It’s our pleasure to report to you on the progress of your financial plan during the rather tumultuous first six months of this very eventful year. As always, let’s first remember a handful of the timeless truths about enduringly successful wealth management—principles that guide our work together toward your goals. Then we can proceed to some more current observations.
Principles
- We are goal-focused, plan-driven, long-term equity investors. Our portfolios are derived from, and driven by, your most important lifetime financial goals, not any view of the economy or the markets.
- We don’t believe the economy can be consistently forecast, or the markets consistently timed. Nor do we believe it is possible to gain any advantage by going in and out of the equity market, regardless of current conditions.
- We therefore believe that the most efficient method of capturing the full premium compound return of equities is by remaining fully invested all the time.
- We are thus prepared to ride out the equity market’s frequent, often significant but historically always temporary declines. We believe that even during such trying episodes, our reinvested dividends will be buying more lower-priced shares—and that the power of equity compounding will be continuing, to our long-term benefit.
Review
If you looked at the equity market on the first trading day of this year, and not again until the end of June, you could be forgiven for concluding that not much— if anything—had happened. In fact, a great deal happened—but at least so far, to no lasting effect. The S&P 500 Index made a new all-time high on February 19th. By April 8th, it had closed 18.9% lower. Even that doesn’t express the degree of sheer panic—there’s no other word for it—that enveloped the markets upon President Trump’s announcement (on April 2) of a dramatically increased tariff protocol.
The panic ended just as abruptly after Mr. Trump announced a 90-day postponement of most of the new tariffs. And in the seven weeks or so since then—buoyed by continued strength in the economy and signs that inflation may be continuing to moderate—the Index returned to the neighborhood of its early January levels.
As it virtually always is, the optimal course of action for long-term investors was simply to continue working your plan. That’s what we encouraged you to do. And as the second half of the year begins, that recommendation stands. Please don’t mistake this for an economic or market outlook. We have no such forecast for the next six months, any more than we did on January 1. Our only forecast is that excellent businesses of the kind we own will go on innovating over time—increasing their earnings, raising their dividends, and supporting our clients’ pursuit of their long-term goals.
Panic doesn’t often seize the investing public as suddenly as it did in the first week of April, nor vanish as suddenly as it did the following week. Still, this episode can and should serve as a kind of tutorial. Its lesson: investors succeed over time by continuously working their plan regardless of the current “crisis.” Others fail by reacting to negative events and liquidating even the highest quality equities at panic prices. We believe that’s always the fundamental choice in investing, and our mission—which we cherish—is to help you continue to choose wisely.
Looking Forward
2025 continues to be a year of sharpening the blade at Acadium—of reinforcing and deepening the core capabilities that define great financial planning, while thoughtfully integrating the AI-driven tools that will shape the next era of advice. Across our team, we are investing in education and training that enhances the value we deliver to our clients in meaningful, measurable ways.
Stephanie Meulenberg continues to take on more responsibility across the team while working toward completing her SIE and Series 7 exams. These licenses are key steps toward becoming a fully credentialed financial professional, and we’re proud of the progress she’s making.
Dawna DuClau has temporarily paused her pursuit of the CRPC® designation to focus on mastering artificial intelligence-based planning tools that help us better analyze taxes, estates, and complex financial strategies. Her work in this area helps our team deliver faster, smarter, and more detailed planning support.
Lindsey Hansen is deep into the Certified Private Wealth Advisor® (CPWA®) certification through the University of Chicago Booth School of Business. The CPWA® is one of the most advanced designations in our field, focusing on planning strategies for high- and ultra-high-net-worth clients—topics like estate and tax planning, philanthropic strategy, concentrated wealth, and executive compensation. Lindsey has given this program his full effort, and it shows. The skills and insights he’s developed have already made a meaningful difference in how we serve our most complex client situations. He’s become an even stronger resource for the team and a true leader in this part of our work.
In keeping with the theme of growth and pushing beyond comfort zones, Tom Udovich and Frank Hujsa will pursue the CPWA® designation next, following in Lindsey’s footsteps. They expect to enroll in that coursework in fall 2025 or spring 2026. Just as all three partners hold the CFP® designation and collaborate closely on comprehensive planning, building a shared foundation in advanced wealth strategies through the CPWA® will further strengthen our ability to serve clients as a unified, expert team.
Frank Hujsa completed the Certified Exit Planning Advisor (CEPA®) designation in July 2024, which focuses on helping business owners grow and eventually exit their companies on their own terms. Since then, Frank has worked closely with several clients on succession and transition planning, helping them increase the value, transferability, and long-term impact of their businesses.
Outside of work, Frank is tackling a personal challenge: earning his private pilot’s license, one of his childhood dreams. Earlier this month, he received his Federal Aviation Administration medical certification to complete flight school—no small feat given his severe red-green colorblindness, and the only test he’s ever truly been unsure he could pass. It’s been a powerful reminder that when you commit to bold goals, the sky really is the limit—something we try to model across our team, both professionally and personally.
As a team, we’re continuing to invest in what matters most: building deep expertise, using smart tools, and helping our clients make confident decisions through every chapter of life.
We also want to take a moment, especially during this Independence Day week, to reflect on how fortunate we are to live and work in this country. Despite the challenges, frustrations, and loud headlines America remains, for now, a place where individuals still enjoy the freedom to build, innovate, speak freely, and shape their own future. These freedoms are not guaranteed—they are earned, protected, and worth defending.
As President Ronald Reagan said during a commencement address at Notre Dame in 1981:
“This Nation was born when a band of men, the Founding Fathers, a group so unique we've never seen their like since, rose to such selfless heights. Lawyers, tradesmen, merchants, farmers – fifty-six men achieved security and standing in life but valued freedom more. They pledged their lives, their fortunes, and their sacred honor. Sixteen of them gave their lives. Most gave their fortunes. All preserved their sacred honor.
They gave us more than a nation. They brought to all mankind for the first time the concept that man was born free, that each of us has inalienable rights, ours by the grace of God, and that government was created by us for our convenience, having only the powers that we choose to give it. This is the heritage that you're about to claim as you come out to join the society made up of those who have preceded you by a few years, or some of us by a great many.
This experiment in man's relation to man is a few years into its third century. Saying that may make it sound quite old. But let's look at it from another viewpoint or perspective. A few years ago, someone figured out that if you could condense the entire history of life on Earth into a motion picture that would run for 24 hours a day, 365 days – maybe on leap years we could have an intermission – this idea that is the United States wouldn't appear on the screen until 3.5 seconds before midnight on December 31st. And in those 3.5 seconds not only would a new concept of society come into being, a golden hope for all mankind, but more than half the activity, economic activity in world history, would take place on this continent. Free to express their genius, individual Americans, men and women, in 3.5 seconds, would perform such miracles of invention, construction, and production as the world had never seen.”
Happy Fourth of July to you and your families. Let’s take time this week to step back and recognize just how fortunate we are to live in a time and place where the fire of invention still burns, course corrections—however messy—are still possible, and the future remains full of promise. May we continue to honor the legacy of those who came before us by striving to uphold the principles that have made this country a beacon of freedom and hope for the world.
Frank, Lindsey, and Tom are happy to talk about the markets, your portfolio, or anything that is on your mind, any time. If you’re approached by a friend, neighbor, or family member or if you know someone who needs to hear our message, please let them know that we will always find the time to listen, and we’ll do our best to help.
Thank you for being our clients. It is a privilege to serve you.
Best regards,
Frank Hujsa, CFP®, CLU®, CEPA®
Partner, Acadium Financial Partners
27499 Riverview Center Blvd, Suite 108
Bonita Springs, FL 34134
Lindsey Hansen, CFP®
Partner, Acadium Financial Partners
3601 PGA Blvd, Suite 301
Palm Beach Gardens, FL 33410
Thomas Udovich, CFP®
Partner, Acadium Financial Partners
3601 PGA Blvd, Suite 301
Palm Beach Gardens, FL 33410
Any opinions are those of Frank Hujsa, Lindsey Hansen, and Thomas Udovich and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. The information contained in this letter does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Securities offered through Raymond James Financial Services, Inc. member FINRA/SIPC. Acadium Financial Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc.
Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance does not guarantee future results. Keep in mind that individuals cannot invest directly in any index. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals to successfully complete CFP Board’s initial and ongoing certification requirements.