Wealth Management for the “Real World”

When I work with clients, whether new clients or existing ones, I often say there is wealth and investment management for the classroom, and wealth and investment management for the “real world”. When discussing this, I always show the following clip from the movie Back to School. I do this for two reasons: one, who doesn’t love Rodney Dangerfield, and two, the classroom scene illustrates the importance of working with people with industry experience.

What many classrooms and articles fail to mention, is how much client psychology and emotions play on making major financial decisions. This is referred to as Behavioral Finance. Unfortunately, to keep clients happy, sometimes irrational decisions which may not be perceived as the “best” strategy need to be implemented so the investor can sleep at night!

The most important part about developing relationships with clients is that we listen to our clients and their needs, and we do not go into meetings with pre-conceived notions. I realize this sounds like a cliché, but it is true. Every client’s situation is unique. What I love about my job is listening to my clients and helping them meet their financial goals. Our wealth management process is a living breathing interactive tool. It is not a one-size fits all process, and we do not focus on huge comprehensive plans that are obsolete the moment they are printed. As a wealth advisor, part of my job also involves managing my clients’ emotions. As I always say, “Life gets in the way!”

Joe Carbone, Jr.

About the Author: Joseph Carbone, Jr.

Joseph A. Carbone, Jr., is a wealth advisor and partner of Focus Planning Group. Joseph is an accomplished wealth advisor with extensive experience in portfolio management/research, financial planning, employee benefits, client relationship management, and insurance design. Joseph holds a bachelor’s degree in finance from Dowling College and obtained the Certified Financial Planner™, Accredited Investment Fiduciary®, and Accredited Asset Management Specialist℠ Designations.

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