MARKET PERFORMANCE Sept. S&P 500 Index 1.698 % Former Viking What to Do If You’re S&P 1500 Composite Index 1.533 % Russell 2000 Index -2.405 % Brooks Bollinger Now Russell 3000 Index 1.162 % 15 Broadway | Fargo, ND 58102 MSCI Emerging Markets Index -4.165 % Dow Jones Industrial Average 1.826 % MSCI EAFE Index -1.035 % NASDAQ Composite Index 0.183 % Worried Bloomberg Barclays US Agg Total 2.270 % Bloomberg Barclays US Corporate 1.334 % Quarterbacking About a Source: Bloomberg 701.451.3000 | 800.709.5781 Clients’ Finances Not FDIC insured | May lose value | Not financial institution guaranteed | Not a deposit | Not insured by any federal government agency Recession When he played in the Brooks quickly learned NFL, Brooks Bollinger that business owners TIM BUSH – SVP/WEALTH ADVISOR watched some of his and executives often teammates struggle to face a similar set of manage their finances. problems. You may have heard rumblings that a recession remember: Even when you retire, you won’t need As young adults could be imminent. Bull markets (when share prices all of your money at once, so it could make sense who suddenly found “People with successful are rising) historically last about five or so years, to keep some in more aggressive investments for themselves making careers in any walk and we’ve been in one for more than 10 years now. a bit longer. a lifetime’s worth of of life are busy,” he Keep in mind that economic fundamentals are When interest rates are low – as they are now – salary in five to seven notes. “They put so still strong: bonds may not be a great investment. As interest years, they needed much energy into their rates rise, bond values usually drop. Unemployment is low guidance. So when business or job, and then Interest rates are low One investment option to consider is alternative ESTATE AND CONSERVATORSHIP ADMINISTRATION Brooks retired from family and life stressors investments. ANDREW HOLTE Planning for the years ahead can be overwhelming. You can trust Bell to help you secure your future football, he pursued are pulling them in Consumer debt is low by ensuring your estate, trusts and assets are in order. VICE PRESIDENT/ a career in finance. different directions. Oil prices are low There are also investment opportunities that WEALTH ADVISOR By serving as a personal representative for an estate, we make sure the estate assets are properly Often, being proactive Corporate earnings are high can give you exposure to the markets with some built-in safety nets to help manage some of inventoried, valued and distributed according to the decedent’s wishes. As conservator, we protect “In the eight years A familiar face in in their financial life gets All of these factors bode well for the stock market that risk. and manage the assets of an individual who can no longer manage their own financial affairs. Alexandria, Minn., has I played professional pushed to the wayside and overall economy, but past experience has joined Bell Investments. football, I could feel the because life gets in many worrying about when the next recession If you’re concerned about the possibility of a Andrew Holte is a vice anxiety a lot of guys will hit and how to prepare financially. recession, use it as an opportunity to meet with the way.” your advisor, so we can analyze your portfolio to president/wealth advisor experienced having at our 915 Broadway office. Because the stock market typically fluctuates, if make sure it’s suitable for your situation. An experienced wealth a lot of money at a BORN WITH you’re young enough, you have time to ride out advisor, Andrew helps his young age,” Brooks A FOOTBALL a recession. And remember to work with a trusted wealth advisor. At Bell Investments, we are fiduciaries, clients navigate through says. “Many did not Brooks wasn’t quite so we look out for our clients’ best interests rather the changes in life and If you’re closer to retirement age, it becomes more MARY JASON NICKI RACHEL SHANNON make good decisions, born with a football in important to maintain a diversified portfolio. And than push a specific product. build investment portfolios LOCKEN SCHULLER KUNGEL MESKE GEPHART designed to work toward 701.451.3084 952.905.5057 701.451.3057 701.451.3043 701.451.3073 OCTOBER 2019 and I didn’t feel like his hands, but he does Alternative investments may not be suitable for all investors and should be considered as an investment for the risk their long-term financial a lot of us had great have a picture of his capital portion of the investor's portfolio. The strategies employed in the management of alternative investments may accelerate the velocity of potential losses. goals. Contact him at Bell has hired Joe Pope as a client portfolio manager in our Minneapolis offices. Joe continually advice coming our dad – then a University The opinions voiced in this material are for general information only and are not intended to provide specific advice or 320.759.8408. follows and learns from the ever-changing investment markets, so he can work collaboratively with way. I wanted to be a of North Dakota football recommendations for any individual. clients on developing a strategic approach to help solve their problems and reach for their goals. All investing involves risk, including loss of principal. No strategy assures success or protects against loss. There is no resource for people in coach – sticking a guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification similar situations.” football in his hand does not protect against market risk. Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance Products and services offered through Bell Bank Wealth Management are: Not FDIC Insured | No Bank Guarantee | May Lose Value shortly after he was born. products are offered through LPL or its licensed affiliates. Bell Bank and Bell Investmentsare not registered as a broker/dealer or investment advisor. Registered representatives Not A Deposit | Not Insured by Any Federal Government Agency of LPL offer products and services using the name Bell Investments, and may also be employees of Bell Bank. These products and services are being offered through This newsletter has been written for the general information of clients and friends of Bell Bank. It is not intended, nor may it be relied upon, as tax or legal advice with respect to any LPL or its affiliates, which are separate entities from and not affiliates of Bell Bank or Bell Investments. Securities and insurance offered through LPL or its affiliates are: matter. This newsletter also cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by the Internal Revenue Service or other taxing authority.

Not Insured by FDIC Not Bank Deposits or Any Other Government Agency Not Bank Guaranteed or Obligations May Lose Value Photo courtesy of Forum News Service Why You Should Consider a Is Fear Keeping Corporate You from Personal Retirement? Representative

Photos courtesy of Forum News Service and

RACHEL MESKE VP/WEALTH & FIDUCIARY ADVISOR

BROOKS BOLLINGER VP/SENIOR WEALTH & FIDUCIARY ADVISOR BECKY WALEN AFC® , CFP® SVP/SENIOR WEALTH MANAGEMENT ADVISOR NICKI KUNGEL VP/SENIOR WEALTH & FIDUCIARY ADVISOR

In high school in Grand Forks, N.D., Last year, Brooks was inducted into Prior to joining Bell, he worked at The average retirement age is that help us retain a sense of Working with Bell Bank’s financial but you continue to work beyond People often give a lot of thought Notifying creditors and representative serves as an Brooks played starting the North Dakota Sports Hall of NorthRock Partners in Minneapolis increasing. Not counting those self into our retirement years is planning team can help – with average retirement age, think to how they want their assets handling claims impartial third party to help avoid as a freshman and was named Fame – and not only for his football for three years. potential conflicts and promote who retire early for health reasons, beneficial for ongoing wellness. the process and peace of mind. about whether cash flow concerns distributed after their death, but Filing tax returns and paying taxes the state’s player of the year three career. In 2000 and 2001, he was personal finance website Don’t We will: or self-worth concerns are holding it’s just as important to carefully and preserve family unity. Our years later. drafted the Los Angeles Dodgers Working with clients on financial Quit Your Day Job states the Maybe that’s one reason more you back. consider who you’ll name in your Settling disputes among beneficiaries goal is to work closely with Major League Baseball team, and planning, investments, banking median age is 63, and, most people are continuing to work into Illustrate your current financial will as personal representative – the Preparing and maintaining beneficiaries and family members In college, he was a four-year starter in 1996, he was a point guard when and trust services, Brooks helps common retirement age is their 70s and even 80s. In fact, the condition, income and expenses, If work is your passion, continuing person who will carry out your final accounting records to honor the decedent’s wishes at the University of Wisconsin and Grand Forks Central High School mentor people through their biggest 65 among recent retirees. Bureau of Labor Statistics expects and retirement projections to will benefit your well-being. But if wishes and administer your estate. while making the process as easy Distributing assets among led his team to victory in the Rose won the Class A boys basketball financial decisions. the labor force participation rate to determine your ability to meet your you’re married and your spouse and stress-free as possible. beneficiaries Bowl, and Alamo Bowl. state championship. Some people dream of an early grow the most for people in the 65 goals for today and in retirement is looking forward to enjoying Serving as a personal representative “Having a trusted financial partner is retirement. Some schedule to 74 and 75 and older age groups Show you how Social Security, retirement with you, you may want is often a complex and time- Many people name a family Our team of professionals has Drafted by the in the FROM FOOTBALL helpful for everyone,” Brooks affirms. retirement around Medicare, through 2024. In just five years, pensions and income streams to find balance between sustaining consuming responsibility. It can member or close friend to handle a fiduciary obligation to act sixth round of the 2003 NFL draft, TO FINANCE “Regardless of how educated or Social Security or pension the bureau projects more than 13 from your investment assets come your joy of working and your be overwhelming for anyone who these responsibilities; however, an objectively and quickly on your Brooks spent six years in the NFL In 2014, Brooks’ career path veered informed you are about finance and benefits. Others continue right million workers will be over age together to replace your paycheck relationship goals of meaningful lacks the experience or knowledge individual who lacks the experience, behalf. We have extensive – also playing for the Minnesota in a completely different direction the markets, having wise counsel past those mile markers with no 65. (Most other age groups are not with other cash flows time together – for an optimal to do the job correctly. People often or cannot devote the time needed, experience and understand the Vikings, and when he left football and became to take the emotions out of it is not firm retirement date. expected to change much during financial plan and an optimal plan don’t realize how much is involved could inadvertently jeopardize a ins and outs of estate administra- before spending time a licensed financial advisor. only beneficial, but also essential for this time.) Work with you and your tax for your well-being. with estate administration. It can family’s financial security. To ease tion, so we can avoid mistakes with the United Football League’s anybody who’s going to have long- For many of us, our careers make advisors to determine the optimal be a bit like putting a puzzle this burden off of family or friends, and delays that can happen Florida Tuskers – where he was “I really came at it from a teaching term success in their financial life.” up a big part of our self-worth Another reason some hesitate strategy for when to claim Social For help with your financial plan, together – a puzzle our team is you might want to consider naming with an inexperienced personal named league MVP. and coaching background,” Brooks and identity. So it can be difficult to retire is concern over having Security, which pension option is call us at 701.298.2240. used to figuring out. a professional to serve as your representative. No estate is too explains. “I want to give people the Brooks and his wife, Natalie, live – even frightening – to think about enough money to last or feeling best, and which accounts to draw personal representative. intricate for our team of experts. After playing football, he was tools they need to live their best life.” in Eagan with their children: Miles, what our lives will be like when uncertain about how cash flows from in what amounts to support A personal representative quarterback coach at the Beau, Livi, Isla and Ike. someone asks what we do, and work once you’re off the company your standard of living (balancing is typically responsible for: The decisions a personal Contact our team of estate University of Pittsburgh, then He’s now able to use the teaching, we answer, “I’m retired.” payroll. Even if you’ve saved well distributions from taxable, tax- representative has to make are administration experts spent one season as quarterback coaching and mentoring skills he For help with your financial and spent wisely, deep-rooted deferred, and nontaxable sources Arranging for the probate of the will not always easy. Diverse family at 701.298.2240 with any coach and three seasons as head developed on the football field in planning, call Brooks at Satisfaction with our perceived beliefs about money can impact is our specialty!) Assembling and inventorying estate dynamics coupled with stress and questions you may have. football coach at Cretin-Derham his position as a senior wealth and 952.905.5063 identity is a meaningful indicator when you’ll retire and your general assets (including land, homes, the complex emotions that surface Hall in St. Paul. fiduciary advisor at Bell Bank’s of overall wellness in retirement. acceptance and stress level once If your financial plan shows that vehicles and collectibles) after a loved one’s death can be Minneapolis – Colonnade location And staying engaged in activities you do. you can retire and live comfortably, Protecting and managing the assets challenging. A corporate personal at 5500 Wayzata Boulevard. Why You Should Consider a Is Fear Keeping Corporate You from Personal Retirement? Representative

Photos courtesy of Forum News Service and Minnesota Vikings

RACHEL MESKE VP/WEALTH & FIDUCIARY ADVISOR

BROOKS BOLLINGER VP/SENIOR WEALTH & FIDUCIARY ADVISOR BECKY WALEN AFC® , CFP® SVP/SENIOR WEALTH MANAGEMENT ADVISOR NICKI KUNGEL VP/SENIOR WEALTH & FIDUCIARY ADVISOR

In high school in Grand Forks, N.D., Last year, Brooks was inducted into Prior to joining Bell, he worked at The average retirement age is that help us retain a sense of Working with Bell Bank’s financial but you continue to work beyond People often give a lot of thought Notifying creditors and representative serves as an Brooks played starting quarterback the North Dakota Sports Hall of NorthRock Partners in Minneapolis increasing. Not counting those self into our retirement years is planning team can help – with average retirement age, think to how they want their assets handling claims impartial third party to help avoid as a freshman and was named Fame – and not only for his football for three years. potential conflicts and promote who retire early for health reasons, beneficial for ongoing wellness. the process and peace of mind. about whether cash flow concerns distributed after their death, but Filing tax returns and paying taxes the state’s player of the year three career. In 2000 and 2001, he was personal finance website Don’t We will: or self-worth concerns are holding it’s just as important to carefully and preserve family unity. Our years later. drafted the Los Angeles Dodgers Working with clients on financial Quit Your Day Job states the Maybe that’s one reason more you back. consider who you’ll name in your Settling disputes among beneficiaries goal is to work closely with Major League Baseball team, and planning, investments, banking median age is 63, and, most people are continuing to work into Illustrate your current financial will as personal representative – the Preparing and maintaining beneficiaries and family members In college, he was a four-year starter in 1996, he was a point guard when and trust services, Brooks helps common retirement age is their 70s and even 80s. In fact, the condition, income and expenses, If work is your passion, continuing person who will carry out your final accounting records to honor the decedent’s wishes at the University of Wisconsin and Grand Forks Central High School mentor people through their biggest 65 among recent retirees. Bureau of Labor Statistics expects and retirement projections to will benefit your well-being. But if wishes and administer your estate. while making the process as easy Distributing assets among led his team to victory in the Rose won the Class A boys basketball financial decisions. the labor force participation rate to determine your ability to meet your you’re married and your spouse and stress-free as possible. beneficiaries Bowl, Sun Bowl and Alamo Bowl. state championship. Some people dream of an early grow the most for people in the 65 goals for today and in retirement is looking forward to enjoying Serving as a personal representative “Having a trusted financial partner is retirement. Some schedule to 74 and 75 and older age groups Show you how Social Security, retirement with you, you may want is often a complex and time- Many people name a family Our team of professionals has Drafted by the New York Jets in the FROM FOOTBALL helpful for everyone,” Brooks affirms. retirement around Medicare, through 2024. In just five years, pensions and income streams to find balance between sustaining consuming responsibility. It can member or close friend to handle a fiduciary obligation to act sixth round of the 2003 NFL draft, TO FINANCE “Regardless of how educated or Social Security or pension the bureau projects more than 13 from your investment assets come your joy of working and your be overwhelming for anyone who these responsibilities; however, an objectively and quickly on your Brooks spent six years in the NFL In 2014, Brooks’ career path veered informed you are about finance and benefits. Others continue right million workers will be over age together to replace your paycheck relationship goals of meaningful lacks the experience or knowledge individual who lacks the experience, behalf. We have extensive – also playing for the Minnesota in a completely different direction the markets, having wise counsel past those mile markers with no 65. (Most other age groups are not with other cash flows time together – for an optimal to do the job correctly. People often or cannot devote the time needed, experience and understand the Vikings, Dallas Cowboys and when he left football and became to take the emotions out of it is not firm retirement date. expected to change much during financial plan and an optimal plan don’t realize how much is involved could inadvertently jeopardize a ins and outs of estate administra- Detroit Lions before spending time a licensed financial advisor. only beneficial, but also essential for this time.) Work with you and your tax for your well-being. with estate administration. It can family’s financial security. To ease tion, so we can avoid mistakes with the United Football League’s anybody who’s going to have long- For many of us, our careers make advisors to determine the optimal be a bit like putting a puzzle this burden off of family or friends, and delays that can happen Florida Tuskers – where he was “I really came at it from a teaching term success in their financial life.” up a big part of our self-worth Another reason some hesitate strategy for when to claim Social For help with your financial plan, together – a puzzle our team is you might want to consider naming with an inexperienced personal named league MVP. and coaching background,” Brooks and identity. So it can be difficult to retire is concern over having Security, which pension option is call us at 701.298.2240. used to figuring out. a professional to serve as your representative. No estate is too explains. “I want to give people the Brooks and his wife, Natalie, live – even frightening – to think about enough money to last or feeling best, and which accounts to draw personal representative. intricate for our team of experts. After playing football, he was tools they need to live their best life.” in Eagan with their children: Miles, what our lives will be like when uncertain about how cash flows from in what amounts to support A personal representative quarterback coach at the Beau, Livi, Isla and Ike. someone asks what we do, and work once you’re off the company your standard of living (balancing is typically responsible for: The decisions a personal Contact our team of estate University of Pittsburgh, then He’s now able to use the teaching, we answer, “I’m retired.” payroll. Even if you’ve saved well distributions from taxable, tax- representative has to make are administration experts spent one season as quarterback coaching and mentoring skills he For help with your financial and spent wisely, deep-rooted deferred, and nontaxable sources Arranging for the probate of the will not always easy. Diverse family at 701.298.2240 with any coach and three seasons as head developed on the football field in planning, call Brooks at Satisfaction with our perceived beliefs about money can impact is our specialty!) Assembling and inventorying estate dynamics coupled with stress and questions you may have. football coach at Cretin-Derham his position as a senior wealth and 952.905.5063 identity is a meaningful indicator when you’ll retire and your general assets (including land, homes, the complex emotions that surface Hall in St. Paul. fiduciary advisor at Bell Bank’s of overall wellness in retirement. acceptance and stress level once If your financial plan shows that vehicles and collectibles) after a loved one’s death can be Minneapolis – Colonnade location And staying engaged in activities you do. you can retire and live comfortably, Protecting and managing the assets challenging. A corporate personal at 5500 Wayzata Boulevard. Why You Should Consider a Is Fear Keeping Corporate You from Personal Retirement? Representative

Photos courtesy of Forum News Service and Minnesota Vikings

RACHEL MESKE VP/WEALTH & FIDUCIARY ADVISOR

BROOKS BOLLINGER VP/SENIOR WEALTH & FIDUCIARY ADVISOR BECKY WALEN AFC® , CFP® SVP/SENIOR WEALTH MANAGEMENT ADVISOR NICKI KUNGEL VP/SENIOR WEALTH & FIDUCIARY ADVISOR

In high school in Grand Forks, N.D., Last year, Brooks was inducted into Prior to joining Bell, he worked at The average retirement age is that help us retain a sense of Working with Bell Bank’s financial but you continue to work beyond People often give a lot of thought Notifying creditors and representative serves as an Brooks played starting quarterback the North Dakota Sports Hall of NorthRock Partners in Minneapolis increasing. Not counting those self into our retirement years is planning team can help – with average retirement age, think to how they want their assets handling claims impartial third party to help avoid as a freshman and was named Fame – and not only for his football for three years. potential conflicts and promote who retire early for health reasons, beneficial for ongoing wellness. the process and peace of mind. about whether cash flow concerns distributed after their death, but Filing tax returns and paying taxes the state’s player of the year three career. In 2000 and 2001, he was personal finance website Don’t We will: or self-worth concerns are holding it’s just as important to carefully and preserve family unity. Our years later. drafted the Los Angeles Dodgers Working with clients on financial Quit Your Day Job states the Maybe that’s one reason more you back. consider who you’ll name in your Settling disputes among beneficiaries goal is to work closely with Major League Baseball team, and planning, investments, banking median age is 63, and, most people are continuing to work into Illustrate your current financial will as personal representative – the Preparing and maintaining beneficiaries and family members In college, he was a four-year starter in 1996, he was a point guard when and trust services, Brooks helps common retirement age is their 70s and even 80s. In fact, the condition, income and expenses, If work is your passion, continuing person who will carry out your final accounting records to honor the decedent’s wishes at the University of Wisconsin and Grand Forks Central High School mentor people through their biggest 65 among recent retirees. Bureau of Labor Statistics expects and retirement projections to will benefit your well-being. But if wishes and administer your estate. while making the process as easy Distributing assets among led his team to victory in the Rose won the Class A boys basketball financial decisions. the labor force participation rate to determine your ability to meet your you’re married and your spouse and stress-free as possible. beneficiaries Bowl, Sun Bowl and Alamo Bowl. state championship. Some people dream of an early grow the most for people in the 65 goals for today and in retirement is looking forward to enjoying Serving as a personal representative “Having a trusted financial partner is retirement. Some schedule to 74 and 75 and older age groups Show you how Social Security, retirement with you, you may want is often a complex and time- Many people name a family Our team of professionals has Drafted by the New York Jets in the FROM FOOTBALL helpful for everyone,” Brooks affirms. retirement around Medicare, through 2024. In just five years, pensions and income streams to find balance between sustaining consuming responsibility. It can member or close friend to handle a fiduciary obligation to act sixth round of the 2003 NFL draft, TO FINANCE “Regardless of how educated or Social Security or pension the bureau projects more than 13 from your investment assets come your joy of working and your be overwhelming for anyone who these responsibilities; however, an objectively and quickly on your Brooks spent six years in the NFL In 2014, Brooks’ career path veered informed you are about finance and benefits. Others continue right million workers will be over age together to replace your paycheck relationship goals of meaningful lacks the experience or knowledge individual who lacks the experience, behalf. We have extensive – also playing for the Minnesota in a completely different direction the markets, having wise counsel past those mile markers with no 65. (Most other age groups are not with other cash flows time together – for an optimal to do the job correctly. People often or cannot devote the time needed, experience and understand the Vikings, Dallas Cowboys and when he left football and became to take the emotions out of it is not firm retirement date. expected to change much during financial plan and an optimal plan don’t realize how much is involved could inadvertently jeopardize a ins and outs of estate administra- Detroit Lions before spending time a licensed financial advisor. only beneficial, but also essential for this time.) Work with you and your tax for your well-being. with estate administration. It can family’s financial security. To ease tion, so we can avoid mistakes with the United Football League’s anybody who’s going to have long- For many of us, our careers make advisors to determine the optimal be a bit like putting a puzzle this burden off of family or friends, and delays that can happen Florida Tuskers – where he was “I really came at it from a teaching term success in their financial life.” up a big part of our self-worth Another reason some hesitate strategy for when to claim Social For help with your financial plan, together – a puzzle our team is you might want to consider naming with an inexperienced personal named league MVP. and coaching background,” Brooks and identity. So it can be difficult to retire is concern over having Security, which pension option is call us at 701.298.2240. used to figuring out. a professional to serve as your representative. No estate is too explains. “I want to give people the Brooks and his wife, Natalie, live – even frightening – to think about enough money to last or feeling best, and which accounts to draw personal representative. intricate for our team of experts. After playing football, he was tools they need to live their best life.” in Eagan with their children: Miles, what our lives will be like when uncertain about how cash flows from in what amounts to support A personal representative quarterback coach at the Beau, Livi, Isla and Ike. someone asks what we do, and work once you’re off the company your standard of living (balancing is typically responsible for: The decisions a personal Contact our team of estate University of Pittsburgh, then He’s now able to use the teaching, we answer, “I’m retired.” payroll. Even if you’ve saved well distributions from taxable, tax- representative has to make are administration experts spent one season as quarterback coaching and mentoring skills he For help with your financial and spent wisely, deep-rooted deferred, and nontaxable sources Arranging for the probate of the will not always easy. Diverse family at 701.298.2240 with any coach and three seasons as head developed on the football field in planning, call Brooks at Satisfaction with our perceived beliefs about money can impact is our specialty!) Assembling and inventorying estate dynamics coupled with stress and questions you may have. football coach at Cretin-Derham his position as a senior wealth and 952.905.5063 identity is a meaningful indicator when you’ll retire and your general assets (including land, homes, the complex emotions that surface Hall in St. Paul. fiduciary advisor at Bell Bank’s of overall wellness in retirement. acceptance and stress level once If your financial plan shows that vehicles and collectibles) after a loved one’s death can be Minneapolis – Colonnade location And staying engaged in activities you do. you can retire and live comfortably, Protecting and managing the assets challenging. A corporate personal at 5500 Wayzata Boulevard. MARKET PERFORMANCE Sept. S&P 500 Index 1.698 % Former Viking What to Do If You’re S&P 1500 Composite Index 1.533 % Russell 2000 Index -2.405 % Brooks Bollinger Now Russell 3000 Index 1.162 % 15 Broadway | Fargo, ND 58102 MSCI Emerging Markets Index -4.165 % Dow Jones Industrial Average 1.826 % MSCI EAFE Index -1.035 % NASDAQ Composite Index 0.183 % Worried Bloomberg Barclays US Agg Total 2.270 % Bloomberg Barclays US Corporate 1.334 % Quarterbacking About a Source: Bloomberg 701.451.3000 | 800.709.5781 Clients’ Finances Not FDIC insured | May lose value | Not financial institution guaranteed | Not a deposit | Not insured by any federal government agency Recession When he played in the Brooks quickly learned NFL, Brooks Bollinger that business owners TIM BUSH – SVP/WEALTH ADVISOR watched some of his and executives often teammates struggle to face a similar set of manage their finances. problems. You may have heard rumblings that a recession remember: Even when you retire, you won’t need As young adults could be imminent. Bull markets (when share prices all of your money at once, so it could make sense who suddenly found “People with successful are rising) historically last about five or so years, to keep some in more aggressive investments for themselves making careers in any walk and we’ve been in one for more than 10 years now. a bit longer. a lifetime’s worth of of life are busy,” he Keep in mind that economic fundamentals are When interest rates are low – as they are now – salary in five to seven notes. “They put so still strong: bonds may not be a great investment. As interest years, they needed much energy into their rates rise, bond values usually drop. Unemployment is low guidance. So when business or job, and then Interest rates are low One investment option to consider is alternative ESTATE AND CONSERVATORSHIP ADMINISTRATION Brooks retired from family and life stressors investments. ANDREW HOLTE Planning for the years ahead can be overwhelming. You can trust Bell to help you secure your future football, he pursued are pulling them in Consumer debt is low by ensuring your estate, trusts and assets are in order. VICE PRESIDENT/ a career in finance. different directions. Oil prices are low There are also investment opportunities that WEALTH ADVISOR By serving as a personal representative for an estate, we make sure the estate assets are properly Often, being proactive Corporate earnings are high can give you exposure to the markets with some built-in safety nets to help manage some of inventoried, valued and distributed according to the decedent’s wishes. As conservator, we protect “In the eight years A familiar face in in their financial life gets All of these factors bode well for the stock market that risk. and manage the assets of an individual who can no longer manage their own financial affairs. Alexandria, Minn., has I played professional pushed to the wayside and overall economy, but past experience has joined Bell Investments. football, I could feel the because life gets in many worrying about when the next recession If you’re concerned about the possibility of a Andrew Holte is a vice anxiety a lot of guys will hit and how to prepare financially. recession, use it as an opportunity to meet with the way.” your advisor, so we can analyze your portfolio to president/wealth advisor experienced having at our 915 Broadway office. Because the stock market typically fluctuates, if make sure it’s suitable for your situation. An experienced wealth a lot of money at a BORN WITH you’re young enough, you have time to ride out advisor, Andrew helps his young age,” Brooks A FOOTBALL a recession. And remember to work with a trusted wealth advisor. At Bell Investments, we are fiduciaries, clients navigate through says. “Many did not Brooks wasn’t quite so we look out for our clients’ best interests rather the changes in life and If you’re closer to retirement age, it becomes more MARY JASON NICKI RACHEL SHANNON make good decisions, born with a football in important to maintain a diversified portfolio. And than push a specific product. build investment portfolios LOCKEN SCHULLER KUNGEL MESKE GEPHART designed to work toward 701.451.3084 952.905.5057 701.451.3057 701.451.3043 701.451.3073 OCTOBER 2019 and I didn’t feel like his hands, but he does Alternative investments may not be suitable for all investors and should be considered as an investment for the risk their long-term financial a lot of us had great have a picture of his capital portion of the investor's portfolio. The strategies employed in the management of alternative investments may accelerate the velocity of potential losses. goals. Contact him at Bell has hired Joe Pope as a client portfolio manager in our Minneapolis offices. Joe continually advice coming our dad – then a University The opinions voiced in this material are for general information only and are not intended to provide specific advice or 320.759.8408. follows and learns from the ever-changing investment markets, so he can work collaboratively with way. I wanted to be a of North Dakota football recommendations for any individual. clients on developing a strategic approach to help solve their problems and reach for their goals. All investing involves risk, including loss of principal. No strategy assures success or protects against loss. There is no resource for people in coach – sticking a guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification similar situations.” football in his hand does not protect against market risk. Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance Products and services offered through Bell Bank Wealth Management are: Not FDIC Insured | No Bank Guarantee | May Lose Value shortly after he was born. products are offered through LPL or its licensed affiliates. Bell Bank and Bell Investmentsare not registered as a broker/dealer or investment advisor. Registered representatives Not A Deposit | Not Insured by Any Federal Government Agency of LPL offer products and services using the name Bell Investments, and may also be employees of Bell Bank. These products and services are being offered through This newsletter has been written for the general information of clients and friends of Bell Bank. It is not intended, nor may it be relied upon, as tax or legal advice with respect to any LPL or its affiliates, which are separate entities from and not affiliates of Bell Bank or Bell Investments. Securities and insurance offered through LPL or its affiliates are: matter. This newsletter also cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by the Internal Revenue Service or other taxing authority.

Not Insured by FDIC Not Bank Deposits or Any Other Government Agency Not Bank Guaranteed or Obligations May Lose Value Photo courtesy of Forum News Service MARKET PERFORMANCE Sept. S&P 500 Index 1.698 % Former Viking What to Do If You’re S&P 1500 Composite Index 1.533 % Russell 2000 Index -2.405 % Brooks Bollinger Now Russell 3000 Index 1.162 % 15 Broadway | Fargo, ND 58102 MSCI Emerging Markets Index -4.165 % Dow Jones Industrial Average 1.826 % MSCI EAFE Index -1.035 % NASDAQ Composite Index 0.183 % Worried Bloomberg Barclays US Agg Total 2.270 % Bloomberg Barclays US Corporate 1.334 % Quarterbacking About a Source: Bloomberg 701.451.3000 | 800.709.5781 Clients’ Finances Not FDIC insured | May lose value | Not financial institution guaranteed | Not a deposit | Not insured by any federal government agency Recession When he played in the Brooks quickly learned NFL, Brooks Bollinger that business owners TIM BUSH – SVP/WEALTH ADVISOR watched some of his and executives often teammates struggle to face a similar set of manage their finances. problems. You may have heard rumblings that a recession remember: Even when you retire, you won’t need As young adults could be imminent. Bull markets (when share prices all of your money at once, so it could make sense who suddenly found “People with successful are rising) historically last about five or so years, to keep some in more aggressive investments for themselves making careers in any walk and we’ve been in one for more than 10 years now. a bit longer. a lifetime’s worth of of life are busy,” he Keep in mind that economic fundamentals are When interest rates are low – as they are now – salary in five to seven notes. “They put so still strong: bonds may not be a great investment. As interest years, they needed much energy into their rates rise, bond values usually drop. Unemployment is low guidance. So when business or job, and then Interest rates are low One investment option to consider is alternative ESTATE AND CONSERVATORSHIP ADMINISTRATION Brooks retired from family and life stressors investments. ANDREW HOLTE Planning for the years ahead can be overwhelming. You can trust Bell to help you secure your future football, he pursued are pulling them in Consumer debt is low by ensuring your estate, trusts and assets are in order. VICE PRESIDENT/ a career in finance. different directions. Oil prices are low There are also investment opportunities that WEALTH ADVISOR By serving as a personal representative for an estate, we make sure the estate assets are properly Often, being proactive Corporate earnings are high can give you exposure to the markets with some built-in safety nets to help manage some of inventoried, valued and distributed according to the decedent’s wishes. As conservator, we protect “In the eight years A familiar face in in their financial life gets All of these factors bode well for the stock market that risk. and manage the assets of an individual who can no longer manage their own financial affairs. Alexandria, Minn., has I played professional pushed to the wayside and overall economy, but past experience has joined Bell Investments. football, I could feel the because life gets in many worrying about when the next recession If you’re concerned about the possibility of a Andrew Holte is a vice anxiety a lot of guys will hit and how to prepare financially. recession, use it as an opportunity to meet with the way.” your advisor, so we can analyze your portfolio to president/wealth advisor experienced having at our 915 Broadway office. Because the stock market typically fluctuates, if make sure it’s suitable for your situation. An experienced wealth a lot of money at a BORN WITH you’re young enough, you have time to ride out advisor, Andrew helps his young age,” Brooks A FOOTBALL a recession. And remember to work with a trusted wealth advisor. At Bell Investments, we are fiduciaries, clients navigate through says. “Many did not Brooks wasn’t quite so we look out for our clients’ best interests rather the changes in life and If you’re closer to retirement age, it becomes more MARY JASON NICKI RACHEL SHANNON make good decisions, born with a football in important to maintain a diversified portfolio. And than push a specific product. build investment portfolios LOCKEN SCHULLER KUNGEL MESKE GEPHART designed to work toward 701.451.3084 952.905.5057 701.451.3057 701.451.3043 701.451.3073 OCTOBER 2019 and I didn’t feel like his hands, but he does Alternative investments may not be suitable for all investors and should be considered as an investment for the risk their long-term financial a lot of us had great have a picture of his capital portion of the investor's portfolio. The strategies employed in the management of alternative investments may accelerate the velocity of potential losses. goals. Contact him at Bell has hired Joe Pope as a client portfolio manager in our Minneapolis offices. Joe continually advice coming our dad – then a University The opinions voiced in this material are for general information only and are not intended to provide specific advice or 320.759.8408. follows and learns from the ever-changing investment markets, so he can work collaboratively with way. I wanted to be a of North Dakota football recommendations for any individual. clients on developing a strategic approach to help solve their problems and reach for their goals. All investing involves risk, including loss of principal. No strategy assures success or protects against loss. There is no resource for people in coach – sticking a guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification similar situations.” football in his hand does not protect against market risk. Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance Products and services offered through Bell Bank Wealth Management are: Not FDIC Insured | No Bank Guarantee | May Lose Value shortly after he was born. products are offered through LPL or its licensed affiliates. Bell Bank and Bell Investmentsare not registered as a broker/dealer or investment advisor. Registered representatives Not A Deposit | Not Insured by Any Federal Government Agency of LPL offer products and services using the name Bell Investments, and may also be employees of Bell Bank. These products and services are being offered through This newsletter has been written for the general information of clients and friends of Bell Bank. It is not intended, nor may it be relied upon, as tax or legal advice with respect to any LPL or its affiliates, which are separate entities from and not affiliates of Bell Bank or Bell Investments. Securities and insurance offered through LPL or its affiliates are: matter. This newsletter also cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by the Internal Revenue Service or other taxing authority.

Not Insured by FDIC Not Bank Deposits or Any Other Government Agency Not Bank Guaranteed or Obligations May Lose Value Photo courtesy of Forum News Service