Recently, the number one question I have heard from clients is: what do I think about President Donald Trump? As you know, it has always been my policy to take a neutral stance when it comes to politics, which I will continue to do. That being said, when asked how I think the new president will impact business and the future of markets, I think his Secretary of Labor summarized it best. He said President Trump has three main objectives when it comes to corporate business policy: 1) lessen regulation 2) lower taxes 3) repatriate dollars housed abroad. If all of these things can be accomplished, you could make a strong argument that the economy and markets should do better in the future. My dad always says the markets are driven by two main forces: accommodative money supply and low taxes. It appears that companies may receive some relief in both of these areas, which should bode well for markets overall.

In my last quarterly letter I referenced the Department of Labor's upcoming fiduciary rule slated to take effect April 10, 2017. Please refer back to that letter for more details regarding those proposed changes. These regulations would have affected the retirement accounts of all our clients, and would have changed the way we conduct our business. Last Friday, February 3rd, President Trump signed an executive order which ceased the implementation of the fiduciary rule and required it to be reviewed further for possible rescission in the future. Both Jay and I still believe in the core concept of the rule which is always put the best interest of your client ahead of your own; therefore, we will continue to follow the core fiduciary concept of the regulation despite it not officially being law.