JoshElcik’s appointment reflects continued growth and a firm-wide commitment to a secure and seamless digital experience for Whittier Trust clients.
Whittier Trust is pleased to announce the addition of Josh Elcik as Senior Vice President and Director of Information Technology. A seasoned technology executive with more than two decades of experience leading at the intersection of innovation and operational strategy, Josh brings a depth of expertise in designing and implementing enterprise technology systems. He will be based in the firm’s Pasadena office.
Josh’s appointment comes at a time of meaningful expansion for Whittier Trust. As the firm continues to grow, so too does the demand for technology that is not only secure and scalable but also intuitive and responsive to the evolving needs of clients and their advisors.
“Josh joins Whittier Trust with a mandate to further modernize and fortify the systems that underpin our business,” said Thomas J. Frank Jr., Whittier Trust Executive Vice President and Northern California Regional Manager. “His leadership will help ensure we continue delivering the high-touch service our clients expect, supported by the kind of thoughtful, future-ready infrastructure that quietly powers it all.”
Over the course of his career, Josh has led large-scale digital initiatives across diverse industries, including financial services, energy, and media, each with a focus on long-term efficiency and enterprise agility. He is known for building high-performing global teams, championing cross-functional collaboration, and architecting integrated platforms that elevate both performance and compliance.
“I’m drawn to Whittier Trust’s legacy of excellence and its culture of precision and care,” said Josh Elcik. “Technology is most effective when it disappears into the background, empowering people to do their best work, and enabling clients to experience a seamless, secure relationship with their advisors. That’s the standard, and that is what we’re always building toward.”
Josh earned his degree in Management Information Systems from Texas Tech University. He maintains a deep interest in emerging technologies, data governance, cybersecurity, and adaptive organizational strategy.
Josh’s appointment reflects Whittier Trust’s ongoing investment in people, systems, and strategies that sustain exceptional client service in a complex and fast-moving world.
For more information about Whittier Trust, start a conversation with an advisor today by visiting ourcontact page.
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Be sure you understand your charitable options before committing.
A $1 billion dollar donation is always a big piece of news, and when an ultra-high-net-worth individual or family makes such a gift, the world is sure to take notice. Within the last year, such donations have been made to community foundation donor-advised funds (DAF). No doubt, these gifts are generous and can move the needle philanthropically for causes dear to the hearts of the donors, but digging into the fine print on the fund establishment documents can reveal some drawbacks. For example, many community foundation DAFs stipulate that the power to direct those assets moves from the original donor's family to the foundation after the donors’ or their children’s passing. However, there are options for perpetual funds that are every bit as impactful, while offering more control for donors and their families for generations to come.
As the number of high-net-worth Americans has grown in the 21st century, the popularity of DAFs has soared. According to the National Philanthropic Trust, total grants from DAFs have been on the rise for over a decade, more than doubling in the past five years alone.
So why are so many people choosing DAFs as their giving vehicle? Whittier Trust’s Jeff Treut, Vice President, and Pegine Grayson, Senior Vice President and Director of Philanthropic Services, discuss the benefits, limitations, and misconceptions.
Why DAFs?
“Immediate tax benefits are a primary reason most of our clients choose a DAF,” Treut says. “The tax deductibility rules for DAFs are much more favorable than those for private foundations, especially when it comes to appreciated alternative assets like real estate and private equity. You get the write-off. Then, you can support your preferred charities on your own timetable. The second reason is that a DAF is a much simpler and less costly vehicle to establish and manage than a private or family foundation.”
While a private foundation requires ongoing management, a DAF requires only a few steps:
Complete a simple form on which you name your fund, advisors, and any successors. You can also spell out your wishes for grantmaking after your passing.
Make a contribution (typically, cash, stock, or real estate) and receive an immediate tax deduction for the fair market value. No capital gains tax is due.
Recommend grants from your account to qualified charities at any time.
Other benefits of DAFs include the ability to make anonymous grants (not possible with foundation grants) and to use the word “foundation” in the DAF name, if desired.
Choosing The Right DAF Platform
All DAFs are not created equal, and it can be confusing to know which one is best for your needs. There are essentially four types of DAF sponsors from which to choose:
Community foundations: A good choice if you want a sponsor with deep knowledge of a particular community. But beware the fine print: Because their mission is to grow their own endowments to benefit their local regions, they often limit the number of successor advisors that can be named (after which time the funds roll over into a general fund) and often aren’t comfortable accepting alternative assets.
Large nonprofits, such as hospitals and universities: These “proprietary” DAF platforms make sense for donors who know they primarily or exclusively want to benefit a particular nonprofit and trust it to manage their charitable funds.
Institutional DAFs: Examples of this type include Fidelity, Vanguard, and Schwab. “For donors who are fee-sensitive and tech-savvy, these can be a good choice,” says Treut. “But they tend to be very low-touch, high-tech operations. Most don't provide you with a dedicated advisor. They basically say, ‘Here’s your DAF, here's the portal; it’s up to you.’”
White-labeled platforms for wealth management firms: This is the Whittier Trust model, and for the reasons discussed below, it is the fastest-growing segment of their philanthropic services offerings.
“We developed our donor-advised fund platform intentionally to provide the flexibility and responsiveness that our ultra-high-net-worth clients need,” says Grayson. “We’re comfortable accepting gifts of real estate, and we can hold private equity and stock concentrations. We don’t limit the number of successor advisors our clients can name, because we have no mission other than helping our clients achieve theirs. We can also treat your DAF like a private foundation, providing you with a dedicated grantmaking portal and customized grant-related correspondence, facilitating meetings with your family and helping you clarify your mission and values, setting charitable giving goals, and identifying and vetting nonprofit grantees. We offer our DAF services to unlimited generations of family members, which is important to our clients.”
“The reason our clients love this model is because our philanthropic team provides that extra layer of support and quality control, which is only possible when your advisory team knows you intimately,” says Treut. By way of example, he notes that one of Grayson’s clients decided to move her DAF from a community foundation to Whittier Trust when the community foundation sent a $30,000 grant to the wrong organization because the staff wasn’t familiar with her grantmaking patterns.
Whittier Trust also attracts clients who have needs that other firms might find too difficult to manage. “We had a family from Houston who wanted to contribute shares of a single publicly traded stock valued at over $1 billion into a DAF,” Treut recalls. “By the time they found us, they had been turned down by several platforms that were either unable to accept that large of a stock concentration or unwilling to hold it because they insisted on liquidating the shares so the assets could be put into proprietary funds. The client was understandably concerned about moving the market with a sale of that size. Because of the structure of our platform and because we have no proprietary equity funds, we can manage stock concentrations like this.”
Making a Move
Moving a DAF from one provider to another isn’t difficult. You simply recommend a grant for the entire amount of the existing fund to the new fund. In the same way, it’s also possible to convert a private foundation to a DAF (although you’ll incur some legal fees along the way to dissolve a corporate foundation). One thing you cannot do, however, is convert a donor-advised fund to a private foundation.
If you’re ready to learn more about the charitable vehicle options available to you and your family, start a conversation with a Whittier Trust Advisor by visiting our contact page.
Why a long-term approach is a smart strategy, regardless of the economic outlook.
It’s nearly impossible to turn on the television or read an economic journal without being confronted with news about stock market volatility and concern about interest rate fluctuations. Ultimately, market factors are always in play. Economies, and the components that make them up, are always fluid.
“While the uncertainty in the interest environment has affected our ability to buy properties, the fundamentals of the properties haven't changed much,” says Whittier Trust Vice President of Real Estate Jorge Ramos, who advocates a long-term approach to real estate investing. “We're still finding quality properties that we like and ones we feel could ride out any cycle in terms of valuation. The properties are just more of a challenge to identify.” Here are some of the reasons why a long-term approach is a winning strategy for real estate investments.
A Good Buy
When Whittier Trust’s real estate division evaluates a prospective investment opportunity, they are looking for population and job growth over time. While any location is open for consideration, Whittier tends to focus on major cities that have a long-term track record, as opposed to small towns with sudden surges. “We want to invest in locations that will do well over a long period,” Ramos says, which can translate into more secure investments for Whittier Trust’s clients.
Although the team reviews various property types, most of Whittier Trust’s recent investments have been in multifamily properties. The team has been focused on investments between $15-30M in client equity. Investigating whether rents are increasing in the market, along with occupancy rates and demand for housing, are key to our evaluation. Whittier Trust’s investment group becomes the sole limited partner, holding 90-95% of a project’s equity, while an operating partner familiar with the market and property type typically holds a 5-10% investment and the responsibility of day-to-day management. Key elements are investigated and evaluated to determine whether a project has the potential to be a viable and opportunistic investment.
Patience for the Long-Haul
When Whittier Trust embarks on a new real estate investment, the team generally looks at investments on a 5 to 10-year horizon, although they are flexible should the right opportunity present itself. It’s a vastly different approach than the goal of making a quick return or planning to “flip” a property. “Within that range, there will likely be an opportunity to have a good outcome for the asset. A long-term strategy is important because it makes you less susceptible to economic cycles,” Ramos explains.
With housing costs—both for single-family homes and rents—on the rise across the United States and interest rates climbing, it’s vital to look toward markets that have a proven track record. “While everything's fair game, there are certain markets that have fared better. We gravitate towards markets that demonstrate greater staying power,” Ramos says. Even with some market volatility, planning to hold onto a piece of real estate for a decade or more gives the investment time to produce solid returns for Whittier’s clients.
Interest Rates’ Impact on Real Estate Investing
As real estate investors are aware, a property is worth what someone is willing to pay for it. However, during a period of ultra-low interest rates, buyers could afford to pay more for properties in some cases. That’s changing amid higher interest rates, and it requires a nuanced approach to get the best result for Whittier Trust clients.
“We're at a certain place in terms of valuation based on cap rates,” Ramos explains, adding that interest rates have increased by approximately three and a half percentage points since the beginning of 2022. “Valuations haven’t necessarily gone down as quickly. Interest rates are significantly higher than the cap rates on many properties, which means that the unlevered yield would be lower than the interest you're paying, leaving you in a position where you have to fund debt service initially, as the property stabilizes.”
Whittier Trust’s Real Estate division looks for investments that are both solid buys and growth opportunities, with the objective of generating lucrative returns, even in the face of interest rate fluctuations. And should interest rates drop over the life of a property, refinancing for a more advantageous position is possible.
Building a Legacy
This long-term approach perfectly aligns with one of Whittier Trust’s core tenets: legacy-building by passing wealth intergenerationally. “We know that there is staying power in real estate. History favors the patient investor,” Ramos says.
Approaching real estate investments conservatively so that they will perform well over time includes going back to basics to make sure the fundamentals are solid, choosing a good location, partnering with top-notch management, and optimizing the debt on the property. When Whittier Trust closes any deal, “we thoroughly understand the market conditions that will make the property perform well,” Ramos says.
If you’re ready to explore how Whittier Trust’s real estate services can work for you, your family, and your portfolio, start a conversation with a Whittier Trust advisor today by visiting our contact page.
From Investments to Family Office to Trustee Services and more, we are your single-source solution.
Markets are in a constant state of change—it's a natural characteristic of a dynamic, evolving economy. With that change often comes a steady stream of headlines, opinions, and predictions. From shifting policies to economic speculation, the volume of commentary can feel overwhelming. But amid the noise, long-term investors must focus on what truly matters: the underlying signals that shape lasting market performance.
Noise vs. Signal
Much of what dominates the financial news cycle is short-lived—noise that captures attention in the moment but has little bearing on long-term outcomes. Signals, on the other hand, reflect durable economic forces. These include productivity trends, demographic shifts, technological innovation, consumer behavior, and the direction of monetary and fiscal policy. These elements play a far more significant role in shaping market returns over time.
As Nielsen Fields, Vice President and Portfolio Manager at Whittier Trust, puts it: “The highs and lows in the market are normal and temporary. Over the long term, stock prices track the earnings power of businesses.” Decades of data support this view. Over the past 70 years, the vast majority of market returns—over 90%—have been driven by fundamentals such as earnings and dividends. Meanwhile, valuation shifts, measured by the price-to-earnings (P/E) ratio, have accounted for less than 10% of returns.
Figure 1: S&P 500
Source: Bloomberg, Data from June 1955 through May 2025.
Volatility Is Part of the Journey
Periods of market volatility can be uncomfortable, especially when they affect long-term financial plans. But volatility is not a flaw in the system—it’s a feature. Markets reflect the evolving expectations of millions of participants reacting to new information in real time. What matters is not avoiding volatility but maintaining discipline and clarity amid it. Long-term investing success depends on the ability to tune out the noise and stay focused on enduring fundamentals. The challenge is real—but so is the reward.
The Risk of Reactionary Decisions
“Reacting emotionally can be more damaging than any downturn itself,” says Whittier Trust Executive Vice President and Chief Portfolio Manager Caleb Silsby. “Historically, missing just the best 5 days in the market can reduce overall returns by nearly 40%. Those days typically happen in or around bear markets, so if you're getting out and you miss the recovery early on, it can make a significant difference in your total return profile. It brings your whole average down quite a bit.”
“The COVID-19 lockdown was a perfect example of when some investors wanted to sell everything,” Silsby continues. “In the end, government stimulus completely turned the market around. And because it occurred on a Sunday, there was no way to trade ahead of that. So even if you were right about everything from an economic perspective with COVID, the policy response was so swift and dramatic, that if you had sold and missed out on the recovery, that was more damaging than if you decided to ride out the storm.”
“If you could have seen the headlines that were coming for the first three months of 2020, you would have surely thought no way should I invest,” Fields adds. “But then stocks were up 18% that year. So even if you had perfect news and headline visibility, it doesn't necessarily give you certainty on your equity return. In fact, periods of high uncertainty and volatility have historically led to the best forward short- and long-term returns.
Figure 2: S&P 500 Returns vs. Volatility Index
Source: FactSet. As of April 15, 2025. Data since 1990.
The Whittier Strategy
At Whittier Trust, our long-term perspective on markets creates latitude that can help shield client portfolios against temporary downturns. “For example, we encourage clients to keep one year's worth of spending in a cash reserve,” Fields says. “We aim for another 3 to 4 years worth of fixed income to shore up against any short- to medium-term storm on the equity side. This way, a client’s spending needs are covered for the next handful of years, and there’s no need to make a rash move at the wrong time in the equity market.”
Market growth occurs as a series of highs and lows—it’s not a straight line. “Investors will inevitably experience drawdowns in their portfolio at times. Historically, market downturns, while concerning in the moment, have proven to be an opportunity in the fullness of time,” Fields says. “If you own quality businesses with durable competitive advantages, strong balance sheets, run by capable management teams investing to grow the business for the long term, then the noise is a less important factor than the enduring pursuit of fundamental investing.”
In that vein, the Whittier Trust team uses a two-tiered approach to investing, integrating macroeconomic analysis with stock-specific security selection. On the macro side, we look for broad economic health by tracking various information such as inflation, overall economic growth, and consumer health. We analyze consumer purchasing behavior, default rates, delinquencies, as well as savings and employment rates. The Whittier Investment Committee then assimilates this top-down macro information with the bottom-up, company-specific insight generated by the investment team to form a view on the fundamental direction of the economy and businesses and how that compares to all the “noise” in the headlines.
Headline Noise & Opportunities
“Here's one example of how we sift through the media noise to get to the heart of an issue,” Fields says. “A recent headline reported that a North Carolina bridge project had been defunded at the federal level, and this caused a significant stock market reaction for related stocks. But the reality was that a small amount of grant funding related to a few initiatives had been pulled, not the entire project. That was an opportunity for our clients.”
Silsby adds: “Once you understand how much the public overreacts to news, the perceived threat of a short-term swing can be transformed into new investment opportunities. When people are becoming bearish, and getting out of the market because they're fearful, that's often a good time to be adding capital to that asset class.”
The indisputable upward growth of the S&P 500 over more than 70 years demonstrates how it continues to perform despite the world’s most challenging moments—wars, recessions, pandemics—and how long-term investors are rewarded for their patience.
S&P 500 Total Return
Source: Bloomberg. Data from June 1955 through May 2025.
Trusting in their Whittier advisor and the longstanding upward trend of global markets, clients can stay grounded and navigate uncertainty with confidence. Patient capital investing—owning businesses that can compound capital at an attractive rate over the long term—is Whittier Trust’s core philosophy, and it has served our clients well, with strong returns on their investments, for more than 40 years.
If you’re ready to explore how Whittier Trust’stailored investment strategies can work for you, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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Who will manage your real estate portfolio when you’re no longer able to?
Families with significant real estate holdings tend to have complex wills and trusts, and transitioning a real estate portfolio after the head of a family passes can be an intricate and stressful process.
“At Whittier Trust, our goal is to help families hold on to their assets, not just sell them,” says Thomas J. Frank, Executive Vice President. “We want to build a relationship, understand your portfolio and intentions for the future, and get plans in place long before succession becomes an issue, while the wealth builder of the family is still alive and running things.”
While many asset managers avoid direct ownership of real estate assets, the Whittier team has decades of experience in a wide variety of property ownership scenarios and structures. “For example,” Frank says, “Sometimes real estate is owned directly in the family trust. By moving the assets into structures like LLCs, we add a layer of liability protection and more easily segregate ownership interests.”
Charles Adams III, Executive Vice President and Manager of Whittier Trust’s Real Estate Department, provides some other examples. “Some families have vacant land,” he says, “and then we have to decide whether that's a long-term hold because it's not creating income. It might be a liability, or it might be a very productive property with a good tenant and strong rental income, but the lease will be expiring soon. Then we’d need to discuss whether the family wants to sell it or retain it depending on the tax situation, cost basis, and the market.”
The Next Best Thing to Family
Whether you hope to have a family member take over the business or you need an unbiased fiduciary partner like Whittier—or both—the time to start making a plan is today. “We work with your attorney and accountant to ensure the properties are owned in flexible yet durable entities,” Frank explains. “We sit beside you as you manage the business so we can understand your style and priorities and be ready to step in if necessary.” Whittier Trust is primed to communicate with beneficiaries, tailoring conversations and reports to each family member's level of involvement and interest. When necessary, the team of advisors oversees property managers, making sure leases are renewed, repairs are made, capital improvements are considered, and new tenants are found.
“You need to have a capable, engaged team in place,” Adams adds. “You need brokers, appraisers, leasing agents, salespeople, and financing people, just to name a few, and Whittier can provide all of those with appropriate oversight. A lot of times, the family patriarch or matriarch has been serving in all these roles themselves. That’s fine, except that it may not provide for succession in the family.”
Adams notes that there are often differing levels of interest from the next generation—some may never have had an interest in the business or the opportunity to learn the business. “That's where Whittier Trust comes in,” he says. “We have a strong network of resources and systems for handling these affairs, no matter how complicated. We offer whatever level of support is needed, from full management oversight to simply serving as backup. As one client recently told me, Whittier is ‘the next best thing’ to family.”
Tailored to Each Family’s Capacity
One example Adams shares is of a family who owned a number of industrial properties. The parents, in their late 80s, had named a daughter to act as successor co-trustee alongside Whittier Trust. But in private, the daughter asked the Whittier team to do all the decision making, saying she would sign off on whatever was recommended. Although that request didn’t align with Whittier’s goals to keep family involved, Adams and his team understood that she was overwhelmed—that she didn't know as much about real estate as her parents might have assumed. So they set up a de facto board that she could be a part of to gradually learn about the business while also having voting rights.
“We’re also happy to work with families that haven’t managed to plan ahead, though of course it’s much more difficult,” Adams says. One client, for example, came to Whittier Trust when the patriarch was already experiencing memory loss. They owned an office building with nearly 50 tenants, but the tenants were no longer getting consistent services because the father didn’t realize he couldn’t manage it by himself anymore. The two adult children relied on the income from this property, but that income was drying up because tenants were leaving or simply not paying rent. So the Whittier team had to go in, sort it out, and get everything running smoothly again.
No matter what the situation, when Whittier Trust serves as a trustee, our role as a fiduciary means we will implement what's in the best interest of all the beneficiaries and the properties without bias. Our deep experience working hand-in-hand with real estate-owning families is a proud distinction of Whittier’s 40-year history as a boutique multi-family office, and our very favorable client-to-advisor ratio is the hallmark of our business. We take pride in our role as stewards of your family’s legacy.
To learn more about how Whittier Trust can make a difference for you and your loved ones, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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In a recent roundtable discussion hosted by the San Diego Business Journal, Whit Batchelor, Executive Vice President and San Diego Regional Manager at Whittier Trust, joined fellow Southern California wealth management professionals to address the most pressing questions facing clients today.
How do I strategically incorporate philanthropic vehicles like a donor-advised fund or family foundation into my comprehensive wealth management plan and overall asset allocation?
Integrating philanthropy into your wealth management strategy requires thoughtful coordination between your giving goals and tax planning. Private foundations and donor-advised funds offer powerful legacy-building opportunities, but with important distinctions in tax treatment and governance that must inform your selection.
Strategic asset selection can significantly enhance tax efficiency. Non-income producing assets like car collections, vacation properties, or significant artwork often represent ideal philanthropic contributions–potentially providing substantial deductions while converting non-cash-flowing assets into charitable impact. We approach this holistically, viewing your wealth across three dimensions: assets inside your estate, outside your estate, and within philanthropic entities.
This integrated perspective allows us to optimize your philanthropic impact while creating meaningful tax advantages and preserving family values across generations.
I’m considering splitting my time between California and other locations. What strategic tax planning approaches should I implement to legitimately minimize my California income tax exposure?
California residents approaching business transitions or retirement often have unique opportunities to optimize their tax situation while fulfilling lifestyle goals. Strategic planning around residency can yield significant tax advantages–particularly when spending time in non-income tax states like Nevada, Washington, Texas, and Florida.
Proactively establishing non-California trusts or entities prior to significant liquidity events can dramatically reduce tax exposure when selling business interests. Similarly, establishing legitimate residency in no-income-tax states before drawing on retirement accounts can preserve substantial wealth.
We emphasize that “asset location” is as critical as asset allocation in comprehensive wealth planning. This includes thoughtful positioning of assets across various jurisdictions to leverage beneficial tax treatment both inside and outside high-tax states like California–creating long-term advantages while supporting your desired lifestyle.
I’ve built a substantial portfolio of investment real estate that has appreciated significantly, creating potential estate tax exposure. What sophisticated strategies would you recommend for transferring these properties to my children in a tax-efficient manner?
California’s remarkable real estate appreciation over recent decades has created both opportunity and challenge–with many families holding properties now exceeding lifetime estate tax exemptions. The goal becomes transferring these high-value assets to future generations while addressing several competing concerns.
Effective strategies must balance estate tax minimization with maintaining control and preserving cash flow during your lifetime, while also considering California’s property tax implications. Tools like Spousal Limited Access Trusts (SLATs), intentionally defective grantor trusts, and qualified personal residence trusts can be particularly effective.
Strategic discounting through family limited partnerships or LLCs can further enhance transfer efficiency. These sophisticated approaches allow significant real estate value to move outside your taxable estate while retaining income streams and influence–preserving both wealth and your desired lifestyle during retirement.
Our family’s wealth has grown substantially in both value and complexity. What solutions should we consider for streamlining this complexity and ensuring seamless continuity if either of us becomes incapacitated or passes away?
As family wealth grows in complexity, what was once intellectually stimulating can eventually become burdensome–especially as priorities shift toward lifestyle enjoyment rather than wealth management. This challenge becomes particularly acute when responsibility has primarily rested with one spouse, potentially creating significant stress for a surviving partner.
Multi-family offices provide an elegant solution by offering comprehensive services that address both investment management and administrative complexity. Services like bill payment, household accounting, bookkeeping, tax coordination, and compliance management create a seamless infrastructure that functions reliably regardless of family circumstances.
This integrated approach ensures continuity during difficult transitions and provides peace of mind that your affairs will be managed according to your wishes–protecting both your surviving spouse and future generations from administrative burdens that they may be unprepared or unwilling to shoulder.
Answers provided by Whit Batchelor, Executive Vice President and San Diego Regional Manager with Whittier Trust.
If you have more questions about philanthropic planning, real estate strategies, tax-efficient wealth transfers, or simplifying complex family finances, start a conversation with a Whittier Trust advisor today by visiting our contact page.
From Investments to Family Office to Trustee Services and more, we are your single-source solution.
In investing, “value” is a word that’s used often but rarely understood in depth. It is not just a price tag, an item on a balance sheet, or a line on a chart. Rather, value is a complex blend of trust, expectation, and the interplay between certainty and speculation. The recent surge in gold prices to record highs—driven by central banks seeking safe havens and investors responding to global uncertainty—has reignited a timeless question: What is something truly worth?
As a result, we’re sharing more about the logic of value across asset classes, moving from the most predictable to the most speculative, and revealing how different forms of value are calculated, perceived, and ultimately believed.
Bonds: The Arithmetic of Certainty
Bonds are the bedrock of financial predictability. These instruments are essentially contracts: You lend money, receive regular interest, and—assuming no default—get your principal back at maturity. Their valuation is rooted in arithmetic:
Present Value of Future Cash Flows: Each coupon payment and the return of principal are discounted to today’s value using prevailing interest rates.
Yield to Maturity (YTM): This is the expected rate of return if the bond is held to maturity.
Credit Spreads: Non-government bonds require higher yields to compensate for additional credit risk.
While factors like inflation, interest rate changes, and shifts in creditworthiness add complexity, bonds remain anchored in accountability and well-defined terms. They represent the closest thing to certainty in the investment world.
Real Estate: Tangible and Local
Real estate offers visibility and utility. Properties can provide income through rent and often appreciate over time. Valuation in real estate relies on several methods:
Comparable Sales (Comps): What have similar properties sold for in the area?
Income Approach (Cap Rate): Calculated as Net Operating Income divided by Property Value, this method is key for income-producing properties.
Replacement Cost:What would it cost to rebuild the property today?
Real estate is about more than numbers; it’s about neighborhoods, tenants, and local narratives. While the fundamentals are solid, they are never static. Location can create value, while a poor tenant can erode it. The reverse is also true. The asset’s tangibility and the potential for steady cash flows make real estate a unique blend of predictability and variability.
Stocks: Ownership with Imagination
Owning a stock means holding a claim on a company’s future earnings, decisions, and relevance. Unlike bonds or real estate, stocks are inherently forward-looking and subject to interpretation. Key valuation methods include:
Discounted Cash Flow (DCF): Projecting a company’s future cash flows and discounting them to present value based on risk and time horizon.
Sum of the Parts (SOTP): Valuing each underlying business or asset separately to determine the overall worth.
Earnings Multiples and Dividend Models: Using metrics like price-to-earnings ratios or dividend discount models to gauge value.
Stock prices swing on earnings reports, macroeconomic shifts, and geopolitical events. Yet, in the long run, fundamentals—such as earnings growth—tend to prevail. Successful investors are those who can distinguish signal from noise and think in years rather than days.
Gold and Precious Metals: The Value of Belief
Gold sits at the far end of the valuation spectrum. It generates no income and pays no dividends, yet it endures as a store of wealth. Its value is driven by:
Scarcity: Mining is slow and costly, and supply is limited by nature.
Macroeconomic Trends: Inflation, currency debasement, and global uncertainty boost demand.
Market Psychology:In times of turmoil, investors seek gold for safety, not returns.
Recent years have seen gold prices soar to historic highs, with forecasts for 2025 ranging from $3,000 to nearly $3,700 per ounce as central banks and investors seek protection from economic and geopolitical risks. Unlike other assets, gold’s value is almost entirely a matter of belief—that is, confidence that others will continue to see it as a safe haven when other systems falter. In this sense, gold is as much about philosophy as it is about finance.
Value, Reconsidered
Tracing the arc from bonds to gold is a journey from definition to interpretation—from contractual returns to collective belief. Each step reveals not just how we price assets, but how we understand risk, reward, and resilience.
Warren Buffett famously said, “Price is what you pay. Value is what you get.” But what you get depends on how well you understand what lies beneath the numbers. In a world obsessed with immediacy, the ability to think in fundamentals-across asset classes and through market cycles-is a quiet but powerful advantage.
Ultimately, value is not just a calculation. It is a reflection of human judgment, emotion, and conviction—qualities that no formula can fully capture. At Whittier Trust, we understand value, both in the mechanics of strategically selecting assets that make sense based on our clients’ present needs and future legacy goals, but we also make it our business to understand each client’s underlying concerns.
Written by Caleb Silsby, Executive Vice President, Chief Portfolio Officer at Whittier Trust. Caleb oversees a team that collaboratively manages portfolios for high-net-worth clients, foundations, and endowments. He is credentialed as a CFA Charterholder and CFP professional.
If you’re ready to explore how Whittier Trust’s tailored investment strategies can work for you, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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Investing is a balancing act between risk and reward in the best of times, but today’s uncertain economic climate and fluctuating markets present an unprecedented challenge for investors. While some people choose to stay with traditional options like money market funds and government bonds, others are taking on more risk with hard-money lending and alternative investments – everything from cryptocurrency to classic cars.
“Given the volatility in the equity markets, some investors are reducing risk in their portfolios due to a slowing economy, stubborn inflation, and uncertainty around trade policies,” said Dean Byrne, regional manager of The Whittier Trust Company of Nevada, which has offices in Reno, Portland, Seattle, and Austin, Texas. Byrne said the U.S. is currently in a “risk-off” environment, in which investors are more risk-averse and are selling assets like stock and moving their money to lower-risk options. As a trust management company, Whittier Trust offers a wide range of financial services. Its investment management team handles core assets, such as equities, fixed income and real estate.
In general, Nevada follows national trends in investing, such as increasing interest in digital assets like cryptocurrency, which have become widely accepted, even by institutional investors and hedge funds. Technology is also driving increased interest in companies that supply the energy needs and the physical infrastructure (think data centers) for the growing artificial intelligence (AI) sector. “We see an enormous amount of capital being deployed into public and private AI investments on the expectation of continued growth and attractive returns,” said Byrne.
The migration of wealthy Californians to Nevada is changing the nature of investing in the Silver State, according to Nevada Secretary of State Francisco Aguilar, whose office performs registration and oversight of securities, securities brokers and dealers, and investment advisors. “Enclaves like the Summit Club in Summerlin bring the investor-minded type of individual to Nevada, and with that comes more opportunity to invest in private placement deals, real estate offerings, private credit offerings, cryptocurrency, gold and silver,” he said. “[These new residents] are sophisticated investors who are looking to diversify their portfolios. There’s more investing in Nevada now than in previous years because these people bring their money and their investment portfolios with them.”
One option for savvy investors looking for diversification is hard money lending. “We specialize in private lending, with multiple lenders joining together to fund loans on Nevada real estate,” explained John Blackmon, owner/broker of NV Capital Corporation, a private lending and investment brokerage based in southern Nevada. “Our property-backed hard money loans make financing available on a wide variety of single-family and multi-family homes, business buildings, and land for development. Many people choose a trust deed investment because they are looking for more secure, high-yield returns. If properly structured by a specialized broker, trust deed investments have the potential to yield favorable returns – especially when you look at other investment options with similar risk profiles. That’s because your risks are mitigated by the value of the property being used as collateral against the loan.”
People who don’t mind taking some additional risk may consider any one of a number of alternative investments. “Alternative investments are a broad asset class, but narrow down to investments outside of traditional cash, bonds and stocks,” said Byrne. “Real estate, cryptocurrencies, blockchain, private equity, hedge funds, commodities, even collectibles like art, coins and classic cars, fall into the alternative investment bucket.”
Byrne pointed out that owning a business could also be considered a form of alternative investment, with its own level of risk and reward. “Business owners usually reinvest all their profits into their own company,” he said. “In essence, they’re investing in one stock, and they’re comfortable with that risk. Yes, it may keep them up at night sometimes, but they know it inside and out, and it’s familiar.”
He added that Nevada provides a better opportunity for multi-generational wealth creation than other states because it doesn’t have an estate tax and it offers favorable laws allowing a business owner to transfer business interests into a trust. “Gifting interests in a family business to the next generation is a powerful tool, and if structured appropriately, allows for succession planning, building and protecting family wealth, avoiding probate, and reducing taxes,” he said.
What Should New Investors Know?
“What I tell my children and grandchildren is that they can still get about 4 percent in a US Treasury mutual fund,” said Blackmon. “That’s a good place to be right now. It’s fairly risk-free, and at least your money is making something. Be a little disciplined and every so often move some money from a regular bank account to a money market fund to get some interest. Then, if you have some money to invest and don’t mind a little risk, you can get into a small deal with a trust deed. One of my kids did that and they enjoy driving out and looking at their collateral.”
Byrne recommended that new investors start with a clear goal. “What are you trying to accomplish? Are you investing for retirement, a large future purchase, building wealth or simply creating a shoot-for-the-moon portfolio – one with high risk and potentially high reward? If that investment goes to zero, you have to be okay with that. Higher risk should come with a higher return, but it doesn’t always work as planned. Most people want investments that enable them to sleep at night.”
He advised new investors to think long-term and be prepared to weather the short-term ups and downs of the market. “It’s important to remember the adage: ‘Time in the market is better than timing the market,’” he said. “In the first week of April, [the stock market] had some pretty rough days. Then, with the announcement that tariffs were being delayed for 90 days, the S & P jumped seven percent, just like that. Nobody could have predicted that amount of volatility or timed it appropriately. Just start early and invest consistently, in good times and bad times. Long-term investments lead to appreciation and compound interest.”
Aguilar would advise a new investor to perform their due diligence before trusting anyone with their money. “Research who will be managing your money and guiding your investments,” he said. “Call the Secretary of State’s office to verify that they’ve been licensed. Doing the verification process will save you a lot of heartache. If the investment vehicle is complicated, get someone to explain it to you in terms you can understand, and trust your gut. If it sounds too good to be true, it isn’t [true].”
Avoiding Fraud in a Dangerous World
While there is a certain amount of risk in any investment, a very real risk is becoming a victim of a fraudulent investment scheme. Aguilar reported that in fiscal year 2023, his Securities Division received complaints of securities fraud from investors totaling more than $16 million, and in fiscal year 2024 that number was almost $10 million. Fraud cases are investigated by the Securities Division and prosecuted by the state attorney general and county district attorneys.
“We’re especially looking out for what’s called ‘pig butchering,’ which typically targets males with a social media presence,” Aguilar said. In this scheme, scammers build relationships with victims through social engineering to lure them into investing in fake opportunities or platforms, ultimately leading to financial losses. They “fatten the pig before slaughter” by getting them to make increasing monetary contributions, generally in the form of cryptocurrency, to a seemingly sound investment before the scammer disappears with the contributed monies.
“When that happens, people are often embarrassed to tell us that they’ve been the victim of investment fraud,” said Aguilar. “In addition, many of the fraudsters are located overseas and it’s hard to get jurisdiction over these individuals. What we can do is make sure the marketplace is educated about these issues so they don’t fall victim to them.” He advised investors to make sure they are dealing with a licensed advisor or a broker-dealer with a good reputation – someone who’s a part of the industry, not just a random person who contacted them online.
“Find a reputable financial advisor to guide you,” said Byrne. “Read the fine print about their fee structure and any proposed investments. Don’t be afraid of getting a second opinion.”
Blackmon advised people considering hard-money lending to ask to see an appraisal or a broker price opinion on the property. “That will give you a third-party valuation that the property is worth more than the proposed loan amount,” he said. “Be sure to go with a company with experience in real estate lending, and in my opinion, you should go with a brokerage company that uses a third-party service to collect the monthly payments from the borrowers and distributes them to the investors. Unscrupulous brokers may otherwise divert the payments to their own account and be tempted to use that money for other purposes. It’s just one more level of protection.”
Aguilar noted that, although reported losses to fraudsters total millions of dollars each year, victims of fraud often lose their entire life savings and are not compensated. Many guilty parties in securities cases do not have any money to pay court-ordered restitution to their victims. In FY 2023, investors received restitution of only $205,000 and in FY 2024 it was just over $1 million. His office is supporting a bill in the Nevada Legislature this year that aims to fill the gap between the restitution that’s owed to victims and what they actually receive. Senate Bill 76, entitled “Victim Restitution Act,” would create a fund from monies received from enforcement actions due to violations of the Nevada Securities Act (NRS 90). Nevada residents who have received an award for restitution in a criminal conviction can apply for restitution from the fund if they don’t get repaid from the fraudster.
“The main reason we are proposing this legislation is that it provides a way for Nevada residents to obtain desperately needed relief after losing what is often a significant chunk of their savings to someone who has defrauded them,” said Aguilar. “Often, victims of securities fraud are in the most vulnerable communities, especially our senior communities and others on fixed incomes.”
"Safe" is Relative
Aguilar advised potential investors to discuss the level of risk with their money manager and decide what they’re comfortable with. “100 percent safe would be putting cash in your mattress, but even then, you run the risk of theft,” he said. “Putting your money in an FDIC-insured checking or savings account is safe, but there’s the opportunity cost of giving up a chance for appreciation, and inflation may erode the value of your principal. Medium-risk may be S&P 500 stocks, and high-risk would be private-party deals or hard money investments. You should only take high risks if you have the capacity, and if it won’t change your lifestyle if you lose your investment.”
“Safe is a relative term,” agreed Byrne. “Cash in a low-yielding, FDIC-insured bank account has risks of eroding your purchasing power due to the effects of inflation.”
What's Ahead?
“Right now, we have a fairly new president and there are some unknowns about tax policy and other things,” said Blackmon. “We’re not sure if that will lead to more investments in real estate or to fewer people willing to invest. This spring, things have slowed down for us because of uncertainty on the macro level. If you’re thinking of building an $83 million building, you’d be a little nervous to start. You may want to wait a few months before investing, to see which way the wind is blowing and what interest rates will be doing. Some people say tariffs won’t cause interest rates to rise, but it seems to me that increasing costs will lead to an increase in interest rates. I’m looking forward to being proved wrong. It will be interesting to watch what’s ahead in the next six months. I still look to the US government, even with whatever issues are going on right now. It’s the best country in the world.”
Featured in Nevada Business Magazine. For more information on Whittier Trust's investment services and portfolio management strategies, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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What ultra-high-net-worth individuals need to consider when mulling an exit.
In my role at Whittier Trust, I've seen firsthand how critical it is for ultra-high-net-worth individuals (UHNWIs) to have a well-thought-out exit strategy for their family businesses. Despite the intensive planning that typically goes into wealth management, recent research from the Exit Planning Institute suggests that a staggering 80% of business owners lack solid exit strategies, leaving their wealth in limbo and risking economic continuity for future generations.
The planning process of an exit strategy can often be fraught with uncertainty and potential pitfalls, making it a critical issue for business owners nearing retirement or a transfer of ownership or leadership. Here are the five key questions UHNWIs should ask their advisors to ensure a smooth and successful transition.
1.How many different exit strategies are available to me?
Understanding the various ways you can exit is fundamental to choosing the right path for your business. Each exit strategy has unique implications and suitability depending on your business's circumstances and your personal objectives. Here's a breakdown:
Generational Family Transfer
When multiple generations of a family are actively involved in the business, an owner might prioritize business legacy and family engagement over the sale price. If the objective is to keep the business in the family, the exit plan might involve transferring company stock, often at a discount, to direct heirs over many years. While keeping a majority stake in the company and control over operations, the owner can transfer assets to the next generation while still mentoring and training the next leader.
A generational family transfer can play out in a variety of ways: the owner may ultimately sell stock in the company to family, retire holding minority ownership or gift all stock to heirs. A successful transfer will take at least three to five years to accomplish, position the business for success, meet the owner's liquidity and financial needs after the transfer and leave the new owner(s) financially stable after the transaction.
Management Buyout
An owner who wants to sell all or part of the company to existing management might favor a management buyout. This type of ownership transition involves structuring a deal in which management uses the assets of the business to finance a significant portion of the purchase price. This can work for an owner who believes in the management team and thinks it will be able to keep the business thriving when he/she exits. However, if the management team lacks adequate liquidity, the seller may have to accept a lower price or unattractive deal terms, including heavy seller financing.
Sell to Partners
When the owner has partners and a quality buy-sell agreement, a sale to partners may be the only selling option. A buy-sell agreement generally articulates a controlled process for transferring ownership. Since the buyers fully understand the business and it's a planned process, selling to partners generally isn't too expensive. Common challenges in selling a business to partners include a lower sale price, slow transfer of proceeds and potential disagreements among partners.
Sell to Employees (ESOP)
When an owner wants to sell the company to its employees, an employee stock ownership plan (ESOP) might be the answer. In this type of sale, the company uses borrowed funds to acquire shares from the owner and contributes the shares to a trust on behalf of the employees. ESOPs require a securities registration exemption and are classified as an employee benefit, so it's an involved process. An ESOP sale takes many years to complete and is generally more expensive and complicated than other options. However, it can be a way to reward valued employees with company ownership. The tax savings to the seller can be substantial as well.
Sell to a Third Party
When the business is healthy and the owner wants to cash out, selling to a third party could be a good option. Whether the interested party is a strategic buyer, a financial buyer or a private equity group, the owner should expect to pay some big up-front costs to engage experienced professionals to guide the owner and company through the selling process. Having the right partners attending to the owner's interests, negotiating with the buyer and structuring deal terms are crucial to achieving the best outcomes.
Although the payoff can be attractive, third-party sales are not for the faint of heart. The process takes at least nine to twelve months and can be intense and emotional for the seller. Often, the seller retains some obligation to the business beyond the sale but has to be ready to give up control entirely. A third-party sale is ideal for an owner who is open to having the buyer bring new energy, ideas and change to the business.
Recapitalization
An owner who is open to having outside investors fund the company's balance sheet might consider bringing in a lender or equity investor to act as a partner in the business. By selling a minority or majority position, the owner can partially exit, monetize a portion of the business and reduce ownership risk in the company. New growth capital can bring more earnings to the original owner. When ready to exit the company completely, the original owner might sell the remaining shares through further recapitalization or another exit option.
Selling any portion of the company to an outsider can precipitate a loss of control and a cultural shift within the company. An owner who is not ready to be accountable to partners should consider this before opting to recapitalize.
2. How long before retirement should I begin thinking about my exit?
Ideally, business owners should start thinking about their exit strategy at least five to ten years before their intended retirement. This period allows for comprehensive planning that can influence key outcomes of the eventual sale. Value-building initiatives need time to succeed and show results before they can impact sale proceeds (valuation optimization). Identifying and grooming a successor — whether a family member, a key employee or an external buyer — is generally most effective over an extended period (succession planning). Structuring the business and the sale to maximize tax efficiency and comply with legal requirements is an involved process (legal and tax planning). Finally, strengthening the business's operations and financial health can make it more attractive to potential buyers (operational improvements).
3. Whatsteps should I take to optimize valuation and transition?
Optimizing your business's valuation and ensuring a smooth transition involves several strategic steps. First, conduct regular financial audits to present clear and accurate financial statements; transparency is key to attracting serious buyers and securing a favorable sale price. Next, take a look at opportunities to enhance operational efficiency to demonstrate the business's profitability and growth potential. This might involve adopting new technologies, improving processes or cutting unnecessary costs. Another crucial step is to develop a strong management team that can operate independently, as a business that doesn't rely solely on the owner is more attractive to buyers. Solidifying relationships with key customers and suppliers is also important, since long-term contracts and stable relationships add value and stability to the business. Finally, ensure the business complies with all legal and regulatory requirements. Any outstanding legal issues can deter buyers or lower the sale price.
4. What if a big part of my exit is going to be a sale or a partial sale?
If you are leaning toward a sale, either partial or complete, several considerations come into play. Engaging professionals is one of the first and most crucial steps. Working with experienced legal, financial and business advisors helps owners navigate the complexities of the sale process. Those professionals can also help with due diligence. Buyers will conduct thorough examinations of every facet of your business, including financial records, legal documents and operational data. Being prepared with detailed and organized documentation can facilitate a smoother due diligence process and instill confidence in potential buyers. This preparation not only expedites the sale process but also helps in presenting your business as a well-managed and transparent entity, which can lead to a more favorable sale price.
Identifying potential buyers is also a strategic consideration that can greatly influence the sale’s success. Depending on your business's nature and industry, potential buyers could be competitors, private equity firms or even international investors. Identifying and approaching the right buyers ensures that you attract parties who see the most value in your business.
5. How should I structure sale deals?
Structuring a sale deal requires careful planning and negotiation to balance your needs with the buyer's. This involves key elements like payment terms, which can be a one-time lump sum or installments. You might even consider seller financing, which can make the deal more attractive but comes with the risk of the buyer defaulting. Another option is to structure earn-out payments tied to the business’s future performance, which can bridge valuation gaps but require clear metrics and timelines. Noncompete agreements are often requested by buyers to prevent owners from starting a competing business post-sale, so ensure the terms are reasonable and don’t unduly restrict future options.
The structure of the deal can also significantly impact your tax liabilities. Understanding the tax implications of different payment structures is crucial, as installment payments may help spread the tax liability over several years. Work with wealth management advisors to explore strategies that could mitigate your tax burden. Experienced legal counsel can help you draft and review all agreements, focusing on representations and warranties to minimize future liabilities and ensuring provisions for indemnification to protect against potential future claims or disputes.
You will also have to decide whether you'll stay involved in the business after the sale, in either a consulting capacity or a more formal role. This can ease the transition and provide additional income, but it might also limit your ability to fully step away. Don't forget to consider how the sale aligns with your personal and family goals. Reflect on how the sale proceeds will be integrated into your overall estate plan, ensuring the structure supports your legacy and philanthropic goals. Also assess how the sale structure impacts your lifestyle and plans, whether it involves retirement, new business ventures or other personal endeavors.
The transition of a family business is a complex process that requires careful planning and execution. By asking your advisors the right questions, you can ensure a smooth and successful exit that secures your legacy and financial future.
Written by Elizabeth Anderson, Vice President at Whittier Trust. Elizabeth is based out of the Pasadena office and focuses on family business transitions, succession planning and pre-liquidity personal planning.
For more information, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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Next-gen philanthropy is about more than just giving money away.
Philanthropy is about helping others and offering invaluable funding to support communities and causes. With a family foundation, it’s also about preserving a legacy andbringing family members together in the name of a shared cause or purpose. The styleand look of a family foundation varies, and it’s important to consider how to engage the next generation in all aspects of the foundation.
Junior boards—also called associate boards—can be a powerful tool in helping prime thenext generation for leadership, and they can be highly personalized in structure, style, andpurpose. They can be as small as a few members, or as large as 20 or more, and the agelimitations can be anywhere from pre-teen to mid-30s. These launch pads areinstrumental in not only growing the foundation’s reach but also growing the junior board members as individuals.
“Junior boards help teach the next generation about the foundation and its mission, howit’s structured and more. It’s a good way to strengthen members’ financial literacy skills. Ithelps them learn about the value of money, investing the foundation’s assets, learningabout the stock market and the power of giving with an eye on both strategy and passion,”says Jesse Ostroff, Assistant Vice President and Client Advisor for Whittier Trust’sPhilanthropic Services. Junior boards can also help strengthen familial ties, preparemembers to transition to the main board and help members discover more about themselves. Here’s how.
Strengthening Family Bonds
Junior boards can help strengthen a family’s bond, especially if there are many branchesor if the members aren’t particularly physically or emotionally close. “It’s a good way forcousins or more distant relatives to be able to collaborate and decide how and where themoney should go,” says Ostroff, who adds that working together is helpful in makingjunior board members feel less alone in their giving.
Even close-knit junior boards can deepen their relationship. Ostroff recalls one example of a small junior board that had been working together for many years. Whittier Trustfacilitated an opportunity for them to share during a family retreat, where each membermade a presentation on their chosen grantee organization, describing why they felt it wasworthy of support and providing an overview of the diligence they had conducted on it.“It was during the pandemic so it took place over Zoom,” Ostroff noted, “but it workedreally well, and the subject matter helped them develop deeper connections with eachother and with the foundation Board.” One of the unanticipated outcomes was a numberof cousins deciding to collaborate and support each other’s chosen organizations. “Eventhough you’re family, you don’t always take the time to listen and hear about each other’s interests,” he says. “This opportunity strengthened family ties in a natural, organic way.”
Facilitating Family Continuity
Family foundations often struggle with succession plans, so establishing a well-functioningjunior board can help smooth younger family members’ transition to the main board. Butit also takes intentionality. “Part of our role is to get the junior board excited enough towant to devote time and attention to their philanthropy, despite the competing demands ofcareer and family,” says Ostroff, whose team does this by showing interest in juniormembers as individuals, having strategic conversations with them about the change they’dlike to see in the world, and accompanying them on site visits to grantee organizations sothey can see first-hand the impact they’re having.
Conversely, some junior board members are exuberant and need help focusing their interests and reining their strategies. Ostroff recalls one junior board of teenagers whowere excited to be participating in their family’s philanthropy, but they hadn’t yetidentified a mission and felt daunted by the responsibility to give money away. To theircredit, they wanted to do it right and didn’t know where to begin. “We convened thegroup and used a core values game to help them to identify first the family’s core values,and then their individual values,” he says. “From there, it was easier for them to select oneor two focus areas for their grantmaking, and then to drill down and choose particular nonprofits they wanted to support.”
Inspiring Personal Growth
Ostroff’s favorite aspect of his job is watching junior board members grow through theirparticipation in the family’s philanthropy. “They develop life skills, such as financialliteracy, respectful communication, critical thinking, and collaboration, that set them up forsuccess in their careers and relationships.” As they begin to see the myriad benefits ofaligning their family’s wealth and values, younger family members become more effectivestewards of the wealth they may eventually inherit.
Whittier Trust helps create, manage and develop junior boards, tailoring their recommendations and plans to a family’s philanthropic mission and grantmaking style,while simultaneously helping them find their own philanthropic voice. “As the nextgeneration moves up, there will be new societal challenges, new philanthropic trends andopportunities. Millennial and Gen Z family members are coming of age in a world that iscompletely different from the one their grandparents inhabited,” says Ostroff. “And we’reable to provide them with the tools and support they will need to meet their moment andmake their own impact.”
If you’re ready to explore how Whittier Trust’s tailored philanthropic services can work for you, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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Whittier Trust is pleased to announce the addition of Josh Elcik as Senior Vice President and Director of Information Technology. A seasoned technology executive with more than two decades of experience leading at the intersection of innovation and operational strategy, Josh brings a depth of expertise in designing and implementing enterprise technology systems. He will be based in the firm’s Pasadena office.
