It is an exceptional opportunity when I can work with a client (and spouse) over many years and demonstrate the value added as a consequence of working together. Some metrics such as relative investment performance are somewhat obvious and easy to evaluate while other amenities are purely service oriented and simply a matter of convenience. But in either case, these deliverables create an indelible impression over time.
I refer to each client relationship as an exceptional opportunity because it is rare that someone randomly walks off the street into a financial advisorís office to ask for advice. Unlike with other professions, this is not typical consumer protocol. For instance, when someone wants to buy a house, they consult with a banker or mortgage broker for a loan. When someone is sick, they visit the doctor, even for a periodic physical. Meanwhile, most everyone buys homeownerís insurance, car insurance, and health insurance because coverage is required by law or necessity.
As we navigate through our attention deficit disorder society, working with a financial advisor may not appear to be the highest priority. On the other hand, the media inundates a naÔve public with volumes of unsolicited information and financial advice that can only be characterized as a chaotic labyrinth with no rhyme or reason other than to capture the hysteria of the moment. That means advertising. At the other extreme are commercials which extol snippets of metaphorical wisdom that sound promising on the surface but fall grossly short on substance.
It is for these reasons that I seek to make comprehensive financial planning a part of your regularly scheduled programming. The reason for having a well thought financial plan is to keep you on track for accomplishing your financial objectives no matter the circumstances. Who proceeds with any significant venture without having a plan? Your company has a business plan which includes a long range mission, intermediate goals, and strategic objectives set for each quarter. The New England Patriots accomplish their organizational goals in a similar manner. Bob Kraft oversees the long term business objectives while Coach Bellicheck grinds out the week to week details. These two meet in the middle when it comes to drafting, player contracts, and personnel.
All champions have a plan. Why donít you have one?
Itís ironic that most people will spend more time planning for a one week vacation than on their financial futures. The unfortunate reality is that most people will leave their financial destiny to chance as they operate life on the fly. What are your expectations for success? What will it take for you to get there? What benchmarks should be used to evaluate your progress? How should adjustments be made for unexpected changes to your financial situation or the economy? Who will be accountable for those results? If unable to answer these questions, then consider hiring a financial advisor. Otherwise, you may be subject to the whims of the economy, the financial markets, the media, and common mistakes most investors make without the necessary guidance and discipline to substantiate their efforts.
The financial markets are in a constant state of flux, and while many investors will range in behavior from chasing the latest trends to maintaining the status quo (which may include keeping their money under a mattress), a customized approach that dovetails your financial objectives to the peculiarities of the economy will demonstrate the best ability to meet your goals while adapting to the circumstances at hand.
It is with these observations that I invite you to explore your financial independence, and how my firm may serve as a valuable resource in that pursuit, making life more simple and convenient in the process.
I look forward to your interest.