Aprio Wealth Management, a subsidiary of Aprio, LLP, the fastest-growing business advisory and accounting firm in the U.S., has released its 2024 Wealth Management Economic Outlook, highlighting investment trends, insights and takeaways for investors to watch in 2024, as well as long-range economic and investment tailwinds.
Notably, the Outlook focuses on the continued normalization of global economies and the Federal Reserve’s ability to “thread the economic needle” through the avoidance of a recession, reduced inflation and lowered unemployment rates throughout the U.S. Aprio cautions, however, that while there are predicted bright spots, recovery remains uneven and requires investors to be vigilant as they place their bets this year.
“Our goal is to provide clients with the clarity and confidence they need to make informed investment and business decisions,” said Simeon Wallis, Chief Investment Officer, Aprio Wealth Management. “This year’s Wealth Management Economic Outlook underscores that the current traditional signals in the economic cycle have been less predictive than ever, making it even more critical that investors and executives take an integrated and coordinated approach to their wealth management and business strategies.”
Normalization Will Continue but Caution Abounds
The discombobulated nature of how economic recoveries have differed across various segments post-pandemic have led some sectors to experience booms and busts, while others busted and boomed. While these mini-cycles are likely to normalize, Aprio predicts that the likelihood of the U.S. experiencing a recession in 2024 still hovers around 50% due to several factors:
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Slowing growth in the Services sector,
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A weakening lower-income consumer,
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The continuation of the Fed’s Quantitative Tightening, and
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The emerging refinancing wall in commercial real estate with its impact on bank lending.
“Last year’s Outlook detailed the belief…
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