LETTER FROM PWA PRESIDENT

ON BEHALF OF OUR TEAM, I invite you to enjoy our annual perspective in “The Long View.” Over the last few weeks, I have thought a lot about this title. The genesis of the name is rooted in our mission to help create a secure financial future for our clients and has been reinforced in our new commitment to “Helping you Prosper.” It echoes the perspective we believe we must channel to guide our clients on their journey.

As fiduciaries, connecting our advice and actions to our clients’ goals and best interest can be challenged by the “flavor of the month” or “advice du jour.” We chose the words “secure” and “prosper” for specific reasons … they are not achieved without diligence, focus, and a commitment to the long term.

This past year is yet another one marked by volatility and intensified by a sustained reduction in almost all asset values. Inflation rose to levels not seen in 40 years, and interest rates increased at the fastest pace in decades. Instability in the capital markets provide a compelling backdrop to revisit some fundamental tenets of planning: defining goals, evaluating risk tolerance, and establishing timelines. Our client conversations have been dominated by such important discussions in 2022.

Increasingly challenging to our mission is the rising of short-term perspectives that threaten long-term success by calling into question the tenets on which those successes are built. While the allure of “get rich quick” has long jeopardized proper planning, the desire for instant gratification has grown in all facets of our lives. Whether it’s the power of “likes” in a social media world or the allure of “this time is different” causing an avalanche of capital to rush into asset classes without a fundamental understanding of the market and how it functions, the building blocks of long-term success were under attack in 2022.

We know that for you, our clients, your long-term success is built on trust. The trust you placed in the ideas that allowed you to build a great company. The trust you placed in your vocation to build a great practice. The trust you placed in your family to leave a legacy placing the next generation in a better position than the one before. And humbly, the trust you have placed in your team at First Merchants to partner with you in your pursuit of prosperity, balancing the opportunities presented in the short term in service of your long-term goals.

As your partner, we are attentively and conscientiously committed to helping you identify and achieve YOUR goals. We do this through thoughtful conversations focused on asking the right questions and listening intently to your answers. We construct a plan and rally the resources of our team and their countless years of experience in service to you, your family, and your goals. We are here to help you author your story and are honored that you have chosen to partner with our team.

MICHAEL JOYCE

President, Private Wealth Advisors