The fiscal regime has shifted. So should your portfolio.

The market regime has changed. The questions our clients are asking have not.

Across the last twelve months we have helped clients re-baseline plans we built three or four years ago. The assumptions that anchored those plans — terminal interest rates, the path of inflation, the shape of the yield curve — were drawn from a regime that no longer holds.

What we are seeing

Three forces are recurring across portfolios, plans, and conversations. Each is manageable on its own; together they call for a coordinated response that most balance sheets weren't built for.

• A higher cost of capital. Risk-free rates above 4% reset what counts as an attractive equity return.
• Tax-policy uncertainty. Sunset provisions in 2026 reshape the value of Roth conversions, gifting, and basis step-up planning.
• Concentrated wealth. Private equity, founder stock, and real estate have become an outsized share of household balance sheets.

What we are recommending

Clients who move first have locked in better outcomes — through targeted Roth conversions, accelerated gifting, and re-underwriting their private allocations. Three actions we are urging households to take this quarter:

1. Re-baseline your plan assumptions for a 4-5% risk-free world.
2. Pull forward 2026-sunset planning before year-end if you have liquidity flexibility.
3. Refresh your concentrated-stock playbook — 10b5-1, exchange funds, or charitable strategies — with current vesting and tax facts.

How to engage

For deeper conversation on how these themes apply to your situation, reach out to the author or your relationship advisor. We're happy to walk through tailored implications under an existing engagement or a complimentary first conversation.