Whittier Trust strengthens a culture of excellence through internal advancement.
Whittier Trust is pleased to announce the promotions of Jesse Ostroff and Patrick Coyle to the role of Vice President. These promotions underscore Whittier Trust’s commitment to hiring best-in-class client advisors and portfolio managers, fostering professional development, and advancing talent from within as the firm continues to grow.
Jesse Ostroff, Vice President and Client Advisor, Philanthropic Services
Jesse Ostroff has been a significant advisor to families' philanthropic endeavors. He advises high-net-worth individuals, families, and entities on their charitable giving strategies. Jesse provides comprehensive support for clients who are actively engaged in philanthropy or seeking to establish a philanthropic practice. His work includes strategic guidance on foundation governance, grantmaking, and charitable planning aligned with clients’ values and long-term legacy goals. Jesse is known for his thoughtful approach to navigating complex philanthropic issues and for helping clients translate intention into meaningful impact.
Jesse holds a Master’s degree in Public Policy from UCLA and an undergraduate degree from the University of Michigan. He was recently appointed to the Executive Committee of the Los Angeles County Economic Development Corporation. Jesse is fluent in Spanish and conversational in Brazilian Portuguese, which enhances his ability to serve a diverse client base.
Patrick Coyle leads Whittier Trust’s International Equity strategy and provides investment oversight for both taxable and tax-exempt portfolios. Patrick brings analytical depth to investment selection and portfolio construction, supporting external manager due diligence and contributing to the active management of the firm's international equity strategy.
Patrick received his MBA from UCLA and holds an undergraduate degree in economics and mathematics from Washington College in Maryland. He is a CFA charterholder and an active member of the CFA Society of Los Angeles.
“Jesse and Patrick exemplify the caliber of thought leadership, integrity, and client service that defines Whittier Trust,” said David Dahl, CEO of Whittier Trust. “Their promotions are a testament to the firm’s continued growth and our belief in cultivating talent from within. We’re proud to support the advancement of professionals who not only contribute to our clients’ success but also embody our long-term vision.”
The elevation of Jesse Ostroff and Patrick Coyle comes amid a period of steady expansion for Whittier Trust, including a new office in San Diego, launched this year, and a celebration of the 25th anniversary of the Seattle office. The oldest multi-family office headquartered on the West Coast continues to deepen its bench of top-tier experts across disciplines and invest in services that meet the evolving needs of ultra-high-net-worth clients and their families.
For more information about Whittier Trust, start a conversation with an advisor today by visiting ourcontact page.
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With local expertise and institutional experience, Steven Ward advances Whittier Trust’s real estate offerings in and around Orange County.
Whittier Trust is proud to welcome Steven Ward as Vice President of Real Estate, based in the firm’s Newport Beach office. Steven joins Whittier Trust with an extensive background in real estate investment and a track record of helping clients navigate and maximize their holdings across a wide range of asset classes.
In his new role, Steven will be responsible for oversight of and advising on the firm’s diverse portfolio of client-owned real estate, including asset management, leasing strategies, operations, acquisitions, dispositions, and financing. He will also play a key role in identifying new investment opportunities, applying the analytical rigor of institutional investing with Whittier Trust’s high-touch, relationship-driven approach.
"Steven’s thoughtful approach to real estate and long-standing industry expertise make him a tremendous addition to our team,” said Charles Adams III, Executive Vice President, Real Estate. “He brings a perspective that blends strategy, stewardship, and a deep understanding of how real estate can serve long-term generational goals.”
With nearly two decades in the real estate industry, Steven’s experience spans a variety of property types and disciplines, including investment sales, equity placement, and buy-side advisory services. He has held senior roles at CBRE, Colliers, and Savills, where he led complex transactions and guided clients across a national footprint. With over $5 billion in transaction volume facilitated for institutional and private investors, his knowledge of both the financial and operational sides of real estate adds depth to Whittier Trust’s robust real estate practice.
Steven’s addition reflects Whittier Trust’s continued investment in capabilities that set the firm apart. As one of the few multi-family offices to offer dedicated, in-house real estate expertise, Whittier Trust provides clients with a level of strategic, hands-on support rarely found in the industry. This integrated approach ensures that real estate is managed with the same long-term perspective, care, and clarity that anchor the firm’s enduring approach.
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Whit Batchelor sat down with the San Diego Business Journal to discuss Whittier Trust's newest office.
Whittier Trust, a Pasadena-based wealth management company that serves "ultra-wealthy" clients, is opening a San Diego County office in Carmel Valley.
Founded in 1989 by the Whittier Family, which includes Helen Woodward of the animal shelter fame and philanthropist Paul Whittier, the firm has signed a three-year sublease for about 7,000 square feet of space on the second floor of an office building at One Paseo. "It will be our first brick-and-mortar office in San Diego (county)," said Whit Batchelor, the Whittier Executive Vice President who heads the San Diego County office.
"We're super excited about having a more visible local presence," Batchelor said.
Managing $25 billion in assets, Whittier Trust serves more than 600 families in 48 states, according to Batchelor, with about a dozen clients in San Diego County.
"They're all some of the most affluent families in San Diego," Batchelor said.
Whittier chose One Paseo for its San Diego County office because its local clients are concentrated in North County, primarily Rancho Santa Fe, Del Mar, La Jolla and Solana Beach, Batchelor said.
The firm is spending $400,000 to $500,000 on tenant improvements, most of which Batchelor said will be for redoing the lobby.
He said his goal is to add two to three new San Diego clients annually and gradually expand the San Diego office from its initial staff of six to seven professionals to about 30 over the next 10 years.
"We want to grow and partner with the right families in San Diego," Batchelor said. "One thing our clients all have in common is that they have big balance sheets."
Whittier Family History of Giving Back
To become a Whittier client, someone must have liquid assets of at least $15 million and pay annual dues of $150,000, Batchelor said.
"We think that San Diego is a fantastic market for our services," Batchelor said, adding that they include everything from real estate investments to managing stock portfolios and charitable donations.
"For us, being part of the community means giving back to the community. A big part of what we do is facilitate our clients' philanthropy," said Batchelor, who lives in Point Loma.
Paul Whittier, who died in 1991, focused much of his philanthropy on such San Diego institutions as Scripps Memorial Hospitals, the San Diego Maritime Museum, the Zoological Society of San Diego, and the Aerospace Museum.
Whittier Trust traces its history back to the early 1900s when Max Whittier, a former Maine potato farmer, moved west and made his fortune in real estate and petroleum.
His company, Belridge Oil Company, was sold to Shell Oil in 1979 for $3.65 billion, which was a record at the time, according to the Whittier Trust website.
Featured in San Diego Business Journal. Author Ray Huard interviews Whit Batchelor, Executive Vice President, Client Advisor, San Diego Regional Manager.
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Whittier Trust further strengthens its rapidly growing San Diego team with veteran trust and estates advisor, Kiley Barnhorst MacDonald.
Whittier Trust is pleased to welcome Kiley Barnhorst MacDonald as Senior Vice President and Client Advisor, based in the firm’s new San Diego office. With more than 30 years of experience at the intersection of the legal, corporate, and nonprofit sectors, Kiley is a trusted advisor to ultra-high-net-worth individuals and families. She is widely respected for her ability to navigate complex family dynamics and multigenerational planning with a steady hand and thoughtful, practical insight.
A San Diego native and fifth-generation Southern Californian, Kiley brings a coveted combination of legal acumen, strategic planning, and financial analysis to her work, tailoring each relationship to reflect the specific values and goals of the individuals and families she serves. Her multidisciplinary background allows her to approach wealth management with both technical depth and a personal touch.
“Kiley brings the kind of deep expertise and authentic connection that makes a lasting impact,” said Whit Batchelor, Executive Vice President, Client Advisor, and San Diego Regional Manager at Whittier Trust. “She’s already a trusted voice in our community, and her arrival is a meaningful step forward in building our San Diego presence with intention and care.”
Before joining Whittier Trust, Kiley served as Senior Vice President, Senior Trust Advisor at Northern Trust Wealth Management. She also practiced in La Jolla at Albence & Associates and the Law Offices of W. Neal Schram. Kiley holds a JD from UCLA School of Law and a BA in Economics from Dartmouth College. She is a California State Bar Certified Specialist in Estate Planning, Trust, and Probate Law.
Beyond her professional accomplishments, Kiley is a dedicated community leader who has served on the boards of several nonprofit and educational organizations. She has been recognized by the Legal Aid Society for her pro bono efforts supporting families in probate court.
Whittier Trust opened its San Diego office earlier this year to meet the needs of a growing client base in the region. With Kiley now on board, the firm continues to build a team of top-tier professionals who combine technical excellence with an unwavering commitment to client service.
For more information about Whittier Trust, start a conversation with an advisor today by visiting ourcontact page.
From Investments to Family Office to Trustee Services and more, we are your single-source solution.
Anna Peterson’s addition to the San Diego office reflects continued growth and demand for personalized wealth services in the region.
Whittier Trust is pleased to announce the hiring of Anna Peterson as an Assistant Vice President, Client Advisor in the firm’s expanding San Diego office. Anna brings a depth of experience in estate planning and family office advisory that aligns with Whittier’s commitment to thoughtful, high-touch client service.
In this role, Anna serves as a strategic advisor to high-net-worth individuals and families, delivering bespoke family office services that integrate generational wealth transfer and tax-optimized strategies. Her collaborative approach and ability to navigate complex wealth structures make her a valuable addition to Whittier Trust’s advisory team.
“Anna’s background working with ultra-high-net-worth families and her expertise in multifaceted estate planning make her a natural fit for Whittier Trust,” said Whit Batchelor, Executive Vice President, Client Advisor, and San Diego Regional Manager at Whittier Trust. “As we continue to grow our presence in San Diego, Anna strengthens our ability to deliver tailored advice that reflects both the complexity and individuality of our clients’ financial lives.”
Prior to joining Whittier, Anna was a key member of the Family Office team at ICONIQ in San Francisco, where she advised families with assets ranging from $100 million to over $1 billion. She holds both the Certified Financial Planner™ (CFP®) and Certified Trust and Fiduciary Advisor (CTFA) designations and earned her Bachelor of Arts & Sciences from Boston College.
Whittier Trust’s San Diego office has seen steady momentum, reflecting the broader demand for integrated, relationship-driven wealth management in Southern California. Anna’s arrival further bolsters the firm’s ability to meet that demand with sophisticated, multi-generational planning and advisory capabilities.
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Beginning January 1, 2022, a flat 7% tax on net long-term capital gains went into effect. Many advisors believed the tax to be unconstitutional and that it would be repealed if/when challenged. However, the WA Supreme Court upheld the tax in March of 2023 in Quinn v. Washington. Additionally, the public had a chance to repeal the tax in November of 2024, but approximately 63% of the voters opposed repealing the tax. Regardless of the questionable legality and polarizing nature of this tax, it is here to stay.
On May 20, 2025, Senate Bill 5813 was signed into law, creating a new tier to the capital gains tax, adding 2.9%, for a total of 9.9%, for gain exceeding $1m. The change is retroactive to January 1, 2025.
Summary of the Washington Capital Gains Tax
A full explanation of the Washington Capital Gains Tax is beyond the scope of this update; however, several key items are highlighted here:
Only individuals are subject to the tax. This includes any gains that flow through to individuals from pass-through and/or disregarded entities such as LLCs and S corporations.
Taxable trusts are currently exempt.
Gains recognized by grantor trusts, being disregarded entities, will flow through to the grantor(s) and may be subject to the tax.
Additionally, beneficiaries of taxable trusts who receive allocations of long-term gain may be subject to the tax.
Only long-term capital gains are subject to the tax. Ordinary income, short-term capital gains, qualified dividends, tax-exempt interest, etc., are all exempt.
Taxpayers have an annual standard deduction ($250,000 originally but adjusted for inflation. The 2024 deduction was $270,000. The 2025 amount has not yet been released.) With the recent update, the new effective tax brackets are:
The deduction is per taxpayer. Married couples are considered one taxpayer. Therefore, married couples have just one deduction.
Generally, only individuals who are domiciled in Washington (on the date of sale) are subject to the tax. Gain from the sale of certain tangible property is subject to the tax for those domiciled outside the state.
The tax is calculated by starting with the taxpayer’s federal net long-term capital gain for the year and then modified for gains and losses excluded from the tax. The following are excluded (this is not a complete list):
Gain/Loss from the sale of all real estate (which includes gain from the sale of real estate flowing through pass-through entities).
Sales of entities that own real estate, as opposed to the sale of the real estate itself, will likely not qualify for the real estate exemption.
Gain/Loss from the sale of depreciable property under IRC §167(a) or under §179 (i.e. business property such as equipment).
Gain/Loss from the sale of qualified family-owned small businesses:
What constitutes a family-owned small business and how to calculate the related deduction is complex and beyond the scope of this article.
Alternative minimum tax adjustments associated with the gain.
Qualified opportunity zone gain exclusions (this is an add-back for Washington tax).
Like California, gain recognized federally by an incomplete non-grantor trust (ING), regardless of situs, is pulled back into Washington, and taxed as part of the grantor’s individual capital gain.
The taxable gain is reduced by charitable gifts, but only gifts made to charities principally managed in the state of Washington. Additionally, only gifts exceeding $250,000 (also adjusted for inflation, so it tracks with the standard deduction) are deductible, and the total deduction is limited to $100,000 (adjusted for inflation, $108,000 in 2024).
For example, if a taxpayer made $300,000 of charitable gifts in 2022 (before the inflation adjustments), they would deduct $50,000 from their taxable gains, producing $3,500 of tax savings.
Charitable gifts to donor-advised funds (DAF) would only be eligible if the DAF is directed or managed in Washington (even if the DAF distributes grants to organizations outside Washington).
The tax is relatively new, and there remain several complexities and uncertainties beyond the scope of this article. These include, but are not limited to:
Consideration of capital loss carry forwards
Qualified family-owned small businesses
Qualified small business stock
Charitable remainder trusts and how the tax may impact both the grantors and beneficiaries
Allocation of the $250,000 deduction between spouses who file separately
Credits related to:
B&O Tax
Taxes in another jurisdiction related to the same gain
Planning Opportunities
The recent update has not materially changed the existing tax, so the same planning strategies remain. What the increase has done is further clarified the direction and plans of Washington State’s legislature as it relates to tax policy. Along with recent increases in Washington’s Estate Tax, the state has broadened sales taxes and expanded interpretations of B&O Tax. It appears likely the state will continue to create and increase taxes on individuals and businesses residing and doing business in Washington.
There are several strategies for avoiding Washington capital gains tax, including:
Domicile Planning – The Washington capital gains tax is primarily a tax on gain associated with the sale of intangible assets, like marketable securities. This type of gain is sourced to a taxpayer’s state of domicile. Depending on the facts and circumstances of each taxpayer, being thoughtful about the timing of a domicile change may be worth consideration. This is also a powerful planning tool for estate tax avoidance.
Spreading Gain Across Years – Each taxpayer has a $250,000 (inflation-adjusted) annual deduction, and being thoughtful about the timing of sales can be meaningful, as well as specific strategies like installment sales to spread receivables and gain over several taxable years.
Spreading Gain Across Taxpayers – Because every taxpayer has the standard deduction and Washington state has no gift tax, outright gifts to individuals (other than spouses), while being mindful of the federal gift tax implications, can multiply the exemption. This is even more powerful if the gift recipient is domiciled outside of Washington state, making any gain for them fully exempt.
Taxable Trusts – Other than INGs, taxable trusts are exempt from the tax. Once again, being mindful of federal gift tax implications, gifts in trust can completely avoid Washington capital gains tax. Additionally, converting grantor trusts to non-grantor trusts is also potentially a viable strategy.
Washington Capital Gains Tax currently has a maximum rate of 9.9%, and although this is only one aspect of any planning, and although it is unlikely that this tax would be the defining factor in decision making, nearly 10% tax is likely not immaterial. With the state of Washington creating higher taxes across the board, this is a good time to consider both your short-term and long-term planning.
Washington Estate Tax
Recent Update
In addition to an increased capital gains tax, there were two, potentially more impactful, changes to the Washington Estate Tax, impacting estates of decedents dying on or after July 1, 2025:
Estate tax exclusion is increasing from $2.193m (which has been static since 2018) to $3m. Additionally, the exclusion will be adjusted annually for inflation going forward.
Tax rates are increasing dramatically as detailed below, with the top rate growing from 20% to 35%.
To demonstrate how meaningful these changes are, consider the following examples:
Similar to the changes for the Washington capital gains tax, the changes in estate tax do not fundamentally change how the tax works but rather increase the negative outcomes. The same strategies advisors have been using to avoid the estate tax are all still viable, simply more effective now. Common strategies include shifting growth assets out of large estates, domicile planning, employing multi-generational GST-exempt trusts, charitable giving, and so on. With these radical rate increases, it’s the perfect time to have conversations with your advisors.
One planning item that is often overlooked is entity structuring related to real property. Washington estate tax excludes real property outside of Washington, but intangible assets are sourced to the state of domicile. This creates a valuable planning opportunity to categorize assets as intangible or tangible based on the location of the asset and the domicile of the taxpayer. For example, if you are a Washington domiciliary and you directly own a house (i.e. not through an LLC or corporation), or other tangible property, outside of Washington, upon death, Washington will exclude this asset from estate tax because tangible assets located elsewhere are not subject to WA estate tax.1 However, if a Washington domiciliary owns units of an LLC, which owns that house, the value of those LLC units is included in that decedent’s estate tax because LLC units are considered an intangible asset.
To plan for this situation, a Washington domiciliary can own real property located outside the state either directly or in a revocable trust. Conversely, if a non-WA domiciliary owns real property in Washington, that property can be owned in an LLC to ensure that the property is sourced to the non-WA decedent’s state of domicile. This planning should consider non-tax issues, such as any liability concerns, as well.
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Whittier Trust Grows San Diego Team and Fortifies Its Commitment to the Entrepreneurial Spirit with the Addition of Ted Fogliani.
Whittier Trust is pleased to announce the addition of Ted Fogliani as Vice President of Business Development in the firm’s San Diego office. A veteran entrepreneur and former CEO with over 25 years of experience building successful companies in eCommerce, SaaS, manufacturing, and logistics, Ted brings a dynamic mix of strategic vision, operational leadership, and a deep-rooted commitment to client service.
Ted joins Whittier Trust after serving as Founder and CEO of ShipCalm, a tech-enabled logistics company supporting eCommerce brands. There, he played a critical role in shaping the company’s growth strategy, culture, and customer-centric approach to supply chain management. Prior to ShipCalm, Ted spent two decades as Founder and CEO of a leading electronics manufacturing company, overseeing the production of medical devices, consumer electronics, and critical national defense systems.
“Ted’s background as a founder and operator gives him a unique lens into the needs, concerns, and aspirations of the entrepreneurs and business owners we serve,” said Whit Batchelor, Executive Vice President, Client Advisor, and San Diego Regional Manager at Whittier Trust. “He’s walked in their shoes. That perspective, combined with his strategic acumen and leadership experience, makes him a powerful advocate for our clients and a natural fit for our team.”
Throughout his career, Ted has championed the idea that long-term value is built by hiring great people and rallying them behind a clear vision. At Whittier Trust, he’ll focus on fostering meaningful relationships with families and founders across Southern California, helping them navigate the complex intersection of personal wealth and business leadership.
A lifelong Californian and long-time resident of the San Diego area, Ted and his wife Monica have raised their four children in Carmel Valley and Del Mar. They remain active in the community and are passionate supporters of organizations such as the San Diego Police Foundation and Boys to Men Mentoring.
For more information about Whittier Trust, start a conversation with an advisor today by visiting ourcontact page.
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Celebrating its 25th anniversary in 2025, the Whittier Trust Seattle Office continues to grow and strengthen its family office services with experienced CPA, Philip Cook.
Whittier Trust is proud to welcome Philip Cook as Vice President and Client Advisor in the firm’s Seattle office. A seasoned advisor with more than 18 years of experience in tax, estate planning, trust administration, and family governance in both California and Washington State, Philip joins the Pacific Northwest team of The Whittier Trust Company of Nevada, where he will serve ultra-high-net-worth families in both Seattle and Portland.
Philip brings to Whittier Trust a distinctive blend of technical expertise and personal insight, shaped by 12 years in public accounting with time at Deloitte and Andersen Tax, followed by six years as Director and Senior Director at Pacific Trust Company. There, he led the firm’s consulting practice, guiding families through the most complex aspects of estate structures, fiduciary oversight, and multi-generational planning.
“Philip's background as a CPA, combined with his leadership in trust and estate advisory work, aligns perfectly with Whittier Trust’s integrated and personalized approach,” said Nick Momyer, Northwest Regional Manager, Senior Vice President, and Senior Portfolio Manager at Whittier Trust. “He has a great ability to balance analytical rigor with a deep understanding of family dynamics, qualities that are central to the work we do.”
As Whittier Trust celebrates 25 years of service in Seattle and 60 years of dedication to the Pacific Northwest in 2025, Philip's arrival underscores the firm’s continued investment in its Seattle office and long-standing commitment to delivering comprehensive family office solutions across the region.
Philip holds a Bachelor of Arts in Economics from the University of California, Santa Barbara, and a Master of Accountancy from California State University, Fullerton. He is a licensed Certified Public Accountant (CPA) in Washington State. Originally from Southern California, Philip has called Seattle home since 2014, though he continues to spend time in Southern California working with clients and visiting family.
For more information about Whittier Trust, start a conversation with an advisor today by visiting ourcontact page.
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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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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.
From Investments to Family Office to Trustee Services and more, we are your single-source solution.
Jesse Ostroff has been a significant advisor to families' philanthropic endeavors. He advises high-net-worth individuals, families, and entities on their charitable giving strategies. Jesse provides comprehensive support for clients who are actively engaged in philanthropy or seeking to establish a philanthropic practice. His work includes strategic guidance on foundation governance, grantmaking, and charitable planning aligned with clients’ values and long-term legacy goals. Jesse is known for his thoughtful approach to navigating complex philanthropic issues and for helping clients translate intention into meaningful impact.
Patrick Coyle leads Whittier Trust’s International Equity strategy and provides investment oversight for both taxable and tax-exempt portfolios. Patrick brings analytical depth to investment selection and portfolio construction, supporting external manager due diligence and contributing to the active management of the firm's international equity strategy.
