Barb’s BitIn the fall of each year, I ask myself these questions: “How can the Resonate team and I add more value for our clients and their families? How can we provide greater service?”

I hope you will be as excited about the answers for 2019 as I am!

Resonate will start the year by moving our office around February 1st, 2019. We will be sharing space with TouchPoint® Wealth Partners - a sister Valmark member office. TouchPoint® Wealth Partners has an experienced team of four competent, caring financial advisors. Throughout the year, I will introduce you to Sonya Saskin, Paige Kock, Marcus Saskin and Mitch West. Because of our Valmark connection, we can work closely to serve and support each of you at the highest possible level. By sharing space, and ideas, we will be able to combine our strengths.

Our new address will be 4605 E. Galbraith Rd. Suite 200, Cincinnati, OH 45236. (That’s very near the Kenwood mall and next door to Jewish Hospital.) Our phone number and emails will remain the same.

Of course, the entire Resonate team with whom you are familiar will still be available to care for you and your families.

In addition to expanding our team of financial advisors, we will also share the skills of a Chartered FinancialAnalyst (CFA). As the U.S. and global monetary policies,economies and stock markets become both more interconnected and increasingly complex, I am thrilled to add a teammate with extensive training in portfolioconstruction, economics, quantitative methods, equity, fixed income derivative and alternative investments to guide us in making sound financial and investment decisions.

Please join us for a celebratory Open House on March 21st, 2019 from 11:00 AM to 2:00 PM and from 5:00 PM to 8:00 PM! More details to follow.

I look forward to seeing you in the new space and introducing you to our colleagues and suite-mates!

1st Quarter 2019

Large cap growth stocks and small cap stocks have been on two different tracks in 2017. Despite nearly identical returns over the last 5 years of 15.94% and 15.72% annualized, large cap growth stocks are up 13.6% in 2017 compared to -0.30% for small caps.

As we have discussed in previous commentaries, U.S. stocks entered 2017 with relatively high valuations. The TOPS® Portfolio Management Team monitors valuations monthly; we then rank those valuations looking at the monthly values over the last 20 years. Coming into 2017, large cap growth stocks

In his June 30 letter, Knight Kiplinger shares his expectations for the second half of 2017 as well as 2018. He believes Gross Domestic Product (GDP) growth will continue to be lukewarm, wrapping up the year with 2.1% growth. Consumer spending will continue to power the economy, while the unemployment rate remains low and the majority of families

have their finances in good shape. With rising home and stock prices will come higher spending and more credit card usage. Automobile, retail, and restaurants are among the industries that will take a hit, as Kiplinger expects a decline in car sales and a slowing demand for brick-and-mortar stores. High-tech and health care organizations will struggle to find enough workers, predicts Kiplinger. Don’t expect to see a rise in government spending as legislators experience weak growth in tax collections.

Low oil prices could threaten the growth of drilling activity. Exports, manufacturing (not including automotive and energy sectors) and home building will be “bright spots” for the economy. Kiplinger’s “wild card” is the direction of interest rates. While the Fed wants to continue to increase short-term rates this year and next, yields on long-term bonds recently declined. Bond investors believe that inflation will remain low. There is no cause for concern unless yields continue to sink further.(1)

For a global outlook, Europe’s economy is projected to have positive GDP growth momentum going into 2018. The past six quarters of GDP growth have been the strongest since the Great Recession for countries that use the euro.

(1)Source: Kiplinger, Knight. “The Kiplinger Letter.” The Kiplinger Washington

Editors. 30 June 2017.

Barb’s Bit

Economic Update ranked in the 75th percentile and small cap stocks were in the 92nd percentile.

When looking at expected returns for stocks, higher valua-tions would typically reduce the expected returns of an asset. A higher current price means less opportunity for return simply from rising valuations. We highlighted this concern with small cap stocks coming into 2017 and followed up with a reduction in exposure to small cap stocks early in 2017.

If high valuations coming into the year hindered small cap stocks, many investors may be wondering why large growth stocks have performed so strongly. Performance for large growth stocks has been driven primarily by the FAANG (Facebook, Apple, Amazon, Netflix and Google) stocks. The FAANG stocks now make up over 10% of the market cap of the S&P 500 and nearly 20% of the S&P Large Cap Growth index. With such a high concentration in the indexes, strong recent results of the FAANG stocks has been a big driver of returns for the large growth index

Touch The

3rd Quarter 2017

1 Source: Cohn, D’Vera, and Paul Taylor. “Baby Boomers Approach 65 – Glumly.” Pew Research Center’s Social & Demographic Trends Project. 20 Dec. 2010. 2 Source: LIMRA Retirement Institute 2015 Retirement Income Reference Book 3 Source: Merrill Lynch 4 Source: Frankel, Matthew. “10 Statistics That Prove Baby Boomers Are in Big Trouble When It Comes to Retirement.” The Motley Fool. 28 Feb 2017.5

Contributed by: Tyler DenholmVice President, Investment Management & Research, ValMark Securities, Inc.

Economic Outlook(Used with permission from Manning and Napier - one of the Resonate Third Party Managers)

December 2018 was challenging for many investors. U.S. financial markets experienced their most significant bouts of volatility since the Global Financial Crisis.U.S. stocks closed the month lower, culminating a weak fourth quarter, with equities falling from all-time highs in late September to nearly bear market territory by the end of December (due to differing calculation methodologies, some have already declared U.S. stocks as in a bear market).

Our PerspectiveWe see the fourth quarter’s volatility as a result of a later cycle U.S. economy hitting peak growth and facing an upcoming slowdown. While we do not anticipate an immediate recession, market volatility may persist as growth decelerates.

Since late in the third quarter, we have been of the view that global financial markets were entering a higher risk period over the near-to medium-term. Although the recent selling has improved the

attractiveness of certain assets, we believe we are still in a high-risk period for both equity and fixed income markets.

Throughout the period, we have looked to avoid areas that require a strong economic backdrop, as well as popular high growth names. We are preferring higher quality businesses and stable companies with familiar brands (e.g., Consumer Staples sector).

Fed Hikes Rates AgainIn mid-December, the Federal Reserve (Fed) raised interest rates for a fourth time this year. While markets were expecting another rate hike, some investors viewed the decision as out-of-touch with a slowing economy.

Speculation has ramped up that the Fed is raising rates too quickly, worsening market sentiment. Long-term interest rates have been falling, further flattening a yield curve that is close to inversion.

Our PerspectiveIt was big news when the 2- and 5-Year Treasury yields inverted last month. As the yield curve flattens, it approaches a state known as inversion, meaning that investors are yielding more on short-term bonds than long-term bonds. In a normal environment, investors would expect greater return for longer time commitments.Historically, an inverted yield curve has been a strong indicator of upcoming economic stress. The inversion of two medium-term bonds, however, should not be considered a real yield curve inversion. We look to the gap between short and long rates as it is a more accurate indicator (e.g., short-term Treasury bills vs long-term Treasury bonds).

Crude Caught Up in the SellingAlong with the market, crude oil prices declined again in December, marking a sharp three-month turn lower for the ubiquitous commodity. Global growth worries, exacerbated by the market selloff, sparked fears that future crude oil demand might be weaker than ex-pected.

Our PerspectiveRecent production cuts by OPEC and Russia, as well as commentary from Canada, indicate a willing-ness to address falling oil prices. While these supply responses will help support prices, fundamentals have taken a backseat to mounting growth concerns. Longer-term, oil markets will need orderly U.S. growth to remain in balance.

Economic Outlook (Cont.)

Our ViewEconomic Cycle • Recent developments argue that stocks

and bonds are in a high-risk period for the next twelve months; U.S. economy is later cycle and progressing down the path of a normal economic cycle; internationally, po-sition in the cycle varies by country/region

Growth • Today’s risk profile for economic growth is skewed to the downside; U.S. is approach-ing a period of peak growth and any further growth above long-run potential should lead to inflation

Inflation • Recent oil price weakness is weighing on near-term inflation expectations; long-term, late cycle inflation pressures remain contained by demographics, fiscal policy/tax reform, ‘Amazon effect,’ and global debt levels

Interest Rates • Tightening monetary policy across the globe supports interest rates moving higher long-term; recent tightening of financial conditions will keep the Fed from hiking too aggressively next year, but we believe they will hike more than indicated by the market; expect the yield curve to continue flattening

Key Risks • Global risks escalated throughout 2018 and include: decelerating global growth, trade tensions, China’s economic slow-down, geopolitical uncertainty, rising costs (e.g., wages), and high corporate debt levels

Equities • Outlook for U.S. and global equities is improved but still modest; valuations are no longer a headwind; favor higher quality businesses, reasonably priced growth companies, and businesses with fewer embedded late cycle risks (e.g., leverage)

Fixed Income • Corporate bonds continue to adequately compensate investors on a fundamental basis; neutral U.S. Treasury valuations; finding shorter-dated, high quality asset-backed securities attractive (credit cards and autos); prefer a modest duration and barbell maturity structure

•

All investments contain risk and may lose value. This material contains the opinions of Manning & Napier, which are subject to change based on evolving market and economic conditions. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.This newsletter may contain factual business information concerning Manning & Na-pier, Inc. and is not intended for the use of investors or potential investors in Manning & Napier, Inc. It is not an offer to sell securities and it is not soliciting an offer to buy any securities of Manning & Napier, Inc.

Indicates change

Analysis: Manning & Napier Advisors, LLC (Manning & Napier).Manning & Napier is governed under the Securities and Exchange Commission as an Investment Advisor under the Investment Advisers Act of 1940.

Join us at Cooper Creek Event Center at one of the times below- whichever is most convenient for you! We will welcome guest speaker Steve Luckenbach, Regional V.P. of Jackson National, for

a lively discussion on the economy and investor behavior in the midst of volatility.

Spring Cleaning Opportunity: A Shred-It truck will be onsite to securely destroy any unwanted documents/papers you may have. Take advantage of this complimentary service by bringing any

personal documents you would like to dispose of.

Tuesday, April 30th:11:30 AM - 1:00 PM – Luncheon

5:00 - 6:30 PM – Cocktail reception with appetizers,with presentation at 6:30-7:30 PM

Location: Cooper Creek Event Center

4040 Cooper Road Blue Ash OH. 45241

Hold the DateApril 30, 2019

Client Appreciation & Economic Update

Please RSVP to Steve - sculver@resonatecompanies.com or 513-605-2500 x2170. Deadline 4/23/19.

Please identify any special dietary needs or food allergies.

Have a Talent to Share?We are excited to tell you about a very special client opportunity in our new space! Called “Our Clients Create!” this wall and floor space is just waiting for you to fill it with your artwork, sculpture, greeting cards, jewelry, needlepoint, paintings, drawings, woodwork-ing etc! Those of us who are “good at math” marvel at those of you who have awesome artistic talents. We want to celebrate you with rotating exhibits throughout the year. We can’t wait to see the amazing display that will result!

The Resonate Commitment to Your CultureCulture… countries have it, companies have it, families have it. Resonate recognizes and honors the distinction and individuality of different cultures.

What does this mean to you as a Resonate client?

First, it means that we invite you to engage in thoughtful,judgement-free conversations with us which center on an awareness of what you value.

Here are some examples of questions we ask:

• Do you consider it a responsibility to emotionally support family members in need?

• Do you consider it a responsibility to financially support family members in need?

• Rather than waiting until your death, what are your thoughts about sharing a “living legacy” with those people and organizations important to you?

• Have you thought about “how much money is enough for you?”

• What are your thoughts about the issues of aging facing families today?

• What is most important to you about “providing” for your children?

• What issues do you think need attention today?

Once we understand “who you are”, we then inte-grate the technical aspects of planning and suitable products to further our shared experience.

We would love to share a culture conversation with you. Please contact us!

Resonate, Inc.8837 Chapelsquare Drive, Suite BCincinnati, OH 45249phone: (513) 605-2500fax: (513) 605-2505www.resonatecompanies.com

Fee-Based Planning offered through Resonate Advisors, Inc. a State Registered

Investment Advisor

Securities offered through Valmark Securities, Inc., Member FINRA, SIPC.

Third Party Management offered through Valmark Advisers, Inc., a SEC Registered

Investment Advisor.

130 Springside Dr., Suite 300, Akron, OH. 44333, 800-765-5201.

Resonate, Inc. is independent of Valmark Securities, Inc. and Valmark Advisers, Inc.

Resonate Blogs

Yvette Barber - Ext 2510Client Experience and Business Processorybarber@resonatecompanies.com

Kathy Culver - Ext. 2200Vice Presidentkculver@resonatecompanies.com

Steve Culver - Ext. 2170Technology Manager and Events Coordinatorsculver@resonatecompanies.com

Sarah Read - Ext. 2810Operation Managersread@resonatecompanies.com

Daniel Rieman - Ext. 2210Portfolio and Technology Associatedrieman@resonatecompanies.com

Amy Armstrong - Ext 2280Client Experience and Business Processoraarmstrong@resonatecompanies.com

Sarah Argo - Ext 2270Business Processing Managersargo@resonatecompanies.com

Jill Northcutt - Ext 2820Experience and Business Processorjnorthcutt@resonatecompanies.com

Christina Brinkmann - Ext 2300Client Relationships and Financial Planningcbrinkmann@resonatecompanies.com

http://resonatecompanies.com/resources/blogs-articles/

In the Newshttp://resonatecompanies.com/resources/in-the-news/

We’re Moving to a New Office!As of Monday, February 4th, we will be in our new office located at:

4605 East Galbraith Road, Cincinnati, OH. 45236

Phone will remain the same:

513-605-2500 / fax 513-605-2505

Please see Barb’s Bit article in this newsletter for more information.