4 of the nation’s top 100 financial advisers share the best piece of money advice they’ve ever gotten
Often, advisers have received tips from mentors and colleagues to help them successfully conduct business, grow wealth and interact with their investors.
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When it comes to investing and managing financial portfolios, even the nation’s top wealth advisers want advice. Often, they’ve received tips from mentors and colleagues to help them successfully conduct business, grow wealth and interact with their investors. We asked some of Barron’s Top 100 Financial Advisers to share the most memorable and meaningful words of financial wisdom they’ve received throughout their career. Here’s what they told us. (You can use this tool from SmartAsset to get matched with a financial adviser who might meet your needs.)
“Balance the enjoyment of life with the assets you’ll eventually leave to heirs or postponing enjoyment of life for later on.” — Seth Finkel, wealth adviser at Neuberger Berman (#24)
“Some people might not take it as advice, but I received it as advice and I’ve passed it on at least 100 times over 30 years. That message has stuck with me in the sense that it’s best to balance the enjoyment of life with the assets you’ll eventually leave to heirs or postponing enjoyment of life for later on. There are too many people I know who have given away too much of their assets early on to their kids so they end up with assets that don’t sustain their [own] living standard. Or they save so that they’ll leave money for their family or charities and they sacrifice things during their own lifetime. It’s better to have a balance.
“Remember that you can’t make me rich, but you can make me poor, I am already rich.” – Drew Freides, managing director and private wealth advisor at UBS’s Freides Kanigher Westerman Group (#46)
This refers to the inherent loss aversion with very wealthy individuals. “They took a ton of risk to make their fortune, we must always be aware of that, and implement investment strategies that first and foremost protect principal. Wealthy individuals don’t mind giving up some upside, as long as we preserve principal on the downside.”
In other words, Freides means that when investing, you should always be careful to protect your principal so that you don’t run out of money, and at the same time try to grow that principal so that you have even more than you started with.
“A truly good financial advisor has the heart of a social worker and the mind of a capitalist.” – Jonathan Kuttin, private wealth advisor at Kuttin Wealth Management (#26)
In 2000, an internal leader at Ameriprise shared this with Kuttin and he continues to coach his advisers and other advisers on this thought process regularly. “A good adviser has to be caring and put their clients first, but they also must be astute and willing to influence their clients so they can make tough decisions in a positive way and with confidence,” says Kuttin.
Never be afraid to ask for something because 100% of the time you won’t get it if you don’t ask. — Holly Newman Kroft, wealth adviser at Neuberger Berman (#49)
“This is the best advice I received from a friend and mentor at the beginning of my career 17 years ago. That thought has guided me in my professional life, in building my business as well as in my personal life, advocating for myself and my family. Never let fear dictate and never be afraid to ask for what you want,” says Newman Kroft.
When it comes to your money, this applies too: It’s important to ask your adviser questions about your finances, even if you think the answers might be obvious or silly. It’s also essential to express the outcome you’d like to see when it comes to your financial future. Only you know what you want and if you don’t ask for it, there’s a pretty good chance you won’t get it.
