Frank Talk 3rd Quarter Newsletter 2026

Happy Autumn, Clients, and Friends!

I hope you and your family had an enjoyable summer! Once again, we’ve arrived at the time of year when a few additional minutes of daylight are lost with each passing day, reminding us that change is both constant and inevitable. With year-end looming just around the corner, now is the time to consider taking steps to shore up your finances while you still have time to make any necessary adjustments in regard to managing capital gains and losses, taking RMDs, maximizing HSA and retirement account contributions, etc.

As always, your team is here to help answer your questions and implement the strategies that make sense for your family or business. So, it’s no coincidence that this issue of Frank Talk is filled with news and resources to assist you in taking meaningful steps toward your year-end and long-term wealth planning goals, including links to several online reference guides and checklists to help manage business liquidity needs, income in retirement, and taxes, among other topics. Check them out in the Planning Tools & Resources section of this issue and click on the links provided to download the planning tools that are appropriate for your needs.

I’m also pleased to introduce Danielle LeChard, CFP® as this quarter’s featured team member. Visit this issue’s Team Updates section to Get to Know Your Team and learn more about Danielle and the experience and perspective she brings to our firm. Danielle also recently joined Chelsea Hussey, CLU®, ChFC®, CFP® for our Planning for Aging Parents podcast episode, where they shared helpful considerations for families caring for aging loved ones. For additional guidance, download our Plan of Care Guide developed to assist families in navigating the complexities of aging.

Finally, don’t miss our latest thoughts on the financial markets and recent economic developments in this quarter’s Market & Economic Update. We’ve also provided a link to our 2026 Midyear Market Outlook under Planning Tools & Resources, which looks at some of the broader market themes at play during the second half of this year.

As always, 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 2026 Frank Talk newsletter:

• News & Events
  • Awards & Recognition
    • Frank Fantozzi Is Selected for Leadership Cleveland Class of 2027
  • Team Updates
    • Brandy Draper Joins the CHSC Deaf Action Committee
    • Get to Know Your Team: Danielle LeChard, CFP®
  • Upcoming Events
    • Market Noise Live Webinar – October 22
  • Recent Events
    • Live Webinar - Medicare 101: A Guided Tour & Introduction
    • Smart Business Family Business Conference
• Resources
  • Check Out Our Latest Planning Tools & Resources:
    • New! Business Owner Tools: Liquidity Event Readiness Checklist
    • Midyear Market Outlook 2026: Policy, Buildouts, & Bottlenecks
    • Additional Planning Tools & Resources
  • Complimentary, No-Obligation Second Opinion Service
  • Visit our Blog and Podcast and Join Us on Social Media
• Market & Economic Update

News & Events

Awards & Recognition

Frank Fantozzi Is Named to Leadership Cleveland Class of 2027

Frank Fantozzi, CPA, MST, PFS, CDFA®, AIF®, CEPA®, President and Founder of Return on Life® Wealth Partners was selected for the Leadership Cleveland Class of 2027 by the Cleveland Leadership Center. Frank is among 68 senior executives elected to the Class of 2027, representing a broad mix of Greater Cleveland’s public, private, and nonprofit leaders. Since its founding in 1978, Leadership Cleveland has brought together accomplished leaders from diverse sectors and backgrounds to deepen their understanding of the region’s key opportunities and challenges, strengthen cross-sector relationships, and increase their capacity to create meaningful community impact.

Team Updates

Brandy Draper Joins the CHSC Deaf Action Committee

Client Liaison, Brandy Draper, recently joined the Deaf Action Committee at Cleveland Hearing & Speech Center (CHSC). Brandy is passionate about the opportunity to support greater awareness, communication, and connection between the Deaf community and the hearing world. The Cleveland Hearing & Speech Center provides speech-language, hearing, language interpreting, and Deaf services. We advocate for equal access to information and communication and value all individuals' language choices equally. Our vision is a community where everyone communicates effectively.

Frank Fantozzi Attends LPL Financial Business Leaders Forum

Frank attended the 2026 LPL Financial Business Leaders Forum in June. The multi-day educational event, held in Philadelphia in collaboration with The Wharton School of the University of Pennsylvania, brings together top-performing independent financial advisors for advanced training on leadership, artificial intelligence, and practice growth. Frank appreciated the opportunity to connect with fellow business leaders to share experiences and discuss ways to build stronger organizations that continue to evolve with the changing needs of clients, communities, and team members.

Get to Know Your Team: Danielle LeChard, CFP®

As a Certified Financial Planner™ professional, Wealth Advisor Danielle LeChard , CFP® has spent her career focused on bringing the professional knowledge and insight needed to help simplify the lives of high-net-worth families and business owners. She works closely with her colleagues at Return on Life Wealth Partners to develop customized financial strategies in areas including retirement, investment, estate, tax, insurance, and business exit planning.

Prior to joining the team in 2022, Danielle held positions including Private Client Associate at Bernstein Private Wealth Management (a division of Alliance Bernstein), Senior Client Operations Representative at The Bank of New York Mellon Corporation (BNY Mellon), and Personal Banker at PNC Bank. She received her Bachelor of Science in Business Management from Franciscan University of Steubenville, Ohio in 2017.

Her strong background in financial services in general, and the wealth management sector in particular, has enabled her to bring unique insight and perspective to serving our clients' complex needs as they pursue the personal and business milestones that are most important to them.

Danielle recently celebrated an important milestone of her own when she and her partner, Tom Kelly, married in October 2025. The second oldest of five children, Danielle was born in Columbus, Ohio and grew up just outside of the city in the village of Centerburg. While central Ohio will always have a place in her heart, she and her husband enjoy living and working in Cleveland with its lively art and music venues, hiking trails, golf courses, and water access for boating and kayaking.

Growing up in a large family helped Danielle realize the importance of resilience, helping others, and maintaining a positive attitude. She credits her ongoing focus on self-improvement and personal growth to her faith and family.

She is proud to serve on the Board of Directors for Catholic Charities, Diocese of Cleveland, an organization dedicated to providing help and hope to individuals and families throughout Northeast Ohio. Catholic Charities provides more than 150 programs and services, including food and emergency assistance, mental health counseling, job training, family services, and support for older adults and individuals with disabilities. Serving people of all backgrounds and faiths across eight counties, the organization is committed to helping those in need while preserving the dignity of every person. Danielle is grateful for the opportunity to support an organization that makes such a meaningful impact on the Northeast Ohio community.

CFP® designation: What’s in a name?

Individuals who hold the CFP® designation have completed coursework on financial planning through a CFP Board Registered Program and hold a bachelor’s degree or higher from an accredited college or university. In addition, individuals have completed 6,000 hours of professional experience related to financial planning processes. In connection with the ethics requirements, these individuals adhere to high ethical and professional standards for the practice of financial planning, and act as a fiduciary when providing financial advice to the client, always putting their best interest first. The issuing organization is the CFP Board.

Upcoming Events

Register to Attend Our Next Market Noise Live Webinar – October 22

Our next Market Noise Live webinar via Zoom will take place on Thursday, October 22nd from 11:00 am – 12:00 pm. The webinar will examine market and economic developments our advisors are monitoring as the mid-term elections approach, including potential opportunities and practical portfolio considerations. Join wealth advisors Frank Fantozzi, Cynthia Yang, and Chelsea Hussey for a live discussion on the:

• Upcoming mid-term elections
• Recent geographic and regional tensions/conflicts
• Potential for an economic pullback
• What the Fed's recent rate hike may mean for business owners and investors

Get your questions answered!

A live Q&A session will follow the presentation at approximately 11:45 a.m.

Watch your email for more details or use this link to register now:

Register Now

Recent Events

Access the Recording: Medicare 101: A Guided Tour & Introduction

Chelsea Hussey hosted a live educational event and Q&A session on August 27th with guest speaker Rodika Koloda , a Life & Health Advisor with Agape Insurance. With more than 19 years of experience focusing exclusively on the senior market, Rodika brings extensive knowledge and insight to helping older adults navigate the complex Medicare marketplace. She and Chelsea addressed these topics and more:

• What is Medicare?
• How and when to enroll
• Weighing your options
• When to review or change plans

If you missed the live webinar or would just like to revisit the information presented, use the links below to access the recording and/or presentation slides at your convenience.

Medicare 101: A Guided Tour & Introduction links:

2026 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 10th at Corporate College East. Frank was a featured panelist for an interactive discussion on strengthening family governance, developing and preparing future leadership—whether family members or non-family executives, and equipping leaders to navigate difficult conversations within the family business. Panelists emphasized the importance of establishing effective oversight, clarifying roles and responsibilities, and creating a framework that supports long-term continuity, accountability, and successful succession planning. Join us in celebrating this year’s Family Business honorees! Visit Smart Business to see the full list of 2026 honorees.

Resources

Planning Tools & Resources

New! Business Owner Tools: Liquidity Event Readiness Checklist
Did you know that turning a portion of business value into usable capital doesn’t have to mean selling 100% of your company? While a full exit is one path to accessing liquidity, it’s far from the only one. However, advanced planning is key since the structure of the transaction can influence taxation, cash flow, estate planning considerations, and future business decision-making. To learn more about what a liquidity event could mean for your family or business, including how it may support your broader financial goals, family priorities, and long-term planning objectives:

Access our Frank Wealth Insights podcast:

Planning for Liquidity Events

Visit our Frank Talk blog:

Planning for Liquidity Events Beyond a Full Business Exit

Download our complimentary checklist:

Business Owner Tools: Liquidity Event Readiness Checklist

Midyear Market Outlook 2026: Policy, Buildouts, & Bottlenecks

Find out why policy is once again front and center as attention turns to the U.S. midterm elections and the uncertainty surrounding Kevin Warsh as the new chair of the Federal Reserve (Fed). Mr. Warsh’s ability to influence his colleagues and questions around congressional balance of power in the midterm elections are expected to be key themes that help shape the second half of 2026.

Access the full report here:

Access additional Planning Tools & Resources at the links below:

• Legacy Planning Checklist – Use this checklist to help clarify what you want to be remembered for by the people and organizations that matter most to you.
• Plan of Care Guide – This interactive guide assists families in navigating the complexities of aging while encouraging proactive discussions and planning around key areas like living arrangements, care provider preferences, funding options, and quality of life.
• Best Practices for Safeguarding Your Online Presence and Digital Footprint – As cybersecurity threats become increasingly sophisticated, protecting your digital presence is more important than ever. Explore practical tips for putting safeguards in place for yourself and your business.
• 2026 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.
• The Return on Life® Wealth Partners 2025-2026 Tax Planning Guide – This comprehensive guide to key tax provisions and deadlines can help you reap the full benefits of collaboration with your qualified tax advisor throughout the year.

The “Planning Tools & Resources” referenced here are provided for informational purposes only and should not be construed as investment, tax, or legal advice.

Second Opinion Service

Why Now May Be the Best Time to Introduce Family & Friends to Our No-Obligation Second Opinion Service

If you have friends, family members, or colleagues who have expressed concerns about navigating the current economic environment on their own, or dissatisfaction with their current financial advisor relationship, you may be in a position to help.

Our complimentary, no-obligation Second Opinion Service makes it easy to refer friends , family members, colleagues, or business associates for a review.

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 about this service, including what to expect , or contact us to refer a friend or schedule a consultation.

Join the Discussion

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. If there’s a topic you would like us to address in an upcoming podcast, please email your request to ROL@ReturnOnLifeWealth.com.

Market & Economic Update*

What's Holding Up Record Margins?

Profit margins have historically been cyclical, but the recent performance of S&P 500 companies has many investors questioning whether this rule still stands. Structural changes in the composition of the index, and the higher margin profile that results from that change, suggest that a higher baseline margin is justified. However, we argue that some portions of current and future profit margins are either cyclical or temporary, yet are being capitalized as permanent in current analyst forecasts. Here, we analyze the historical trajectory of S&P 500 margins, estimate how much of the recent margin expansion is structural vs. cyclical/temporary, and provide tangible examples with industry case studies.

Margins are Mean-Reverting. Right?

For decades, operating margins (earnings before interest and taxes, or EBIT, divided by sales) behaved like a cyclical series. When margins rose well above trend, the forces of competition, input costs, capacity additions, and customer pushback eventually compressed profitability. As Jeremy Grantham, investor and co-founder of asset manager GMO, famously said, “Profit margins are probably the most mean-reverting series in finance, and if profit margins do not mean-revert, then something has gone badly wrong with capitalism.”

This has been a less reliable rule since the Global Financial Crisis (GFC), as S&P 500 operating margins did not revert to their historical average, but remained remarkably steady in what appeared to be a stepped-up new range from 2010 to 2019. The post-COVID-19 period has seen yet another step-change higher, and recent figures show an upward trend rather than a range. The current trailing-12-month operating margin is at a record high of approximately 16.5%, a level that several strategists thought to be a secular peak. Forward-looking bottom-up estimates sourced from Bloomberg suggest calendar year records will continue to be made in 2026 (19.8%), 2027 (22.1%), and 2028 (23.6%). While these out-year estimates may ultimately prove too optimistic and likely reflect “adjusted” rather than GAAP figures, analysts are clearly not anticipating a reversion to long-term or more recent averages. To put it mildly, current and forecasted margins appear stretched.

However, the simple chart glosses over the fact that the index has structurally changed over time. The S&P 500 has migrated away from capital-intensive cyclical businesses and toward companies with predictable recurring revenue and high incremental margins. So, has something gone badly wrong with capitalism? Or does the mean-reversion argument need to be refined? We lean toward the latter and therefore do not expect today’s S&P 500 operating margin to revert all the way back to the pre-2010 average without a significant change in the composition of the S&P 500. The risk is that investors mistake a higher baseline for a permanently rising one.

Technology Sector Mix: Is Intellectual Capital Still Capital-Light?

The biggest reason margins have defied historical gravity is the rising weight of the information technology (IT) sector and technology-adjacent businesses. IT now represents roughly 37% of the S&P 500. Add Alphabet Inc. (GOOG/L) and Meta Platforms (META) within communication services, plus Amazon.com (AMZN) within consumer discretionary, and the technology-linked index’s weighting is roughly 48%.

Technology companies have historically had fundamentally lean business economics. The AI investment cycle complicates the story, however, as it is much more capital-intensive and “asset-heavy” than the sector’s typical research & development focused expenditure. This leads investors to wonder whether the physical capital that is required to fuel the sector’s “next big thing” growth bet will make index-level margins less durable.

Bulls argue that the return on investment will be great enough to drive incremental shareholder value. History is littered with successful executives committing ever more capital into exciting and innovative business opportunities, with only subpar returns to show for it. What we do know is that many of the underlying businesses that drove index level margins to new heights have fundamentally changed.

IT Sector Margins and Index Weight

The IT sector has two impacts on the market writ large. The first impact, sector mix, is structural and argues against operating margins mean-reverting to the pre-2010 average. The second impact is the intra-sector effect of technology margins themselves being at record levels as many of the largest companies are undergoing a capital-intensive business transformation — cyclicality hiding in plain sight.

Beyond the shift in the capital intensity of previously “asset-light” IT platform and software businesses, we also highlight the massive influence the semiconductor industry now has on S&P 500 operating margins as further evidence that investors should not capitalize current margins into perpetuity.

The semiconductor industry has long been the cyclical corner of the tech sector, with booms and busts that produce a very different through-cycle earnings trajectory. As the primary beneficiary of the AI investment boom, the semiconductor and semiconductor equipment industry group now makes up ~45% of the technology sector, and ~17% of the entire S&P 500. Additionally, the industry has seen margins expand to record highs in the current cycle, which by our estimates has driven nearly half of the index-level margin expansion from 2019.

To summarize: The now largest industry group, which has driven nearly half of S&P 500 margin expansion since 2019, is a cyclical industry with a history of capital-cycle booms and busts.

Three Sources Driving Excess Margins

Today’s record S&P 500 operating margins, when compared to a post-GFC/pre-COVID baseline, reflect the structural index composition effect previously outlined, plus three overlapping forces that we argue remain subject to the laws of gravity and are likely to reverse. For this analysis, we use the 2016–2019 average S&P 500 index level operating margin of 13.0% as our baseline level and decompose the incremental contributions to the current trailing 12-month operating margin of 16.5%, a total margin expansion of ~3.5%.

First, the structural effect. Here, we make an estimate of how much of that structural impact persists in a current normalized operating margin range. We estimate ~1% of the ~3.5% margin uplift is attributable to this structural index composition effect.

Second, the cyclical effect. This is primarily driven by the AI trade, as discussed with the semiconductor industry’s cyclicality and record margins, and is admittedly the opaquest, and hardest to quantify. Given the record margin contribution driven by scarcity economics in the semiconductor industry, alongside those same scarcity economics driving data center capacity additions from the hyperscalers, we are comfortable applying the lessons from capital cycle theory in our 1.5% margin contribution assumption. Further, when we think about contributors driving forward margin estimates, should they come to pass, we would place most of that potential ~7% expansion from current levels to 2028 into this cyclical bucket.

Third, a temporary, accounting-based impact. The hyperscalers’ cash capital expenditures have not yet fully reflected on income statements where GAAP EBIT margins are derived, due to the delayed recognition of depreciation expenses and leases. Simply put, hyperscaler capital spending is running far ahead of current accounting expense recognition, and the size and scale of this investment cycle merit an estimate of the impact. Our estimate works out to ~0.5% contribution, which we believe is fair, given the AI investment cycle beneficiaries’ large overall contribution to index-level margins.

Finally, inflationary price-led revenue growth. In the years following the pandemic and inflation shock, many companies were able to raise prices faster than unit volumes declined. The risk is that price-led revenue can look like durable operating leverage when it is really a temporary pricing umbrella. This final margin expansion bucket serves as our plug to get from our baseline estimate to the current margin level and therefore represents a 0.5% contribution to margin expansion.

Unpacking Margins Across Select Industries

To stress-test whether today’s elevated S&P 500 GAAP EBIT margins are structural or cyclical, we look across four industry case studies that each highlight a different margin mechanism. Taken together, these case studies suggest that the margin story is partially structural, partially cyclical, and partially a timing mismatch between investment and expense recognition.

• Consumer Packaged Goods: Consumer packaged goods businesses in the consumer staples sector provide a clean case study in margin quality because the group’s organic growth can be separated into price and volume. From 2010–2019, our CPG cohort generated average annual organic growth of 3.5%, with a reasonably balanced contribution from price (+2.0%) and volume (+1.4%), while GAAP EBIT margins averaged 17.1%. Recently, pricing has become the dominant growth driver as companies pushed through inflation-related increases, while volume turned negative. That pricing power helped protect profitability through the cost shock, and margins have remained elevated. Put simply, CPG margins have not reverted because price did the work volume used to do.
• Airlines: Airlines are not directly accretive to S&P 500 operating margins in the current cycle. As a group, which we define as the big four domestic operators, Delta (DAL), United (UAL), American (AAL), and Southwest (LUV), operating margins have declined meaningfully from pre-pandemic levels. Importantly, utilization was largely unchanged, so the margin compression was not primarily a utilization problem. Unlike staples, where pricing more than protected margins through the inflation shock, airlines saw higher nominal fares absorbed by structural cost inflation in labor, maintenance, airport costs, and other non-fuel expenses. The takeaway is that relying on price alone can only go so far.
• Commodity Producers: Commodity producers are the clearest example of why margin mean reversion remains relevant, even in a market where index-level margins may deserve a higher structural baseline. E&P’s and miners are currently generating a GAAP EBIT margin well above the full-cycle average and far removed from the 2015–2016 bust. The current profitability is partially the product of a prior capital starvation cycle, and the group’s post-bust margin growth was a price story and a capital discipline story. For the S&P 500, this is not the dominant source of record margins as commodity producers represent only about a tenth of the EBIT-weighted margin contribution, but it is one of the more obviously cyclical pieces. Put simply, commodity producers have not yet repeated the last capex mistake, but the conditions that usually lead to that mistake (high margins, strong FCF, and investor confidence in “new discipline”) are increasingly in place.
• The AI Trade: The AI trade is the most important margin story in the market, and it is also the most two-sided. For the hyperscalers, the bull case is that AI demand is real and growing and capital outlays will generate returns to justify the spend. The risk is timing. GAAP EBIT margins today do not yet fully reflect the future depreciation and lease expense associated with the current infrastructure build. The hyperscalers purchased approximately $609 billion of property and equipment in the four quarters through June 2026, against roughly $118 billion of reported depreciation. Capex is an immediate cash cost, while depreciation is a gradual accounting expense. If revenue ramps ahead of depreciation, margins can hold. If revenue lags, EBIT margins face a mechanical headwind. This makes GAAP EBIT an incomplete forward-looking measure. The market is effectively underwriting a future return on AI infrastructure before that return is fully visible in the income statement.
• Semiconductors: Semiconductors are the other side of the same AI margin coin. The industry is experiencing scarcity economics in leading-edge chips, advanced packaging, high-bandwidth memory, and AI networking. Recently delivered extraordinary margins from the likes of Taiwan Semiconductor (TSM) and NVIDIA (NVDA) attract extraordinary capital. Semiconductor equipment sales are expected to rise sharply in 2026, and the supply response is already underway across leading-edge capacity, packaging, and memory. The historical pattern remains: tight supply drives pricing and utilization; pricing and utilization drive margins; margins attract capex; capex eventually normalizes supply and compresses returns.

In Summary

If we were to summarize everything in one sentence, it would be that margins are still mean-reverting, but the mean has moved. The S&P 500 has earned a higher structural operating margin than it did in prior cycles because the index is more technology-heavy, more intangible-heavy, and more exposed to businesses with high incremental margins.

But accepting a higher structural baseline is not the same as accepting today’s record margins as permanent. Price-led revenue in the consumer and industrial sectors may fade as volume matters more. Commodity producers are experiencing strong margins after prior “bust”-led downcycles led to years of underinvestment, and the cycle will eventually attract capital yet again. Semiconductor and AI infrastructure margins reflect scarcity conditions that are already attracting new supply. Hyperscaler GAAP EBIT margins have not yet absorbed the full depreciation and lease burden of the current AI capex cycle.

The right framework for investors is not “margins must revert” versus “margins have permanently broken higher.” It is to decompose the margin level into structural, cyclical, and deferred components. The structural component earns a higher multiple, the cyclical component does not, and the deferred component requires scrutiny.

Closing Remarks

We believe an improving macro backdrop and sustained AI-driven earnings growth will continue to support the broader equity market through the remainder of 2026. We continue to favor the industrials and energy sectors, providing a modest tilt toward value-style industry groups. Industrial companies offer a lower beta way to benefit from the AI infrastructure buildout, while an energy overweight offers a desirable hedge against potential additional disruptions to global energy production and shipping.

We remain committed to keeping you informed on market and economic developments as we continue to monitor portfolios and make adjustments, as appropriate. Please know that you’re always welcome to contact your dedicated team at 440.740.0130 if you have questions or would like to schedule time to meet with us at our office. For those who prefer to meet virtually, we continue to use Zoom 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 rankings.

IMPORTANT DISCLOSURES

*A portion of this research material was provided by LPL Financial, LLC, September 2026. All information is believed to be from reliable sources; however, neither Return on Life Wealth Partners nor LPL Financial makes 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. To determine which investment(s) may be appropriate for you, please consult your financial professional prior to investing.

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk.

Indexes are unmanaged and cannot be invested into directly. Index performance is not indicative of the performance of any investment and does not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

US Treasuries may be considered “safe haven” investments but do carry some degree of risk including interest rate, credit, and market risk. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

The Standard & Poor’s 500 Index (S&P500) is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The PE ratio (price-to-earnings ratio) is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. It is a financial ratio used for valuation: a higher PE ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower PE ratio.

Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock. EPS serves as an indicator of a company’s profitability. Earnings per share is generally considered to be the single most important variable in determining a share’s price. It is also a major component used to calculate the price-to-earnings valuation ratio.

The Russell 1000 Index consists of the 1,000 largest companies by market capitalization in the Russell 3000 Index, which represents approximately 90% of the total market capitalization of the Russell 3000 Index. It is a large-cap, market-oriented index and is highly correlated with the S&P 500 Index. Indexes are unmanaged and cannot be invested in directly.

Asset allocation does not ensure a profit or protect against a loss.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Beta measures a portfolio's volatility relative to its benchmark. A beta greater than 1 suggests the portfolio has historically been more volatile than its benchmark. A beta less than 1 suggests the portfolio has historically been less volatile than its benchmark

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Important Scenario Analysis Disclosure:

The analyses, scenarios, projections, and estimated returns discussed herein are hypothetical, are based on assumptions and estimates, and are provided solely for illustrative and educational purposes. The hypothetical "average hyperscaler" referenced in this report does not represent an actual company, portfolio, account, or investment product. Results shown are not forecasts or guarantees of future performance and are not intended to predict or project the performance of any specific security, company, sector, or market. Actual results may differ materially due to changes in economic conditions, competitive dynamics, technology adoption, capital spending, utilization rates, pricing, regulation, operating costs, and other factors.

The hypothetical results shown were not achieved by any actual investment strategy, account, or client and should not be viewed as indicative of actual investment results.

All index data from FactSet or Bloomberg.

Not Insured by FDIC/NCUA or Any Other Government Agency | Not Bank/Credit Union Deposits or Obligations | Not Bank/Credit Union Guaranteed | May Lose Value

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. 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.

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 “Planning Tools & Resources” referenced here are 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.

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