Messages from Jake and Tim to Close 2021

FIVE THINGS YOU SHOULD KNOW

1. Equity Markets – were higher this week with U.S. stocks (S&P 500) up 0.96% while international stocks (EAFE) rose 0.42%.
   
   
2. Fixed Income Markets – were lower with investment grade bonds (AGG) down -0.10% while high yield bonds (JNK) fell -0.19%.
   
   
3. 2021 Market Index Recap – With 2021 coming to a close we wanted to highlight the YTD performance of a few of the indices we track and use to benchmark with. The All-Country World Index (Market Cap Weighted Global Stock Index) finished up 18.55%. The Bloomberg High Yield Very Liquid Index (JNK, high yield bond market) was up 4.28% and the Barclays Aggregate Bond Index (AGG, investment grade bond market) was down -1.74%.
   
   
4. Omicron Update – The COVID variant is ripping across the world, and country at an unheard-of pace. Daily cases have reached the 500,000 mark in the U.S. and Miami medical experts are saying more than a quarter of people testing are positive. The one million cases a day mark is not far off, experts say, as we could see this as early as mid-January. However, the U.K. Health Security Agency has concluded the risk of hospitalization for people infected is roughly 1/3 of that posed by Delta and is thought to be 10%-20% “less potent” than the previous variant.
   
   
5. Key Insight – [VIDEO] Jake looks back at 2021 to highlight some of the team’s accomplishments that he is most proud of and have him excited heading into 2022. [ARTICLE] A letter from Tim discussing where he’s seen the firm make strides in 2021, namely the amazing team we close the year with, as well as what that team and our valued clients have accomplished as we approach our 10-year anniversary next month.
   
   

INSIGHTS for INVESTORS

A Letter to Close 2021

“There is only one corner of the universe you can be certain of improving, and that's your own self.” – Aldous Huxley

With the world giving us as many daily reminders about how little we control as ever, we here at TEN made it a point this year to focus on the things we could control, namely our attitude and efforts to try to improve…ourselves.

For Jake and me, that also meant addressing firm culture and personally pouring into our team both in terms of its composition and with our time – they are what makes this place go. With a few key changes, the firm is as strong as it’s ever been both in terms of culture, growth and by all accounts, client satisfaction.

Though to be clear, for all our efforts it was our colleagues that deserve the most credit and attention. After a trying 2020, the entire team set out to make improvements all over the place. As Jake discusses in the video above, these included not only tackling the normal activities of the firm, but numerous colleagues taking their own personal time to add some neat touches to the new office and spending countless hours working on new designations and licenses to grow in their craft. All of this, despite the already tremendous amount of responsibility and change that defined nearly every one of their stories. No excuses, just hard work on each of their “corners of the universe” and meaningful improvement.

It was simply a joy to watch the new office come together over the year and with it the ever-improving camaraderie of the group here at TEN. Hearing people laughing in the lounge at the end of so many work weeks around the shuffleboard was literally a dream come true on many levels. People putting clients first to make sure things get done for them even if that means working late (or early). And the whole team and their significant others joyfully celebrating the holidays together to end the year, are all examples of a group that loves what they do, who they do it with and most importantly, who they do it for.

So, as I reflect on 2021 that is what comes to mind first, our team.

Of course, one constant that is certainly a part of that team is you, our clients. And one objective measure of all this positivity, mixed with your never-ending support, was the firm’s growth in 2021 which reached almost $250,000,000 in new assets and over a hundred new household relationships. This has resulted in TEN now literally having grown ten-fold since its inception 10 years ago (seriously I couldn’t make that up). The Journal of Business included an article from us a couple weeks ago, as well as noted our growth to over $800 million (from $80 million in 2012) and status as the largest Spokane-based independent wealth manager.

That is sincerely a credit to you as much as us, and one that leaves me incredibly humbled at the honor and responsibility of it all and feeling amazingly blessed at all the new relationships/friendships that help define that journey.

Not only do you, our cherished clients, continue to entrust us to walk alongside you in your financial journey, but you continue to support us with introductions to your friends and family, which of course we will work hard to make sure brings them much needed help and guidance as well.

We can’t thank you enough, but we’ll keep trying! :)

Our hope is that the new office, the new colleagues, and our upcoming surprises (and hopefully very soon the return of all our events) continue to show you how much we value all your support and loyalty, and that we’ll never take them for granted.

As you can tell, I am very hopeful (and grateful) as we enter 2022. I am also excited as the team has been working on some new things for you, in terms of offerings and experiences, for quite some time with the hope that we’ll get to unveil them in the new year.

As we all ring in the New Year tonight my hope and prayer is, first and foremost, for health and safety for our families. However, it is also for a renewed sense of community, especially with those we may be at odds with, as well as a spirit of gratefulness for what we do have – including our newfound sense of resilience as we all continue to persevere and thrive.

Happy New Year from all of us here at TEN!

Tim and the team