Carlson Capital Management

Integrated Wealth Management

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Articles and Publications

A library of topical publications and articles written by CCM team members specifically for our clients.

What to Focus on During Periods of Volatility

Adam Hoffmann – Carlson Capital Management
Adam Hoffmann, CFP®, AIF®

Chief Investment Officer
507.321.4004
Email Adam

  Being able to apply my deep-rooted curiosity in a way that allows our clients to focus on what they truly enjoy doing the most, rather than having to worry about their financial well-being, is a wonderful thing.  

Professional Biography
Adam Hoffmann is a member of the firm's Management Team and serves as Chief Investment Officer at Carlson Capital Management. In this role, he leads the firm’s investment team in the areas of trading, investment research, portfolio design and technology support for investment applications. Adam oversees analysis and execution of investment strategies for new and existing client portfolios. He consistently communicates the firm’s investment philosophy and approach by writing for firm publications, presenting to new clients, and by participating in client meetings. Adam chairs the CCM investment committee, represents the firm with strategic partnerships in the investment community, and serves as the firm’s liaison to the Zero Alpha Group investment committee. Adam holds the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards and has served as a subject matter expert for the CFP Board, contributing to the development of examination questions for the CFP Certification Examination. He has also served as a presenter at industry events, providing other financial services professionals with continuing education credits in investment topics. In addition, Adam holds the Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies. The AIF designation affirms the highest in fiduciary standards of care for CCM clients.

Adam graduated cum laude with Honors Program distinction from Augsburg College, where he earned a Bachelors of Arts degree in Finance with a minor in Business Administration. While at Augsburg, Adam participated in four years of varsity football and was honored by his teammates by being elected captain for both his junior and senior seasons. He also earned all-MIAC and pre-season All-American honors.

Adam is a former member of the board of directors for the Just Food Community Co-op and past trustee for the First United Church of Christ Northfield. He and his wife Rachel grew up in Hastings, Minnesota and now live in Northfield with their two daughters.

Personal Thoughts
A strong sense of curiosity is a cornerstone to who I am and how I live my life. As a kid I used to be fascinated by how things work or why things happen the way they do. I often would take things apart to see what was happening ‘inside,’ frequently with limited success at being able to put them back together. Little has changed since then with regard to my curiosity, but fortunately my success rate of being able to put the pieces back together has greatly improved. I have always been driven by this desire to solve problems and learn more about the world around me.

There is a natural connection between this curiosity and managing portfolios. The investment world today is one of relentless change and evolution. With advances in technology, there is an endless stream of news available at our fingertips that constantly impacts asset prices, shapes investor behavior, and provides an unlimited supply of data and information to digest.

It is our job at CCM to absorb this information and provide guidance and knowledge back to our clients about what it all means and how it may it impact the world we know. The most important role we play in our clients’ financial lives is not only to understand the big picture – that is the Market and the global economic system – but to be able to translate how events and changes around the globe impact each individual client and their personal financial plan.

Being able to apply my deep-rooted curiosity in a way that allows our clients to focus on what they truly enjoy doing the most, rather than having to worry about their financial well-being, is a wonderful thing.

Adam and other members of the CCM Investment Team regularly post articles of interest including investment insights, recommended reading on timely topics, and articles on portfolio management which you can find here.

Adam Hoffmann
Adam Hoffmann, CFP®, AIF®
Chief Investment Officer

Over the past week, the banking sector has experienced one of the most sudden and tumultuous downturns since the global financial crisis of 2008–2009. Recently, the most substantial events were related to the failure of Silvergate Bank on March 8, Silicon Valley Bank on March 10, and Signature Bank on March 12. The Scale of Impact   Although they may not be household names for most retail banking customers, Silicon Valley Bank and Signature Bank are the second and third largest bank ... [Continue Reading]

Published March 16, 2023 Topics: Discipline, Financial Planning, Market Conditions, Market Volatility, Portfolio Management

SECURE Act 2.0 Signed Into Law

Kevin Koski – Carlson Capital Management
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
Email Kevin

Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a commonly-held affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023 into law, which included the much-anticipated SECURE Act 2.0 to supplement the original SECURE Act passed in 2019. Below are some key highlights of the newly passed legislation,1  which we feel may be most beneficial to our clients and spur additional conversation about your financial planning strategies. Required Minimum Distribution (RMD) Changes Catch-up Contribution Enhancements and Changes ... [Continue Reading]

Published January 20, 2023 Topics: Financial Planning, Tax Planning

Financial Conversations With the Next Generation

Jason Kley – Carlson Capital Management
Jason Kley, CFP®, AIF®, MBA

Senior Integrated Wealth Advisor, Director of Operational Excellence
952.230.6705
Email Jason

  We are privileged to walk alongside our clients to help them achieve their financial goals and objectives.  

Professional Biography
Jason Kley is a Senior Integrated Wealth Advisor and the Director of Operational Excellence at Carlson Capital Management. As a Senior Advisor, Jason partners with clients and their families providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate, philanthropic and educational planning and all other aspects of general financial planning and client care. In this role, Jason also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis. In addition, Jason is a member of the firm's investment committee, helping to advise on investment practices and strategies. Jason also serves as the Director of Operational Excellence, driving operational consistency in and across advice teams to help ensure proper application of fiduciary standards and risk controls and a high standard for the client experience within the firm.

Jason holds a Bachelor of Arts degree in Math and Computer Science from the University of St. Thomas where he graduated magna cum laude in 1998. He went on to earn an MBA with an emphasis in Finance and Strategy from Washington University in St. Louis. As a graduate student Jason was recognized for his strong leadership in being named a Leadership Fellow and Dean’s Special Service award recipient. Jason holds the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards, as well as an Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies.  The AIF designation affirms the highest in fiduciary standards of care for CCM clients.

Before joining the CCM team, Jason worked for a Minneapolis wealth management firm where he served as a financial advisor, investment committee member, and 401k plan specialist. Prior to that, Jason worked for Thrivent Financial and Union Pacific, serving in business analyst and strategic operational roles.

Jason serves on the Minnesota Jump$tart Board, which is an organization focused on advancing financial literacy for youth. He is also a member of the Children's Minnesota Foundation Legacy Advisors. In addition, Jason volunteers his time through the Financial Matters program of BestPrep, speaking to high school and college students about financial principles, Angel Foundation, and Urban Ventures. Jason previously served on the Financial Planning Association of Minnesota Board and was President of the organization in 2018. He is a past member of the Minneapolis Regional Chamber of Commerce DRIVE Emerging Leaders Board, BestPrep’s Minnesota Business Venture Advisory Committee, and the City of St. Louis Park Police Advisory Commission. Jason was awarded the BestPrep Volunteer of the Year in 2016 and named the Minneapolis Chamber of Commerce Emerging Leader of the Year in 2009. He has been featured in various publications including Minnesota Business, the Minneapolis-St. Paul Business Journal, and the Minneapolis Star Tribune.

Outside of work, Jason enjoys spending time with family, outdoor activities, and traveling. Jason, his wife Sheila, and their two sons reside in Eden Prairie, Minnesota.

Personal Thoughts
With each passing year, I find that I am placing an increased emphasis on being focused. On the surface, having focus seems to run counter to the priority our society places on multi-tasking. In reality, the more focus one has—the more efficient they really are. When I’m able to focus on a conversation, I can understand more clearly and develop relationships through more attentive listening. When I am truly engaged with someone, it means putting down my mobile device, listening, and asking questions. If I’m focused on a project, I’m more effective, I’m learning more and am producing better outcomes. As I am playing with my children, I’m focused on inspiring their creativity and teaching them life lessons. Nothing else matters at that moment in time. Focus allows me to prioritize the things that are important in life, and allows me to drown out the noise that I cannot control. Focusing on things that are important forces me to move beyond the things that are not.

I enjoy working with our clients at CCM and I appreciate the opportunity to focus on what I can do to help them meet their goals, and allow them to focus on what matters most to them.

Jason and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Jason Kley
Jason Kley, CFP®, AIF®, MBA
Senior Integrated Wealth Advisor, Director of Operational Excellence

One of the first questions I ask people who are seeking financial advice is, “What are your first money memories?” I ask this because the childhood years are formative when it comes to making money decisions as an adult. In my experience, I have found that people either approach money decisions very similarly or, in contrast, very differently from that of their upbringing; there usually is not a middle ground. As we enter a new year, I encourage you to make a goal of delving further into ... [Continue Reading]

Published January 20, 2023 Topics: Financial Planning

Records and Resets

Adam Hoffmann – Carlson Capital Management
Adam Hoffmann, CFP®, AIF®

Chief Investment Officer
507.321.4004
Email Adam

  Being able to apply my deep-rooted curiosity in a way that allows our clients to focus on what they truly enjoy doing the most, rather than having to worry about their financial well-being, is a wonderful thing.  

Professional Biography
Adam Hoffmann is a member of the firm's Management Team and serves as Chief Investment Officer at Carlson Capital Management. In this role, he leads the firm’s investment team in the areas of trading, investment research, portfolio design and technology support for investment applications. Adam oversees analysis and execution of investment strategies for new and existing client portfolios. He consistently communicates the firm’s investment philosophy and approach by writing for firm publications, presenting to new clients, and by participating in client meetings. Adam chairs the CCM investment committee, represents the firm with strategic partnerships in the investment community, and serves as the firm’s liaison to the Zero Alpha Group investment committee. Adam holds the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards and has served as a subject matter expert for the CFP Board, contributing to the development of examination questions for the CFP Certification Examination. He has also served as a presenter at industry events, providing other financial services professionals with continuing education credits in investment topics. In addition, Adam holds the Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies. The AIF designation affirms the highest in fiduciary standards of care for CCM clients.

Adam graduated cum laude with Honors Program distinction from Augsburg College, where he earned a Bachelors of Arts degree in Finance with a minor in Business Administration. While at Augsburg, Adam participated in four years of varsity football and was honored by his teammates by being elected captain for both his junior and senior seasons. He also earned all-MIAC and pre-season All-American honors.

Adam is a former member of the board of directors for the Just Food Community Co-op and past trustee for the First United Church of Christ Northfield. He and his wife Rachel grew up in Hastings, Minnesota and now live in Northfield with their two daughters.

Personal Thoughts
A strong sense of curiosity is a cornerstone to who I am and how I live my life. As a kid I used to be fascinated by how things work or why things happen the way they do. I often would take things apart to see what was happening ‘inside,’ frequently with limited success at being able to put them back together. Little has changed since then with regard to my curiosity, but fortunately my success rate of being able to put the pieces back together has greatly improved. I have always been driven by this desire to solve problems and learn more about the world around me.

There is a natural connection between this curiosity and managing portfolios. The investment world today is one of relentless change and evolution. With advances in technology, there is an endless stream of news available at our fingertips that constantly impacts asset prices, shapes investor behavior, and provides an unlimited supply of data and information to digest.

It is our job at CCM to absorb this information and provide guidance and knowledge back to our clients about what it all means and how it may it impact the world we know. The most important role we play in our clients’ financial lives is not only to understand the big picture – that is the Market and the global economic system – but to be able to translate how events and changes around the globe impact each individual client and their personal financial plan.

Being able to apply my deep-rooted curiosity in a way that allows our clients to focus on what they truly enjoy doing the most, rather than having to worry about their financial well-being, is a wonderful thing.

Adam and other members of the CCM Investment Team regularly post articles of interest including investment insights, recommended reading on timely topics, and articles on portfolio management which you can find here.

Adam Hoffmann
Adam Hoffmann, CFP®, AIF®
Chief Investment Officer

"This too shall pass.” As I’ve aged, this is one of the most important mantras that I carry with me. The origin of this phrase stems back to early Persia, but versions have appeared in many cultures in a variety of forms including songs, poems, speeches, and a screen-printed t-shirt or two. For me, this phrase is an important and constant reminder that neither the bad nor good will last forever. In my early days as a parent, in those first months and years of seemingly constant change, this ... [Continue Reading]

Published January 20, 2023 Topics: Investment Insight, Market Volatility, Portfolio Management

Money and Independence

Callie Geist – Carlson Capital Management
Callie Geist, CFP®, J.D., MBA

Senior Integrated Wealth Advisor
952.230.6706
Email Callie

  Working with our clients' finances is very personal, and for them to allow us into that space is a real privilege.  

Professional Biography
Callie Geist is a Senior Integrated Wealth Advisor at Carlson Capital Management. In this role, Callie partners with clients and their families, providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate and educational planning and all other aspects of general financial planning and client care. Callie also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis.

Callie holds a Bachelor of Arts degree in Organizational Communication from Creighton University where she graduated cum laude. She went on to earn a Juris Doctor from the Creighton University School of Law, and is a member of Phi Delta Phi, an international legal fraternity. In addition, Callie holds an MBA from Kaplan University, and the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards.

Callie joined CCM after serving as a Tax Staff Accountant at a South Dakota company. As a law student and undergraduate, Callie clerked with the Kellogg & Palzer firm in Omaha, Nebraska, and worked in human capital with the SilverStone Company. Callie grew up in Northwest Iowa, and now telecommutes from Sioux Falls where she resides with her husband, Aaron. She is a fan of Minnesota sports teams, enjoys cooking and spending time with her family, friends and her faithful dogs, Brin and Charlotte.

Personal Thoughts
My interest in financial planning began when I was sixteen years old and working at one of my very first jobs. This job was in a wonderful gift shop with a small café in my hometown of Storm Lake, Iowa. I enjoyed every aspect of this job: unpacking merchandise, wrapping gifts, prepping food in the kitchen, waiting on tables, etc. However, my favorite part of the job was getting to know the customers and helping them find exactly what they were looking for. One such customer was Don, a businessperson in his 60s who was a regular patron of the café. He would come in almost daily at the end of every lunch service. I loved sitting at the table with him and chatting.

During one of our conversations, he shared with me his number one financial recommendation: open a Roth IRA and save 10% of your income into that account. Don’t worry about the dollar amount you’re contributing, he said, but focus on creating the habit. We talked about the impact that this could have on my finances long-term. So I went to the local bank where an incredibly kind woman, Julie, took the time to walk me through opening this account and answer all of my questions. Every two weeks when I was paid, I would go the bank to cash my check and contribute 10% into my Roth IRA. While the dollar amount was small, I felt empowered about making smart financial decisions. I knew that I was doing the best I could with what I had at the time.

In my role as an advisor, I love building strong relationships with my clients and learning about the people and things that matter most to them, the goals and dreams they have, and the things that keep them up at night. Just as Don and Julie helped educate and encourage me many years ago, my goal as an advisor is to walk alongside my clients as they navigate the financial obstacles and opportunities in life, so that they can feel empowered and energized in knowing they are doing the best they can with what they have.

Callie and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Callie Geist
Callie Geist, CFP®, J.D., MBA
Senior Integrated Wealth Advisor

I hope you’ve had the opportunity to view our virtual conversation with author and behavioral finance expert Morgan Housel. If you haven’t, I invite you to experience it here. In his book, The Psychology of Money, Housel explores financial lessons in a collection of 18 short stories to highlight the many ways people think about money. The variety of topics addressed nearly guarantees there will be at least one lesson that resonates with or provokes additional thought with each reader. For me, ... [Continue Reading]

Published December 8, 2022 Topics: CCM Women's Initiative, Financial Planning

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