What's Missing from the Growth Puzzle

As we approach the end of spring, many

investors are checking their account balances before they plan out their summer expenses. At a glance, not much looks different from year-end balances, begging the question, "when will we see growth again?" Asset growth is connected to economic growth, which despite low unemployment, low inflation, and low interest rates, is moving forward at a snail's pace. So, what is missing from the "growth puzzle"? The not so obvious missing puzzle piece is Boomer spending.

The Boomers are retiring. Economists estimate that we are about 1/3 into the retirement wave for the generation that made its mark in history as one of the most productive, highest earning, highest spending, and most wealthy generations. Having many Boomer clients, we have great insight into the spending patterns that exist. Today,

we observe Boomers having more willingness to take excess cash and pay down their mortgages or other debts. We observe a trend of significant cost of living reduction