April 2024 Newsletter

APRIL 2024 NEWSLETTER

Recently a new client asked me what habits my most successful clients possess? I thought, what a great question. As a financial adviser, I have the privilege of guiding a diverse array of clients toward achieving their financial goals. Over the years, I've observed that the most successful among them share certain habits that significantly contribute to their financial well-being. After thinking long and hard, this is what I came up with.

The following is an overview of the three essential habits my most successful clients have in common.

1. They commit to full transparency.

Transparency is not just a buzzword in the realm of financial management; it's a cornerstone of trust and success. The most astute clients recognize the importance of being open and forthcoming about their financial affairs. They understand that a comprehensive overview of their finances is essential for effective management, and therefore, they do not hesitate to disclose every aspect of their financial portfolio. This includes not just the assets and investments directly managed by their financial adviser, but also other components contributing to their net worth.

2. They prioritize action over words.

The true test of a financial strategy lies not in its theoretical soundness, but in its practical application. My most successful clients are aware of this and prioritize action over words. The recommendations and strategies discussed during our meetings are only as good as their execution. These clients demonstrate a commitment to act, ensuring that the insightful advice they receive is not lost to inaction or procrastination. Their willingness to follow through with the necessary actions is a testament to their dedication to their financial goals. This follow-through is a critical financial management component, transforming strategies on paper into tangible outcomes.

3. They actively embrace financial education.

My most successful clients value financial education and literacy, recognizing it as the foundation of sound financial decision-making. Unlike fleeting social media trends that can be superficial or misleading, as highlighted in a recent Nationwide survey that found 34% of adult respondents under 55 acted upon misleading or false financial information found online, formal financial education provides comprehensive and reliable knowledge.

On a personal note, Lexi had her Junior Prom last week and looked absolutely stunning. She had a great time and a lot of laughs with her friends. I can’t believe how grown up she looks or that she’ll be turning 18 this October. Grades for this term are closing this week and she is again looking at another fantastic report card. I couldn’t be prouder of her. Nick and his team won their first 2 playoff rounds, advancing to the eastern conference finals this weekend. They earned their spot with Nick posting a huge shutout win Sunday. Nick has continued his dominance in the playoffs posting a 1.59 goals against average and a 953 save%. It’s a long playoff run, and whichever team is more rested, will definitely have the advantage. Hopefully, they can finish off this storybook year with a title.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.