Breaking Barriers: Women Leading the Way at Cornerstone Financial Solutions

Mar 9, 2025 | #Cornerstone Community

Pictured L-R

Jill Mollner, MBA, CFP®

Branch Operations Manager

Wealth Advisor, RJFS

Michelle Stahl

Partner, Chief Operating Officer, CFS

Office Manager, RJFS

Shelli Carlson

Chief Experience Officer, CFS

Branch Associate, RJFS

International Women’s Day, observed annually on March 8, is a global celebration of the achievements of women and a call to action for gender equality. In 2025, the theme “Accelerate Action” urges organizations and individuals to push forward in breaking barriers and creating opportunities for women in all fields.

In the traditionally male-dominated financial services industry, women continue to be underrepresented in leadership roles. As of 2024, women hold only 18.4% of C-suite positions globally, with projections estimating an increase to 21.8% by 2031.*

However, at Cornerstone Financial Solutions, the narrative is refreshingly different. The practice has always prioritized expertise, skills, and leadership ability over anything else, and as a result, its history is filled with women in leadership roles. Today, three out of four members of the organization’s leadership team are women—an achievement that reflects both ongoing dedication to excellence and a remarkable success story in an industry where women remain underrepresented in leadership. Their success is not a product of quotas or trends but of hard-earned expertise, commitment to the practice’s core values, and relentless drive to serve clients at the highest level.

Jill Mollner: Financial Planning with Heart

Jill Mollner, a Certified Financial Planner® professional and MBA graduate, combines technical expertise with a deep understanding of the profound impact financial choices have on people’s lives. Raised in Sioux Falls, her parents instilled a strong work ethic and appreciation for financial responsibility in Jill and her sister.

Jill’s approach to financial planning is personal. For her, success is about more than numbers; it’s about helping her clients realize their dreams. Jill is passionate about mentoring and showing her two daughters that women can lead and thrive in any industry.

Michelle Stahl: The Engine Behind Excellence

Celebrating her 25th anniversary with Cornerstone this year, Michelle Stahl is a cornerstone of the practice—both in name and in action. As Chief Operating Officer, she ensures that every aspect of the operations reflects a commitment to putting clients first. A Huron area native, Michelle has spent her entire career at Cornerstone, starting the day she interviewed after graduating from Southeast Technical Institute.

A mother of four daughters, Michelle is deeply invested in fostering a culture where women can thrive in leadership roles, both professionally and personally. Beyond the office, she is active in the community, focusing much of her efforts in Huron and the surrounding communities.

Shelli Carlson: Crafting Exceptional Client Experiences

With more than 25 years in the financial industry, Chief Experience Officer Shelli Carlson is a natural leader with a passion for mentoring the next generation of professionals. She leads marketing, business development, and client engagement at Cornerstone, fostering meaningful relationships and ensuring clients feel the depth of expertise and care Cornerstone offers. 

Outside of work, Shelli loves photography and travelling with her husband. As a new grandmother, she is also focused on leaving a legacy that empowers future generations of women to step into leadership roles.

A Model for the Future

The leadership of these three dynamic women at Cornerstone Financial is a powerful reflection of the “Accelerate Action” theme for International Women’s Day 2025. Their success is not just an internal triumph—it serves as an inspiring example of progress in financial services. By fostering a culture of excellence, value, and commitment, Cornerstone Financial is proving that breaking barriers isn’t just possible—it’s necessary.

As the financial industry continues to evolve, companies like Cornerstone Financial demonstrate that when women lead, industries transform. This International Women’s Day, let their journey inspire others to champion female leadership, ensuring that talent and dedication continue to drive the industry forward.

*Source: https://www.statista.com/statistics/1322160/share-of-women-financial-services-leadership-worldwide/?utm_source=chatgpt.com

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Cornerstone Financial Solutions, Inc. is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James does not provide tax or legal services. CSP #737250 Exp. 2026.03.05.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

How New Trade Tariffs Could Affect Your Investments

Mar 5, 2025 | Investing

 

Trade Tariffs and Market Uncertainty

Recent tariff policies have the potential to reshape global trade, with the U.S., Canada, Mexico, and China adjusting their import taxes in response to ongoing negotiations. To be clear, this situation has been changing rapidly and will likely continue to do so.  It’s probable that things will have changed by the time you read this.

If you remember President Trump’s first term in office, you likely recall the “trade war” between the U.S. and China.  (While media coverage on this decreased after COVID, it’s worth noting that President Biden continued and increased many of the same tariffs. In other words, this is a fire that’s been raging for a while.)  But to try and get a handle on what’s going on, let’s do a Q&A on tariffs.  We’ll start with:

 

What Are Tariffs, and Why Do They Matter?

A tariff is essentially a tax on imported goods and services.  Tariffs can be levied on almost anything: metals, food, appliances, lumber, you name it.  Whenever a U.S. business buys goods from a foreign country with a tariff on it, they will pay that tax along with the cost of the product itself.  So, when tariffs rise, it can have implications for both businesses and consumers.  And when countries slap tariffs on our products, it affects U.S. companies that export goods abroad. While the goal is often to protect domestic industries and encourage local production, tariffs can potentially increase consumer prices and disrupt international trade relationships.

 

The Argument for Tariffs

Traditionally, tariffs have served two main purposes:

  • Generating Revenue:

Before the federal income tax was established in 1913, tariffs were a primary source of government funding.

  • Protecting Domestic Industries

When you tax imports of specific goods, businesses may be more likely to buy from domestic producers instead. 

While revenue and protectionism are the traditional arguments for tariffs, President Trump’s reasons have been more varied. In his first term, his stated objective was to decrease the trade deficit between the US and other countries, primarily China. On the campaign trail, Trump talked about tariffs as a way to ensure more products would be made in America. And the White House has discussed securing the border and halting the flow of fentanyl as an objective.

 

Tariffs as a Negotiation Tool

The “reason” behind tariffs may seem academic, but it’s actually important – because it sets the conditions required for reducing tariffs in favor of free trade. For example, it’s conceivable that if the US, Canada, and Mexico were to set new agreements on border security, tariffs will be lowered, and the trade war would end.  The early signs for this are good. Recent agreements have linked tariff suspensions to border security measures, suggesting that economic pressure is being used to influence diplomatic negotiations. 

 

The Risks of Prolonged Tariffs

 

Potential for Increased Inflation

If companies must pay more for the goods they need, they will often pass those costs onto consumers.  That’s especially important during a time of higher-than-normal inflation. 

 

Supply Chain Disruptions

Businesses could turn to U.S.-based suppliers for many of these items, but there are issues.  Domestic industries can’t just replicate the volume of foreign trade overnight.  Furthermore, cutting down on the number of suppliers can snarl supply chains — the very problem that led to higher inflation in the first place.  It’s worth noting that inflation did not rise dramatically during President Trump’s first term…but we should also note that these tariffs are much more extensive than last time.     

 

Retaliatory Trade Wars

While tariffs can benefit certain domestic industries, a trade war can end up hurting as many industries as it helps. Other countries may impose tariffs on American products, making it harder for U.S. businesses to compete in international markets. Canada, for example, has announced tariffs on American steel, aluminum, food, and consumer goods.

 

The final argument against tariffs is that they don’t always work as intended.  For example, while the trade deficit between the U.S. and China narrowed during President Trump’s first term, the overall trade deficit actually widened by a significant margin.  More notably, when the U.S. raised tariffs on a large scale in 1930, the trade war that resulted ended up worsening the Great Depression — one reason the U.S. moved away from tariffs after World War II.        

 

Impact of Tariffs on the Stock Market

Typically, tariffs don’t impact the stock market directly.  However, they can potentially cause various indirect effects.  Again, the single most important thing to keep an eye on is probably inflation.  As you know, the Federal Reserve raised interest rates to 40-year highs to bring down consumer prices.  After inflation fell below 3% last fall, the Federal Reserve began cutting rates in response.  However, the Fed has signaled they only plan to cut rates twice in 2025.  Any significant uptick in inflation will only slow the pace of future cuts — or even cause rates to rise again. 

The good news is that the markets are driven by many factors, and tariffs are just one.  During President Trump’s first term, the trade war between the U.S. and China had a very small effect on the markets, occasionally injecting short-term volatility but having little sustained effect on performance.  And there are still many good reasons to feel confident in the stock market.  The economy is coming off a strong year.  Interest rates are lower.  Some sectors, especially in tech, are experiencing tremendous momentum.  For these reasons, we don’t intend to make major investment decisions based on tariffs alone. 

 

Investor Sentiment

Markets thrive on predictability. Prolonged trade disputes can lead to short-term sell-offs as investors seek stability.

While tariffs alone may not cause a major market downturn, their indirect effects—such as inflation and supply chain challenges—can influence broader market trends.

 

What’s Next?

There are still so many things we don’t know. And, at this point, the long-term impact of these tariffs remains uncertain. If negotiations between the U.S., Canada, Mexico, and China progress, some tariffs could be lifted. That would certainly be a positive result for everyone!  If tensions escalate, we could see prolonged economic effects.

At Cornerstone Financial Solutions, we continue to monitor these developments closely. While short-term market fluctuations are possible, we remain focused on long-term investment strategies. If you have questions or concerns about how these changes may affect your portfolio, feel free to reach out to us.

Any opinions are those of Cornerstone Financial Solutions, Inc. and not necessarily those of Raymond James. All opinions are as of 3/3/25 and are subject to change without notice. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. Past performance is not a guarantee of future results. Adapted from material prepared by Bill Good Marketing, an independent third-party.

 

White House Tariff Announcement,” The White House, https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-imposes-tariffs-on-imports-from-canada-mexico-and-china/

Canada’s response to U.S. tariffs on Canadian goods,” Government of Canada, https://www.canada.ca/en/department-finance/programs/international-trade-finance-policy/canadas-response-us-tariffs.html

Trump pauses tariffs on Mexico and Canada, but not China,” Reuters, https://www.reuters.com/world/us/trump-says-americans-may-feel-pain-trade-war-with-mexico-canada-china-2025-02-03/

China retaliates with additional tariffs of up to 15% on select U.S. imports,” CNBC https://www.cnbc.com/2025/02/04/china-levies-tariffs-on-select-us-imports-starting-feb-10.html

12-month percentage change, Consumer Price Index,” Bureau of Labor Statistics, https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm

Here’s what will get more expensive from tariffs on Mexico, Canada, and China,” CNN Business, https://www.cnn.com/2025/02/01/economy/trump-tariffs-mexico-canada-china-increased-costs/index.html

America’s trade gap soared, final figures show,” Politico, https://www.politico.com/news/2021/02/05/2020-trade-figures-trump-failure-deficit-466116

Fed cuts key interest rate but signals elevated inflation is likely to persist,” https://www.nbcnews.com/business/economy/federal-reserve-interest-rate-cut-december-2024-much-economy-rcna184586

Planning for Required Minimum Distributions (RMDs)

Jan 29, 2025 | Retirement Planning

If you save for retirement in a qualified plan, such as a 401(k) plan or an IRA, the government currently requires you to take withdrawals from these accounts during retirement. The withdrawals, known as required minimum distributions or RMDs, are taxable so it’s a good idea to plan ahead and avoid unexpected tax consequences.

Here is some basic information about RMDs. It is offered with the caveat that RMDs have complex rules. It’s important to talk with your financial or tax professional before taking action.

If your 73rd birthday is in 2025 , your first RMD must be taken by April 1, 2026. Your second RMD by December 31, 2026, your third RMD by December 31, 2027, and so on.1

If you delay your first distribution until April 1, 2026 , then you will need to take two RMDs in the same year.1

If you have multiple 401(k) plan and IRA accounts , you typically must calculate the RMD for each one of them. You can, however, withdraw the entire amount from a single account.2

If you’re still working at age 73 , you don’t have to take an RMD from your workplace retirement plan account (as long as the plan allows it). This exception does not apply to traditional IRAs. You must take RMDs from traditional IRAs, even if you’re still working.2

If you inherit an IRA from a spouse (after 2019) who already reached age 73, you will normally need to take an RMD for the year of death, if your spouse did not already take one. If your spouse dies before age 73, you may be able to keep the inherited account, roll it over into your IRA, or withdraw the money in a lump sum or over a period of time.2

If you inherit an IRA from someone other than your spouse (after 2019), usually the funds must be completely withdrawn from the account within 10 years. RMDs may be required if the person from whom you inherited the account was already taking RMDs.4 There are some exceptions.

If you miss an RMD deadline or you don’t withdraw the full amount, penalties are steep. The penalty tax is 25 percent of the amount you failed to withdraw. If you correct the issue within two years, the penalty tax is lower.1

If you own a Roth IRA or Designated Roth account in workplace plan, you do not have to take RMDs—unless you inherited the account. In that case, RMD rules usually apply.1 Again, the rules governing RMDs are complex.

If you would like help, or if you have questions, please get in touch. Call 605-352-9490 in Huron or 605-357-8553 in Sioux Falls.

Not a Cornerstone client? 

Rules regarding Required Minimum Distributions (RMDs) can be complex, and missing a deadline can be costly. We help our clients navigate RMDs and the many other pieces of a comprehensive financial plan. How can we help you? Call 605-357-8553 or email cfsteam@mycfsgroup.com today and schedule your complimentary, no-obligation appointment.

Sources

  1. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds
  2. https://www.irs.gov/retirement-plans/rmd-comparison-chart-iras-vs-defined-contribution-plans
  3. 11 https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary
  4. 12 https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary

CSP #707048 (in CGC Weekly Commentary) Exp. 1.27.26

Identity Theft and Taxes Protect Your Return From Tax-Related Identity Theft

Jan 15, 2025 | Estate Planning

What is Identity Theft?

Identity (ID) Theft is a fraud committed or attempted using the identifying information of another person without authority. ID Theft impacts 1 out of 5 people, occurs every 2 seconds, takes 9 minutes for fraudsters to access hacked information, and can now be committed electronically (via email or a smartphone) to gain access to personal information.

The smart device age has made our lives easier, but it’s also made us more vulnerable. Identity theft, once a distant threat requiring break-ins and dumpster dives, has become an ever-present concern thanks to digital ubiquity. With the prevalence of e-filing, that holds especially true during tax season. Last year, the IRS reported identifying 1.1 million potentially fraudulent filings by early March.

Cornerstone is proud of the work we do to keep your data safe and the additional layers of protection and support we offer through our association with Raymond James. However, taking individual steps to protect yourself and your data is critical.

 

Know the signs.

Whether it’s a letter concerning information you never requested or an alert that an online account was created in your name, getting unexpected communications from the IRS is usually the first warning sign of tax-related identity theft.

  • The IRS does not routinely email, make phone calls or communicate with individuals through social media.
  • Explore more red flags at irs.gov/newsroom/taxpayer-guide-to-identity-theft.

 

Keep safe.

Taking a more defensive approach to your online life is simpler than you might think.

  • Password managers, such as those built into browsers or dedicated apps like Bitwardenand 1Password, can help you generate stronger passwords, update them regularly, and keep them secure and encrypted in a single location.
  • Enable multifactor authentication across your accounts.
  • Stay current with software and operating system updates.
  • Audit your online footprint: Make a list of all the sites you’ve created a username and password for and deactivate unused social, shopping and nonessential accounts.

 

Take action.

  • File your taxes as early as possible – as soon as all the necessary forms arrive. This can help ensure a return is on its way before a bad actor even has the chance to attempt theft.
  • Enroll in the IRS’s identity protection PIN (IP PIN) program. The IP PIN is a unique six-digit number generated each year to protect the use of your Social Security number.  

 

If you have a reason to suspect you are the victim of tax-related identity theft, we encourage you to respond immediately to any IRS notices and visit IdentityTheft.gov for guidance on protecting yourself and securing accounts. If an e-filing is rejected because taxes have already been filed using your information, you may need to complete IRS Form 14309, Identity Theft Affidavit, and include it with a paper filing.

If you’d like to discuss additional security – or savings – get in touch any time.

Learn More

Identity theft resources from usa.gov

Recovering from identity theft (from ftc.gov)

Don’t miss our Education Event:

Beyong the Firewall: Privacy, Security, and Account Protection

Feb. 11 | 6:15pm | Hilton Garden Inn Sioux Falls South Or via Zoom

Hilton Garden Inn Sioux Falls South – 5300 S Grand Cir, Sioux Falls 57108

Register

Not a Cornerstone client? 

Contact us today at 605-351-8553 or cfsteam@mycfsgroup.com if you’d like to learn more about the unparalleled service you can expect from the Cornerstone team.

CSP #695994 Exp. 1.14.26

Sources: raymondjames.com, irs.gov, cnbc.com

Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Material created by Raymond James for use by its advisors. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

Gita Hendricks | Thank You Message

Dec 31, 2024 | #Cornerstone Community

A message from Gita following the December 12th Open House celebrating Christmas and her Retirement from Cornerstone after seven years. Gita’s last official day with Cornerstone was December 20, 2024.

As I sit down to reflect on the past few weeks and years, my heart is overflowing with gratitude. I want to take a moment to thank everyone who supported and attended my retirement reception. Your presence, hugs, kind words, and well-wishes meant more to me than I can possibly express. It was an incredibly special day, and I am deeply touched by the outpouring of love and support.

This isn’t the first time I’ve “retired,” but it has undoubtedly been the most memorable one. The joy and warmth I’ve experienced during this transition are beyond anything I could have imagined.

I’m excited about the opportunities that retirement will bring. For the first time in a long while I have the freedom to choose exactly what I want to do. Getting my house cleaned is at the top of my list…we’ll see if that happens!  I’m looking forward to traveling with Mike, both within the U.S. and beyond. Exploring new places and experiencing different cultures has always been a dream of mine, and I’m thrilled to have the time to make it a reality. And, of course, enjoying entertaining my friends and relatives often – stop by anytime, I’ll whip up a batch of guacamole and chips.

In addition to traveling and entertaining, I plan to dive deeper into my love for crafts and art. I recently discovered the joy of using crushed and cut glass, joining it with jewelry, dried flowers, leaves, seashells, or rocks. Each piece is a unique artistic vision, arranged on canvas, wood, or sculpture. I can’t wait to see where my creativity takes me. Retirement feels like the perfect time to nurture these passions and see how they evolve. Come to think of it, this may go to the top of my list…the house can wait!

Thank you all for being a part of my journey. Your support has meant the world to me, and I’ll carry your kindness with me into this new chapter. I’ll always hold the memories we’ve created close to my heart.

Here’s to the next adventure!

 

With love and gratitude,

Gita

CSP# 680883 Exp. 12.23.25