Investment Policy Committee Update - April 2023

The Buttonwood Agreement: Where American Finance Took Root — and Why Our Name Exists The Buttonwood Agreement was a compact signed on May 17, 1792, by 24 stockbrokers and merchants beneath a buttonwood tree at 68 Wall Street in New York City. It established the rules of organized securities trading in America and laid the foundation for what would become the New York Stock Exchange. Buttonwood Financial Group takes its name directly from this founding moment; as a daily commitment to the integrity, transparency, and long-term thinking those original brokers put on paper. What was the Buttonwood Agreement, and why it still matters The Buttonwood Agreement came at a moment of crisis. The Panic of 1792, America's first speculative bubble and market collapse, had shattered public confidence in capital markets. Prominent financiers defaulted. Prices fell. Investors panicked. Alexander Hamilton worked to stabilize the system, but the lasting fix came from the professionals themselves. On May 17, 1792, 24 brokers gathered under a buttonwood (sycamore) tree outside 68 Wall Street and signed a two-sentence agreement: they would deal only with each other, charge a standard commission of one-quarter percent, and give preference to fellow signers in all negotiations. Simple. But the effect was transformative. By agreeing to hold a higher standard collectively, they rebuilt confidence in the market itself. The Buttonwood Agreement is widely regarded as the founding document of the New York Stock Exchange and of organized American finance. Why Buttonwood Financial Group carries this name Boutique wealth management firms are built on process and trust. When we named our firm Buttonwood Financial Group, the choice wasn't aesthetic; it was philosophical. Our name is a daily accountability measure; a reminder that the values those brokers signed onto in 1792 — integrity, structure, and responsibility — are exactly the values our clients deserve today. The families and individuals we serve aren't looking for surface answers and financial products. They're looking for an experienced team that has been tested across market conditions, that communicates honestly, and that approaches every client relationship from a fiduciary capacity in a long-term commitment. That's what an established boutique wealth management firm looks like in practice. What experience really means Experience in this industry isn't about credentials alone. It means you have been present with clients through market downturns and periods of uncertainty. You have worked alongside families through estate complexity, business transitions, and inheritance conversations. You have coordinated tax strategy, cash flows, and generational goals at the same time; because for most families, those things can't be separated. Our Team brings that depth to every engagement. Not because we're proud of our tenure, but because the people we serve deserve to work with real people whose judgment has been informed by real world complexity and a wide range of client circumstances. The values that haven't changed in 234 years The Buttonwood Agreement was forged in a crisis to restore confidence. That context mirrors what many clients feel when they first reach out to a firm like Buttonwood. The financial world is complex, opaque, and hard to navigate. Our commitment is to bring transparency, fiduciary responsibility, and honest communication to every relationship, the same values those brokers enshrined in 1792. Roots matter. They tell you where a firm stands when things get hard. On Buttonwood Agreement Day, we honor that founding moment, and recommit to carrying it forward. Connect with Buttonwood Financial Group If you're evaluating whether your current wealth management relationship reflects these values, we'd welcome the conversation. Our advisors work with individuals, families, and business owners on comprehensive, fiduciary-driven financial plans built around your long-term goals. Frequently Asked Questions What is the Buttonwood Agreement? The Buttonwood Agreement was a compact signed on May 17, 1792, by 24 stockbrokers and merchants in New York City. It established standardized rules for securities trading, dealing only among members, and charging a fixed commission. It is considered the founding document of the New York Stock Exchange. When is Buttonwood Agreement Day? Buttonwood Agreement Day is observed annually on May 17, marking the date the original agreement was signed in 1792 outside 68 Wall Street in New York City. Why is the Buttonwood Agreement significant in finance? The Buttonwood Agreement replaced chaotic, unregulated securities auctions with a system of structured, trust-based trading. It restored public confidence after the Panic of 1792 and established the foundational principles, integrity, accountability, and standardized commissions, that governed Wall Street for nearly two centuries. What does Buttonwood Financial Group do? Buttonwood Financial Group is an independent SEC Registered Investment Adviser. A boutique wealth management firm. The firm works with individuals, families, and business owners to provide both financial planning and investment management services. By serving as the primary financial advisor and administrator, Buttonwood is essentially acting as the family's "CFO" while the client remains as the family "CEO." Buttonwood strives to organize, formalize, implement, and monitor financial strategies consistent with clients' multi-generational goals and objectives. What makes a boutique wealth management firm different? Boutique wealth management firms typically offer more personalized service, deeper advisor relationships, and a fiduciary-first approach. Advisors and their support teams generally work with fewer clients and provide more integrated guidance and may reach a deeper level of strategy across investments, tax, business and estate planning, and financial planning. How do I choose an experienced financial advisor? We often see the following criteria: Look for advisors with a fiduciary obligation, verifiable credentials (CFP, CFA, or similar), a transparent fee structure, and experience working with clients whose situations are similar to your own. Confirm the advisor's registration status at adviserinfo.sec.gov. B uttonwood Financial Group is a registered investment adviser. The information provided in this article is for general informational purposes only and does not constitute investment, financial, tax, or legal advice. Past results are not indicative of future performance. All investing involves risk, including possible loss of principal. Please consult a qualified professional for advice specific to your situation.