Could Your Land it Like Sully?
On Wednesday, Lex Browning and I made it out to the golf course for one of the first rounds of the year for both of us. During the round, we were discussing some of the interactions we've had recently with prospective clients of our firm. It's somewhat inevitable for people who have never worked with a fiduciary wealth advisor to question whether or not it's worth it, or if they can just continue doing all of it on their own, and perhaps be just as well off.
It's a legitimate question, and one I'd probably ask myself if I was in their position. Our clients tend to be smart people, who have made decent financial decisions throughout their lives by relying on their education, experience, and abilities to navigate the plethora of information put out by the financial press, websites, workplace seminars, etc.
However, there comes a point where perhaps they've reached a stage in life where they wonder if things can be improved and better handled by a firm of experienced and educated financial advisors who spend their days thinking about the best ways to accomplish each client's individual goals and priorities.
Think of the situation that many of us face on a regular basis - the decision to take a long trip where the easiest way to get there is by air travel. You could choose to take up flying lessons and become a licensed pilot. After studying, practicing, and working with an instructor, you may receive your pilot's license and be ready to load up your family and head out to your destination. Statistically, you'll probably get there in one piece.
However, what if the worst happens, and you encounter a bird strike right after takeoff, as Sully Sullenberger did in 2009? Could you land it like Sully? We all remember when this occurred, and how his heroism, experience and untold hours in the air as a pilot helped to save the lives of 155 people. It was dramatic, and a reflection of how one individual's expertise saved the day.
As a fiduciary financial planning firm, we see ourselves in a similar role. We're responsible for the financial lives of hundreds of clients on a daily basis. We've spent untold hours and years learning and applying our craft. When situations like the Covid pandemic strike, we have to rely on our experience and training to navigate the situation in the most optimal way. And even though we utilize proven processes and techniques for every client, the way our techniques are applied is different for each one. We're going to employ all of our resources to create the most optimal outcome for every situation.
So, although you certainly could get your pilot's license and fly your family to any destination, most people choose to leave the task to the seasoned professionals, sit back, relax, and have the confidence of knowing that they will arrive at their destination.
If you find yourself wondering "can I just do this myself," maybe it's time to have a conversation with us to learn why employing a team of accomplished advisors can get you there more safely and with less stress.
--Doug Kinsey, CFP®, CIMA®
Partner, Artifex Financial Group