Health. Wealth. Life. Fall 2022

A Letter from the President

I sincerely hope you enjoy reading this installment of our magazine.

We are pleased to announce that HORAN now has complete occupancy of our new Cincinnati office on the sixth floor of the 8044 Montgomery Road building. We hope all of you will visit and tour the new open concept working space. It is specifically designed with our clients and friends in mind, as a place to gather, innovate and collaborate. Many of our own associates worked together to bring this space to life, and we are grateful to everyone for their contributions. You will find pictures of the beautiful new space in this issue.

We are also delighted to share some exciting news about the HORAN magazine. The HORAN health. wealth. life. magazine was recently recognized with the 2022 Print Excellence Award for outstanding quality. Congratulations to our entire marketing team for their hard work, outstanding attention to detail, and award-winning creativity.

We welcome Nicolas E. Lance, our newly appointed chief operating officer, and invite you to get to know him better in this issue. Nicolas comes to HORAN after a stellar career with several regional, national, and even global insurance and retirement organizations. His breadth and depth of knowledge will help guide us as we find new ways of serving all of you, with the same level of care and compassion for which we are known.

Our long-term clients, the City of Montgomery and Heidelberg, are featured in this issue of the magazine. The enduring relationships with both organizations are a testament to our associates, and we fully support their innovative approaches to bringing quality health care to their employees.

Data on chronic conditions highlights the importance of a quality relationship with your primary care physician. Quite simply, people who work closely with their general practice team, staying on top of their health and wellbeing, enjoy a better quality of life.

Enjoy the many other relevant articles in this magazine. I hope you find a peaceful outdoor reading spot and continue to experience a beautiful fall.

Terence L. Horan, CLU, ChFC, CAP President and Chief Executive Officer

It’s Giving Season: Charitable Planning Tips

By Andrea D. Costa, Esq., Vice President, Financial Planning

Charitable giving in the United States has increased year over year since 2019 despite the multiple stressors and challenges presented to our entire population in recent years. Many predicted that donor fatigue would set in, and we would see pre-pandemic charitable giving levels in 2022.

So far, that has not been the case. It is wonderful that Americans respond to crisis by giving, and we want to provide a few tips and tricks for consideration that might help you optimize your charitable giving from a tax planning standpoint.

1. Donate appreciated securities.

This tip is an old one but a good one! Taxpayers holding appreciated securities for more than a year should consider donating shares instead of cash. The donor avoids paying tax on the appreciation and can deduct the full value of the stock, up to 30% of their Adjusted Gross Income (AGI). If the donor wants to maintain a position in the donated securities, he or she can immediately buy back a like number of shares.

2. Harvest losses from depreciated securities and donate the cash.

The market has been a challenge in 2022. If you are in the habit of donating appreciated securities, avoid donating depreciated securities out of habit. It is more tax-efficient to sell depreciated securities, recognize the loss for tax purposes, and then donate the cash proceeds. Tax-loss harvesting can offset any capital gains for the year or be used to offset up to $3,000 of your ordinary income.

3. Qualified Charitable Distributions from an Individual Retirement Account (IRA).

Distributions from an IRA constitute ordinary income, and after age 72 (or in some cases 70 ½), you must take required minimum distributions from such accounts. If you are older than 70 ½, instead of writing a check to your favorite charity with after-tax dollars, consider whether you should make a qualified charitable distribution from your IRA instead. Qualified Charitable Distributions (QCDs) are direct transfers from your IRA to a qualified charity and could satisfy some of your required minimum distributions each year.

4. Engage in more complicated charitable planning in years when you expect unusually high annual income.

When some individuals experience unique income changes, such as retirement from certain industries or the sale of a privately held business, there might be significant income

working knowledge

tax ramifications. Depending on how much higher your annual income will be in 2022, it may make sense to work with your advisory team to identify a charitable giving strategy to offset some of the additional income. The best time to start this process is EARLY! For example, there are certain strategies that will not work once a letter of intent is in place for the sale of a business. At HORAN, we have the depth of knowledge and the expertise to help with this and other advanced financial planning considerations.

5. Clumping Charitable Donations to exceed the Standard Deduction threshold.

Tax Cuts and Jobs Act of 2017 (TCJA) significantly raised the standard deduction and limited certain itemized deductions, such as state and local taxes (SALT). In 2022, the standard deduction is $12,950 for taxpayers filing Single/Married Filing Separately; $25,900 for taxpayers filing married filing jointly/surviving spouse; and $19,400 for taxpayers filing head of household.

Taxpayers might not realize that taking the standard deduction means they will not itemize and therefore will not receive any tax benefit from their charitable contributions.

Taxpayers that can afford to do so should consider timing their charitable donations such that two or more years of charitable donations are made in one tax year. Under this strategy, the taxpayers’ deductions would exceed the standard deduction in “clumped” tax years, so the taxpayer would itemize. In between, during “non-clumped” years, the taxpayer would not make charitable donations and simply take the standard deduction.

6. Using a Donor Advised Fund to smooth out grants associated with Clumped Charitable Donations.

Taxpayers may make charitable contributions to a Donor Advised Fund (DAF) in order to smooth out their charitable support, too. A DAF is a giving account established as a public charity. The taxpayer would make a gift to the account, receive an immediate charitable deduction in the year of such gift, then recommend that grants come out of the account over time to support their favorite charitable organizations.

Horan Securities, Inc. (Horan Wealth Management) is dually registered as a Registered Broker/Dealer and as an SEC Registered Investment Advisor, member FINRA/SIPC. Horan Capital Advisors, an affiliate of Horan Securities, is also an SEC Registered Investment Advisor. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. Investors should always review the history of any broker-dealer representative with FINRA at: https://brokercheck.finra.org/. Investors can also check information regarding any Registered Investment Advisor by obtaining a copy of Form ADV or Form CRS at adviserinfo.sec.gov. Investors should also review SEC investor resources at: https://www.investor.gov/.© 2022 HORAN Wealth. All Rights Reserved. HORAN Wealth Management is an SEC Registered Investment Adviser. For Educational Purposes Only, Not a Solicitation to Buy or Sell any Securities.

Why

Understanding the level of primary care engagement from your general population, and more specifically those with chronic conditions, is essential to your plan members' health and the overall health of your benefits plan.

In 2019, we published a HORANalytics Databyte® that demonstrated the importance of primary care. Our analysis showed that plan members who were not engaged with a primary care physician (PCP) cost an employer health plan 11% more per member per year than plan members that did engage.

Amounting to an 11% difference in annual claims ($686 per member per year).

In fact, our analysis showed that although the plan members who visited their PCP annually had an increased health risk than those who did not engage, regular PCP engagement led to lower annual costs for these members.

Recently, we dug a little deeper into this topic and conducted an analysis to understand the importance of primary care for individuals with chronic conditions.

We found that plan members who engaged with a PCP annually cost 16% less than those who did not engage. Engaged spouses cost 31% less than spouses who did not engage.

Our analysis shows that primary care engagement is important for all plan members included in your chronic population. However, there are three factors that make primary care engagement even more critical.

Plan Members Age 40+: As we age, new conditions arise and little issues can turn into big issues. Annual PCP engagement helps manage conditions, avoid escalations and address new issues quickly.

Plan Members with More than Two Chronic Conditions: Members with more than two chronic conditions need more complex care, a closely-monitored treatment plan and regular check-ins.

Plan Members with Increased Health Risk: All categories of health risk (low, moderate and high) demonstrated a doubledigit cost differential between members who were engaged vs. not engaged. However, as a plan member’s health risk increases, primary care engagement becomes even more important.

In fact, our data showed that an engaged member with moderate risk cost 5% less on average than a nonengaged member with low risk.

wellness works

Bluebirds Flying in Montgomery

City of Montgomery Prioritizes Mental Health

If you drive through the town of Montgomery, OH right now, don’t be surprised to see yard signs adorned with bluebirds. Bluebirds are a symbol of hope, love, and renewal in many cultures. Even in the harshest climates, bluebirds sing gracefully. It’s a symbol Montgomery City Manager Brian Riblet believes is more important than ever in a post-pandemic era.

The team of leaders guiding decisions for employees and community members throughout Montgomery began prioritizing mental health even before the pandemic. The global disruption only expedited the need for support across the employee base, but also the city.

“Even prior to the pandemic, something in my heart and mind told me to focus on discussions around mental health,” Riblet shared. “With the support of

our City Council and the help of the HORAN team, we began a mental health initiative in local government. One of the foundations I made clear, as a small local government, we don’t have the resources, but we have the responsibility to be a conduit and connect people with groups and solutions that are out there at a time when they need it most.”

The statistics tell a clear story. Mental health concerns for both adults and adolescents have grown significantly since 2018. The National Alliance on Mental Illness (NAMI) reports that one in five Americans live with a mental health condition. A recent study by the HORANalytics® team found that psychiatric diagnosis represent more than 75% of all health claims for 13–23-year-old dependents since 2018. It’s time to create conversation, and employers like the City of Montgomery are doing just that.

program focused on mental health support. Then Riblet and his team brought in panelists to participate in a discussion about reducing the stigma surrounding mental health. The City of Montgomery also offers an Employee Assistance Program (EAP) designed to provide therapeutic support at no cost. If an employee is facing a crisis, a certified therapist is available to talk by phone and follow-up with multiple appointments at no additional charge.

“This initiative has been very successful,” Riblet shared. “When we started the discussions, it was important to share an underlying message that ‘it’s ok not to be ok.’ If an employee needs a mental health day occasionally, that’s ok, too. We’re determined to reduce the stigma and create conversation, reminding everyone, from our employees to our community members, that ‘it’s ok not to be ok.”

Smith Account Manager

Under Riblet’s leadership, and with the support of City Council, the team built a multi-faceted mental health benefits program that spread across the city. They started by offering internal City of Montgomery staff the option to participate in a voluntary four-week

Amy

The Pandemic's Impact on Dependent Mental Health Claims

Since the start of the COVID-19 pandemic, mental health concerns for dependents have risen significantly. According to the National Alliance on Mental Illness (NAMI), one in six youth experience a mental health disorder each year.

A recent HORANalytics® study examined mental health claims volume by dependent age group and diagnosis. The study found the highest volume of mental health claims were among dependents ages 13-23. Below are additional findings from this study.

34% of mental health claims among dependents were from dependents ages 13-17, and 29% were among dependents ages 18-23.

The behavioral health condition category that saw the highest volume of claims was psychiatric.

Developmental disability spending increased by 52% for dependents ages 0-12 from 2019 to 2021.

Substance abuse claims grew by 25% for dependents ages 13-23, but decreased by 29% among dependents between the ages of 24-26.

Psychiatric diagnosis represent more than 75% of all claims for dependents between the ages of 13-23.

With the increase in mental health claims among dependents, more employers are considering how to enhance benefits for all plan members. Investing in mental health solutions can positively impact your health care costs and show your plan members that you care about their holistic wellbeing.

We are here to help. HORAN can provide you with a strategy to build your mental health offerings and a roadmap of resources to better support your employees. Contact your HORAN representative at 800.544.8306 for more information. Visit horanassoc.com/insights to listen to this episode!

Dr. Monica Whitehead, Ph. D., Cincinnati Children's Hospital Medical Center Psychologist, appeared as a guest on our podcast "Benefits: What, Like it's Hard" to discuss the rise in dependent mental health claims.

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HORANalytics® Databyte Lite Mental Health: Dependent Impact

welcome, nicolas

Meet Nicolas E. Lance, HORAN’s New Chief Operating Officer

Spend just a few minutes with HORAN’s new Chief Operating Officer (COO) Nicolas E. Lance and there will likely be no doubt about his ability to lead, innovate and serve. His broad industry knowledge and experience shines through every conversation. Listen to even a portion of of his story and you will be impressed about his travels and accomplishments throughout 30 years in the insurance and financial services industry. It’s easy to see why Lance is the right person for the role.

What led you to HORAN and the role you are in today?

“My journey essentially started as I was growing up and is fundamentally based in understanding the value of trusted relationships. It spans the globe, and I’m grateful for the opportunities and experiences I encountered along the way. I was raised overseas as part of a diplomatic family, and while I was born in France, I spent most of the time throughout Africa, moving from one U.S. Embassy to another. After college, I aspired to work in finance and landed my first job with the subsidiary of a large Italian global insurer. Subsequently, I took on leadership roles with two other global insurers based in New York and Paris and a mutual insurer in Indianapolis. These valuable experiences have provided me with a comprehensive understanding of the insurance, wealth management and retirement businesses, which led me to HORAN.”

What is it about this industry that you find most interesting?

“The fact we help clients mitigate the financial risks of life by providing solutions for today and helping protect their tomorrow, that’s very rewarding. I enjoy building relationships, finding solutions, and contributing positively to our clients’ lives on an everyday basis. This is a complex industry. We’re here to provide guidance during their journey toward financial wellness.”

What drew you to HORAN?

“Simply put, the people and the company’s culture. The associates at HORAN are simply incredible. We have smart, talented, and dedicated people backed by an organization with a great heritage. We also have a tremendous opportunity to grow the organization and further expand our capabilities. That excites me very much.”

What’s your first order of business as the new COO at HORAN?

“It’s my goal to provide a roadmap for the future, while examining new opportunities to further support our clients, associates, and shareholders. It’s an exciting time to be joining the HORAN family.”

What do you see as the future for HORAN?

“I see a bright future for HORAN. The investments we are planning to make will allow us to continue growing and innovating. Innovation is key for our organization and using a growth mindset will help us to deliver on our objectives.”

“Benefits: what, like it’s hard?” is #1!

The next time you are in the car during a long commute, tune into the HORAN “Benefits: What, Like It’s Hard” podcast! Recently ranked the #1 insurance podcast*, we’re covering everything you need to know about the latest trends in employee benefits, health insurance and wealth advisement.

Coming soon! The 200th episode of the podcast will feature special guests and a brand new host will join us in 2023. Stay tuned to hear from experts in healthcare innovation, employee recruitment and retention, financial planning and so much more.

Front

trending now welcome class of 2022!

HORAN

2022 Awards & recognitions

Terence

Named

Named

Named

Certified

HORAN health. wealth. life. magazine earned the Alliance 2022 Print Excellence Award, Silver Level

Named the #12 Largest Money Management Firms in Greater Cincinnati by the Cincinnati Business Courier

Certified as a Great Place to Work 2022.

Back row: Madeline Rapp, Alex Van Meter, Keith Prince, Matt Tarka, Nicolas Lance, John Stichweh, Lydia Schaeffer

row: Macy Brown, Susanna Max, Samiya Stowers, Sarah Keri, Aimee Wanstrath, Dan Swormstedt, Ashley Cummins, Cary Woodruff

Not Pictured: Jillian Berry, Ashley Visconti, Jason Skirvin, Seth Renkert, Samantha McCann, Dan Breuer, Ethan Peyton, Dylan Albright

recognized as a finalist for the Cincinnati Business Courier Best Place to Work Award for the 16th year

the #2 Employee Benefits Provider by the Cincinnati Business Courier

L. Horan named to Cincinnati Magazine’s Cincinnati 300

the #3 Employee Benefits Provider by the Dayton Business Journal

as a bronze level Ellequate Leader in Workplace Equity

a finalist in the Healthiest Employers of Ohio Award

forward thinking

A Subscription Series for Good News: The Bridge Series

Pictured L to R: Kelly Adamson, Executive Director, Over the Rhine Chamber of Commerce, Kick Lee, Executive Director, Cincinnati Music Accelerator Joe Rudemiller, Vice President, Marketing & Communications, 3CDC, Wally Hart, Marketing Connections Coordinator, Music Resource Center Ryan Horan, department director, retirement plan consulting, registered representative, Kent Wellington, attorney, Graydon, Mike Smith, CEO, Music & Event Management, Inc.

In a world full of seemingly bad news, from the pandemic to the war in Ukraine, wouldn’t it be great to have an opportunity to share only good news? A program with one purpose; to connect people who are helping to make Cincinnati a better place to live, work and learn. Enter, The Bridge Series, a joint effort between HORAN and Graydon.

The Bridge Series was originally conceived over conversation between Kent Wellington, attorney at Graydon, and Ryan Horan, HORAN’s director of retirement plan consulting. More than four years ago, the two friends dreamt of a monthly breakfast series where key players making a difference in our area could unite in a panel discussion to connect individuals, engage with our community, and make a difference. It’s a place where non-profit leaders and under-the-radar entertainers share success stories, and possibly even inspire others to join in a common mission. The very first event brought former Cincinnati

Mayor John Cranley to the stage and welcomed attendees who filled the house to listen to a monthly dose of good news.

“The decision to consume bad news is ultimately a choice. There is good out there. A lot of it,” said Wellington.

“The Bridge Series is an attempt to bridge the gaps between us by making a concerted effort to focus on the good all around us. Learn. Ask questions. Then go out and share the good news with others.”

Over the years, The Bridge Series has welcomed speakers from The Ohio Innocence Project and FC Cincinnati to The Cincinnati Zoo and Botanical Gardens the Cincinnati Cancer Consortium. Connections have been made and new projects have spawned from The Bridge Series. Under-the-radar non-profits gain funding and local celebrities like visionary Rico Grant get to share their stories and charge the audience to engage. Ultimately, the audience (both

“Our goal has always been to shine a spotlight on the positive,” said Horan.

“We make a difference by making connections, through introductions and community networks. We see this as one important way to make our region a great place.”

Coming in 2023!

Hear from local politicians, rising young leaders, entrepreneurship groups, professional sports leaders and so much more! Plan to join us the first Thursday of every month for coffee, networking, and connection with some of the area’s finest. To learn more and register, visit our website.

“ ”

in-person and virtual) leaves feeling connected, and proud of the region’s most inspired, and inspiring, leaders.

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Retirement Focus: Are You Streaming or Saving?

The events of the past few years presented numerous opportunities for all of us to re-evaluate and redirect our budget dollars. How do we prioritize our future retirement planning with so many immediate financial needs when retirement seems so far away?

Consider these few tips to help free some cash and put it to work for you in your retirement savings accounts. You may receive tax benefits for these contributions as well as potential opportunities for matching contributions from your employer(see Summary Plan Description for your specific Employer plan).

With so many subscription services out there, it can be easy to let them get away from us and suddenly we have three or more, especially when we may get the teasers for a limited free trial and just let them roll. Take a moment to think about which ones you are using and whether they can be scaled back to save money. Some examples are:

Please understand the intent is not to give up everything that provides you pleasure, rather, taking a few minutes to evaluate and pare down what you are not using now could means thousands for you to enjoy later.

HORAN Retirement offers a number of opportunities to help employees on the path to positive retirement outcomes including on-demand workshops, live webinars, and 1:1 consultations. Please reach out to a member of the HORAN Retirement Advisory team to learn more about how we can help employees on their path to financial freedom.

By Rachele

Wolf, CPFA Vice President, Relationship Manager, Retirement Plan Consulting, Registered Representative

Horan Securities, Inc. is dually registered investment firm. HORAN Securities, Inc. is a Registered Broker/ Dealer, member FINRA|SIPC. HORAN Wealth Inc. is a Registered Broker/Dealer, member FINRA|SIPC. HORAN Wealth Management is the associated SEC Registered Investment Advisor. HORAN Capital Advisors, an affiliated investment advisory firm, is also an SEC Registered Investment Advisor. Horan Securities, Inc., Horan Wealth Management, and HORAN Capital Advisors are part of HORAN. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market condi6ons can vary widely over time and there is always the potential of losing money when investing in securi6es. HORAN Securities, Inc and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informa6onal purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

HORAN In The Community

For nearly 75 years, HORAN has prioritized philanthropic support across the region, contributing time and resources to organizations from The United Way to ArtsWave, and many more. Some of the more recent community engagements are featured here and offered HORAN associates and clients a chance to give back to the great work of several leading organizations.

This level of philanthropic support is ingrained in our culture. It’s part of our DNA, or what we like to call The HORAN Way, with 27 fundamentals that guide us day to day. Fundamental #26 says “Give Back. Pay It Forward.” Regularly seek opportunities to assist those in need. Express gratitude for the help you’ve been given by paying it forward and helping others. Be a servant leader and put the needs of others ahead of your own.

Client Spotlight: Heidelberg Distributing Navigates New Waters

As the global pandemic forced families to adjust from dining out and attending large events to staying home, one industry remained stable during the seismic shift. The alcoholic and non-alcoholic beverage industries sustained, and even grew, from 2019 – 2022. While families were learning how to entertain at home, distributors were shifting gears to appeal to changing customer needs. The associates at Heidelberg Distributing, located throughout Ohio and Kentucky, became more critical than ever. So, providing the best possible benefit package to recruit and retain talent was a critical factor for companies like them.

“During the pandemic, we found strength in our teamwork, and consistently used the support of one another, along with technology, to keep our associates connected,” said Jenny Lockard, director of administration and benefits. “We had zero layoffs, and it was all hands on deck. Keeping our associates and their families mentally, physically, and emotionally healthy was and is key to growth and performance.”

Heidelberg Distributing employs more than 1,700 people across multiple locations. The company distributes beer, wine, low-powered spirits and non-alcoholic beverages to restaurants, bars, grocery stores

and other retailers across Ohio and Kentucky. Heidelberg now services 26,000 retail accounts across the region. In the fall of 2021, it was announced that the family-owned company was selling to Redwood Capital Investments.

Under the direction of HORAN Vice President and Certified Benefits Specialist (CEBS) Mikal Jeffries, Heidelberg has been able to continue to offer associates a full suite of benefits. Outside of traditional medical, dental and vision benefits, the company also offers associates employer-paid disability & life insurance, in addition to accident, hospitalization, critical illness, identity

client spotlight

theft and full retirement plans. Additionally, leaders at Heidelberg place an emphasis on mental health support through an Employee Assistance Program for associates and their families. Other benefits include long-term care, whole life insurance plans, and an internal site offering discounts on options such as pet insurance. The group has also long supported wellness initiatives for physical and financial health, with partners the HORAN team brought to the table including Wellworks for You and Together Credit Union.

“This partnership has been a success not only because the employees see that we are answering their needs, but we’re also offering well-rounded benefits,” shared Lockard. “We have so many new benefits because HORAN suggested supplemental considerations like accidental and critical illness. Together, we carefully examined all our options, costs, and plan designs. It was no easy task. We have associates in Ohio, Kentucky, Michigan, and Indiana, so it’s complicated.”

Lockard went on to share that even during a global pandemic and a change in company ownership, HORAN’s team took the time to build relationships with people, understand

associates’ needs, and guide them every step of the way. The use of data to make decisions has only helped Lockard and other members of the Heidelberg team effectively support associates and their families with benefit enhancements.

“Like all companies, we have seen a lot of changes in the workplace as well as the industry over the last couple years, she shared. “We feel we are in good hands with the HORAN team leading us through the growing needs of our employees.”

Jeffries commented on the partnership by saying “Heidelberg is a fantastic organization. The energy of the culture is infectious and everyone who works there is passionate about what they do. It has been an honor to work with leadership on creating a best-in-class benefit package that aligns to their healthcare guiding principles. Their openness to new ideas and strategies have resulted in cost containment for both the company and their associates while improving the health care experience. They are a wonderful partner and I look forward to what the future holds.”

Mikal Jeffries, CEBS Account Manager, Vice President/ Benefit Consultant

We feel we are in good hands with the HORAN team leading us through the growing needs of our employees.

”

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Securities offered through Horan Securities, Inc. (“HSI”), a dually registered investment firm, member FINRA | SIPC.. HORAN Wealth Management (“HWM”) is the associated SEC Registered Investment Advisor. HORAN Capital Advisors (“HCA”), an affiliated investment advisory firm, is also an SEC Registered Investment Advisor. Horan Securities, Inc., Horan Wealth Management, and HORAN Capital Advisors are part of HORAN, located in Cincinnati, Ohio. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HORAN Securities, Inc and its affiliates do not provide tax, legal or accounting advice. Please see the SEC Investment Adviser Disclosure hub for our Client Relationship Summary and Forms ADV 1&2. Always check on who is managing investments at FINRA’s BrokerCheck. For free investment educational information, visit the SEC’s Investor.gov website.