Altman Distribution Manager

Kaylin Nuñez Graphic Designer

Aman Aine Porter Copy Editor

WITH THE ASSISTANCE OF

J. FIELDING MILLER CAPTRUST Chief Executive Officer

Azul Photography Raleigh, NC

Worth Higgins & Associates Richmond, VA

Getty Images Seattle, WA

Mike Richardson Wake Forest, NC

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IN THIS ISSUE

10

6

21

32

FEATURES JOY OF MISSING OUT 6 THE

by Catherine Stuckey

FROM WANT TO WORTH 21 ADVANCING

by Cara J. Stevens

MAGNIFICENT SEVEN BASKIN: THE SCIENCE OF REINVENTION 10 BONNIE 32 THE

by Christian Ledoux

by John Curry

COLUMNS LASTING LEGACY: PLANNING A BUSINESS

18 by Kim Painter

40 EXIT THAT LEAVES A LEGACY

ANGLE: ART AS AN ASSET 25 EXPERT

by Nanci Hellmich

43 CLIENT CONVERSATIONS

29 GLEANINGS: COMMON ART TERMS

46 CAPTRUST HAPPENINGS

PASSION PURSUITS: PURPOSEFUL PHILANTHROPY

MINDSET: LIVING BEYOND THE REARVIEW 37 MONEY

by John Curry

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In This Issue | Fall 2025

by Jeanne Lee

THE WRITERS

JOHN CURRY CAPTRUST’s former chief marketing officer, John Curry is now constructing his own Second Act and adjusting to unretirement in Spain. In the finance industry since 1986, Curry was instrumental in the launch of VESTED magazine, serving as its original editor-in-chief.

NANCI HELLMICH Nanci Hellmich, an award-winning multimedia reporter, covered myriad topics for USA TODAY for more than 30 years, and now she writes for AARP and other organizations. She’s been named a top online influencer on weight loss and nutrition and has appeared on numerous television shows, including NBC’s TODAY.

CHRISTIAN LEDOUX Christian joined CAPTRUST in 2019 following the acquisition of South Texas Money Management, where he was chief investment officer. He now leads CAPTRUST’s individual securities management group as senior director and has contributed to industry media, including CNBC, Reuters, FOX Business, and Bloomberg.

JEANNE LEE Jeanne Lee is a freelance writer living in a lovely college town in Ohio. She writes about consumer and business topics and has written for USA TODAY, Fortune Small Business, and Health. She loves thinking about ways people can hack their finances, and she daydreams of paying off her mortgage before her two boys head to college.

KIM PAINTER Kim Painter is a freelance writer specializing in health, wellness, and retirement. She was a USA TODAY staffer and contributor for many years and now writes for AARP and other outlets. She lives in McLean, Virginia, where she practices what she preaches: wearing sunscreen, eating kale, and getting at least 10,000 steps a day.

CARA J. STEVENS Cara J. Stevens is a writer, book coach, and longtime mentor for the Service Corps of Retired Executives and the Small Business Administration. She helps professionals turn their expertise into thought leadership. She is also the author of Write, Teach, Spark, a step-by-step guide to writing a book that matters.

CATHERINE STUCKEY Catherine Stuckey has been an American in Europe for more than 25 years. A consultant in cultural communication between European executives and their U.S. counterparts, she is also the author of the young adult novel, The Prophecy: The Quest for the Emerald Queen. She dreams of retiring in Switzerland and eating fondue.

All publication rights reserved. None of the material in this publication may be reproduced in any form without the express written permission of CAPTRUST. ©2025 CAPTRUST. This material has been prepared or is distributed solely for informational purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. CAPTRUST does not render legal, accounting, or tax advice. The information and statistics in this magazine are from sources believed to be reliable but are not warranted by CAPTRUST Financial Advisors to be accurate or complete.

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LIFESTYLE FEATURE

THE JOY OF MISSING OUT

by Catherine Stuckey

When you retire, something strange happens. Your calendar looks wide open, and suddenly, everyone wants a piece of it.

At first, it feels flattering—your time is in demand. But if you don’t learn to say no with intention, your well-earned freedom can quickly vanish under a pile of coffee dates, volunteer commitments, and favors that weren’t part of your retirement dream. Without meaning to, you may find yourself working just as hard as before, only this time without a paycheck.

That’s the paradox of retirement. An open calendar that promises peace can become a trap if you don’t guard it with boundaries. Saying no becomes a critical skill, not because you’re selfish but because you’re protecting the life you’ve spent decades working toward.

Still, for many of us, saying no doesn’t come easy. It feels uncomfortable. Unnatural. Even risky. Why is that?

Why Saying No Gives You the Ick Long before emails, deadlines, and family group chats, we were kids trying to stay safe in a grown-up world. For many of us, the earliest lesson was simple: Acceptance equals survival.

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Lifestyle Feature | Fall 2025

“Saying no in childhood often triggered disappointment, anger, or withdrawal,” says Natalie Lue in her book, The Joy of Saying No. It’s a cautionary tale about why constant people-pleasing not only is a detriment to joy but can also harm your health. “We learned to equate no with rejection. This early wiring makes it hard to distinguish a simple boundary from an emotional risk.”

As we grow up, what we say no to is often either family or work. A parent may feel like a failure when they miss a child’s basketball game to prioritize a work project. Someone may feel like they’re disappointing their partner when they need to visit an aging parent on a regular date night.

Persistently elevated cortisol levels wreak havoc on the body. “If you never say no, your body lives in a state of subtle stress,” says Aldanondo. “Depending on your individual body’s vulnerabilities, you may develop irritable bowel syndrome, or if you’re a regular athlete, your muscles may tighten, leading to spasm and injury. If you’ve always been prone to headaches, stress can turn into a three-day migraine.”

“Each person’s body reacts to stress differently, but the common cause is the same,” says Aldanondo. “If you do not get a handle on the stress in your life, it’s a matter of when—not if—you will become ill.”

In both examples, the person saying no feels guilt and regret.

Coupled with the subconscious childhood fear of rejection, these adult experiences can make saying no feel like an insurmountable challenge to be avoided at all costs.

And the impact extends beyond stress. It also affects how we shape our daily lives, especially in retirement.

The result is that we say yes too often and overcommit ourselves to what other people want from us. It’s a lose-lose situation. Both paths lead to stress.

Life in retirement is fundamentally different from life with a career.

The shift from structured workdays to an open calendar creates a false impression you are constantly available. You have the chance to control your days and weeks—in theory at least. It’s important to recognize this opportunity and seize it.

Life in retirement is fundamentally different from life with a career. The shift from structured workdays to an open calendar creates a false impression you are constantly available.

The Cost of Cortisol When our cave-dwelling ancestors faced life-threatening danger— an unknown sound or sight nearby—their brains sent a distress signal to their adrenal glands, which released cortisol, the stress hormone. Cortisol, in turn, signaled their body to release glucose, a fuel that could power either fight or flight. This mechanism evolved to help humans succeed in a dangerous world.

Retirement Brings Expectations

“Perhaps the most important thing to learn is that free time doesn’t equal availability,” says Lue. Without clear boundaries, your wellearned freedom can quickly morph into everyone else’s convenience.

“Boundaries are the walls that protect your freedom,” says Aldanondo.

“They’re not rigid; they’re flexible, but firm. When you listen to your body, especially your gut, your life becomes much easier.”

In retirement, saying no is essential. Imagine your boundaries not as a fence to keep others out, but as a frame that can help hold your life in place.

While most of us are no longer on high alert to threats in the brush, our bodies, brains, and nervous systems have not evolved at the same pace.

The human body today reacts the same way to an overly full calendar as our ancestors’ bodies reacted to a lion. Cortisol erupts, but rather than pushing a person to fight or flee, it triggers inflammation, weight gain, insomnia, depression, memory loss, and an increased risk of heart disease.

Lourdes Aldanondo, a therapist, naturopath, and co-author of the best-selling Ignite Your Life for Women, says many people think people-pleasing is just a personality quirk. But it’s also a cultural phenomenon and a chronic stressor with real effects on physical and mental health.

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Calendar with Intention One person taking charge of retirement is former CAPTRUST Chief Marketing Officer John Curry, who stepped back from a busy career last year and moved to Barcelona.

“As a working person, your day starts out full,” says Curry. “Within that fullness, you create capacity to do the things you love, like innovation or spending time with your team. You’re starting at the top and working down.”

But that changes when you retire.

“In retirement, you’re building from the ground up,” he says. “You don’t have to do anything. So the question becomes, what do you want to do? How do you build the day or the week that you want?”

For Curry, that means scheduling daily Spanish-language study time, date nights with his wife, Marcela, regular time with friends, gym sessions, and rehearsals with his band. He jokes that this approach to scheduling feels a lot like playing Tetris.

“Each day begins as an empty board,” says Curry. “I stack time blocks— morning Spanish, evening rehearsals—so the pieces fit without pressure.

When it works, I get to do things I enjoy without feeling overburdened or stressed.”

Curry says he has created a weekly structure that honors his passions, while also saying no to things that don’t align with his values or goals.

King of Your Castle As in all things, balance is key. People will take as much as you give them.

Maybe you have a friend who always wants to meet up for dinner. Or you volunteer for an organization that is always asking for more. Thinking strategically about your calendar helps you avoid the pitfalls of saying yes when you want to say no.

You can’t build a fulfilling day or week—one that includes the joys of a well-lived life—without strong boundaries.

“If I know I’m going to be writing this week, how do I make sure I have the focus time I need?” says Curry. “I know I have music rehearsals on Wednesdays and Saturdays, so how do I defend my free time those days?”

Another good metaphor is to think of your boundaries as a moat around a castle. You hold the rope that raises or lowers the drawbridge. As the monarch, you’re responsible for protecting everyone inside.

“I know when I get overburdened,” says Curry. “I may commit to a music project or I know someone’s coming to visit me, and so I won’t be able to do some of my regular things. When that happens, I have to call a timeout and figure out what I can do to pare it back.”

Lower the drawbridge for the things you want in your life, but remember, saying no can protect your freedom.

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Lifestyle Feature | Fall 2025

Making It a Habit If you struggle to say no and often find yourself overcommitted, don’t worry—you are not alone. Establishing boundaries isn’t easy, especially if you’ve never done it—or have done it poorly. But like any new habit, it gets easier with practice.

Here’s how to get started.

•

Press pause. It’s easy to fall back into old patterns. A friend or relative asks you to do something you’ve done dozens of times already. Instead of saying yes automatically, call a mental timeout to really consider the request and remind yourself you hold the rope to the drawbridge.

•

Don’t say sorry. If you decide to say no, you do not need to apologize. A simple “I appreciate the offer, but I have to pass” is enough. No further explanation required.

•

Expect pushback. Be prepared for resistance. You might hear, “What do you mean? You’re retired. You’ve got all the time in the world!” Maybe that’s true, but it’s your time, and only you get to decide how you will spend it.

•

Hold steady. If you give in, you teach others that you’re open to negotiating. But if you hold steady, you teach them to respect your boundaries. The more often you do this, the less likely it is that you will get pushback.

The key to success is knowing when to lower the drawbridge and when to keep it raised. Finding that balance is essential, especially during retirement, which should be your chance to control your calendar.

“There’s a common myth that boundaries are burdensome, but a well-placed no creates space for a truly joyful yes,” says Aldanondo. “Yes should be a buoy, not a boulder. It should lift you up, not sink you. When you choose the yes that lights you up, you show up better for your family, your work, and yourself.”

Natalie Lue, author of The Joy of Saying No, outlines five distinct people-pleasing behaviors that often linger from childhood into adulthood.

1.

2.

3.

4.

5.

Gooding. You say yes to milk in your coffee even if you’re lactose intolerant. You might believe your self-worth is tied to being nice.

Efforting. You believe love and approval must be earned through overdoing. You clean your partner’s car without being asked, then feel hurt when your effort isn’t met with enthusiasm and gratitude.

Avoiding. You say yes to avoid conflict or confrontation, only to backtrack later via awkward text or email. This avoidance provides temporary relief but can create long-term anxiety.

Saving. You frequently take on the role of rescuer. You answer the phone during dinner to listen to a friend vent—for the fifth time that week. You shoulder financial, emotional, or logistical burdens that aren’t yours to carry.

Suffering. You internalize martyrdom. You say, “No, it’s fine,” when someone cuts in line in front of you. Your suffering becomes your silent love language.

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SECOND ACT

Bonnie Baskin:

The Science of Reinvention

by John Curry

As a child growing up in Chicago, Bonnie Baskin, PhD was curious and independent.

When she read Silent Spring, Rachel Carson’s groundbreaking warning about the unintended consequences of pesticides, she saw that science could shape the future.

She enrolled at the University of Miami to study marine biology. After a bout of seasickness on an early field trip, she changed course to microbiology.

It was a tremendous time to enter the field. Microbiology was evolving from simply observing organisms through a microscope to decoding the mechanisms of life itself. Baskin committed herself fully to the discipline.

“I got a PhD, and then I wound up getting a postdoctoral fellowship,” says Baskin. “Then I was in Bethesda at the National Institutes of Health for a couple of years.” By the early 1980s, she was working in a virology research lab in Minneapolis at the University of Minnesota.

The work was rigorous and rewarding, but still, something was missing.

Wanting More In 1982, Baskin sensed an opportunity when the Food and Drug Administration approved the first antiviral drug against herpes simplex.

She did what due diligence she could on her own as the new field of antiviral drug development flourished. Unlike antibiotics, which kill bacteria, antiviral drugs treat viral infections by interfering with a virus’s ability to reproduce or function within the body.

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Second Act | Fall 2025

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Baskin canvassed Minneapolis-area pathologists to assess the market need and create awareness for a clinical virology testing service. Their feedback gave her the confidence to proceed.

ANTIVIRALS: THEN AND NOW When Bonnie Baskin, PhD founded ViroMed Laboratories in the early 1980s, antiviral drugs were almost unheard of.

The breakthrough came with acyclovir, the first treatment for herpes simplex, which showed that a virus could be stopped without harming healthy cells.

That success opened the door to a wave of therapies over the next two decades: Azidothymidine (AZT) and protease inhibitors for HIV, new oral drugs for herpes viruses, and the first treatments for hepatitis. ViroMed and other specialized labs supported these advancements by providing essential testing.

Today, more than 100 antivirals are in use, including one-pill cures for hepatitis C and COVID-19 treatments developed at record speed. What began with a single herpes drug has become a cornerstone of modern medicine.

“I wanted to do something,” says Baskin. “I didn’t know the word entrepreneurial at the time, but I guess that fits? I hired two wonderful virologists—way better than me—and decided to open a private diagnostic virology lab.”

The first home of ViroMed Laboratories was an 800-squarefoot lab in the basement of an office park near her home.

Later, she bought a van and turned it into a mobile lab to handle time-sensitive tests quickly. She recalls possibly being the first to recognize and act on this opportunity.

Baskin’s instincts proved correct. As the fields of antiviral drugs and testing technology grew, so did ViroMed. The company won major contracts and a reputation for quality and quick turnaround thanks to her focus on rigorous process and operational excellence.

Baskin is humble about her achievements: “Much of what I do is intuitive. I mean, I never took a business course or anything like that,” she says. “I just assume everybody else can do what I do.”

One milestone came when the company secured a global contract to perform AIDS testing for the U.S. Navy, a development that tested her resilience and persistence.

Baskin’s long hours and determination paid off in 2001 when the company caught the eye of Laboratory Corporation of America (LabCorp), one of the world’s largest clinical laboratory networks. She sold ViroMed’s clinical testing business to LabCorp to add to its infectious disease business and spun off the rest of the company to form AppTec Laboratory Services (AppTec).

Building on Success

“

You can’t fall in love with science by reading about it, you have to do it.

Bonnie Baskin

”

Unlike ViroMed, AppTec was not a from-scratch start-up.

Baskin had been nurturing the contract research and testing organization within ViroMed that served medical device makers and biologics developers.

“I had made some acquisitions at ViroMed,” says Baskin. “I looked at what our portfolio of expertise was, and I said, ‘You know, there must be other industries that could use our strong expertise.’” Once again, her intuition was right.

The medical device industry was evolving rapidly, driven by an aging population, chronic diseases, and advances in minimally invasive procedures. Increasingly, companies outsourced device testing to specialized contract labs, like AppTec, rather than building in-house capacity.

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Second Act | Fall 2025

She also expanded into biologics, which proved to be another big opportunity for AppTec. Biologics are medicines derived from living sources—such as cells, proteins, genes, or tissues—and are used to treat diseases like cancer, autoimmune disorders, and diabetes.

With the support of venture capital partners, Baskin grew AppTec into a testing powerhouse with nearly 500 employees and facilities in St. Paul, Philadelphia, and Atlanta. In 2008, WuXi PharmaTech acquired the company, expanding its U.S. presence and biologics expertise.

Success to Significance “I’m not recommending this for everybody, but for me, there was never any great long-term plan,” says Baskin. “If you’re going down the path and you don’t open your eyes to other things that may be available because you made your choice, you’re going to miss a lot.”

During her time in Minneapolis, the CEO of the Minneapolis YMCA approached Baskin about a board position. She was interested but cautious. “I said, well, the only way I’m going to be on the board is if I can have a project,” she says. “I don’t want to work on somebody else’s project.”

She developed a pilot program to help a cohort of firstgeneration college students at the University of Minnesota succeed. The program involved mentoring 35 students, not so much in academics but on what it’s like to be in college.

“Because they had nobody in their family or friend group that had ever gone to higher education, and they didn’t know what to do,” says Baskin. “They were thrown into a big university without the support that they needed.”

It was a success. Ninety-five percent of the students in the pilot program graduated in five years, confirming her belief that smart, talented students can excel with the right resources.

The amazing triumph of this project gave her the confidence that you can make a difference in the lives of students through high- impact programs.

Eureka Moment In 2010, Baskin and her husband, Robert P. Elde, PhD, a science educator and former dean of the University of Minnesota’s College of Biological Sciences, retired and relocated to Johnson City, Texas—about midway between Austin and San Antonio.

“We got tired of the snow and the cold,” says Baskin. “It was going to be our winter place, and then we’d go back to Minnesota for the rest of the year.”

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THE SCIENCE MILL: Located in a restored 1880 feed mill in Johnson City, Texas, the Science Mill is a nonprofit 501(c) (3) organization dedicated to inspiring and expanding access to STEM learning for students of all backgrounds. Since opening in 2015, it has welcomed hundreds of thousands of visitors and hosted tens of thousands of students on curriculum-aligned field trips and STEM camps.

With immersive, hands-on exhibits that blend science, art, and technology, the Science Mill helps young people see themselves as future scientists, engineers, and innovators.

101 S. Lady Bird Lane, Johnson City, TX sciencemill.org

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Second Act | Fall 2025

One day, as she was about to step into the shower, her phone rang. A friend called to tell her the old feed mill in the middle of town was for sale. The friend suggested that perhaps she could turn it into a bar or an art gallery.

The mill was built in the 1880s by President Lyndon Johnson’s great uncle, James Polk Johnson. It started as a steam grist mill but was later converted to electricity and became a feed mill. It ceased operations in the 1980s and turned into a restaurant and entertainment complex for several years before lying largely dormant.

Throughout its life, the mill significantly impacted the town’s economic life and served as a community landmark. “It was so cool and had great bones and these big silos,” says Baskin.

“At that point in my life, I was not going to open a bar,” she says. “That was just not in the cards. I went to the shower and started thinking about it. Then I said, ‘Wouldn’t it be a cool thing to be able to create a science museum for kids of this area who really don’t have a lot of access?’”

Baskin’s Vision As usual, Baskin did her due diligence. Because of Johnson City’s strategic location between Austin and San Antonio, her proposed museum could attract school field trips from both cities as well as nearby rural communities without anything like her vision.

She knew funding would likely be hard to source because of her focus on middle school kids—but she believed they could make it work.

In fall 2012, Baskin and Elde bought the historic mill and began renovation to create the Science Mill. The restoration preserved much of the building’s original structure. They repurposed the grain storage silos as exhibit spaces that offer unique, immersive experiences. Walkways now connect the property’s original structures, allowing smooth visitor flow while retaining their original character.

According to the Science Mill’s website, “The design was conceived not as a contrast between new and old, but as the dynamic evolution of the mill from a place of industrial production to a place that can produce science leaders for the new generation.”

“When we grew up, there was no greater aspiration than to be a scientist,” says Baskin. “So much was happening at that time. It was exciting. But now it isn’t the same.”

Baskin and Elde worked together to shape the museum’s exhibit mix, from interactive technology and robotics to immersive biology. Elde personally designed the on-site biology lab where students can explore living systems firsthand.

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Hands-On Experience The Science Mill opened to the public in early 2015. Its mission is clear: to inspire and engage students in science, technology, engineering, and math (STEM), especially those from rural and underserved communities who might not otherwise have access to hands-on learning.

“You can’t fall in love with science by reading about it,” says Baskin. “You have to do it.”

Baskin describes the museum’s purpose as helping kids see themselves in science. Rather than presenting abstract concepts in books, the Science Mill invites students to do science— tinkering, experimenting, and problem—solving in ways that connect to real-world careers.

Inside the Mill, students encounter exhibits that blend science, technology, and art through play and discovery. A few current exhibits include the following: •

In one silo, the Light Loom transforms hand motions into shifting waves of color and light.

•

Another silo houses the Cell Phone Disco, where invisible electromagnetic waves from cell phones trigger dazzling bursts of light.

•

In the main gallery, students can use the Virtual Body Table to explore three-dimensional scans of human and animal anatomy.

Each installation is designed to spark curiosity by inviting exploration without step-bystep instructions.

Making a Mark Over the past 10 years, the Science Mill in Johnson City has welcomed more than 400,000 visitors, including more than 91,000 students on school field trips. For many students, especially those from underserved areas, the Mill isn’t just a destination; it’s a bridge. It subsidizes admission and transportation, delivers hands-on STEM programs into classrooms, and offers field trips aligned with Texas curriculum standards.

The Science Mill has also grown beyond the walls of the historic mill itself. For example, its STEM Career Immersion Camps have served more than 17,000 students from more than 50 school districts, with 55 percent of those camps held in rural communities and 100 percent of attendees participating at no cost.

Students who visit report greater confidence in STEM, heightened interest in STEM careers, and a stronger sense of belonging in science learning environments.

“I always tell people that I worked all my life and did a lot of stuff, but this was the hardest job I ever had,” says Baskin. “And it took everything I had learned through all those years of for-profit business. I used every single one of those skills that I had learned before on this little museum.”

For Baskin, the Science Mill is more than a project; it’s a calling.

“It’s not cool to be a scientist when you’re in middle school,” she says. “That’s when we lose our kids. That’s especially when we lose our girls.”

Her second act ensures that in Johnson City—and far beyond—science stays within reach, right when it matters most.

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Second Act | Fall 2025

Her second act ensures that in Johnson City—and far beyond—science stays within reach, right when it matters most.

17

PASSION PURSUITS

PURPOSEFUL

PHILANTHROPY

by Kim Painter

Bob Long, CEO of StepStone Private Wealth Solutions, grew up in Eden, North Carolina, and always knew that he was adopted. He knew his parents brought him home in March 1962 from what was then the Greensboro Children’s Home and is now the Children’s Home Society of North Carolina.

Long and his sister, who was also adopted, had great childhoods, and adoption wasn’t something they talked or thought about very often. “The only time I thought about it was once a year, when we would get a solicitation from the children’s home for something they called ‘The Little Red Stocking Fund,’” he says.

His parents always sent a donation.

Decades later, when a family friend invited him to some fundraising events for Children’ Home Society, Long was happy to offer support. His wife, Mary, got involved too.

Today, their commitment to helping vulnerable children find “loving, permanent, safe homes,” is a philanthropic passion, but they still pursue it strategically.

That means they have zeroed in on a specific goal: eliminating the financial burden on families who want to adopt, but can’t afford the full cost, in the state of North Carolina.

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Passion Pursuits | Fall 2025

It also means planning for what he calls “a very meaningful gift,” well beyond the money the couple has already donated to Children’s Home Society and a second charity, Gift of Adoption, to date.

It also means working closely with these charities and inspiring others to give. “Being a strategic giver means more than just writing a check,” he says.

If you want to be a strategic giver too, here are a few ways to get started.

Pick Not Just a Charity but a Purpose Donors gave nearly $600 billion to U.S. charities in 2024, according to Giving USA. They choose from among 1.8 million nonprofit organizations.

Major strategic giving starts by really thinking about those choices.

With a little prompting, most people can identify causes they’ve always cared about, says Sara Piner, a senior vice president at the Foundation For The Carolinas. The foundation has a guidebook that suggests potential donors think about their beliefs and interests but also about the populations they want to serve (such as children, animals, immigrants, or veterans), the reach (local or beyond), and the impact they want to have (what to change, solve, build, or sustain). This kind of exercise can help individuals and families compose a purpose statement to guide their personal philanthropy.

Long and his wife are clear about why they are giving and the impact they want to have: “We are focusing our family on adoption, not only because it affected me personally, but because it attacks a root cause of many societal problems that can be linked to children lacking stable, loving homes,” he says. “We prefer to think of these expenditures as investments, not gifts.

Creating a family has a forever impact.”

“

Being a strategic giver means more than just writing a check.

Bob Long

”

Navigator and GuideStar, that’s often not enough.

“Ideally, you’ll sit down with a charity’s leadership to discuss your giving plans and their needs,” says Shanahan.

Get to Know Nonprofits and Stay Involved

Her advice: Be sure to ask for the group’s donation policy. You might learn that it can’t accept the piece of property you hoped to donate or that it doesn’t have the infrastructure to support the new program you hoped to fund. “You don’t want to give a gift that creates a new burden for an organization,” she says.

Choosing a specific charity or charities for major strategic giving can take legwork, says Heather Shanahan, senior director of endowments and foundations at CAPTRUST. While it’s a good start to review a charity’s financial reports to the IRS (990 forms) and to review online ratings and profiles at sites such as Charity

Such meetings also give charity leaders a chance to hear what matters to you as a donor and to start what should be an ongoing relationship, says Pam Devereux, CEO of Gift of Adoption, a nonprofit based in Illinois with 30 chapters nationwide providing adoption assistance grants.

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Think Through Your Giving Plan

FOUR STEPS TO GOOD GIVING: 1. Find your why. What problems do you want to solve? Who do you want to help? If you’re stumped, ask yourself questions like, “What breaks your heart?” suggests Pam Devereux of Gift of Adoption.

2. Find your where. Which nonprofits share your vision? For any major gift, go beyond online research and meet with charity staff. If possible, volunteer to see the chartity’s work in action.

3. Bring in your team. Consult your financial advisor, tax advisor, and estate planner. And talk to your family, especially if any part of your giving will happen after your death.

4. Track results. After you donate, keep checking in with the charity to assess the impact and determine whether to continue giving. “If an organization has an annual report or an impact report, pay attention to that,” says Emily Johnson of the Children’s Home Society of North Carolina.

An enduring relationship allows donors and staff to work “together toward a goal that’s bigger than both the organization and the donor,” she says. And that means donors like Long can increase their impact.

Long’s ongoing relationship with Gift of Adoption includes sitting on its strategic advisory council and on an investor board that covers overhead costs. He also previously served on the board of directors at Children’s Home Society, which focuses on family preservation, foster care, and adoption. Today, Long remains involved, including as a formal and informal fundraiser.

“I know that he talks about Children’s Home Society with his personal and professional acquaintances,” says Emily Johnson, the organization’s chief philanthropy officer. “He’s talking about it in his Bible study. He’s talking about it in meetings with other investors.”

Long also talks about Gift of Adoption every chance he gets, Devereux says, often inspiring others to give “without even asking.”

When Children’s Home Society was working to build a leadership group of donors, “Bob committed a major gift early,” says Johnson. “We were able to share his generosity with others to inspire increased giving.”

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Passion Pursuits | Fall 2025

You may know why and where you want to give but still need to work on the how. This includes deciding whether to donate a few large gifts or many smaller ones, whether to give mostly during your life or after death, and which financial and legal vehicles to use.

“There is no one-size-fits-all solution to charitable gift planning,” says Piner. For example, you might decide to give to charities directly, to set up a family foundation (if you have the resources), or to use the increasingly popular donor-advised funds (DAFs). A DAF allows you to contribute to—and make grants from—a fund administered by a charitable organization.

You may also decide to earmark your donations for specific purposes or let a charity decide how to best use the money. These are called unrestricted gifts, and they’re a hallmark of “trust-based philanthropy,” says Johnson, made possible by close relationships between donors and charitable groups.

“To figure it all out, you’ll likely need a team that includes a financial advisor, a tax professional, and an estate planning attorney,” says Shanahan. “And you’ll want to keep them in the loop as your giving plan evolves.”

Long didn’t set out to become a philanthropist. But by anchoring his giving in personal experience and purpose, he’s become an advocate, investor, and changemaker in the lives of children across North Carolina.

His message to others? You don’t have to have a high net worth to be a strategic giver—you just have to be intentional. “A wellplaced gift can change a life,” Long says. “Or in our case, thousands of them.”

If you’re ready to give more than a check—to give with purpose, with passion, and with a plan—you might find, like Long has, that strategic philanthropy is one of the most powerful legacies you can build.

PLANNING FEATURE

ADVANCING FROM WA N T T O W O R T H

by Cara J. Stevens

Do you ever find yourself tapping Buy Now at the end of a stressful day? In the moment, this small purchase may feel like a harmless act of self-care. But if you zoom out, you might see you’re moving away from self-care—and your financial goals—instead.

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This sort of impulsive purchase can be described as an away move, something done to avoid discomfort. It distracts you from your stress, but it likely won’t help you meet your long-term goals.

We face a dozen similar decisions every day; moments when we can either act in a way that aligns with our goals and values or that simply helps us not feel worse. These aren’t always high-stakes decisions, but over time, the pattern matters.

When Good Intentions Meet Reality A few years ago, my partner and I met with our CAPTRUST financial advisor, Veronica Karas, for a quarterly check-in. Karas gently pointed out that, despite having a healthy income and modest savings goals, we were consistently coming up short at the end of the month.

When we reviewed our spending, we noticed a theme: a steady stream of high-priced dinners. Some were celebrations, some were tied to business, and some were just fun nights out with family and friends.

At first, it felt like we had only a binary choice. We could give up entertaining, or we could give up saving. Eventually, we recognized there was a third path, one that didn’t require sacrifice, just more clarity. With a little self-reflection and a mindset shift, we would be able to recalibrate how we spent our money without giving up the things that brought us joy.

Each month, make your toward and away lists. Name what you want more of and what you want less of. At the end of the month, take 10 minutes to review.

The Bigger Picture Our spending patterns were no surprise to our advisor, who sees clients’ saving behaviors ebb and flow all the time. Karas suggests couples commit to regular financial wellness dates. “Review what made you feel fulfilled and what drained you,” she says. Ask yourself prompts like, “Which of my expenses felt aligned with my goals this month?” She also recommends regular advisor check-ins. “I always remind clients: Insight without rhythm will fade. Reflection is a practice, not a project.”

Karas says she sees common patterns in spending motivation among her clients, typically based on their phases of life. In their 30s, she says, clients tend to chase external validation and status items, like expensive cars or big homes. By their 60s, there’s a shift toward internal satisfaction—curating legacy, deepening relationships, or protecting time.

Rather than viewing financial planning as a trade-off between present happiness and future security, Karas encourages clients to seek a middle ground. “Form good habits that feel like wins right now and for the future, like simplifying, gifting, and planning meaningful experiences,” she says. “The key is recognizing that trade-ups beat trade-offs.”

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Winter | 2023 Planning Feature | Fall 2025

Everyday Money Examples of Toward-and-Away Spending Applying a New Framework Melissa Kirsch, a writer for The New York Times, recommends a similar framework for moving toward a life you love. This means taking a broad look at your life—not just your spending. Her number one recommendation? Make two lists.

The first is a list of things you want to move away from, like a draining friendship or overpriced daily lattes. The second is a list of things to move toward, like reading more or spending time outdoors. It’s the kind of list we often make in January and forget by February.

Kirsch suggests a more frequent habit.

“What if these new-year traditions became new-month traditions?” she says.

Toward spending examples: • Budgeting for weekend classes • Investing in therapy (physical therapy, psychotherapy, etc.)

• Saving for goals that excite you • Investing in experiences that reflect your core values • Proactively planning your legacy Away spending examples: • Shopping Impulsively • Ordering takeout because of decision fatigue • Experiencing subscription inertia • Overbuying luxury items for status, not satisfaction • Funding adult children’s lifestyles from guilt or fear • Holding cash out of market due to vague anxieties

Each month, make your toward and away lists. Name what you want more of and what you want less of. At the end of the month, take 10 minutes to review.

There is support for this practice in the work of many behaviorchange experts, like Tony Robbins. Robbins says we’re usually driven by one of two things: what we want to experience or what we want to avoid. When we don’t pause to notice which desire is at the wheel, we end up feeling reactive instead of intentional.

This applies to our daily behavior and relationships but also to our spending and saving habits.

Soon after learning about this list-making method, I decided that, each month, I’d look through every purchase I’d made and ask myself a simple question: was this individual purchase moving my partner and I toward our values and goals, or was it an away move—reactive, impulsive, or driven by stress?

Some expenses were necessary and neutral, like gas and groceries. Others clearly supported our long-term financial goals,

like buying in bulk or enrolling in a cooking class to reduce how often we eat out.

And then there were the ones that were clearly reactive: purchases made to soothe, compensate, or avoid. Takeout after a long day because we were too drained to cook. Expensive gifts for our grown-and-flown kids because we missed them and wanted them to feel loved. And those restaurant dinners we had sworn off but still craved when emotions ran high. These kinds of choices aren’t a problem now and then, but we know we need to keep them in check, and we want to be fully aware of what is driving them.

What that list revealed was powerful. It wasn’t about cutting back or blaming ourselves. It was about starting to understand the reasons behind our spending. Were we acting proactively or reactively? Were we leaning into our values or trying to escape discomfort?

Repeated monthly, this practice became a valuable compass. It helped us prioritize saving and align our spending with what we really value, like time with friends and family, time spent outside, and good food.

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The next time we met with our advisor, our balance sheet spoke for itself. We weren’t all the way back to where we wanted to be, but we were on track for smarter spending and saving.

A Gentle, Objective Approach

Insight without rhythm will fade.

Reflection is a practice, not a project.

B.J. Fogg, in his book Tiny Habits: The Small Changes That Change Everything, cautions that this type of self-evaluation should be made gently, with positivity. He urges readers not to judge themselves harshly for their own reactive behaviors.

“We change best by feeling good, not by feeling bad,” says Fogg.

“Make sure your attempts at demotivating behavior don’t morph into guilt trips.”

Karas agrees. She says most budgeting tools focus on the bottom line rather than the emotional component of spending behaviors and trends. “I’d love to see budgeting prompts like, which purchase this week energized you? or which made you sigh with regret?” Tagging your expenses with the emotions that surround them can turn raw data into reflective insight. Imagine seeing a pie chart not just of dollars spent but of energy gained. That’s the future of fintech with heart.”

If you start to view spending through this lens, you can build more than savings. You can build confidence, alignment, and a greater sense of agency in your life.

By combining intuitive self-assessment with actionable insights, you may also find it easier to make financial decisions and proactive adjustments that align your everyday choices with your long-term retirement and savings goals.

The Takeaway No one gets this right 100 percent of the time. But noticing the reasons behind your spending is a step toward more empowered choices. It’s not about guilt. It’s about direction.

By taking stock of what’s working and what’s not, you gain clarity on the forces shaping your financial well-being. This framework isn’t a replacement for comprehensive financial planning, but it can offer valuable insights alongside it. While detailed budgets and investment strategies address the mechanics of money management, the toward-and-away lens addresses something deeper: the emotional and psychological patterns that drive your choices.

The beauty of these lists is in their accessibility. While tools like spreadsheets and apps can help, toward-and-away lists start with honest reflection. Over time, self-awareness becomes a quiet but powerful form of self-knowledge, one that can help you make choices that feel both financially sound and personally authentic.

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Planning Feature | Fall 2025

Self-Check Questions

Before you spend on a big-ticket item or make an impulse purchase, ask yourself three questions: 1.

Am I doing this to avoid a certain feeling or solve a problem that’s not about money?

2. Will this choice bring me closer to a goal or just offer a temporary distraction?

3. Is there an alternative that could move me toward my values instead?

Try this: Track your spending for three days. For each expense, note whether it felt like a toward or an away move. Then ask yourself, do you see any patterns?

EXPERT ANGLE

ART AS AN ASSET

by Nanci Hellmich

Art has long stirred the soul, but increasingly, it’s capturing the attention of savvy investors, too.

Beyond its aesthetic appeal, art can offer a meaningful—and at times lucrative—way to diversify a portfolio. Yet investing in art isn’t as simple as buying what you love. It requires expertise, strategy, and, perhaps most importantly, passion.

Mike Molewski, a CAPTRUST financial advisor in Allentown, Pennsylvania, has learned this firsthand—along with several of his clients. One enjoys acquiring modestly priced oil paintings from Cuba. Another prefers high-end works from a New York City gallery.

Molewski himself owns about 40 early American Westernthemed pieces, including oil-on-canvas paintings that capture the lives of Native Americans.

Recently, Smith Sweeney says, a client told her how much she treasured a new piece—a portrait of a woman—that they found together. It captivated the buyer’s interest when she saw it at an art fair, and she loves it even more now that it’s installed in her home. “It reminds her of the Mona Lisa because the eyes seem to follow you.”

That emotional connection is part of the magic—and the challenge—of collecting art. But behind every compelling piece lies a set of practical considerations. For investors, understanding the financial mechanics of the art market is just as important as following one’s heart.

Exploring Options

“Artwork can be an important and enjoyable part of a diversified investment portfolio,” Molewski says. “It’s nice to feel interested in and passionate about a piece when you first see it, but ultimately, it has to be a sound investment.”

“There are several financial advantages to owning quality artwork,” Molewski says. For instance, art is a traditionally stable asset class, comparable to gold. It’s illiquid but often a good investment in the long run.

Art advisor Laura Smith Sweeney, founder and principal of LSS Art Advisory in New York and San Francisco, echoes the sentiment. She says most buyers want purchases to increase in worth, or at least retain their value.

“We suggest collectibles such as art be no more than 10 percent of a person’s portfolio because of it’s illiquidity,” he says. “To sell them, you have to find the right resources, pay commissions, and pay transfer costs, plus any taxes due.”

Art is a passion asset like other collectibles such as cars and wine. “These assets fall into the alternative portion of a portfolio,” says Smith Sweeney, who has a dual background in art history and wealth management.

“Some people invest in shares of blue-chip artwork through firms such as Masterworks or Public,” says Molewski. Masterworks is devoted completely to art and collectibles. Public offers a wider range of investable assets that includes art.

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A Guide to Finding Great Pieces in Budget Prospective collectors are often overwhelmed by the depth and breadth of the art world, says art advisor Laura Smith Sweeney, founder and principal at LSS Art Advisory.

It can be intimidating, especially when buyers try to acquire multiple pieces for a new home or a second home.

She recommends clients create a budget first, then determine what appeals to them the most by visiting museums, galleries, art fairs, and auctions.

“That journey of exploration opens a lot of people’s minds to the breadth of art that is offered,” Smith Sweeney says. “We don’t tell clients they need to buy a specific artist like Andy Warhol or Pablo Picasso. We work with them to figure out what they like.”

Buyers’ tastes may evolve after they experience a substantial amount of work. That’s why you should take your time before making a purchase.

“It can take months to find the right piece,” adds art advisor Meghan O’Callaghan, who works with Smith Sweeney. “We want clients to have the patience to wait for the best piece to come along.”

Smith Sweeney and O’Callaghan scour art fairs around the world, including fairs in Paris, London, New York, Miami, and Basel, Switzerland. Sometimes clients join them.

An art fair might have 200 or more galleries participating. “It can be overwhelming, even for me,” says Smith Sweeney.

The advisors review the artwork in advance and take their clients to about 20 galleries that match their preferences and pocketbooks.

Every potential purchase is evaluated. “We look into the provenance [the history of ownership], the condition, and the pricing,” says Smith Sweeney. “We also look at comparable works like you would in a real estate transaction to see if it’s overpriced.”

After a client makes a purchase, Smith Sweeney and O’Callaghan oversee shipment, safe delivery, and proper installation.

“Bringing the right art into a home adds layers of meaning, emotion, and personality,” says Smith Sweeney. “Art anchors a space—it gives the home a heartbeat.”

While fractional investing offers a lower barrier to entry, some collectors prefer a more hands-on approach. For example, one of Molewski’s New York clients bought an $800,000 painting for his family’s home. This level of investment requires additional due diligence, and Molewski says the client was careful about seeking an art dealer’s expert advice to make sure his purchase was an investment-grade piece.

Molewski says his personal collection is paying off for him and his wife, Diane. “We love the art we own,” he says. “It fits the style of our home and makes it more enjoyable. It has also been a great investment. We’ve been asked to sell certain pieces, and the amount offered was much more than we paid.”

“The key to buying a collection is working with a professional such as an art advisor, art dealer, or gallery owner,” Molewski says. “There needs to be a lot of trust. If you don’t trust your advisor, it’s so much harder to make good decisions.”

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Expert Angle | Fall 2025

Avoiding Pitfalls Smith Sweeney works on the other side of that relationship, often serving as the trusted advisor. She says one big piece of her job is helping clients avoid costly mistakes, such as overpaying or buying a forgery. “Clients sometimes come to us with artwork they purchased before working with us. They may have paid $25,000 to $100,000 for it, and there is a limited resale market for the work.”

The resale price, just like the buying price of a piece, is based on many factors, including the artist’s reputation and the medium, from oil paintings and sculptures to photographs and prints. As you’d expect, emerging artists’ work is typically priced lower than work from artists who already have global recognition. “It’s like start-up companies versus established, multinational corporations,” says Smith Sweeney.

“Limited-edition prints often appeal to new buyers,” says Meghan O’Callaghan, a San Francisco art advisor who works with Smith Sweeney. “These prints are not posters. The artist often collaborates with a master printmaker to create an original piece. It’s a booming segment of the market with strong resale value.”

And it’s a great way to get started when investing in art. Acquiring a few treasures can create a ripple effect. “Some people catch the bug and want to dive deeper,” says Smith Sweeney. “They move beyond buying for the wall above the couch. They want to become collectors. They want to get involved in the artists’ careers.”

Leaving a Legacy Another benefit: Art can play a meaningful role in a family’s long-term financial and philanthropic plans. Financial advisors can help clients think strategically about their collections by connecting them with reputable art professionals and helping them incorporate artwork into a broader estate plan. That includes evaluating the potential tax implications, ensuring proper documentation and valuation, and aligning the art with a client’s legacy goals.

“Art is a unique asset, and planning for its future is just as important as planning for other investments,” says Molewski. “We help clients think about where their pieces should go and how to handle the transfer thoughtfully and efficiently.”

Some clients choose to pass down art to their children.

Others donate pieces to museums or establish private foundations. Each option involves distinct benefits and challenges. For instance, gifts to family may trigger capital gains taxes if the art is later sold, while donations to charitable institutions can offer significant tax deductions but may require coordination with museum acquisition committees and donation guidelines.

In any case, the emotional value of art can complicate decisions.

WHERE TO START

To find an art advisor in your area, contact the Association of Professional Art Advisors at artadvisors.org/art-advisor-directory.

“The art that my wife and I feel passionate about may not be the same as what our children care about,” Molewski says. “If that’s the case, we would want them to sell the art, then invest in what they like.”

Ultimately, as a financial advisor, Molewski says the goal is to ensure the collection serves both the client’s values and their financial goals— during their lifetime and beyond.

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Figuring Out a Fair Price Determining fair pricing in the art world can be a challenge, but buyers can take steps to avoid overpaying.

The art world and market are notoriously opaque, says Alex Glauber, president of the Association of Professional Art Advisors and founder and principal of AWG Art Advisory in New York City.

“Unlike financial markets, the art market lacks regulation, transparency (the only publicly available price data is for works sold at auction, which accounts for less than half of the overall marketplace), and overall efficiency and liquidity,” he says.

“Artworks derive their significance and value through cultural consensus and resonance, which is an imperfect process,” says Glauber. “Since value derives from taste, which is mercurial, investing in art is inherently risky and speculative.”

To reduce your chances of making costly mistakes, Glauber says to: •

Be thoughtful. A lot of collecting is reactive, but it’s important to be proactive in understanding how to maximize your resources. The sheer volume of art offered means you’ll always say no more than yes.

Also make sure you understand the opportunity cost, Glauber says. Do you want to prioritize quality or quantity? Blue-chip art is generally more stable as an asset, but having too much of one type or from one artist can increase risk.

Alternatively, collecting works by emerging artists at lower price points can diversify your holdings and create a more dynamic collection.

•

Buy with your eyes, not your ears. An artist’s personal brand can heavily influence a work’s value, says Glauber. But name recognition alone isn’t enough to make a purchase worthwhile.

Do your research to understand what makes an artist influential or desirable, and don’t be afraid to overpay for the right work, as opposed to getting a deal on a middling example.

Good examples of a particular artist’s style tend to hold their value and offer more long-term potential.

•

Study the pricing. The inefficiencies of the art market mean the same piece could sell for vastly different sums, depending on the sales channel and venue.

There is a lot of price dispersion between the primary market, galleries, and secondary market, most notably auctions.

Once you determine an artist of interest, compare primary market (retail) pricing and past auction results so you can maximize your budget, Glauber says.

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Expert Angle | Fall 2025

GLEANINGS: COMMON ART TERMS Here’s a look at some of the most common terms used in the art field, excerpted from an article on artsy.net:

T H E M A RKETS The primary market is where an individual piece of artwork is first sold. Buyers can access the primary market through galleries, art fairs, online platforms, or occasionally, directly from artists.

The secondary market involves the resale of artwork. Many of the same channels used in the primary market—such as galleries and art fairs—also sell secondary market pieces.

A variety of factors can influence the prices of these works, including an artist’s career stage, reputation, and collector demand.

Auction houses almost exclusively sell secondary market pieces.

For collectors, the secondary market can offer access to works that are no longer available from an artist directly.

TH E ARTISTS An emerging artist is at the early stage of their art career, typically with fewer exhibitions and a smaller following than established artists. For buyers, discovering and purchasing works by an emerging artist can be exciting and one of the more affordable entry points into the art market, but it carries more risk.

An established artist is typically backed by a large body of work and enjoys international recognition through major biennials, museum shows, publications, and collections.

Between emerging and established artists are the mid-career artists. Typically, they’ve been actively creating, showing, and selling their art for about a decade. These artists have established a solid audience for their work and are consistently present in the art world through gallery exhibitions and international art fairs. Collectors often look to mid-career artists for works that show maturity and consistency, but that still carry room for upward momentum.

Blue-chip artists, such as Pablo Picasso, Jean-Michel Basquiat, and David Hockney, are regularly shown at museums, are bought by top collectors, and have a history of producing sought-after pieces.

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HEALTH + WEALTH

BIOLOGICAL AGE: WHAT IT IS AND HOW YOU CAN MEASURE IT An Article by Cleveland Clinic

It’s a common expression: “You’re only as old as you feel.”

And we all know people who bear this out in their daily lives.

But is it really possible to defy the calendar?

Turns out, the answer is yes.

“Your chronological age—how long you’ve been alive—is not as strong a predictor of health as you might think,” says family medicine provider Saadia Hussain, MD. “Your biological age is a more accurate measure of how fast your cells, tissues, and organs are aging.”

Dr. Hussain explains all about your biological age and steps you can take to slow the aging process.

What is Biological Age? Scientists define biological age as an accumulation of cellular damage over time—how much damage has happened to your cells over the years. This damage occurs naturally with age.

Other factors that affect your biological age are your genes, habits, and physical environment.

“Think of biological age as a reflection of your overall health and potential longevity,” says Dr. Hussain. Older biological age is linked to earlier development of chronic diseases, such as: • • • •

Cancer Dementia and Alzheimer’s disease Diabetes Heart disease

How Biological Age is Determined The concept of biological age comes from a 1969 paper by British physician Alex Comfort.

“Over the years, researchers have studied many ways to measure a person’s biological age,” says Dr. Hussain. “One of the most common markers used today is DNA methylation, an idea first published in 2013.”

DNA methylation occurs when small groups of chemicals called methyl compounds attach to the DNA in your cells. Methylation doesn’t affect the DNA sequences. But it can disrupt cell functions, especially those related to aging and age-related diseases. The amount of DNA methylation in your cells is then used to calculate your biological age—a.k.a. your epigenetic clock.

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Health + Wealth | Fall 2025

Another way to estimate biological age is to use standard blood tests and physical characteristics. Researchers have developed complex equations (algorithms) that combine various clinical measurements, such as blood pressure, blood sugar, cholesterol levels, heart rate, and height and weight.

Are Commercial Biological Age Tests Worthwhile?

Biological age estimates are widely used in aging research. But they’re not part of routine medical care yet, notes Dr. Hussain.

This isn’t something you’ll get at your annual physical.

Despite this, biological age testing is widely available online. You send in a blood or saliva sample, pay several hundred dollars and then get results sent to you that tell you your biological age.

So, should you spend your hard-earned money to find out where you stand? Dr. Hussain advises caution. “It’s not clear how reliable these tests are,” she says. “Also ask yourself whether the results will change how you live your life.”

What if you find out your body is aging faster than your chronological age? Will it inspire you to change your habits? If the answer is yes, then a test may be helpful—a way to jumpstart some healthy living changes. But you can also make these changes without the test.

Can You Improve Your Biological Age? “The steady march of time affects us all,” poses Dr. Hussain.

“But there are many things you can do to slow the clock. That’s true even if you don’t know exactly how old you are.”

It’s all about treating your body well, using time-tested strategies, like:

•

Getting a good night’s sleep. Poor sleep can contribute to aging. One study found that nearly 8 percent of deaths are associated with poor sleep patterns. To be your best—and live longer—aim for seven to nine hours of sleep each night.

•

Reducing stress. Chronic stress wreaks havoc on your body and can accelerate aging. Exercise, good nutrition, and sleep can lower stress. (Yes, they’re all related.) Other stress busters include mindfulness, meditation, and yoga.

•

Quitting smoking. Smoking takes years off your life. But there’s evidence that quitting at any age can stop that process and help you live longer.

Making lifestyle changes can seem overwhelming. But you don’t need to do it all at once—or alone. A healthcare provider or dietitian can help you get started and stay on track.

Can Medications Slow Biological Aging?

Longevity scientists are searching for medications that might slow aging.

“There’s a lot of misinformation out there and people looking to take your money,” states Dr. Hussain. “But there are some promising drugs.”

No medications are currently approved by the U.S. Food and Drug Administration (FDA) for antiaging use. Some are currently being studied. But this research takes time.

For now, be cautious of any supplement marketed as having anti-aging effects and stick to healthy habits instead.

•

Eating healthy foods. The best foods for antiaging are fruits and vegetables, whole grains, healthy fats, and lean proteins.

If you’re not sure where to start, try the Mediterranean diet.

This eating style has many proven health benefits, including increased life expectancy.

CAPTRUST and Cleveland Clinic present the CAPTRUST Wellness Advantage: Powered

by Cleveland Clinic to help clients align their wealth plans with their health plans.

•

Exercising regularly. Research shows that exercise can help you live healthier and longer. How much exercise do you need? Experts recommend at least 150 minutes of moderate-intensity aerobic exercise per week, plus two sessions of strength training.

The program combines access to Cleveland Clinic’s medical services with CAPTRUST’s signature client service, offering a conciergesupported approach to both financial and physical well-being.

To learn move visit captrust.com/clevelandclinic

This article was originally published by the Cleveland Clinic and is republished here with permission. © 2023 Cleveland Clinic. All rights reserved. The content has not been modified and is provided for informational purposes only.

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INVESTMENT FEATURE

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Investment Feature | Fall 2025

In the 1960 Western movie The Magnificent Seven, a heroic band of cowboys overcomes the odds to defeat a gang of bandits terrorizing a down-on-its-luck Mexican village.

Don’t worry, this article is not a movie review. It’s the story of a different Magnificent Seven. One in which the protagonists aren’t cowboys but instead seven of the largest and most important companies in the world: NVDIA, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla. In this story, you’ll hear about what makes these companies industry leaders, the challenges they’ve overcome, and the ending that’s yet to be written.

Defining Magnificent Let’s begin with answering the question, what great deeds does a company have to perform to warrant the audacious title of magnificent?

For starters, you would expect it to be the kind of company that conveys durable superiority worthy of the history books. It would have to be so dominant that it becomes a household name. And the industries in which it operates would need to be among the largest and most profitable in the world.

But even that isn’t enough.

Despite its tremendous size, this company would still be growing much faster than the average company. It would also need to be a financial powerhouse with a credit rating that bests most sovereign nations. Most importantly, it would need to be at the forefront of innovation such that its dominant position is not just maintained but strengthened.

All of the Magnificent Seven—except Tesla*—meet these criteria. *Tesla has a BBB credit rating (the others are all AA- or better), has not grown so far in 2025, and is in the auto industry, which is not one of the most profitable industries in the world (1FactSet Research Systems).

And the company needs to have staying power. In a typical innovation cycle, dominant companies are toppled by innovative upstarts that build a better mousetrap and become the next leaders. But the Magnificent Seven have seen that playbook and sidestepped it; they have remained at the forefront of innovation in their industries and continue to aggressively lead.

And these companies are spending big to stay ahead—not just on buildings and equipment but on top engineering talent, an increasingly rare commodity.

by Christian Ledoux, CFA®

What great deeds does a company have to perform to warrant the audacious title of magnificent?

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Collectively, these companies are more valuable than China’s stock market—the largest market in the world other than the U.S. NVIDIA, the largest by market value of the Magnificent Seven as of September 3, 2025, has a market value larger than every country’s gross domestic product except the U.S., China, and Germany. It’s understandable when regulators get nervous about companies that are this big and powerful.

It’s no coincidence that all of these companies hail from the U.S. The U.S. offers a combination of economic durability, entrepreneurship, availability of capital, reliable markets, favorable regulatory policy, and global influence, among other factors, which allow big ideas to thrive and grow. It’s in this fertile soil that industries that didn’t exist only a few decades ago have grown to become the largest in the world.

Here Comes the Law As a Yale Law School student, Lina Khan (2016) famously wrote an article, “Amazon’s Antitrust Paradox,” portraying Amazon’s business practices as anticompetitive, even though it hadn’t risen to the traditional standard of antitrust behavior.

Less than five years later, she became the chair of the Federal Trade Commission (FTC) under President Biden—an appointment that likely sent a shiver down the spine of the Magnificent Seven.

Collectively, these companies are more valuable than China’s stock market—the largest market in the world other than the U.S. Changes to the antitrust guidelines under Khan’s tenure were designed to enhance the agency’s ability to scrutinize mergers that could harm competition, particularly in concentrated markets.

The push to regulate these tech giants has proven bipartisan. The Trump administration’s decision to appoint a chair that had served in Khan’s FTC (Andrew Ferguson) indicates the legal challenges may not be over anytime soon.

But a magnificent doesn’t crumble in the presence of adversity.

For more than a decade, the alphabet soup of regulatory agencies inside and outside the U.S. have been trying to fell these giants without landing a significant blow to any of them. However, a few consequential cases are still winding their way through the courts as of this writing, including the potential breakup of the Google digital advertising platform within Alphabet.

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Investment Feature | Fall 2025

Other Challenges Not all adversity has been of the legal variety.

In early 2025, Chinese hedge fund High-Flyer released DeepSeek, an AI model that shocked the U.S. technology industry. DeepSeek was created despite a semiconductor export ban that prevented access to the same leading-edge chips that its American competitors used. It was, in many ways, superior and was built at a fraction of the cost. Magnificent Seven shares temporarily sank as investors worried that the Chinese were leapfrogging us and all of that spending was wasted.

The early stages of consumer-facing AI have provided plenty of fodder for pranksters looking to make this new technology look foolish. result: a 33 percent decline in shares earlier this year (2Gurman and Bennett, 2025).

There have also been a number of self-inflicted challenges.

Tesla may have sabotaged its own business after CEO Elon Musk campaigned and served for the Trump administration. This drew the ire of much of its customer base, many of whom belong to the opposing political party.

In 2021, Meta embarked on a high-profile spending binge on the metaverse—prompting a name change from Facebook. Its stock plunged 75 percent before the company pivoted and declared 2023 a “year of efficiency.”

These drawdowns were short-lived, and many of the recovery rallies resulted in new all-time highs. Investment continued, benefiting NVDIA, the primary vendor of the AI-oriented semiconductors.

Apple struggled with underinvestment, failing to deliver on promised artificial intelligence (AI) features for iPhones. The

Meanwhile, Microsoft impressed investors with strong AI revenue. Tesla redirected investor attention to the future of

MORE MAGNIFICENTS? A handful of companies have quietly grown in size and importance such that they might eventually be worthy of inclusion in the “Magnificent” club.

Broadcom: The trillion-dollar company you’ve probably never heard of. Most of Broadcom’s software and semiconductor products perform the technology equivalent of “plumbing”: networking, storage, and interconnectivity. Its technology has found use in AI data centers, accelerating growth. The company is working with many of the big buyers of AI computing capacity, known as hyperscalers.

Oracle: Once just a boring database software provider, Oracle has become a leading vendor of cloud computing (internet-based data storage, software, and processing). Now it is leveraging this position to capture AI data center contracts. And the level of demand for Oracle’s services could certainly qualify as magnificent: nearly a half a trillion dollars signed in its quarter ending August 2025* Palantir: A software data-mining company founded by prominent technology entrepreneurs Peter Thiel, Stephen Cohen, Joe Lonsdale, and Alex Karp. The company uses AI to harness the data of critical government and commercial enterprises so customers can make well-informed real-time decisions.

Source: Oracle CEO, Safra Catz 9.9.2025

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robotaxis and Optimus humanoid robots. Apple visited with the president, which eased tariff concerns. Meta reported accelerating revenue growth in its June quarterly earnings.

•

AI systems can reflect biases from historical data filled with human prejudices.

•

Complex models often lack transparency, raising accountability concerns, particularly when AI systems are used in sectors that impact human lives, such as health care and criminal justice.

•

Widespread AI surveillance blurs the line between safety and privacy.

Skepticism around new technologies is nothing new.

•

Autonomous AI weapons pose ethical and security risks.

Maybe you’ve heard these:

•

Superintelligent AI could threaten humanity if it acts counter to human values.

Growing Pains or Fatal Flaws?

The next chapter in the Magnificent Seven’s story will almost certainly hinge on the success—or failure—of AI. Despite enthusiasm around the game-changing possibilities AI promises, skepticism abounds.

•

“There is no need for any individual to have a computer in their home.” (Ken Olsen, president of Digital Equipment Corporation, 1977)

•

“By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” (Paul Krugman, Nobel Prize-winning economist, 1988)

Tell the world you’re creating the next big thing, and someone with some extra time on their hands will find an amusing flaw. The early stages of consumer-facing AI have provided plenty of fodder for pranksters looking to make this new technology look foolish.

Known as hallucinations, these responses are based on errors or biases in the data that trained the AI system. From made up legal cases to including glue in a recipe for pizza, these mostly harmless mistakes make it clear that AI always needs to be fact checked and still has a long way to go.

AI Self Reflection The most credible longer-term argument against AI goes something like this: So the industry is squeezing power supplies and hurting the planet to put people out of work? That isn’t as easily brushed aside. Power outages, climate change, and labor displacement are the kinds of problems that could lead to a severe backlash.

The regulators, naysayers, and even some in the court of public opinion seem eager to run them out of town.

Ask Microsoft Copilot what the primary negatives about itself are, and it responds with a laundry list: 36

Investment Feature | Fall 2025

As the leaders of this technological revolution, the Magnificent Seven are the targets of this skepticism and will have to champion the merits. It will take more than generating pictures of cats in space or helping kids cheat on their homework to sell the public on the benefits of AI.

A Bright Future?

Back to the movie from 1960…

Despite well-laid plans, some of the villagers lose faith and betray the cowboys, allowing the bandits to take over and run the Magnificent Seven out of town. But the heroes don’t give up.

They ultimately return to save the day, resulting in a happy Hollywood ending.

Is something similar happening with our Magnificent Seven companies today? The regulators, naysayers, and even some in the court of public opinion seem eager to run them out of town.

Of course, it’s not as black and white as it is in the movies. But if the bandits of soaring government debts, demographic headwinds, and inflation continue to terrorize the economy, we may need the pro-growth and deflationary forces of the Magnificent Seven to save the day.

And if they succeed in leading us into the next decade, we may need to find a more impressive superlative to describe them— because magnificent might not be enough.

Source: 1Mark Gurman and Drake Bennett, “Why Apple Still Hasn’t Cracked AI,” Bloomberg, 2025, https://www.bloomberg. com/news/features/2025-05-18/how-apple-intelligence-andsiri-ai-went-so-wrong FactSet Research Systems. Retrieved July 2025, from https://www.factset.com/ 2

MONEY MINDSET

LIVING BEYOND THE R EARVIEW

by John Curry

“I hope when I get old, I don’t sit around thinking about it, but I probably will,” sings Bruce Springsteen in “Glory Days,” from his iconic 1984 album, Born in the U.S.A. “Glory Days” is a deceptively upbeat anthem about people lingering in the glow of their past. The characters in the song—an aging athlete, a single mom, and Springsteen himself—are caught in the gravitational pull of their former triumphs. They get together, have a few beers, and talk about the way things used to be. While there’s warmth in their memories, there is also a creeping sense of stagnation.

It’s a story that resonates because it’s deeply human. We all have chapters that shine: a career peak, an athletic high, a creative breakthrough, or a time when our house was full of family. These moments matter, but when they become the standard by which we measure everything else, they can also be obstacles to a happy future.

When the Past Defines the Future Hanging on to former success is rarely about arrogance. It’s about identity. Something worked. Something clicked. It made you feel like the best version of yourself. And so it’s tempting to chase that same magic again. But as the world shifts, what once seemed just right may no longer be.

Marlon Brando, for example, struggled for years after early acclaim with films like The Wild One and A Streetcar Named Desire. He reemerged many years later in The Godfather by embracing his age and evolving his craft.

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Organizations face similar traps. Kodak, once the king of film photography, also invented one of the first digital cameras (in 1975) and earned patents for numerous imaging technologies in the 1980s and 1990s.

Yet faced with the choice between digital and analog, it clung to its film legacy. The result? Lost leadership and missed opportunities.

The same pattern shows up in our everyday decisions. A former executive in search of a part-time retirement job might hold out for a title, salary, or perks that no longer fit. An investor might chase yesterday’s returns. An amateur athlete might stop playing the sport they love just because they can’t achieve their former personal best.

The risk is directional. Looking backward too long makes it harder to move forward. It keeps us thinking about our former selves, without a full view of who we are, here and now.

The Psychology of Staying Stuck Nostalgia can be powerful and productive. It buffers us against anxiety and reminds us of our potential. But when it becomes the lens through which we make decisions, it can also distort our judgment.

“When you’ve made it once, you know exactly what it takes to do it again,” says Wilson Hoyle, a CAPTRUST senior executive and inspirational speaker to organizations across the country. “That knowledge can motivate or paralyze you.”

In his long career, Hoyle has led thousands of employees and watched many more clients and colleagues retire, redefining who they want to be and moving into new phases of life. He also speaks frequently to professional sports teams and to players who are often in the middle of their glory days.

When people hang on too tightly to the past, he says, they’re falling prey to three key cognitive behaviors: •

Status quo bias. We naturally prefer what’s familiar, even if the environment has changed. But avoiding change for the sake of comfort can limit growth.

•

Loss aversion. We feel the sting of loss more intensely than the pleasure of gain, making us overly cautious or protective against perceived risks that may no longer apply.

•

Anchoring. We latch on to old benchmarks and can’t let them go. Opportunities that don’t match that standard may get dismissed, even if they align more closely with our current needs, goals, or values.

These are natural biases that our brains have developed to try to keep us safe. They help us avoid making bad decisions. They can also keep us stuck in the past. Two empty nesters might find themselves unable to enjoy their years of independence and freedom. Or a person might hold on to weight goals and beauty standards that are now unreasonable and downright damaging.

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Money Mindset | Fall 2025

Letting Go, Not Losing Ground Letting go of past success doesn’t mean rebuffing it. It means recognizing that success today might require a new definition.

“The people who transition well after early success are the ones who can do two things: turn the page and start from the bottom, with no sense of entitlement,” says Hoyle. “It’s not about rejecting your past. It’s about not being beholden to it.”

Americans are living longer than ever now, spending an average of 25 to 30 years in retirement. This reality forces a reevaluation of what it means to be productive, fulfilled, and financially secure later in life. Holding on to outdated assumptions can create a mismatch between goals and resources.

“Sometimes, you need to be willing to go backward to go forward,” says Hoyle. “And that takes humility.” His advice: Reexamine what you need to feel satisfied today, not what made you feel fulfilled in the past, so you can set new goals that match your current goals and needs.

The Cost of Clinging What once felt like stability can quietly become resistance. In a world that demands adaptability, a refusal to evolve can quietly erode career prospects, financial resilience, and personal well-being. Being anchored to the past can show up in subtle but consequential ways: •

Turning down opportunities. Waiting for a role that matches a past salary or job title can lead to long employment gaps or diminished offers. Time passes, gaps widen, and financial strain sets in.

•

Fighting a pivot. Clinging to old friends or a nowdysfunctional marriage, refusing to downsize when you know you need to, and continuing old hobbies that no longer bring you joy are three examples of how we reject adaptation. In doing so, we fight our own evolution.

•

Straining relationships. Holding on to an old identity can create tension at home. For example, one spouse might continue spending to maintain a lifestyle no longer supported by current earnings. Over time, this friction creates stress and chips away at emotional well-being.

•

Avoiding necessary adjustments. Whether it’s downshifting your career, retooling your fitness regimen, reskilling, or revisiting your financial plan, delay compounds risk. The longer someone tries to sustain a former version of success, the harder it becomes to adjust with intention.

In each case, the issue isn’t nostalgia. It’s inertia.

Four Ways to Move Forward Letting go is easier with a plan. “There’s no shortcut to building something meaningful,” says Hoyle. “The ones who remember that are the ones who succeed a second time.”

Here are four strategies to help you move from looking back to moving ahead: •

Name what you’re holding on to. Ask yourself: What part of the past am I trying to re-create? Is it influence, recognition, empowerment, security? Naming it helps shift the narrative.

•

Reframe risk. Growth lives just outside of your comfort zone. A pay cut for purpose or a bold lifestyle pivot might feel like a step down but could be your best investment in the long run.

•

Update your success metrics. What mattered then may not matter now. Redefine success around who you are today.

Flexibility, autonomy, fulfillment, and impact are all valid metrics.

•

Craft a new narrative. Replace “I peaked back then” and “That was the best time of my life” with “That season prepared me for what’s next.” Your past isn’t the ceiling. It’s the foundation of your next level.

The risk is directional.

Looking backward too long makes it harder to move forward. It keeps us thinking about our former selves, without a full view of who we are, here and now.

Hoyle also mentions the importance of friends and family: “The ones who move forward the most consistently tend to be surrounded by support—not voices telling them they’re above starting over. That kind of environment makes it easier to embrace humility and begin again.”

Building on the Glory, Not Living in It If you’re looking for positive role models, consider LeBron James and Joni Mitchell. James achieved early success on the basketball court but continues to evolve in business and through activism. Mitchell didn’t stay in folk music forever, although it was the genre that made her famous. In the late 1970s, she pushed into jazz and experimental sounds, willing to risk commercial success to keep growing.

Whether you’re navigating a career shift, a relationship change, a financial transition, or personal reinvention, it’s worth asking: Am I looking backward to feel safe, or forward to make progress? Clinging to the past can limit your ability to build something new. The most resilient people are those who honor their history without being bound to it.

Celebrate your wins, but don’t stop there. Your next success might not look like your last one. And that’s not just OK. It’s essential.

“You don’t need to peak again to move forward,” says Hoyle. “You just need to get started.”

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LASTING LEGACY

PLANNING A BUSINESS EXIT

That Leaves a Legacy

by Jeanne Lee

Selling a family business is about much more than a sale price—it’s about values, identity, and legacy.

It’s no surprise that many family business owners postpone planning their exit. Selling a business involves legal and financial complexity, and owners are often consumed with daily operations and growth strategies. Many also struggle to even imagine stepping away, having dedicated much of their lives to their work. “People who have their own business, oftentimes it is their personal identity,” says Denise Rothermel, a financial planner and business valuation specialist at CAPTRUST. Among business owners aged 55 and older, only 17 percent report having plans in place for selling or transferring ownership of their business within five years, according to a Gallup poll. Yet without a plan, a family business is at great risk of losing value or even closing if the owner becomes incapacitated, the market changes, or emergency circumstances force a quick sale.

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Reader Q&A Lasting Legacy | Winter | Fall 2025 2024

But “selling a family business isn’t just a financial transaction,” says Rothermel. “It can be a deeply emotional one.”

In one case, Rothermel advised a married couple who built a successful yacht restoration company. Over the years, it grew to a premium provider in the market. As they approached retirement age, they hadn’t done much to prepare for what came next.

Then, an unexpected offer from a potential buyer caught them off guard. The offer was sizable—but could the business fetch more? Should they shop it around to maximize value?

How much labor and preparation would that involve? More importantly, were they ready for the next stage of life? And what would happen to their employees?

The couple turned to Rothermel for guidance. She told them that before pursuing a sale, it’s often necessary to do some soul searching to clarify financial priorities and legacy goals.

“My job is to quarterback them through all of that,” says Rothermel.

A successful business exit isn’t always about the highest price. It’s about making a deal that satisfies as many priorities as possible— and proper planning can take time.

What Comes First: It’s Values, Not Valuation Business owners often focus on tangible aspects of a sale, such as cash and stock. “Most people just think about the market valuation of their business, but it’s not that simple,” says Rothermel. Sellers need to weigh their values carefully, as these can inform the timing and structure of the transaction.

“It’s a balance of tangibles and intangibles,” says Rothermel. Thinking through the intangibles that matter the most will provide a foundation for decisions about the timing, price, deal structure, and tax planning of a sale.

For example, it’s nearly impossible to assign a dollar value to the satisfaction of seeing a son or daughter step into a leadership role, having the means to support a philanthropic cause, or the joy and freedom that often come with departing a stressful business.

After the offer on the yacht restoration business, Rothermel had a frank talk with the owners. “Yes, your company is likely worth more than that,” she said. “But [the offer] gives you more money than you will need to live off of in retirement.”

The couple also considered the ramifications of trying to optimize the company for market in hopes of a higher sale price. “It could take years,” Rothermel told them, and there would be no guarantee. “Meanwhile, what if the economy changes?”

The Right Deal at the Right Time A successful business exit isn’t always about the highest price. It’s about making a deal that satisfies as many priorities as possible—and proper planning can take time. One to three years before a potential sale, owners can begin holistic discussions with their financial advisors about their goals. Professionals with experience in business valuation, tax planning, and exit planning can assist with examining priorities, maximizing business value, and matching the structure of a sale with the desired tangible and intangible goals.

Ultimately, “tax considerations will drive a lot of how you structure the sale,” says Rothermel.

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“

For example, if a primary goal is keeping a business in the family, a seller might accept payment in installments, allowing a son or daughter to use earnings from future operations to purchase company shares. Or if the goal is for family members to inherit, special planning techniques can minimize the tax burden for heirs. “A lot of families sell a business, or a piece of a business, through an intentionally defective grantor trust,” says Rothermel. This trust lets an owner legally remove the entity from the estate while still receiving payments from the business and paying income tax on those earnings.

Selling a family business isn’t just a financial transaction. It can be a deeply emotional one.

Denise Rothermel

”

An owner may also choose to transfer ownership of the business to loyal employees or a management team that contributed to the company’s success.

“You might do a stock redemption and let your management team acquire it,” says Rothermel, “or, have your employees buy you out through an employee stock ownership plan (ESOP).” ESOPs are a tax-favored way to transfer ownership to employees while providing a fair price to the business owner.

“ESOPs are most commonly used to provide a market for the shares of departing owners of successful closely held companies, to motivate and reward employees, or to take advantage of incentives to borrow money for acquiring new assets in pretax dollars,” according to the National Center for Employee Ownership.

When seeking an outside buyer, a business broker or financial consultant may unlock potential value that’s not obvious to the owner—particularly by understanding the business’s differentiators and marketing them to various buyers.

“People know what they want to be paid, but they’re not always objective.

That’s why you should consider having a valuation professional on your team, such as a business broker or a financial planner who works on strategy and tax planning,” says Rothermel. Sellers can sometimes be misled by rules of thumb or industry comparables, but they maximize value by understanding what matters most to them and what makes their business special.

Sailing into the Sunset Ultimately, the couple accepted the offer. A bird in the hand is worth two in the bush. They concluded that accepting the buyout offer would reduce their risk, increase their freedom, and let them start enjoying retirement immediately. “It gave them two to five more years of doing what they want,” says Rothermel.

KEY QUESTIONS TO ASK BEFORE SELLING A BUSINESS Well in advance of a sale, begin to contemplate long-term personal, family, and philanthropic goals.

Consider asking yourself: • • • • •

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What are my personal financial needs after the sale?

What is my timeline for the sale?

What do I want for my family members—gift them the business or let them buy it over time?

Do I want my management team or employees to acquire my company?

Do I want a charitable gift to be part of my legacy?

Lasting Legacy | Fall 2025

CLIENT CONVERSATIONS

READER Q&A In this installment of our Reader Q&A, we explore the ins and

?

outs of home equity loans, the someday promise of self-driving cars, and the need for disaster insurance.

We have built quite a bit of equity in our house over the past couple of years. Is it a good idea to use a home equity loan to tap into some of that money?

A

The answer depends on your personal financial picture. To make this decision, examine your financial needs, your risk tolerance, and the economic climate. Before proceeding, ask yourself:

•

They provide flexibility, allowing you to borrow only what you need.

•

In some cases, interest may be tax deductible.

•

What will I use the funds for?

•

•

Can I afford higher payments if my interest rate rises?

They can fund major expenses like home renovations or debt consolidation.

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Am I disciplined enough to avoid overborrowing?

•

Have I considered other options to access liquidity?

Also, make sure you understand how home equity loans work. Often called home equity lines of credit (HELOCs), these loans provide a credit line secured by your house.

During a draw period of typically five to 10 years, you can withdraw funds and make interest-only payments.

After that, a 10- to 20-year repayment period begins with both principal and interest payments. Most HELOCs have variable interest rates that will rise or fall with market conditions.

HELOCs offer a few distinct advantages: •

Interest rates are generally much lower than those on credit cards or personal loans.

However, today’s economic conditions require caution.

Rising interest rates could raise your monthly payments; flexibility can lead to overborrowing; and falling home values could leave you owing more than your home is worth.

Remember, your home secures the loan, so missed payments could lead to foreclosure.

Another consideration: Preserving your home equity can be a strategic long-term move, offering financial resilience and future opportunities that might outweigh the immediate benefits of borrowing.

Deciding whether to use a HELOC is a personal choice.

Yes, your home equity can be a powerful financial tool, but it requires careful consideration and a clear understanding of the risks and rewards. Take your time, do your research, and consult your financial and tax advisors for their perspectives.

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I’ve been hearing a lot about self-driving cars. Do they really drive themselves? And when will they be ready for widespread use?

A

We’ve been hearing a lot about this too, especially in the past few years. Tech companies and automakers have promised a transportation revolution that will make our roads safer and our commutes more productive.

•

Infrastructure. Many autonomous systems rely on highdefinition maps and connectivity that aren’t available everywhere. Rural areas and developing countries may lag due to infrastructure limitations.

Despite the hype, fully autonomous vehicles that can drive anywhere, in any conditions, without human intervention, remain elusive.

•

Trust. Accidents involving test vehicles have damaged public confidence. Surveys show that many people remain skeptical of autonomous vehicle safety.

What we have today is a spectrum of automation. Many vehicles now come equipped with driver-assistance systems like automatic emergency braking, lane-keeping assistance, and adaptive cruise control.

Despite these challenges, self-driving technology offers promising benefits: •

Improved safety. Human error contributes to most crashes.

Autonomous systems don’t get distracted, tired, or impaired, potentially saving thousands of lives each year.

•

Enhanced mobility. Self-driving vehicles could provide independence to elderly and disabled individuals who cannot drive, thereby improving their mobility and quality of life.

•

Economic efficiency. Autonomous delivery vehicles and trucks could reduce shipping costs, address driver shortages, and let commuters use travel time more productively.

•

Environmental benefits. Optimized driving patterns could shrink the number of cars on the road and reduce pollution and energy consumption.

These technologies help human drivers but don’t replace them.

Tesla, Waymo, and Cruise operate more advanced automated vehicles in specific locations. For instance, you might have heard about Waymo self-driving taxis in Phoenix, San Francisco, and Los Angeles. These systems can drive the vehicle autonomously under limited conditions, but a human must still be ready to take control.

Several significant hurdles have slowed progress: •

•

Technical challenges. Developers struggle to create systems that can handle unusual road or weather conditions.

Computer vision may fail in unpredictable scenarios that human drivers navigate intuitively.

Regulation. Lawmakers face difficulty establishing consistent rules and liability across regions. Questions about who is responsible when self-driving cars make mistakes have led to a cautious regulatory approach.

When will they be ready? The timeline for widespread adoption continues to shift. Early predictions suggested they would dominate the roads by 2020, which didn’t turn out to be true.

More likely, self-driving technology will continue its gradual rollout. Geofenced autonomous taxi services may expand in urban areas with favorable regulations and weather conditions.

Long-haul trucking routes may see early adoption. And consumer vehicles will continue to get more autonomous features with each model year.

Most realistic projections suggest that fully autonomous vehicles—those that can drive anywhere, anytime, without human oversight—won’t become common until the early 2030s at the soonest. The self-driving revolution is still coming, just more slowly and incrementally than the most optimistic predictions suggested.

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Client Conversations | Fall 2025

Major disasters, like floods and fires, seem to be occurring more frequently. Should I consider buying disaster insurance to cover my home and valuables?

A

You’re right. Major weather-related disasters are becoming more common. Formerly once-in-a-century events now occur with alarming regularity. If you’re interested, you can find good data about these from the National Oceanic and Atmospheric Administration.

Before purchasing disaster insurance, do your homework: •

Review your existing policies to identify coverage gaps.

•

Research specific disaster risks for your location.

To answer your question about insurance, it is important to first explain that standard homeowner’s insurance policies typically have limitations when it comes to natural disasters. These limitations can create a protection gap, leaving the homeowner vulnerable to catastrophic financial losses after a weather-related disaster. For example:

•

Get several quotes for relevant supplemental policies.

•

Consider home-hardening measures.

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Create an emergency fund for deductibles and uninsured losses.

•

Flood damage usually requires separate National Flood Insurance Program coverage.

•

Earthquake coverage almost always requires a separate policy.

•

Wildfire protection is included in most standard policies, but many insurers are withdrawing from high-risk areas.

Disaster insurance represents an additional expense.

However, for many homeowners, especially in vulnerable areas, it has become less of a luxury and more of a necessity. The right coverage provides both financial protection and some peace of mind when facing natural disasters. As always, consult with your financial and insurance advisors to tailor protection to your needs.

•

Hurricane damage may be partially covered but, often, with higher deductibles.

Supplemental disaster insurance can narrow the protection gap. Without proper coverage, a single disaster could wipe out a homeowner’s home equity and savings. For many, knowing they are protected allows them to better focus on their family’s safety during emergencies. Some policies also include living expense coverage to help ease the stress of rebuilding in the event of a claim.

If you have a question for the VESTED team, we’d love to hear from you.

Please send your questions to VESTEDmagazine@captrust.com.

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GIVING BACK CAPTRUST Community Foundation Charity of Choice and National Grant Recipients The CAPTRUST Community Foundation (CCF) selected Roc Solid Foundation as its 2025 Charity of Choice to receive a $100,000 grant and focused support from CAPTRUST employees. Based in Chesapeake, Virginia, the organization supports families fighting pediatric cancer by providing Ready Bags for unexpected hospital stays, as well as building backyard play structures during treatment to bring joy to both the child fighting cancer and the entire family.

•

Frankie Lemmon Foundation provides life-changing therapies and educational experiences for children with special needs at no cost to their families.

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Pinky Swear Foundation offers financial support for housing, food, and transportation so families facing childhood cancer can focus on their children.

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Sleep in Heavenly Peace supplies beds for children in need and helps build communities, transform lives, and create opportunities for personal growth and learning.

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Soles4Souls diverts shoes and clothing from landfills and uses them to deliver relief, create opportunity, build confidence, and support a healthier planet.

The CCF also selected five additional nonprofits to receive $25,000 grants: •

The BASE leverages the power of sports to provide engaging educational opportunities in an environment that cultivates talent and fosters love, hope, and belief.

CAPTRUST Support During Texas Floods In response to the floods in Kerr County, Texas, the CCF leadership team and grant committee distributed over $125,000 to eight organizations delivering critical aid on the ground.

“With many CAPTRUST employees personally connected to the area, the outpouring of generosity has been remarkable,” said Greg Delage, CCF vice president and director of CAPTRUST at Work. “CAPTRUST is so grateful to our employees and donors who helped us stand behind organizations that are doing the hard work on the ground.”

The charities that received support from employee contributions were: •

Ark of Highland Lakes

•

Samaritan’s Purse

•

Convoy of HOPE

•

Texas Baptist Men, Inc.

•

Hope Hospice

•

Texas Intrastate Fire Mutual Aid System Foundation

•

Kerr County Flood Relief Fund

•

Texas Search and Rescue

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CAPTRUST Happenings | Fall 2025

CCF Supports 80 Nonprofits on Annual Giving Day On its sixth annual Giving Day, the CCF contributed a total of $800,000 by awarding $10,000 grants to 80 nonprofit organizations nationwide.

Each charity was selected through nominations made by local CAPTRUST offices. In 2025, these organizations received donations: •

Akron Sneaker Academy (Akron, OH)

•

Food For Neighbors (Reston, VA)

•

United Way of the Greater Lehigh Valley (Allentown, PA)

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Junior Achievement of Arizona (Tempe, AZ)

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The SOURCE Foundation (Morgantown, WV)

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Good Shepherd Food Bank of Maine (Auburn, ME)

Blood Cancer United, Inc. d/b/a The Leukemia & Lymphoma Society (Washington, D.C.)

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Abria’s Chase Foundation (Raleigh, NC)

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Elijah House Academy (Richmond, VA)

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Colorado Springs Child Nursery Centers Foundation (Colorado Springs, CO)

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Riverside Sunrise Rotary Foundation (Riverside, CA)

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Guilford County Partnership for Children (Greensboro, NC)

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Westmoreland Cultural Trust (Greensburg, PA)

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Sustaining Way (Greenville, NC)

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Extra Special People, Inc. (Watkinsville, GA)

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MUST Ministries (Marietta, GA)

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Austin Habitat for Humanity (Austin, TX)

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Jubilee REACH (Bellevue, WA)

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Via of the Lehigh Valley (Bethlehem, PA)

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New Creation VA (Harrisonburg, VA)

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Bradley Free Clinic (Roanoke, VA)

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Hargis Christian Camp (Chelsea, AL)

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Roy Maas Youth Alternatives (San Antonio, TX)

The Brookwood Endowment (Brookshire, TX)

Ticket to Dream Foundation (Roseville, CA)

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Paws and Think, Inc. (Indianapolis, IN)

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Dana-Farber Cancer Institute (Boston, MA)

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Youth Ambassadors, Inc. (Kansas City, MO)

Sacramento Loaves & Fishes, FBO Mustard Seed School (Sacramento, CA)

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Special Olympics Tennessee (Brentwood, TN)

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The Children’s Center Utah (West Valley City, UT)

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Holy Angels (Belmont, NC)

Ronald McDonald House of Charities® Central Florida (Orlando, FL)

Wonders & Worries (Austin, TX)

Franciscan Health Foundation: Prenatal Assistance Program (Valparaiso, IN)

Children’s Beach House (Lewes, DE)

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SonRise Equestrian Foundation (Danville, CA)

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Brightpoint Community College Foundation (Chicago, IL)

YMCA of Central Kentucky (Lexington, KY)

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Boys & Girls Clubs of Central Carolina (Sanford, NC)

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Sam Hubbard Foundation (Cincinnati, OH)

Washington and Lee University (Lexington, VA)

Clarkston SCAMP (Clarkston, MI)

Parker Task Force (Parker, CO)

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Girls Inc. of Greater Santa Barbara (Santa Barbara, CA)

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United Way of Central Missouri (Jefferson City, MO)

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Rescuing Families, Inc. (Franklin Square, NY)

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Penrickton Center for Blind Children (Taylor, MI)

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Rockport Art Association & Museum (Rockport, TX)

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Isaiah 117 House (Elizabethton, TN)

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KidSmart (Maryland Heights, MO)

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True Friends (Annandale, MN)

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Together for Good (St. Paul, MN)

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Young Women’s Preparatory Network (Dallas, TX)

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Feed My Starving Children (Coon Rapids, MN)

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Truth in Nature (Rockmart, GA)

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Focus on Youth (West Chester Township, OH)

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Child Protect (Montgomery, AL)

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Tampa General Hospital Foundation (Tampa, FL)

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Sleep in Heavenly Peace – IA – Des Moines Chapter (Des Moines, IA)

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Boys & Girls Clubs of Middle Tennessee (Nashville, TN)

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Interfaith of The Woodlands (The Woodlands, TX)

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The Children’s Home Society of New Jersey (Trenton, NJ)

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St. Michael Special School (New Orleans, LA)

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Roots & Wings Legal (Denville, CA)

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Maria Fareri Children’s Hospital (Valhalla, NY)

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West Lutheran High School (Minneapolis, MN)

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Shoot for a Cure (Clarksville, TN)

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Jewish Family Service of Metrowest New Jersey (Framingham, MA)

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Infant Crisis Services (Oklahoma City, OK)

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Manna Conejo Valley Food Bank (Thousand Oaks, CA)

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Project Harmony (Omaha, NE)

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Hope Ranch for Women (Wichita, KS)

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Boys & Girls Club of Burbank and Greater East Valley (Burbank, CA)

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First Fruit Ministries (Wilmington, NC)

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Parent Foundation: Los Rios Foundation Sub Foundation: Folsom Lake College Foundation (Folsom, CA)

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Beautiful Feet Ministries (Fort Worth, TX)

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Rodman for Kids (Foxborough, MA)

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First Tee – West Michigan (Grand Rapids, MI)

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Feed Kids First (Canton, OH)

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CAPTRUST ACCOLADES 48

CAPTRUST Tops Largest RIA Ranking for a Decade Financial Advisor magazine’s “2025 RIA Discretionary & Non-Discretionary AUM” ranking once again placed CAPTRUST as #1. This year’s list signifies a decade-long streak of CAPTRUST claiming first place among registered investment advisors (RIA) with at least $1 billion of assets and over in the U.S. Disclosure: CAPTRUST’s ranking on the Financial Advisor magazine’s “2025 RIA Discretionary & NonDiscretionary AUM” ranking was based on CAPTRUST’s total assets under advisement as of December 31, 2024.

CAPTRUST nor its advisors paid a fee to Financial Advisor magazine to obtain or use the ranking.

Six Wealth Advisors to Watch Seven CAPTRUST wealth management advisors were ranked on AdvisorHub’s fourth annual “250 RIAs to Watch” list. This list considers scale, growth, and professionalism as core criteria and is open only to advisors with seven or more years of experience, a clean regulatory record, at least two years at their current firms, and a minimum of $150 million in assets under management. #39 – John Keeton in San Antonio, Texas #66 – David Akright in San Antonio, Texas #76 – Jay Irons in Roanoke, Virginia

#115 – Buck Beam in Wilmington, North Carolina #129 – Kel Normann in Sanford, North Carolina #133 – Marcus Magyar in Allentown, Pennsylvania

Disclosure: CAPTRUST advisors named in the AdvisorHub’s 2025 “250 RIAs to Watch” list are based on a proprietary formula including assets, profitability, average account size, ratio of team members to client households, growth of business (measured by year-over-year increases in client households, assets, and profits), and professionalism, (including regulatory record, certification, years of service, and community involvement) as of the year ending December 31, 2024.

CAPTRUST nor its advisors paid a fee to AdvisorHub to obtain or use the ranking.

CAPTRUST Ranked on P&I Largest Managers of Full Discretionary Assets Pensions & Investments (P&I) ranked CAPTRUST #5 ($172 billion) on the “2025 Largest Managers of Full Discretionary Assets” list as part of the P&I annual Investment Outsourcing report.

Disclosure: Pensions & Investments “2025 Investment Outsourcing Report” rankings are based on CAPTRUST’s institutional outsourced assets under management as of March 31, 2025. CAPTRUST nor its advisors paid a fee to P&I to obtain or use the ranking.

CAPTRUST Happenings | Fall 2025

CAPTRUST GROWTH In 2025, CAPTRUST added Carolinas Investment Consulting (CIC), based in Charlotte, North Caroliona, adding 20 new employees and clients in over 30 states.

“

We feel that CAPTRUST will help us continue to offer our team and clients the culture and experience they have been accustomed to far into the future.

”

George Edmiston CAPTRUST Principal and Financial Advisor Former Founder of CIC

CAPTRUST on Barron's Top 100 Twenty-Three CAPTRUST teams were featured in Barron’s 2025 “Top 100 Institutional Consulting Teams” list. CAPTRUST secured more than 20 percent of the top 100 spots, with four teams in the top 10. These rankings are based on revenue, assets, and quality of practice. #2 – Team New York / Boston #7 – Team Chicago #9 – Team Allentown #10 – Team Warren #12 – Team Southfield / Grand Rapids #14 – Team Stanicek #15 – Team Schmitt #16 – Team Dallas

#20 – Team Doylestown #21 – Team Denver #29 – Team Esch #31 – Team Schott #35 – Team Strickland #39 – Team Eskamani #40 – Team Bailey #45 – Team Strodel

#48 – Team Des Moines #53 – Team Birmingham #56 – Team DiGiacomo #65 – Team Wilt #91 – Team Duex #92 – Team Pratico #93 – Team Atlanta

Disclosure: CAPTRUST teams named on the Barron’s 2025 “Top 100 Institutional Consulting Teams” list are based on a proprietary formula including (1) assets, (2) revenue, and (3) quality of practice for the year ending December 31, 2024. CAPTRUST nor its advisors paid a fee to Barron’s to obtain or use the ranking.

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CAPTRUST 4208 Six Forks Road, Suite 1700 Raleigh, NC 27609 captrust.com | 800.216.0645

Our nationwide team of almost 800 financial advisors offers a wide range of services for a considerable group of clients, from private investors and smallbusiness owners to retirement plan sponsors and nonprofit organizations.

No matter where you are, you’re never far from expert advice.

Taylor Parker, CFP® Principal The Woodlands, TX Greg Parker Principal The Woodlands, TX Brian Jones, CFP® Financial Advisor | Relationship Manager The Woodlands, TX