Scott Bishop, CPA/PFS, CFP®

What a great evening with clients, friends and colleagues at Presidio Wealth Partners’ “Beyond the Ballot: Public & Private Market Outlook into Year-End and 2027.” We were fortunate to have @Stephanie_Link, Chief Investment Strategist, Head of Investment Solutions and Equity Portfolio Manager at @HightowerAdvsor, and Robert Picard, Managing Director and Head of Alternative Investments at Hightower Advisors, join Daniel Garza and me for a timely conversation about where investors may find opportunities, and risks, across both the public and private markets. We covered a lot of ground, including portfolio positioning, the market and economic outlook, opportunities in private markets, and how the changing political landscape following the 2026 midterm elections could influence markets and investors as we look toward 2027. One of my biggest takeaways: successful investing is rarely about reacting to a single election, headline or market move. It is about understanding what is changing, separating signal from noise, and positioning portfolios for the opportunities and risks ahead. A special thank you to Stephanie and Robert for sharing their insights, to Daniel for helping lead the discussion, and most importantly, to everyone who joined us and contributed to such a thoughtful conversation. At Presidio, these are exactly the types of conversations we want to continue having with our clients and community.

I was pleased to be quoted by journalist Suzanne Woolley (@WealthWatch) in @Bloomberg for her recent piece on how retirees can create their own “retirement paycheck.” One of the biggest transitions in retirement isn’t just going from working to not working. It’s going from receiving a regular paycheck to suddenly having to create one yourself. As I shared in the article: “The best retirement paycheck is not necessarily the investment with the highest yield. It’s a coordinated stream from Social Security, pensions, portfolio income, withdrawals and, where appropriate, an annuity.” I think that distinction is important. Retirement income planning shouldn’t necessarily be about chasing the highest dividend or yield. It’s about coordinating the different pieces of your financial life so you have the cash flow you need, the flexibility to adapt, and a plan for periods when markets don’t cooperate. bloomberg.com/explainers/mak…

I was glad to contribute to @DanielLiberto's latest article for @Investopedia looking at the Federal Reserve’s new data on median net worth by age—and, more importantly, what people can actually do to improve their financial position. One point I emphasized: building wealth isn’t about swinging for the fences. Taking more investment risk doesn’t guarantee more wealth, and taking risks you can’t afford can set you back years. The fundamentals still matter: create positive cash flow, maintain adequate reserves, manage high-interest debt, save consistently, take advantage of tax-advantaged accounts, invest appropriately for your goals, and protect what you’ve built. And while comparing your net worth to others your age can provide some perspective, financial planning isn’t a competition with your neighbor. The better benchmark is whether your net worth, savings rate and financial plan are moving you toward your own goals. investopedia.com/how-does-yo…

Retirement income planning is not a yield-chasing game. I was pleased to write this piece for @rethinking65 on a topic I spend a lot of time discussing with clients approaching or living in retirement. Too often, the retirement-income conversation starts with, “What investment should we buy to generate income?” I think it should start somewhere else: How much income do you actually need, where should it come from, and what return does your financial plan require to make it work? From there, the conversation becomes much broader than yield. It includes taxes, inflation, sequence-of-returns risk, liquidity, Social Security, portfolio growth and longevity. One point I make in the article that I think is particularly important: being too conservative in retirement can create its own risk. At 3% inflation, a lifestyle that costs $10,000 per month today costs more than $24,000 per month 30 years from now. Retirees still need growth. I also discuss our approach to bucketing, creating a “retirement paycheck,” tax-efficient withdrawals and what I call Planning for Retirement the R.I.T.E. Way® — Retirement Income Taxed Efficiently. rethinking65.com/retirement-…

Thank you to journalist @TraceyFAMag @Tracey for including several of my thoughts in her latest article for @FAMagazine “Dems Want To Undo Trump’s Tax Cuts. Which Clients Have The Most To Lose?” My overriding thought is that even if Democrats have a very strong midterm election, President Trump’s veto pen will remain the biggest impediment to reversing the tax provisions in the One Big Beautiful Bill Act during the next two years. Winning the House and Senate is not the same as having the two-thirds majorities needed to override a presidential veto. For investors and business owners, the practical approach is to use today’s tax provisions when they already make sound economic and planning sense—not manufacture transactions merely out of fear that Congress could eventually change the law. fa-mag.com/news/dems-want-to…

I was glad to contribute to Janna Herron’s recent @barronsonline article on how Monte Carlo analysis should — and should not — be used in retirement planning. One of my biggest takeaways: a Monte Carlo score is not a grade. Too often, people focus on whether their retirement plan shows an 85%, 90% or 95% probability of success. I think the more useful question is: what happens when we compare different “what-if” scenarios? What if you retire two years later? Spend a little more? Spend a little less? Delay Social Security? Change the portfolio? Help family sooner? Travel more in the first 10 years of retirement? Monte Carlo can be extremely valuable because it helps us compare those choices across thousands of possible market environments. The goal is not necessarily to get to 100%. In fact, a very high score can sometimes mean you are being too conservative and may not be spending enough to fully enjoy the life you worked so hard to fund. Retirement planning should be about balancing confidence, flexibility and quality of life — not simply maximizing a software-generated percentage. barrons.com/articles/monte-c…

Student-loan problems rarely remain isolated—they can affect credit, cash flow, retirement savings and the broader family financial plan. The key is to address the issue early and understand the available options before delinquency becomes a much larger financial problem. I appreciated the opportunity to share my perspective with journalist Danielle Walker for this timely article in @barronsadvisor barrons.com/advisor/articles…

To all of my Jewish connections…

An inheritance can be part of your retirement plan—but it should not be the plan itself. I was pleased to share my thoughts with journalist Jessica Hall for her new @MarketWatch article, “Expecting an inheritance? Don’t count on it.” When considering a potential inheritance, the amount is only part of the equation. The timing, taxes and type of assets matter too: Is the money coming from a traditional IRA, Roth IRA, taxable account or trust? If it is held in trust, what access or restrictions will the beneficiary have? If an inheritance is necessary for someone’s retirement plan to work, I generally believe they should “plan for less and hope for more.” Parents may live longer, incur significant healthcare or long-term-care expenses, give more to charity or simply change their plans. The “Great Wealth Transfer” may be real in the aggregate, but it is not a personal guarantee—and no one should stop saving because they expect to inherit. Families do not necessarily need to discuss exact dollar amounts, but some guidance about the likely range, timing and restrictions can be extremely helpful—especially when the inheritance is substantial, important to an heir’s retirement, divided unequally among siblings or includes a significant charitable component. marketwatch.com/story/why-yo…

Watched “Saturday Night Fever” for the first time…in like forever. As a Financial Planner, I loved this exchange (didn’t remember it). Dan Fusco (Tony’s boss) tells him he should save a little and build a future. Tony snaps: “Oh, fuck the future!” Fusco comes back with: “No, Tony! You can’t fuck the future. The future fucks you. It catches up with you and it fucks you if you ain’t planned for it.” Tony’s reply: “Look, tonight is the future, and I am planning for it. There’s this shirt I gotta buy…”

The “Great Wealth Transfer” may reshape many families’ financial futures—but an expected inheritance should be part of a financial plan, not the plan itself. I was pleased to share my thoughts with journalist @KateAshford for this @NerdWallet article. Families should discuss a potentially meaningful inheritance before it arrives, including its approximate size, timing, tax consequences and any trust restrictions. Those conversations become even more important when distributions may be unequal, significant assets are going to charity or the inheritance is essential to someone’s retirement plans. For recipients, an inheritance often arrives during a period of grief, when rushed decisions can lead to lasting mistakes. Before spending or investing, understand exactly what you inherited, consult the appropriate tax and financial professionals, and consider how the assets can support your long-term priorities. As I shared in the article: “Big checks invite big mistakes. It’s important to slow down, have a plan and then execute.” nerdwallet.com/finance/learn…

Portfolio construction should begin with a client’s goals—not simply a collection of asset classes. I was pleased to share my perspective with journalist Griffin Kelly in @TheDailyUpside's Advisor Upside. As I noted in the article, asset allocation remains important, but it is the means—not the objective. The real objective is to build a portfolio designed to produce the income, growth, tax efficiency, liquidity, and risk profile the client’s financial plan actually requires. That process starts with defining the client’s goals, time horizon, liquidity needs, tax situation, and required “hurdle rate.” From there, we can stress-test the plan and structure assets around different purposes—from stability and near-term needs to long-term growth and aspirational goals. Private-market investments and other alternatives may also provide valuable diversification, but they should be selected because of the role they serve—not simply because they are the latest investment trend. thedailyupside.com/advisor/i…

A 401(k)-to-IRA rollover can look straightforward on the surface, but the planning details can have a significant impact. I appreciated the opportunity to share my perspective with Senior Editor @Think_MelanieW of @ThinkAdvisor for her article, “What the CFP Board’s New IRA Rollover Guide Left Out.” The @CFPBoard new rollover guide is a helpful starting point, but advisors and investors also need to consider several important tax and planning issues before making the decision, including: • The Rule of 55 and whether rolling to an IRA could eliminate earlier penalty-free access to retirement funds • Net Unrealized Appreciation (NUA) opportunities when highly appreciated company stock is held inside a 401(k) • Whether after-tax 401(k) contributions create opportunities for Roth planning • The additional investment flexibility available in an IRA, including alternative investments, and the potential tax complications such as UBIT that can come with them The larger point is that a rollover shouldn’t simply be viewed as an administrative decision about where to hold retirement assets. It should be evaluated as part of the client’s broader tax, investment, retirement-income and estate-planning strategy. The article also includes a link to the CFP Board’s new IRA rollover guide, so readers can review both the guide itself and some of the additional planning considerations discussed in the piece. thinkadvisor.com/2026/08/31/…

Bond investors have enjoyed a relatively calm ride for much of the past two decades, but today's market environment is reminding us that not all bonds carry the same risks. I was recently quoted by journalist Morey Stettner in @MarketWatch's article,"Should bond investors worry with Warsh running the Fed?" discussing the intersection of Federal Reserve policy, inflation expectations, and bond market volatility. My view: investors should be aware, not worried. While leadership changes at the Federal Reserve matter, economic fundamentals ultimately drive long-term outcomes. The bigger risk is not who occupies the Fed chair, but whether markets lose confidence in the Fed's commitment to price stability. As I noted, political pressure aimed at lowering rates could have the opposite effect if investors begin demanding higher yields to compensate for future inflation risks. I also believe investors need to be more thoughtful about duration risk. Not every bond provides the same level of portfolio ballast, particularly in an environment of elevated deficits, higher debt levels, and inflation uncertainty. Short- and intermediate-term fixed income continue to play an important role in providing income, liquidity, and diversification. marketwatch.com/story/should…

Retirement planning is about more than asking, “Do I have enough?” It is also about making sure every account has a clearly defined purpose. I was pleased to contribute to a recent @MarketWatch article by retirement reporter @Malito_Ali about a 56-year-old preparing to retire within five years while considering several possible lifestyles and locations. My recommendation is to start by putting your entire financial picture on one page: what you own, where it is held, how it is invested, how it is taxed, and what role each account should play. The key is to organize assets by purpose—not merely by financial institution: • Near-term spending and liquidity • Intermediate-term retirement income • Long-term growth • Taxable, tax-deferred and tax-free resources • Legacy and charitable goals Consolidating accounts can sometimes make a retirement plan easier to manage, but simplification should not come at the expense of valuable investment options, low fees, tax diversification or other plan benefits. As retirement approaches, the focus shifts from accumulating assets to creating a coordinated distribution strategy. When each account has a job, it becomes much easier to manage withdrawals, taxes, market volatility, and the risk of encountering a downturn early in retirement. marketwatch.com/story/im-56-…