Investment advisory services offered through Epiqwest Culver Wealth Advisors, LLC, an SEC Registered Investment Advisor. Insurance services offered through licensed professionals of Epiqwest Culver Wealth Advisors, LLC.
Jack F. Elder, J.D., LL.M. (Taxation) is the Senior Director of Advanced Planning for CBS Brokerage. He has nearly 20 years of experience advising high-net-worth and privately held business clients. Jack is a frequent presenter to attorneys, CPAs, trust advisors, and insurance professionals.
Jack utilizes his legal expertise and deep industry experience to assist CBS’s top producers and accounts with wealth transfer planning, business succession, executive compensation, and charitable giving. He excels at breaking down complex advanced planning strategies into easily understandable, practical, actionable components.
Before joining CBS, Jack thrived in a variety of advanced planning roles in the life insurance industry. Prior to his career in life insurance, he was an estate planning attorney in suburban Maryland. Jack graduated from George Mason University School of Law in Virginia, and he earned his Master of Laws in Taxation from Georgetown University Law Center in the District of Columbia.
In his free time, you can find Jack playing with his two daughters, Maggie and Dottie, and spending time with his wife, Jenny, in the suburbs of Philadelphia, Pennsylvania.
Operations
Noah graduated from Colorado State University in May 2023, holding a dual bachelor’s degree in Economics and Finance. After completing his studies, he joined the Epiqwest Culver team as a Client Relationship Representative, the first step towards becoming an Advisor for the firm. Over the next few years Noah is looking forward to starting the Paraplanning role, where he aims to gain practical experience in financial planning and successfully pass the necessary licensing exams, with the long-term goal of progressing to the position of licensed advisor at Epiqwest Culver. He feels grateful for the opportunity and is thankful to learn by working side by side with the team of knowledgeable and experienced advisors at Epiqwest Culver.
Originally from California, Noah spent some of his early years in Santa Cruz before moving to Durango, Colorado, in 2007, where he resided until he started college in Fort Collins. Currently settled in Boulder, Colorado, he enjoys the wide range of hobbies the Front Range offers. During the winter, Noah can often be found skiing the different mountains nearby, while in the summer, he enjoys getting on the river and fly fishing. Additionally, he likes traveling to explore new destinations and experience his favorite pastimes across the country.
Interesting Fact #1 – I have been a flutist (or flautist if you prefer) since childhood and accompany the main choir at church Sunday mornings. While not an expert, I have been told that I play very nicely.
Interesting Fact #2 – I may have actually seen the Loch Ness Monster (and I was sober at the time). In 1980 I was on a tour of England, Scotland, and Wales when we stopped by Loch Ness & while walking along the water’s edge, I saw something poke its “head” out of the water. Unfortunately, I don’t have a picture as proof.
Originally from Arlington, VA, Clare’s family moved to Colorado in the mid 1960’s and settled in southwest Denver. Clare and her husband Tom live in Broomfield, CO with their adorable little Yorkie, Ellie. They love spending Sunday evenings with their daughter Kelly and son-in-law Jesse having dinner and having a family movie night.
Clare has worked in the insurance industry since 1980 starting at ING/Security Life of Denver (now part of Voya Financial) earning her CLU, ChFC, FLMI and ACS designations before joining Culver Retirement Services, Inc. in 2002 (now Epiqwest Culver Wealth Advisors, LLC). Clare mainly works with Don Culver with the insurance business and also helps Ivan Sichkar with the investment business. Clare also helps Mark Culver and Bryan Sullivan with Compliance.
Sarah brings over 15 years of versatile administrative knowledge with comprehensive experience in the development and implementation of organizational practices. Throughout her career, she has used these skills in various fields to include tax advisory, business management, legal services, and healthcare. This vast experience has led her to constantly seek creative and innovative ways to achieve personal, team, and organizational results. Sarah thrives in situations where an answer is not readily available and excels when assigned unconventional projects.
Sarah was born and raised in the North Denver Metro area where she now resides with her husband and children. She enjoys art, design, music, travel and taking on home improvement projects. Sarah shares good humor and a big smile with everyone she meets.
Sarah has a passion for helping others and loves incorporating her talents into charitable deeds.
She has worked with abused and neglected children through her calling as a court appointed advocate. Since then, Sarah has enjoyed hosting painting classes for nursing home residents in her community and currently, she volunteers her time by designing promotional material for a local church.
Operations Manager
Niki earned her Bachelor of Science as well as her Master’s in Accounting. She has worked in the financial services industry since early 2010 and is well-versed in the pressures and rewards of our clients’ financial journeys.
Niki is delighted to manage all aspects of the client relationship and prides herself on efficient communication, attention to details, and delivering results. While striving to exceed expectations in service and client care, she continually prioritizes clients’ needs with professionalism and compassion.
Niki is extremely passionate about her family; she enjoys sharing beautiful and invigorating experiences with her husband and their two charismatic children, Maci and Jet. In her free time, Niki enjoys kickboxing, exercising, traveling, camping, and spending quality time with her family and friends.
Portfolio Manager
Ivan worked as an Adjunct Professor at the University of Denver, where he taught a graduate level course, Ethics in Finance. As the Advocacy Chair for CFA Society Colorado (CFACO), Ivan engaged U.S. Congressman Ed Perlmutter to be the first speaker in the District Dialog series and introduced Governor Hickenlooper to Investors First Month of May.
Ivan is the past president of CFACO, the largest financial society in Colorado with over 1,400 members, where he arranged the annual forecast dinner with 400 industry professionals. Also, he organized the CFA Institute Research Challenge for Colorado and Wyoming universities for four years. He has partnered with top executives to engage them as the subject companies of the research challenge: Ball Corp, Molson Coors, Charles Schwab, DaVita, and Arrow Electronics.
In recognition for his contribution to enhancing the standing of the CFACO and raising the stature of the CFA Charter, Ivan was awarded the annual Jonathan Holtzinger Award of Excellence by CFACO.
Ivan is the past Director of Global Association of Risk Professionals in Denver. Ivan organized chapter meetings, including lectures at the Fed.
Ivan earned M.A. in Economics degree from University of Denver, B.A. in Economics from Idaho State University, and B.S. in International Economics and Business from Kiev National Economics University in Ukraine. He holds three professional designations: Chartered Financial Analyst® (CFA), Financial Risk Manager® (FRM), and Certified Financial Planner (CFP).
Ivan loves exploring the world and has visited 25 countries, and his favorite vacation was his honeymoon trip to Hawaii. He married the love of his life, Tanya, and has a son, Dennis. In his spare time, Ivan writes about economics, finance, risk management, behavioral finance, and retirement. This research is published on his personal website: ecnfin.com.
INVESTMENT ADVISOR
Ron has been a financial advisor and investment analyst since 1998 and has been with Epiqwest since 2007. Ron’s unique skills for analyzing prospective investments reflect not only his experience as an investment advisor, but also his experience working for operating companies and input from his personal advisory board.
Prior to joining Epiqwest, Ron was the CFO of an environmental construction company that averaged 300% annual revenue growth during his tenure. He was also the assistant to the executives of several non-profits, and he worked for FedEx Corporation where he worked in the areas of strategy, forecasting, marketing, and product management.
Ron has a BS with a double major in Economics and Finance from St. Cloud State University (summa cum laude) and an MBA in finance from Vanderbilt University.
Ron was born and raised in rural Minnesota. After venturing out from MN and living all over the U.S., Ron eventually returned to MN and now lives in Minneapolis with his wife, Laurie, and son, John. Ron and Laurie love to travel internationally, visiting dozens of first-through-third world countries over the years. His most impactful destination was China, where he crisscrossed the country in the process of adopting his Chinese son. He had the opportunity to meet the wonderful Chinese people and immerse in the rich culture and history of the country.
PUBLIC RELATIONS
John started his retirement plan career in 1999. He is a 1996 graduate of the University of South Carolina at Columbia with a bachelor’s degree in accounting, and a 2005 graduate of Webster University with an MBA. Over the years, he has earned several designations from the American Society of Pension Professionals and Actuaries and the Internal Revenue Service.
John is originally from Mount Pleasant, SC, where much of his extended family still lives. He moved to Colorado in June of 2010. He enjoys traveling and spending quality time with his family and friends. John especially enjoys cruises and vacationing them.
INVESTMENT ADVISOR
Gabriel joined the Epiqwest Culver Wealth Advisor’s team in April 2022. He received his bachelor’s degree in Finance from the University of Central Florida School of Business in 2018. Gabriel began his career in financial services in June 2018 at Charles Schwab, where he worked as a Relationship Specialist. During his tenure at Charles Schwab, Gabriel obtained various industry licenses, including the Series 7, 9/10, 63, 66, and his Certified Financial Planners designation. He served as an Operations Specialist for a Schwab Branch in Plantation, Florida, and interacted with clients daily in a support-role, continuing to learn and absorb knowledge through shadowing and partnering with the Financial Consultants he worked with.
Gabriel was promoted to the role of Associate Financial Consultant after obtaining his CFP® designation in March 2021. In this role, he partnered with clients to help them achieve their desired goals and objectives while operating in their best interest. Currently, Gabriel works directly with Managing Partner Trent Culver in a mentor-mentee type role, where he is continuing to learn, grow, develop, and implement his craft. Gabriel is passionate about providing exceptional service and is dedicated to helping his clients achieve their financial goals. Gabriel grew up in South Florida and currently lives in Broomfield with his fiancée, Tara, and two dogs, Bronco and Cali. He is a life-long fan of the Denver Broncos and Nuggets, enjoys playing basketball, spending time with his family, reading, and music. He and his fiancée are currently saving for their first home and hope to be married by the end of 2024.
INVESTMENT ADVISOR
Josh was born and raised in Colorado Springs, graduating from St. Mary’s High School in 1997. From there, collegiate baseball led his journey to Kansas and Missouri, where he graduated cum laude with a bachelor’s degree in English Literature from Park University (Kansas City, MO) and was an Academic All-American. With a two-year stop in Orem, UT, where he coached high school baseball, Josh returned to Colorado in 2004 to begin his career in financial services; he has been serving clients’ financial interests since 2005.
He and his wife, Katie, also a Colorado native, now live in Westminster with their two sons and young daughter. When not helping his clients reach their financial milestones, Josh enjoys coaching his boys’ athletic teams, strength training, and closely following the Colorado Rockies.
1st Quarter: 2022 Edition
Markets & Economics Commentary
©2022 Mark P Culver
1st Quarter: 2022 edition
S&P 500 Composite Index: 4530.42: 2022 YTD -4.6%
NASDAQ Composite Index: 14838.49: 2022 YTD -8.9%
Bloomberg Aggregate Bond: 2022 YTD -5.9%
Welcome Back!
After a more than one year hiatus while we were working out some kinks in our reporting software, I’m pleased to report that we are reintroducing the Epiqwest Culver Wealth Advisors, LLC Markets & Economics Commentary. It is our intent that this piece will be both informative in helping you understand how we are looking at the markets and the economy in the context of how we manage your accounts and be a little educational as well. And maybe, from time-to-time interweaving a bit of irony and humor.
Clearly, at the forefront of most everyone’s mind these days is inflation. And rightly so. Inflation hurts just about everyone, which is why it is the primary objective of virtually every central bank in the world to “defend the currency.” Of note, the Federal Reserve (the central bank for the US) is one of the few central banks in the world charged with a “dual mandate,” which also includes maximum employment.
It is important to understand that there are two distinctly different types of inflation. The first is known as Supply-Push Inflation. Supply-Push Inflation is most normally associated with insufficient supply of goods and/or services, that is, the scarcity of the same. That scarcity forces consumers to compete for the goods and services they want to buy and typically results in some form of a “bidding war.” Anyone who has been on either side of the real estate market lately is likely familiar with this concept. There simply are not enough homes for sale to satisfy the demand, thus prices must rise. If you extend that concept to the broad economy where supply chains have been completely disrupted from Covid-19, it’s easier to see how Supply-Push Inflation is a big factor in the broad inflation we are all seeing today.
The second type of inflation, and certainly the more common, is known as Demand-Pull Inflation. This type of inflation is typically caused by a strong economy and low unemployment where a lot of consumers have money and are in the mood to spend it. The “too much money chasing too few goods” scenario. However, this time, the Demand-Pull Inflation we see got its start from the Covid-19 pandemic, as well as the US’ monetary response to the pandemic. First, the pandemic forced the closure of much of the service sector of the US, as well as the global economy. Services such as travel (airlines, hotels, cruise ships), entertainment (movies, sporting events, live theatre), restaurants, retail, and in-person medical services all virtually shut down during the pandemic. That reality caused consumers to spend much more than they would have otherwise on the goods sectors of the economy, with the biggest beneficiaries being hard assets (stocks and real estate primarily), automobiles, but virtually every other good on the market as well.
Secondly, the coordinated Fiscal and Monetary efforts from governments around the world also contributed greatly to this type of inflation as it put untold billions (maybe trillions?) of dollars in consumer’s pockets. To be clear, I applauded the massive stimulus we saw as we would have likely seen Great Depression-type unemployment otherwise and a deflationary spiral that would have taken 20 years to unwind. However, to the surprise of almost nobody, we now find that we must deal with the aftermath of excessive liquidity and higher inflation rates.
So, to be clear, it is my contention that we are now dealing with a one-two inflationary punch from BOTH Cost-Push Inflation (not enough goods to satisfy demand) AND Demand-Pull Inflation (too much liquidity in the system).
Fortunately, the Federal Reserve in coordination with other central banks around the world, are very well equipped to absorb the excess liquidity in the system associated with the Demand-Pull phenomenon. As you are probably aware, the Federal Reserve recently raised the interest rate that they charge to banks (the Fed Funds Rate), which is a very short-term interest rate. In response banks raised the rates they charge to their borrowers, lenders charge more for 30-year mortgages, and so on through the system. That chain reaction has the effect of removing money from the system and contracting liquidity. That central banks have abandoned their “inflation is transitory” mantra is a good thing and should reign in this component of inflation quickly. The only questions on everyone’s mind in this regard is 1) how high do interest rates need to go to be effective, and 2) will the Fed overshoot with interest rates, as they are prone to do historically. My personal feeling is that the Fed will overshoot with interest rates, and we need to be on guard for a mild recession, perhaps in 2023.
On the other hand, in respect to the Covid-19 related Demand-Pull inflation, hopefully the Covid-19 pandemic will continue to abate, and the services sector will reopen. If that materializes, the pricing strain on the goods sector would abate as well and provide much needed relief to the supply chain problems we have seen. However, if another waive of the pandemic forces the service sector into hibernation again, we might wish the Fed had been slower in raising interest rates. So, my point is that it is difficult to know the right course of action as there are so many unknown variables.
Finally, revisiting the Cost-Push component, it’s important to understand that central banks and monetary policy really can’t move the needle much. The biggest factor that can help relieve supply chains is to keep Covid-19 contained so that the economy can self-heal by restoring the services sector. As consumers resume traveling, going to the theatre, and dining out, there will be less demand for the goods sector, which will slow the price inflation we’ve seen there.
As far as factoring in these thoughts to the management of your accounts with us, thus far we are staying fully invested. The US economy is still very strong, unemployment is low, and thus far, Q1 2022 earnings are good. We do not anticipate any big draw down in stock prices at this early juncture of the Feds rate tightening cycle. That is, holding higher cash levels is probably not worth the risk of missing higher prices associated with strong corporate earnings and still relatively low interest rates.
However, we are very cognizant of the complexity of the Feds endeavor to thread the needle of interest rates, inflation, and unemployment. As well as their historical failure at engineering the elusive “soft landing.” Particularly with so many variables at work that none of us have had to do deal with before. Consequently, our “tilt” would be towards a more conservative interpretation of the data as it comes and remain vigilant and nimble, just in case.
Please feel free to contact us if you have any questions or if you need to schedule an appointment to discuss your account or financial plan with us. This is particularly important if you have experienced a big change in your life recently (got married, retired, changed employment, bought/sold a business, etc.).
2022 Form ADV Notice and Offering – the firm’s 2022 Form ADV Part 1 & Part 2 filings with the Securities Exchange Commission was filed 03/01/2022. If you would like a copy of this important disclosure document, please contact us at (303) 442-3670 or [email protected] and we will be happy to deliver it to you at no charge.
Privacy Notice – the firm’s privacy notice, which details how we handle and/or may share your private information within the firm and with certain partner firms in servicing your account, is included in the 2022 Form ADV Notice. Please refer to that document to review our Privacy Policy. If you would like a copy of this document, please contact us at (303) 442-3670 or [email protected] and we will be happy to deliver it to you at no charge.
Sincerely,
Mark P. Culver
Managing Partner
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