Shifting Leadership in Global Growth

Dear Clients & Friends,

I know there’s no shortage of market headlines competing for our attention, so this week I wanted to take a step back and share one of the bigger trends I’m watching: where global growth is coming from and what that could mean for investors.

The global economy continues to expand, but the sources of that growth are changing. While some emerging markets have lost momentum, the U.S. remains a key driver of global growth, and improving conditions in parts of Europe are providing additional support.

For investors, the current environment offers several encouraging signals. Slowing inflation and a softer hiring environment have increased expectations for a more stable interest-rate environment, which could support consumers and businesses. At the same time, improving economic conditions and continued corporate earnings growth have helped risk assets, with the S&P 500 reaching new highs.

There are still reasons to remain cautious. Growth has slowed in several major emerging markets, and shifting interest-rate differentials could lead to changes in global capital flows and periods of market or currency volatility. Foreign demand for U.S. Treasury securities also remains an important factor to watch as global investors reassess where to allocate capital.

The bigger takeaway is that where growth is happening may matter more than the overall pace of global growth. With the U.S. and other developed markets taking a more prominent role, investors may see greater emphasis on fundamentals such as earnings, productivity, innovation, and financial strength.

As always, we believe this is an environment where staying disciplined and diversified is more important than reacting to every headline. Economic conditions will continue to evolve, but maintaining a long-term perspective can help investors navigate periods of uncertainty while staying focused on their broader financial goals.

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Bottom line: The global growth picture is changing, but not necessarily deteriorating. A resilient U.S. economy, easing inflation pressures, and continued corporate earnings growth provide reasons for cautious optimism - while diversification and a long-term perspective remain key.

Don't hesitate to give me a call any time you'd like to talk through these topics or anything that's on your mind.

Best regards,

Rick

Richard B. Welsh, A.A.M.S.

Founder & President

LPL Market Signals Podcast

The Inflection Point

The equity market has powered to fresh highs, but can the rally continue? Ryan Isherwood, Founder and CEO of Significance Capital, joins the LPL Market Signals podcast to discuss the forces driving markets today and the potential catalysts that could reshape leadership tomorrow. From the durability of the current breakout and record AI investment trends to credit market risks, interest rates, and the growth versus value debate, Ryan outlines the bull and bear cases for investors. At the heart of the discussion is a key question: Are markets nearing a major inflection point?

From Marie's desk...

LPL Financial & the PGA of America: A New Partnership Begins in 2027

Dear Clients and Friends,

We’re excited to share that LPL Financial will become the official wealth management and investment advisory partner of the PGA of America beginning in 2027. The new four-year partnership will bring together two organizations built around helping people achieve their goals - both on and off the course.

Through the partnership, LPL will have a presence at some of golf’s most prestigious events, including the PGA Championship, KPMG Women’s PGA Championship, Senior PGA Championship, and PGA HOPE. It also creates new opportunities for LPL advisors to connect with clients and communities through the game of golf.

For us, this partnership feels like a particularly natural fit. Our team at WFG is made up of golfers, so we’ve always appreciated the lessons the game can teach us about preparation, patience, discipline, and having a long-term strategy. Those same principles apply to successful financial planning - having a thoughtful plan, staying focused through the inevitable ups and downs, and keeping your eye on the goals that matter most.

We’re excited to see this partnership come to life in 2027 and look forward to sharing some of those opportunities with you along the way. Perhaps we’ll even have a chance to enjoy a round of golf together!

Best,

Marie

Finding Joy in the Journey

While we take finances seriously, we also believe joy matters. A balanced life isn't just about money - it's about the moments that make you smile. In this section, we share a few of our "little joys" and a glimpse into our personal side.

The Great Welsh Pond Saga: The Return of Miss Frog

With Mr. Snake officially gone and our goldfish finally able to swim without constantly looking over their shoulders, there has been a wonderful development at the Welsh pond…

Miss Frog is back!

Apparently, our resident frog had been keeping a very low profile while Mr. Snake was enjoying his all-you-can-eat goldfish buffet. But now that the coast is clear, Miss Frog seems to feel quite comfortable again - casually floating around the pond, soaking up the sun, and generally enjoying life. And honestly, we are much happier with this guest!

Unlike Mr. Snake, Miss Frog doesn't appear to have any interest in eating our fish or turning our backyard pond into her personal buffet. She simply hangs around, enjoys the water, and looks perfectly content with her new accommodations.

So, for now, all is peaceful once again at the Welsh pond. The fish are swimming, Hank can enjoy his daily swims, and Miss Frog is happily floating along.

This is the kind of pond guest we can get behind! 🐸

What If…?

Ever wonder what’s possible for your financial future? At WFG, our partnership with LPL gives us the tools to help you see all that your future can hold. Watch this short video to learn why we’re proud to partner with LPL and how it strengthens the support we provide you.

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