What are the most challenging and rewarding aspects of your job and why?
The most challenging and rewarding aspect of my position is recommending financial strategies that might go against a client’s previous mindset. Sometimes a strategy may require paying more taxes now in a lower tax bracket with the expectation of paying less taxes in the future at a potentially higher tax bracket. Another strategy that might seem challenging is annual gifting to family members, charities, or establishing a donor-advised fund. The rewarding part is implementing these strategic plans and having family members thank me years down the road for taking prudent care of their family’s finances.
Who do you look up to or admire in business and why?
I always find myself thinking of numerous individuals who have impacted me personally and professionally over my two-decade career. My answer starts with my family and how they instilled fiscal and moral responsibility in my life. I think about the recruiter at Strong Capital Management who took a chance on me right when I had graduated from St. Norbert College. My admiration includes the small business entrepreneurs who I’ve either worked for or helped grow their business. What I admire the most is that these small business entrepreneurs risk large sums.
What has been the high point of your career so far?
If you would have asked me this a few years ago, I would have said that the high point was passing three rigorous tests and becoming a CFA charterholder. My answer recently changed when I left a large bank and returned to my roots of working for an independent registered investment advisory (RIA) firm, SlateStone Wealth. Working for large organizations can feel secure, but that security comes at a price. Having the ability and flexibility to take control of my career and be truly independent is the new high point of my career.
Thinking back on your career, what advice would you give your 21-year-old self?
Take more risks with your investments and do not look at your portfolio too frequently. Early on, I understood the time value of money, but I failed to put all my money into stocks. Negative volatility can have a detrimental effect on the psychology of investing, and unfortunately, I tended to save too much in cash for that next stock market crash instead of being a long-term investor.
