September 2025 Newsletter

In This Issue:

  • Breaking News!
  • Advisors Out and About
  • Market Update
  • Inside Private Equity

Breaking News!

We’re growing! We’re excited to announce that Personal Financial Management (PFM) of Coronado has joined Kaiyo Wealth. This partnership allows us to continue offering the personal service clients value while expanding resources, technology, and expertise.

Welcome, PFM clients — we’re honored to serve you!

Proud to stand alongside John Brennan, founder of Personal Financial Management (PFM), moments after signing the purchase agreement. With over 30 years of experience as a fee-only financial planner—and a distinguished career that began at E.F. Hutton—John has built a legacy of trust and thoughtful guidance. We’re honored to carry that legacy forward as PFM joins the Kaiyo Wealth family.

Advisors Out and About

Matt Cobas joined fellow Board of Trustees members in helping serve 224 meals, and plenty of ice cream to families at San Diego’s Ronald McDonald House. The lunchtime effort offered not just nourishment, but meaningful moments of connection. It was a heartfelt reminder of how powerful a shared meal can be during a family’s most challenging days.

Market Update

As of Sep 29, 2025*

  • S&P 500 is up 14.35% YTD
  • Dow Jones Industrial Average is up 10.28% YTD 

Please keep in mind that while the S&P 500 and Dow Jones Industrial Average provide insight into a segment of the market, individual portfolio returns will vary due to diversified asset allocations designed to balance risk and opportunity across different asset classes.

*Year-to-date performance data provided by S&P Global and reflects the total return of the S&P 500 and Dow Jones Industrial Average indices.

Inside Private Equity: An Evening with StepStone Group

Last week, we had the privilege of hosting StepStone Group, a leading private equity firm, for an in-depth conversation about a part of the investment world that often feels hidden from view: private equity. The event gave us—and our clients who joined us—a chance to peek behind the curtain and understand how investments in private companies work, and why they matter.

The evening began with an overview of what makes private equity different. Unlike stocks you might see listed on the S&P 500 or Nasdaq, private equity focuses on companies that aren’t publicly traded. These businesses are often earlier in their growth story, more specialized, or pursuing innovations that haven’t yet reached the broader market. By investing in them, private equity firms can help these companies grow while offering investors access to opportunities outside the public markets.

StepStone’s team walked us through the process: how they identify promising companies, the rigorous due diligence that goes into every investment, and the active role they play in guiding these businesses forward. Hearing how much work happens behind the scenes—from strategy to operations to governance—was eye-opening. It’s a far more hands-on approach than most people imagine, and it’s designed to create long-term value.

What resonated most with our group was how private equity can complement traditional portfolios. Public markets remain a powerful driver of growth, but they don’t capture the full picture. By adding thoughtfully chosen private equity investments, clients can broaden their opportunity set, gain exposure to innovative sectors, and diversify in ways that aren’t always possible with stocks and bonds alone.

The discussion sparked thoughtful questions and conversations, and it reminded us of the importance of continually exploring new ways to help our clients pursue their goals. At its heart, private equity is about investing in businesses with potential—and in many ways, it mirrors our commitment to helping our clients invest in their own futures.

We’re grateful to StepStone Group for sharing their expertise and insights, and to everyone who joined us for this engaging and informative evening.