We, the financial planners and wealth managers of the world, are told with some great regularity that investors are demanding “alts.” Now the word “alts” probably doesn’t mean much to you, in fact, it probably looks like a typo, or if it’s a word, it’s barely a word. Yet, “alt” is a term that encompasses a large variety of investment …
Pricing Yourself Fairly
It’s curious how much time I spend talking about the value of people’s time, or more importantly, their expertise. As a financial planner, I engage every client in a conversation at some point and often at many points, about how much they’re paid as an employee or charge as a business owner. Almost inevitably, everyone is underpaid and undercharging in …
Cruising Into Retirement
It’s not an uncommon question from clients looking to retire: Is there a way to do it a bit more gradually? More as a lifestyle than a life-stage decision? While many of our clients are delighted to retire in their 50s instead of their 60s, another part of that cohort often envisions more of a second act to their career …
Adopting the EOS System
No, it’s not “E-Oh-SS” as one word, but an acronym: Entrepreneurial Operating System; and yes, that means the title is just as redundant as saying “PIN Number.” EOS has been in the “management vogue” for the better part of the past decade, and represents a uniform system of business management, review, and role management. Generally targeted at firms with 10 …
Fire Drills & Mulligans
There’s smoke in the air, and every breath you take causes you to cough. There’s a dry crackling sound, lights are flashing, an alarm is blaring, and rain is coming out of the ceiling. Panic sets in. Where is the exit? Who else is with me? Was with me? Are they okay? It’s getting hard to breathe, and you find …
Is this time different?
In the book, “Just Keep Buying” by Nick Maggiulli, the first chapter begins with a statement: “Why saving is for the poor and investing is for the rich.” It’s an interesting declaration. I grew up in a family of savers, for the most part. Three of my four grandparents were teachers of some variety or another who retired on Pensions …
Greenwashing – The Problem with ESG
Last week I had the good fortune to be invited to an event at the Burridge Center for Finance at the Leeds School of Business on the subject of sustainable investing. Presenters included Professors Asaf Bernstein & Simona Abis, and Angela Bricmont the Chief of Finance for Denver Water, which provides service to 1 in 4 people in Colorado. They all …
False Courage
Whenever the market takes a tumble, I get a vision of a video I want to send out to clients that I have neither the acting chops nor the production budget to make a reality. I envision a bored-looking man sitting in what looks like a World War 1 trench. There’s dirt being kicked up, distant booming and whatnot. People …
The First Longitudinal Study of Financial Planning
Financial planning has a curious chicken and egg problem. You see, most of the major studies about financial health in the United States are cross-sectional. Studies such as the Survey of Consumer Finances or the National Financial Capability Study are often used to assess everything from financial literacy to the impact of parental education on their children’s financial wellbeing. But …
The Passing of a Good Man
It was announced earlier today that Patrick Mahoney, the CEO of the Financial Planning Association passed away. I had a good relationship with Patrick, who took the helm of the FPA during a time of controversy in the FPA when a recent initiative had given pause to the chapters of the association as to whether the national FPA organization controlled …