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April 15, 2019 | Wealth Planning

Quarter-End Snapshot: Q1 2019

Quarter-End Snapshot

Q1 2019

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Firm Update

from J. Carter Tolleson, CEO

J. Carter Tolleson, CEO

I always enjoy reflecting on the last few months with the quarter-end snapshot because I’m reminded of how much has happened and how fast time has gone. While I can’t touch on everything, I’ll hit on a few significant highlights.

I’m excited to have Rick Lafitte on board as the new President of Tolleson Private Bank. This is a role that I have served in since 2006 and, while I have always been supportive of bringing in strategic leaders when needed, I never met anyone I felt had the ability to take us to the next level – until now. Rick brings over 35 years of experience in the banking industry and a true understanding of not just the nuances related to private banking, but the way we do it. He understands relationships. He understands service. He understands what it takes to uphold our vision to be the best.

We recently celebrated the announcement of InvestmentNews naming us one of the Best Places to Work for the second consecutive year. While it may not seem like a big deal to many outside the firm, it’s very important to us. We strongly believe that the right culture and happy employees leads to better service and satisfied clients. It’s a win-win for everyone.

Another great accomplishment we are proud to celebrate is Richard Joyner’s ranking as the #2 advisor in Texas on the Barron’s Top Advisor list (again.) As the president and leader of private wealth, Richard sets the example for all the advisors in the firm. We are very proud and excited to congratulate Richard… #2 in Barron’s, but #1 in our hearts.

With March 20 marking the first day of spring, many of us are looking forward to the warmer weather and onset of summer. We wanted to take a moment to celebrate our accomplishments and reiterate our dedication to serving clients in all things financial.

Riding the Slopes of the Market


This winter was one of the best years in quite some time to make a trip to the mountains with friends and family. While more experienced skiers enjoyed excellent conditions and fresh powder, beginner skiers were likely taught in ski school to create a V-shaped "pizza" figure with their skis to successfully navigate the mountain.

Investors have seen their investments take a similar V-shaped "pizza" path over the last six months. For example, U.S. equities fell -14% in the last three months of 2018, but are back up +14% in the first three months of 2019.

Why such a quick rebound, you ask? In the previous quarter-end snapshot posted in January, we discussed several fundamental reasons why the economy was in better shape than the markets were telling us. While the Federal Reserve raised short-term interest rates a total of 1% in 2018, they changed course early this year by indicating no further rate increases for the foreseeable future so as not to upend the apparent economic growth. What we witnessed in the first quarter of 2019 was the market responding favorably to the current monetary policy and health of the economy.

The most valuable lesson that we can learn from the recent market volatility is rather than getting caught up in news headlines, short-term market noise and inadvertently making portfolio decisions in reaction to the latest market volatility, an investor's best reaction is to stay patient and stick to their long-term plan.

A well-defined long-term plan starts with letting your advisor know what matters most to you so s/he can help identify, prioritize and customize a portfolio to help you achieve your financial needs, goals and aspirations. This long-term plan can help us create a diversified portfolio that can withstand the type of volatility previously described and, more importantly, allows you and your family to spend time on what you enjoy doing most.

For example, one type of portfolio goal we are managing for client families is impact investing. This area of expertise is specifically for families who have a desire to incorporate their social, environmental, religious, or charitable values into their investment portfolios. We view impact investing as another opportunity to customize portfolios to achieve a family’s long-term goals.

The Investment Team here at Tolleson will monitor the changing market and economic environment to help position your portfolio for what may lie ahead. Now go catch one last batch of fresh powder on the mountains, or whatever it is you spend time on that’s most important to you and your family.

Tolleson Wealth Management is not a CPA Firm.


General Performance Information
This presentation has been compiled by Tolleson Wealth Management ("TWM"). Past performance is no guarantee of future results. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed. All investments involve risk, including the loss of principal. This information discusses general market activity, industry or sector trends, or other broad-based economic market or political conditions and should not be construed as research or investment advice. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. Opinions expressed are current opinions as of the original publication date appearing in this material only. Any opinions expressed are subject to change without notice and TWM is under no obligation to update the information contained herein. TWM disclaims responsibility for the accuracy or completeness of this report although reasonable care has been taken to assure the accuracy of the data contained herein. This material has been prepared and is distributed solely for informational purposes only and is not a solicitation or an offer to buy a security or instrument or to participate in any trading strategy. This report may not be reproduced, distributed or transmitted, in whole or part, by any means, without written permission from TWM. If you have any questions regarding this presentation, please contact TWM.


Any third party ratings, awards or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a representative of any one client’s experience nor is it a guarantee that he/she will experience a certain level of results if Tolleson Private Wealth management, LP is engaged, or continues to be engaged, to provide investment advisory services. Any recognition received should not be construed as an endorsement of Tolleson Private Wealth Management’s services. Rankings published by magazines, and other, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Tolleson Private Wealth Management did not pay to participate in these surveys. For further information regarding the details and qualifications of the awards listed above, refer to the Resources tab on the firm's website.