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Same Mission Statement, New 3 Year Vision: This past week, the staff at Compass Ion took a day to discuss, plan and envision some ambitious plans for the next three years. Emerging with a refreshed three-year vision, everyone is excited about our commitment to growth as well as our shared impact on clients as one team. One of the more significant innovations we covered was the manner in which we will handle our charitable work as a firm.  We’re eager to share more on that front as our plans get minted.

Employment Gains: While we reported last week about the quitting job trend, on Friday the Labor Department reported an increase of jobs in June adding 850,000. It’s the biggest gain in 10 months. Employers also raised wages in their effort to compete over a more limited pool of workers. Studies show that less people are afraid about returning to work with Covid fears subsiding, however, despite job growth, there are still 6.8 million less jobs in the US than Feb 2020. Yet, the labor issues point back to the basic principle of supply and demand. Despite the demand for more workers, the supply is low. Might be time to brush up the resume!

Are You Happy?: While true happiness probably isn’t measurable, the World Happiness Report recently published the average scores for countries all over the world between 2018-2020. We might argue that taking the happiness temp might depend on the day, but the metrics used to determine the accompanying map were financial security, health, social support, freedom to make life choices, generosity, and perceived government corruption. Overall world happiness has room to grow, coming in right at 5.5. We took the happiness temp at Compass Ion and are happy to report it’s at an all time high.  😉

Cutting the Fat: While Americans largely stayed away from the hotel industry for the better part of a year, it underwent some dramatic transformations. And the burning question is whether the changes are here to stay. While leisure-centric areas like Florida scramble to find enough employees as more people begin traveling, hotels are wondering if guests will accept less services than before—like foregoing daily room cleaning and free breakfast. Hotel execs admit that decisions will be made based on the type of property and clientele. In the wise words of Yoda, “Your path you must decide.” Choose wisely!

Stockpiling and Generosity: The end of the first quarter in 2020 revealed a stunning fact: Americans aged 70 and above had a net worth of nearly $35 trillion. And it has set in motion the greatest wealth transfer in modern history. Predictions are that the majority will go to heirs with the balance going to philanthropy. Interesting trends are emerging as people aren’t waiting until they die to transfer their wealth. And many recipients are guided by different priorities and politics than their givers, writes the Wall Street Journal. These situations can be sticky for many families. Compass Ion Advisors is here to help multi-generational families in their wealth management. Contact an advisor today.