Selected News
Cherry Tree Wealth Insights
Trump Accounts
On July 4, 2026, a new type of tax-advantaged savings account becomes available for children under the age of 18; the Trump Account. Created by the One Big Beautiful Bill (BBB) passed in 2025, these accounts have generated notable headlines which have led to some understandable confusion.
Read more of Cherry Tree Wealth Insights: Trump Accounts
Cherry Tree Wealth Insights
The Case Against Stock Picking
A central theme of our investment strategy at Cherry Tree Wealth that we repeat often in conversations with our clients, is that we don’t like to invest in individual stocks. But why is that?
> Read more of Cherry Tree Wealth Insights: The Case Against Stock Picking
Cherry Tree Wealth Insights
Stop Saving After Age 65
People who reach retirement age (around age 65), and have saved enough to retire face a big and often difficult mental transition. They must switch their mentality 180 degrees from being a “smart saver” to being a “smart spender.” It is difficult for many people because they have typically been “smart savers” for 40 years and they’ve seen that saving more is the “responsible” thing to do.
> Read more of Cherry Tree Wealth Insights: STOP SAVING AFTER AGE 65
Cherry Tree Wealth Insights
Charitable Giving Strategies for 2025 and 2026
New Tax Legislation
The recently passed One Big Beautiful Bill (BBB) contains several changes to charitable giving tax laws. As is often the case, the new tax law makes things more complicated regarding charitable giving and income taxes. These new tax laws may change the best charitable giving strategies and the best timing of charitable gifts for you.
> Read more of Cherry Tree Wealth Insights: CHARITABLE GIVING STRATEGIES FOR 2025 AND 2026 — NEW TAX LEGISLATION
Cherry Tree Wealth Insights
One Big Beautiful Bill (BBB) Tax Change Highlights
Tax changes that could affect your personal taxes
The primary tax benefit of the One Big Beautiful Bill (BBB) is that it extends many of the key tax cuts from 2017 that were scheduled to expire on December 31, 2025. It makes most of those tax cuts permanent. The primary benefit of the BBB is really the lack of a large tax increase in January of 2026, rather than a significant tax “cut” compared to recent (2024-2025) tax rates and tax brackets.
>> Read more of Cherry Tree Wealth Insights: One Big Beautiful Bill (BBB) Tax Change Highlights
Cherry Tree Wealth Insights
Roth IRA Conversions—When Does it Make Sense?
There are many factors to consider to decide if a Roth IRA conversion makes sense, and if so, how much Roth conversion to do each year. Converting some of your IRA account to Roth can be very smart and add a great deal of value and tax savings over time.
>> Read more of Cherry Tree Wealth Insights: Roth IRA Conversions
Conner Kolodge Promoted to President of Cherry Tree Wealth Management
We are pleased to announce the promotion of Conner Kolodge to President of Cherry Tree Wealth Management. Conner has done an outstanding job of serving our existing clients and bringing new clients to Cherry Tree Wealth. Conner has excellent technical skills in all areas of wealth management and is committed to providing top shelf client service. Keith Tufte plans to continue to work with our existing CTW clients for many years, which is his favorite part of the job.
Conner Kolodge
CPA, PFS, CFP®, CPWA®
[email protected]
Cherry Tree Wealth Insights
When Should I Start Taking Social Security Benefits?
The best age to start taking Social Security (SS) depends very much on the specific circumstances of each person. For some people it will be smart to start taking Social Security (SS) benefits at age 62 when they are first eligible. For others it will make sense to start at or near their Full Retirement Age (FRA) of around 67. And for some it will make sense to wait until age 70. The amount of SS benefits you will receive varies significantly depending on at what age you first start taking your benefits. The longer you wait the more you will get paid each month for the rest of your life. You do not get a higher SS benefit for waiting beyond age 70.
Read more of Cherry Tree Wealth Insights Social Security Benefits
Cherry Tree Wealth Insights
Smart Tax Strategies at Retirement
There are some excellent tax planning strategies surrounding the years just after retirement that can save you significant amounts of money. These strategies involve taking advantage of the much lower tax rate you will likely have during the “gap years” between retirement age and when you start taking Social Security (by age 70) and when you are forced to start taking IRA required distributions (age 73). It is during these years that most people experience the lowest tax rate they are likely to experience over the rest of their lives. See the graph below which shows the “tax planning opportunity zone.”
Read more of Cherry Tree Wealth Insights SmartTaxStrategies
Cherry Tree Wealth Insights
Target Date Bond Funds— Locking in Current High Bond Yields
Interest rates have increased dramatically over the past several years. This makes bonds much more attractive than they were a few years ago. The expected returns from bonds going forward are much better than they have been in 15+ years due to the current high interest rates. The majority of the bond funds we own have current yields of an attractive 5.0%-6.0% per year. Two years ago most bond yields were 2% or less.
Read more of Cherry Tree Wealth Insights Target Date Bond Funds
Cherry Tree Wealth Insights
We REALLY DISLIKE Annuities, and You Should Too
Most of our clients do not own annuities (thank goodness). However, some new clients come to us with annuities that they bought before working with us from another advisor or insurance salesperson. We do not like most annuities and we believe they are not good investment products.
Read more of Cherry Tree Wealth Insights We REALLY DISLIKE Annuities…
Cherry Tree Wealth Insights
Signing up for Medicare at Age 65
Medicare is a valuable retirement healthcare benefit for U.S. citizens. It is important to sign up for Medicare on time, around your 65th birthday, or certain penalties and higher costs may apply. In general, healthcare coverage will likely be cheaper using Medicare compared to private health insurance.
Read more of Cherry Tree Wealth Insights Signing up for Medicare at age 65
Cherry Tree Wealth Insights
When Will This Bear Market End?
We recently entered a bear market in U.S. stocks, as defined by a drop of 20% or more from the recent peak. Many investors are wondering how much lower might stocks go this year, and when will this bear market end? Nobody knows the answers to these important questions for sure, but it may be helpful to look at the history of previous bear markets for some perspective. Below is a table from Charlie Bilello of all the U.S. Bear markets since 1929.
Read more of Cherry Tree Wealth Insights When Will This Bear Market End?
Educational Material
Cherry Tree shares its viewpoint on market timing considerations.
Educational Material
Cherry Tree shares its viewpoint on market timing considerations.
Cherry Tree Wealth Insights
SMART TAX STRATEGIES AT RETIREMENT
TWO SMART TAX STRATEGIES TO USE DURING THESE GAP YEARS:
- Take long-term capital gains on purpose with a 0% tax rate. For a couple the 0% capital gains tax rate goes up to $83,350 of gains in 2022.
- Roth conversions. Transfer money from your regular IRA to a Roth IRA at relatively low tax rates.
Which of these two smart retirement tax strategies is best for you?
Read more of Cherry Tree Wealth Insights “Smart Tax Strategies at Retirement”.
Cherry Tree’s John O’Connor Receives CFP® Certification
Cherry Tree Wealth Management is please to announce that John O’Connor has obtained his CFP® certification. For more than 30 years, CERTIFIED FINANCIAL PLANNER™ certification has been the standard of excellence for financial planning. CFP® professionals are rigorously trained in 72 areas of financial expertise and must accrue thousands of hours of experience prior to earning their certification.
Cherry Tree Wealth Insights
Another Horrible Year for Stock Pickers
Trying to pick stocks that will beat the overall stock market index is extremely difficult and has gotten much more difficult over time. It is a loser’s game. In 2021 86% of all actively managed U.S. stock funds underper-formed their benchmark index. That was the 12th year in a row that they have underperformed the index. That is an impressively bad and consistent track record. The vast majority (80%) of investors and funds that try to pick stocks end up lagging behind the simple index significantly over a 10-year time period. >>read entire newsletter
Cherry Tree Wealth Insights
Be Consistently Not Stupid With Your Money
It turns out that being consistently not stupid with your money is one of the most important keys to longterm financial success. Avoiding investments in dumb things is more important than finding that one genius investment idea that you think will make you rich. And, it is much easier to do. As an emotional human your brain is pre-programmed to tempt you to do unwise financial things such as chase the latest hot investment fad (greed) or sell low after a big stock market decline (fear). The best answer to most exciting investment ideas being pitched to you is to “just say no.” >>read entire newsletter
Cherry Tree Wealth Insights
Should I invest in Bitcoin?
Some of the most popular trading products in 2021 have been digital currencies like Bitcoin, and many of them have more than tripled in value so far this year. Bitcoin is a digital asset that works as a medium of ex-change where individual coin ownership records are stored in a computerized database to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. Many people believe these digital currencies will supplement or replace traditional government currencies such as the U.S. dollar. Some people are worried about traditional paper currencies due to inflation and rising government debts and are looking for a “safer” place to have their money. >>read entire newsletter
PlanStrongerTV™ | Episode 502: Shift to Distribution
Avoiding Retirement Financial and Tax Mistakes
Cherry Tree Wealth’s Conner Kolodge, CFP®, shares some tips on how to avoid mistakes and deal with the challenges of a successful retirement in an interview with David Holland, CPA, CFP®.
Retirement can be a welcome change for many workers but brings its own unique challenges both psychologically and financially. The literal shift from saving to spending from your nest egg is equally daunting from a personal perspective as well as in regards to tax and investment planning. The necessary shift in mindset and the different planning opportunities that arise in the retirement years stress the importance of awareness in every facet. The awareness of the sustainability of the investment plan and a sound tax strategy can provide the foundation for the relaxing retirement many envisioned from the get-go.
Conner Kolodge
Investment Advisor, Cherry Tree Wealth
[email protected]
Cherry Tree Wealth Insights
The Psychology of Money
The new book The Psychology of Money by Morgan Housel is the best book on personal finance since The Millionaire Next Door in my opinion. The book contains timeless lessons on wealth, greed, and happiness. The main premise of the book is that doing well with money has little to do with how smart you are, and a lot to do with how you behave. Good behavior is hard to teach, even to very smart people. Dealing with money (well or poorly) is a topic that impacts everyone, whether you are interested in it or not. This note highlights some of the best points of this book by Morgan Housel. >>read entire newsletter
Required Minimum Distribution
This note “Required Minimum Distributions 2020 Edition” examines potential opportunity due to the tax-law change of no required minimum distributions from IRA’s or employer sponsored retirement plans (401k/403b) in the year 2020. Individuals over the age of 72 as well as those who have previously inherited an IRA, have the choice of whether to still take a taxable distribution even though it is not required. Whether or not it is prudent to do so may require specific analysis. Although we know not all of our newsletter recipients fall into those two categories, most have relatives or close family and friends who may and could benefit from sound guidance. In this issue of Cherry Tree Wealth Insights, we take a look at potential opportunity and how this might affect you. Written by our advisor Conner Kolodge, CPA.
Cherry Tree Wealth Insights
Tax Planning in an Election Year
This note “Tax Planning in an Election Year” looks at how future tax rates may change, how they are likely to increase, and how clients may try to plan around those coming tax changes. In this issue of Cherry Tree Wealth Insights, we take a look at the possible change over the next 6 years and how this might affect you.
Cherry Tree Wealth Insights
The CARES Act Waives 2020 Required IRA Distributions
The world has changed drastically in the last month or so. Because of the economic damage caused by COVID-19, the U.S. passed the CARES Act. One of the provisions is that Required Minimum Distributions (RMDs) are waived for 2020. In this issue of Cherry Tree Wealth Insights, we take a look at how this might affect you.
Cherry Tree Wealth Management recognized as 2020 Five Star Wealth Managers
We are pleased to announce that our Investment Advisors Keith Tufte, John O’Connor, Conner Kolodge, and Chelsea Tufte of Cherry Tree Wealth Management were named 2010 Twin Cities “FIVE STAR” Wealth Managers by Twin Cities Business Magazine and Mpls.St.Paul Magazine. Keith and John were also winners in 2016-2019.
Wealth advisors were evaluated on customer service, knowledge/expertise, communication, experience, client retention, a clean regulatory record, and overall client satisfaction.
Justin Frys has joined Cherry Tree Wealth Management
We are happy to announce that Justin Frys has joined Cherry Tree Wealth Management, LLC as an investment advisor to help serve our growing client base. Justin comes to us with over 20 years of experience as a financial advisor and manager of financial advisors. Justin has a friendly personality and a customer service focus, and we hope you will get a chance to meet or speak with him soon. Justin Frys Bio
Cherry Tree Wealth Management recognized as 2019 Five Star Wealth Managers
We are pleased to announce that our Investment Advisors Keith Tufte, Kathleen Tranovich, John O’Connor, and Conner Kolodge of Cherry Tree Wealth Management were named 2019 Twin Cities “FIVE STAR” Wealth Managers. Keith, John, and Kathleen were also winners in 2016, 2017, and 2018.
Wealth advisors were evaluated on customer service, knowledge/expertise, communication, experience, client retention, a clean regulatory record, and overall client satisfaction.
John O’Connor publishes article in RIA
Cherry Tree Wealth Management Investment Advisor, John O’Connor, wrote an article about CTW’s investment strategy and how they build client portfolios in the October 15th edition of RIA, Citywire’s magazine for registered investment advisors. The article was republished online November 8th. >full article
Cherry Tree Wealth Management, LLC formerly Adam Smith Advisors, LLC
Minnetonka, MN, April 12, 2018 – Adam Smith Advisors, LLC announced today that it has changed its company name to Cherry Tree Wealth Management, LLC. Adam Smith Advisors, LLC has been the wealth management business within Cherry Tree Companies and has used both the Adam Smith Advisors and Cherry Tree brand names for some time. The goal of the name change is to better leverage the strong Cherry Tree brand name, and to reflect that we are part of the Cherry Tree family of companies.
Our business, ownership and strong team of advisors will remain the same, only our brand name is being changed. Cherry Tree Wealth Management, LLC is an independent, fee-based registered investment advisory (RIA) business. We are committed to providing a full range of wealth management services to help our clients meet all their financial and life goals. “We are excited to change our wealth management company brand name to Cherry Tree Wealth Management, LLC. The Cherry Tree brand name is well-known and has a positive image in the Twin Cities and Upper Midwest, due to its history of more than 30 years in business helping businesses and families in the Midwest”, says Keith Tufte, President of Cherry Tree Wealth Management, LLC.
Cherry Tree Wealth Management acquired Trusted Financial Partners
Cherry Tree Wealth Management formerly Adam Smith Advisors, a Minneapolis based investment firm, has acquired Trusted Financial Partners of St. Paul, LLC (TFP). The acquisition closed November 30, 2017, and is the latest RIA wealth management acquisition for Adam Smith Advisors, LLC. “We are pleased to continue to grow our firm organically and through acquisitions, so we can provide wealth management services to more and more families and businesses in the Midwest. >>more
Cherry Tree Wealth Management recognized as 2018 Five Star Wealth Managers
We are pleased to announce that our Investment Advisors, Keith Tufte, Kathleen Tranovich and John O’Connor of Cherry Tree Wealth Management formerly Adam Smith Advisors were named Twin Cities 2016, 2017 and 2018 “FIVE STAR” Wealth Managers by Twin Cities Business Magazine and Mpls.St.Paul Magazine.
Wealth advisors were evaluated on customer service, knowledge/expertise, communication, experience, client retention, a clean regulatory record, and overall client satisfaction. >>more
Erin Buchen joins Cherry Tree Wealth Management as Investment Advisor Assistant
We Are Proud To Introduce the launch of the Cherry Tree Wealth Management BLOG
We recently launched a weekly blog, designed to give you more frequent insights about current financial topics of interest. The BLOG is written by our own Investment Advisors and a new topic will be presented every Tuesday. >>Adam Smith Blog
If you would like to receive weekly reminders of the latest entries, please contact Erin Buchen or call (952) 253.9024.
Chelsea Tufte, promoted to Investment Advisor
Connor Kolodge joins Cherry Tree Wealth Management
Connor Kolodge is an Investment Advisor focused on tax planning & charitable giving, comprehensive financial planning, investment management, and cash flow panning and lifestyle spending analysis.
Cherry Tree Wealth Management named among the top wealth managers in theTwin Cities
At Cherry Tree Wealth Management (formerly Adam Smith Advisors), we are very proud of our entire team. We are pleased to announce that ASA Advisors, Kathleen Tranovich, John O’Connor and Keith Tufte were recently named among the top wealth managers in the Twin Cities. Please see the attachment for more details. We take pride in working closely as a team with our clients so that we know their specific needs and advise them in reaching their financial goals. >>more
Cherry Tree Wealth Management again named among the top wealth managers in the Twin Cities
We are pleased to announce that one of our Senior Investment Advisors, Kevin O’Connor was named a Twin Cities 2014 “FIVE STAR” Wealth Manager by Twin Cities Business Magazine and Mpls.St. Paul Magazine. The list is generated based on overall client satisfaction and created from an independent survey of over 35,000 high net worth clients and financial services industry professionals. Kevin was also selected as a FIVE STAR Wealth Manager in 2011. He joins Keith Tufte as a multiple-year FIVE STAR award winner.
Cherry Tree Wealth Management acquires Wealth Management Services LLC
We are very pleased to share our good news with you. Effective November 1, 2013, Cherry Tree Wealth Management (formerly Adam Smith Advisors, LLC) acquired Wealth Management Services, LLC (WMS). WMS is a wealth management firm and registered investment advisor based in Minneapolis. We welcome the two owners and senior investment advisors of WMS: Doug Forsberg and Janet Pollish, to our team. WMS and CTW’s business attributes align extremely well in that our objectives, investment strategies and business approach are virtually identical. By taking this step, we will be building stronger and deeper wealth management service capabilities and a larger and stronger team to serve clients.
Cherry Tree Wealth Management named among the top wealth managers in the Twin Cities
We are pleased to announce that our Senior Investment Advisors, Kevin O’Connor and Keith Tufte of Cherry Tree Wealth Management (formerly Adam Smith Advisors), were both named Twin Cities 2011 “FIVE STAR” Wealth Managers by Twin Cities Business Magazine and Mpls.St. Paul Magazine. The list is generated based on overall client satisfaction. Less than 7% of wealth managers were selected for this list. This list was created based on an independent survey of over 35,000 high net worth clients and financial services industry professionals. Wealth advisors were evaluated on customer service, integrity, knowledge/expertise, communication, value for the fee charged, meeting financial objectives, service, quality of recommendations, a clean regulatory record, and overall client satisfaction.
STAR TRIBUNE ARTICLE
More Financial Advisers See Strength in Numbers
Independent advisers are making alliances and forming networks in order to compete.
Cherry Tree Wealth Management is an SEC registered investment advisor and fiduciary advisory firm.