Perspective, Discipline, and the Strength of Our People

Dear Clients, Partners, and Friends,

As we enter the final quarter of 2026, it is remarkable to reflect on just how much investors have been asked to absorb this year. From significant geopolitical conflict and shifting trade relationships to changing expectations for inflation, interest rates and economic growth, the headlines have provided no shortage of reasons for uncertainty. Yet through these challenges, the economy and financial markets have continued to demonstrate an important degree of resilience.

That resilience reinforces a theme we have emphasized throughout the year: uncertainty is an unavoidable part of investing, but it should not become the foundation for investment decisions. Successful long-term planning requires perspective, discipline and a willingness to distinguish between short-term events and the fundamental forces that ultimately drive economic growth and investment returns.

At Stock Yards Bank Wealth Management & Trust, those principles guide how we construct portfolios, develop financial and estate plans, and—most importantly—advise our clients through changing circumstances. As we move toward year-end, this is an appropriate time not only to assess what has occurred in 2026, but also to consider the opportunities and risks that may shape the months ahead.

Our Investment Team: Perspective Through Collaboration

Navigating a complex investment environment requires more than a singular point of view. At Stock Yards Bank Wealth Management & Trust, our investment approach is intentionally collaborative, drawing upon the experience and perspectives of professionals across our investment team. Our professionals regularly exchange ideas, challenge assumptions and evaluate changing market conditions while remaining focused on each client’s individual objectives.

In this quarter’s newsletter, John Fidler, our Chief Investment Officer, shares the investment team’s latest economic and market review and outlook, including the forces that have shaped markets through the first nine months of 2026 and the issues we are watching as we approach year-end and look toward 2027.

Behind that perspective is a broader team working together to translate economic and market developments into thoughtful investment strategies. While markets and headlines inevitably change, our principles remain consistent: thoughtful diversification, disciplined portfolio construction, careful risk management and bringing the collective resources and judgment of our investment team to bear on behalf of our clients.

Planning Beyond the Markets

Investment management is only one component of successful wealth management. Financial decisions involving retirement, taxes, family, estate planning and the transfer of wealth can ultimately be every bit as consequential as portfolio returns.

In the financial planning segment of this newsletter, Jason Hamilton explains how a one-time income spike in retirement, such as selling appreciated stock or property, can push you over Medicare's IRMAA "cliff" thresholds and trigger significant premium surcharges two years later because of Medicare's two-year lookback. It offers strategies to avoid or reduce these surcharges, including installment sales, tax-loss harvesting, asset location, Qualified Charitable Distributions, and filing Form SSA-44 after a life-changing event, and it encourages readers to start planning well before age 65.

Likewise, thoughtful estate and wealth planning remains an essential part of protecting families, providing for future generations and ensuring that accumulated wealth ultimately serves the purposes for which it was created.

Taken together, these disciplines reflect the comprehensive approach we believe is increasingly important for our clients. Investments, taxes, retirement planning and estate strategies should not operate independently. The greatest value often comes from bringing these disciplines together around a client’s individual circumstances, family and long-term objectives.

Advisor Spotlight: Dawn Coleman and Keith Blakely

That comprehensive approach depends upon talented people, and this quarter we are especially pleased to feature two of the leaders responsible for developing and supporting the professionals who serve our clients every day: Dawn Coleman, Director of Wealth Advisors, and Keith Blakely, CFA®, Director of Investment Advisors.

Dawn brings more than a decade of financial experience and leads our Wealth Advisors. Her background encompasses banking, trust administration and financial planning, giving her a broad perspective on the many different needs that arise throughout a client relationship. Just as importantly, Dawn has built her career around personal connection—understanding that effective wealth management begins with listening carefully to what a client hopes to accomplish and then bringing the appropriate resources together around those goals.

Keith brings that same combination of technical expertise, leadership and client focus to the investment side of our organization. As Director of Investment Advisors, he leads a team of 25 investment professionals and provides strategic direction, coaching and mentorship across the group. A Chartered Financial Analyst®, Keith has also devoted considerable energy to developing the next generation of investment advisors—an investment in people that will benefit our clients for many years to come.

At the center of Keith’s investment philosophy is a straightforward principle: financial decisions begin with the client, not the markets. His approach emphasizes comprehensive planning and a deep understanding of the individual or family behind every portfolio

Dawn and Keith represent two complementary sides of the Stock Yards Bank Wealth Management & Trust experience. One leads the professionals charged with understanding the complete needs and objectives of our clients; the other leads the professionals responsible for translating those objectives into thoughtful investment strategies. Together, they exemplify the collaborative culture we believe distinguishes Stock Yards.

Finishing the Year with Purpose

As we approach the final months of 2026, there is value in taking stock—not simply of investment performance, but of the broader financial plans those investments are intended to support. Year-end provides a natural opportunity to revisit goals, evaluate changes in personal or family circumstances, consider tax and estate planning opportunities, and make sure that portfolios remain aligned with long-term objectives.

The events of this year have again demonstrated that we cannot know precisely what the next headline, market disruption or opportunity will be. What we can do is prepare thoughtfully, remain disciplined and make decisions within the context of a well-constructed plan.

That remains our commitment at Stock Yards Bank Wealth Management & Trust. We appreciate the confidence you place in our team and look forward to helping you navigate the remainder of 2026 and the opportunities that lie ahead.

Warm regards,

Shannon B. Budnick, CTFA, CFP®
Director of Wealth Management & Trust

We provide the information in this newsletter for general guidance only. It does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, investment, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, expressed or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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