An interview with George “Chip” Van Dusen IV, DBS Principal – President & CEO – Part Two
by Laura Thompson, Director of Marketing – DBS
One of the biggest challenges for leaders in 2020, amidst the incredible uncertainty in the world, was having to make difficult decisions often based on everchanging information. Through it all, DBS and its Executive Leadership Team, was able to successfully lead the company through arguably one of the most unprecedented years in history. I recently had the opportunity to spend a little time with DBS Principal – President & CEO George “Chip” Van Dusen IV to find out what he learned from last year and what guides his decision making during challenging times. What follows is Part 2 of our conversation, where he shares what he predicts for 2021 and how financial professionals can prepare for the upcoming year.
Read Part 1 here for his reflections on how DBS was able to successfully navigate through such a difficult year.
What is the outlook for the year? How much “hangover” from the pandemic do you expect?
I don’t think we’re quite out of the woods yet. I believe we’re going to experience a couple quarters of sluggishness with respect to the economy. As the vaccination continues to roll out, we’re still going to experience a lot of pain and confusion as a country, and there will likely be four or five steps forward and three steps back. We’ve experienced that a lot over the last six months, and I think we’re going to experience that some more.
We’ll see some more economic stimulus from the government, particularly with a Biden-Harris White House along with Democratic leadership in the House and Senate. We’ll see a review of some new tax policy and potential changes in estate taxes, capital gains, and step up in basis. There are things that we’ve enjoyed for a number of years that I think will change as result of a new administration and a House and Senate that are in alignment with the White House, which we haven’t seen since President Trump’s first two years in office. All of this again will bring opportunity.