Dyer & Co Newsletter - September 2025

Meet Caroline Hawkins!

As September draws to a close and we head into fall, it feels like a season of big transitions. The leaves are changing color, the weather is cooling down, and if you've been paying attention, there's a new voice answering the phone at Dyer & Co.

My name is Caroline, and I'm thrilled to introduce myself as the newest team member! I just moved to Charlotte from Atlanta after graduating from Wake Forest (Go Deacs!), and I couldn't be more excited to be here. The transition from college to the "real world" has been quite the adventure; I'm discovering that professional attire requires a lot more ironing than I anticipated, and I've become surprisingly invested in the happenings in The Charlotte Ledger.

I've already had the pleasure of meeting some of you who are reading this, and those conversations have been the highlight of getting settled into my new role. For those I haven't met yet, I'm looking forward to changing that soon. If you're feeling chatty and want to say hello (and probably give me a good scare as I'm still getting used to answering our office phone), feel free to give us a call.

This month's newsletter has some interesting content lined up. From 529 plans and market updates to WDAV and a book recommendation, there should be something for everyone. 

With that, I'll let Gray take it from here. Thank you for the warm welcome to Charlotte, and I look forward to being part of your financial journey.

September Market Update:

The Federal Reserve delivered its first rate cut of 2025 on September 17th, lowering the federal funds rate by 0.25%. Markets had this move baked in, but it still represents a significant shift after months of holding steady due to tariff uncertainty and stubborn inflation.

The S&P 500 has been hitting fresh records, rallying 25% since its April lows. But here's the catch: the median stock within the index is more than 10% below its 52-week high. This narrow breadth suggests the rally is being carried by a small group of winners—mainly the usual suspects in tech.

Despite the job growth here at Dyer & Co, the broader labor market is genuinely puzzling. August saw just 22,000 jobs added, and unemployment rose to 4.3%—the highest since 2021. Annual revisions showed 911,000 fewer jobs than initially reported. Yet initial jobless claims remain low, suggesting we're in a "low-hiring, low-firing" environment rather than a crisis. Meanwhile, consumer prices rose 0.4% in August, creating an interesting dynamic: inflation pressures that might normally pause rate cuts, but labor market weakness that demands them.

And speaking of uncertainty: As I write this on September 30th, Congress is hours away from a midnight shutdown deadline with little sign of progress. If they fail to reach a deal, the Bureau of Labor Statistics would suspend operations—potentially delaying Friday's September jobs report that markets are eagerly awaiting. Talk about dysfunction: concerns about weak employment data are part of what's driving Fed policy, and now a shutdown could prevent us from getting the next employment update.

Here's what's interesting from a market timing perspective—despite all the political theater, markets have barely flinched. This is a reminder that trying to time the market based on Washington drama is usually a fool's errand.

Historical analysis shows that in 20 of 20 cases since 1980 where the Fed cut rates within 2% of S&P 500 all-time highs, the index was higher one year later. But past performance doesn't guarantee future results—especially when there are this many moving pieces.

All of this highlights why a good financial plan beats trying to time the markets. Let us know if you would like to find a time to review your plans.

529 College Savings Plans: Do they Actually Work?

In September 2006 I was a newish financial advisor at Legg Mason and a brand new dad. No kidding, I remember how excited I was when our newborn, Lucy, got her social security number. Did I open a college savings account that very day? I don’t recall. But it was the greenlight we needed to get going saving for her future. Over the years we saved systematically and we saved in chunks as we were able.

A roughly twenty year time horizon is not a guarantee of great success. But the last nineteen years in particular, have been pretty outstanding for the buy-and-hold investor. The 529 playbook says that I should have started to shift the portfolio to be more conservative a few years ago. Well. I forgot. This fact became painfully obvious when the stock market stumbled in April. Luckily, I never got around to tweaking it then either and her college savings account recovered as quickly as it faltered.

For our family, the plan was never to fully fund college with a 529 savings plan. But Lucy’s account is certainly going to do some heavy lifting thanks to its performance over the years. And I couldn’t believe it. It’s actually pretty easy to make qualified withdrawals. Last month when it came time to send that first tuition check, I had this satisfying realization, “Hey these things really work!” 

Have questions about the strategy, tactics, rationale or even the mechanics of paying for college? We’re here to help.

Where I've Found Wisdom: Nothing to Fear by Julie McFadden

I genuinely enjoy estate planning and planned giving. So maybe it’s no surprise that I was drawn to a book about death written by a Hospice nurse. I like the work of sorting out the details of what happens to your stuff when you’re dead. But I haven’t really ever thought too much about the biology, chronology or even some of the great mysteries of death. The book draws some surface-level attention to the types of work Caroline and I do with regards to estate planning. But I was engrossed by the experiences of a nurse who has seen hundreds of people die. 

My takeaway? As baby humans our bodies know how to come into this world. As sick or elderly bodies, they also know how to leave it behind. 

Keeping somebody clean, comfortable and safe in their final days can be a privilege and a service to help them die well. Thinking about death, talking about death and planning for death can help all of us lessen the anxiety, grief and fear. McFadden even relates some experiences that give us a glimpse of what may come next. As the title suggests, death is nothing to fear.

Until Next Time

Give us a Ring!

You can still reach us at 704-323-6872, but here's what's new: when you call, it now rings to both Caroline and me simultaneously. If you don't catch one of us, we'll both receive an email with an audio file of your message, and one of us will get right back to you. It's just one more way we're working to make sure you get the service you need, when you need it.

Financial, Estate and Philanthropic Planning:

Back in August WDAV 89.9 hosted a financial planning discussion featuring Gray. They saved a recording of the conversation here for anyone interested in checking it out. Let us know what you think.

Thank you for reading. If you liked this content, please share with a friend. You can always reach us by replying to this email or at 704-323-6872.