Included in this edition:

• Masters Week: A Tradition Unlike Any Other
• First Quarter Market Recap: The Invisible Fence
• Trump Accounts Launch July 4th: What You Should Know
• Team Member Spotlight: Gray Howle
• Financial Planning FAQ: Medicare/IRMAA & 2026 Cheat Sheet
• Spring Recipe: Masters-style Pimento Cheese

Source: The Augusta Chronicle

Each spring, the eyes of the golf world turn to Augusta National Golf Club for The Masters Tournament, a tradition defined by discipline, patience, and an appreciation for the long game. Since its founding in 1934, the Masters has produced some of the most memorable moments in sports, not because of perfection, but because of how players respond to pressure, setbacks, and opportunity.

In many ways, financial markets operate the same way.

This spring, investors are navigating a landscape shaped by shifting interest rates, geopolitical uncertainty, and continued concentration beneath the surface of the indices. Like Augusta, where conditions can change quickly and dramatically, markets can test even the most seasoned participants. A single round, or even a single hole, rarely determines the outcome. It is the ability to stay disciplined through changing conditions that ultimately defines success.

History reinforces this point. Just as champions at Augusta are not crowned on Thursday, long-term investment success is not determined in moments of volatility. It is built over time through consistency, thoughtful decision making, and a commitment to a well-defined strategy.

The spring season also serves as a natural reset. It is a time of renewal, perspective, and preparation for what lies ahead. In that spirit, we continue to focus on positioning portfolios with intention, balancing opportunity with risk, and helping you stay aligned with your long-term goals.

As always, we appreciate the trust you place in our team and look forward to navigating the season ahead together.

The Crescent Wealth Management Team

Anthony, Emory, Kent, Kathy, Barbi, and Gray

Masters Trivia

(Answer revealed at the bottom of the page)

First Quarter Market Recap with Emory Hendrix

An "Invisible Fence" Market

Markets continue to absorb a steady stream of crosscurrents. The unwind of the AI trade, particularly across SaaS, software, and the “Mag 7”, has pressured leadership, while geopolitical tensions in Iran, a renewed uptick in inflation (largely energy-driven), and approaching midterm elections all contribute to elevated uncertainty. Recent data also highlights narrowing breadth, increased dispersion beneath the surface, and a cooling of momentum after an extended run.

And yet, the market indices themselves refuses to break.

From the late-February all-time highs to recent lows, the S&P 500 has traded within a contained ~9.5% range, effectively forming an “invisible fence.” Various indicators show participation weakening and volatility rising, but not to levels typically associated with deeper drawdowns. In other words, internal damage has occurred, even as the surface remains intact.

Importantly, the magnitude of losses remains manageable. The S&P 500 is currently ~6% below its peak and roughly -3.5% year-to-date. History suggests that pullbacks of this size (especially within ongoing uptrends) are not uncommon and are often recoverable.

For investors, the message is clear: despite unsettling headlines and weakening internals, the market’s range-bound resilience continues to reward patience and discipline.

Emory G. Hendrix, Jr., AAMS®, CEPA® 

Managing Director / Crescent Wealth Management

Trump Accounts: What You Should Know

Trump accounts are officially launching on July 4, 2026. Here's what you need to know:

Who is eligible?

All U.S. children under 18 with a valid Social Security Number are eligible to establish a Trump Account. Parents or legal guardians can open and manage accounts on behalf of their children. In addition, every American child born between January 1, 2025 and December 31, 2028 will receive $1,000.

How much can be contributed?

Families, friends and employers can contribute up to $5,000 per year per child.

What will the money be invested in?

Funds will be invested in a diversified portfolio of low-cost index funds designed to maximize long-term growth while minimizing risk.

When can funds be used?

Funds can be accessed without penalty when the child turns 18 for qualified expenses like education, a first home purchase, or starting a business. Withdrawals may be subject to restrictions and would be taxed at ordinary income rates.

How do I open an account?

You can elect to open Trump Accounts for your eligible children by submitting IRS Form 4547 when you file your 2025 takes or by filling out the online form on TrumpAccounts.gov.

Team Member Spotlight: Gray Howle

We are excited to introduce Gray Howle as the newest member of the Crescent Wealth Management team!

Gray is fully licensed as an advisor and has officially joined us as an associate. He’ll be working closely with our advisory team, supporting client relationships, financial planning, and portfolio management as we continue to grow and enhance the experience we provide to our clients.

Gray is a graduate of The Citadel, where he earned a degree in Business Administration and Finance. After college, he co-founded Sentinel Spark, a marketing agency focused on digital advertising for service-based businesses and clinical trial organizations. That entrepreneurial background gives him a strong foundation in business strategy, communication, and client service, skills that translate well into our work with clients.

Originally from Greenville, Gray enjoys fishing, hiking, and spending time outdoors. He’s also a loyal Denver Broncos and Clemson Tigers fan and values time with family and friends.

We’re excited to have Gray on the team and are confident his character, work ethic, and experience will be a real asset to our clients. Please join us in welcoming him to Crescent Wealth Management.

Gray@CrescentWM.com | 864.900.4607

IRMAA: The Medicare Cost Many Don't See Coming

One of the most overlooked costs in retirement isn’t market related. It’s Medicare.

More specifically, it’s something called IRMAA. That stands for Income-Related Monthly Adjustment Amount, and it’s an additional cost layered onto Medicare Part B and Part D for higher-income individuals.

Most people assume Medicare is a fixed expense. In reality, it can vary more than expected depending on your income.

Click on the link below to learn more about IRMAA or reach out to our team if you'd like to discuss further.

Your 2026 Planning Cheat Sheet

We’ve pulled together many of the key contribution limits, income thresholds, and Medicare and IRMAA figures in one place to give you a clear, at-a-glance resource for the year ahead. From retirement plan contributions to Social Security and healthcare costs, these are the numbers that can have a meaningful impact on your planning decisions.

If you would like a clean, easy-to-read version for your desk or home office, just let us know. We would be happy to mail you a printed copy.

Recipe: Masters-Style Pimento Cheese Sandwich

A Quintessential Taste of Augusta

In honor of Masters week, we’re featuring a true classic: the iconic pimento cheese sandwich. Simple, timeless, and unmistakably Southern, it’s a staple at The Masters Tournament and a tradition that never goes out of style.

Whether you’re watching the tournament or just looking for something easy and delicious, this recipe is a perfect way to bring a little taste of Augusta into your home.

Hope you enjoy!

Barbi

Speak with an advisor:

Would you like to schedule a time to speak with a Crescent Wealth Management advisor? Click on the link below and follow the instructions to schedule a meeting.

Our Team

Trivia Answer:

A) Horton Smith

Crescent Wealth Management | 864.464.9626 | crescentwm.com

Advisory services provided by NewEdge Advisors, LLC doing business as Crescent Wealth Management, as a registered investment advisor. Securities offered through NewEdge Securities, LLC., Member FINRA/SIPC. NewEdge Advisors, LLC and NewEdge Securities, LLC. are wholly owned subsidiaries of NewEdge Capital Group, LLC.



The information presented here is available for historical and archival purposes only and does not necessarily represent the current market environment. Due to volatility within the markets mentioned, opinions are subject to change and the information presented here should not be used to make investment decisions. Past performance cannot guarantee future results. The views expressed are not the opinion of NewEdge Securities, LLC., and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein.



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