The Wealth Enterprise Briefing

The Federal Reserve lowered rates, raising important questions about the balance between inflation risks and continued economic growth.In this episode of The Wealth Enterprise Briefing, Michael Zeuner is joined by Sam Sudame to discuss what the Fed's decision could mean for interest rates, equity markets and long-term investment planning.They consider why the Fed acted despite resilient growth and persistent inflation, how loose financial conditions and fiscal stimulus may shape the outlook and where investors should be particularly attentive in their portfolios. From the pressure on fixed income returns to the potential stability of real assets, Michael and Sam address both the risks and opportunities families need to evaluate.Key points in their discussion include:Why the Fed is cutting rates in a non-recessionary environmentHow equity markets may continue higher despite elevated valuationsThe inflationary implications of "double stimulus" from monetary and fiscal policyThe role of real assets such as real estate, commodities and infrastructureWhat to watch in fixed income markets, especially with negative real returns on cashHow to approach investment strategy in the context of growth, inflation and policy shiftsEven in uncertain conditions, Michael and Sam stress the importance of maintaining diversification, focusing on real returns and aligning investment strategies with long-term objectives.If you are reassessing your portfolio in light of changes in rates, inflation or opportunities in real assets, we invite you to contact us. Our team can help you evaluate strategies and remain positioned for long-term success.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

After several years of unusually high returns in money markets and short-term instruments, the environment for fixed income is shifting. In this episode of The Wealth Enterprise Briefing, Michael Zeuner is joined by Sam Sudame and Matt Farrell for a discussion on how investors should be thinking about fixed income portfolios in today's market.They look at the macro drivers shaping the yield curve, what the Fed's policy path could mean for investors and how to approach duration and credit exposure with care. The conversation also addresses why real yields remain positive and how bonds may once again play a meaningful role in long-term allocations.Key discussion points include:The Fed’s expected rate cuts and implications for yieldsWhy three to five years may be the right duration rangeManaging credit risk across corporate, asset-backed, and structured creditThe role of diversification as cash becomes less rewardingAs Michael, Sam and Matt emphasize, fixed income may be more complex to manage than in recent years, but with selectivity, discipline and a long-term view, it can once again be a compelling part of investor portfolios.If you'd like to explore what these shifts could mean for your own plan, just reach out, we're here to help.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Private credit has experienced explosive growth in recent years, attracting significant attention from investors and financial professionals alike. But with rapid expansion comes new risks and challenges.In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner sits down with Deputy CIO Matt Farrell to examine the current state of private credit, including the warning signs that investors should be watching and the impact of market "froth."Specifically, they discuss: How private credit evolved from a post-financial crisis niche to a mainstream marketWhy covenant-light lending now dominates and what it means for investorsThe impact of slower growth and higher inflation on default riskWarning signs in spreads, interest coverage and payment-in-kind structuresWhat to look for in managers who can adapt in today's environment"For a savvy investor...who knows what to look for in a private credit manager, who knows how to, hopefully, minimize the impact of some of the froth, there is still opportunity, but it is a space that one has to be very careful at this moment." — Michael ZeunerIf this episode raises questions about the private credit space, please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Economic headlines have been mixed all year, but recently, the tone of the data has shifted.In this episode of The Wealth Enterprise Briefing, Michael Zeuner is joined by Sam Sudame to revisit the macroeconomic picture and unpack what's showing up in both soft and hard data as of late summer 2025.They discuss the delayed impact of tariff policy, why recent inflation spikes are especially important and what slowing consumption and production could signal for the months ahead. They also examine how these risks fit into long-term portfolio positioning, particularly in the context of rising markets and resilient earnings.Key points in their discussion include:What worsening hard data reveals about growth and inflationWhy 2025 may now reflect a stagflationary patternImplications for interest rate exposure and bond portfoliosHow markets are reacting to earnings even as fundamentals weakenThe case for rebalancing and staying diversified through cyclesWhile the data is pointing toward more turbulence ahead, Michael and Sam reinforce the value of thoughtful planning, realistic expectations and long-term focus.If this environment has you rethinking how your portfolio is positioned, please reach out to us. We're here to help you think it through.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

After several years of growing attention, the secondary private equity market is in a new phase, one defined less by dislocation and more by competition.In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, sits down with Deputy CIO Matt Farrell to examine what's changed in 2025 and how families should evaluate current opportunities more selectively.They break down how the market functions, where pricing pressure is showing up and why supply-demand imbalances are no longer tilting entirely in the buyer's favor. Matt explains that "...the ultimate return of the secondaries fund is a function of a discount for whatever you paid," which helps explain why thoughtful asset selection, manager discipline and caution around discounted deals matter so much.Key topics include:How secondary transactions are structured and pricedWhat drove activity in 2022 and 2023Why discount levels are compressing in 2025Where deal size and seller profile still create value gapsThe importance of asset selection and pacingAs capital continues to chase opportunity, Michael and Matt explain why discipline, selectivity and patience remain essential in this part of the market.If this episode raised questions about your family's approach to private investing, we welcome the opportunity to talk further, so please contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

In this mid-year edition of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices revisit the macro themes shaping 2025 and assess whether their core investment strategy still holds.What began as a year marked by policy uncertainty is starting to crystallize. Tariffs, once assumed to be negotiation tools, have become real economic levers, now filtering into inflation data. Meanwhile, tax cut extensions have delivered short-term stimulus but added to long-term fiscal pressures. Together, these forces are reshaping expectations for growth, inflation and interest rates.Michael and Sam examine:Why inflation ticked up again in JuneThe effects of deferred capital spending and weakening residential real estateHow markets are rallying on sentiment and liquidity despite softening fundamentalsWhether AI optimism is justified or premature in its earnings impactWhat the current term premium says about future rate expectationsWhy diversification has delivered for investors in 2025While some uncertainty has resolved, much remains, particularly around the durability of stimulus, the impact of trade policy and the trajectory of growth. The core recommendation remains unchanged: stay invested, maintain optionality and avoid large directional bets.To explore how these mid-year shifts may align, or conflict, with your family's priorities, please don't hesitate to reach out to us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Private markets are facing headwinds, from reduced liquidity to fewer distributions, and many investors are wondering whether these assets still belong in a long-term portfolio.In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Deputy CIO Matt Farrell revisit the fundamentals of private investing and explore how families can approach this space more deliberately during challenging cycles. They offer perspective on how to think about recent performance data, why IRRs can mislead in periods of low exit activity and what to keep in mind when evaluating new opportunities. They also highlight what's required beyond capital: investor capacity, staying power and thoughtful portfolio design.Key discussion points include:Interpreting performance when liquidity and data are limitedDiversifying across equity, credit and real assetsChoosing managers with clear exit strategiesWhy 2025 may offer attractive entry pointsStaying committed across vintage yearsWhile private markets may be in a difficult moment, Michael and Matt make the case for remaining engaged with clarity, discipline and a solid plan.If you're curious about how private markets could fit into your family's long-term plan, we're here to help, so please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices unpack the widening disconnect between what stocks and bonds appear to be pricing in. While optimism around trade has lifted consumer confidence and driven a surge in retail trading activity, key indicators tied to corporate sentiment and activity are pointing to a slowdown.Key topics include:Manufacturing and services PMIs have moved into contractionCEO sentiment and new orders data signal margin pressureRetail trading is driving equity gains, despite weaker fundamentalsRising term premiums and a steepening yield curve in bondsThe Fed faces tension between slowing growth and sticky inflationInvestors should watch both sentiment and hard data closelyMichael and Sam close by emphasizing the importance of maintaining a diversified approach, particularly as near-term sentiment and long-term fundamentals continue to pull in different directions.As always, if you have any questions or would like to discuss how these developments may impact your family's wealth enterprise, please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Perpetual private equity vehicles are gaining traction, but what exactly are investors signing up for?In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Deputy CIO Matt Farrell explore the growing use of semi-liquid structures in private markets. These vehicles offer the promise of periodic liquidity without the long lockups of traditional drawdown funds. But behind that flexibility are important structural trade-offs and a need for clear alignment between investor expectations and manager terms.Michael and Matt walk through what families need to know about how these vehicles function, where they may be appropriate and why "liquidity optionality" doesn't always behave as advertised.Key topics Michael and Matt discuss:Why these vehicles are gaining popularity and what problems they aim to solveThe mechanics of quarterly redemption options, fund-level and investor-level gatesWhere asset-liability mismatches can create unintended risksWhy private credit may be better suited to these terms than venture capital or real estateHow subscription inflows and fee structures affect manager behaviorWhat to ask about valuation methodology, capital deployment discipline and alignmentAs they note, evaluating innovation in private markets means looking past surface-level features. The ability to redeem is only part of the picture. Investors also need to understand when, how and under what conditions liquidity is actually available.If you'd like to discuss how these vehicles may or may not fit within your family's portfolio, please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

In this flash episode of The Wealth Enterprise Briefing, WE Family Office's Michael Zeuner, managing partner, and Sam Sudame, senior investment manager, revisit the state of the capital markets following recent tariff announcements and shifting investor sentiment.While equity markets have recovered to pre-April levels and the S&P 500 is flat year-to-date, Michael and Sam caution that the broader economic picture remains uncertain. Growth expectations have softened, financial conditions have tightened and inflation risks persist despite a temporary de-escalation in trade tensions.Key points during their discussion:The U.S. and China's 90-day agreement to lower tariffs and its impact on sentimentRecovery in equity markets vs. deterioration in earnings expectations and credit conditionsRising uncertainty around interest rate policy, consumer spending and employmentThe importance of watching soft economic data and what it signals about future hard dataStrategic portfolio positioning during periods of policy, market and economic crosscurrentsMichael and Sam emphasize the need for flexibility and discipline. In their view, the recent rally may offer an opportunity to ensure portfolios are positioned for multiple outcomes, rather than making concentrated bets on a single economic scenario.If you'd like to talk through how these changes could affect your portfolio, please reach out.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security or other type of asset, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented.

What happens when private market investments fall short of expectations and how should investors respond?In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Matt Farrell, deputy CIO of WE Family Offices, discuss what families are seeing in their private capital portfolios this year. After optimism earlier in 2025, distribution activity has slowed, and many investors are left questioning whether these holdings are delivering on their goals.Michael and Matt address the frustration many investors are feeling, including declining IRRs, softer MOICs and fewer realizations, and explain why standard metrics may not tell the full story. They introduce the Public Market Equivalent (PME) as a tool for comparing private returns to public benchmarks and emphasize the importance of consistent commitments, disciplined manager selection and keeping private markets aligned with the family's broader plan.Topics covered include:Why IRRs can decline even if company fundamentals stay the sameThe role of the illiquidity premium in private market returnsHow PME compares actual outcomes to what public benchmarks would have deliveredWhy benchmarking private funds against peers is harder than it soundsWhat to ask when evaluating managers' models and assumptionsAs Michael and Matt note, confidence in a long-term plan depends not just on results, but on knowing what to measure and why.If you'd like to discuss how this may relate to your family's holdings, please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

In a rare market pattern, stocks, bonds and the dollar have all moved lower together, signaling deeper concerns about confidence in U.S. economic leadership.In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices discuss how rising tariffs, questions around the Federal Reserve's independence and broader policy uncertainty are reshaping global investor sentiment.Key discussion points include:Why simultaneous declines across major U.S. assets are a sign of eroding confidence, not just temporary volatilityHow overexposure to U.S. assets may heighten vulnerabilities for long-term investorsWhy reforms in Japan and broader shifts in global markets deserve renewed attentionMichael and Sam emphasize the importance of maintaining diversification across asset classes and geographies, and discuss why a disciplined approach is critical to positioning portfolios for the shifts taking place in today's macroeconomic environment.As always, if you have any questions or would like to discuss how these developments may impact your family's wealth enterprise, please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Infrastructure is attracting renewed interest as shifts in technology, government policy and inflation expectations reshape the opportunity set.Michael Zeuner, managing partner, and Matt Farrell, deputy CIO of WE Family Offices, examine how investments tied to real assets like energy networks, transportation and data centers can fit into a broader investment plan.Discussion points include:How long-term contracts and inflation-linked revenue streams position infrastructure assets differently than traditional equitiesThe influence of AI-driven energy demand and government spending initiativesWhy selecting specialized managers and maintaining asset diversification matterTrade-offs between public and private infrastructure strategiesRisks investors need to weigh, including interest rate sensitivity and market crowdingMichael and Matt outline a disciplined approach to evaluating infrastructure opportunities while managing potential challenges.If you'd like to talk about how infrastructure could play a role in your portfolio, we welcome the opportunity to talk more with you, contact us here.

In this flash episode of The Wealth Enterprise Briefing, WE Family Office's Michael Zeuner, managing partner, and Sam Sudame, senior investment manager, examine how sweeping new tariffs are reshaping the U.S. economic outlook and financial markets. Their conversation provides a clear assessment of the potential shift from strong fundamentals to a stagflationary environment.Topics covered include:The newly announced 10% minimum tariff on all U.S. imports and rising country-specific ratesEstimated economic effects, including slower growth and higher inflationThe rapid $2 trillion market cap loss in 48 hours, and broader corrections across equity marketsHow supply-side shocks challenge Federal Reserve policy responsesStrategies for both new and existing investors during periods of heightened volatilityMichael and Sam explain why patience, diversification and a steady hand are especially important at this stage. They also highlight how current conditions may offer opportunities for investors building long-term portfolios.We encourage you to contact us if you would like to discuss what these developments could mean for your personal investment plan.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security or other type of asset, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented.

How should investors think about private market commitments amid persistent inflation, policy uncertainty and a “higher for longer” interest rate environment?In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Matt Farrell, deputy CIO of WE Family Offices, discuss what long-term investors should keep in mind as private markets continue to shift in 2025.Key takeaways include:Staying on Plan – Why annual commitments, vintage year diversification and asset class balance are essential regardless of macro shifts.Adapting Strategy – How today's themes—elevated rates, sticky inflation and regulatory shifts—impact deal activity and return expectations.Asset Class Outlook – A closer look at where opportunity exists in private equity, venture capital, private credit and real assets.Secondaries & Continuation Vehicles – How these shifting structures may help address portfolio liquidity and manage exposure to risk.For more information on how private market investors can stay selective while remaining strategic, listen to the full episode now.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

How can investors interpret public bond market signals to understand economic growth, inflation and market conditions?In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices analyze the 10-year Treasury yield and its role in shaping expectations for inflation and growth. They discuss the disconnect between the Federal Reserve's policy and market signals, as well as how shifts in interest rates may impact portfolios.Key discussion points include:Interpreting the Yield: How different yield levels may indicate soft landings, rising inflation or potential economic slowdowns.Yield Curve Insights: The importance of the 10-year vs. 2-year Treasury spread and what a steepening curve suggests about recession risks.Real Yields and Market Sentiment: How positive real yields support economic expansion and investment opportunities.Michael and Sam highlight why monitoring interest rate movements is critical for investors and explore how policy changes could alter current expectations.Hear the full discussion for insights on how these market signals may shape investment strategies in the months ahead.As always, if you have any questions or need further insights, please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

In this flash episode of The Wealth Enterprise Briefing, WE Family Office's Michael Zeuner, managing partner, and Sam Sudame, senior investment manager, discuss how recent tariff policies are affecting the U.S. economy and financial markets. Their conversation provides a clear perspective on economic trends, market reactions and what investors should consider moving forward.Topics covered include:The effect of tariffs on consumer and business confidence, with sentiment reaching multi-year lowsEconomic projections showing slower growth and higher inflation due to trade restrictionsSignals from manufacturing data and corporate earnings that reflect the broader impact of policy changesHow investor sentiment has shifted, with readings showing increased cautionWhy maintaining flexibility, diversification and liquidity remains essential in uncertain market conditionsMichael and Sam emphasize the importance of long-term decision-making, offering a level-headed approach to market fluctuations caused by policy shifts.As always, we encourage you to contact us if you'd like to discuss how these insights apply to your financial strategy or if you have any questions about portfolio positioning in the current environment.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security or other type of asset, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented.

How should investors adjust their expectations as market conditions evolve?In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner and Deputy CIO Matt Farrell of WE Family Offices, break down the role of capital market assumptions in portfolio construction and what the latest projections mean for investors in 2025.Key takeaways include:Understanding Capital Market Assumptions – How historical data and forward-looking projections shape asset allocation.Lower Return Expectations – Why projected returns have declined across most asset classes and what this means for investors.The Role of Private and Alternative Investments – How illiquid assets may offer enhanced returns in a lower-yield environment.Michael and Matt emphasize that while capital market assumptions provide a valuable framework, they are not predictive—investors must balance data-driven insights with flexibility in their long-term strategies.For more information and insights on capital market assumptions, listen to the full episode.As always, if you have any questions or need further insights, please don’t hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security or other type of asset, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented.

In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Matt Farrell, Deputy CIO of WE Family Offices, address a challenge many investors face: how investors can approach decision-making during periods of uncertainty about the future. They explore how the Investment Policy Statement (IPS) acts as a guiding framework, helping investors align daily decisions with their long-term objectives.Key points from this episode include:A foundational plan: How the IPS sets clear targets for asset allocation, liquidity needs and return expectations.Adapting to changes: Why quarterly and annual updates are essential to ensure the IPS reflects current family needs and market conditions.Guardrails for decision-making: How the IPS provides boundaries to manage short-term fluctuations without losing sight of the bigger picture.Understanding market cycles: Using the IPS to navigate economic shifts and maintain a focus on overarching goals.Michael and Matt emphasize that the IPS is not a static document but a dynamic tool, designed to guide decisions and reduce uncertainty at every step of the investment process.As always, if you have any questions or need further insights, please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security or other type of asset, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented.

In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices discuss recent changes in interest rates and how these shifts could impact investors. With rising bond yields and shifting guidance from the Federal Reserve, the conversation explores how these adjustments may shape portfolio strategies in the months ahead.Key Themes Discussed:Interest Rates and Market Impact: The rise in public bond market yields and the shift toward a higher-for-longer rate environment.Understanding Term Premiums: What the recent increase in term premiums signals for both equity and fixed income markets.Practical Portfolio Adjustments: The importance of maintaining flexibility in investment strategies by staying neutral to asset allocation targets and focusing on shorter-duration bonds.The conversation emphasizes that while the U.S. economy remains strong, rising term premiums suggest potential risks tied to fiscal policy and long-term stability. These factors may prompt investors to approach portfolio management with a focus on balancing growth opportunities and risk control.Listen to the full episode for more perspectives on these economic shifts and their potential influence on long-term planning.As always, if you have any questions or need further insights, please don't hesitate to contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security or other type of asset, and should not be relied upon as investment, legal or tax advice.  Please consult with your investment, legal and tax advisors regarding any implications of the information presented.