A Few Things I Have Learned Along the Way

When I began my journey as a financial planner nearly a decade and a half ago, the world economy was setting the stage for the financial meltdown of 2008/2009 and arguably the most severe financial storm since the Great Depression. As my own career struggled to take flight, people everywhere were losing jobs and retirement accounts were being halved. And amidst the increasingly ominous news reports, the mounting fear and panic added only more injury to personal circumstances as investors made devastating mistakes that placed their financial futures in even greater jeopardy.

It was in this chaos I felt it was my job, my duty even, to help people prevent financial mistakes and do everything in my power to ensure they did not run out of money in retirement. It was, and still is, a noble endeavor. But I have learned a few things along the way, and realize now, that mission was just the tip of the iceberg.

I have learned that managing money is the easy part and the more critical piece of the mission is managing fear and emotion. I cannot effectively manage investments if I am not also helping investors manage their own behavior.

I have learned people do not care as much about how much I know, but rather, want to know more about how much I care.

I have learned that when people ask about their financial plan and investments, what they are really asking is, “Will I be okay?” And when they are inquiring about my philosophy and experience, what they really want to know is, “Can I trust you. Will you always be there for me?”

I have learned that if someone’s security is completely dependent on wealth, and if their happiness is wrapped up in money, they will always be poor. Their bank account might show they are rich, but their mind will still be imprisoned by poverty.

And on this cold and rainy Monday morning, as I received word that one of my dear clients is now a widow after losing her husband and best friend of more than 40 years, I was reminded of one more lesson. Although my occupation is to ensure people never run out of money, my job – my calling rather – is to ensure they never run out of hope.

That is the true mission.

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