Contributions | Mar. 2023
EXPERIENCE MATTERS
By Mitch Hurst
Steven Esposito
The 2022 bond market had its worst year in history, and portfolios that had a mix of stocks and bonds meant there were few places for investors to hide.* Steven Esposito, President and Managing Partner of Yellowstone Wealth Management in Lake Forest, says.
“Normally stocks and bonds have an inverse relationship, however at this time, they all went down. It’s a very unique time in history,” Esposito says. “The Ukraine invasion by Russia is something not seen since World War II, historic labor shortages contributing to inflation, and unprecedented volatility in the stock, bond, and commodity markets are all creating havoc for investors.”
Add to that historic losses in 401k plans and the fact the Federal Reserve has raised interest rates at one of the fastest paces in history creating shock waves in the market. Not to mention the U.S. has gone on an unprecedented borrowing spree to keep up with a national debt approaching $32 trillion. There are also the global lockdowns in China affecting supply chains, global demand, and the cost of goods. How do investors process this largely negative environment?
Esposito can help you create a personalized plan and understands the complexities of the current financial landscape. Esposito developed a knack for investing while he was in high school and hasn’t looked back since.
“I had a teacher my sophomore year who got me interested in the financial markets. I asked my father to invest a little bit of money in a new company for me, and that was Wendy’s,” Esposito says. “I quadrupled my money in two years.”
Esposito entered the wealth management industry in 1983 and has both witnessed and lived dramatic changes in the industry, some of which he likes and much of which he doesn’t. “Our industry has become too mechanized, too impersonal; it’s all about scalability.”
Esposito would eventually establish Yellowstone Wealth Management to carry out his vision and values of providing individualized wealth management services for clients. A key aspect of his business model is utilizing the back-office support from Wells Fargo Advisors Financial Network while maintaining the independence to serve his clients.
“This is the best of both worlds. Working independently, I can roll up my sleeves and give clients the personal attention they deserve,” Esposito says. “I’m one of those old-fashioned advisors who helps clients manage their portfolio personally. I sit down with the client and discuss what they want. For me, wealth management is all about achieving peace of mind and quality of life.”
Esposito’s clients include small business owners, CEOs as well as retirees. He says there’s one thing they all have in common. They don’t want “drive-through wealth management.” They want a “chef.”
When Esposito started his career there were only five mutual funds in existence. Now, there are more than 13,000. Understanding the volatility in the markets and the long-term implications is firmly in his wheelhouse.
“I’ve had to navigate nine stock market crashes, and in just the past three years we’ve had commodities crash, rise, and crash again,” he says. “It’s crazy how volatile the markets are. I believe people want to know that the advisor they talk to is actually managing their money.”
Esposito says the solution to the current market volatility is for investors to remain calm and focused and to renew their strategies as the markets play out. Investors have to be positioned based on their comfort and levels of risk.
“Most importantly, a financial advisor needs to think outside the box,” Esposito says.
With Esposito’s more than 40 years of investment experience, Esposito believes he and Yellowstone offer a breadth of expertise rarely found in the investment industry. The overall package is difficult to beat.
“Tell us what you need in order to not worry at night and our goal is to achieve that and more,” he says. “We understand and do not take lightly the incredible trust clients impart to Yellowstone. Many clients have their life savings with us, and that’s a responsibility we take seriously every day.”
Esposito says he thinks of Yellowstone as the equivalent of concierge medicine, like a physician who doesn’t have to answer to hospital administrators.
“They determine what their patients need,” he says. “I do the same with my clients. I listen to what makes them tick.”
Steven Esposito’s minimum account value starts at $1,000,000. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Yellowstone Wealth Management is a separate entity from WFAFN.
Yellowstone Wealth Management is located at 100 N. Field Drive, Suite 120 in Lake Forest, 224-880-0850, yellowstonewm.com.
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