Disclaimer: The following is my personal reflection on a recent article I was featured in from Newsday. The original piece was written by the talented Brianne Ledda.
It was genuinely gratifying to be included in a recent Newsday article that perfectly captured a facet of financial advising I believe is often overlooked: serving as a steady hand for clients navigating the often turbulent emotional currents of market volatility.
Table of Contents
Newsday Feature
The article began with the insightful perspective of a client of mine, Joseph Wekselblatt. Joe, a 73-year-old CPA with an extensive career on Wall Street, shared why, despite his own deep financial background, he finds immense relief in having a professional to call.
His words were truly humbling: “I’d rather be invested with a thoughtful, intelligent investment adviser, and I’ll happily pay their fees to be able to sleep at night.”
Joe’s sentiment gets right to the heart of it. So often, the biggest threat to an investor’s long-term success isn’t the market itself, but rather our own innate emotional responses to its fluctuations.
In periods of uncertainty, it’s all too easy for fear or greed to lead us astray, prompting impulsive decisions that can be financially self-defeating.
My role, and that of my peers, extends far beyond numbers and charts; it’s fundamentally about providing perspective and, ultimately, peace of mind.
The article highlighted several of my peers who shared valuable insights that deeply echoed my own experiences in guiding clients through these emotional landscapes:
- Mark Snyder of Snyder Wealth Group aptly described our role as being a “financial psychologist at times.” This is spot-on. During periods of uncertainty, a significant part of my job is to listen to concerns, acknowledge the understandable anxiety, and then, crucially, help separate that emotion from a sound investment strategy. It’s about reminding clients that “time in the market, not timing the market, is what makes money” – a consistent, long-term approach designed to counteract the urge to react emotionally.
- I found myself nodding in agreement with Charles Massimo from Wealth Enhancement, who noted his firm has been “dialing things up” to communicate with clients. Proactive communication is paramount, especially when the news cycle feels overwhelming. It’s not about making predictions, but, as Charles said, ensuring “we are communicating the right things to our clients” and reminding them that markets, despite their swings, are resilient. This consistent, reassuring voice is essential in preventing emotional knee-jerk reactions.
- Heather Eckles of Merrill Wealth Management made an excellent point about how professional guidance helps “take the emotions out of investing, which is an important part of maintaining a long-term view of your financial plan.” Her reminder that “the best days in the market have often followed the worst” is a message I frequently share. It’s a vital psychological anchor that helps clients avoid the trap of selling low out of panic.
Conclusion
Ultimately, the article underscores a fundamental truth about our profession: in an age of constant news cycles and unpredictable market swings, the true value of a trusted adviser lies in providing a steady, long-term perspective.
It’s about helping clients like Joe – and countless others – to “stay the course” and not make rash, irrevocable mistakes, especially when emotions are running high.
The goal isn’t just to manage wealth; it’s to manage the very real anxiety that can come with it, preventing those emotionally driven, self-defeating actions that can undermine even the best financial plans.
Disclaimer: The preceding is a personal reflection on the article “How wealth managers on Long Island play the role of ‘financial psychologist,” originally published by Newsday. To read the full piece by Brianne Ledda, please click here.