Relax – this is not a good bye letter!!!!
I guess I am starting to look old – new picture coming soon - more and more of my clients are asking me when I am going to retire!? The answer is simple – neither my wife nor Kristin have any interest in me even contemplating the idea of retirement! I’m 55 (56 in October) – perhaps in 5 years I will start to think about it. Perhaps??
(But just FYI – I ‘could’ retire – what kind of investment manager would I be if I couldn’t manage my own money!!!!)
The ‘thank you’ is simply for allowing me to be your Investment Advisor or Stock Broker or Portfolio Manager or whatever you call me? Well, what you call me in good markets anyway… I don’t really want to know what you called me in 2001 and 2008.
Oh, by the way as of December we are no longer allowed to be called Vice Presidents due to some compliance thing so I guess me and all the other VPs are being demoted … oh well. Perhaps re-branded is a better term.
For some of you it has been over 30 years that we have been together – for others closer to 30 days!!! But I am thinking the average client has been with me close to 20 years???? I’m not sure but I think that is a solid guess.
With all that has been going on in this world of ours for the past couple of years it has really become obvious to me that I have one of the best jobs in the world. I read things every day that I am interested in and then I get to put that information to use for a bunch of people that I care about. To top it all off, I get to chat with a bunch of remarkable people throughout the year about their goals and dreams and the goals and dreams they hold dear for their families. Seriously, I cannot think of a better ‘gig’!!!
So … like I said… thank you!
Interest Rates, Currency, Inflation, Employment, Natural Disasters, Politics, Pandemics…
Well, all of a sudden I am thinking my job isn’t all that great anymore!!!
These are only a few of the things that take up pages in our newspapers each and every day. It is funny how we all seem to have certain things that we gravitate towards when it comes to the almighty news. I can certainly use much less of the last 3!
For quite a while now it would seem that the markets need to be reined in a little. People were talking about this when the market was 20% lower than what it is now, many even before that. Imagine if you missed out on the last 30% of growth in the markets? This happens to people all the time and then when the markets drop they are waiting for that perfect time to get in. Alas, by then they are too worried about the drops and miss the boat and the market is back up again. The real anxiety experienced by those investors that try and go it on their own can be debilitating. Not to mention the poor returns!
I love that online brokerage commercial where the younger brother tells the older brother “You are not still investing with Mom and Dad’s guy are you????” (I am Mom and Dad’s guy!!!!!).
Of course, these commercials always focus on the low fees associated with doing it yourself. Yap, you can save anywhere from 0.5% to perhaps 1.5% by making your own trades at one of these firms. What will your overall returns be after taxes? Who are you going to call when you have a question or are missing a tax slip? How easily are the executors of the estate going to be able to deal with the 1-800 number? (Who is going to send you Paul’s Prose!?)
Perhaps I have a bias (no, I DEFINITELY have a bias), but in my mind mechanics should fix the brakes on your car and professionals should manage your life savings. That is not to say that you should not ask questions and make sure you are paying competitive fees relative to your circumstances. Investment professionals must be kept on their toes and should always try to maximize a client’s net worth after taxes and fees.
Always feel free to keep me on my toes and never feel afraid to talk to us about fees or our approach to managing your investments.
While I am knocking us brokers and talking about commercials … I always remember one of my client’s jokes … “Hey you know who that guy is running on that spectacular beach in those Freedom 55 commercials??? It’s your BROKER!!!!”
Personal Thoughts
- Our country is nothing short of spectacular. Rosanna and I just returned from a trip to Nova Scotia (booked over 2.5 years ago pre-Covid). We did our best to bike the Cabot Trail – the hills are simply ridiculous!!!! We tried our best and managed to bike the large majority of it. Unfortunately, one of our group members had a terrible fall on one of the big downhills. He ended up in an ambulance and 2 hospitals but was not nearly as bad as we originally thought– he managed to fly home the next day. We cut our bike ride short that day and went straight to the Inn for a glass of wine (or 2). The views and the people were remarkable throughout the Province. After our bike trip we ended up at Fox Harb’r Golf Resort for 3 nights – our first night there we had dinner right next to Anne Murray!!!!!! As we were waiting I’m sure she thought she recognized me because she kept looking at me and saying something to her friends – I’m 100% telling the truth – it was very exciting. I wanted to ask her if she needed a Portfolio Manager!!!! J
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Bradley and Paris’ Wedding is booked for next June and guess who is going to be officiating the wedding???? Yap that would be me!!!! When they first asked me I thought they meant for me to act as MC but then they pointed out that they actually want me to marry them! Personally I think they are crazy for doing this because they have no idea what will come out of my mouth, then again, either do I. Rosanna has bought her dress already, as has Leah who is part of the Wedding Party. It is a very exciting time for all involved. Paris even let me meet her mother for the first time (our kids have been together for over 5 years). I have written them a song and quite frankly I think it is pretty darn good if I do say so myself!!! Get ready for your Advisor to become a YouTube Sensation … I’m thinking Justin Bieber might ask me to go on tour with him. (I’d prefer Anne Murray but she’s retired).