RZH Special Announcement: RZH and Carl Zuckerberg Awarded Industry Honors Again!
We are thrilled to share two meaningful industry recognitions recently awarded to RZH Advisors and Carl Zuckerberg!
RZH Advisors has been named to the USA Today Best Financial Advisory Firmsranking for 20251. This ranking highlights top-performing firms nationwide, selected through a combination of peer recommendations and industry research.
Additionally, Carl Zuckerberg has been recognized as a Forbes|SHOOK 2025 Best-in-State Wealth Advisor2 for the seventh year in a row! Forbes Best-In-State Wealth Advisors list, developed by SHOOK Research, evaluates advisors based on a rigorous methodology that includes in-person interviews, industry experience, compliance records, and client retention data.
These honors are a reflection of something we never take for granted: the trust you place in us. We are deeply grateful for the relationships we’ve built and the opportunity to guide our clients through life’s most important financial decisions.
We are proud to share these milestones with our clients and friends and remain even more committed to the work ahead.
With sincere appreciation,
Your Friends at RZH
[1]USA Today Best Financial Advisory Firms 2025 was published on April 22, 2025, in partnership with USA Today and STATISTA. Companies were awarded based on performance and market appreciation, evaluated in part via an independent survey among over 30,000 clients, industry experts, and constituents. In total, the top 500 firms were included in the ranking. No compensation was exchanged in consideration for this ranking.
[2]Forbes 2025 Best-in-State Wealth Advisors was published on April 8, 2025, in partnership with Forbes and SHOOK research based on data as of December 31, 2024. Full ranking methodology can be found here. No compensation was exchanged in consideration for this ranking.
RZH Insights: The Market Does Not Wait For Certainty
Yesterday, in just 35 minutes, the S&P 500 launched upward 8.5%.1 This was one of the most rapid moves in recent memory. This aggressive turnaround was ignited simply by a rumor that President Trump may delay the implementation of new tariffs by 90 days.2
The fact that markets reacted so sharply – based solely on unconfirmed speculation – underscores just how sensitive investors are to ongoing trade policy developments. Had these rumors been confirmed rather than dismissed, it’s likely the rally would have continued higher.
This is a powerful reminder of why staying invested is so critical, and how attempting to time the markets can quickly prove detrimental. Historically, some of the market’s largest gains have come immediately after its steepest declines.
Selling and “waiting for the dust to settle” can often leave you “sitting in the dust”.
As always, we’re here to answer any questions and to discuss how your portfolio is positioned to weather this storm.
Best Regards,
Brendan McEwan, CFP®, CIMA®
Senior Financial Advisor
[1] Yahoo.com/finance. S&P 500 Index as measured from 9:42am to 10:17am on April 7, 2025.
For much of this year, the markets have been hinting at turbulence on the horizon. Like seasoned meteorologists, pundits have speculated about the storm’s trajectory. We’ve seen early warnings…there’s been heavy surf, gusty winds and even the occasional thunderstorm. Yet the skies stayed mostly sunny, and it looked as though the “tariff storm” would perhaps drift out to sea. Then, on Wednesday night, the lingering low-pressure system suddenly intensified into a full-blown hurricane and turned directly towards us!
What’s going to happen next?
The honest answer is… no one truly knows – not even the policymakers steering the ship in Washington! As I surveyed the financial media earlier this week many “experts” claimed their “inside sources” said President Trump would take a moderate, less aggressive, approach to tariffs. The stock market rallied three days prior, forecasting nothing more than a passing squall.
What do we do?
Feelings of worry, bouts of anxiety, even a sense of panic are all normal reactions. Frustration and regret are also common as we think “how did we not see this coming”. It’s completely natural to ask, “what should we do now” and “how do we protect ourselves”. These emotions often drive the impulse to act, to “do something” in hopes of regaining control or limiting damage. But in moments like these, taking rash action can often do more harm than good.
Fortunately, clients of RZH have already asked – and we have answered – these tough questions well in advance by building hurricane-resistant portfolios. Just as homeowners along the Gulf Coast build their properties with concrete walls, storm shutters, and metal roofs, we’ve helped fortify your financial house against storms like this one. And like any storm-tested home, while you may still hear the howling winds or feel the ground tremble, our approach aims to provide stability where it matters most. Yes, there may be some terrifying moments – perhaps even the urge to flee – but history has taught us that stepping outside during a hurricane is almost always the wrong move.
History has also shown us that we shouldn’t try to outsmart the hurricane and abandon our thoughtfully-crafted portfolios – designed well before the storm appeared on the radar. They have been engineered and stress-tested against past storms (using the financial plan, cash flow models and Monte Carlo simulations). They are built with the highest quality materials (investment grade bonds and blue-chip stocks) and have ample rations to maintain life for extended periods of time (years’ worth of cash and equivalents). The reason we take such care in crafting a well-diversified, disciplined investment plan is precisely for moments like this. Volatility isn’t a surprise – it’s an expected part of the journey.
No two hurricanes are exactly alike, but one truth remains: they all eventually pass. This one will too.
At RZH, we hear your concerns and deeply understand the emotional weight of uncertainty. We’re here for you – not just as advisors, but as friends. If you have questions or want to talk through your specific situation, please don’t hesitate to reach out.
While these times may feel unsettling for all of us, we’re grateful for the opportunity to stand with you – now and always. On behalf of the entire RZH team, thank you for your continued trust and friendship.
RZH Special Announcement: RZH Advisors & Carl Zuckerberg Awarded Top Industry Honors
RZH Advisors is pleased to announce that we have been recognized in the WealthManagement.com RIA Edge 100 for 20251 further underscoring our position as a leader in the wealth management space. According to WealthManagement.com, RIA Edge 100 was developed “to surface a representative group of well-managed firms that are reinvesting in their businesses, maintaining a high level of client service and, as we say here, growing by design, not by default.” (As of 2023, there were over 15,000 RIAs (registered investment advisors) in the United States according to the Securities and Exchange Commission.)2
Additionally, we are excited to announce that Carl Zuckerberg, Founding Principal, has been named to Barron’s prestigious list of the Top 1200 Advisors for 20253. This recognition reflects Carl’s dedication and commitment to delivering outstanding wealth management service to clients. Barron’s states, “The goal is to shine a spotlight on the nation’s best financial advisors, with an eye toward raising standards in the industry” and we couldn’t be prouder of Carl on this accomplishment! This is Carl’s seventh time being featured on this list.4 (As of 2023, there were approximately 321,000 financial advisors in the United States according to the US Bureau of Labor Statistics.)5
“We are grateful to receive these prestigious recognitions,” said Carl. “Being named to Barron’s Top 1200 Advisors and earning a place in the WealthManagement.com RIA Edge 100 is a testament to our team’s dedication, skillset, and the trust our clients place in us.”
RZH Advisors remains committed to providing top-tier financial advice and bespoke wealth management solutions to its clients. These recognitions further validate the firm’s mission to optimize and safeguard our clients’ wealth, empowering them to live life to the fullest while enriching the lives of those they care for.
To review the complete Barrons 2025 Top 1200 Advisors, including important ranking methodology, please click HERE.
To review the complete WealthManagement.com RIA Edge 100 for 2025, including important selection methodology, please click HERE.
[1] WealthManagement.com “RIA Edge 100 for 2025” was published on March 27, 2025, and developed by Wealthmanagement.com’s WMIQ research team in partnership with ISS MI using data from its Discovery Data MarketPro platform. Qualifying firms were limited to SEC-registered investment advisory firms that provide financial planning services, have high-net-worth individuals as more than half of their client base and manage at least $500 million in assets. The RIA Edge 100 is not a hierarchy or ranking, nor is it a subjective “best advisor” list. It is not based on business relationships, influencer status or social media popularity. Firms cannot apply for the list, and there is no cost to be included.
[3] Barron’s “2025 Top 1200 Advisor Rankings by State” was published on March 10, 2025, based on assets under management, revenue produced for the firm, regulatory record, quality of practice, and philanthropic work as of September 30, 2024. The data used in this ranking is provided by individual advisors in conjunction with regulatory databases. No compensation was exchanged in consideration for this ranking
[4] Carl Zuckerberg has appeared in the Barron’s Top 1200 Advisors list in 2009, 2010, 2014, 2015, 2016, 2024 and 2025.
RZH Insights: “How Do I Invest with Trump as President!”
Important Note: The following is not intended as a political commentary. My goal is to present statistical facts and relevant historical depictions. The thoughts and recommendations presented below are my own, stem from 34 years of experience guiding investors through numerous crises, and do not necessarily reflect the views of anyone else at RZH Advisors.
Unsurprisingly, we’ve been receiving a lot of calls about this – especially after President Trump’s address to Congress on Tuesday, March 4th.
I understand the concern. How can you possibly make sense of the news, let alone craft an investment strategy, when confronted with headlines like these from before and after the election:
“If Trump Wins, It’s the End of the World As We Know It”1
“A Trump Win Would Sink All Boats”2
“Donald Trump Presidency ‘Would Be Dangerous,’ Economists Warn”3
“President Trump Would Be a Global Calamity”4
“Donald Trump wins presidential election, plunging US into uncertain future”5
“Donald Trump’s Victory Is a Disaster for America and the World”6
“The Presidential Election…An American Tragedy”7
“Trump Triumphs: A Shocking Upset That Shakes the World”8
“The unthinkable has happened: America elects Donald Trump”9
“It’s tough to make predictions, especially about the future.” - Yogi Berra
Unfortunately, we don’t have a crystal ball. When faced with headlines like these, it can be difficult to remain optimistic. Given this level of fear and concern, it’s understandable that you might consider making a change to your portfolio.
That said, I have a confession…the headlines above are not from this presidential election but from 2016, following Trump’s victory over Hillary Clinton. As you can see, similar fears and concerns have surfaced before.
I even wrote a newsletter on February 14, 2017 titled “Trump Fear…Is it time to change my strategy?” In that newsletter I include this article, written by the NY Times, with a timeless message and which could easily be republished today without any edits.
Even with an abundance of fear, during President Trump’s first term, the S&P 500 rose about 83%, delivering an annualized return of 16%. Remarkably, volatility was below average during these four years, even with a 20% market decline in 2018 and a 34% drop in early 2020.10
Now, at this point, half of my readers are probably unhappy with me.
So, for the other half, let’s rewind again – this time to Joe Biden’s presidency. I remember receiving the same anxious calls back then from the other half of my client base. Yet, the S&P 500 still rose about 65% under Biden, with an annualized return just under 13%. 11
Both presidents oversaw above-average market returns. How did this happen when the last eight years have inarguably seen the most partisan political environment, and fear of the other, in our lifetime?
I submit that it wasn’t about politics or those in charge, but rather due to the American spirit, innovation, and our resiliency. It was about the relentless drive of great American companies to adapt, strategize, innovate and create value – regardless of political turbulence or global uncertainty. This is why the mantra “Don’t mix politics with your portfolio” is more relevant than ever.
“This Time Is Different…”
These are considered the four most dangerous words in investing. The media is screaming that we must take action and “do something.” The urge to react – to protect oneself – is powerful and is driven by a feeling of fear and helplessness. I understand this. It’s one of the hardest temptations I’ve had to resist to be a disciplined investor and successful for my clients.
“It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.” – Mark Twain
At a time like this, the fundamental question is: Are you an Investor or a Speculator?
If your investment approach is rooted in a long-term plan – one that we’ve carefully crafted and refined together – then you’re an Investor.
If your strategy shifts based on headlines, economic predictions, or market volatility, then you’re a Speculator.
Here’s the key difference:
Investors stick to a well-thought-out plan, regardless of market noise.
Speculators react – or worse, try to predict what happens next.
All of that being said, what I think I know for sure is that there is going to be a significant amount of volatility over the next year as global markets analyze and digest the firehose of policy coming out of Washington. President Trump promised as much in his speech on Tuesday when he said “Will there be some pain? Yes…”
When Is It Actually Time to Move to Cash?
In my 34-year career, there have been only two moments where I seriously considered moving clients out of stocks and into cash:
The 2008 Financial Crisis – A truly existential threat to the global financial system that almost incinerated world financial markets.
Early 2020 (COVID-19) – A completely unknown threat with potentially catastrophic mortal consequences.
In 2008, we took moderate action. In 2020, we held tight – and ended up buying near the bottom.
This moment is not presenting like 2008 or 2020. History tells us not to speculate. Let RZH help you remain an Investor.
The Bottom Line – You Can’t Predict the Future, You Can Only Plan For It
Markets have experienced a Trump Presidency before and come out the other side ahead. We understand and are sensitive to your concerns. In particular, I tremendously appreciate your calls, perspectives and the insights from our clients in the business community who are on the front lines of the tariff battles.
We have carefully crafted our client’s financial plans to weather economic uncertainty (like what we are experiencing today) and to achieve their most cherished objectives. When doing this we:
Strategically allocate to cash, Treasurys, and short-term bonds to cover years of financial needs – keeping multiple years of cash flow “out of harm’s way.”
Focus on implementing probability-based strategies
Own high-quality investments, historically known for handling volatility
Take profits off the table during the good times, before the storm hits
And perhaps most importantly, we constantly remind our clients that the worst plan is the one not followed.
I know this is a difficult time for our country. We stand with our clients and are here for you, no matter what. Together, we’ll navigate through this turbulence and emerge stronger on the other side.
It’s an honor to be a part of your financial journey. At RZH, we all embrace the significant responsibility of managing your wealth so that you can live your best life and protect those you love.
Please don’t hesitate to reach out. We’re here to discuss your concerns and ensure your plan remains resilient.
Warmest regards,
Carl J. Zuckerberg, CFP®, AIF®, CIMA® Principal, Chief Investment Strategist
RZH Insights – Market Predictions vs. Reality: What You Need to Know
It’s prediction season again and many of the largest banks on Wall Street have come out with their 2025 stock market forecasts. Recently, Goldman Sachs made a bold prediction: the S&P 500 would deliver just a 3% annual return over the next decade1. Considering that historical returns have averaged closer to 11% since 19452, this forecast has come as a surprise and led investors to wonder what this might mean for their portfolios.
Before reacting to such projections, it’s crucial to take a step back. Financial forecasts, even from well-known Wall Street institutions, are far from crystal balls. Why? Because they’re based on a mix of current data and future assumptions, which are largely unpredictable and ever-changing.
Let’s explore why financial forecasts are often unreliable, the motivations behind these predictions, and, most importantly, how to stay focused on what truly matters for your financial future.
Why Financial Forecasts Are Often Unreliable
Forecasters – even the largest, most recognizable investment banks – base their predictions on data available today, combined with assumptions regarding future economic trends, interest rates, corporate earnings, and global events. If history has shown us anything, it’s that the world economy and financial markets can change quickly and dramatically, often in ways that are impossible to foresee.
Take a moment to think about it: Did anyone see the pandemic coming? Or the tech boom that followed? And these are just a couple of examples from the recent past. Nobody, not even the best minds in finance, with vast resources at their disposal, can account for every twist and turn in a dynamic global economy. Goldman Sachs’ current projection might accurately reflect today’s landscape…although even this is debatable…, but in a decade, a year, or even a month, the landscape may be vastly, and unforeseeably, different. (Pre-COVID everyone knew AI was in development, but few predicted its impact, adoption, and success. Two years ago, no one had even heard of ChatGPT. In February 2020, Nvidia stock (a maker of chips for the AI industry) traded around $5 per share; as of year-end 2024, it traded around $134, up almost 27x.)3
Each year, major banks release forecasts for the annual return of the S&P 500 Index. However, these predictions often miss the mark, resembling more of a dart-throwing exercise than precise analysis. Over the last 7 years, the median forecast return for the S&P 500 from twenty of the largest banks and asset managers has not even been within 10% of actual returns, with forecasts ranging from underestimations of 26% to overestimations of 21%.4
In 2024, major banks projected S&P 500 returns ranging from -12% to +13%, with a median estimate of 2.2%. However, the actual return for the year was 25.02%. 4,5 The closest prediction underestimated the real outcome by nearly half, while the most inaccurate forecast missed the mark by a staggering 37%.4 If you had based your investment decisions on these projections, your portfolio’s performance could have been drastically different, highlighting the risks of relying on such forecasts.
The Motivations Behind Forecasts
“Asset bubbles and the desperate search for profits amid negative rates aren’t laughing matters. Be afraid.” 6 -Bloomberg, 2019
This quote comes from an article published on December 19, 2019. Since then, the S&P 500 Index has risen by over 100%.5 It’s essential to recognize the incentives behind financial predictions and headlines such as the one above. Analysts and financial publications aim to generate clicks and engagement, not necessarily to provide accurate predictions. Articles titled “No One Knows How the S&P 500 Will Perform This Year” are less likely to attract attention compared to bold, specific forecasts.
Some forecasters employ a strategy of making multiple, widely varying predictions. This approach allows them to highlight whichever prediction comes closest to reality while ignoring the others.
In fact, a few weeks after Goldman Sachs made their prediction that the market would return 3% annually over the next decade, their chief US equity strategist, David Kostin, forecast that the S&P 500 would hit 6,500 by the end of 2025.7 This represents about a 10.5% gain from December 31, 2024 values. It would be difficult for this prediction and the original 3% prediction to both be accurate.
Focus on Long-Term Strategy, Not Short-Term Forecasts
Instead of trying to adjust your portfolio for every prediction, we remind clients to focus on what you can control:
1. Your Investment Goals: Set clear, achievable objectives based on your needs, not market conditions.
2. Your Time Horizon: Remember, time is the market’s greatest equalizer. The longer you stay invested, the more you can benefit from compounding returns.
3. Diversification: Build a diversified portfolio that spreads risk across different asset classes, sectors, and geographies. This cushions you from the impacts of any single market forecast or downturn.
4. Discipline: Sticking to your financial plan by following time tested strategies and investment management principles during times of maximum uncertainty.
5. Patience: Tolerating interim volatility allowing markets to complete their full cycle. This allows different asset classes to benefit from historical performance patterns. RZH maintains sufficient levels of cash and bonds to meet your needs so you will never be a “forced seller” in an unsavory stock market period.
Stay Disciplined
Today we are constantly bombarded with new information telling us our current financial environment is “unprecedented”8 and questioning “What if this time is different?”9
When you encounter the latest forecast or catchy headline, remember: while analyst market predictions may change, a well-crafted investment strategy should not be altered to accommodate them. By sticking to a long-term, disciplined approach, you can build wealth without the stress of trying to predict where the market will go next. Our goal is to help you enjoy life to the fullest, knowing you have a plan that makes any headline or sensationalist prediction irrelevant to your financial future.
RZH Insights- Believing vs. Knowing: The Important Transition We Tend to Underestimate
Retirement is a monumental transition, one that often comes with a mix of excitement and uncertainty. In today’s culture, we enthusiastically celebrate milestones like graduations, marriages, and becoming new parents. We even recognize smaller achievements such as a child’s first step, running a 5K, or getting a promotion. Yet, one significant life event that doesn’t often get the attention or preparation it deserves is retirement. Yes, there are retirement parties and celebratory trips, but the challenges often begin after the festivities are over.
Retirement marks a significant milestone, representing a shift from the demands of daily work to a life hopefully focused on relaxation and enjoyment. However, many retirees often experience stress and anxiety during this period. Despite being physically or mentally ready to stop working, the financial readiness to transition from a saving mentality to a spending mentality can be daunting. Questions about maintaining a particular lifestyle, market volatility, and whether there is enough saved for retirement can create ongoing worry.
This transition also signifies a significant identity shift. The work done for decades fades into the background, and the certainty of a regular paycheck disappears. Suddenly, the nest egg that has been saved must support you for the next 30-40 years. Will it be enough?
Most retirees “think” or “believe” they have enough, but do they “know” they have enough? According to CNBC, roughly 47% of Americans feel their ability to be financially secure in retirement will require a “miracle”1. This statistic truly highlights the need to understand your financial situation in a more comprehensive way.
Key components of a successful retirement include understanding your financial health, setting clear goals, adapting to change, and conducting regular reviews. There’s no one-size-fits-all approach; each individual and family is unique. It’s not about what you think you should do, but about enjoying this new phase of life in a way that brings true satisfaction.
We believe that financial planning goes beyond simply accumulating wealth—it’s about understanding what that wealth can do for each client. When we work with clients, we don’t just focus on the numbers. We ask them, “What are your dreams and aspirations?” Whether it’s spending more time with family, traveling, or checking off bucket list items, we work with clients to craft a strategy that helps to align their financial resources with their non-financial objectives.
Imagine going into retirement with more than just the reassurance that you have enough. A robust financial plan can help clients make informed decisions and approach retirement with confidence, optimism and a clear vision for the future. Through open discussions about future goals, and creating a personalized strategy, clients should feel supported and empowered to enjoy the fruits of their hard work.
At RZH, our mission is to work alongside our clients to help them live tomorrow as they do today, with the confidence that comes from having a carefully designed plan aimed at supporting the lifestyle they envision. No matter where you find yourself in life, we are thankful for the chance to support you on your financial journey.
Warm regards,
Lauren Rowland, CFP® CDFA®
Principal
[1] “47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame.” CNBC. September 13, 2023.
At RZH Advisors, we believe that our clients are at the heart of everything we do. We are dedicated to consistently exceeding your expectations and remain committed to helping you embrace life to the full extent of your wealth.
In pursuit of our mission, we are thrilled to introduce Ivy Alexander, Client Services Associate, to the RZH Advisors team!
Beyond her professional life, Ivy enjoys spending quality time with her children and exploring new cultures through travel. Having grown up in Hartford and spending the last 20 years in Baltimore, MD, Ivy values both family and personal growth, constantly seeking new challenges to further her career and life experiences.
Please join us in welcoming Ivy to our team and we look forward to our clients getting to know her in the years to come!
RZH Special Memo – RZH Advisors Named a Top RIA Firm by Forbes|Shook in 2024
RZH Advisors is excited to announce that we have been recognized as one of America’s Top Registered Investment Advisors (RIA) for 2024 by Forbes, in partnership with SHOOK Research, for the second year in a row!1 This prestigious ranking highlights RZH Advisors’ commitment to providing a differentiated wealth management experience and life-changing outcomes for our clients.
“We are truly honored to be included in the Forbes|SHOOK list of top RIA firms,” said Carl Zuckerberg, Founding Principal of RZH Advisors. “This recognition is a testament to the dedication of our entire team and their passion for helping our clients live life to the fullest and optimize their wealth.”
The Forbes|SHOOK ranking process is based on a rigorous methodology that includes both qualitative and quantitative factors such as client retention, revenue trends, assets under management, and industry experience. Firms are also assessed on their compliance records and best practices in client service.
This recognition further solidifies RZH Advisors’ position as a leader in the wealth management industry, and the firm remains committed to building long-term relationships with clients through a collaborative and client-centric approach.
A heartfelt THANK YOU to our clients for your trust and confidence, which means the world to us. We also wish to express our deepest gratitude to our devoted team members, whose tireless efforts, great skill, and steadfast commitment to client success are instrumental in attaining this accolade.
To review the complete Forbes|SHOOK 2024 America’s Top RIA firms and important ranking methodology, please CLICK HERE.
Forbes|SHOOK 2024 America’s Top RIA Firms published October 8, 2024, using data from June 30, 2024. RZH Advisors did not provide or receive compensation for inclusion in this ranking.
