Update on Washington's proposed spending


We thought you might appreciate seeing a summary of some of the provisions in the budget bill now being considered in Washington. This is a very large bill, and amazingly, if Congress keeps to its schedule they will have presented, considered, amended, and voted on it in less than 30 days. Because this bill is so large in size and broad in scope, we believe it will affect many parts of the economy. We believe it may also have an impact on portfolio returns and taxes, and hence will affect us all. As you become familiar with this spending bill, we suggest you contact your U.S House Representative and U.S Senator to voice your support or objection to these proposals.

Over the weekend, we received two big pieces of information regarding the $3.5 trillion spending package. The first was what we define as a large portion of the “candy,” which includes tax cuts for the social safety net, clean energy, housing, and infrastructure bonds, as well as some of the health care reimbursement cuts. That release was followed on Monday morning with the release of $2 trillion in tax increases (the spinach) that will pay for a good portion of the spending. These proposals are moving targets and likely to change. But at this point, we have a good sketch of what a $3.5 trillion package looks like. Consistent with our view, there is too much “spinach” and the size of the package will likely need to come down in size. Our sense is that the political system has enough capacity for roughly $1.5 trillion in offsets over the next 10 years.


The health care portion of the reconciliation bill will be larger than the Affordable Care Act (ACA) and pays for new health spending by cutting pharma reimbursements. These drug pricing changes amount to $700 billion in spending cuts on one industry. To put that in context, the bill has $900 billion of total corporate tax increases for ALL US companies. Pharma and biotech are working to reduce these cuts. Still, the legislative process is a rushed and closed one, potentially negatively impacting the industry’s ability to make changes.

Health Care Coverage:

  • ACA Premium Tax Credits: Makes permanent the American Rescue Plan’s expansion of the ACA premium tax credits, which increased eligibility for the premium tax credits to those earning above 400% of the federal poverty level and spending more than 8.5% of their income on premiums, and made the premiums more generous.
  • Medicaid Coverage Gap: Provides access to ACA premium tax credits for individuals in states that have not expanded their Medicaid programs to buy insurance through the ACA through 2024 or when the federal government has set up a federal Medicaid program.
  • State Reinsurance Programs: Provides $10 billion a year to states to establish state reinsurance programs or to reduce patients’ out-of-pocket costs. Requires CMS to establish a temporary reinsurance program in states that do not do so.
  • Continues To Allow Unemployment Insurance Recipients To Be Eligible For The Most Generous ACA Subsidies: Extends through 2025 the American Rescue Plan provision that provides full premium tax credits in order to buy ACA coverage for individuals receiving unemployment insurance.
  • Additional Medicare Benefits: Expands Medicare to include vision, hearing, and dental benefits. Vision and hearing benefits would go into effect in 2022 and 2023, respectively, while the more expensive dental benefits would go into effect in 2028.
  • Medicaid Home And Community-Based Services: Includes $190 billion (rather than the $400 billion proposed) to provide Medicaid home and community-based services for seniors and individuals with disabilities to receive care at home.
  • CHIP: Extends the Children’s Health Insurance Program permanently.
  • ARPA-H: Provides $3 billion to establish the Advanced Research Projects Agency for Health to invest in breakthrough technologies.


It is very rare for Congress to completely revamp an entire industry, especially one the size of the pharma and biotech industry. But that is what is on the table in the initial proposal. This is the first real attempt since Hillary Care in 1993 to revamp the reimbursement structure for pharmaceuticals. Our sense is that some of these proposals are likely to conflict with the budget reconciliation rules and might be tossed out of the bill. At the same time, we expect pharma to water down these provisions. Our view is that pharma will walk out of here with a major hit to its earnings, but largely retain its pricing structure. If so, there is a lot of bad news already priced into the stocks.

  • Medicare Price Negotiation: Allows for Medicare price negotiation of prescription drugs and sets a limit on what the government can pay for a drug to be no more than 120% of the volume-weighted average of the price of the drug paid in Australia, Canada, France, Germany, Japan, and the UK. The program would begin negotiation with at least 25 brand-name drugs that lack price competition in 2025 and 50 drugs in the years following. A tax would be imposed on manufacturers that do not adhere to the negotiation.
  • Drug Inflation Rebates: Requires drug manufacturers for certain Medicare Part B and certain Medicare Part D drugs that raise prices faster than the rate of inflation to pay rebates back to the Medicare program for the portion higher than the rate of inflation. The rebates would begin on July 1, 2023. Drug manufacturers that do not pay the rebates would receive a monetary penalty.
  • Medicare Part D Redesign: Sets an annual $2,000 out-of-pocket limit on prescription drugs beginning in 2024. Reduces the government’s responsibility in the catastrophic phase of the Part D program from 80% to 20%, converts the current coverage gap discount program into a benefit-wide responsibility, and requires manufacturers of single source drugs to contribute 10% of the cost of coverage in the initial benefit phase and 30% in the catastrophic phase.
  • Allows Medicare Enrollees To Spread Out Prescription Drug Cost-Sharing: Allows enrollees in Medicare prescription drug plans and MA-PD plans who meet the out-of-pocket cap with a single prescription to spread out those costs throughout the year.
  • Repeal of the Trump Rebate Rule: Although the bipartisan infrastructure bill delays the implementation of the Trump rebate rule, targeting pharmacy benefit managers (PBMs), until 2026, the reconciliation bill would repeal that rule to prevent it from going into effect.


The reconciliation bill is an opportunity to take action on climate change by moving away from fossil fuels and toward renewable energy. The goal of the Democrats’ strategy is to subsidize and mandate renewable energy while taxing and regulating fossil fuels. The purpose of this is to make renewable energies more cost competitive relative to fossil fuels and accelerate the transition to a clean energy economy. Interestingly, the House tax bill did not include tax increases on oil and gas. However, the Energy and Commerce Committee is pushing for a methane tax to use the proceeds for clean energy subsidies. The House proposals over the weekend provided larger than expected tax benefits for hydrogen, nuclear, and carbon capture. Other beneficiaries of tax credits include electric vehicles, electric transmission, and biofuels. However, these credits are premised on strict prevailing wage requirements which drive up the cost of projects. Our sense is that most of these tax credits are likely to make it into law, although some are arguing that the nuclear credit achieves the same objective as the Clean Electricity Performance Program and may not make it in the final package to avoid duplication.


  • Clean Electricity Performance Program: Establishes the Clean Electricity Performance Program, which will provide grants to electricity suppliers that increase the amount of clean electricity they supply by 4% over the prior year, and which will fine those that do not.
  • Grid Investment: Invests $9 billion for creating an energy grid capable of providing reliable delivery of clean energy. This is on top of the $75bn of grid investment in the bipartisan infrastructure package.
  • Green Federal Procurement: Provides $17.5 billion to decarbonize federal buildings and fleets.
  • Drinking Water: Provides $30 billion to replace lead service lines in the drinking water system. This is on top of the $15 billion provided in the infrastructure bill.
  • Electric Vehicles/Zero-Emission Vehicles:
    • Provides another $13.5 billion in electric vehicle infrastructure.
    • Provides $7 billion for the Postal Service and $5 billion for the General Services Administration to electrify their fleets and for charging infrastructure.
    • Provides $5 billion to replace heavy-duty vehicles (trash trucks, buses) with zero emission vehicles.
    • Creates a refundable income tax credit for new qualified plug-in electric drive motor vehicles, of a base amount of $4,000 with an additional $3,500 provided for vehicles in service by the end of 2026 with a battery capacity of 40 kilowatt hours or better and then for vehicles with a battery capacity of 50 kilowatt hours or better. The credit is increased by $4,500 for vehicles assembled at a unionized US facility, and by $500 if the vehicle model is assembled by a manufacturer with no less than 50% domestic content in component parts and if the vehicles are powered by battery cells manufactured in the US. The credit is limited to 50% of the purchase price. After 2026, the credit is only available to vehicles assembled in the US. The credit does not apply for certain higher priced vehicles, and it phases out after an individual’s modified adjusted gross income exceeds $400,000.
    • Provides a refundable credit for the purchase of used plug-in electric cars through 2031, with a base credit of $1,250 and additional credits based on battery capacity. The credit is capped at the lesser of $2,500 or 30% of the sale price. The sale price cannot exceed $25,000 and the model must be at least two years older than the date of the sale. The credit is available to buyers up to $75,000 in AGI.
    • Provides a new credit for qualified commercial electric vehicles equal to 30% of the cost of the vehicle, effective 2022 through 2031.
    • Extends the credit for the purchase of a qualified fuel cell motor vehicle through 2031, but only for vehicles not of a character subject to depreciation; extends the alternative fuel vehicle refueling property credit through 2031, and expands the credit for zero-emissions charging infrastructure.
  • Green Energy Tax Credits: The tax credits have a base rate and then a bonus rate, a higher rate for projects that meet prevailing wage and apprenticeship requirements.
    • Provides new tax credits for the basis of qualifying electric transmission property put in service, qualified investments with respect to any zero-emission facility, the production of electricity from a qualified nuclear power facility through 2026, a refundable blenders tax credit for sustainable aviation fuel from 2023 through 2031, and the production of clean hydrogen beginning in 2022 through 2028.
    • Extends the production tax credit (PTC) for energy producers using renewable energy resources through the end of 2031 and phases it down to 60% of the applicable rate in 2033 for landfill gas, trash, qualified hydropower, marine, and hydrokinetic renewable energy facilities, and geothermal, and for wind and solar energy. An increased credit for facilities put into service after 2021 is provided if they meet domestic requirements.
    • Extends the investment tax credit (ITC) for property for which construction begins by the end of 2032 and then phases down the value of the credit for two years. For solar and geothermal energy property, fiber-optic solar equipment, fuel cell property, microturbine property, combined heat and power property, biogas property, waste energy recovery property, and offshore wind property, the credit is extended through the end of 2031 with a phase down in the next two years. Expands the ITC to include energy storage technology and linear generators. Increased credit is allowed for property that meets domestic requirements. Provides an increase in the energy credit for solar facilities put in service for low income communities.
    • Extends the credit for carbon oxide sequestration facilities that begin construction before 2031; extends income and excise tax credits for biodiesel and biodiesel mixtures and for alternative fuels and alternative fuel mixtures and the second generation biofuel income tax credit through 2031.
  • Green Energy Publicly Traded Partnerships: Expands the definition of qualified income for publicly traded partnerships to include income derived from green and renewable energy, including energy production eligible for the PTC, property eligible for the ITC, renewable fuels, and energy and fuel from carbon sequestration projects.
  • Investment In New Technologies: Provides $7 billion in loan and grant programs at the Department of Energy for innovative technologies and US manufacturing of zero-emission transportation technologies.
  • Greenhouse Gas Reduction Fund: Invests $27.5 billion in climate finance institutions for low and zero-emission technologies.
  • Green Energy And Energy Efficiency Incentives For Individuals:
    • Provides $18 billion in home energy efficiency and appliance electrification rebates
    • Extends the nonbusiness energy property credit through 2031
    • Extends the credit for the cost of qualified residential energy efficient property expenditures (including solar electric, solar water heating, fuel cell, small wind energy, and geothermal heat pumps), and expands it to apply to battery storage technology, through 2031 with a phase down the following two years
    • Expands the energy efficient commercial buildings deduction by increasing the maximum deduction determined on a sliding scale and moving the maximum from a lifetime cap to a three-year cap
    • Extends the Section 45L new energy efficient home credit through 2031
    • Provides a $2,500 credit for energy efficient single family and manufactured new homes meeting certain energy star requirements for new homes acquired after 2022 and a similar credit of up to $2,500 for multifamily units
  • Targeting The Fossil Fuel Industry:
    • Establishes a methane fee on pollution from the oil and gas industry
    • Imposes a “conservation of resources” fee on fossil fuel companies
    • Reduces the length of fossil fuel leases from 20 years to 10 years and raises minimum oil and gas bids from $2 to $10 per acre
    • Increases onshore and offshore oil and gas royalty rates from 12% to 20%
    • Imposes an annual fee on owners of offshore oil and gas pipelines and an annual inspection fee on onshore and offshore oil and gas operators
    • Reinstates the Hazardous Substance Superfund Financing Rate on crude oil and imported petroleum products for 2022 through 2031
    • Repeals the provision allowing oil and gas leasing and drilling in the coastal plain of the Arctic National Wildlife Refuge


Our Municipal Bond clients were pleased to see advance refunding and $1 trillion of tax increases on individuals released over the weekend.

  • Advance Refunding Bonds: Restores the tax exemption on interest on advance refunding bonds issued by state and local governments that were repealed in the Tax Cuts and Jobs Act. It applies to advanced refunding bonds issued more than 30 days after the date of enactment of the reconciliation bill.
  • Build America Bonds 2.0: The House bill revives the idea of Build America Bonds from the 2009 stimulus bill and provides a tax credit equal to a percentage of the interest, determined by the year the bond is issued, for issuers of qualified infrastructure bonds. All of the proceeds of the bond issued must meet the Davis Bacon (prevailing wage) requirements.
  • Modifies Small Issuer Exception to Tax-Exempt Interest Expense Allocation Rules For Financial Institutions: Revises the definition of qualified small issuers to issuers that are not reasonably expected to issue more than $30 million in tax exempt obligations during a calendar year (up from $10 million) for purposes of allowing a deduction for interest expense for certain tax-exempt obligations. Treats qualified 501(c)(3) bonds as tax-exempt obligations for purposes of the small issuer exception.
  • Exempts Existing Water And Sewage Facilities From The Private Activity Bond Volume Cap: Exempts facility bonds for existing water and sewage facilities from the private activity bond volume cap.
  • Exempts Facility Bonds For Zero-Emission Vehicle Infrastructure: Expands the definition of exempt facility bond eligible for tax-exempt private activity bond financing to include any bond issued if 95% or more of the net proceeds are to be used to provide zero-emission vehicle infrastructure.
  • Credit For Operations And Maintenance Costs Of Government-Owned Broadband: Creates a 30% tax credit for state, local, and tribal governments for the operations and maintenance costs of government-owned broadband systems. This is to encourage more government-owned broadband.


  • Child Tax Credit: Extends the child tax credit and advance payment through 2022 and increases the safe harbor amount to $3,000 ($3,600 for a child under the age of 6) for certain taxpayers when repayment may be required because of excess prior payments. Establishes a monthly child tax credit fully refundable with advance payment through 2025, for children up to age 17. The monthly CTC begins to phase out for households with income above $150,000 for joint filers. Reinstates the child tax credit as fully refundable after 2025.
  • Child And Dependent Care Tax Credit: Makes permanent the changes made to the tax credit as part of the American Rescue Plan to make the credit fully refundable and increases the maximum credit rate to 50%. The phase-out threshold is increased to $125,000 and increases the amount of eligible child and dependent care expenses to $8,000 for one qualifying individual and $16,000 for two or more.
  • Employer-Provided Dependent Care: Permanently increases the exclusion for employer-provided dependent care assistance at $10,500 (indexed for inflation).
  • Paid Leave: Provides up to 12 weeks of universal paid family and medical leave effective July 2023.
  • Child Care And Pre-K: Provides $450 billion to help families pay for child care and to provide universal pre-K for three and four-year olds.
  • Higher Education: Provides two years of tuition-free community college, increases the value of Pell grants and excludes them from gross income, and provides grant programs for training/hiring new teachers.
  • Public Schools: Invests $82 billion in public school infrastructure.
  • Child Nutrition: Invests $35 billion in child nutrition programs.
  • Retirement Plans: Requires employers without employer-sponsored retirement plans to automatically enroll employees in IRAs or 401(k)-type plans.
  • Childless EITC: Makes permanent the American Rescue Plan’s expansion of the eligibility and amount of the childless earned income tax credit (lower eligibility age of 19 and no upper age limit). Doubles the childless EITC credit amount and increases the income threshold at which it phases out.


  • Low-Income Housing Tax Credit: Increases the 9% housing credit and the small state minimum by 50% and phases it in over five years. Temporarily reduces the tax exempt bond financing requirement from 50% to 25%. Provides a 50% basis boost for LIHTC buildings that designate at least 20% of their occupied units for extremely low-income tenants and limit rent to no more than 30% of the greater of 30% of the area median income or the federal poverty line.
  • Neighborhood Homes Credit: Creates a new federal tax credit to encourage the rehabilitation of deteriorated homes in distressed neighborhoods. The credits are to be used to cover the gap between development costs and sales prices, up to 35% of eligible development costs.
  • Historic Rehabilitation Tax Credit: Increases the historic rehabilitation tax credit percentage from 20% to 30% for 2020 through 2025 and then phases it down to 20% in 2028.

Source: Strategas


Fortem Financial
(760) 206-8500


Brian Amidei, along with Partners Joseph Romano and Brett D'Orlando have also been named *2014, 2015, 2016, 2017, 2018 Five Star Wealth Managers!

Awards and recognitions by unaffiliated rating services, companies, and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Fortem is engaged, or continues to be engaged, to provide investment advisory services; nor should they be construed as a current or past endorsement of Fortem or its representatives by any of its clients. Rankings published by magazines and others are generally based on information prepared and/or submitted by the recognized advisor. Awards may not be indicative of one client’s experience or of the Firm’s future performance. Neither Fortem nor the recognized advisor has paid a fee for inclusion on a list, nor purchased any additional material from the award provider. The criteria for each award is listed below:

Five Star Professional Disclosure:
The Five Star Wealth Manager award is based on 10 eligibility and evaluation criteria: 1) Credentialed as an investment advisory representative (IAR) or a registered investment advisor; 2) Actively employed as a credentialed professional in the financial services industry for a minimum of five years; 3) Favorable regulatory and complaint history review; 4) Fulfilled their firm review based on internal firm standards; 5) Accepting new clients; 6) One-year client retention rate; 7) Five-year client retention rate; 8) Non-institutionalized discretionary and/or non-discretionary client assets administered; 9) Number of client households served; and 10) Educational and professional designations. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or the magazine. The award methodology does not evaluate the quality of services provided. Additional information about this award is available at: fivestarprofessional.com/2016FiveStarWealthManagerMethodology.pdf
Fortem Financial 2016. All rights reserved.

Data Sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market Data: Based on reported data in WSJ Market Data Center (indexes); U.S. Treasury (Treasury Yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness.

Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. The opinions expressed are solely those of the author, and do not represent those of Fortem Financial, LLC or any of its affiliates. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful. Forward looking statements are based on current expectations and assumptions, the economy, and future conditions. As such, forward-looking statements are subject to inherent uncertainty, risks, and changes in circumstance that are difficult to predict. Actual results may differ materially from the anticipated outcomes. Carefully consider investment objectives, risk factors and charges and expenses before investing. Fortem Financial is a registered investment adviser with the SEC. Advisory services are offered through Fortem Financial.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighed index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

Fortem Financial

Recent Posts


Fortem Financial Group, LLC, has adopted this policy with recognition that protecting the privacy and security of the non-public personal information we obtain about our customers is an important responsibility.

All financial companies choose how they share your non-public personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your non-public personal information. Even when you are no longer our customer, we will only share your non-public personal information as described in this notice. So, please read this notice carefully to understand what we do.

The types of non-public personal information we collect and share depend on the product or service you have with us. This information can include items such as your Social Security number and income, your account balances and transaction history, and your investment experience and account transactions.

We collect your non-public personal information in a variety of ways. For example, we obtain your non-public personal information when you open an account or give us your income information, tell us about your portfolio or deposit money, or enter into an investment advisory contract. We also collect your non-public personal information from other companies. For example, from the custodians who hold your account assets.

All financial companies need to share customer’s non-public personal information to run their everyday business. Below, we describe the reasons we can share your non-public personal information and whether you can limit this sharing.

We share your non-public personal information for our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, report to credit bureaus, to protect the confidentiality or security of your records, or as permitted by law. We may also share your non-public personal information for our own firm’s marketing purposes; so that we can offer our products and services to you.

Federal law gives you the right to limit only sharing non-public personal information about your credit worthiness for our affiliates’ everyday business purposes; sharing non-public personal information about you with our affiliates to market to you; and sharing non-public personal information with non-affiliates to market to you.

We don’t share non-public personal information about your creditworthiness with our affiliates for their everyday business purposes. We don’t share your non-public personal information with our affiliates to market to you. We don’t share your non-public personal information with non-affiliates to market to you. We also don’t share your non-public personal information for joint marketing with other financial companies. State laws and individual companies may give you additional rights to limit sharing.

We share non-public personal information with our parent company affiliate, Focus Financial Partners, Inc, for its internal and external auditing purposes. We also share your non-public personal information with a non-affiliate for the purpose of aggregating it and providing summary information based on this data to our parent company, Focus Financial Partners, Inc.

To protect your non-public personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our policy about obtaining and disclosing non-public personal information may change from time to time. We will provide you notice of any material change to this policy before we implement the change.

If you have questions please call us at 760-206-8500 or go to our website at www.fortemfin.com.


Fortem Financial Group, LLC ("Fortem Financial" or the "Firm") is a federally registered investment adviser with offices in California and Arizona. Fortem Financial and its representatives are in compliance with the current registration and notice filing requirements imposed upon federally registered investment advisers by those states in which Fortem Financial maintains clients. Fortem Financial may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements.

This website is limited to the dissemination of general information regarding the Firm's investment advisory services offered to U.S. residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of Fortem Financial' website on the Internet should not be construed by any consumer and/or prospective client as a solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment, tax or legal advice. Furthermore, the information resulting from the use of any tools or other information on this website should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Fortem Financial. Any subsequent direct communication from Fortem Financial with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. Fortem Financial does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to this website or incorporated herein, and takes no responsibility therefore. All such information is provided for convenience purposes only and all users thereof should be guided accordingly.

All statements and opinions included on this website are subject to change as economic and market conditions dictate, and do not necessarily represent the views of Fortem Financial or any of their respective affiliates. Past performance may not be indicative of future results and there can be no assurance that any views, outlooks, projections or forward-looking statements will come to pass. Investing involves risk, including the potential loss of principal, and the profitability of any particular investment strategy or product cannot be guaranteed.

Any rating referenced herein may not be representative of any one client's experience. Further, the Firm's receipt of any rating is not indicative of the Firm's future performance. The Charles E. Merrill Circle of Excellence award is granted by Merrill Lynch for outstanding client service and satisfaction. The award is granted based on annual criteria established by Merrill Lynch for its top decile advisors. The Barron's Top 1,200 Financial Advisors rating of the top financial advisors in the United States is based on data provided by participating firms. The following factors are included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance is not an explicit component. The Palm Springs Life's "40 Under 40" Rising Young Professionals to Watch in the Coachella Valley is based upon nominations from the local business community and selected by the staff of Palm Springs Life.

For information pertaining to the registration status of Fortem Financial, please refer to the Investment Adviser Public Disclosure website, operated by the U.S. Securities and Exchange Commission, at www.adviserinfo.sec.gov., which contains the most recent versions of the Firm's Form ADV disclosure documents.