Today's post is short, yet powerful.
Prediction is very difficult, especially about the future.
Niels Bohr, Nobel Prize winner, Physics
If you cannot predict the future, then how can you accurately select which stocks or mutual funds or money managers will be the most successful, consistently, for the long term?
You can't....or you have been very lucky. Even Warren Buffett would agree with this.
If this makes sense to you, then we predict that our wealth management strategy for investing will make sense to you.
Give this some thought. Then act.
Showing posts with label wealth management. Show all posts
Showing posts with label wealth management. Show all posts
Monday, June 6, 2011
Wednesday, June 1, 2011
Financial Planning in One Sentence (Day 2)
Note: This is my 2nd post of the @projectdomino writer's challenge.This a challenge for bloggers and writers to post for 30 consecutive days, beginning on May 31. I will receive a prompt, or idea, from them each day, which may be the basis for that day's post. For more information on this, see my post on May 31, 2011.
Today's blog post prompt: describe today in only one sentence.
Do the right thing.
This is written on my firm's business card. It represents our values as a firm, our values with our clients and the decisions we make on their behalf. It is part of the professionals we choose to affiliate and collaborate with, and my personal values.
While I try to do the right thing, I also recognize that I have made mistakes, both personally and professionally. We all have. I have apologized when appropriate. I have taken ownership and moved forward, as that is the only way we can all exist and progress.
In term's of my client relationships, "doing the right thing" is a core principle. I was recently given a wonderful book, which I highly recommend, about the life lessons of Nelson Mandela (Mandela's Way, Fifteen Lessons on Life, Love, and Courage by Richard Stengel). One of these lessons is to have one or a few core principles, which should always be adhered to. There may be other strategies or aspects that may be modified, but we must each choose some core beliefs which are unwavering.
For my firm, this concept translates to how we make decisions and provide our advice. The client's interest always comes first. Legally, we have a fiduciary responsibility to our clients. Traditional stock brokers do not adhere to this standard.
We believe (and academic research strongly supports) that active money managers do not add value and they cannot be identified, in advance, consistently, over a long period of time. We believe in global diversification. We believe in diversification for both stocks as well as bonds and CDs. We recognize that we cannot predict the future and we do not have a crystal ball.
I also want to emphasize the word "do." We are doing. We are growing, personally and professionally. We are active in our community. We are learning. We are reading. We are attending seminars and conferences. We are interacting with others through social media. We are planning. We are meeting with current and new client prospects.
And we are thankful that "doing the right thing" results in good things.
#Trust30
Today's blog post prompt: describe today in only one sentence.
Do the right thing.
This is written on my firm's business card. It represents our values as a firm, our values with our clients and the decisions we make on their behalf. It is part of the professionals we choose to affiliate and collaborate with, and my personal values.
While I try to do the right thing, I also recognize that I have made mistakes, both personally and professionally. We all have. I have apologized when appropriate. I have taken ownership and moved forward, as that is the only way we can all exist and progress.
In term's of my client relationships, "doing the right thing" is a core principle. I was recently given a wonderful book, which I highly recommend, about the life lessons of Nelson Mandela (Mandela's Way, Fifteen Lessons on Life, Love, and Courage by Richard Stengel). One of these lessons is to have one or a few core principles, which should always be adhered to. There may be other strategies or aspects that may be modified, but we must each choose some core beliefs which are unwavering.
For my firm, this concept translates to how we make decisions and provide our advice. The client's interest always comes first. Legally, we have a fiduciary responsibility to our clients. Traditional stock brokers do not adhere to this standard.
We believe (and academic research strongly supports) that active money managers do not add value and they cannot be identified, in advance, consistently, over a long period of time. We believe in global diversification. We believe in diversification for both stocks as well as bonds and CDs. We recognize that we cannot predict the future and we do not have a crystal ball.
I also want to emphasize the word "do." We are doing. We are growing, personally and professionally. We are active in our community. We are learning. We are reading. We are attending seminars and conferences. We are interacting with others through social media. We are planning. We are meeting with current and new client prospects.
And we are thankful that "doing the right thing" results in good things.
#Trust30
Financial planning: 15 Minutes to Live (Day 1)
This is my first post of the @projectdomino writer's challenge.This a challenge for bloggers and writers to post for 30 consecutive days, beginning on May 31. I will receive a prompt, or idea, from them each day, which may be the basis for that day's post. For more information on this, see my first post on May 31, 2011.
The prompt: I just discovered I have 15 minutes to live. (and 15 minutes to write)
Fortunately, this is purely hypothetical.
Obviously, my first thought is of my family, relatives and friends. I am secure knowing that my children will be well taken care of. I am comforted that I have planned properly, I have adequate life insurance and estate planning documents which are in place, so they will be OK financially. I'm glad that I have practiced what I have preached to my clients.
I have left my children with a legacy of good values and have been privileged to have shared with them many wonderful life experiences. I have been very actively involved in many charitable organizations, and those institutions will benefit in the future from both the time that I have spent being a leader, as well as the legacy gifts that are part of my estate plan.
In terms of my business, I am again comforted to know that my clients will be well taken care of by my wonderful partner, Keith Rybak, as well as our collaborative partners, BAM Advisor Services and DFA mutual funds. As Keith and I meet with clients together, he knows them well. My clients will benefit from that consistent practice that we have adhered to.
As importantly, all of our clients have written Investment Policy Statements, so their goals and investment allocations are clearly documented, and not just in my head. There should be no need for any sudden changes due to this hypothetical event.
I am further comforted by knowing that I have provided good, long term investment planning for my clients, and they will be financially secure if they continue to adhere to the philosophies we have in place.
If this was real, and fortunately it is not, I would feel that I have been very fortunate to have had a wonderful family, I have left my children with a better life than I started with, that I was able to travel and grow a business. I have regrets. We all would at a time like this. I have made mistakes. I am very human. And I didn't get to see Michigan in the Rose Bowl. I will now get to discuss with Bo the concept of "Those Who Stay Will Be Champions."
As this is not real, I will continue to pursue my goals, and continue to champion my values and pursuits.
#trust30
The prompt: I just discovered I have 15 minutes to live. (and 15 minutes to write)
Fortunately, this is purely hypothetical.
Obviously, my first thought is of my family, relatives and friends. I am secure knowing that my children will be well taken care of. I am comforted that I have planned properly, I have adequate life insurance and estate planning documents which are in place, so they will be OK financially. I'm glad that I have practiced what I have preached to my clients.
I have left my children with a legacy of good values and have been privileged to have shared with them many wonderful life experiences. I have been very actively involved in many charitable organizations, and those institutions will benefit in the future from both the time that I have spent being a leader, as well as the legacy gifts that are part of my estate plan.
In terms of my business, I am again comforted to know that my clients will be well taken care of by my wonderful partner, Keith Rybak, as well as our collaborative partners, BAM Advisor Services and DFA mutual funds. As Keith and I meet with clients together, he knows them well. My clients will benefit from that consistent practice that we have adhered to.
As importantly, all of our clients have written Investment Policy Statements, so their goals and investment allocations are clearly documented, and not just in my head. There should be no need for any sudden changes due to this hypothetical event.
I am further comforted by knowing that I have provided good, long term investment planning for my clients, and they will be financially secure if they continue to adhere to the philosophies we have in place.
If this was real, and fortunately it is not, I would feel that I have been very fortunate to have had a wonderful family, I have left my children with a better life than I started with, that I was able to travel and grow a business. I have regrets. We all would at a time like this. I have made mistakes. I am very human. And I didn't get to see Michigan in the Rose Bowl. I will now get to discuss with Bo the concept of "Those Who Stay Will Be Champions."
As this is not real, I will continue to pursue my goals, and continue to champion my values and pursuits.
#trust30
Subscribe to:
Comments (Atom)
Posts
