{"id":968,"date":"2025-06-30T17:48:25","date_gmt":"2025-06-30T17:48:25","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/?p=968"},"modified":"2026-08-28T15:14:14","modified_gmt":"2026-08-28T15:14:14","slug":"q2-2025-newsletter-insights","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q2-2025-newsletter-insights\/","title":{"rendered":"Q2 2025 – Newsletter Insights"},"content":{"rendered":"

A Cloud of Uncertainty <\/span><\/p>\n

The tautology, \u201c<\/span>Predictions are difficult, especially about the future<\/em><\/span>\u201d may feel particularly relevant today.<\/span>1<\/sup><\/span> The start of 2025 has been marked by low visibility, with two events casting a cloud of uncertainty over investor sentiment: the launch of <\/span>DeepSeek\u2019s<\/span> AI platform\u2014claiming to be a significantly lower-cost model\u2014and U.S. President Trump unleashing a trade war.<\/span><\/span><\/p>\n

 <\/p>\n

While the shift in U.S. policy direction has felt particularly unexpected\u2014from tariffs against its closest ally to talk of annexation\u2014it serves as a reminder of the value of diversification. Until now, Canada\u2019s dependence on the U.S. as its primary export market has largely been overlooked: 77 percent of exports go to the U.S.\u2014no other nation accounts for more than 5 percent.<\/span>2<\/sup><\/span> Just as diversification is important in portfolio management, it is equally critical in trade.<\/span><\/span><\/p>\n

 <\/p>\n

Over recent years, the focus on diversification in investing may have also taken a back seat. Market gains have been largely driven by a handful of U.S. tech giants, whose dominance has gone mostly unchallenged. <\/span>DeepSeek\u2019s<\/span> emergence highlights that disruption is inevitable in any innovation cycle, and no sector remains immune.<\/span><\/span><\/p>\n

 <\/p>\n

If the first few months of 2025 have taught anything, it is to expect the unexpected. It may also be a watershed moment\u2014signaling a shift toward a new era of national protectionism. Indeed, it appears to be a critical juncture for Canada to focus on strengthening its economic position.<\/span><\/p>\n

 <\/p>\n

The tariff situation has also reignited the debate over its effectiveness. While Trump actively campaigned on using tariffs to address the U.S. deficit and support tax cuts, the old economic principle still holds:<\/span> If you want more of something, subsidize it; if you want less, tax it. <\/em><\/span>Many economists agree that tariffs will have negative effects on the U.S. economy at a time when it faces its own uncertainties: persistent inflation, higher interest rates and slowing economic growth.<\/span><\/span><\/p>\n

 <\/p>\n

Given this backdrop, the tariff situation may evolve. As we have seen, the policy direction of the new U.S. administration is prone to shifting at any time. Even so, the effects of policy changes aren\u2019t always immediate or predictable. And, markets and economies don\u2019t always react as anticipated\u2014as we saw in the pandemic\u2019s aftermath. <\/span>One of the best ways to navigate uncertainty is by preparing for multiple possible outcomes. Diversification is intended to position portfolios to withstand changing environments and varying conditions.<\/span><\/span><\/p>\n

 <\/p>\n

With the shifting rhetoric south of the border, the next four years will likely be a test of investor discipline. Many other factors, such as geopolitical instability, economic declines or stock market volatility, are also beyond an investor\u2019s control. Yet, more often than not, how an investor reacts to these uncontrollable events can have the greatest impact on long-term outcomes. The key will be to look beyond the headlines and keep a broader perspective. While the near-term path may not always be clear, history has shown that, as with any cycle, the seasons change, the clouds will part and brighter days are never far behind.<\/span><\/p>\n

 <\/p>\n

For many of us, recent events feel unsettling.<\/span> We<\/span> continue to monitor the ongoing developments and their potential impact on portfolios making adjustments where needed, without losing focus on the longer term. While challenges undoubtedly lie ahead, brighter days will eventually prevail<\/span>. <\/span>Please reach out if you have concerns. <\/span><\/span><\/p>\n

1. Attributed to Niels Bohr, Danish physicist, and Yogi Berra, baseball player, known for saying, \u201cIt <\/span>ain\u2019t<\/span> over \u2018til it\u2019s over\u201d; 2. https:\/\/www.scotiabank.com\/ca\/en\/about\/economics\/economics-publications\/post.other-publications.canada-and-us-economics-.canada-and-us-decks.trade-stats–january-31–2025-.html<\/span><\/p>\n

<\/p>\n

Spring Cleaning<\/span><\/span><\/p>\n

When Less Is More: Simplifying Your Finances<\/span><\/p>\n

Former <\/span>Wall Street Journal<\/em><\/span> finance columnist Jonathan Clements has long advised readers to plan on living past age 90. But when, at age 61, he was diagnosed with an illness that gave him just a year to live, his financial priorities shifted. His focus turned to ensuring his family would be well-prepared for a time when he was no longer around. One key step? Simplifying his finances: \u201c<\/span>I thought my finances were well-organized and pretty simple. Yet, since my diagnosis, I\u2019ve spent endless hours trying to simplify them even further<\/em><\/span>.\u201d His conclusion: \u201c<\/span>Death is hard work<\/em><\/span>.\u201d<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Indeed, when life becomes more challenging, simplicity matters more. If you are tackling spring cleaning this season, perhaps there may be an opportunity to revisit your finances. Here are two places to start:<\/span><\/p>\n

 <\/p>\n

Consolidate Financial Accounts<\/span><\/strong> \u2014 <\/span>Consider<\/span> the benefits of consolidating bank, investment and other financial accounts, where possible: better asset allocation, improved tax efficiency, easier administration and no \u201corphan\u201d accounts forgotten over time. Just as important, it may make life easier for loved ones by reducing the number of accounts they may need to manage in the future if something were to happen.<\/span><\/span><\/p>\n

 <\/p>\n

Reduce Your Digital Footprint <\/span><\/strong>\u2014 How many online accounts do you have? According to one source, the average person holds 100<\/span>!<\/span>2<\/sup><\/span> While this might seem high, it adds up quickly when factoring in email, social media, financial, entertainment, retail and other services. The more accounts you have, the greater your exposure to fraud through data breaches and cyberattacks. One of the best ways to protect yourself is by limiting the information scammers can access. Close unused accounts and delete inactive ones to minimize the risk of personal data being compromised.<\/span><\/span><\/p>\n

 <\/p>\n

Other Ways Less Can Mean More <\/span><\/strong><\/span><\/p>\n

Here are other ways simplifying can lead to greater financial efficiency and peace of mind:<\/span><\/p>\n

 <\/p>\n

Automate Savings & Investing <\/span><\/strong>\u2014 <\/span>Fewer<\/span> decisions can lead to consistent habits. Setting up automatic transfers can help you stay on track toward long-term goals with minimal effort.<\/span><\/span><\/p>\n

 <\/p>\n

Cut Subscription Fat<\/span><\/strong> \u2014 Reduce unnecessary recurring expenses (streaming, apps, memberships) to free up cash flow.<\/span><\/span><\/p>\n

 <\/p>\n

Use Fewer Credit Cards<\/span><\/strong> \u2014 <\/span>Reducing<\/span> the number of credit cards you hold can lower the risk of missed payments or help to minimize fees. Fewer cards may also encourage more intentional spending habits. At the same time, strategically designating cards for specific purposes\u2014such as one for online purchases and another for recurring bills\u2014can make it easier to manage accounts and quickly respond to fraud if a card needs to be cancelled.<\/span><\/span><\/p>\n

 <\/p>\n

Minimize Debt Accounts <\/span><\/strong>\u2014 <\/span>Consolidating<\/span> loans or prioritizing high-interest debt may be financially prudent to lower interest costs.<\/span><\/span><\/p>\n

 <\/p>\n

Teach Younger Folks to Avoid Lifestyle Creep <\/span><\/strong>\u2014 Prioritizing needs over wants can help prevent overconsumption and financial stress. Owning fewer things can also mean lower maintenance costs and more financial freedom.<\/span><\/span><\/p>\n

1. https:\/\/www.wsj.com\/personal-finance\/jonathan-clements-personal-finance-cancer-e30d1396; 2. https:\/\/www.cnn.com\/2024\/02\/26\/tech\/digital-legacy-planning-personal-technology\/index.html<\/span><\/p>\n

<\/p>\n

personal Tax Season is here again<\/span><\/span><\/p>\n

A Turning Tide? Work <\/span>From<\/span> Home (& Tax Reminders)<\/span><\/p>\n

Is the golden age of working from home (WFH) nearing its end? Last fall, the federal government mandated that employees return to the office (WFO) three days a week. Major corporations like Amazon and Dell have gone further, requiring full-time in-office work. The upside? This shift may help revitalize downtown areas that have struggled with vacancies since the pandemic. Proponents of WFO also argue it will boost productivity\u2014one study suggests remote work may reduce productivity by 10 to 20 percent<\/span>!<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Regardless of your stance, tax season is a reminder for remaining WFH workers to claim home office expenses. This year, Form T2200 has been amended to simplify employer certification. Now, employers only need to confirm whether an employee worked from home more than 50 percent of the time over a period of at least four consecutive weeks. According to the CRA, taxpayers claimed a record $2.08 billion in home office expenses in 2023, a 41.4 percent increase from the 2022 tax year, when the temporary flat-rate method was last available.<\/span>2<\/sup><\/span><\/span><\/p>\n

Here are other notable tax changes as you file your 2024 returns:<\/span><\/p>\n

 <\/p>\n

Capital Gains. <\/span><\/strong>The proposed increase to the capital gains inclusion rate has now been deferred to January 1, 2026, from June 24, 2024. For those impacted, the CRA is providing additional time for taxpayers to meet their tax filing obligations, granting relief from late-filing penalties and interest until<\/span>\u202f<\/span>June 2, 2025, for individuals and May 1, 2025,<\/span>\u202f<\/span>for trusts.<\/span><\/span><\/p>\n

 <\/p>\n

Alternative Minimum Tax (AMT). <\/span><\/strong>For 2024 and beyond, the AMT rate increases to 20.5 percent from 15 percent and the basic exemption threshold rises to $173,205 from $40,000.<\/span><\/span><\/p>\n

 <\/p>\n

Charitable Donations.<\/span><\/strong> Due to the postal strike, draft legislation extended the deadline for 2024 charitable donations to February 28, 2025. Individuals can choose to claim eligible monetary donations made up to February 28, 2025, on their 2024 tax return, 2025 return or during the normal five-year carryforward period. Corporations with taxation years ending after November 14, 2024, or before January 1, 2025, are also eligible.<\/span><\/span><\/p>\n

 <\/p>\n

Short-Term Rentals. <\/span><\/strong>If you rent a residential property for less than 90 consecutive days, you must now comply with all provincial and municipal regulations and licensing or the CRA will deny any expense deductions. Transitional relief is in place for the 2024 tax year.<\/span><\/span><\/p>\n

 <\/p>\n

Canada Carbon Rebate (CCR) for Small Business. <\/span><\/strong>While the government stated that the rebate is tax free, at the time of writing, legislation is pending so it must be reported as taxable income.<\/span>3<\/sup><\/span> This was distributed in December to eligible Canadian-Controlled Private Corporations (CCPCs) to offset the federal fuel charge in certain provinces: AB, MB, NB, NL, NS, ON, PE, SK. CCPCs in other provinces\/territories may be eligible if they employ people in designated provinces. <\/span><\/span><\/p>\n

1. https:\/\/www.forbes.com\/sites\/benjaminlaker\/2023\/08\/02\/working-from-home-leads-to-decreased-<\/span>productivity-research-suggests\/; 2. https:\/\/www.investmentexecutive.com\/news\/industry-news\/claims-of-<\/span>home-office-expenses-increased-41-last-tax-season\/; 3. https:\/\/www.canada.ca\/en\/revenue-agency\/services\/<\/span>tax\/businesses\/topics\/corporations\/business-tax-credits\/canada-carbon-rebate-small-businesses.html<\/span><\/p>\n

<\/p>\n

tariff talk: where do we stand?<\/span><\/span><\/p>\n

Oh, Canada: Trade Perspectives, in Brief<\/span><\/p>\n

In brief, here are four perspectives on Canada\/U.S. trade: <\/span><\/p>\n

<\/span><\/p>\n

1. The U.S. is Canada\u2019s main export market.<\/span><\/strong> In 2023, Canadian total exports were valued at C$965 billion, with 77 percent going to the U.S. No other nation accounts for more than 5 percent of Canada\u2019s exports.<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

2. Canada is the U.S.\u2019s largest export market.<\/span><\/strong> However, only 18 percent of total U.S. exports go to Canada.<\/span>2<\/sup><\/span> These<\/span> exports account for 44 percent of Canadian imports, which totaled C$978 billion in goods and services in 2023.<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

3. Canada is relatively vulnerable to tariffs. <\/span><\/strong>When comparing trade as a pe<\/span>rcentage of GDP (chart<\/span>), Canada has greater exposure than the U.S. and China. However, Mexico and the E.U. are more vulnerable by this metric.<\/span>1<\/sup><\/span><\/span><\/p>\n

<\/span><\/p>\n

4. The U.S. relies on Canada\u2019s resources. <\/span><\/strong>Canada exports over 4 <\/span>million barrels of oil per day to the U.S., <\/span>with Midwest refiners importing 3 <\/span>million barrels daily and lacking viable alternatives.<\/span>3<\/sup><\/span> Canada ranks 4<\/span>th<\/sup><\/span> globally in natural resource value<\/span>4<\/sup><\/span> and is a key supplier of critical minerals, providing around 50 to 80 percent of U.S. zinc, tellurium, nickel and vanadium.<\/span>5<\/sup><\/span><\/span><\/p>\n

1. https:\/\/www.scotiabank.com\/ca\/en\/about\/economics\/economics-publications\/post.other-publications.canada-and-us-economics-.canada-and-us-decks.trade-stats–january-31–2025-.html; 2. https:\/\/www.usitc.gov\/research_and_analysis\/tradeshifts\/2023\/us_trade_industry_sectors_and_selected_trading; 3. https:\/\/www.bnnbloomberg.ca\/investing\/commodities\/2025\/02\/03\/eric-nuttall-says-the-us-has-no-alternative-to-replace-canadian-oil\/; 4. https:\/\/www.voronoiapp.com\/natural-resources\/Ranked-Top-Countries-by-Natural-Resource-Value-2885 (2021 figures); 5. https:\/\/economics.td.com\/domains\/economics.td.com\/documents\/reports\/me\/Setting_the_Record_Straight_on_Canada_US_Trade.pdf<\/span><\/p>\n

<\/p>\n

perspectives on The Loonie\u2019s Decline<\/span><\/span><\/p>\n

Food for Thought: A Weaker Canadian Dollar<\/span><\/p>\n

The Canadian dollar\u2019s (CAD) weakness has raised questions about its broader impact and the path forward:<\/span><\/p>\n

The CAD is trading below its historical average. <\/span><\/strong>To start 2025, it fell below 68 U.S. cents\u2014a level not seen in two decades. The decline has been driven by factors such as diverging U.S. and Canadian monetary policies (lower interest rates make the CAD less attractive to foreign investors), ongoing tariff threats and a strong U.S. dollar. Historically, the CAD has moved in cycles. From 2005 to 2014, it benefitted from strong resource demand, surpassing parity with the U.S. dollar (USD) in 2007 and peaking at US$1.09. Over 50 years, it has averaged around US$0.80.<\/span>1<\/sup><\/span><\/span><\/p>\n

<\/span><\/span><\/p>\n

 <\/p>\n

Will the <\/span>loonie<\/span> continue its fall? <\/span><\/strong>The \u201c<\/span>Big Mac Index<\/em><\/span>\u201d may offer some fun \u201cfood for thought.\u201d Published by <\/span>The Economist<\/em><\/span><\/strong>, it was developed as a lighthearted way to make exchange-rate theory digestible by comparing the purchasing power parity (PPP) of currencies. PPP suggests that, over time, exchange rates should adjust so that an identical basket of goods and services costs the same in each country. The index estimates an exchange rate by comparing the price of a Big Mac in different nations to its cost in the U.S. By comparing this to the prevailing exchange rate, it gauges whether a currency is under- or overvalued. According to the index<\/span>, the CAD is undervalued (chart<\/span>).<\/span><\/span><\/p>\n

 <\/p>\n

<\/span><\/p>\n

 <\/p>\n

What does this mean for investors?<\/span><\/strong> Currency swings can impact returns on foreign-denominated investments when converted to Canadian dollars. A notable example occurred between 2000 and 2009\u2014a period with parallels to today. At the start of 2000, U.S. equity markets were at record highs amid the dot-com boom, while the CAD traded below 70 cents USD. If an investor put CAD into the S&P 500 Index in early 2000, they would have experienced a loss\u2014not just due to the market downturn, but also due to currency appreciation. By December 2009, the S&P 500 declined by 24.1 percent, but over the same period, the CAD appreciated by 38 percent. When converting investments back to CAD, the loss would have been 45 percent.<\/span><\/span><\/p>\n

 <\/p>\n

Over the long run, currency fluctuations tend to even out in well-diversified global portfolios, as gains in one currency can offset losses in another. There are also ways to mitigate currency risk directly, depending on an investor\u2019s objectives, such as by using currency-hedged investment funds or Canadian Depository Receipts, which allow investors to buy foreign stocks on Canadian exchanges in CAD.<\/span><\/p>\n

 <\/p>\n

Investing C$1,000 in S&P 500 Index, 2000 to 2009<\/span><\/strong><\/span><\/p>\n\n\n\n\n\n\n
\n

Date<\/span><\/strong><\/span><\/p>\n<\/td>\n

\n

S&P 500 Index<\/span><\/strong><\/span><\/p>\n<\/td>\n

\n

CAD\/USD Exchange<\/span> Rate<\/span><\/strong><\/span><\/p>\n<\/td>\n

\n

Investment Value (CAD)<\/span><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Jan. 3, 2000<\/span><\/p>\n<\/td>\n

\n

1,469.25<\/span><\/p>\n<\/td>\n

\n

0.6888<\/span><\/p>\n<\/td>\n

\n

$1,000.00<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Dec. 31, 2009<\/span><\/p>\n<\/td>\n

\n

1,115.10<\/span><\/p>\n<\/td>\n

\n

0.9508<\/span><\/p>\n<\/td>\n

\n

$549.80<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

% Change<\/em><\/span><\/strong><\/span><\/p>\n<\/td>\n

\n

-24.10%<\/em><\/span><\/strong><\/span><\/p>\n<\/td>\n

\n

+38.04%<\/em><\/span><\/strong><\/span><\/p>\n<\/td>\n

\n

-45.02%<\/em><\/span><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

1. https:\/\/ca.investing.com\/currencies\/usd-cad-historical-data; 2. https:\/\/github.com\/<\/span>TheEconomist\/big-mac-data\/tree\/master\/output-data<\/span><\/p>\n

.<\/span><\/span><\/p>\n

During Uncertain Times:<\/span><\/p>\n

The Value of Disciplined Investing<\/span><\/p>\n

As we have entered a new era of uncertainty, with an evolving trade war, slower economic growth and significant geopolitical conflict emerging regularly from south of the border, it\u2019s worth a reminder: Your portfolio has been structured to provide solid risk-adjusted returns over the long term, with the expectation that markets will experience both up and down periods along the way.<\/span><\/p>\n

 <\/p>\n

Navigating Choppy Waters<\/span><\/strong><\/span><\/p>\n

In times like these, discipline plays an important role in investing.<\/span> As advisors, it\u2019s our role<\/span> to stay unemotional and keep focused on building portfolios based on research and fundamentals.<\/span><\/span><\/p>\n

 <\/p>\n

The dilemma, of course, is that human nature often compels many investors to want to take immediate action when faced with adverse conditions. It\u2019s a natural response, as we are innately hard-wired to react for survival. However, sometimes the best course of action is to do nothing at all.<\/span><\/p>\n

 <\/p>\n

While it might feel like the right response to exit the markets when things get tough, the opportunity cost of doing so\u2014when markets reverse their course, often unexpectedly\u2014can have a profound impact on future wealth. Missing out on even a few days of good performance can have a detrimental effect on a portfolio. The chart below shows the impact on the S&P 500 Index over 10 years ending August 31, 2023. Indeed, doing nothing…is doing something!<\/span><\/p>\n

 <\/p>\n

The Investment Impact of Missing the Best Market Days<\/span><\/strong><\/span><\/p>\n

Investing $100,000 Over 10 Years Ending 8\/31\/23 in the S&P 500 Index<\/em><\/span><\/p>\n

Consider also a study of nearly 120,000 investors in the U.S. which found that a well-structured wealth plan alongside the support of an advisor can be key to staying the course. During the 2020 pandemic, when the U.S. stock market fell 34 percent in just 22 days, over three-quarters of investors who were previously on track with their financial goals remained on target, even though their portfolios typically declined by 16 percent (and quickly rebounded).<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Having a sound financial plan provides a crucial roadmap, but during more challenging market times, support to navigate the uncertainties is important to help keep you on track. Studies have attempted to quantify the value of this support, with one study suggesting that <\/span>behavioural<\/span> coaching alone can provide an average annualized return of at least 3.4 percent.<\/span>2<\/sup><\/span> This highlights the substantial impact of investor behavior on returns.<\/span><\/span><\/p>\n

 <\/p>\n

Staying invested is important, but consistently saving is also critical. Part of<\/span> our role i<\/span>s to encourage disciplined savings and investment habits, which can significantly improve wealth over time. Just as a personal trainer helps clients stay committed to fitness goals,<\/span> We<\/span> are<\/span> here to help ensure consistency and focus along the financial journey, throughout the inevitable market ups and downs. Studies show that households working with an advisor for 15 years or more accumulate 2.3 times the assets of those without advisor support.<\/span>3<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Looking Beyond Investing<\/span><\/strong><\/span><\/p>\n

Wealth management is about more than just investing and it evolves at each stage of life\u2014from goal planning, such as saving for a first home or child\u2019s education, to investment tax planning, retirement planning, business building and succession, estate and legacy planning and intergenerational wealth transfer.<\/span> We<\/span> offer access to a network of experts who can provide specialized support where needed.<\/span> We are<\/span> also committed to being a resource for you, providing education and insights on factors impacting your wealth so you can make informed decisions. This newsletter is just one way to deliver actionable insights to help better manage your financial position.<\/span><\/span><\/p>\n

As we navigate these uncertain economic times,<\/span> we are<\/span> here to support you to make informed decisions, manage risk and maintain focus on your longer-term financial goals.<\/span> We<\/span> remain grateful for your continued trust in<\/span> our<\/span> services as we build a secure and prosperous future.<\/span><\/span><\/p>\n

1. https:\/\/www.morganstanley.com\/articles\/stock-market-crash-financial-planning; 2. https:\/\/russellinvestments.com\/-\/media\/files\/au\/support\/voa\/voa_report_2023.pdf; 3. https:\/\/cirano.qc.ca\/files\/publications\/2020RP-04.pdf<\/span><\/p>\n

.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A Cloud of Uncertainty The tautology, \u201cPredictions are difficult, especially about the future\u201d may feel particularly relevant today.1 The start of 2025 has been marked by low visibility, with two events casting a cloud of uncertainty over investor sentiment: the launch of DeepSeek\u2019s AI platform\u2014claiming to be a significantly lower-cost model\u2014and U.S. President Trump unleashing […]<\/p>\n","protected":false},"author":106,"featured_media":1019,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter-insights"],"yoast_head":"\nQ2 2025 - Newsletter Insights - Stonehaven Private Counsel<\/title>\n<meta name=\"robots\" content=\"index, follow, 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