Who We Are

What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.


Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

Impact Initiatives

We are committed to corporate philanthropy; economic and financial literacy advocacy; and diversity, equity, and inclusion initiatives.

Our Brand Ambassadors

Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.

Making Connections

We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.

Our Businesses

Capital Management

We provide fiduciary investment strategies to public-and private-sector institutional clients through asset allocation, consulting, and retirement services.

Fixed Income Sales & Trading

Decades of proven performance and experience in providing tailored fixed income trading and underwriting services to major municipal and corporate issuers.

Institutional Equities and Research

Proven industry-leading research, global market insights, and client-focused execution.


Customized risk management, property & casualty, executive strategies and employee benefits solutions that protect our clients over the long term.

Investment Banking

We assist companies with accessing capital through innovative advisory and execution services that help firms achieve their strategic goals.

Private Capital

We have been a trusted and reliable source of capital for private companies for over 70 years.

Private Wealth Management

Our experienced Private Client Group professionals develop customized investment strategies to help clients achieve their financial goals.

Public Finance

We are a trusted municipal advisor with proven expertise in public financings. We also work with clients in negotiated and competitive municipal underwritings.

The Economy & Strategies

Strategies to Manage the Volatility of the Market: Part 1

Aug 18, 2022

Downturns in the market are normal, but most are short lived. With the S&P 500 Index as a metric, there have been 14 bear markets since 1945. While they don’t occur frequently, a bear market is definitely a normal part of being a long-term investor.

In early 2020, the U.S. had the shortest recovery since 1929. As the world was coming to grips with the onset of a global pandemic, stocks tumbled more than 33% in just over a month before recovering sharply. The recovery was thanks to an unprecedented amount of federal stimulus spending to help keep the economy afloat. The longest recovery was about 21 months from 1973-1974. The average bear market lasts a little more than 11 months versus a 53 month average bull market. The bulls have made up for the periodic market declines.

A $10,000 investment in the S&P 500 Index in 1990 would have grown to $263,232 by December 31, 2021, despite the 51% downturn of 2008-2009 and the 33% downturn in 2020. It is important to note that returns for some market segments may not have recovered, and this is only a select period.

In 2022, the S&P 500 suffered the worst start since 1970. The market fell 21% during the first half of the year. The 15th bear market began on June 16, 2022, after closing more than 20% below its high on January 3, 2022. Every bear market is different, but the past 70 years hint about what to expect going forward.

For many long-term investors, bear markets end up being more of an opportunity than anything else. This may be the time to consider opportunistically adding to equity positions because prices have declined substantially.

Time in the Market vs Timing the Market

Since 1950, the S&P 500 Index has gone up and down each year. Looking at a short time frame, the one year performance has been up 79% of the time. The charts below show the number of periods that the S&P 500 Index has been up and down over 1, 5,10 and 20 year rolling periods. History has shown the longer the period, the greater the probability of a positive outcome. The key takeaway is that “Time” is much more important than “Timing” when it comes to long-term market success.

Holding Stocks for the Long-Term Also Reduces Volatility

Market volatility can cause some investors to want to sell, but history shows market gains have made up losses for those investors who stay invested over time. If your focus is short-term, it is very easy to get nervous as the market goes up and down each year. The following chart shows the annual returns of the S&P 500 Index from 1970 – 2021 and shows that there are several years where the market had negative returns, with the most recent negative return in 2018. However, when taking a rolling 20-year period, all have positive returns.

Next Steps

It is impossible to predict the future, but expecting market volatility is a good bet. Diversification based on your time horizon, goals and tolerance for risk should all be taken into consideration. History shows that diversification and rebalancing are the best tools to reduce portfolio volatility and provide a smoother ride through the peaks and valleys of the market. Contact your Stephens Financial Consultant to discuss strategies to manage market volatility.

  1. The information in the accompanying report has been prepared solely for informative purposes and is not a solicitation, or an offer, to buy, sell or hold any security or a recommendation of the services supplied by any money management organization. It does not purport to be a complete description of the securities, markets or developments referred to in the report. We believe the sources to be reliable, however, the accuracy and completeness of the information is not guaranteed. We, or our officers and directors, may from time to time have a long or short position in the securities mentioned and may sell or buy such securities. Data displayed on this site or printed in such reports may be provided by third party providers. Pie Chart slices labeled as “Other” may include securities classified as other by a third-party provider of asset classification data, as well as securities that did not fit in the other slices displayed. The indexes and models referenced in the charts presented are unmanaged and do not reflect any transaction costs or management fees. They were chosen to give you a basis of comparison for market segment performance. Actual investment alternatives may invest in some instruments not eligible for inclusion in such an index or model and may be prohibited from investing in some instruments included in such an index or model. You cannot invest directly in an index. The investment return and principal value of an investment will fluctuate so that the value of an investment, when sold or redeemed, may be more or less than the original cost. All information on S&P Dow Jones Indices, LLC is Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global. © 2022 Stephens Inc.