VESTED | Winter 2025

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Remorse Code: Unraveling Regret

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Kristi Schooley: Navigating New Waters PLUS A Litter-Picking Legacy Hacks for Outwitting Hackers Preparing for the Year Ahead All in the Balance WINTER 2025

“

In this time of repair and recovery, we will put your kindness right to work, providing rent and utilities assistance, warm clothing, and gasoline vouchers for those affected by Hurricane Helene. Now more than ever, your donation is deeply appreciated so that we can care for our community and assist those most vulnerable to displacement from their homes.

”

Beth Russo, Executive Director, Eblen Charities, Asheville, North Carolina

CAPTRUST Community Foundation

At CAPTRUST, we believe we have a profound responsibility to share our success in ways that improve our communities. One way we do this is through the activities of the CAPTRUST Community Foundation (CCF), our in-house, employeerun charitable organization.

Last fall, the CCF provided $260,000 in crisis grants to communities impacted by hurricanes Helene and Milton and delivered donations in person to impacted areas.

captrustcommunityfoundation.org | 800.216.0645 4208 Six Forks Road, Suite 1700 | Raleigh, NC 27609 2

Winter | 2023

DEAR FRIENDS,

PUBLISHER

I hope this letter finds you healthy, rested, and with your spirit filled after a holiday break.

Welcome to 2025!

J. Fielding Miller Chief Executive Officer

EDITOR-IN-CHIEF

Thank you for your continued readership of VESTED and for inspiring us to improve our content with your feedback and article ideas.

Roxanne Bellamy Marketing Manager

EDITORIAL ADVISORY BOARD

For this issue, our Second Act star is Kristi Schooley, a Seattle resident who left her decadeslong hospitality career to become a ship captain, all while raising two children and running a family business.

That’s a lot to balance, which leads me to ask: How’s your balance these days? Generally, it declines as we age, but it’s important to maintain. In Expert Angle, we tell you why—and offer tips for not tipping over.

In this issue’s Lifestyle Feature, CAPTRUST team member Karen Sommerfeld delves into the topic of regret, including how to use it for your benefit.

One thing you won’t regret is helping your community. With that in mind, make sure you read our Passion Pursuits piece on picking up litter and our Lasting Legacy article about substitute teaching. You don’t need to have a degree in education to help kids and teachers when they need a fill-in—and these days, they often do. There simply aren’t enough subs to go around, meaning kids often miss out on a day of learning.

Volume 11, Issue 1 | Winter 2025

Lastly, we’re excited to share our 2025 economic and market predictions from Jim Underwood, CAPTRUST senior director of portfolio management.

As always, I hope you find inspiration and helpful information in this issue of VESTED. If you have comments or suggestions for topics you’d like us to research, please let us know. After all, this magazine’s written for you.

Jeremy Altfeder Financial Advisor

Kathleen Hopkins Communications

Frank Bub Senior Director

John Keeton Financial Advisor

Nick DeCenso Senior Director

Marcus Magyar Financial Advisor

Philip D’Unger Wealth Planning

Christeen Reeg Financial Advisor

Karl Eggerss Financial Advisor

Anthony Scarpo Financial Advisor

Matt Godleski Financial Advisor

Fred Sloan Financial Advisor

Mike Gray Financial Advisor

Eddie Welch Managing Director

Jennifer Wertheim Tax Director

ART DIRECTION AND MARKETING Lonzetta Allen Art Director

Elizabeth Altman Distribution Manager

Jennifer Mastrapasqua Art Director

Kaylin Nuñez Graphic Designer

Onward and Upward!

Karen Sommerfeld Copy Editor

All the best, WITH THE ASSISTANCE OF Azul Photography Raleigh, NC

J. FIELDING MILLER CAPTRUST Chief Executive Officer

Worth Higgins & Associates Richmond, VA

Getty Images Seattle, WA

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IN THIS ISSUE

10

6

21

30

FEATURES CODE: UNRAVELING REGRET 6 REMORSE

by Karen Sommerfeld SCHOOLEY: NAVIGATING NEW WATERS 10 KRISTI

by Nanci Hellmich

FOR OUTWITTING HACKERS 21 HACKS

by John Curry

FOR THE YEAR AHEAD 30 PREPARING

by Jim Underwood

COLUMNS LASTING LEGACY: DESPERATELY SEEKING

PURSUITS: A LITTER-PICKING LEGACY 18 PASSION

by Roxanne Bellamy

38 SUBSTITUTES

ANGLE: ALL IN THE BALANCE 26 EXPERT

by Kim Painter

41 CLIENT CONVERSATIONS

29 RANDOM GLEANINGS

46 CAPTRUST HAPPENINGS

by Jeanne Lee

MINDSET: STEPPING OFF THE SPINNER INTO RETIREMENT 35 MONEY

by John Curry

4

In This Issue | Winter 2025

THE WRITERS

ROXANNE BELLAMY Roxanne Bellamy is on the CAPTRUST editorial team. She has a Bachelor of Arts and Master of Philosophy in English and has written for many industries, including beer, textiles, and finance. Her work has appeared in Fast Company, Inc., Forbes, and more. Her retirement dream is to be a National Geographic Explorer.

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.

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.

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, encore.org, 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.

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.

KAREN SOMMERFELD For more than a decade, Karen Sommerfeld has written content for the finance industry. She’s drawn to the behaviors and emotions around money. Karen joined CAPTRUST in the spring of 2024 as a marketing specialist. E.B. White inspired her retirement dream, which is to run a farm animal sanctuary.

JIM UNDERWOOD Jim joined CAPTRUST in 2020 from Welch Hornsby, where he served as chief portfolio strategist. At CAPTRUST, he leads the portfolio management team. He is an investment spokesperson for the firm and leads the team that implements the decisions of the Investment Committee into all discretionary model strategies.

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

REMORSE CODE:

UN R AV E L I N G R E G R E T

by Karen Sommerfeld

In 1984, college acceptance notifications came in the mail. June Gardener found a thick one in her mailbox—a good sign. She opened it and could see the line, “Welcome to New York University!”

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Lifestyle Feature | Winter 2025

This long-awaited letter ended with an admonition: “Our residence halls are already full. Attached is a list of offcampus housing we suggest for first-year students.”

Gardener, now 58, had dreamt of living in New York City since she’d first learned about Dorothy Parker’s Algonquin Round Table lunches of the 1920s. Nearly every day, Parker joined other writers, critics, and actors at the Algonquin hotel for food, barbed humor, and sophisticated takes on life.

It formed Gardener’s image of—and yearning for—New York. For her, it was home to the witty, the fashionable, and the egg cream, whatever that was.

She couldn’t wait to find out.

But her acceptance letter to NYU ended up in a drawer, never to be answered. “Maybe if there had been a residence hall to live in, I’d have taken the chance,” says Gardener. “But just to be out there in New York on my own? It suddenly felt too scary.”

Gardener attended nearby Michigan State University instead, where she won a scholarship to study in London for a summer, graduated with honors, and, incidentally, met her husband.

Still, Gardener says she has always regretted not going to school in New York.

Where Does Regret Come From?

Regret is the heavy feeling we get when we picture how things might have been if we’d made different life choices. When the feeling arises, research shows that two specific areas—the amygdala and the medial orbitofrontal cortex—are activated in the brain. This same brain activity also shows up in animals, who need to experience regret for survival.

While these pangs of conscience can affect us physically, causing symptoms like muscle tension, headaches, and even a weakened immune system, they also can be a healthy part of self-learning and growth, helping people move on from poor decisions.

Regrets seem to have two themes: being afraid to take chances and focusing on the wrong things.

What Do We Regret Most?

Dr. Shoshana Ungerleider is an internal medicine physician, host of the podcast Before We Go, and founder of the nonprofit End Well, which strives to reshape negative attitudes toward death and dying.

KEY CATEGORIES OF REGRET

Daniel Pink, author of The Power of Regret, says regret can be broken down into four categories.

1.

Foundation: times when we should have been more responsible

2. Boldness: regrets about not taking chances 3. Moral: when we did something we consider wrong 4. Connection: remorse about not taking time to nurture relationships While there may be common themes underlying our regrets, Dr. Ungerleider says our specific regrets typically evolve as we age. “Someone might regret not attending college in New York City when they were younger, longing for the excitement or opportunities they feel they missed,” she says. “But later in life, that same person might realize that staying in a smaller city at that time allowed them to build deep connections or develop a sense of self in ways that might not have been possible in the hustle of a big city.”

In other words, maybe that missed opportunity wasn’t missed at all.

A 2018 study published in the journal Emotion posits another theory: that our regrets originate not so much from what we did or didn’t do, but rather from how we fail to live up to our idea of ourselves. Regret, it suggests, stems from comparing our ideal self to our actual self.

We might tell ourselves that, deep down, we are a witty sophisticate able to keep up with Dorothy Parker and her Algonquin crowd. But perhaps in reality, we’re happy in a small Midwestern town with kindhearted friends who show up when it matters. And accepting who we are is healthy.

7

MOVING FORWARD

Instead of trying to live a life with no regrets, Dr. Shoshana Ungerleider suggests the following: •

Practice self-compassion. Making mistakes and having regrets is part of being human.

•

Learn from past experiences. Use regrets as opportunities for growth and reasons to make better choices in the future.

•

Focus on values. Make decisions that align with your core values, which can lead to a more fulfilling life overall.

•

Cultivate meaningful relationships.

Many end-of-life regrets revolve around relationships. Prioritize connections with loved ones.

•

Engage in honest self-reflection.

Regularly assess your life choices and adjust as needed, rather than waiting.

You can’t change what you did or didn’t do, but you can keep those experiences in mind when other opportunities arise.

Here’s one way: Use the lines on the next page to brainstorm a handful of your own regrets.

Then, look for a common theme. Do you find yourself repeatedly wishing for closer relationships, more meaningful work, that you’d risked more, or indulged less?

Whatever themes you uncover, use them to guide future decisions and priorities.

Embracing our regrets and leveraging them as catalysts for change can feel a lot better than ruminating over them.

Over the years, Dr. Ungerleider has heard the deathbed regrets of several patients. These regrets seem to have two common themes: being afraid to take chances and focusing on the wrong things.

Specifically, she lists them as: • • • •

not spending enough time with loved ones; working too much; letting fear control decision-making and risk-taking; and focusing too much on the future instead of enjoying the present.

No Regrets What about people who aren’t bothered by these kinds of feelings and claim to live without remorse? These are the folks who may proudly sport bumper stickers, t-shirts, even the occasional tattoo proclaiming “No Regrets.”

For people who have experienced injury to their medial orbitofrontal cortex, this may be true. Damage to that area of the brain can make it impossible to feel regret. But aside from having a brain injury, is it possible to live a life without remorse?

Dr. Ungerleider says that those who claim to live without regrets are usually expressing a desire to feel at peace with their choices. But this attitude can sometimes prevent people from engaging in meaningful self-reflection and personal growth.

“As someone who has worked with patients at the end of life, I’ve come to realize that the notion of living with no regrets is often an oversimplification of the complex human experience,” says Dr. Ungerleider. “While it’s admirable to strive for a life well lived, the reality is that regrets are a natural part of our journey.”

Acknowledging that we have regrets doesn’t diminish how we have lived, she says. “Instead, it can lead to profound moments of insight, reconciliation, and even personal transformation.”

Living with Regret Self-compassion is a great way to begin to embrace regret. Instead of rehashing your mistakes, acknowledge that you did the best you could with the knowledge and resources you had at the time, says Dr. Ungerleider. “Treating yourself with kindness can shift the narrative from blame to understanding, allowing those painful moments to feel less overwhelming.”

“

While it's admirable to strive for a life well lived, the reality is that regrets are a natural part of our journey.

”

Dr. Shoshana Ungerleider

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Lifestyle Feature | Winter 2025

LET YOUR REGRETS GUIDE YOU When you dwell on past decisions, you are sending electricity to your medial orbitofrontal cortex.

Do this often enough, and you create a well-traveled electrical pathway that can make you feel stuck or like you're not in control of your thoughts.

Also, try to live in the present. When you dwell on past decisions, you are sending electricity to your medial orbitofrontal cortex. Do this often enough, and you create a well-traveled electrical pathway that can make you feel stuck or like you’re not in control of your thoughts. Instead, look forward to the choices ahead of you, which can be guided by what you’ve learned so far.

“It’s never too late to learn from regrets, no matter how old we are,” says Dr. Ungerleider. “Middle age and beyond offer a unique opportunity to reflect on past experiences with greater wisdom.

“While we can’t change the past, we can change how we respond to it, finding ways to reframe regrets and use them as a catalyst for growth,” she says.

“What matters is how we interpret and integrate those experiences into the story of our lives, allowing us to embrace both the paths we’ve taken and the ones we haven’t.”

Use this space to jot down a few small (or large) regrets, then look for what they have in common.

Some things I regret are: 1.

___________________________

2. ___________________________ 3. ___________________________ 4. ___________________________ 5. ___________________________ It’s possible I’m: •

not spending enough time with loved ones.

•

working too much.

•

afraid to take chances.

•

focusing on the wrong things.

•

something else.

In the future, I will try to: ____________ _________________________________ _________________________________ _________________________________.

9

SECOND ACT

KRISTI SCHOOLEY:

Navigating New Waters

by Nanci Hellmich

Kristi Schooley says if she ever writes an autobiography, the title will be It’s Never Too Late to Correct Course.

When she was in her early 40s, Schooley, now 63, launched a career in the maritime industry after more than two decades working in hospitality. She’s now the senior captain of a ship for a daytime tour company in Seattle, Washington.

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Second Act | Winter 2025

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AS CAPTAIN, MANY HATS “It was a huge leap to go from providing the waitstaff for events to being responsible for the safety and well-being of a ship, the crew, and hundreds of passengers,” says Schooley.

She found the perfect fit for her second act, but the journey to a new career was turbulent at times.

Learning to Serve Schooley, the youngest of six children, was introduced to hospitality at a young age.

Her father was a long-haul truck driver. Her mother worked as a waitress at the revolving restaurant in Seattle’s famous Space Needle, the iconic landmark with panoramic views of the city and beyond.

Schooley and her siblings occasionally accompanied their mother to work. “We’d do our homework in the break room from the 600-foot level,” she says.

Schooley followed in her mother’s footsteps, working as a server at several restaurants, including one her parents owned for a few years.

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Second Act | Winter 2025

Schooley is one of Argosy Cruises' four senior captains, out of 15 captains. Besides driving ships for the company, she has a wide range of other duties.

She’s part of the company’s management team and oversees Coast Guard inspections of vessels, assists in planning shipyard repair work, and trains crew members.

It’s her responsibility to make sure the vessel she pilots is always Coast Guard-inspection ready, which means the safety gear is well stored and ready to deploy in an emergency.

That equipment includes inflatable rafts and floats, fire pumps, hoses, and first-aid supplies.

Plus, she must make sure the crew has completed all the required safety drills, including fire safety procedures, man-overboard exercises, and anchor and abandon-ship processes. During the Christmas holidays, she supervises a team that decorates the inside of the vessels for the company’s Christmas Ship Festival. “It’s a magical experience,” she says.

Eventually, her mom started her own business, Always at Your Service, which provided trained service staff for parties and other occasions. It was a family affair. Schooley and her siblings helped with every aspect.

“We took care of staff and staging for everything from intimate dinners for two to events with 800 people at large venues,” she says. “We worked at weddings, holiday parties, corporate parties, and team-building events, as well as on private yachts and daytime cruise boats.”

Their customers included corporate executives, bureaucrats, and wealthy entrepreneurs. The business took off during the late 1980s and early 1990s. “People who worked for Microsoft in Redmond, Washington, created a ton of business,” she says.

Keeping Her Head Above Water Throughout her 20s and 30s, Schooley worked nights, weekends, and holidays while also raising two daughters on her own. “My hours were all over the place,” she says. “There were no set workdays or benefits to the job. I was running from one event to another, making sure staff showed up.”

Working at the company and being a mom was exhausting, but her siblings would help with babysitting when they weren’t pitching in at the family business.

To escape the pressures of work, Schooley went out on the water. “I had a little motorboat that I could tool around in with my daughters.”

Schooley developed a love for boating when she was a child, during a trip to a lake with family and friends. “I remember the first time someone held me while skiing,” she says. “I have a vivid memory of the joy of the water.”

In 1998, Schooley took over running the business when her mother retired. That same year, she got married and moved with her husband, Pete Sandall, to an area of Seattle where it was difficult to keep her boat—so she sold it.

But she missed being on the water and, after a few years, she started thinking about ways to subsidize her hobby.

Charting Unfamiliar Territory There was a Seattle Maritime Academy near her home. “One day I was driving by, and I pulled in,” she says. “I asked them what it would entail to get a license to run a little boat.”

The staff explained the cost and time involved. “I enrolled that same day,” she says. “I just wanted to dip my toe in to see what it would take.”

Captain Kristi Schooley and her crew, John, Harrison, and Lars

13

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Second Act | Winter 2025

“

To become a captain, you have to know how to safely navigate a ship while managing a crew. You have to pilot the vessel in all kinds of weather conditions, including winds, fog, and rain. I learned to drive by instrument with no visibility. The training was much harder than I thought.

Kristi Schooley

”

Her goal was to get a license to run a small commercial boat offering charters for up to six passengers, but academy personnel recommended she get a master’s license instead—one that would allow her to operate a vessel of up to 100 gross tons.

The test was similar, but there were key differences involving the size of the boat and the sea time she would need before she could apply for a license. Sea time is the number of hours a person has spent working on a vessel.

Training included an 80-hour course that would prepare her to take the licensing test. This training was broken into three parts: learning the rules of the water, charting courses, and studying federal regulation codes that pertain to maritime law.

Schooley was in a class with crab fishermen from Alaska, yacht delivery people, a water taxi service operator, and an employee of Argosy Cruises, which offers sightseeing tours on Elliott Bay, Lake Washington, and areas of Puget Sound.

After she passed the course, she worked for Argosy Cruises to earn her required sea time, which was the equivalent of 365 eight-hour days. “I already had some sea time from catering events on private yachts, but I still needed a lot of additional work,” she says.

Steering Her Career in a New Direction In 2004, Schooley started work as a deckhand for Argosy Cruises, where she learned the mechanics of maritime diesel engines, radio communication, how to raise and lower fenders, basic knots, and line-handling skills for securing the ship.

“I had to learn to safely tie up a vessel, securing it to the dock with primary lines,” she says. “I had to draw a schematic of the vessel, with the details of everything from the hatches and holes to electrical equipment and the lifesaving equipment onboard.”

There were times she doubted her new direction. “When I started as a deckhand, there was a horrible storm that came through with 40-mile-an-hour winds. It got rougher and rougher, to the extent that a refrigerator fell off the wall. I really did stop and wonder if this was the career for me.”

She couldn’t afford to quit her hospitality job while she was taking the class and doing various jobs on the ship, so she continued to run the family business. “I worked 60 to 80 hours a week,” she says. “It was rough.”

Also, there was a lot to learn about driving on water. “To become a captain, you have to know how to safely navigate a ship while managing a crew,” she says. “You have to pilot the vessel in all kinds of weather conditions, including winds, fog, and rain. I learned to drive by instrument with no visibility. The training was much harder than I expected.”

15

“

When I’m driving the ship, I’m focused on navigation, communication, and visibility. I’m monitoring three radios. I’m constantly watching everything, including ferry traffic, recreational vessel traffic, and fishing boats.

Kristi Schooley

”

In 2005, Schooley got her 100-ton master’s license and began working full time for Argosy Cruises.

She decided to close the family business. “It was difficult to end that chapter,” she says. “But I felt like I was on two treadmills at the same time, and I had to jump off one.”

Landing in an Important Role

SALUTING THE CAPTAIN'S SKILLS

Tim Ratcliffe, port captain and director of marine operations at Argosy Cruises, says he admires Schooley's skills and talents.

“I love how she drives a boat,” he says. “She can drive it in the most challenging conditions safely.

I trust her in every situation.”

Ratcliffe also admires that Schooley leads by example. “She has high expectations for herself, and she works very hard to achieve them,” he says. “She brings the crew along with her.”

He says the company benefits from her background in the hospitality industry. “She wants guests to have a wonderful experience whether they’re on a one-hour cruise or a highend, expensive charter.

“As a captain, you have to pay attention to what’s happening in the wheelhouse on the maritime side and what’s happening on the various decks with the passengers,” he says. “Some people can focus on one or the other. Kristi focuses on both very well.”

As a senior captain, Schooley can pilot all the ships in the company’s fleet. She is currently in charge of the 125-foot Salish Explorer, Argosy Cruises’ largest ship. “This just became my baby,” she says. “Every year, we switch to a different boat.”

“The vessel can carry more than 500 passengers, but we usually only take about 200 to 300 passengers per trip in peak season,” she says. During the summer, she’s in charge of six one-hour cruises a day on Elliott Bay. “When I’m driving the ship, I’m focused on navigation, communication, and visibility,” she says. “I’m monitoring three radios. I’m constantly watching everything, including ferry traffic, recreational vessel traffic, and fishing boats.”

The ship has five crew members, one of whom is a senior deckhand. The deckhands must check in with her regularly.

She also watches the cameras around the ship to check passengers’ safety.

“Every single person must carry their weight,” she says. “It’s a well-oiled machine. As a ship’s captain, you have to trust yourself, trust your crew, and trust your instruments. It’s a massive amount of responsibility, but I have crew members who help manage the vessel.”

Running a Tight Ship Schooley still uses her well-honed hospitality skills. “If

16

Second Act | Winter 2025

A CALL TO ACTION we have a private chartered cruise with caterers,” she says, “I make sure all the elements come together at the right time, including the catering service, music, and decorations.”

She even officiates weddings occasionally.

For people considering a second act, Schooley suggests following your passion and believing in yourself.

Her advice to others: “Don’t be afraid to take the leap.”

Schooley’s husband says the maritime career combines his wife’s hospitality skills with her love for being on the water.

“When she’s in the wheelhouse, she’s clearly the captain,” Sandall says. “There’s no messing around. She’s got radios, and she’s on the ball, looking around.

“She’s in charge,” he says. “It’s impressive—all the hats she has to wear.”

Tricia Nielsen, a friend, former colleague at Argosy Cruises, and classmate at the maritime academy, says Schooley runs a tight ship in a supportive way that makes crew members feel appreciated, so they strive to do their best. One key to her success is that she takes the time to build relationships, Nielsen says.

At this stage of her life, Schooley says she's exactly where she wants to be. “I’m happy being on the water, and I’m happy being around other people who love working on boats.

“Every day I go to work is a gift,” she says. “I have the best office in the world. The only regret I have is that I didn’t do it sooner.”

17

PASSION PURSUITS

LEGACY

A LITTER-PICKING

by Roxanne Bellamy

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Passion Pursuits | Winter 2025

David Sedaris is one of the most popular humorists of the 21st century. But in West Sussex, England, he’s just the guy who picks up trash.

David Sedaris, who has authored more than a dozen books and hundreds of essays, has a generous following. According to his website, there are more than 10 million copies of his books in print, and they’ve been translated into 25 languages. He frequently fills large auditoriums across America with audiences eager to hear him read.

Yet Sedaris says he typically spends more time picking up trash than writing—nearly eight hours a day on average, often covering 20–25 miles on foot.

Over time, Sedaris has turned this hobby into a personal mission. In fact, he’s become so well known for his efforts that his local council named a garbage truck after him. It’s called Pig Pen Sedaris and has a cartoon pig painted on its side.

“I do it because I want to live in a nicer environment,” Sedaris told the West Sussex County Times. “I’m angry at the people who throw these things out their car windows, but I’m just as angry at the people who walk by it every day. I say pick it up yourself. Do it enough and you might one day get a garbage truck named after you. It’s an amazing feeling.”

Sedaris’s obsession with garbage might seem bizarre to some, but his commitment to cleaning up his community also demonstrates how seemingly insignificant actions can become a legacy.

THE GREATEST AMERICAN CLEANUP Keep America Beautiful has set an ambitious goal of picking up 25 billion pieces of litter and beautifying 25,000 communities between now and America’s 250th birthday on July 4, 2026. Do your part by joining the #152PickUp challenge and picking up 152 pieces of litter. Register at kab.org to receive ongoing encouragement and resources.

The Litter Problem Littering is a global issue, with millions of tons of trash accumulating in urban, suburban, and natural areas every year. According to the nonprofit Keep America Beautiful, the U.S. alone spends almost $11.5 billion annually on litter cleanup, and there are currently more than 50 billion pieces of litter on the ground. That’s 152 pieces for every American.

Cigarette butts, bottles, food wrappers, and other debris harm wildlife, pollute waterways, and reduce the aesthetic appeal of communities. Plastic waste, in particular, breaks down into microplastics, which can find their way into the food chain, posing health risks to plants, animals, and humans.

However, studies show that individual actions, like Sedaris’s, can have a compounding effect. For example, the presence of litter in an area can encourage further littering, a phenomenon known as the broken windows theory. Conversely, a clean, litter-free environment promotes a sense of communal pride and discourages further trash from accumulating. It’s proof that when even one person decides to act, they can inspire a ripple effect.

Tips for Picking Up Litter on Your Own The benefits aren’t just communal; they’re personal, too. Many people find that picking up litter provides a simple form of exercise and a sense of accomplishment. There’s something deeply satisfying about seeing a messy area transformed through your efforts.

Moreover, taking action—no matter how small—can provide a mental health boost, giving you a sense of agency and control in the face of overwhelming environmental issues.

Picking up litter doesn’t require a lot of equipment or planning, but there are a few tips to make it easier, safer, and more enjoyable. Start by taking a small bag or bucket and gloves on your daily walk. You might also consider buying a litter grabber: a long, poleshaped tool with a claw on the end that helps you reach things without bending over as often.

Remember, you don’t need to clear an entire beach or forest to make an impact. Simply cleaning up your street or a nearby park can be rewarding. If you make it a habit, you might find that you look

19

HOW TO START •

Gear up. Use gloves, a grabber tool, and a sturdy bag or bucket to collect trash safely.

•

Safety first. Wear bright clothing if near roads, be cautious of sharp objects, and avoid hazardous waste. If you find dangerous items, contact local authorities.

•

Start small. Begin with your immediate surroundings—your street, a local park, or your favorite walking path.

•

Keep it fun. Invite friends, family, or neighbors to join you, or make litter-picking a competition.

•

Share your impact. Take before and after photos and share them on social media to inspire others to join in.

forward to the process. As Sedaris says, “You do it because it needs doing, and you like the feeling of making a small difference.”

Finding Like-Minded People While picking up litter alone is impactful, joining a community effort can amplify the results. These not only cover more ground but also inspire others to participate. Group cleanups can also be a great way to meet people who share your commitment to keeping public spaces litter-free.

WHERE TO START

Nonprofit environmental organizations like Surfrider Foundation and Keep America Beautiful often host local events, which can range from beach sweeps to greenway cleanups. Many cities and states also organize community days, where residents gather to remove litter from streets, waterways, and public spaces. Adopt-aStreet and Adopt-a-Highway programs are another way to help and are available in most cities and suburbs.

• National Organizations:

Every Little Bit Counts At a time when environmental challenges can feel daunting, picking up litter is a simple, tangible way to make a difference.

Every piece of trash removed is one less item polluting the environment, harming wildlife, or degrading the beauty of natural spaces.

If you want to give it a try, start small. Collect litter on your daily walk or join a community event. “You don’t need to be a hero,” says Sedaris. “Just someone who wants to live in a better world.” By taking action, you’re not just picking up trash. You’re also inspiring others to do the same and proving that small efforts can indeed lead to big change.

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Passion Pursuits | Winter 2025

• Local Environmental Groups: Search for community cleanup groups on social media or your city’s website.

• Keep America Beautiful: Explore resources and events for cleanup efforts nationwide.

• Adopt-a-Highway: Commit to keeping a stretch of road litter-free.

• Surfrider Foundation: Get involved with coastal cleanups and educational programs.

• Apps and Online Platforms: • Litterati: Track your litter collection and join global challenges.

• Volunteer Events: Search online for “litter sweeps” or “community cleanups” in your area to find upcoming events.

PLANNING FEATURE

HACKS FOR OUTWITTING

HACKERS

by John Curry

Laura Kirkland, a 78-year-old retiree, answered her phone at 11 a.m. one Tuesday in August. The caller, who said his name was Alan Davis, told her he was a fraud specialist with her bank. He said someone had hacked her account and initiated an unauthorized transaction.

Kirkland was skeptical and pressed him on his role, but Davis responded credibly and knew a lot about her relationship with the bank. He told her the fastest way to stop the unauthorized transaction was to give him access to her computer, which she reluctantly allowed.

Davis then wired $15,000 from Kirkland’s bank account to an individual in the United Arab Emirates via a wire transfer set up in her name. By the time Kirkland’s nagging doubts got the better of her, it was too late. The money was gone.

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Fraud on the Rise Cybercrime is how most money is stolen these days. “It’s a $10.5 trillion global industry that’s larger than the sale of all illegal drugs worldwide, combined,” says Mark Hurley, founder and chief executive officer of Digital Privacy and Protection (DPP). “It’s far easier to steal money with a computer than with a gun, and it’s far harder to catch the bad guys.”

Hurley, a serial entrepreneur in the financial services industry, saw a business opportunity in helping the clients of wealth managers guard their assets. He founded DPP in 2020.

According to a 2023 Gallup poll, 15 percent of U.S. adults said at least one member of their household had been the victim of a scam in the last year.

Karen Denise, head of wealth client service at CAPTRUST, says the Gallup data matches what she sees among clients. “Unfortunately, we’re hearing from more and more people that they have responded to a fraudster who appeared to be contacting them from a legitimate financial institution,” she says. “We work with them to try to recover their funds, but that can take time, and it’s very stressful.”

These sophisticated cybercriminals constantly innovate new tactics, making it difficult to stay ahead of them. To make matters worse, many such criminals work from outside the U.S., often placing them out of the reach of law enforcement. In the event they’re identified, they’re rarely prosecuted.

You've Been Hacked According to Hurley, one of the most common tricks in recent months has been the “your account has been hacked” call.

Cybercriminals have become much more aggressive lately. In the past, they relied on text messages or emails to bait victims. Increasingly, they pose as company representatives and cold call their potential victims, ostensibly to help them address a hacked account.

“They’ll tell victims that their account has been breached and that they need to take certain steps to protect themselves,” says Hurley. “Typically, they’ll ask for specific personal information and direct the victim to open one of their apps and insert a code.”

Once the code is entered, the criminals can access the victim’s device and online accounts. They can move money or send a wire to themselves, as in Kirkland’s case. In one variation on this scam, the criminal convinces the victim to move the money themselves to protect the funds.

Losing money is bad, but that’s not always the extent of the issue. “When an investment or retirement account is involved, the damage can be compounded with taxes and tax penalties,” says Denise.

Someone's Been Kidnapped Another common fraud is the fake kidnapping scam, which seems even more frightening.

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Winter | 2023 Planning Feature | Winter 2025

Cybercriminals have become much more aggressive lately. In the past, they relied on text messages or emails to bait victims.

Increasingly, they pose as company representatives and cold call their potential victims.

Criminals download videos from unprotected social media accounts and use artificial intelligence software to clone voices and images of people.

They then call a victim and say they’ve kidnapped their loved one­— often a child or grandchild—threatening to hurt them unless money is immediately sent to them either via wire transfer or cryptocurrency.

In the background, the relative will be screaming for help, and the call will appear to be from that person’s phone. To avoid detection, criminals may intercept the person’s calls. “As farfetched as this might sound, these criminals are very convincing and have a high success rate,” says Hurley.

These are only two of today’s dozens of scams. Enterprising cybercriminals are busy evolving their strategies and inventing new forms of stealing.

Danger Ahead It’s important to be on alert for potential frauds. “Successful ones tend to include two common aspects,” says Hurley. “They’re trying to get you to act urgently, and the parties involved will sound genuine, maybe even like authority figures.”

These scams work because the criminals do their homework by collecting unprotected personal information on the internet. They know a lot about each victim before contacting them, so they sound especially convincing.

“A surprising amount of personal data is available online via public records and social media,” says Denise. This can include a person’s address, property value, phone number, email address, voter registration information, employer, job title, age, gender, race, and more.

Even worse, the information in unprotected social media accounts is effectively in the public domain, and anyone who wants to can access it.

Cybercriminals also regularly hack into people’s personal email accounts, so they know what’s going on in a potential victim’s life. “For all these reasons, the criminals will sound like they’re the real thing and can be very persuasive, even to sophisticated individuals,” says Hurley.

Small but Important “While scammers today can be very sophisticated and convincing, there are some simple things you can do to protect yourself from them,” says Denise.

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Here are a few tips you can start using immediately.

•

Don’t talk to strangers. Don’t answer calls from people who aren’t on your contacts list. A legitimate person will leave a voicemail and callback number.

•

Approach with caution. Most successful scams attempt to get you to act quickly and will sound like an authority figure. Be skeptical, and don’t get swept up in their urgency.

•

Assume the worst. Neither your bank nor government agencies like the Internal Revenue Service (IRS) will call you about a problem. The bank will freeze your account; the IRS will send you a letter.

•

Don’t share PII. Do not provide personally identifiable information (PII)—like passwords, and account, credit card, or Social Security numbers—to anyone who calls you on the phone. Legitimate service providers don’t typically ask for this kind of information over the phone.

•

Call back. If you suspect you’re getting lured into a scam, hang up and call your bank, broker, or other service provider at a verified number.

•

Protect your social media accounts. Criminals can use photos, videos, and check-ins shared on social media to target you unless you engage privacy settings on these accounts.

Key Defenses There are a few important defensive actions that can also help immunize you against would-be scammers.

Privacy Settings Managing the privacy settings in the apps, search engines, and browsers you use is critical. “Otherwise, you’re making it very easy for very bad guys to find you and steal your passwords and personal information,” says Hurley.

“We track privacy settings on the most popular applications and can implement the right settings and set up password managers for our clients in a single threehour appointment,” says Hurley.

Password Hygiene Another key practice: Use long and complicated passwords. “AI systems can now correctly guess any eight-digit alphanumeric password in less than a second,” says Hurley.

To make your passwords effective and secure, use a minimum of 20 randomly generated characters—including uppercase and lowercase letters, numbers, and symbols.

Don’t use names, birthdays, or pet names, and never use the same password for more than one account.

Yes, this means you will have to juggle dozens of impossibleto-remember passwords. Thankfully, using a password manager, like LastPass, Keeper, or NordPass, can help you create, save, and manage passwords for your online accounts.

Device Security The default settings on your personal computers and smartphones automatically record the passwords for every account that you access with them. That means if you haven’t turned on the appropriate security settings on your devices and a cybercriminal breaches your device, they’ll be able to access every one of your accounts.

It’s no more difficult than a thief looking over your shoulder as you enter your smartphone passcode at a restaurant and then stealing your device.

Each application has its own security settings, so you’ll need to dig in. Facebook, for example, has 80+ specific security and privacy settings to control who can see your profile, friends, posts, comments, and shares, and which apps and websites have access to your Facebook data. Beneath these categories lie many subcategories—and this is only one application.

To help reduce this risk, use a complex passcode, a fingerprint, or facial recognition to unlock your device; set your phone to automatically lock itself after a short period of inactivity; and enable functionality to erase all information on your phone if it’s lost or stolen. Also, use multi-factor authentication (MFA) when it's available.

Doing this yourself requires research and takes time, but it’s OK to lean on trusted experts. “For most people, it would take about 100 hours of work to figure out the settings and engage them,” says Hurley. “And companies regularly change them, so it’s not a one-time process.”

MFA is a security process that requires you to provide two or more verification factors to access a resource. This is what is happening when your online account wants to send a text to your phone, then asks you to enter a code from that text before letting you log in.

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Planning Feature | Winter 2025

Yes, MFA can be frustrating and slow you down when you’re trying to log into your accounts, but it is one of the very best defenses against scams and cyber threats.

After You've Been Scammed

YOU'VE BEEN SCAMMED. NOW WHAT?

Here are some steps you should take:

“If you’ve been scammed, the quicker you take action, the less damage will occur,” says Hurley.

“Once cybercriminals breach you, they quickly use the information they get to target every financial and social media account you have. This is how a single breach often leads to losing millions of dollars.”

•

Report it. Contact your local law enforcement agency and file a police report. Provide as much information about the scam as possible, including any communication you've had with the scammers.

What to do depends on how and what was breached.

The first step is to figure out what happened and why, and then take steps to minimize the damage.

•

Contact your financial institution. If the scammers have accessed your financial information, notify your bank or credit card company immediately. They can help you dispute fraudulent charges and protect your account.

•

Change your password. Update the passwords for all your online accounts, especially those that may have been compromised.

•

Monitor your accounts. Keep an eye on your bank and credit card statements for unauthorized activity. If you notice anything suspicious, report it to your financial institution.

•

Beware of follow-up scams. Scammers may attempt to contact you again, claiming to be law enforcement officials or offering to help recover your losses.

Do not engage with them.

•

Seek support. If you’re feeling overwhelmed or distressed, consider seeking support from a mental health professional or a victim assistance organization.

This could be as simple as changing a password or as complicated as freezing your bank, custodial, and credit accounts, and making filings with the Federal Trade Commission, Federal Bureau of Investigation, and local law enforcement.

“Assume that, if you have been breached, the bad guys will soon return,” says Hurley. “Just as sharks regularly return to where they’ve been able to find animals to devour, cybercriminals return to target clients they’ve breached before.”

The Emotional Toll Falling victim to a cybercriminal isn’t just a financial issue. Being scammed can erode the victims’ trust in others, and they may feel ashamed or embarrassed, especially if they lost a significant amount of money.

Also, scams can lead to feelings of anxiety and fear, as victims may worry about their financial security and the potential consequences of the scam.

These feelings can cause a victim to stay quiet or delay alerting the authorities about their situation.

But it’s important to remember that acting quickly is the key to recovering lost funds and protecting oneself from future scams.

“Financial scams targeting older people can have a severe and long-lasting emotional impact,” says Denise. “It’s important to us to do everything we can to protect our clients and help them when they need us.”

Remember, it's important to act quickly and decisively. By following these steps, you can help protect yourself from further harm and recover some of your losses.

Important Disclosure: Digital Privacy and Protection (DPP) is a CAPTRUST partner. CAPTRUST offers DPP services to its clients.

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EXPERT ANGLE

ALL IN THE

BALANCE

by Kim Painter

You do some cardio and maybe a little strength training, but what have you done lately to improve your balance? If the answer is nothing, you could eventually be in for a nasty fall.

Though balance generally declines with age, many people don’t realize it’s happening until they take a tumble, says Debra Rose, professor and chair emerita of the Department of Kinesiology at California State University, Fullerton.

That’s what happened to Shana O’Brien, 58, the owner of a real estate brokerage in Vancouver, Washington, and Portland, Oregon. She was dancing with her husband in their home when one of her dogs ran between her legs, catching her off balance, and she fell. O’Brien says she landed on her bottom and one hand, crushing her wrist. To fix it, she needed surgery to implant a permanent titanium plate.

“It made me feel like a really old lady,” she says, but it was also a wake-up call. She had to do something to improve her balance.

For O’Brien, that something has been yoga. But experts say there are many activities—including other balancefocused workouts and tweaks to existing workouts and routines—that can help us stay firmly on our feet as we age.

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Expert Angle | Winter 2025

The Facts About Falling Falls are the leading cause of injury and injuryrelated death in adults over age 65. In 2022, more than 46,000 people in the U.S. died from falls at home or work. That’s more than died from motor vehicle accidents.

Falls are the leading cause of injury in adults over age 65, happening to one in four people every year, according to the Centers for Disease Control and Prevention. One large study found that, in women, injuries from falls start arising even earlier, between ages 45 and 55. Bad balance isn’t the only reason people fall. Everything from loose rugs to poor lighting to the wrong footwear can contribute, says Rose.

But the loss of balance that comes along with age is a bigger problem than many people realize. It not only increases the risk of falling but can also threaten your independence and keep you from doing things you love. “People stop going places and doing things because they don’t feel quite balanced enough,” she says.

Rose says this happens for several reasons, including age-related changes in proprioception: your body’s ability to sense its own position and movements. Proprioception relies not only on your brain but also on receptors in your skin, muscles, and joints, and on structures in your inner ear. Changes in vision, including poor depth perception, play a role, as do chronic medical conditions and medications.

Source: National Safety Council

country. Other options include disciplines such as yoga, tai chi, and mat Pilates.

If you’ve been injured in a fall or are frail, your doctor should refer you to a physical therapist to decide the best balance-training program for you, Rose says. However, if you’re in reasonable health, there are lots of balance-boosting activities you can safely try as part of your regular workouts or daily routine. For example, you might consider the following.

•

Lift free weights from a standing position instead of using a weight machine or bench. This combines balance and strength training.

•

Do front and side-to-side lunges. These strengthen your legs, which is important for preventing falls, and might help you stay on your feet when you lunge in your next pickleball or tennis match.

As your balance declines, you might not immediatly notice as you walk more slowly, grab more handrails, and show other signs of unsteadiness. But you’ll be at risk every time you walk on an uneven sidewalk, encounter a wet floor, or reach down to pull a weed from your garden.

•

Work out on an unstable surface like a BOSU ball or a foam pad.

•

Walk on uneven trails.

•

Practice walking backward and shuffling side to side.

You might think it’s safest to just sit all day, but inactivity only makes things worse, says Carol Clements, a New York City dance therapist and personal trainer who is the author of Better Balance for Life. “Balance is a skill,” says Clements. “It gets better with practice and deteriorates without it.”

•

Practice doing some activities with your eyes closed, after making sure you’re in a safe spot.

As people get wobblier, fear of falling can set in, leading to even more inactivity and worse balance, she says. “So, if you want to feel confident and be agile and not fall, balance training is important.”

•

Train yourself to brush your teeth while standing on one leg, starting with a finger on the bathroom counter and your toe just above the floor.

What Counts as Balance Training?

•

Squat upward, and then down, from a sturdy chair using your buttocks, not your back muscles.

•

Do heel lifts while working at the kitchen sink.

•

Walk an imaginary tightrope while you talk on the phone.

“

Balance is a skill. It gets better with practice and deteriorates without it.

Carol Clements

”

If you like the idea of a class, you have choices. Many senior living communities, gyms, and fitness centers offer balance and fall-prevention classes. Rose developed a program, outlined in her book, Fallproof, that is taught at many places around the

Clements suggests adding balance challenges to everyday activities. Here are a few ideas to try:

27

HOW'S YOUR BALANCE?

One frequently suggested test for balance is seeing how long you can stand on one foot. Research shows that average times decline from 52 seconds in your 40s to 27 seconds in your 70s.

But balance expert Debra Rose says she doesn’t recommend it as a self-test for three reasons. It depends on both balance and strength; you might fall if you lack either of those; and most people don’t do it right. (The secret is shifting your balance to one leg before lifting the other).

Beverly Connell, 56, a legal assistant in Atlanta, Georgia, has come up with her own methods to overcome a fear of falling that started in her 40s, after three bad stair falls. For years, she says, she avoided stairs entirely. But the former gymnast recently decided she needed to regain her courage and her balance. She started climbing stairs again and got herself a rebounder, a mini trampoline that comes with a safety bar.

The first time she used it, says Connell, “I literally almost fell off.” These days, she says, she’s jumping without “hanging on for dear life” and taking the stairs at the train station without gripping a rail.

As for O’Brien, she’s studying to be a yoga instructor. She no longer feels like an old lady, she says, and thanks to her renewed balance and strength, “I don’t need to be afraid of falling every minute.”

WHERE TO START

There are lots of online articles and videos that can teach you balance exercises to do on your own. But if you want an accountability partner, you might want to visit a physical therapist. Most health insurance policies include coverage for physical therapy so long as it’s provided by a licensed physician.

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Expert Angle | Winter 2025

A better test, she says, is the timed upand-go test, in which you rise from a sturdy chair, walk 10 feet, turn around, walk back, and sit down. The CDC says taking more than 12 seconds to do this test suggests a falling risk.

If you see a health professional about your risk of falling, they may combine several such tests with a questionnaire that asks, for example, whether you: •

have fallen in the last year;

•

regularly steady yourself on furniture around the house;

•

sometimes feel unsteady when you walk; or

•

have lost feeling in your feet.

More yes answers mean you have a greater falling risk.

Find a full questionnaire from the National Council on Aging at ncoa.org/ tools/falls-free-checkup/.

RANDOM GLEANINGS While making the Winter 2025 issue of VESTED, we came across some interesting factoids too good not to share.

CUMULATIVE IMPACT In the U.S., one full year of each students’ K–12 education is taught by substitute teachers.

Source: Morgan Hunter Education

REG-RATS Rats, dogs, monkeys, and coyotes have all shown behaviors that could be interpreted as regret.

SEA LEGS

TOES AND EARS

It's common for people who've been on a boat to feel like they are still swaying and bobbing even after they set foot on land again. For some, this sensation of feeling like you're still at sea lasts for months or even years.

The big toe by itself isn't crucial for balance, but the inner ear is.

LE SCAM In the 1920s, the scammer Victor Lustig managed to sell the Eiffel Tower—twice—although it was never for sale.

VERY SUPERSTITIOUS In the 19th century, women were thought to bring bad luck to sailors and ships, so their presence was prohibited. Today, less than 3 percent of ship captains are women.

Source: Skagit Talk

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INVESTMENT FEATURE

PREPARING FOR

THE YEAR AHEAD

by Jim Underwood, CFA®

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Investment Feature | Winter 2025

A fresh, new year is a catalyst that drives nearly everyone in the money management industry to unpack their fortune-telling tools and make predictions.

These forecasts are designed to impress the public with concise narratives that sound reasonable and wise, but they often add more confidence than value in the decision-making process.

At CAPTRUST, one of our fundamental portfolio management principles is that we do not predict; we prepare.

To help us understand the range of possible futures we need to prepare for, we use four levels of analysis: the range of possibilities, probabilities, market expectations, and sources of uncertainty, in that order. Each level requires a different set of subjective decisions.

We consider this preparation and prediction process to be an ongoing thought experiment, not just in January but throughout the year, and we adapt as new information becomes available. We approach this exercise, beginning to end, with a healthy dose of caution and humility.

intelligence (AI) lags, and earnings expectations soften against a backdrop of elevated valuations.

•

More of the same. Despite continued AI enthusiasm, inflation hovers near the Federal Reserve’s target range. As a result, the forward path of interest rates and market leadership remains highly sensitive to each new data release.

•

An upside surprise. Inflation pressures continue to ease as productivity begins to accelerate, with AI efficiencies becoming more widespread. This strong economic tailwind, combined with falling interest rates, supports double-digit earnings growth across corporate America.

This level one analysis of all the things that can happen helps us understand the overall risk landscape. Then, in level two, we assign probabilities to each possibility to determine what actually might happen next.

“

The future does not exist. It is only a range of possibilities.

Howard Marks

”

Here are the four primary levels of analysis we conduct when evaluating the macroeconomic landscape.

Level One: The Range of Possibilities Legendary investor Howard Marks once said, “The future does not exist. It is only a range of possibilities.” In part one of our analysis, we attempt to define the range of near-term possibilities. We ask ourselves: what could the headlines say 12 months from now?

While this initial level of analysis only scratches the surface, it also provides a foundation for the other levels. In this level, the goal is not to make a prediction. It’s to determine whether the full range of potential economic scenarios has a mostly negative or mostly positive bias. That is, are there more negative or positive scenarios that could unfold this year?

For 2025, we see three primary possibilities. From most negative to most positive, they are: •

Optimism fades. In this scenario, sticky inflation keeps interest rates high in the U.S. while global economic activity decelerates. The productivity value of artificial

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Level Two: Probabilities Humans have a difficult time interpreting probabilities. Early in life, most people are taught the mathematics of certainty instead, so we tend to believe there are only two probabilities: 0 percent and 100 percent. In reality, few variables across the investment landscape have such binary outcomes.

Investing requires making judgments about a future in which essentially anything is possible and nothing is certain. Understanding the probabilities of each possible scenario helps us prioritize what we need to prepare for.

Unsurprisingly, when we assign probabilities to the range of possibilities, our expected near-term future looks a lot like our recent past.

This is because short-term market moves are primarily driven by momentum. Without a change in a critical market assumption, a comfortable default for most forecasters is to assume there will simply be more of the same. And indeed, more of the same is the most likely scenario for this year.

Short-term market moves are primarily driven by momentum. Without a change in a critical market assumption, a comfortable default for most forecasters is to assume there will simply be more of the same.

In 2025, we believe each of the three possible scenarios has a percentage probability of coming true: •

Optimism fades: 10 percent

•

More of the same: 50 percent

•

Upside surprise: 15 percent

Based on these first two levels of analysis, you could reasonably (and accurately) deduce that CAPTRUST is predicting a generally favorable outlook for the economic landscape in 2025—not the doom-and-gloom recession you might be fearing. That doesn’t mean a recession isn’t possible. It just means a recession is not highly likely.

The economy is sound, inflation is trending favorably, the labor market is robust, and under the new administration, regulatory burdens are likely to ease.

Most investment outlooks stop here and are circulated with this degree of explanation, leaving individual investors feeling empowered to take additional risk within their portfolios.

However, it is important to remember that this two-level outlook is incomplete. To be fully prepared, investors must also consider the next two levels.

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Investment Feature | Winter 2025

Level Three: Market Expectations One of the most difficult concepts investors must learn is that markets do not trade on good or bad outcomes. They trade on better or worse outcomes—that is, better or worse than what was expected.

While the first two levels of analysis are critical to understanding the economic backdrop and likelihood of certain outcomes, for investment decision-making, they are mostly useful as context clues to help evaluate whether the expectations already embedded in market prices are reasonable or not.

At any given time, current market prices incorporate the consensus investor outlook. A forecast that aligns with the consensus view will not provide excess value. Only a view that is better or worse than the consensus has the potential to add or remove value. But remember, while the consensus may not be correct, it captures the wisdom of the crowd.

The challenge is that nobody truly knows what the consensus views are. So we must interpret multiple data points, such as investor sentiment, equity valuations, earnings, interest rate projections, and credit spreads, to build estimates of consensus opinions. These data points change daily.

At present, the U.S. landscape reflects high investor sentiment, higher equity valuations, optimistic earnings projections, and near-record-low credit spreads. In other words, the consensus view, like CAPTRUST’s, is a favorable outlook for economic activity.

The question is how do CAPTRUST’s expectations compare with what we believe the market is projecting?

A good economic outcome can still be disappointing if the market was expecting something great.

A good economic outcome can still be disappointing if the market was expecting something great. That’s why, sometimes, the best investments are those for which people have the lowest expectations. But also, sometimes, low expectations come with higher risk, because the consensus view is almost always based on valid reasoning.

Level Four: Sources of Uncertainty In his 1921 book Risk, Uncertainty, and Profit, Frank Knight formalized a distinction between risk and uncertainty. Risk, he argued, is an unknown outcome for which the distribution of potential outcomes is

33

known. Uncertainty, on the other hand, is an unknown outcome for which the distribution of potential outcomes is also unknown.

Astute readers may have noticed that our level two probabilities for likely economic scenarios only add up to 75 percent. What became of the remaining 25 percent? It is captured in what we believe to be an environment of heightened uncertainty. In other words, there is a 25 percent chance that something entirely unpredictable could happen.

This uncertainty is driven by a few primary factors.

Policy Questions: As President Trump’s new leadership structure is finalized, we will gain clarity on his administration’s upcoming policy agenda. While many expect that his proposed deregulation policies will support economic growth, many of his other proposed policy measures could create economic pressures. It’s not possible to conduct mass deportations, place broad tariffs on imports, and cut $2 trillion from government spending without putting upward pressure on inflation and downward pressure on gross domestic product growth. The president and his leadership team will likely be discussing these and other economic consequences when deciding which policies to enact and their timing.

The Federal Reserve is also awaiting clarity. Fed Chairman Jerome Powell has said the Fed will remain data dependent and not consider potential policy shifts or hypotheticals in its decision-making process. This adds another element of uncertainty, potentially raising the odds of a monetary policy error.

The Domestic Fiscal Situation: The president and his team will also need to consider how proposed policies could impact the U.S. fiscal situation. Deficits, debt ceilings, and debates will likely continue to contribute to heightened unease and market volatility. However, the promise of improved productivity from AI advancements may offset anxiety.

AI Productivity Gains: It’s possible that just about any short-term economic outcome could be overwhelmed by AI productivity gains and hype. However, the timeline for gains remains unclear. The AI revolution could happen faster—or much slower—than expected. In the meantime, as long as investors remain confident in AI’s long-term potential, it may not matter whether near-term corporate earnings expectations are realized.

Forecasting 2025 At CAPTRUST, we work hard to stay aware of how much we don’t know. The future is unpredictable, yet we revel in predicting, because a thorough prediction means we can be prepared for a wide range of potential results.

It would be easy to think there’s no value in predicting. But the value is in the process, not the predicted outcomes. By trying to forecast what will happen next, we are forced to define our expectations, interpret the market’s expectations, and identify sources of uncertainty.

This year’s expectation: We believe the economic foundation is strong, with falling inflation, a robust labor market, a financially sound consumer, and an easing regulatory environment. Right now, we’re seeing high stock valuations and minimal premiums demanded for taking credit risk. This means market participants may be even more optimistic than CAPTRUST is when interpreting the forward path of the economy and the markets.

Still, we’re seeing elevated uncertainty, driven by shifting political policies, an unsustainable fiscal position, and soaring excitement around AI. Any of these factors could cause this year’s outcomes to fall outside our expected range.

Against this backdrop, we are approaching 2025 with caution and optimism. There are many things to like about the current economic landscape. However, the combination of elevated investor optimism and heightened market uncertainty can sometimes create pitfalls. We’re keeping a close eye on many factors.

In 2025, like in many of the years before, the most important positioning characteristic will likely be the ability to change course if the outlook changes.

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Investment Feature | Winter 2025

MONEY MINDSET

STEPPING OFF THE SPINNER INTO RETIREMENT

by John Curry

Kids have dreaded and enjoyed the playground spinner in equal parts since the early 1900s. These brightly colored, circular contraptions, usually six to nine feet in diameter with metal bars for handholds, use angular momentum to turn, picking up speed to a sometimes-terrifying pace. If you were born between 1920 and 1990, you’ve probably ridden on one, or run around one, spinning your friends into a playground frenzy.

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In recent years, the spinner has become a subject of debate, no doubt because it is connected with countless physical injuries, episodes of dizziness, and well-intentioned psychological trauma. Nonetheless, some experts contend that the spinner’s movements can be therapeutic to growing children, helping them develop strength, coordination, and balance. It also provides a helpful metaphor for work and retirement.

If you’ve ever ridden a playground spinner, you know it is always a struggle to stay on board, and sometimes, you can spend more than half of the ride trying to decide if you should just let go and jump off. Trying to find the right time to stop working is similar.

Finding the Right Time High achievers tend to have a hard time making the jump to retirement. This may be true for a number of reasons. Some identify strongly with their work and feel concerned about their ability to move on. Societal messages that reinforce the value of work, stigmatize early retirement, or create fears of falling behind may create additional pressure.

“Others simply like what they’re doing and feel like they have more to contribute to the organization,” says Michelle Scarver, a CAPTRUST financial advisor in San Antonio, Texas. “Or, frankly, they may just be having fun.”

Others may have golden handcuffs—unvested benefits of some kind—that create uncertainty about timing or even financial disincentives to retire.

Golden handcuffs can come in the form of a compensation package, stock incentive plan, deferred compensation, bonuses, or other perks. “Golden handcuffs tend to amplify the decision about when to retire, and they can complicate the analysis of a retirement plan,” says Nick DeCenso, head of wealth management solutions at CAPTRUST’s headquarters in Raleigh, North Carolina.

“

As financial advisors, we can help address the financial side with a thorough plan so people can give themselves permission to retire, but 90 percent of the decision is emotional.

Michelle Scarver

For others, money is a scorecard, and they fear losing relevance or social standing.

“Moving into retirement is a big decision, both financially and emotionally,” says Scarver. “As financial advisors, we can help address the financial side with a thorough plan so people can give themselves permission to retire, but 90 percent of the decision is emotional.”

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Money Mindset | Winter 2025

”

stock programs, and deferred compensation plans could mean that you keep the lion’s share of those benefits when you retire.

It’s important to name the risk of staying on the spinner and the rewards of stepping off.

“The best way to gain confidence in your decision is to have a well-developed retirement plan—one that factors in the golden-handcuffs dynamic and focuses on meeting your personal goals in retirement,” says DeCenso.

How Brains Resist Retirement There are several cognitive biases at work here. The sunk cost fallacy may make it difficult for high earners to walk away from the investments they’ve made in their own knowledge and experience. And loss aversion—the tendency to weigh potential losses more heavily than potential gains—may cause them to focus on what they think they might lose (e.g., status, income, and purpose), rather than what they stand to gain (e.g., more free time, deeper relationships, and experiences).

•

After watching your savings account balance grow for so long, it can feel stressful to watch that money slowly decrease, even if you know this is what you saved it for.

These high earners could also be in their peak earning years, so fear of missing out (FOMO) may make them think the best is yet to come financially. This manifests in thoughts and comments like “Next year is going to be big, so I don’t want to lose out,” or “If I can just do this for another year or two, we won’t have to worry about money.”

One way to manage these feelings? Rather than focusing on the total value of your accumulated retirement savings, visualize this money as regular income using the four percent rule. Multiply the value of your portfolio by 0.04.

The resulting number is the level of cash flow your portfolio should be able to support. You may find you already have more than enough to breathe easy.

One important question that also arises when considering the right time to retire: How long can I expect to be healthy?

“Financial planning plays a big role in confirming to people that they will be OK, even despite the rising cost of health care, but health is always a concern,” says Scarver. “Clients tell me all the time that they don’t want to miss out on good years of retirement due to failing health, and they want to be able to enjoy the retirement they saved and planned for.”

Flipping FOMO on its head is one strategy that may help create clarity around this key decision.

Talking to family and friends about—and, ideally, even documenting—the interesting and exciting things you plan to do after you stop working may help tip the scales in favor of retirement over more work and more money. Tangible plans can trump vague fears.

Put another way: It’s important to name the risks of staying on the spinner and the rewards of stepping off.

Here are a few other tips that may help you feel more comfortable with the transition from work to retirement: •

Investigate your handcuffs. If you have unvested benefits with your employer, you may find that you’ll lose less than you fear. For example, tiered vesting on retirement plans,

Determine how much is enough. “One common transition hurdle is that it’s hard to get comfortable with not having a paycheck,” says Scarver. “For a while at least, it can make people feel uneasy to start drawing money from their savings to pay for everyday living expenses.”

•

Practice mindfulness. Biases are sneaky because they operate outside of our conscious minds. Managing them means staying alert to the moments when you feel you may be falling prey. Then, you can interrupt your brain’s natural tendency to be more thoughtful and intentional instead.

Did you just feel a pang of FOMO looking at the calendar for the upcoming work year—or wonder what you’d do this year without work? Once you realize what you’re feeling, you can contemplate that feeling more logically and rationally so you aren’t just reacting to passing emotions.

The more you practice, the better you’ll get at it.

Once you have tried these tactics, it might also be a good idea to identify your personal goal line. And, of course, you’ll want to validate your assumptions.

Working with your financial advisor to document this plan and check your progress along the way will help make sure those couple more years don’t keep slipping into the future. It’s easy to keep moving your own finish line.

“There will always be more work than can be finished, and there will always be money left on the table,” says Scarver. “But for most of us, work is not the point of living.”

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LASTING LEGACY

DESPERATELY SEEKING

SUBSTITUTES

by Jeanne Lee

It’s a childhood memory many Americans share: that feeling of walking into class to discover there’s a substitute teacher.

There’s a little shock, followed by a lift of reprieve. Maybe the quiz is canceled. Maybe you’ll get away with not having finished your homework. Or maybe you’ll get to watch a movie.

But, as an adult, have you ever considered becoming a substitute teacher?

Substitute teachers are the unsung heroes of their schools and communities, and they’re in desperately short supply. Every day, nearly 50 million students in the U.S. go to school in a badly stressed education system with an ongoing teacher shortage.

According to the Learning Policy Institute, there are almost 42,000 unfilled teacher positions across the country, and that number is likely underestimated.

Teachers are valiant, overworked, and underpaid. Also, they’re human beings who, at times, will need a day of leave to recover from the flu, nurse a sick child, or tend to an emergency. But sometimes, there just aren’t subs to replace them.

If you’re someone who enjoys being around children, has extra time, and wants to continue giving back to your community, substitute teaching could be a great fit for you. Here are some reasons professionals and retirees from many fields might consider joining a local substitute teacher pool.

A Crisis of Unfilled Teacher Absences Sadly, the noble instructors of our nation’s youth often have difficulty taking the sick days or personal leave they’re entitled to because of the shortage of subs. While this

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

has been a longstanding problem, the pandemic worsened shortages to the point that 20 percent of requests for teacher coverage went unfilled, according to the Bureau of Labor Statistics (BLS).

The problem is even more severe in economically disadvantaged districts and neighborhoods. In the Chicago Public Schools system, for example, the fill rate for absences in bottom-quintile schools averaged only 50 percent, compared to more than 95 percent at top schools, according to a 2023 BLS report.

“There are not enough subs, period,” says Elaine Thesus, a retired teacher in Greenville, North Carolina, who frequently substitutes.

“Last Friday, I got a notice that there were 47 unfilled teacher absences in my school district.”

In some districts, teachers who require a day of leave must request it at least one month in advance due to the lack of available substitutes. Realistically, teachers can’t always know in advance when they need to miss work.

This means schools resort to drastic measures. They move students to a gym, cafeteria, or library, sometimes with little or no supervision. Classrooms may double up, leaving another teacher overwhelmed. “A resource teacher, librarian, or paraprofessional might get pulled in, just so there’s an adult in the room,” which means important student services won’t be delivered, says Minnie Ford, a retired educator and current substitute.

Or students get absorbed, meaning they’re distributed between several other classrooms and given independent work. “It’s a day of instruction lost, and it’s overloading the other classrooms,” says Thesus.

If you're someone who enjoys being around children, has extra time, and wants to continue giving back to your community, substitute teaching could be a great fit for you.

To make up for the shortfalls, school districts have tried raising pay, providing free training, and relaxing the requirements for joining the substitute pool. Most school districts have pathways for nonteachers to become substitutes, though the specifics vary.

Many former teachers, like Ford and Thesus, return to the classroom as substitutes after retirement, because they understand the dire need—and because it’s a pretty good gig. Trained, experienced educators are ideal substitutes, but anyone can be great at the job.

But I've Never Taught Before If you’re an older adult or retiree from a nonteaching background, you can step up to help fill the gap. It doesn’t matter whether you’re familiar with the material. You can give a lot to students simply by drawing on your life experiences as a parent, coach, or professional.

“That’s what we need: more people who will take a day of leave from their job and sub once every month or two,” says James Mason. “Then the school system could have a bigger bank of substitute teachers.” Mason retired from a 15-year Air Force career

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before he moved into education. He worked as a substitute teacher in the 1990s before becoming a full-time high school teacher.

“You’ve got a wealth of knowledge you might not even realize,” he says. “You’d be surprised at the number of kids you might influence. Students really like having new people in their classrooms.” Male substitute teachers are especially needed, as kids tend to see fewer men working in schools.

Sometimes, the most valuable thing is a listening ear. If a student is struggling with an assignment, offer to help them read the directions. Ask them what they think they should do next. “A lot of kids don’t get that kind of attention from adults,” says Mason.

Students benefit from exposure to diverse role models and hearing about different kinds of jobs. “If you’re subbing in high school, you can share how you got into your field,” says Ford. “You can help students fill out applications or make resumes.”

Grandparent Mentality Thesus says being a substitute is easier and more fun than being a teacher, much like the trope that being a grandparent is better than being a parent. After retirement, she changed her attitude from “I’m their teacher” to “I’m their sub.”

class, I don’t care,” says Thesus. “Behavior you can’t get away with at home, grandma doesn’t care!”

Working in a room full of kids from Gen Z or Generation Alpha can be an opportunity for older adults to keep current.

People who haven’t spent much time around youth culture may find it invigorating, because many students today have a unique vibe. “A lot of kids today are treated almost like their parents are their friends,” says Mason. “There are pluses and minuses to that, but they are then more comfortable and more open to speaking to adults, which is a good thing.”

Thesus has encouraged retired friends who have time on their hands to investigate substitute teaching. She touts the extremely flexible schedule, lack of late hours, and, in most cases, summers off. “You can choose when you want to work or not to work,” she says.

Becoming a substitute teacher can be a truly adventurous— but also simple—way to give back. Substitutes make a positive impact on the students in their classes, the schools where they work, and the broader community. After all, you never know whether something you bring to the classroom might become an important memory for one of the world’s future leaders.

“I get to enjoy all the positive things about teaching without the headaches,” she says. “I don’t have to deal with parents, discipline, grading, paperwork, lesson planning, or meetings.

At 3:30, I’m going to leave this class behind.”

This mentality makes her more relaxed about things like how students act in the classroom. While she doesn’t allow fighting or extreme unruliness, “if they’re talking quietly in

FIRST STEPS

One way to get started is to pick up the phone and call the principal at a local school. Ask about joining the sub pool. They’ll likely be delighted to have you. “Most school systems offer training for substitutes, a couple of hours or whatever, and you don’t have to pay anything,” says Mason. “They’re trying to entice people to come do this.”

A number of national educational staffing services also work with candidates to help them meet qualifications for substitute teaching. A few examples are Edustaff (edustaff.org), ESS (ess.com), and School Professionals (tempositions.com/school-professionals/). Working with children typically requires background checks and minimum education requirements, although each state or school district has its own credentialing requirements.

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Lasting Legacy | Winter 2025

CLIENT CONVERSATIONS

READER Q&A In this edition of our reader Q&A, we explore the potential

?

benefits of Roth conversions, the decision to buy versus lease a new vehicle, and how the Federal Reserve’s rate cuts might affect home borrowing.

Someone told me that I should consider a Roth conversion for some of my retirement account funds. What is a Roth conversion, and what are the benefits?

A

A Roth conversion involves transferring funds from a traditional retirement account—such as a 401(k), 403(b), or individual retirement account (IRA) funded with pre-tax dollars—into a Roth IRA.

course of several years to spread out the tax impacts. But if you can get comfortable with these considerations, a Roth conversion can provide you with benefits beyond tax-free growth and withdrawals. Some of these benefits are:

The biggest benefit lies in the tax treatment of the converted funds. Once the funds are in the Roth IRA, future growth of those assets is tax-free. Withdrawals in retirement are also tax-free, assuming they meet certain criteria. As with any strategy, there are important considerations to keep in mind.

•

Tax diversification. Having both traditional and Roth accounts allows you to manage your tax liability in retirement. For example, if your income in a given year is higher than expected, you can withdraw from the Roth IRA without increasing your taxable income.

When you convert funds to a Roth IRA, the amount converted is taxable income in that tax year. For example, if you convert $100,000 from a traditional IRA to a Roth IRA, that $100,000 will be added to your taxable income in the conversion year.

•

No RMDs. Traditional IRAs and 401(k)s require you to begin taking RMDs at age 73. Roth IRAs have no RMD requirement during your lifetime. With a Roth account, you have more control over your retirement withdrawals and can leave the funds to grow for your heirs.

•

Benefits for heirs. Roth IRAs can be passed on to beneficiaries, who can inherit the account income tax-free. This means your heirs can enjoy the tax-free growth and withdrawals if the Roth IRA has been held for five years or more—a significant advantage, especially if your beneficiaries are in a higher tax bracket.

Converting large amounts can result in a significant tax bill and may push you into a higher tax bracket. Even so, using retirement funds to pay taxes may make sense for those looking to convert large IRAs to reduce their future required minimum distributions (RMDs).

The timing of your Roth conversion matters too. Generally, it’s a good idea to convert when your income is lower—for example, after you’ve retired and before you begin drawing Social Security. You may also choose to convert over the

As always, you should consult your tax and financial advisors and consider your unique situation and goals.

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I’m thinking about getting a new car. Is it better to buy or lease?

A

Getting a new car is a big decision. Even accounting for inflation, cars today are significantly more expensive than they were 25 years ago. So before you start test-driving your dream ride, you have a choice to make—buy or lease? A handful of issues will drive the decision for you.

Leasing usually means a smaller down payment and smaller monthly payments. The downside: When the lease ends, you won’t own the car. If you purchase a car and use credit or financing, you’ll typically need a larger down payment, and your monthly payments will be higher. But once you’ve paid off the loan, the car is all yours—with no more payments. You can sell it later and recoup some of your outlay.

If you’ve got the cash, you can buy the car outright and drive it until the wheels fall off, with no monthly payments. You’ll forfeit the earnings power of that cash, but you’ll save by not financing either by loan or lease.

Now think about how much you drive. Are you constantly on the road, or is your car mainly for quick trips around town? If you’re a road warrior, buying might be a better idea. Leases come with mileage restrictions—usually between 10,000 and 15,000 miles per year. Drive more than the limit, and you could be looking at some hefty fees at the end of your lease term.

If you’re always itching to drive the latest models, leasing might be right for you. You can get a new car every few years when your lease ends. Plus, the car is usually under warranty for the entire lease period. But if you know you’re likely to get attached to the car and don’t mind driving the same vehicle for years, buying could be the way to go.

One more thing to consider: If you’re the type of person who likes to customize their vehicle, buying is probably your best option. When you own the car, you can modify it however you want. With a lease, you can’t make permanent changes. And leasing companies can be picky about wear and tear, which might mean extra fees when you turn it in.

So what’s the bottom line? If lower monthly costs and driving a new car every few years sound good to you, leasing might be right. But if you’re a high-mileage driver, want to customize your ride, or prefer to own an asset long term, buying could be better.

Remember, there’s no right or wrong answer. It all comes down to your personal situation. Think about your budget, your driving habits, and your plans. The best choice is the one that fits your lifestyle and budget.

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Client Conversations | Winter 2025

The Federal Reserve has started lowering interest rates. What does this mean for the real estate market and borrowing?

A

The Fed’s September 2024 decision to start lowering the fed funds rate marked a big policy shift from recent years’ rising rates. Its effects will ripple through various sectors of the economy.

For the real estate market, lower interest rates generally mean good news. As the Fed cuts rates, mortgage rates tend to follow suit, although not always in perfect sync. Federal funds rate cuts have a direct impact on short-term interest rates. Other factors also influence mortgage rates, including long-term bond yields, inflation expectations, and each lender’s appetite for risk.

To understand the impact of easing rates, it’s helpful to look at this question through the eyes of two audiences: first-time homebuyers and existing homeowners.

While lower interest rates could encourage first-time buyers, home prices are near record highs and could remain prohibitive for some time. Home values have appreciated significantly since the beginning of the pandemic, so one or two rate cuts may not be enough to bring mortgage payments to a level where affordability meaningfully improves.

Existing homeowners have benefited from price appreciation, adding more than $14 trillion to their home equity. Having locked in ultra-low mortgage rates during the pandemic, these owners are unlikely to sell. Yet as rates fall, they may seek to unlock value by borrowing through home equity lines of credit (HELOCs). This form of borrowing, which slowed as interest rates climbed over

the past few years, could help fund renovations, investments outside the home, and debt consolidation.

In his remarks over the past few years, Fed Chair Jerome Powell has used the word recalibration many times, suggesting that this easing cycle is about returning rates to levels that neither restrict nor overstimulate the economy.

This begs the question: How fast and how far will the Fed cut rates? Fed economists will be watching the economic data for signs of recession, which would likely prompt faster or deeper rate cuts. At the same time, they are mindful of the possibility that inflation could reignite, which could slow its rate-cut trajectory.

Of course, housing is not the only sector that stands to benefit from falling interest rates. A lower-rate environment can reduce variable-rate debt on credit cards and auto loans, opening room in budgets for more consumer spending. Businesses may also step up their capital investments and hiring plans.

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 Hurricane-Related Crisis Grants After hurricanes Helene and Milton, the CAPTRUST Community Foundation (CCF) provided $260,000 in crisis grants to on-the-ground charities offering immediate aid to impacted communities. These funds were collected directly from employee donations and matched by CAPTRUST. Additionally, CAPTRUST employees mobilized locally to deliver donations to areas in need.

“Our goal was to identify organizations with the structure and capacity to provide widespread, immediate relief,” says 2024 Grants Committee Chair Heather Shanahan. Shanahan is also CAPTRUST’s senior director of endowments and foundations.

To learn more about the organizations the CCF supports, visit captrustcommunityfoundation.org.

The CCF is CAPTRUST’s employee-run 501(c)(3) foundation. Its mission is to enrich the lives of children in the communities that CAPTRUST serves.

Founded in 2007, the CCF has awarded more than $6.25 million in grants to charitable organizations across the country that help children. The CCF’s primary source of fundraising is through voluntary employee payroll deductions that are matched by CAPTRUST.

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CAPTRUST Happenings | Winter 2025

CCF Supports 75 Nonprofits on Annual Giving Day For its fifth annual Giving Day, the CCF awarded $10,000 donations to 75 charities across the country, totaling $750,000. Recipients were nominated by their local CAPTRUST offices.

In 2024, these organizations received donations: 1.

2.

3.

4.

5.

6.

7.

8.

Autism Society of North Carolina (Raleigh, NC) Big Brothers Big Sisters of Middle Tennessee (Nashville, TN) Blue Ridge Outdoor School (Lexington, VA) Boys & Girls Club of West Chester / Liberty (West Chester, OH) Boys & Girls Clubs of Central Carolina (Sanford, NC) Boys & Girls Clubs of North Central Georgia (Madison, GA) Bradley Free Clinic (Roanoke, VA) Brighten Center (San Antonio, TX)

9. BUILD, Inc. (Chicago, IL) 10. CARE House of Oakland County, Inc. (Clarkston, MI) 11. Charlotte Rescue Mission (Charlotte, NC) 12. Children’s Healing Center® (Grand Rapids, MI) 13. Children With Hair Loss (South Rockwood, MI) 14. Court Appointed Special Advocates for Children (Parker, CO) 15. Creative Action (Austin, TX) 16. Cristo Rey Miami High School (North Miami, FL) 17. Dressed for School (Valparaiso, IN) 18. Especially For Athletes (Spanish Fork, UT) 19. Florida Sheriffs Youth Ranches (Live Oak, FL) 20. Foster Success (Indianapolis, IN) 21. Good Grief (Morristown, NJ) 22. Hannah’s Treasure Chest (Miamisburg, OH) 23. Hill Country Pregnancy Care Center (Boerne, TX) 24. JFS of Metrowest (Framingham, MA) 25. Jubilee Family Development Center (Lynchburg, VA) 26. Jubilee REACH (Bellevue, WA) 27. Junior League of Denver (Denver, CO) 28. kidSTREAM (Camarillo, CA) 29. Kinship Senior Center (New Orleans, LA) 30. Lewis Sports Foundation (Eden Prairie, MN) 31. Lucy’s Hearth (Middletown, RI) 32. MercyFirst (Syosset, NY) 33. MOXI (Santa Barbara, CA) 34. MUST Ministries (Marietta, GA) 35. NAMI Westchester, Inc. (Elmsford, NY) 36. Neighborhood North: Museum of Play (Beaver Falls, PA) 37. New Creation VA (Harrisonburg, VA) 38. Open Hands Foundation (Excelsior, MN)

39. Peacehaven (Whitsett, NC) 40. Phoenix Youth Symphony Orchestras (Phoenix, AZ) 41. Project Harmony (Omaha, NE) 42. Reel Recovery (Needham, MA) 43. Rise Richmond (Richmond, VA) 44. Rodman for Kids (Foxborough, MA) 45. Riverside Sunrise Rotary Club (Riverside, CA) 46. RMHC® of Central Florida (Orlando, FL) 47. SafeHaven of Tarrant County (Arlington, TX) 48. Sacramento Food Bank & Family Services (Sacramento, CA) 49. SC Governor’s School for the Arts and Humanities Foundation (Greenville, SC) 50. Scottish Rite for Children (Dallas, TX) 51. Shepherd’s Gate (Livermore, CA) 52. SIBSPlace (Rockville Centre, NY) 53. Sleep in Heavenly Peace (Conyers, GA) 54. Snowline Hospice of El Dorado County (Diamond Springs, CA) 55. Special Learning Center (Columbia, MO) 56. Special Olympics Tennessee (Brentwood, TN) 57. Special Spaces Missouri (St. Louis, MO) 58. The Bell Center (Birmingham, AL) 59. The Brookwood Community (Brookshire, TX) 60. The Children’s Home Society of NJ (Trenton, NJ) 61. The Debbie Rayl Kindness for Kids Program (Green, OH) 62. The Harry K Foundation (Rehoboth Beach, DE) 63. The Kindness Project (Emmaus, PA) 64. The Nest Early Childhood Family Center (Lexington, KY) 65. The Odyssey After School Enrichment Program (Rockport, TX) 66. The SOURCE Foundation (Westover, WV) 67. The Valley Youth House (Bethlehem, PA) 68. Truly Reaching You (Akron, OH) 69. United Way of Central Iowa (Des Moines, IA) 70. Valley Youth House (Bethlehem, PA) 71. Veterans Community Project (Kansas City, MO) 72. Victory in the Valley, Inc. (Wichita, KS) 73. Wings Special Needs Community (Edmond, OK) 74. YMCA of Southeastern NC (Wilmington, NC) 75. World Orphans (Colorado Springs, CO)

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CAPTRUST ACCOLADES 46

CAPTRUST Returns to Top RIA List CAPTRUST ranked sixth in the mega-size category of Barron’s Top RIAs (registered investment advisors) list for 2024. This list evaluates the nation’s leading independent advisory firms based on both qualitative and quantitative components. Considerations include assets managed, technology spending, and staff diversity.

This is the first time Barron’s has ranked the largest RIA firms separately from other large firms. For the mega category, Barron’s selected RIAs that oversee 2 percent or more of the total assets of all ranking applicants.

This year, the 2-percent metric creates a threshold of $70 billion in assets. CAPTRUST currently advises on more than $1 trillion in total client assets.

CAPTRUST Ranks #1 in Financial Advisor Magazine For the ninth consecutive year, CAPTRUST earned the top spot as the largest registered investment advisor in the U.S. Financial Advisor Magazine’s annual ranking includes more than 400 firms.

16 CAPTRUST Advisors on 2024 NAPA Top Women of Excellence List This list from the National Association of Plan Advisors (NAPA) acknowledges the contributions women are making to the retirement industry. These 16 CAPTRUST financial advisors were named on the 2024 list.

Beryl Ball | Richmond, VA Deanna Bamford | Santa Barbara, CA Erica Blomgren | Raleigh, NC Kimberly Bradley-Huppertz | Clarkston, MI Karen Casillas | Westlake Village, CA Sarah Cathey | Kansas City, KS Heather Darcy | Raleigh, NC Dori Drayton | Grand Rapids, MI

Devyn Duex | Santa Barbara, CA Jean Duffy | Des Moines, IA Catherine Ellis | Austin, TX Regina Lewis | Brentwood, TN Abigail Russell | Raleigh, NC Susan Shoemaker | Southfield, MI Chandler Uwazie | Alpharetta, GA Emily Wrightson | New York, NY

2025 NAPA Aces Four CAPTRUST advisors were included on the NAPA 2025 Aces: Top 100 Retirement Plan Advisors Under 40 list. These advisors were selected for their exceptional commitment to the profession and their potential as future leaders in the retirement plan advisory industry. The CAPTRUST Aces are:

CAPTRUST Happenings | Winter 2025

Jared Anderson | Warren, NJ Joe DeBello | Tampa, FL Daniel Urban | Warren, NJ Emily Wrightson | New York, NY

CAPTRUST GROWTH In 2024, CAPTRUST added five groups with 92 employees from seven locations across the country.

We are excited to welcome our newest clients and colleagues.

•

Boston Financial Management in Boston and Cape Cod, MA, and Portland, ME.

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Campbell Wealth Management in Alexandria, VA.

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Enenbach & Associates in Overland Park, KS.

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TruNorth Wealth Partners in Saint Paul, MN.

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Wealth Covenant Group in Houston, TX.

“

Boston Financial Management’s commitment to providing personalized and comprehensive financial solutions aligns perfectly with our values and mission. By bringing together our teams, we can offer even greater resources and expertise to our clients in New England. We are excited about the growth opportunities this union presents and about the ability to serve our clients with enhanced offerings.

”

Wilson Hoyle, managing director, CAPTRUST

Business North Carolina Wilson Hoyle, Fielding Miller, and Ben Goldstein (from left to right) were featured on the August 2024 cover of Business North Carolina. Scan the QR code to read more about how these three small-town North Carolina natives came together to make CAPTRUST the mission-led organization it is today.

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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.

Matt Myers Principal Bellevue, WA Sabrina McGurr Senior Specialist | Financial Planning Bellevue, WA Geoffrey Schock Principal Bellevue, WA