by Stephanie Cohn Rupp, CEO
It’s with great pleasure that I share with you reflections on 2021 from my perspective as CEO as well as Veris Wealth Partners’ vision and priorities for 2022.
2021 in Review: A Year of Growth
I am excited to report that 2021 was a year of significant growth for our firm. Veris exceeded $2B in Assets under Management (AUM) by October. Many new clients joined us in 2021, which resulted in 15% organic annual growth rate for the year.
by Stephanie Cohn Rupp, CEO
By now you may have heard the news that, as of January 31, 2022, the private investment firm Rosemont Investment Group has partnered with Veris as a minority investor. We are thrilled to share this news, as this move means that we are successfully managing succession at Veris by doubling down on our independence and our commitment to impact investing by seeking out innovative financial partners as well as promoting from within.
“Optimism is the faith that leads to achievement. Nothing can be done without hope or confidence.” ― Helen Keller.
After a tumultuous 2020, the world saw a shocking beginning to 2021. Despite the heartache and political and economic volatility we have seen signs of resilience that inspire optimism. We are optimistic, but understand we must all do our part to rise to the challenges of this moment. This dark time has led Veris Wealth Partners to become even more staunch in our commitment to growing equity and social justice and environmental solutions through impact investing.
By Jane Swan and Roraj Pradhananga
Positive returns in the fourth quarter helped propel all major indexes
The year started with a robust recovery from the negative returns at the end of 2018, followed by a resting period in the third quarter, and then more growth at the end of 2019. Continued moderate expansion in the economy was a tailwind for investors, with total return for both bond and stock investors at the high end of historic norms. The greatest gains were from risk asset classes (stocks, real estate, and high yield bonds). Investors in investment grade bonds were also rewarded. Within the Russell 3000 (broad index of US stocks), the strongest returns came from the largest components. Technology jumped 14.3% in the quarter and 46.7% for the year. Financials were up 7.6% in the quarter and 32.9% for the year. Every sector other than Energy (up 9.6% for the year) increased by double digits. Investors were rewarded by the almost 11-year stock market expansion, but the gains have been not evenly translated to all participants in the economy.
The Veris team mourns the sudden loss of Jud Bergman and his wife, Mary Miller-Bergman, with great sadness.
Jud was more than just a great friend and strategic partner of Veris.
Jud was a visionary and an optimist, a philosopher whose maverick ideas changed the financial world, a dealmaker extraordinaire, a gracious man with a big heart, and a person whose modesty never wavered despite his incredible success. He had a unique ability to share his joy, his curiosity and love of life.
By Jane Swan, Partner and Senior Advisor
Positive returns across investment markets seem to have largely removed the decline and worry from the end of 2018 from our memories. U.S. equity markets added slightly to first quarter growth with large cap stocks up 4.3% in the quarter and 18.5% year-to-date (YTD). Small cap stocks are up 2.1% in the quarter and 17% YTD. International developed markets were up 4.2% in the quarter and 14.5% YTD. Emerging market stocks were up 0.7% for the quarter and 10.8% YTD. Fixed income markets were also positive on speculation of a reduction in Federal Funds rates playing a part in pushing returns higher. The 10-year treasury was up 4.2% for the quarter and 7.4% YTD. Corporates were up 2.6% in the quarter and 5% YTD, and municipal bonds were up 1.7% for the quarter and 3.8% YTD. High yield bonds were up 2.5% in the quarter and 9.9% YTD. They recovered considerably from the end of 2018, when there appeared to be more concern in low credit markets about future economic weakness. Real estate was also positive, with the REIT index up 1.8% in the quarter and 19.3% YTD.
