Editorial

11/5/2025

Table of Contents

Happy Autumn, Clients and Friends!

I hope the change of seasons brings you new opportunities to spend time doing the things you enjoy most, whether that's relaxing with family and friends, or throwing yourself wholeheartedly into a new project or venture. Sometimes getting more out of life simply means shaking things up a bit and getting outside of our comfort zones. That was certainly true for our most recent Cleveland Economic Summit, which took place at a venue featuring more four-legged friends than bipedal guests.

I want to thank everyone who joined us on September 30^th at the Cleveland Metroparks Zoo for our 17^th Annual Cleveland Economic Summit. The new location was a big hit and we had a great turnout for our two speakers, First Trust Economist Bryce Gill, who provided insights on the markets and economy, and Greg Manger, Senior Client Portfolio Manager with Franklin Equity Group (Franklin Templeton), who addressed current and future applications for artificial intelligence (AI). If you were unable to join us, you can access live links to their recorded presentations in this issue of Frank Talk.

Prior to hosting our Cleveland Economic Summit, I was fortunate to attend a different kind of summit in Kaua'i, Hawaii where I was joined by my wife, Paulette, and our daughters, Natalie and Nicole, for some much-needed family time. The LPL Summit for top advisors is an event I look forward to attending each year. It's an opportunity to engage with industry leaders and peers to exchange insights, address the most pressing challenges faced by advisors and our industry, and seek creative solutions for an expanding array of client needs and challenges. Each year, I return with a renewed sense of purpose around our team's mission to help you and your family pursue the personal and business goals that are most important in your life.

As part of our commitment to continually seek new ways to support you throughout your life journey, we recently welcomed a new team member, Tom Reynolds, CPA, EA, MBA. Tom joined us in September as our Tax Services Manager, bringing a wealth of experience to individuals and business owners seeking tax-smart strategies aligned with their life goals. But don't take my word for it—you can hear what Tom has to say firsthand on our recent Frank Wealth Insights podcast: The Big Beautiful Bill: Key Tax Provisions Explained (available on YouTube and wherever you get your podcasts.)

Watch Podcast on YouTube

I also want to invite you to register to join us for our latest live webinar presentation: Cybersecurity: A Team Sport on Thursday, November 6^th from 11:00 am to 12:00 pm ET. Chelsea Hussey, CLU^®, ChFC^®, CFP^®, will host the event featuring guest speakers and subject matter experts from the technology and banking industries. You can find more information about the webinar under Upcoming Events in this issue of Frank Talk.

Register for Cybersecurity Webinar

As you and your family continue to pursue your Return on Life^®, we encourage you to reach out to your dedicated team whenever questions arise or when circumstances in your life change. If you need additional support––or if someone you know could benefit from our guidance––remember, we're only a phone call away at 440.740.0130.

What's In It for You?

At-a-glance guide to your 3rd Quarter 2025 Frank Talk newsletter:

• News & Events
  • Awards & Recognition
    • Welcome to Tax Services Manager Tom Reynolds!
    • Chelsea Hussey is Named a Forbes Best-in-State Next-Gen Wealth Advisor
    • Frank Fantozzi is named a 2025 "Advisor to Watch"
  • Upcoming Events
    • Register Now! Live Webinar – Cybersecurity: A Team Sport – November 6th
  • Recent Events
    • Market Noise Live Webinar – Navigating the One Big Beautiful Bill Act
    • PDA National Chapter Event: Exit & Succession Planning
    • 17^th Annual Cleveland Economic Summit – Access Recorded Presentations!
    • Family Business Conference & Achievement Awards
    • Smart Business Dealmakers Conference/Cleveland
• Resources
  • NEW! Plan of Care Guide
  • 2025 Federal Tax Rates At-a-Glance
  • 2024-2025 Tax Planning Guide
  • Complimentary, No-Obligation Second Opinion Service
  • Visit Our Blog and Podcast and Join Us on Social Media
  • Market & Economic Update
• Market & Economic Update

News & Events

Awards & Recognition

Join Us in Welcoming Tax Services Manager Tom Reynolds

As a Certified Public Accountant (CPA), an IRS Enrolled Agent (EA), Tom Reynolds, CPA, EA, MBA works closely with our firm's wealth advisors in support of the comprehensive tax planning and analysis we seek to provide to high-net-worth families and business owners. Tom previously owned and operated T. Reynolds Tax & Accounting Services, where he provided tax preparation and consulting services to individuals and businesses and has held numerous leadership positions in higher education and municipal services. He holds a Master of Business Administration from Mount Vernon Nazarene University, a Master of Public Administration from The University of Akron, and a Bachelor of Science from The University of Akron.

Chelsea Hussey Named to the 2025 Forbes Best-In-State Top Next-Gen Wealth Advisors List

We're proud to share that Chelsea Hussey, CLU^®, ChFC^®, CFP^®, was named a 2025 Forbes | SHOOK Best-in-State Top Next-Gen Wealth Advisor, ranking #74 in Ohio. This marks the first time she has been recognized on this annual list. The prestigious ranking, developed by Forbes in partnership with SHOOK Research, is based on an algorithm of both qualitative criteria and quantitative data. Advisors considered must have at least four years of experience and are evaluated on factors such as revenue trends, assets under management, compliance records, industry experience, and best practices. To view the full Forbes | SHOOK annual list, visit https://www.forbes.com/lists/best-in-state-next-gen-advisors.

Frank Fantozzi is Named a 2025 Advisor to Watch

Frank Fantozzi, CPA, MST, PFS, CDFA, AIF^®, CEPA, President and Founder of Return on Life^® Wealth Partners was ranked among the nation's 2025 Advisors to Watch by AdvisorHub. The ranking recognizes advisors based on three factors: 1) scale and quality of practice, 2) year-over-year growth, and 3) overall professionalism. Frank is ranked #175 of 250 advisors in the 250 Advisors to Watch Under $1 Billion category. According to AdvisorHub, a leading industry advocate and news source for financial advisors, the 250 Advisors to Watch Under $1 Billion represent efficient and productive teams that have achieved scale without compromising their level of service while maintaining healthy growth.

Upcoming Events

Register Now! Cybersecurity: A Team Sport – November 6th

Cybersecurity threats are on the rise. Discover steps you can take now to help protect your personal finances and business interests. Join us on Thursday, November 6^th from 11:00 am - 12:00 pm for a live educational webinar exploring practical ways individuals and organizations can enhance awareness and reduce cybersecurity risk. Your host, Chelsea Hussey, CLU^®, ChFC^®, CFP^®, will be joined by Fred Franks, Chief Strategy Officer at FIT Technologies and Jarrod Long, SVP & Director of Treasury Management Services at Westfield Bank. Our guest speakers will share insights and practical tips on these topics and more:

• Emerging cybersecurity threats, including AI-driven phishing, social engineering, and ransomware
• Why human behavior is critical and traditional defenses alone aren't enough
• Financial impacts of data breaches and practical ways to protect your business
• Five actionable steps to strengthen security protocols and secure your devices

Register for Cybersecurity: A Team Sport

Recent Events

Market Noise Live Webinar: Navigating the OBBBA

Thank you to everyone who joined us on October 22^nd for our Market Noise Live Webinar. Wealth advisors Cynthia Yang, CFA^®, CAIA^®, CIPM and Chelsea Hussey, CLU^®, ChFC^®, CFP^®, joined host Frank Fantozzi to talk about how the One Big Beautiful Bill Act (OBBBA) may impact individual and business finances, as well as what to expect from the markets and economy for the remainder of the year. If you missed the live webinar or would like to hear it again, you can access the recording below.

Watch Market Noise Webinar Recording

Frank Headlines PDA's National Chapter Event on Exit Planning

Frank Fantozzi, CPA, MST, PFS, CDFA, AIF^®, CEPA, was the featured speaker for a Private Directors Association (PDA) National Chapter event held on October 15 ^th. As a Certified Exit Planning Advisor (CEPA^®), Frank shared his insights on Exit and Succession Planning: Boardroom Perspectives with PDA members from 20 states and the District of Columbia who attended the virtual event. Attendees gained insights into how boards can engage with ownership to understand succession goals and support enterprise value, navigate common boardroom challenges, and address strategic considerations, such as enhancing business value and managing risks associated with the 5D's (death, disability, divorce, disagreement, and distress), as well as practical guidance on timing and decision-making in succession planning.

No Monkeying Around: Our 17^th Annual Cleveland Economic Summit was a Big Hit Among Clients and Their Guests

We want to thank our many clients, business partners, and friends who joined us at Cleveland Metroparks Zoo on September 30^th for our 17th Annual Cleveland Economic Summit. Guests enjoyed a cocktail hour with heavy hors d'oeuvres and a special close-up encounter with some of the park's friendliest fulltime residents. While that could have been a tough act to follow, our featured speakers were up to the task. First Trust Economist Bryce Gill provided insights on the markets and economy, followed by Greg Manger, Senior Client Portfolio Manager with Franklin Equity Group (Franklin Templeton), who engaged attendees in a lively discussion on how artificial intelligence (AI) is reshaping industries and economies.

If you were unable to join us for the live event, or would like to revisit speaker content, click on the buttons below to access our live recordings and/or speaker presentations:

Access Live Recordings Now:

Watch Bryce Gill Recording

Watch Greg Manger Recording

Download Speaker Presentations:

Bryce Gill – Download Slides

Greg Manger – Download Slides

2025 Family Business Conference & Achievement Awards

We were proud to participate as a sponsor once again for the annual Family Business Conference & Achievement Awards, hosted by Smart Business Network on September 4^th at Corporate College East. Frank was a featured panelist for an interactive discussion on Legacy, Liquidity & Letting Go: Planning the Future of the Family Business. Join us in celebrating this year's Family Business honorees! Visit Smart Business to see the full list of 2025 Northeast Ohio honorees.

Smart Business Dealmakers Conference/Cleveland

Return on Life^® Wealth Partners was pleased to participate in this year's Smart Business Dealmaker's Conference which took place on June 12th at Hotel Cleveland. ROL was a sponsor of the popular middle-market dealmakers conference and Frank served as a member of the host committee.

Resources

Have You Completed Your Plan of Care Guide Yet?

We recently introduced our new Plan of Care Guide to assist families in navigating the complexities of aging. The interactive guide encourages proactive discussions and planning around four key areas:

• Living Arrangements – Explore options such as aging in place, assisted living, or skilled care facilities.
• Care Providers – Identify potential support from family members, in-home aides, or medical professionals.
• Funding Care – Review possible payment sources, including insurance, personal savings, or family contributions.
• Quality of Life – Address preferences related to independence, dignity, and social engagement.

Access your Plan of Care Guide now! Once completed, you can share your guide with family members and your professional advisors, at your discretion.

Our Complimentary Tax Guides Are Your Year-End Planning Companion

As you engage in year-end planning, take advantage of our complimentary tax guides. These valuable tools make it easy to find information about year-end deadlines for tax-loss harvesting, retirement plan contributions, RMDs, gifting, charitable giving strategies, and more. Download one or both guides now:

• 2025 Federal Tax Rates At-a-Glance Guide – Quickly find the information you need from federal income tax brackets and rates to capital gains and qualified dividend rates, contribution limits for retirement plans, annual gift and estate tax exclusion amounts, and more. View or download your complimentary 2025 Federal Tax Rates Guide now!
• The Return on Life^® Wealth Partners 2024-2025 Tax Planning Guide is a more comprehensive guide to key tax provisions and deadlines that can help you reap the full benefits of collaboration with your qualified tax advisor throughout the year. The guide also includes helpful information on key changes under the SECURE 2.0 Act that will be helpful for your ongoing tax planning. View or download your 2024-2025 Tax Planning Guide.

Could Someone You Know Benefit from a Second Opinion Before Year End?

As year-end planning quickly approaches, consider providing the people you care about the opportunity to benefit from the same expertise and guidance you have come to expect as a valued client. Our Second Opinion Service makes it easy to refer friends, family members, colleagues, or business associates for a complimentary, no-obligation second opinion.

In many cases, a second opinion will simply provide confirmation, and the confidence that those you care about are on track to fulfill their values and achieve their goals with their current financial provider or strategy. However, if needed, we are happy to suggest ways in which we can help, including recommending another provider if we are not a good fit for their needs. Visit us online to learn more, including what to expect from our Second Opinion Service, or contact us to schedule a consultation.

Don't Miss Out on the Topics that Are Important to You: Visit Our Getting Frank Blog and Frank Wealth Insights Podcast

Be sure to check out our latest Getting Frank Blog and Frank Wealth Insights podcast for information on timely topics impacting your finances and investments. You can now access our podcasts via video as well as audio. Listen where you get your podcasts or watch us on YouTube, and be sure to connect with us via social media on these sites as well: LinkedIn, Facebook, and X.

Market & Economic Update*

Happy Anniversary, Bull Market!

As the bull market enters year four with strong gains driven by tech and AI, history suggests more upside ahead amid resilient growth and a dovish Federal Reserve (Fed) stance.

Sunday, October 12 marked the third anniversary of this bull market. Three years ago, the S&P 500 closed at 3,577 as investors feared inflation would become entrenched after wholesale prices unexpectedly accelerated. After a sharp sell-off that morning, stocks rallied and closed nicely higher that day. A rally on bad news, in hindsight, was a sign of a major inflection point. Fast forward three years, and this bull market is still going strong. But will it continue? With all the talk about a stock market "bubble" (not our characterization) driven by the market's enthusiasm for stocks riding the artificial intelligence (AI) wave, you may be surprised to know that bull markets lasting three years tend to keep going for a while. We expect that historical pattern to play out again this time, though past performance does not guarantee future results.

How Does This Bull Market Compare to Prior Bulls?

Year three of this bull market was a strong one. After a bit of a slow start — the S&P 500 rose 21.4% during the first year of this bull compared with the average first-year gain near 40% — year two was a catch-up year with a 32.2% gain vs. a second-year average of 12.4%. Then in year three, a year that had produced an average gain of only 5.2% historically, the S&P 500 rallied 16.1% (through Wednesday, October 8, 2025, before that Friday's sell-off). The nearly 89% gain in the S&P 500 since this bull market began on October 12, 2022 (excluding dividends), is well ahead of the average and median three-year advances for all bull markets since 1950.

Bull Market Drivers

One obvious driver of this bull market is the strength in technology stocks and the AI revolution. ChatGPT was first released in November 2022, just one month after this bull market began. AI isn't the only driver of gains for mega-cap technology, but it's a big one. Roughly half of this S&P 500 bull market has been driven by just seven stocks: Amazon (AMZN), Alphabet (GOOG/L), Apple (AAPL), Broadcom (AVGO), Meta (META), Microsoft (MSFT), and NVIDIA (NVDA). That tells us that if these stocks stop working, the remaining 493 will have to step up and carry more of the load to keep this bull market going.

The macroeconomic backdrop has also been supportive and kept this bull market going. Easing inflation pressures in the fall of 2022, after the 9.1% Consumer Price Index (CPI) reading for June 2022 (reported in July 2022), helped stocks carve out that low. That paved the way for the end of the Fed's rate-hiking cycle in July 2023, lower market interest rates, and eventually Fed rate cuts.

Where Do Stocks Go from Here?

Bull markets that made it to year four have tended to perform very well during that year. For the seven bull markets since 1950 that lasted at least four years, the S&P 500 has, on average, gained 12.8% during the fourth year. That's quite a bit better than the year three average of around 5% — though this bull market has enjoyed an unusually strong year three as discussed above. Six of the seven mature bull markets had positive year fours, with stocks falling during the fourth year of the first bull market after WWII that began in June 1949. Six straight positive year fours bode well for the one just underway, though past performance does not guarantee future results.

So, what are the keys to this bull market lasting another year? First, we need economic growth. Recessions kill bull markets, and thankfully, we don't see one on the horizon. The Fed can also kill a bull market. Rate hikes to combat inflation ended the first bull market after the pandemic beginning in March 2020, even though there was technically no recession in 2022 when that short bull market ended. The Fed is in the middle of a rate-cutting cycle and inflation appears to be under control despite increased tariffs, likely eliminating that as a potential bull market killer in the next 12 months. Contained inflation and an accommodative Fed reduce the chances that long-term interest rates surge, another key risk given the rising cost to service the U.S. government's huge and growing debt load.

This Bull Market May Still Have Legs

A look back at the history of bull markets is instructive in gauging how much longer this bull might run and what potential catalysts could spark the next bear market. Most bull markets go longer than three years. They last about five years on average, but the 1990 and 2009 bulls lasted about twice that long. So, this bull market is not old; in fact, it is far from it.

It's also interesting that the 23% annualized gain for the S&P 500 during this bull market is not that much better than the median (19.5%) or the average (21.8%), with the latter statistic inflated by the post-pandemic bull market that began in March 2020 and produced a 53% annualized gain during its short life. So, while this bull market has enjoyed a strong three years, history suggests it probably has more room to run.

Now entering its fourth year, this bull market has been solid, with gains nicely ahead of average historical three-year bull market returns, largely on strength in mega-cap technology stocks riding the AI wave. History suggests that bull markets reaching a fourth year tend to perform well, with six of the last seven occurrences delivering positive returns in year four. History also tells us that bull markets that last three years usually last five years or more. While past performance is no guarantee of future results, the combination of resilient economic growth, forthcoming fiscal stimulus, a dovish Fed, and strong corporate earnings — especially in tech — suggests this bull still has legs and that we'll probably be celebrating a fourth anniversary next year at this time.

Closing Remarks

As always, investors should remain mindful of risks, including geopolitical tensions and potential policy shifts (such as sharply higher China tariffs, as President Trump just threatened), sticky inflation, a slowing labor market, and the need for broader market leadership beyond the Magnificent Seven.

While we maintain our tactical neutral stance on equities, we believe investors may be well served by bracing for occasional bouts of volatility given how much optimism is reflected in stock valuations, but fundamentals remain broadly supportive.

You can rely on your Return on Life^® Wealth Partners team to keep you up to date on these and other market and economic developments, and continue monitoring and adjusting portfolios, as appropriate. Please know that you're always welcome to contact your dedicated team at 440.740.0130 if you have questions or if you'd like to schedule a time to meet with us at our office. For those who prefer to meet virtually, we continue to use Zoom for virtual meetings and are always available via phone. Just let us know how you prefer to meet, and we'll make it happen!

Real People. Real Answers.

Health, Happiness, and a Life Well Lived,

Frank Fantozzi, CPA, MST, PFS, CDFA, AIF^®, CEPA
President & Founder
Frank@ReturnOnLifeWealth.com

Frank Fantozzi was named a Forbes Best-In-State Wealth Advisor. The Forbes Best-In-State Wealth Advisor ranking, developed by SHOOK Research, is based on in-person and telephone due diligence meetings and a ranking algorithm that includes client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including assets under management and revenue generated for their firms. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK Research receives a fee in exchange for

Important Disclosures

*A portion of this research material was provided by LPL Financial, LLC, October 2025. All information is believed to be from reliable sources; however, neither Return on Life Wealth Partners or LPL Financial make any representation as to its completeness or accuracy.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.

References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services.

For a list of descriptions of the indexes and economic terms referenced in this publication, please visit lplresearch.com/definitions.

All index and market data from FactSet or Bloomberg.

Unless otherwise stated, Return on Life^® Wealth Partners/Planned Financial Services and the third-party persons and firms mentioned are not affiliates of each other and make no representation with respect to each other. Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services.

This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific issues with a qualified tax advisor. The Plan of Care Guide is provided for informational purposes only and should not be construed as investment, tax, or legal advice

For additional information about the firm and our services, see our Disclosure Brochure (Form ADV Part 2) and Customer Relationship Summary (Form CRS) Brochure.

Investment advisory services offered through Planned Financial Services, LLC, dba Return on Life Wealth Partners, an SEC-registered investment adviser (RIA).

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