As an advisor, I’m often in the position of helping clients temper their worst impulses. It’s a delicate balance to get investors to pay enough attention to be engaged without micromanaging or being overly obsessed with the bean counting side of things. And because everyone is different, so are the pain points and blind spots. This is where an advisor can deliver the most value - giving truly personalized guidance based on a plan to achieve very specific goals, and helping to manage harmful Read on...
The War Within
Investors need not waste time worrying about what they can't control, like market volatility and its many causes, because there is a greater threat to their financial success and it comes from within. The internal battle we face is a war between our primitive minds and our current reality, where some of these primal survival skills are outdated, if not useless. The cognitive biases that kept the species alive, can lead to making less than optimal financial decisions - especially if we Read on...
Give Yourself (and Your Money) Some Love
Of all the emotions I see investors wrestle with, shame tops the list with fear riding shotgun. Both are toxic to your financial well-being because they keep you frozen in a death-spiral of inaction. Change requires taking different action. It is scary because there is the risk of failure; fear of the unknown. But doing nothing is a certain slow death. Which is worse? You don’t have to make radical, scary changes to your finances to see improvement. But you do need to give yourself Read on...
Why You’re Failing Miserably, and How to Stop
For decades I've been entrusted with the confessions of people preoccupied by their inability to feel adept in handling their finances. These individuals come from all walks of life, possess various levels of education, and span a wide range of household income. They are all smart and successful in certain areas of their lives, but when it comes to investing to meet their financial goals, suddenly all competency goes out the window - at least from their perspective. I say it's more of a Read on...