My Dear Friends,

I read a very interesting quote, not long ago. It said, “Most days in life don’t really stand out. But life is about the days that do.” Hmmm.

Life is indeed about those days that do stand out. They are the days we always remember and occasionally reach back to. They stand out for any number of reasons. Meeting a goal. Achieving a success. A special family event such as a birth, a wedding, a graduation, a first job. The loss of a loved one. Having a personal insight. A special pet. We surround ourselves with objects such as pictures and “stuff” that we use to remind us of special times. I have a small bowl on a shelf in my office at home that holds balls that I shot an eagle with during my years playing golf. I still add to it every now and then. I write the date, the course and the hole. Sometimes I will add the names of my playing partners. My only “hole-in-one ball” resides in a place of honor in our house in Florida. I carry two small plastic bags in my wallet. One contains a swatch of fur from my beloved Annabelle from the day she unexpectedly died. The second contains a swatch of fur from Reddy from the night he passed in my arms. Every now and then I open one of the bags and swear I can catch the scent of my sweet puppy. Symbols that remind us and honor our past. Amazing.

Martha and I wear our wedding rings to symbolize our commitment to each other. I’ve written many times about Martha’s father. He was “Pop” to all of us. He was a bonafide hero, having crawled up the beach in the fifth wave of Normandy in 1944. He shared his love of the game of golf with Martha, Chris, Peter and me insisting that we learn to play, shortly before he passed away in 1992. We still have the house he built on Bromley Mountain in Vermont. His golf bag has remained in the front hallway right where he left it. It is a poignant reminder of the wonderful gift that he gave us. We have symbols. We have reminders. We celebrate the joys and victories of yesterday. We gather strength for whatever might lie in front of us.

And what exactly does lie in front of us? Our blessed and beleaguered United States of America has spent the last few years in a quagmire. Half of us pushing one way. Half of us pushing another way. All of us claiming to seek that elusive “truth.” But… it seems to me, that we are all seeking many of the same things. A short, but very incomplete list would include the following:

• Freedom to live our lives and raise our families in a safe environment.
• Assurance that our children and grandchildren are being well educated. That school is a safe place for them. That their teachers stand up for them and that we stand up for their teachers. An understanding that we, parents, grandparents, and teachers, are in this together.
• An assurance that our legal system actually provides equal justice under the law for everyone.
• An assurance that what our leaders tell us… is the truth.
• A belief that ethics and values have meaning in the lives and conduct of our elected leaders.
• Common Sense. When I was a much younger man, “common sense” was a concept, easily understood. It represented the “obvious.” Today, so many of us seem to be searching for acceptance from whatever group might have an opinion. We try to say the “right thing.” Support the “right thing.” Maybe it’s my age, but I must admit to being an old-fashioned fan of “common sense.”

Our borders need help. My sense, as I watch videos of people wading through the river on our southern border, is that we have no idea who is coming in. All four of my grandparents were immigrants. They came from Scotland and Ireland. They applied. 

They filled out the paperwork. They gathered their belongings and boarded ships at their own expense, often with their lives at risk. They came here hoping to improve their lives and enrich the lives of their families. They came here in search of the opportunities that the United States might provide. They were accepted because the United States believed that they would 

contribute in a positive way to the growth and overall health of our country. And… that’s pretty much what they did. We all bear witness to that.

I’m excited thinking about the opportunity we appear to have moving forward. An Executive Branch, House and Senate all on the same page seems too good to be true. Let’s remember these men and women in our prayers. In the past, we have seen far too many examples of the negative results of our leaders seeking power and influence for personal gain. Let’s not have this be about who wins and who loses. This is about us. This is about our families. This is about our communities. “We” are the ones who will win or lose.

We, as American citizens, have so much to be thankful and grateful for. I also believe that we have a responsibility to protect the treasure that we have. We are Americans. Let’s be proud and respectful Americans. To repeat what I say each year, the world needs our passion and our prayers. I love this country and continue to pray for wisdom, clarity and respect among our leaders.

My cousin, Bruce, passed away in October. For those of you who have been reading these letters over the years, you may remember my story in 2017 of Bruce and his wife, Lizz, driving all the way from northern Maine in a U-Haul to bring Aunt Agnes’ clock to the office. “Aunt Agnes gave me custody of her magnificent grandfather clock, and now I’m passing that along to you,” Bruce explained. “Her instructions to me were that it should stay forever in the Malcolm family. You won’t own it but you will be its caretaker until such time as you pass it along to someone else in the Malcolm family line.” Bruce went on to say that the clock was originally made in London and that Aunt Agnes brought it with her when she immigrated with her sister, my paternal grandmother, Ruth Malcolm, from Scotland in 1894. This beautiful clock has a place of honor in our board room. Each time I see it, I am reminded of Bruce and my family heritage. My prayers are with Lizz, their family and for each of you who have lost loved ones this past year, I pray that you will find a place of comfort and strength… and peace.

Over the years, we have received recognitions from both Barron’s and Forbes in a variety of categories. It’s important to clearly say that I view these as “Team” awards and recognitions. I’ve always believed that “It takes a village.”

PPG is not about one person. We are a team. In many respects, we see ourselves as a family. I’m humbled and proud to say that during this past year, 2024, my PPG team/family and I received the following recognitions:

• Barron’s Top 1200 Financial Advisors*
• Forbes America’s Top Wealth Advisors**
• Barron’s Top Advisors #1 in Rhode Island***
• Forbes Best in State Wealth Advisors**
• Barron’s Top 100 Independent Wealth Advisors***
• Forbes America’s Top RIA Firms 2024****

Yes, it has been quite a year. Early in November, I celebrated a fairly significant birthday. I was overwhelmed by the cards, emails, texts and warm congratulations from so many of you. Now, I don’t get caught off guard by too many things. But on the Monday following my birthday, I arrived at the office with Martha around noon to meet with Joanna and our contractor. The meeting had been scheduled about two weeks prior. Tina said, “Joanna is waiting for you in your office.”

I walked to my office with Martha, my mind on the construction project we were about to discuss. I opened the sliding doors only to be greeted by all of my team standing together, smiling, laughing and singing “Happy Birthday.” My office had been turned into a celebration. Ribbons, signs, pictures and all kinds of festive birthday messages hung from the ceiling and walls. Lunch had been delivered and was ready to be served. I felt like the most special person in all of Westerly… maybe all of Rhode Island. After lunch, I was treated to the most wonderful video of family, friends, clients and other special people in my life who wished me “Happy Birthday” in their own unique ways. Many of you contributed to that video. It was awesome.

My Mom loved a certain quote and used it frequently. “A man is known by the company he keeps,” she would say. I think that if my Mom could drop by 9 Granite Street some afternoon and watch a few of my team members interact while working, she would know that her oldest son had paid close attention. I enjoy thinking that she would be proud.

And, while I am speaking about being proud, I want to recognize one of our most incredible community leaders, Maureen Fitzgerald. Maureen recently announced that she would be retiring from her role as CEO of the Ocean Community YMCA later this summer. The Westerly Sun noted that Maureen “took over as the head of the Westerly-Pawcatuck YMCA in 2004… then grew it into a thriving network of four distinct branches with more than eighteen thousand members under the umbrella of the Ocean Community YMCA.”

Over the years, I have had the opportunity to work with a number of volunteer Boards of Directors of Community organizations. I served on the YMCA Board for several years and had the privilege of serving a term as Chairman of the Board during the period when we were raising funds to renovate much of the building on High St. I was very proud of what we were able to accomplish. The truth is that Maureen made me and all of us who worked alongside of her appear far more accomplished than we really were. She is an amazing leader and has been such an asset to our community.

The Westerly Sun made a great observation. “Despite raising millions of dollars, overseeing the expansion of all four facilities during her tenure – including Camp Watchaug – to the local YMCA constellation – Fitzgerald believes that her biggest accomplishment has been overseeing the safety of the children in her care.”

Maureen plans to remain an active member of our community following her retirement. We will all benefit from that. Her legacy is something to be proud of and thankful for. And… full disclosure… her golf game is pretty darn good as well. I remember playing with her in a charity tournament held at Winnapaug a number of years ago. Our foursome consisted of three men, each of whom carried a single digit handicap and Maureen. I’m not sure that Maureen even had an official handicap at the time. Her comment was always, “I can’t get out as much as I would like to, but I really love to play.”

We all played well that day and our group finished in first place. What was even more exciting was the hole-in-one that one of our foursome shot on the 16th hole. It wasn’t one of our single digit guys who struck that perfect shot. No. It was the lady who just “loved to play.” Maureen said it was her first hole-in-one, ever. Nice! Hopefully retirement will give her more time and opportunity to add to her collection of “great” golf shots.

Thank you, Maureen, for all you have done for our kids and our entire community. I’m looking forward to teeing it up with you when the weather is warmer.

And so, my dear friends, thank you for your trust. Thank you for your support. Most of all, thank you for your friendship, and for allowing us the opportunity to work with you and your family in pursuit of your individual hopes and dreams. We consider it a privilege and a unique responsibility to travel with you on this journey and to help you identify and achieve your own financial goals.

Yes, as I’ve said so many times before, “Thank you” especially for these many years. I look forward to spending many more with all of you. 2025 will mark our 50th year as a wealth management firm. I’m sure you will hear more about that during the coming year. All of us at PPG: Joanna, Lee-Ann, Jennifer, Tina, Melissa, Andrea, Marquesen, Shannon, Chris, Peter, Dan, Jonathan, Patrick, Harrison, Todd, David, Eric, Nick, our families, my wife Martha and, of course, the spirits of our beloved Portuguese Water Dogs, Bromley, Annabelle and Reddington, join me in wishing you and your family a blessed and joyous holiday and New Year.

In the final line of Dickens’ Christmas Carol, it is Tiny Tim, weakened… yet powerful. Disabled… yet strong of faith and courage, who sits with his father and prays his final prayer: “A Merry Christmas to us all; God bless us, everyone!” 

Thank you for your trust and confidence. Thank you for these almost 50 remarkable years. Thank you for what I hope will be a whole lot more.

Retirement. No, not just yet.

Merry Christmas and Happy Hanukkah,

Mal Makin

Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website. www.adviserinfo.sec.gov Past performance is not a guarantee of future results.

Malcolm Makin is the recipient of all listed awards with the exception of the Forbes Best RIA (Professional Planning Group). 

Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC.

*Barron’s Top 1,200 Financial Advisors (2024) Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved. The rankings are based on data provided by 6,595 individual advisors and their firms and include qualitative and quantitative criteria. Time period upon which the rating is based is from 09/30/2022 to 09/30/2023, and was released on 03/11/2024. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance is not an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients’ risk tolerance than by an advisor’s investment picking abilities. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of advisor’s future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. Barron’s is not affiliated with Raymond James.

**The Forbes America’s Top Wealth Advisors 2024 ranking, developed by SHOOK Research, is based on in-person and telephone due diligence meetings and a ranking algorithm that includes: a review of best practices, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. This ranking is based upon the period from 6/30/2022 to 6/30/2023 and was released on 4/4/2024. Investment performance is not a criterion because audited records rarely exist and clients have varying risk levels. Rankings are based on the opinions of SHOOK Research, LLC and not indicative of future performance or representative of any one client’s experience. Research Summary (as of August 2023): 44,990 Advisor nominations were received based on high thresholds. 22,874 Advisors were invited to complete the online survey. SHOOK has conducted over 17,996 telephone interviews with advisors. 3,859 Advisors were interviewed in-person at the Advisors’ location and 1,487 interviews were web-based. Final list of the top 250 advisors was then compiled based an algorithm that considers both quantitative and qualitative criteria.  The Forbes Best-In-State Wealth Advisors 2024 ranking, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 6/30/2022 to 6/30/2023 and was released on 4/3/2024. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 44,990 nominations, roughly 8,500 advisors received the award. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Compensation provided for using the rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit https://www.forbes.com/best-in-state-wealth-advisors and https://www.forbes.com/top-wealth-advisors/  for more info.  

***Barron’s Top 100 Independent Advisors, 2024. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.  The rankings as of 9/16/2024 are based on data provided by 579 applications and include qualitative and quantitative criteria. Time period upon which the rating is based is from 6/30/2023 to 6/30/2024, and was released on 9/16/2024. Data points that relate to quality of practice include professionals with a minimum of 7 years financial services experience, acceptable compliance records (no criminal U4 issues), client retention reports, charitable and philanthropic work, quality of practice, designations held, offering services beyond investments offered including estates and trusts, and more. Advisors are quantitatively rated based on varying types of revenues produced and assets under management by the financial professional, with weightings associated for each. Investment performance is not an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients’ risk tolerance than by an advisor’s investment picking abilities. This ranking is not based in any way on the individual’s abilities in regards to providing investment advice or management. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of an advisor team’s future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for obtaining this award/rating. Compensation provided for using the rating.  Barron’s is not affiliated with Raymond James.

**** The Forbes ranking of Best RIA Firms, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Firms considered for participation have principals with a minimum of seven years of experience, and the algorithm weights factors including revenue trends, assets under management, compliance records, industry experience, the ability to demonstrate best practices in their approach to working with clients, and their commitment to diversity and philanthropy. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Research Summary (as of 10/08/2024) Out of approximately 46,212 nominations, 250 firms received the award. This ranking is based upon the period from 3/31/2023 to 3/31/2024 and was released on 10/08/2024. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. This ranking is not based on the services/advice offered by our financial advisors. Compensation provided for using the rating. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit https://www.forbes.com/lists/top-ria-firms/?sh=28a77f5d3cd5 for more info.