How Alternative Investments Offer True Diversity
Podcast: How to be Proactive in Today’s Market
Key Highlights
[00:01 – 12:53] How to Stay Calm during Market Volatility
- Inflation is high, markets are volatile, and clients are concerned about their investments. Mike discusses how to communicate with clients and how to stay calm during these times.
- Over long periods, the market is usually up, but there have been down years too. Clients can use this information to help them feel more confident about their investments.
- People who take action solely based on volatility and not analysis have worse returns over long periods.
[12:54 – 26:56] The Rise of Fee-Only Financial Advisors
- The number of financial advisors in the US is growing, and fee-only advisors are a growing percentage of this population.
- The growth in advisors is due to increasing education about advisor conflicts of interest and the benefits of working with a fee-only advisor.
- Changes in the tax code, social security, and other policies are to be observed to find opportunities for higher returns on the upside or protect against risk on the downside.
- Mike discusses how their firm is investing in technology and developing in-house investment strategies.
[26:57 – 26:56] Questions to Ask Your Financial Advisor
- Comprehensive wealth management is critical – ensure that this is what the financial advisor can offer. This way, you can get to your goals faster with less stress. Check out https://www.napfa.org/ (https://www.napfa.org/) for more information.
- Proactive clients who ask the right questions are more likely to succeed.
- Delegating tasks to experts can help reduce stress and prevent over-analysis.
- Sometimes, the best thing to do is nothing. It may be better to take a step back to reevaluate instead of taking action triggered by panic.
[36:58 – 41:57] Closing Segment
- Get in touch with Mike Prendergast to learn more about wealth management!
Links Mentioned:
Website: http://www.altfest.com/about
Linkedin: https://www.linkedin.com/in/william-michael-prendergast-aa013918
Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/
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