Zenith Insights
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A month ago, the big question was whether the Federal Reserve's next move would be a cut or a hike. September answered it. The Fed raised interest rates for the first time this cycle, inflation stayed firm, and Treasury yields moved toward 5%.
Net worth isn't a comparison scoreboard, just a simple snapshot: what you own minus what you owe. This article shows you how to calculate it correctly and explains why it's a more honest measure of progress than income alone.
The Investment Policy Statement is where endowment governance begins. It converts the donor's trust into operating instructions every future board can follow.
An IPS tells your board, your advisor, and your future leadership what this fund is for, how it should be managed, and how decisions get made. Without it, every investment question becomes a new debate. With it, your board has a framework that outlasts any individual member. That separation made sense when the tools for doing something different did not exist. It makes less sense now.
Zenith turns 7 with $210M generated for clients, 325 families served, and a sharper sense of who we're built for. Plus a first look at the client-focused redesign coming soon.
Skip the card-collecting approach and match one card to your travel style. Check which airline hubs your local airport is connected to, since a co-branded card from that carrier often out-earns a flexible points card if you default to them anyway. Depending on your travel pattern, a flexible option, a premium option with stronger perks, or a hub-matched airline card could be the better fit. Run the math on what you would use against the annual fee before applying.
For most of Philadelphia's philanthropic history, there has been a clean separation between grantmaking and investing. Grants go out. The endowment sits in a portfolio managed by an advisor whose primary job is to make sure the money grows enough to support next year's grants.
That separation made sense when the tools for doing something different did not exist. It makes less sense now.
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