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Peter Babilla brings 40 years of experience in investment management and fiduciary* financial consulting to Vertex Planning Partners, LLC.
Pete graduated from Indiana University in Bloomington, Indiana with a Bachelor’s of Science in Finance.
He began his career in 1983 with a focus on institutional fixed-income portfolio management, primarily working with community banks. After a decade serving institutional clients, Pete shifted his focus to working with individuals, families and business owners, providing guidance and education in all areas of Wealth Management. Among his areas of focus are accumulation and retirement planning, investment management, risk management, and estate and wealth transfer.
Pete’s planning philosophy allows him to create a personalized program for clients, based on their own unique goals and circumstances. The extensive investment and planning platform offered by Vertex enables him to create a highly customized program, tailored to each individual client.
Pete and his wife Suzanne have two children, and have resided in Wheaton, Illinois for the past 30 years. He enjoys golf, reading, and traveling with his family. Pete gives back as a past Board Member of the Epilepsy Foundation of Greater Chicago, where his focus is on improving the lives of those living with epilepsy.
Pete works as fiduciary for his clients and holds the CERTIFIED FIANANCIAL PLANNER™ (CFP®) designation and the Chartered Retirement Plan Specialist (CRPS®) designation.
Justin D’Agostino is a Partner and Private Wealth Advisor at Vertex Planning Partners, advising business owners, executives, and high-net-worth families on investments, financial planning, tax and succession planning.
He coordinates the full advisory team around each client to keep tax, investment, and planning decisions moving in the same direction. Justin’s approach centers on rigorous, data-driven analysis — modeling outcomes across planning scenarios so clients can make decisions with clarity.
With over a decade of experience, Justin’s work focuses on:
Justin attended Hillsdale College, where he earned his BA in Accounting and Financial Management. He is an avid sports fan and enjoys spending weekends with his family.
Designations:
Justin does not provide tax or legal advice. He works alongside each client’s CPA and attorney on those matters.
CRPC conferred by College for Financial Planning.
Scott Sandee brings over 20 years of experience to his role as Managing Partner of Vertex Planning Partners, leading the firm’s efforts to assist middle-market business owners and eight and nine-figure families in comprehensive planning. We enable clients to achieve their financial goals by tailoring solutions to their unique aspirations and situations. Leveraging his experience in sophisticated investment techniques and financial strategies with privately held family businesses, supported by extensive post-graduate education focused on exit planning, wealth management, estate planning, investment analysis, insurance planning, risk management, and tax optimization, he:
Scott guides successful entrepreneurs and wealthy families through the transfer of ownership of their privately held companies.
Designations: Certified Financial Planner® Certified Private Wealth Advisor® Certified Investment Management Analyst® Certified Exit Planning Advisor Certified Merger & Acquisition Advisor
Julie Hupp, CERTIFIED FINANCIAL PLANNER™ professional, has worked in the accounting and corporate finance field since 1987. She began her career as a CPA with Deloitte & Touche, specializing in the financial needs of small businesses. Then spent the next 13 years in corporate financial planning and business development at Baxter and TAP Pharmaceuticals. Recognizing her passion for personal financial planning, Julie started her business in 2006 where she focuses on comprehensive financial planning strategies and implementation.
Julie graduated from University of Illinois with a BS in Accountancy. She received her Master’s in Management with a concentration in Finance from Northwestern University’s Kellogg School of Management in 1994.
Outside the office, Julie is the co-founder of the 12 Oaks Foundation, which has merged with Cal’s Angels, and is a former Board member. Julie enjoys cooking, reading, running, triathlons and doing almost anything outdoors. A great weekend is spending time with her husband and two adult kids boating at their lake house in Wisconsin.
Steven P. Franzen, CPA, PFS, CGMA is a public accountant and consultant with more than 23 years of experience helping individuals and businesses reduce their tax liability. He began his career under the guidance of Patrick M. De Sio, CPA, CGMA and in 1996 became Mr. De Sio’s partner in De Sio, Franzen & Associates, Ltd. Steve’s expertise include entity design, complex tax strategies and multigenerational wealth transfer. As Managing Partner, Steve conducts his practice under the philosophy that the client’s investment in their CPA should yield a return on that investment – most of the time that return is realized when working with clients on planning for their future. In an effort to increase the planning capabilities of the firm, Steve formed Vertex Accounting Partners, LLC to ensure their guiding philosophy will continue well into the future.
Steve is a certified public accountant and has earned the professional designations of Personal Financial Specialist and Chartered Global Management Accountant. He is a member of the American Institute of Certified Public Accountants and the Illinois CPA Society. Steve earned a B.S. degree in accounting from Millikin University. He and his wife Kristie live in Sugar Grove, IL with their three children.
Greg Benner advises high-net-worth and ultra-high-net-worth business owners, individuals and families on advanced tax, risk management, retirement, estate planning, and wealth strategies.
As a co-founder of Vertex Planning Partners, he works closely with clients, families, and their professional advisors—CPAs, attorneys, and business stakeholders—to implement thoughtful, durable planning strategies. His approach prioritizes clarity, coordination, and disciplined execution.
For twenty-four years, Greg’s work has focused on designing and coordinating multi-factor, integrated plans involving:
Drawing from his own experience as a founder, business and real estate investor, and multi-generational family business member, he understands some of the challenges that can arise for business owners as they consider an exit. Multi-disciplinary, intentional planning with stakeholder communication creates structure, mitigates risk, addresses tax implications, and preempts issues that can arise.
Greg holds a Master of Science in Taxation, a graduate program that deepened his technical training in federal income taxation, partnership and corporate taxation, estate and gift tax, and tax procedure. This academic work enhances his ability to help families and business owners navigate complex tax environments and align their financial and estate-planning objectives across generations.
Designations:
Licenses:
Greg is deeply committed to lifelong learning and continuous professional development in the areas of tax, estate planning, and private-wealth strategy.
Michael D. Bellis, CFP®, CLU® began his career as a financial planning professional in 1994. His practice is centered on holistic financial planning, astute risk management strategies and empirical, research-driven portfolio construction. He began his career in partnership with his father under the name Bellis & Associates. Together, their practice and reputation for excellence dates back more than 40 years and includes multiple generations of the same families. After his father’s retirement several years ago, Mike continued to build a client-centric, consultative practice before forming Vertex.
Mike holds the CERTIFIED FINANCIAL PLANNER™ certification and is also a Chartered Life Underwriter. He has been an active member of both the Society of Financial Services Professionals and the National Association of Insurance and Financial Advisors. He earned a B.S. in Business & Marketing from Illinois State University. Mike is a lifelong resident of Naperville, Illinois. He and his wife Tanja have three children.
What 7% Mortgages Mean for Housing and the Economy
The housing market is important both on a personal level as well as for the broader economy and financial system. For many households, owning a home is an accomplishment that requires years of planning and saving, representing their largest asset, most significant monthly expense, and main source of debt. The housing market is also a large part of the overall economy, accounting for between 15% and 18% of the country’s economic activity.1 When combined with the overall wealth effect of the housing market, these factors can impact consumer sentiment, household balance sheets, and the pace of overall economic growth.
One factor that directly impacts the housing market is interest rates. When rates rise, mortgage costs for new applicants rise as well, affecting everything from loan qualification to the volume of home sales. The average 30-year fixed mortgage rate is now back above 7% after falling toward 6% at the start of the year. While mortgage rates have been volatile in recent years, they have not been sustainably at these levels in nearly 25 years. What could these housing market pressures mean for households and the broader economy?
Mortgage rates are back above 7%
So, the return to 7% can raise questions on the economics of homeownership. One of the biggest consequences is what economists refer to as the “lock-in” effect. Homeowners who secured low fixed rates in prior years face a disincentive to sell their homes, since doing so would require taking on a new mortgage at today’s significantly higher rate. This reduces the supply of existing homes coming to market, which in turn can keep transaction volumes low. In fact, Washington policymakers are considering solutions such as “portable mortgages” that would allow homeowners to transfer their lower rates to new homes.
According to the National Association of Realtors, existing home sales fell 2.0% month-over-month and 1.2% year-over-year in August, reflecting continued softness in market activity.2 The inventory of existing homes now stands at 4.9 months of supply, and new homes now stand at 8.5 months, the highest levels in over a decade.3 While higher inventories are positive, these figures are calculated based on the rate of sales activity, so they could reflect homes sitting on the market longer.
For buyers who do enter the market, it’s clear that higher rates have a direct effect on affordability, since a larger share of monthly income must go toward mortgage debt service. This creates an incentive to wait for rates to improve, delaying housing activity further, with difficult tradeoffs to make in terms of location, size, or down payment.
Despite slow activity, home prices remain near record levels
High home prices on paper also fuel what is often known as the “wealth effect.” When households feel that their homes are holding their value or appreciating, they tend to feel more financially secure. Coupled with the stock market hovering near all-time highs, these trends can lead to greater spending on goods and services.
They may also partly explain why consumer spending has held up better than many economists expected despite concerns such as tariffs and higher energy costs. This has been the case even as consumer sentiment has remained near historic lows. One puzzle over the past several years has been the disconnect between how consumers say they feel about the economy, versus how much they spend.4
One explanation is that sentiment is fueled more by inflation, driven by factors such as higher gasoline prices this year, while spending is fueled by the wealth effect. While housing costs are an important part of household finances, making up more than one-third of the Consumer Price Index, these “shelter” costs have increased 3% over the past year while gasoline prices have jumped 27.4%.5
Refinancing activity has declined sharply
In practical terms, this means that homeowners who might otherwise have refinanced are no longer able to do so at attractive rates. Since refinancing can be a way through which households convert rising home values to spendable cash, this could potentially impact consumer spending going forward.
Still, mortgage debt remains by far the largest component of household borrowing, even as credit card and student loan balances have grown in recent years. Household debt service as a share of disposable income, which includes both mortgage and consumer debt, stood at approximately 11% in the second quarter of this year. This is still moderate relative to the pre-2008 peak of nearly 16%, suggesting that most households are managing their debt, even if they can’t access their equity.7
Of course, the effect on spending, home prices, and transaction volumes depends on how long interest rates stay high. At the moment, many interest rates across maturities are near twenty-year highs, including 5-year, 10-year, and 30-year Treasury yields.8 With inflation staying stubbornly above the Fed’s target, bond yields suggest that rates may stay higher for longer. The Fed’s own quarterly Summary of Economic Projections also suggests that policy rates could stay elevated through at least 2027.9 While interest rates are difficult to predict, especially if there are new developments with inflation, oil prices, and the job market, investors and households should continue to stay disciplined when it comes to following their financial plans.
The bottom line?
The housing market may continue to be affected by rising interest rates as mortgage rates jump past 7%. For investors, this period of higher rates requires staying vigilant and focusing on long-term planning.
References
Index Descriptions
S&P Cotality Case-Shiller Home Price Indices
The S&P Cotality Case-Shiller 20-City Index measures the value of residential real estate and tracks changes in the selling prices of single-family homes across 20 major U.S. metropolitan areas.
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All investing involves risk, including loss of principal. No strategy assures success or protects against loss. The economic forecasts set forth in this material may not develop as predicted, and there can be no guarantee that strategies promoted will be successful.
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