By: Alex Weiss CFP® | President & Wealth Manager
When someone asks their financial advisor, “How am I doing?” They usually mean, “How’s my portfolio doing?”
I understand why that’s the case. Financial advisors have put much effort into being known as the investment people. Unfortunately, it also means a disproportionate amount of their conversations focus on market performance, especially in the short term.
The truth is that a well-integrated plan makes it easy to answer your financial questions. Once an integrated plan is in place, we can quickly give you answers like:
- Here’s where your portfolio is. It’s growing (or declining) as forecasted.
- Your spending is (or isn’t) where it should be.
- Your tax strategy is on track.
- Your estate plan is in order.
- Your risk management plan is updated.
- Your family governance and trusteeships are established.
But then it’s our turn to ask you: “How are you doing?”
Are you doing the things that you set out to do? Are you filling your 168 hours a week in a way that really fires you up? Your capital isn’t the goal of your plan. We can get tunnel vision when we ask how things are going, and we only mean our money.
We will always welcome questions about our portfolio and your plan but remember the most important question. Is my plan enabling me to live the best version of my life?
