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David P. Nolan

Senior Investment Strategist

In his role as Senior Investment Strategist, David serves as the chair of the Investment Strategy Committee and is responsible for oversight of all McKinley Carter investment programs.

Licensing and Education

  • Bachelor of Science in Business Administration Wake Forest University
  • Series 7 and Series 66 Licenses (1979-84)

Accomplishments and Honors

Prior to McKinley Carter, David worked for BB&T Corp. and its predecessors, serving as senior vice president and portfolio manager in the Asset Management (RIA) division where he managed multiple public equity mutual funds. He also managed an equity common trust fund that transitioned into a public mutual fund (1993) for 24 years. In 2006, the fund was named a "Category King" by the Wall Street Journal due to its status as a "Lipper Leader” for consistent, long-term performance.

David was named by West Virginia Executive Magazine as a member of the 2023 Sharp Shooters class in recognition of his career achievements and community involvement. He has appeared on CNBC TV, Bloomberg TV and Bloomberg Radio and was featured twice in The Wall Street Transcript. He has been quoted in other media outlets, such as the Wall Street Journal, Dow Jones Online, and Smart Money Online.

Community Involvement

David has been active in his church since 1979. He currently serves as chair of its Finance Committee. David has also chaired the Board of Trustees, Fellowship and Recreation Committee, the Strategic Planning Committee, and coached church league basketball for 41 years. He represents his church on the Charleston Church Recreation Association Board.

David served as the chair of the Investment Subcommittee of the Presbytery of WV and is a member of the Investment Committee of the YWCA of Charleston. He is also a former board member of the Charleston Children’s Theatre and Daymark (serving at-risk youth). Additionally, David has facilitated McKinley Carter’s status as the financial services advisor to the FPC Hope Center, a non-profit whose mission is to assist young adults in successfully transitioning out of foster care.

Selected Recognitions

Selected Resources

David’s Articles
FDIC Blog Banner Image

How is My Money Protected by FDIC and SIPC Insurance?

FDIC and SIPC insurance provide important protections to individuals and businesses in the banking and securities industries, respectively. FDIC insurance offers coverage for deposits at FDIC member banks, protecting the principal amount of the deposit in case of bank failures. SIPC insurance provides limited coverage for securities and cash held by customers of failed brokerage firms, helping to facilitate the recovery of assets in case of insolvency or fraud. Learn more.

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HUDDLE Investment Blog Banner Image

The Fed vs. the Consumer

Since the Federal Reserve began raising interest rates in March of 2022, there has been a pitched battle of “chicken” between the Fed and the average consumer. The Fed began raising rates about a year after inflation started a dramatic climb to its highest level in some 41 years. Those rate hikes have amounted to five percentage points on the Fed's benchmark to a level not seen since 2007. As a result, all sorts of loans tied to short-term interest rates have skyrocketed. These include credit card rates, home equity lines of credit, car loans, personal loans, and business loans.

The Fed has done its best to force higher borrowing rates on individuals and corporations in the hope that meaningful layoffs will follow, thus driving inflation down over time by lessening demand for products and services. What the Fed did not count on was the resilience of the U.S. consumer, who is experiencing solid wage growth and continues to spend on travel and dining out. Learn more about 2Q2023 and what may be ahead in remainder of 2023.

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Goal Post Photo copy

Moving the Goal Posts – When Will it Stop?

The S&P 500 ended the first quarter of 2023 with a solid gain as hopes for an economic “soft landing” gave confidence to investors that enough damage had been done to stock prices in 2022 and that the Federal Reserve would soon stop moving the interest rate “goal posts.” However, stock and bond markets were volatile during the period as investors wrestled with the Fed’s ongoing proclamations regarding the timing and magnitude of further interest rate hikes. Despite the biggest bank failures since the financial crisis taking place during the quarter, Fed Chair Jerome Powell maintained his hawkish position regarding inflation and the need to further tighten financial conditions to curb consumer demand for goods and services. Read more from Senior Investment Strategist Dave Nolan on his 1Q2023 market recap and what may lie ahead in the remainder of 2023.

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