Crestwood Advisors Named to Barron’s 2025 Top 100 RIA Firms List

New England advisory firm jumps to No. 74, demonstrating continued excellence in wealth management services

Crestwood Advisors (“Crestwood”), a boutique investment advisory and wealth management firm based in Boston and with offices in Connecticut and Rhode Island, is pleased to announce it has been named to the Barron’s 2025 Top 100 RIA Firms list.

This year, Crestwood climbed to No. 74, up from No. 81 in 2024 – a testament to the firm’s continued growth, client dedication, and excellence in delivering personalized financial advisory services.

“It is exciting to see Crestwood on this list again and to be recognized for the work we do every day,” said Crestwood President and Managing Partner Leah R. Sciabarrasi, CFP®. “This achievement is really about the strong relationships we have with our clients and the incredible team of people here who care deeply about helping those clients reach their goals.”

Now in its 10th year, the ranking evaluates independent advisory companies based on assets under management, growth, technology investments, succession planning, and other key factors.

The full methodology for the Barron’s 2025 Top 100 RIA Firms list can be found here. Crestwood did not pay a fee to appear on the published list.

Please see Crestwood Advisors’ important disclosures regarding awards and recognitions here.

September Economic Update: Q&A about the Upcoming Fed

The Federal Reserve meets next week, and once again, it faces a mixed economic picture.

On an encouraging note, inflation appears to be stabilizing. The latest Producer Price Index (PPI) fell 0.1% in August after a 0.7% increase in July.4 The Atlanta Fed’s GDPNow model is forecasting a healthy 3.1% growth rate for the third quarter.3

However, recent downward revisions to employment data and slower job growth suggest the economy may be cooling more than previously thought. The Fed’s challenge remains the same: striking the right balance between keeping inflation in check and supporting continued growth.

The prospect of one, possibly two, new Federal Reserve members has prompted a wave of questions about the Fed’s structure and decision-making process. This month, we will cover a few of the most common questions, as well as highlight what we are watching for at the next Fed meeting.

Q: How often does the Federal Open Market Committee (FOMC) meet?

A: The FOMC has eight regularly scheduled meetings per year where they share their review of financial and economic conditions and discuss the target for monetary policy in the context of their dual mandate of price stability and maximum employment.

Q: Who votes at the FOMC?

A: The FOMC has 12 voting members: the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the eleven other Reserve Bank presidents.

The four voting Reserve Bank presidents serve on rotating one-year terms, with seats filled from the following four groups with one president from each group:

  • Boston, Philadelphia, and Richmond
  • Cleveland and Chicago
  • Atlanta, St. Louis, and Dallas
  • Minneapolis, Kansas City, and San Francisco

Non-voting Reserve Bank presidents still attend the FOMC meetings and weigh in on discussions, even though they don’t have a vote.

Q: What happens when there is a Board vacancy?

A: The process begins with the President nominating a candidate. These nominations are expected to provide a “fair representation of the financial, agriculture, industrial, and commercial interests and geographical divisions of the country.”1.  Importantly, no two Governors may come from the same Federal Reserve District. Board membership is intended to reflect the various economic interests across the entire country.

A candidate must then undergo a thorough background check and submit financial and ethics disclosures. Next comes the Senate Banking Committee’s confirmation hearing, where the nominee shares their views on economic policy. If the Senate Banking Committee votes to move the nomination forward, it goes to the full Senate for debate and a final vote. Once confirmed, the nominee is sworn in and begins their term.

Governors serve a term of 14 years and appointments are staggered so that one term expires on January 31st of each even-numbered year. Once a Governor has served 14 years, they may not be re-appointed, however a Governor who served a shorter term could be re-appointed at a later date to serve up to the full 14-year term.

Once appointed, Fed Governors may not be removed based on their policy views. The staggered, lengthy terms are intended to help insulate the Federal Reserve system from day-to-day political pressures.

Q: What happens at the end of Chair Jerome Powell’s term?

A: Powell’s term as Chair of the Federal Reserve ends in May 2026. If he is not reappointed at that time, the President will nominate a new Chair from among the seven members of the Board of Governors, who will then be confirmed by the Senate for a four-year term.

Powell is eligible to remain a part of the Board of Governors until his term ends in January 2028.

Q: What are you watching at this upcoming meeting?

A: We are watching four areas:

  • The interest rate decision. A 0.25% rate cut is widely expected due to the declining inflation trend and weakening labor data. A larger cut would suggest the FOMC views economic conditions to be weaker than expected, while keeping rates unchanged would suggest they are concerned that inflation may reverse course.
  • Forward Guidance. The FOMC updates its Statement of Economic Projections (SEP), commonly referred to as the “Dot Plot”, four times a year. The SEP outlines where individual Fed members expect inflation and interest rates to trend over the coming quarters. When the dots cluster closely around certain levels, it suggests a consensus view; when they are more widely dispersed, it reflects significant differences of opinion among policymakers. Investors watch the Dot Plot closely for insight into the Fed’s future policy path and interest rate expectations, which in turn influence everything from bond yields to equity valuations.
  • Inflation and Labor Market Data. The Fed will build an outlook by drawing on a wide range of economic data and indicators. While precise forecasting is never possible, identifying consistent patterns across multiple data points can reveal underlying trends that might be overlooked when focusing on any single metric in isolation .
  • Dissent! The FOMC member opinions often have a high degree of consensus as, ultimately, they are all reviewing the same set of information from slightly different perspectives. Thus, outlier views can help highlight data points which are otherwise easily missed. For instance, as we noted in last month’s Economic Update2, Fed Governor Waller had opined weeks in advance the July meeting that there was a high likelihood of downward revisions in the labor market. This was long before the Bureau of Labor Statistics (BLS) disclosed that from March 2024 to March 2025, 911,000 fewer jobs were created than previously estimated. Both Bowman and Waller dissented from the decision at the last meeting to hold rates steady, favoring a rate cut sooner. We will be watching to see if they push for a larger cut or align with the likely consensus for a 0.25% reduction as this could signal an increasing appetite to cut further and/or faster.

Capital Markets
Equity markets rose broadly in August. The All Country World Index (ACWI) climbed 2.5%. The S&P 500 rose 2%. International Developed stocks, as measured by the EAFE, increased by 4.3%. Emerging Market equities (MSCI Emerging Markets Index) rose by 1.5%. US Small Cap equities, measured by the Russell 2000, lead the way with a rise of 7.1%, likely the result of a highly anticipated Fed rate cut in September. US bond prices rose 1.2% for the month.

1: Board of Governors of the Federal Reserve System. March 28, 2017. America’s Central Bank: The History and Structure of the Federal Reserve. Speech by Governor Powell on America’s central bank: the history and structure of the Federal Reserve – Federal Reserve Board

2: Crestwood August 2025 Economic Update: Shooting the Messenger and the Shifting Fed

3: Federal Reserve Bank of Atlanta. GDPNow. GDPNow – Federal Reserve Bank of Atlanta

4: U.S. Bureau of Labor Statistics. Economic New Release – Producer Price Index News Release summary. Producer Price Index News Release summary – 2025 M08 Results

This document contains forward-looking statements, predictions and forecasts (“forward-looking statements”) concerning our beliefs and opinions in respect of the future. Forward-looking statements necessarily involve risks and uncertainties, and undue reliance should not be placed on them. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

QSBS: An Acronym All Business Owners Should Know

If you are a business owner planning for the future, knowing about the “QSBS” exclusion could provide you with millions of dollars of capital gains tax savings when you sell your business. With the proper advice and advanced planning, this tax savings can be multiplied for businesses sold for more than $10 million.

The Qualified Small Business Stock (QSBS) exclusion is a powerful tax incentive under Section 1202 of the IRS tax code. It offers substantial capital gains tax exclusions for both business owners and investors in those businesses who meet specific criteria.

The QSBS exclusion was created in 1993 as part of the Revenue Reconciliation Act and recently enhanced through the One Big Beautiful Bill Act (OBBBA). The purpose of the QSBS exclusion is to promote entrepreneurship and innovation by channeling capital into small companies and rewarding owners of and investors in those businesses with favorable tax treatment.

As noted above, the amount of gain that can be excluded is substantial.

  • If the stock was acquired between 1993 and 2008, the taxpayer can exclude 50% of the gain from the sale.
  • If the stock was acquired in 2009 or part of 2010, then 75% of the gain can be excluded.
  • If the stock was acquired in 2010 after the September 27, 2010 enactment of the Creating Small Business Jobs Act, the taxpayer can exclude 100% of the gain, up to the greater of $10M or ten times the basis.
  • And for stock acquired on or after July 4, 2025, $15M of gain can be excluded.

So, does the company you own or invested in qualify, and what kind of capital gains exclusion is permitted under the incentive?

Capital gains may be excluded from the sale of QSBS stock when the following conditions are met:

  • The entity must be structured as a C corporation for tax purposes, and the stock must have been issued on or after 8/10/93.
  • The entity must be a qualified small business.
  • When the stock was issued, the gross assets of the business cannot have exceeded $50 million. Note that this is assets, not the valuation of the entity.
  • The stock must be an original issuance (not purchased from another investor).
  • The stock must be held for more than five years.

For stock issued on or after July 4, 2025, the OBBBA made significant and favorable changes:

  • Gross assets of the business cannot have exceeded $75M (up from $50M);
  • Introduction of a tiered application for exclusion percentages:
    • Hold for 3 years, you get 50%;
    • Hold for 4 years, you get 75%; and
    • Hold for 5 years, you get 100%.
  • And perhaps most notably, the exclusion amount is raised from $10M to $15M

So, if the business fits the bill, how can you plan for sales larger than $10M or $15M to maximize your tax savings even further?

Through a process called “stacking,” business owners can increase the number of individuals or entities eligible for the exemption, increasing the tax benefit while also removing the asset from their taxable estate in the process.

For example, a business owner can gift a portion of their QSBS shares to their spouse or to a trust for their children, effectively multiplying the number of exemptions allowed. Their QSBS status and holding period then follow the shares to the recipient – the new taxpayer who receives the benefit of the 1202 exclusion when selling the shares. When a taxpayer makes gifts of shares to multiple trusts, each trust receives the benefit of the 1202 exclusion, hence the term “stacking.”

Collectively, the trusts and the taxpayer can then exclude gains equaling $10M, or $15M depending on the acquisition date, multiplied by the number of trusts established. This is a powerful strategy, saving several million dollars in taxes.

IRS rules and restrictions can be complex, making it important to check with a qualified financial advisor and tax professional when considering this tax incentive. But for business owners who qualify, taking advantage of the QSBS exclusion can be one of the most rewarding strategies for their financial future as well as the future of their heirs.

If you would like to learn more about the benefits of the QSBS tax provision, please reach out to your Crestwood team. If you are not yet working with Crestwood, please contact us to discuss your individual circumstances.

 

This document is provided for general informational purposes only by Crestwood Advisors, an investment adviser. Crestwood Advisors does not provide legal advice, and this document should not be construed as containing legal advice. For legal advice, consult with a licensed attorney. This document should not be construed as containing tax advice. For tax advice, consult with your tax adviser.

Life Lessons To Help Build a Solid Financial Foundation

It can be difficult to navigate the complexities of financial management when you’re just starting your career, especially when you live in a high-cost area. Making thoughtful financial decisions early on can support greater flexibility and security down the road. The three foundational lessons below can help lay the groundwork for financial resilience and long-term confidence.

“Expecting the unexpected is not just a mindset; it’s a passport to the thrilling destinations of life’s journey.” — Simon Sinek
Life is full of surprises. Building an emergency fund is a key first step in financial planning. Aim to set aside 3-6 months of essential living expenses in a high-yield savings or money market account. This fund should serve as a safety net in the event of job loss, medical bills, or other unexpected circumstances life may throw your way, and helps you avoid relying on high-interest debt or personal loans. Start by contributing a small, consistent amount each month, and increase contributions as your income grows. Revisit the fund annually or after major life changes, such as a move, a new job, or increased living costs, to ensure it remains appropriately sized for your needs.

“Someone is sitting in the shade today because someone planted a tree a long time ago.” — Warren Buffet
Look ahead to the life you want and prioritize investing early so there will be adequate financial resources available to help you realize your long term goals. While it can be tempting to focus on short-term spending, building lasting financial security starts with discipline and consistently “paying yourself first” by allocating a portion of your income toward your savings. Crestwood can help you understand the fundamentals of saving and investing.

It’s also a good idea to contribute to a Roth IRA early in your career, before your income exceeds the limit, because Roth IRAs offer valuable tax advantages. Since the money you contribute has already been taxed, you are not taxed on qualified withdrawals in retirement, and you will not be required to make withdrawals from that account. If you are younger than 50 years old, you can contribute up to $7,000 into a Roth IRA in 2025, but only if your modified adjusted gross income is below the cut-off.

In addition, try to participate in your company’s 401(k) plan, making sure to contribute enough to take advantage of any available employer match. Some employers will match your savings, fully or partially, up to a designated percentage. This is essentially free money toward your retirement. A common rule of thumb is to save approximately 10% – 15% of your salary for retirement, including a match from your employer. However, be sure to understand the vesting schedule on matched funds, which may require you to stay employed for a certain number of years before the company’s contributions fully belong to you.

“Real change, enduring change, happens one step at a time.” — Ruth Bader Ginsburg
Actively managing your career development and creating a financial plan for the future can help put the odds in your favor. In your career, continue to diversify your experience and develop transferable skills such as writing, analytics, and project management. In addition, leverage employer-sponsored development programs and network internally and externally to build connections that expand your options.

Reach Out to Crestwood
We help clients and their families make sound decisions for the future and protect wealth through every life stage. If you or a loved one is just starting out, we would be happy to have a conversation to help them build a plan tailored to their goals.

If you are not yet a Crestwood client, please contact us to see how we can help you and your loved ones realize their dreams.

This document is provided for general informational purposes only by Crestwood Advisors, an investment adviser. Crestwood Advisors does not provide legal advice, and this document should not be construed as containing legal advice. For legal advice, consult with a licensed attorney. This document should not be construed as containing tax advice. For tax advice, consult with your tax adviser.

August Economic Update: Shooting the Messenger (Even if the Message Wasn’t All Bad)

A report from the Bureau of Labor Statistics (BLS) released after July’s FOMC meeting showed weaker job growth in the May-July period than previously estimated. Job growth for June and July was significantly revised downward, with 258,000 fewer reported new jobs.  The labor market is feeling the pressures of broad uncertainty, higher tariffs, and reduced immigration.

The reaction was swift: President Trump fired the head of the BLS, the dollar weakened, and equity markets reacted poorly to both the numbers and the firing.

As we have noted in prior Economic Updates, data gathering is a slow process and subject to frequent revision. Further, Fed Governor Waller noted in a speech on July 17 that there was a likelihood of downward revisions when the data was released1. So, for those closely listening to the Fed, the BLS announcement was not completely out of the blue.

Importantly, while the disappointing job growth numbers show that economic activity is slowing, the data also support the case that the job market is still generally healthy.  The weaker data increases the odds that the Fed cuts interest rates during its next meeting on September 17.

Divergence of Opinions at the FOMC
At its July 30 meeting, the Federal Open Market Committee (FOMC) opted to hold the federal funds rate at 4.25% – 4.50% for the fifth consecutive session. The recurring theme behind the Fed’s decision to leave rates unchanged has been persistent uncertainty.

The FOMC Diffusion Index (shown below) captures the distribution of individual FOMC participants’ judgments about economic forecasts like GDP, inflation or unemployment. The chart shows that index levels have risen significantly this year. In fact, they are reaching points not seen since the period surrounding the Pandemic or the years following the Great Financial Crisis of 2008.

In the current environment, it’s not surprising that the decision of the FOMC this time was not unanimous. While individual dissents among Fed governors and presidents of the various Federal Reserve banks are not uncommon, July’s meeting marked the first time since 1993 that two governors dissented from the majority decision. Who dissented is worth noting: Michelle Bowman and Christopher Waller both favored a rate cut now. Their premise was that inflationary pressure from tariffs will be temporary and that risks to employment warrant a cut sooner rather than later.

Readers will note that Waller had signaled his pending dissent weeks in advance in the speech noted above, and Bowman was among the potential candidates to succeed Powell as the next Fed Chair. Their opinions may be foreshadowing the direction of the next iteration of the Fed.

September will be eventful for several reasons:

  1. President Trump has nominated Stephen Miran, often credited as the chief architect of the administration’s tariff policy, to fill the vacancy left by Fed Governor Adriana Kugler’s August departure. In 2024, Miran co-wrote a paper 2 critical of the Fed and argued that governance should be overhauled. Among the recommendations were giving the President the power to remove Fed board members and Reserve Bank leaders at will2. The Senate Banking Committee will hold hearings on Miran’s nomination, which will include questioning him about his qualifications, policy positions, and perspective on the role of the Fed.
  2. The Fed will have several more months of labor market and inflation data to contextualize the effect of tariffs and immigration policy on the US economy.
  3. The FOMC will release an updated Statement of Economic Projections (aka, their “Dot Plot”), which captures the Fed members’ estimates for the range of interest rates over the next few years.

What does this mean for investors?
Investors should continue to expect further economic impact from an evolving tariff policy and reduced immigration as well as deportations. Although their impact on prices and growth can be slow to manifest, their effects inevitably show in data such as the labor market report. Investors should anticipate this and not be taken off guard when data appears to ‘surprise’ the market by showing evidence of this. As always, patience and discipline are the best approaches.

Capital Markets
The MSCI All Country World Index (ACWI) rose 1.4% in July. The S&P 500 rose for a third straight month returning 2.2%. The Index is now up 8.6% year-to-date after being down as much as 15% in early April. Developed International equities (MSCI EAFE) weakened, losing 1.4% for the month, while Emerging Markets rose by 2%. US Small and Mid Caps (Russell 2000) rose 1.7%, while bonds were flat.

Source: Bloomberg. EAFE is MSCI EAFE Index(1), Emerging Markets is MSCI Emerging Markets(2) and U.S. Bonds is Barclays U.S. Aggregate(3). ACWI is the MSCI ACWI Index(4). Small Caps is the Russell 2000 Index(5). S&P 500 is the S&P 500 Index(6). The S&P 500 Ex-NVDA/ AVGO represents the S&P 500 excluding the stocks Nvidia and Broadcom, the remaining stocks are then weighted by their market cap. The above information is as of 7/31/2025.

 

Footnotes:
1: The Case for Cutting Now by Governor Christopher Waller. Full text available at: https://www.federalreserve.gov/newsevents/speech/waller20250717a.htm
2: Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes by Dan Katz, Stephen Miran. Full text available at: https://manhattan.institute/article/reform-the-federal-reserves-governance-to-deliver-better-monetary-outcomes

This document contains forward-looking statements, predictions and forecasts (“forward-looking statements”) concerning our beliefs and opinions in respect of the future. Forward-looking statements necessarily involve risks and uncertainties, and undue reliance should not be placed on them. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Buying a Vacation Home: Retreat or Regret?

Does summer travel have you thinking about buying a vacation property for your family to enjoy year after year? Do you find yourself scrolling though real estate listings while you’re away, picturing a place to call your own? Well, it may be time to take the leap and invest in a vacation home.

While owning a second home may feel like a dream come true, it’s important to be sure it makes financial sense. With thoughtful planning, a vacation home can serve as both a long-term investment with the potential to appreciate and a meaningful legacy for the next generation.

Before you start scheduling property tours, here are some important factors to consider.

Does ownership suit your lifestyle?
If your family values tradition, shared experiences, and putting down roots, a vacation home may be a great fit. This type of investment works best when the property is easily accessible through a reasonable drive, a short flight, or a ferry ride. And if it aligns with your interests, such as boating, skiing, cycling, and hiking, that’s the icing on the cake.

However, if you tend to prefer variety in your travel plans, returning to the same place may start to feel limiting. You might feel obligated to use it instead of exploring new destinations. In addition, ownership will add to your responsibilities. Even if you hire a property manager, you may grow to resent paying for the obligations that owning another home undoubtedly creates.

Does the purchase make financial sense?
Real estate is an illiquid investment, so it’s important to be sure that purchasing a property won’t disrupt your broader financial plan. In addition to the purchase price, you will need to factor in the carrying costs, including home maintenance, utilities, HOA fees, and insurance. If you are considering renting the property, research the local laws and community rules to confirm it’s allowed. And remember that rental income is not guaranteed, and comes with its own set of risks, including potential renter property damage and wear and tear.

What are the tax implications?
How you use your vacation home will impact your potential tax benefits. Subject to specific qualifications around personal use and rental days, mortgage interest may be deductible within the same limits that apply to your primary residence. You may also be able to deduct expenses like property taxes, insurance premiums, and property management fees, depending on how the home is used. Your Crestwood team can help you determine the tax implications for your specific situation.

Plan Ahead for Ownership and Inheritance
How the property is titled—whether individually, jointly, through a trust, or within an LLC—can have long-term implications for liability, taxes, and estate planning. If your goal is to pass the home down to family, it’s worth considering how that transfer will occur and whether your loved ones are interested in keeping the property. Proactive planning can help reduce the potential for future conflict and ensure that your intentions are clearly documented and followed.

If you are thinking about a vacation home, reach out to Crestwood!
At Crestwood, we take a holistic, forward-looking approach to wealth that simplifies the complexities of financial decision-making. Before purchasing a vacation home, it’s important to understand how it fits into your overall financial picture. If you’d like to explore your possibilities, reach out to your Crestwood team. If you are not yet working with Crestwood, please contact us to start a conversation.

 

This document is provided for general informational purposes only by Crestwood Advisors, an investment adviser. Crestwood Advisors does not provide legal advice, and this document should not be construed as containing legal advice. For legal advice, consult with a licensed attorney. This document should not be construed as containing tax advice. For tax advice, consult with your tax adviser.

Creating a Meaningful Legacy: A Family Affair

Creating a Meaningful Legacy: A Family Affair

When people hear the word “legacy,” they often think of the assets we leave to our loved ones, the charities when we pass away, and the vehicles we utilize to facilitate that transfer, i.e. wills, trusts, etc. But a meaningful legacy goes far beyond financial assets. It’s about sharing your values, making an impact, and shaping how you’ll be remembered, by your family, your community, and future generations to come.

At Crestwood, we believe that thoughtful financial and estate planning can serve as a powerful tool for building the kind of legacy that reflects not only the assets you have amassed during your lifetime, and how you wish to leave them to your chosen beneficiaries but also the values you stand for and what is important to you. Whether you’re just starting the planning process or revisiting an existing plan, here are four key areas to consider as you begin to shape your legacy.

Define What Legacy Means to You
Before you consider the mechanics of estate planning, start with your vision. What matters most to you? What else, besides money, do you wish to leave behind and pass on to your beneficiaries?

Legacy can take many forms: providing opportunity for future generations, supporting charitable causes, preserving family traditions, and/or setting an example through the way you live.

Ask yourself the following questions when you begin to craft your estate plan:

  • What values have shaped my life?
  • Who or what do I want to impact long-term?
  • What do I hope my children or community remember about me?

Answers to these questions will frame the foundation of a legacy that’s both meaningful and lasting.

Align Your Estate Plan with Your Values
Once you’ve defined your vision, it’s important to ensure that your estate plan manifests it and contains the right tools to facilitate same, i.e. wills, revocable trusts, irrevocable trusts, charitable planning vehicles, and properly completed beneficiary designations to name just a few.

For example, if education is a core value, you might consider creating a 529 plan or establishing an irrevocable trust to fund your grandchildren’s education. If philanthropy is important to you, a donor-advised fund or charitable trust can help you support causes you care about long after you’re gone.

Communicate Your Intentions Clearly
Legacy planning isn’t just about documents. It’s about conversations. One of the most powerful things you can do is share your intentions with the people who matter most.

Too often, families are left to interpret an estate plan without understanding the reasons behind it. Writing a legacy letter, hosting a family meeting, or simply having a candid discussion about the decisions you have made and the plan you have executed can bring clarity and connection.

Live Your Legacy Now
Legacy isn’t only about what you leave behind. It’s also about how you live today.

Whether you are mentoring the next generation, volunteering, or supporting causes you care about, you are building your legacy in real time. Small, consistent actions like teaching family members about investing or sharing insights from your life experience can have a positive influence.

Building a Legacy, Together
At Crestwood, we help clients shape their legacy through highly personalized estate and financial planning. We can work with you to develop a plan in a way that is tax-efficient, value-driven, and customized to your needs. Whether you are planning for a family business or making sure future generations are supported responsibly, our role is to help you build a plan that honors both your intentions and your legacy.

If you are not yet a Crestwood client, please contact us to see how we can help you turn your vision into a lasting impact and create a meaningful legacy.

Crestwood Advisors Recognized in Financial Advisor Magazine’s 2025 RIA Ranking

BOSTON (July 15, 2025) – Crestwood Advisors (“Crestwood”), a boutique investment advisory and wealth management firm based in Boston with offices in Connecticut and Rhode Island, is proud to announce its inclusion in Financial Advisor Magazine’s 2025 RIA Ranking.

“We’re honored to be included in this year’s ranking, which reflects the dedication of our team and the ongoing trust our clients place in us,” said Crestwood President and Managing Partner Leah R. Sciabarrasi, CFP®. “This recognition speaks to the strength of our client relationships and our unwavering focus on delivering long-term value.”

Published annually, Financial Advisor Magazine’s 2025 list of top RIAs is one of the most respected industry lists for independent investment advisory firms. Rankings are based on assets under management (AUM) reported by firms, as well as growth over time and other firm-reported data. To qualify, firms must be independent RIAs, file their own ADV with the SEC and primarily serve individual investors.

Being named to this prestigious list underscores Crestwood’s ongoing commitment to thoughtful, client-centered wealth management. It reflects the confidence clients have in Crestwood to provide tailored strategies that align with their financial values and goals.

This recognition reinforces the firm’s drive to continue growing its capabilities and deepening its relationships in the communities it serves.

The full 2025 list can be found here. Crestwood did not pay a fee to appear on the published list.

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About Crestwood Advisors
Crestwood Advisors is an independent, fee-only, wealth management firm with approximately $7.02 billion in assets under management as of December 31, 2024. Founded in 2003, Crestwood Advisors provides investment management with financial planning strategies to help high-net-worth individuals and families identify and prioritize their goals and build sustainable wealth so that they may enjoy more financially secure and purposeful lives. For more information, please visit https://www.crestwoodadvisors.com.

July Economic Update: The Deadline is not the Finish Line

July 9th was previously announced as end of the three-month pause on April’s Liberation Day tariffs, which were poised to send tariff rates to much higher levels. That date was also the deadline for the U.S. and the European Union to negotiate a new trade deal or else a 50% tariff on EU imports will be triggered. Recent statements by President Trump and Treasury Secretary Scott Bessent confirm that the US pushed the date to August 1st. Regardless of whether that new deadline is met, tariff policy and the global trading system will remain in flux for some time to come.

The equity market response to the initial tariff announcement in early April was severe with the S&P 500 dropping approximately 12% in the following week. In the wake of the announcement of the 90-day pause, and subsequent progress with US-China negotiations, the S&P 500 recovered and climbed to new highs. Unfortunately, the road to trade deals with 90 countries has many speed bumps.

The on again/off again application of the tariffs has given US importers time to front load purchases, which is likely to help spread the impacts to US consumers over time. However, it is important to appreciate that this stockpiling merely buffers price increases, it does not prevent them.

Due to the prolonged pause, there are those who believe that warnings about the impact of large tariffs were overstated because we haven’t seen it thus far. This is akin to being in an airplane and turning to your seatmate to declare “This is the smoothest flight I’ve ever had! No turbulence!” without realizing that your flight was delayed and your plane is still on the tarmac.

Investors should bear in mind that a reoriented tariff policy isn’t just a tremor but rather a trigger for a seismic shift in global trade. Restructuring global supply chains, shifting workforces, as well as building or retooling factories is a process that will take years. In the interim, companies will be faced with the choice to either increase prices to consumers or absorb costs and therefore, be less profitable. The reality is that even with tariff agreements, tariffs will be meaningfully higher than they were in the past and we must consider the investment environment of this new, more protectionist, global order.

The takeaway: As companies seek to adapt, investors will benefit from having a flexible framework when thinking about how and where they should invest. Public U.S. equity markets remain attractive, but there are opportunities overseas as well as in alternative assets.

Capital Markets

Equity markets rose broadly in June. Global equity markets, as measured by the MSCI All Country World Index (ACWI) rose by 4.53%. The S&P 500 hit record highs, rising by 5.08% for the month. US Small and Mid Caps, as measured by the Russell 2000, have been volatile this year but posted a 5.43% gain. Market strength was not confined to domestic markets. Developed International equity markets, measured by the EAFE, rose 2.22%. A weaker US Dollar helped Emerging Market Equities to see the largest move: a rise of 6.12%. Even bonds were in the black for the month with a 1.54% gain in the Bloomberg US Agg Bond Index.

Source: Bloomberg. EAFE is MSCI EAFE Index(1), Emerging Markets is MSCI Emerging Markets(2) and U.S. Bonds is Barclays U.S. Aggregate(3). ACWI is the MSCI ACWI Index(4). Small Caps is the Russell 2000 Index(5). S&P 500 is the S&P 500 Index(6). The above information is as of 06/30/2025.

We continue to focus on investing for the long term while remaining sensitive to potential short-term opportunities and risks. We encourage you to reach out to your Crestwood Advisor with any questions or concerns you may have. If you are not yet working with a Crestwood Advisor, we invite you to schedule some time to discuss how Crestwood works with individuals and families like yours to help them achieve their wealth goals.

This document contains forward-looking statements, predictions and forecasts (“forward-looking statements”) concerning our beliefs and opinions in respect of the future. Forward-looking statements necessarily involve risks and uncertainties, and undue reliance should not be placed on them. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

 

Risky Business. Why Customized Insurance is Important

Why customized insurance is important

While standard mass-market insurance can meet the needs of most people, high-net -worth individuals and families need customized solutions that are tailored to their needs.

Success brings new opportunities, but also new risks

High Value Home Insurance. More expensive homes require customized coverage that many agents are unable to provide. Cost replacement value insurance, multiple residence insurance, extra coverage for disasters, and working with a carrier that can respond quickly when you need them are key. Knowledgeable insurers will not only insure your home, but they will also provide sound advice on how to mitigate risks through a detailed survey of your properties. If you are thinking about your homeowner’s insurance, read our blog Homeowners Insurance Under Pressure.

Fine Art, Collectables, and Jewelry. The things you now own, and your family may cherish, may exceed the coverage that standard policies allow. Custom policies allow you to pinpoint your risks with precision and insure what matters most.

Liability. When you have a lot, you have a lot to lose. You may be managing multiple homes or have workers that could be injured on your property. You may own luxury or classic vehicles, boats, or planes.  You may employ domestic staff that may need worker’s compensation insurance. A custom evaluation of your exposures can be beneficial to your peace of mind. It often makes more sense to transfer the risk to an insurance company rather than carrying perpetual potential liability on your family’s balance sheet.

Your Trust and Estate Plan. Upon your passing, your assets may be subject to state or Federal Estate taxes. In addition to providing for these expenses, customized insurance strategies can provide liquidity for tax payments for less liquid assets such as businesses and properties. This allows more value to pass on to your beneficiaries rather than to tax collectors.

Your Life. A neutral party can help you examine different types of life and disability insurance to match the policies to your needs, age and other risk factors, while keeping your lifestyle in mind.

How Crestwood Can Help

As an independent wealth advisory firm, Crestwood views insurance as a component of your complete financial picture. We offer unbiased advice to help you manage your risk as well as your investments. Please contact us if you are not working with Crestwood.

There is no cost – and no risk – to starting the conversation!

This document is provided for general informational purposes only by Crestwood Advisors, an investment adviser. Crestwood Advisors does not provide legal advice, and this document should not be construed as containing legal advice. For legal advice, consult with a licensed attorney. This document should not be construed as containing tax advice. For tax advice, consult with your tax adviser.