Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Adam Longlais and Erik Zurek discuss:

• Q1 2025 GDP #s
• Outperformance of Gold in 2025
• Job Data on Friday
• Soft data vs hard data
• Volatility in interest rates
• Federal Reserve target Rate Path
• Mid-cap > Large-cap
• Geographically Diversified Portfolio

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Erik Zurek

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement plan level services, and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Adam Longlais and Erik Zurek discuss:

• Dividend Yield Stocks YTD – Discussion of rates and why dividend yield stocks are performing so well 
• International Stock outperformance to begin the year
• MLPs – commodities/data centers and energy consumption and if you want reason for some of the recent weakness
• Inflation reaccelerating/ balance of higher uncertainty and inflation 

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Erik Zurek

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement plan level services, and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. We start the episode off saying goodby to Mike Steppe. Mike Steppe and Adam Longlais discuss: 

• How have the financial markets performed over the past couple of weeks?
• What is the likely impact of the recent employment report? 
• As we enter mid-January, the next round of earnings numbers are released. What is the expectation for earnings in the fourth quarter? Are the results likely to track better or worse than expectations? 
• The returns in the energy sector significantly lagged (S&P 500 Energy Sector up 5.72%) the broader market in 2024. Do you expect better performance in 2025?
• What is your outlook on the performance of European stocks? Are the relatively attractive valuation levels sufficient to offset the weak regional economies and the potential impact from tariffs in 2025? 
• After a substantial rally in September and early October, Chinese equities have performed relatively poorly over the past three months. Are Chinese equities likely to remain volatile in 2025? 
• Is the Fed likely to continue lowering overnight interest rates in 2025? Will the Fed react to political pressure in setting monetary policy under the new Administration in Washington DC. 
• After a strong performance in 2024 (up 8.19%), what is the outlook for high yield bonds in 2025? 

Be sure to subscribe so you never miss the latest updates on investment management, the economy and much more in this podcast hosted by Anthony Wilhelms of Nicolet Wealth Management.

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms & Adam Longlais

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.

 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement plan level services, and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.

 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Mike Steppe and Adam Longlais discuss:

• How have the financial markets performed over the past couple of weeks?
• A number of the MAG 7 stocks have outperformed the S&P 500 index over the past three (3) months.  Do you expect the MAG 7 stocks to perform well in 2025?
• Cyber Monday spending was up 7.3% in 2024 versus 2023.  Do you expect consumer spending in the US to remain strong as we enter 2025?
• Is the Fed likely to continue cutting overnight interest rates?  What rate on overnight interest rates should we expect by June 30, 2025?  Why does this rate matter to businesses and individuals?
• The recent National Federation of Independent Businesses survey showed a surge in optimism.  Are we likely to see small businesses do well in 2025?
• What type of performance should investors expect from emerging market equities in 2025?
• Why has the yield advantage on corporate bonds been so tight in comparison to comparable maturity US Treasury yields? What does these tight yield spreads mean for the high yield bond market?
• Do you expect the US Treasury yield curve to steepen over the next year?

Be sure to subscribe so you never miss the latest updates on investment management, the economy and much more in this podcast hosted by Anthony Wilhelms of Nicolet Wealth Management.

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Mike Steppe

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement plan level services, and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Mike Steppe and Adam Longlais discuss:

• How have the financial markets performed over the past couple of weeks?
• What are earnings per share projected to be for S&P 500 Index companies in the fourth quarter of 2024 and for the full year 2025?
• Are you expecting the positive trend in consumer spending to hold up through the Christmas season?
• As we look into 2025, what are the key challenges facing the US housing market?
• Are investors starting to anticipate higher corporate earnings from lower corporate taxes in 2025?
• Despite the stronger than expected global economy in 2024, why are oil prices trading at levels similar to prices at the beginning of the year?  Do you anticipate higher oil prices over the next several years?
• Are potential tariffs increasing the price of some US goods?
• Do you expect the Fed to cut overnight interest rates by 25 bps at the next FOMC meeting (12-18-24)?  Are additional cuts expected in 2025?

Be sure to subscribe so you never miss the latest updates on investment management, the economy and much more in this podcast hosted by Anthony Wilhelms of Nicolet Wealth Management.

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Mike Steppe

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement plan level services, and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Mike Steppe and Erik Zurek discuss:

• With the republican election, will the expected tax cuts provide a boost to US GDP growth in 2025?
• Why is the US dollar strengthening after the election?  Do you think the new administration will use tariffs as part of their trade policy?  How does this likely impact global growth rates?
• In the post-election financial markets, the US equity markets have performed strongly.  Do you expect this positive trend to continue?
• In the equity markets, what jumps out at you in terms of election implications with regard to the technology, financials, health care and energy sectors?
• With the Trump win, will the financial markets expect a higher level of inflation? How will inflation expectations impact the US Treasury yield curve?
• Will the Fed likely continue to cut overnight interest rates at the upcoming FOMC meetings in 2024? 

Be sure to subscribe so you never miss the latest updates on investment management, the economy and much more in this podcast hosted by Anthony Wilhelms of Nicolet Wealth Management.

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Mike Steppe

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement plan level services, and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Mike Steppe and Adam Longlais discuss:

• How have the financial markets performed over the past couple of weeks?
• What are the implications of the recent employment report?
• Are third quarter earnings coming in as expected? Any surprises among the high profile Magnificent 7 companies that have reported over the past two weeks?
• Are corporate profit margins expanding, flat or contracting?
• Do you expect value-oriented stocks to continue outperforming growth-oriented stocks?
• Are higher dividend paying stocks becoming more attractive?
• What is driving the volatility in the Chinese equity market?
• Why have intermediate and long-term interest rates gone up since the Fed cut overnight rates at the FOMC meeting on September 18th?
• Do you expect the Fed to cut overnight interest rates by 25 bps at the next FOMC meeting (11-7-24)?

Be sure to subscribe so you never miss the latest updates on investment management, the economy and much more in this podcast hosted by Anthony Wilhelms of Nicolet Wealth Management.

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Mike Steppe

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement plan level services, and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Mike Steppe and Adam Longlais discuss:

• How have the financial markets performed over the past couple of weeks?
• Will the recent hurricanes impact the economic data over the next several months?
• In the equity market, what sectors will likely be most impacted by the upcoming election?
• Do you think that the Magnificent 7 stocks will outperform the S&P 500 index over the next year?
• Why are bank stocks moving higher (year-to-date the KBW Bank Index is up over 30%)?
• Will the Chinese stimulus (fiscal and monetary) be effective in lifting Chinese equities?
• Why have interest rates gone up since the Fed cut overnight rates at the FOMC meeting on September 18th?
• How do you expect the yield curve to shift over the next twelve (12) months?

Be sure to subscribe so you never miss the latest updates on investment management, the economy and much more in this podcast hosted by Anthony Wilhelms of Nicolet Wealth Management.

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Mike Steppe

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement plan level services, and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Mike Steppe and Adam Longlais discuss:

• How have the financial markets performed over the past couple of weeks?
• What are the important elements in the September employment report?
• Are you surprised that US GDP growth has remained so strong (GDPNow forecast of 2.5%) for the third quarter 2024? Most economists were projecting less than a 2.0% annualized pace for the quarter.
• Does the US port strike cause concern that inflation will re-emerge as a problem in 2025?
• What will be the impact of Saudi Arabia boosting crude oil output?
• Will the Chinese stimulus (fiscal and monetary) provide a boost to emerging market equities?
• Are you expecting the Fed to cut rates at the next FOMC meeting on November 7th?
• Overnight interest rates are projected to trade at a 3.00% level by year-end
  2025. Does that level of overnight interest rates seem realistic to you?

Be sure to subscribe so you never miss the latest updates on investment management, the economy and much more in this podcast hosted by Anthony Wilhelms of Nicolet Wealth Management.

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Mike Steppe

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement planning and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.

Welcome to the Nicolet Wealth Management Investment Podcast. In this episode Mike Steppe and Adam Longlais discuss:

• Were you surprised by the Fed rate cut of 50 bps on overnight interest rates?
• How have the financial markets performed over the past couple of weeks?
• Will lower overnight interest rates be a positive for the equity markets? Are there any sectors that do especially well as overnight rates shift lower?
• As you look out over the next year, do you think the Magnificent 7 stocks will outperform the S&P 500 index?
• So far in 2024, the financial sector has slightly outperformed the S&P 500 index. Do you expect the outperformance to continue over the next six months?
• While emerging market equities are up over 8.7% year-to-date, the Mexican stock market is down over 16%. What is happening to Mexican stocks?
• Will the US Treasury yield curve continue to steepen?
• How have bond funds performed as the Fed pivoted to lower US interest rates? 

Be sure to subscribe so you never miss the latest updates on investment management, the economy and much more in this podcast hosted by Anthony Wilhelms of Nicolet Wealth Management.

Show Notes:
Looking for more information about Nicolet National Bank? Check out https://www.nicoletbank.com/
Looking for access to our prior podcasts and webinars? Check out The Vault Blog - Nicolet National Bank (nicoletbank.com)
Contact information for Anthony Wilhelms, Adam Longlais, and Mike Steppe

Although we believe it to be reliable as of the publication date and have sought to take reasonable care in its preparation, all information provided is for informational purposes only and we make no representations or warranties regarding its accuracy, reliability, or completeness and assume no duty to make any updates in the event of future changes. Past performance may not be indicative of future market results. Any examples used (including specific securities) are generic and meant for illustration purposes only and are not, and should not be interpreted as, offers to buy or sell such securities. To the extent indices are referenced, please note that you are not able to invest directly in an index.
 
 Nicolet Wealth Management is a brand name that refers to Nicolet National Bank and certain of its departments and affiliates that provide investment advisory, trust, retirement planning and insurance services. Investment advisory services offered through Nicolet Advisory Services, LLC (dba Nicolet Wealth Management), a registered investment advisor. Securities offered through Private Client Services, LLC (“PCS”), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank or Nicolet Wealth Management. Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.
 
 All investments are subject to risks, including possible loss of principal, and are: NOT FDIC INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; AND NEITHER DEPOSITS OR OTHER OBLIGATIONS OF, NOR GUARANTEED BY, Nicolet National Bank or affiliates.