Money & Expenses

It shouldn’t, but it still surprises me when a prospective client doesn’t understand what I do. My industry has certainly blurred the lines between wealth managers, financial planners, stockbrokers, insurance agents and other terminology. I seek to help people make better decisions regarding their money. This is my passion and my life’s work (34 years and counting).

The most common misconception of what I do is sell product. Products are tools and not sold any more than a physician sells a prescription or procedure. I am a Fiduciary and do not get compensated, more or less, based on the financial strategies we recommend.

The second most common misconception is that financial professionals should be chosen for their client’s historical rate of return.  We don’t provide the same boilerplate advice to every family we serve.  We do quite the opposite.  A client’s objectives are unique, and we customize solutions to support a client’s objectives.  Therefore, a particular client’s rate of return is most dependent on their objectives.  When we initially meet a prospective client, we know very little about them.  Our proprietary “Discovery Process” leads us and the prospective client to an equal understanding of objectives and priorities, and then a customized allocation of strategies.  Our firm doesn’t have a “one size fits all” answer to the rate of return question.

The third most common misconception is that working with a professional doesn’t add value. This view is typically held by otherwise very intelligent, sophisticated consumers who are do-it yourselfers. It isn’t logical to believe a full-time, experienced professional doesn’t know something you don’t know. There are situations whereby the value of professional advice may not be equal to the fee.  In our Discovery Process, this becomes self-evident.  Value has to be experienced, which is why we are very thorough before deciding to work with a family.  We want to provide exceptional value and be fairly compensated.

Money is a medium of exchange. Money has no intrinsic value. You cannot take your money with you when you die. You do not desire money; you desire what money makes possible for you to do. You use money based on many factors involving values, objectives, biases, individual taste, etc.

Expenses occur when your money goes where you don’t want it to. Taxes, commissions, professional fees, investment fees, inheritance, interest on debt, insurance premiums, etc.

My industry has been very effective framing the issue of investing money from a growth perspective, not a use perspective. This may lead to otherwise very intelligent, sophisticated consumers taking unnecessary risk or paying expenses for investments that do not accomplish objectives efficiently.  

I seek to help people make better decisions regarding their money, whatever its purpose to a client.