First and foremost: Happy Father’s Day to all the dads and father figures out there! My wife and kids treated me to a special day, my mom sent me an extra special card, and I also had a great phone call with my wonderful dad who lives in sunny Florida; always makes my day to hear his voice. I like to say Go BIG (Begin in Gratitude), and Father’s Day sure makes that easy!
In addition to an amazing Father’s Day weekend with my family, I also get to look forward to our new website launching this week! It’s been a labor of love and something I’m excited to have in the hands of our clients and potential clients. Please visit us at www.gwmteam.com
and check out the new site!
Some of the most compelling features on the new website are the resources available. Not only are there articles, newsletter archives, and (soon to come) blog posts, there is also a new client portal. The secure portal gives our clients consolidated access to weekly updates on some or all accounts with a unique username and password from various custodians entrusted to protect our clients’ assets. We’ve been working hard to provide valuable content for our clients! In addition, the site will be a great resource for clients to share with friends and family whom they believe may benefit from our help. We are excited for you to see it! Our clients will receive a letter with their login information within a week.
One thing that sets us apart from other financial professionals and that we’ve tried to highlight on our new website is the Fiduciary concept. As many of you know, this is a critical factor for our business and especially for the relationship with our clients. We were happy to see it given front page mention in The New York Times Business Section last Friday (see attached article, “Brokers Fight Rule to Favor Best Interests of Customers”). As I write to you this month, we are yet again at new levels of record highs in the market. Today almost everyone in the market is feeling like they are making money. However, market highs are historically followed by market lows. If you look back at the blue chip companies in the S & P 500 for a 10-20 year range, you don’t have to be a financial professional to see the trend. While it’s easy to be “up” when the market is up, it’s not so easy to be “up” when the market sinks low, and if your recovery runway is too short to come back, this can be devastating to any family.
Our clients feel the downside risks of a big loss are too big. THAT is what my team and I at GWM focus on doing for our retired or near retiring clients: “wealth preservation” to preserve your wealth and grow it, using lifetime income strategies, creating a balanced portfolio of investments with varying asset classes and strategies focusing on conservative growth and safety. When it comes to the time in your life when income distribution strategies are important, we don’t use “wealth accumulation” strategies limited to Wall Street’s “risk your wealth to grow it” approach, simultaneously telling clients “hang in there” after the market tanks. Many are forced due to need to continue withdrawals during these times because they need the income, and that is a proven recipe for disaster. We focus our transparent approach only on our client’s best interest, not only as an ethical choice, but as a legal requirement of the path we have chosen to license ourselves in the securities world. Unlike many in financial services who are working with a suitability standard, we don’t suggest investments based on inventory there is pressure from the firm to sell, or products that boast the biggest profit margins or commissions. We create plans that focus only on the best possible interests of our clients, are 100% transparent about our fees (we are paid for advice, which can make our fees a write off) …and THOSE are just some reasons why working with a Fiduciary is important.
Because of the importance I place on our Fiduciary status in meetings with my clients, you’re likely aware of its criticality and the role it takes in making sure you’re in good hands. However, your friends and relatives, co-workers, fellow congregants, neighbors, etc. are very likely not to be as informed on the matter. In fact they are likely unaware that the relationships they’re in with their financial services professionals are in more cases than not, not held to a fiduciary standard. In other words, though what feels like or actually is a real 20 year friendly professional relationship may exist, their financial professionals and the companies they are associated with can legally put the company’s best interest ahead of the best interest of your loved one. I’m sure you can surmise the impact this might have for some on their investments and ultimately, the amount of financial freedom and comfort they’ll enjoy in their retirement year OR the assets they’ll be able to pass onto the people or causes they love, their recipients of choice. I urge you to pass the attached NY Times article along to those you care about. Also, if you're so inclined and feel good about what we have done for you and your family, please feel free to share our new web address (www.gwmteam.com
) with those you care about so they can learn more about how they may be able to help themselves make smart choices about their money using their own values as a compass.
As always, thank you again for the opportunity to be of service.