As the conflict between Russia and Ukraine unfolds and the global response to Russia’s actions accelerates, Pathstone continues to closely monitor events. While our mission as a firm is to responsibly steward client assets, as individuals our thoughts are with those most directly impacted by the war and unfolding humanitarian crisis.

In this note, we reiterate Pathstone’s investment position and summarize our operational response to current events, including internal relief efforts. We also highlight an opportunity for clients to engage further in dialogue on these issues.

Today’s invasion of Ukraine directed by Russian President Vladimir Putin is being felt in financial markets around the world, triggering heightened volatility in equities and commodities.  While the direct economic impact of a war between Russia and Ukraine should be minimal given their relative size in the global economy, the potential ripple effects are significant. Key concerns center on further Russian expansion, China’s stance on Taiwan, as well as the potential for North Korea or Iran to use the distraction to their advantage. Financial markets don’t like uncertainty and that speaks to why we experienced market volatility today.

Generational wealth provides an excellent opportunity for you and your family to build a long-lasting legacy and find happiness and fulfillment. Proper preparation and communication are essential steps in transferring wealth successfully over multiple generations. Hearing others’ stories may empower you and your family to design a life that is both fulfilling and impactful. Pathstone and FuturePath are creating a series of fireside chats that provide real examples about generational wealth and succession planning to help you feel more comfortable getting the conversation started. In this fireside chat, Steve Braverman compares the passing of wealth to a relay race. The main goal is to be at the “TOP” of the podium when you finish the race. We will discuss with Steve how he discovered he was in the race, how his father passed the baton, and how he plans to pass the baton to his daughters. Below are a few of the key observations from our conversations.