Bell Wealth Q4 2025

BELL WEALTH

In the fall of 2022, Brad Bakken felt something wasn’t right. He found himself getting tired more easily, and he couldn’t finish his normal cardio workouts in the morning.

“At first I thought it was maybe just old age or an occasional bad morning,” said Brad, a Bell Investments wealth advisor in Wahpeton, N.D. “But when it kept happening, I decided I needed to get it checked out.”

He scheduled a doctor’s appointment to get his bloodwork checked, which led to more tests and eventually a referral to the Roger Maris Cancer Center in Fargo. There, he was diagnosed with mantle cell lymphoma, a rare type of cancer that required several months of hospital stays, chemotherapy, a stem cell transplant and other aspects of a difficult recovery. Now, three years later, Brad is in remission and able to look back on a difficult period with a new perspective on life and serving his clients.

TREATMENT AND RECOVERY

Following his diagnosis, Brad’s treatment was lengthy and filled with countless trips between Wahpeton and Fargo. For the first three months, he drove nearly 60 miles to Fargo and then back home two times per week for chemotherapy. For the next three months, he drove up to Fargo every Monday morning and stayed in the hospital until Wednesday.

After the initial chemotherapy treatment, Brad received a stem cell transplant followed by a round of high-dose chemotherapy.

“That was the most difficult part of the process,” he said. “I just felt really awful after that.”

For the next 10 days, Brad was confined to an isolation wing of the hospital to protect his immune system. On June 4, 2023, he was officially discharged from the hospital, with all the nurses and hospital staff gathering to cheer as he rang a celebratory bell.

“It was a cool thing, like crossing a finish line in a way,” Brad said.

Life still wasn’t back to normal, however. The hospital required him to be within 45 minutes travel distance for two weeks, which meant he couldn’t go home to Wahpeton. Those days were spent in isolation with his wife and dog in a hotel room until he was allowed to return home, where he continued to stay isolated as his immune system recovered. Through it all, Brad says the support he received from his family, friends and colleagues at Bell was a huge boost.

“Amy (Cookman) and Kelly (Hubrig) took care of my clients during that time,” he said. “There’s no way for me to repay them for the workload they carried while I was dealing with this.”

POSITIVITY AND RESILIENCE

Prior to 2022, Brad rarely got sick and never missed a day of work due to illness, he said. So, his diagnosis came as a shock, impacting his mental outlook as much as it did his physical health.

“Your head can go to some pretty dark places,” he said. “But I tried to keep things as positive as I could. I knew a lot of people had much worse things going on in their lives than I did, and so I never pitied myself. I just tried to take it one day at a time.”

That approach wasn’t surprising to those who know Brad well. For Craig Samuelson, program manager of Bell Investments and Brad’s friend and colleague of nearly 25 years, Brad embodies resilience and positivity. “Those two things make Brad who he is, and were at the heart of how he overcame his health challenge,” Craig said.

As Brad’s health has returned to normal, he still carries that outlook in both his personal and professional life.

“As financial advisors, we deal as much in human compassion as anything,” he said. “Clients call when they’re concerned or don’t understand what’s going on, and it’s my job to help them control what they can control. Just like I couldn’t control what illness I got or how I felt after the treatments, we can’t control what happens in the world around us. So, we take it one day at a time and focus on our expected long-term outcome.”

Three years after first noticing his fatigue during his workouts, Brad is back to exercising again. Although doctors told him he can’t run anymore, he now plays racquetball a few times per week and has recently started swimming.

“There’s no restrictions on any of those activities at all, and I’m thankful for that,” Brad said. “I’m thankful for a lot of things.”

As financial advisors, we deal as much in human compassion as anything.

— Brad Bakken

Paula Swanson, CRC® VP/Wealth Advisor

John Kuhn VP/Wealth Advisor

10 COMMON FINANCIAL MISTAKES TO AVOID

Keith Burck, CFP®, CLU, ChFC VP/Wealth Advisor

Just as to-do lists can be a key part of planning, do-not-do lists can be helpful reminders to avoid mistakes that others have made.

1

IMPULSE INVESTING. Avoid investing based on a whim or a tip. Don’t invest a certain way just because a friend or colleague does. Instead, be thoughtful and strategic.

2LACKING AN OVERALL PLAN OR STRATEGY. Don’t look at financial decisions in isolation. Think about how they affect or are affected by other elements. For example, when deciding on your asset allocation, keep all your investments in mind, not just those in a particular account.

3NOT PAYING YOURSELF FIRST. Saving should be your top priority. Put money aside with every paycheck. It’s easy to do through payroll deduction or a similar automatic system.

4

NOT TAKING ADVANTAGE OF TIME. Compound growth is like a gift from Father Time. If you wait too long to save for retirement, you will have lost tremendous potential growth.

5NOT PAYING ATTENTION TO RISK. Investments that offer higher potential returns, such as stocks, have elevated levels of risk. In contrast, conservative investments, such as money market accounts or stable-value investments, fluctuate very little, but they offer limited growth potential. Think about risks, as well as expected returns.

6NOT DIVERSIFYING. The more concentrated your investments, the higher the risk of a substantial loss.

7NOT WORKING WITH YOUR SPOUSE TOWARD THE SAME GOALS. Couples should talk about their financial goals and coordinate their investing strategies and budgetary practices.

8NOT MAXIMIZING YOUR RETIREMENT PLAN. Your employer-sponsored retirement plan is one of your most important benefits. If you receive a matching contribution from your employer, contribute at least enough to the account to qualify for the full match. Anything less is like walking away from free money.

9CASHING OUT OR BORROWING FROM YOUR 401(K) ACCOUNT. In a financial emergency, you might have no choice but to make an early withdrawal from your retirement account. But taking money from your account is like borrowing from your future to pay for your present needs. Look for alternatives before you resort to that.

10

IGNORING TAX OR INFLATION WHEN ESTIMATING YOUR NET RETIREMENT INCOME. For anything other than a tax-free account, such as a Roth IRA or Roth 401(k), you’ll owe taxes on your withdrawals. Similarly, remember that inflation will reduce your purchasing power.

BABY ON BOARD

STARTING A FAMILY? CONSIDER LIFE INSURANCE TO PROTECT WHAT’S MOST IMPORTANT

Tyler Swanson, CFP®, CEPA® VP/Wealth Advisor

Missy Hexum, ChFC® VP/Wealth Advisor

Andrew Holte VP/Wealth Advisor

Starting a family brings joy, responsibility — and the need to plan for the unexpected. Life insurance may not be the first thing on your to-do list, but it plays a crucial role in protecting your family's future. If something were to happen to you or your spouse/partner, a life insurance policy can help cover the mortgage, childcare, education costs and daily living expenses — giving your loved ones financial security during a difficult time.

So, how much coverage do you need? A very general rule of thumb is to buy a policy worth 10 times an individual’s annual income. For example, if your annual salary is $75,000, it makes sense to consider a policy with a $750,000 death benefit. But also factor in other things, such as your total debt, number of dependents and long-term goals (like

college tuition or buying a bigger home). Online calculators can help, or you can consult with a financial advisor to get a more tailored recommendation.

In general, there are three basic types of life insurance to consider:

• TERM LIFE INSURANCE. This type of insurance is the most affordable and straightforward option. It provides coverage for a specific period — typically 10, 20 or 30 years. If you pass away during the term, your beneficiaries receive the death benefit. It’s a great choice for young families who want maximum coverage at a low cost.

• WHOLE LIFE INSURANCE. Whole life is permanent insurance that lasts your entire life, as long as premiums are paid. It also builds cash value over time,

which you can borrow against. It's more expensive than term life insurance, but it offers lifetime protection and a savings component.

• UNIVERSAL LIFE INSURANCE. This type of insurance is a flexible, permanent policy that combines a death benefit with a cash value account. As a result, you can adjust your premiums and death benefit as your needs change, but the policy also depends on investment performance, which can affect the value over time.

As your family grows, so does your need to plan for the unexpected. Life insurance isn’t just for you — it’s for the people who depend on you.

CARING FOR AGING PARENTS

Shehan Navarathne VP/Wealth Advisor

Michael Bale VP/Wealth Advisor

VP/Wealth Advisor

Many adults have aging parents who are in need of health care and living assistance. There are a number of resources today that can help them grow old gracefully, either in their existing home or in a facility, along with multiple options for financing the cost of the care.

LIVING OPTIONS

LIVING ALONE: Depending on the independence of your parents, living alone in their existing house may be an option. However, you may need to make several modifications — some of them expensive — to make their home environmentally safe and suitable for an aging person. For instance, important safety features such as a first-floor bathroom, grab bars in hallways and bathrooms, and an emergency response system may be necessary.

If your parents require assistance with meals or chores, there are several services which can provide support. You may also want to consider an in-home aide if your parents need additional personal assistance.

LIVING WITH FAMILY: Some families choose to move an aging parent into their own home. If you can do this with

minimal conflict, this can be beneficial as it avoids having to maintain a second home — and of course can be less expensive. If your parents have dementia or other health issues, adult day care can be helpful, as it allows them to socialize with other adults.

ASSISTED LIVING: If your parents are independent and can care for themselves, they may be eligible to enter a continuing-care retirement community, where they can rent (or purchase) an apartment and be eligible for nursing care, if it becomes necessary. Consider purchasing long-term care insurance, which can help pay for nursing home costs or the cost of an in-home aide.

NURSING HOME: If your parents need more extensive care and require a nursing home, research the options extensively. You may need to reserve a space far in advance, as waiting lists are often long

at popular facilities. The government provides limited financial assistance for families paying for nursing home care. Financing long-term care can be a tremendous challenge for many adults.

FINANCING LONG-TERM CARE: Medicare will only pay the full cost of professional help if a physician certifies that your parent requires nursing care and if the services are provided by a Medicarecertified home health care agency. However, Medicare will pay for in-patient nursing home care for the short-term only and only following a qualifying hospital stay. Medicaid also provides long-term care benefits, but benefits are restricted to lowincome individuals with limited assets.

With the cost of elderly care continually on the rise, financial planning can be an important step in providing adequate support for your parents’ future well-being.

ROTH OR REGULAR?

TAKING ADVANTAGE OF A ROTH CONTRIBUTION OPTION CAN GIVE YOU SOME FLEXIBILITY IN RETIREMENT

Hanna Kettelhut VP/Wealth Advisor

If you have access to a Roth 401(k) option through your employer, it can add some diversity and flexibility to your retirement income and tax strategy. Here’s what to consider:

CONTRIBUTIONS

Contributions to a Roth 401(k) are made with after-tax dollars, unlike a traditional 401(k) where contributions are made with pre-tax dollars. This means you pay taxes on the money before it goes into your Roth 401(k), but you don’t pay taxes on the money (including any earnings) when you withdraw it in retirement. With a traditional 401(k), you pay taxes on the money (including any earnings) when you withdraw it in retirement.

Both accounts share the same contribution limit. In 2025, you can contribute up to $23,500 ($31,000 if you’re 50 or older, $34,750 for those age 60-63 if your plan permits). You can contribute to both accounts in the same year, as long as you keep your total contributions under that cap.

WITHDRAWALS

Withdrawals of any contributions and earnings from a Roth 401(k) are tax-free, which can be beneficial if you expect to be in a higher tax bracket in retirement. However, certain criteria must be met:

• The Roth 401(k) account must have been held for at least five years.

• The withdrawal must have occurred when you reach at least age 59½.

With a traditional 401(k), Required Minimum Distributions (RMDs) must begin at age 73. However, starting in 2024, a Roth 401(k) does not require RMDs during the account holder’s lifetime. Each year you have the freedom to withdraw whatever amount you want from your Roth 401(k) and let the rest continue to potentially grow on a tax-deferred basis.

EMPLOYER MATCHING

If offered, an employer match is typically available to you whether you save through a Roth 401(k) or traditional 401(k). For details on how your plan handles employer-matching contributions, check with your plan administrator.

DIVERSIFYING YOUR CONTRIBUTIONS

No one knows what the tax brackets will be in the future, so you could decide to diversify your contributions evenly between the traditional and Roth option. Depending on your circumstances, you can always decide to contribute more toward one or the other in the future.

Informational Sources: Vanguard: “How America Saves Report 2024”; Bankrate.com: “Roth 401(k) vs. 401(k): Which one is better for you?” (January 12, 2024).

CRAIG SAMUELSON, BELL INVESTMENTS PROGRAM MANAGER, TO RETIRE

ROB WOYTASSEK JOINS AS SVP/WEALTH MANAGEMENT DIRECTOR

Craig Samuel son, Bell Investments Program Manager who leads Bell’s wealth advisors, will be retiring in the coming months. As Craig looks ahead to retirement, Bell has hired Rob Woytassek as SVP/wealth management director to step into the role.

Craig has spent the last three decades in the financial services industry and has been with Bell since 2015. During his time managing Bell Investments, Craig has overseen consistent growth, with the program’s brokerage and advisory assets increasing from $500 million in Dec. 2014 to over $2.4 billion as of Oct. 2, 2025. The Bell Investments staff has also grown, from 10 advisors and five client support team members in 2015 to 19 advisors and 10 client support staff today.

“I’ve been fortunate to have an awesome team to work with, a team that’s been dedicated and committed to serving their clients,” Craig said. “I have a lot of gratitude for the opportunities I’ve had over the last 11 years.”

Craig lives in Barnesville, Minn., and in retirement looks forward to spending time with family, volunteering with local civic

organizations and officiating high school sports in the area.

“It’s bittersweet, but I’m looking forward to a new chapter,” he said.

GET TO KNOW ROB WOYTASSEK

Originally from rural Sargent County, N.D., Rob brings more than 20 years of experience in financial services, having held leadership positions with Securian Retirement Services in St. Paul, Los Angeles and Chicago. He joins Bell from Alerus, where he most recently served as SVP/product strategy, and director of Alerus Retirement and Benefits.

Rob has spent his first several weeks at Bell meeting with the team and learning from Craig as they prepare for Craig’s retirement.

“I look forward to working closely with everyone to continue delivering a first-class client experience,” Rob said. “This is a high-performing team, and it’s a privilege to work with them.”

Rob lives in Detroit Lakes, Minn., with his wife and daughter.