Trying Times = Opportunities
Robert A. Mecca, CFP®, MBA
Vice President, Wealth Management
April 8, 2020
There is no textbook any of us can use to navigate through this present global situation. We cannot, for example, pull out the finance book, go to chapter four, page 112 and read about the best strategies to implement in case of a major coronavirus outbreak killing thousands.
There is no magical formula for instant relief, even our state, local, and federal governments will admit. The stock market has taken a hit. Americans are witnessing current events with consternation and trepidation and searching for help and guidance in many aspects of their lives.
In a recent March, 2020 article published by WealthManagement.com, the subject of the client-advisor partnership was addressed. The article stated that about 46 million US households currently work with financial advisers, but “half of which are not satisfied.” The article said “People expect real insights from advisors that they can’t get elsewhere, but advisors are not properly equipped.”
It further says that an additional 24 million US households “would like to work with financial advisors but can’t find one they can trust.” Taking half of 46 million, or 23 million plus 24 million equates to a total 47 million households needing and looking for professional guidance.
We at SFG have highly qualified, highly credentialed, tenured and experienced professionals to help Americans through this time and beyond. Client financial well-being is primary. Working overtime during this crisis is common for us. As Fee-Only advisors, we are a fiduciary. Client interests are placed first in developing personalized strategies while selling no products and receiving no commissions.
It is essential during this time to work with a qualified professional team. In doing so, SMART criteria is absolutely essential.
S – schooling. Partner with a professional who has proper schooling starting with the CFP ® credentials. A Certified Financial Planner, or CFP ® in the client’s corner is important. I would add that a CFP ® with tenure and “scars” experienced from previous tough market situations and economic conditions is added value.
M – manage/mentor/match. A professional with experience who can properly manage your finances through difficult times can be a huge game-changer. Fundamental and technical analysis appropriately deployed is key. Keeping emotions out of the equation is essential. This team of managers can work closely with clients as a mentor matching goals, risk, and personal situations, then developing a unique plan with constructive strategies.
A – attitude/author. It is your money. Our attitude has and will continue to be that your money is important to you and needs to be properly employed to help secure your financial future. I, along with other SFG advisers have authored many widely published articles. My favorite and one receiving national attention is called “The Key to A Comfortable Retirement” published in Stock, Futures, and Options magazine.
R – RIA/recommendations. We are a Registered Investment Advisor firm in compliance with government rules and regulations. Recommended strategies are in coordination with client risk limits, time horizon, and goals and in keeping with the spirit of appropriate professional conduct.
T – team/teach/triumph. For every client, we have a team approach. We’ll assign a point person and support with select CFP’s®. Your future is at stake so we take pride teaching clients; not talking down to them. I personally have taught classes for about 30 years including an MBA course at Northern Illinois University. Other SFG advisors have also taught classes. In the end, the mutual goal is financial triumph for each and every client. It requires hard work and dedication, long hours and diligence.
We have been around the block a few times and have your back. General George S. Patton, Jr. said: “If a man does his best, what else is there?” I would like to add that if your financial partner truly has your best interest in mind, the result can be mutually rewarding with long term satisfaction built on a solid foundation of trust.
Unless otherwise expressly indicated, the opinions or views expressed in this article are the author's own and do not reflect and may differ from, the opinions or views of StrategIQ® Financial Group, LLC or others within StrategIQ® Financial Group, LLC, including its officers, managers, owners, employees or other service providers.