Why am I a Financial Adviser? It is ironic that my first blog is written during a time of financial crisis in the stock market and economy. A time when the market has recently gone down 30% in thirty days. Times like these are why I am a Financial Adviser.
I became a Financial Adviser in 2008. Arguably one of the worst times in history to be a Financial Adviser. I was working for a large financial firm in Chicago. Images of all the advisers starring at CNBC, Fox News, CNN on the TV are still burned into my mind. I had no understanding of the magnitude of what was happening. The effect this was having on the people who would eventually become my clients, retirees. Fortunately, I had no clients at the time. That was a blessing. I was brand new. Took all my tests and got all my licenses. I was fortunate that I did not have the time to sell any of the “products” the company offered. Had I started in the business earlier and had time to push the “products” they wanted me to my story surely would have been different.
Fast forward 8 months. It was now March of 2009 and the market was about to hit the bottom of the Great Recession. I had joined my Dad in Florida. He had been focusing on selling safe and secure investments and was doing very well. Joining my Dad, forming my own company, working independently and becoming a true Fiduciary seemed like a no brainer to me. I now had the opportunity to provide my clients with what was best for them, not what was best for some company’s bottom line.
During March of 2009 when the market was down 50% from its high, I was going on appointments in people’s homes seeing the terrible effect of poor financial advice. These people who had worked so hard their entire life to save the biggest nest egg they could were letdown by their financial adviser and the financial industry. I remember the panic, stress, anxiety and concern on their faces. They did not want to open their statements; they were staring at the ticker tape on the tv and their so-called adviser was nowhere to be found. I remember thinking, there must be a better way.
Fast forward to April 1st, 2020. We just had the worst first quarter in the history of the market. The market dropped 30% in 30 days. I manage over 150 client’s assets and I can count on one hand how many people called with enough concern to warrant a significant change in their portfolio. This is no accident. This is a result of what has formed my financial advice and company over the last 12 years. I have spent arduous hours searching for investments that are in the best interest of my clients. One of my most important jobs is to continually search out new offerings I feel would benefit my clients.
I am a Financial Adviser, so my clients do not have to worry. If you spend one second in retirement worrying about your money, that is too much. If you saved enough money leading up to retirement the hard part is over. With good planning, the market going down 30-40-50 percent should not affect your probability of success. Having a good plan in place to get you through retirement is everything. Typically, it is not the same plan that got you to retirement. Worrying about money in retirement is a result of poor planning. That is why I am a Financial Adviser.
– Timothy J. Spyrnal
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