By Nicholas W. Stuller
This investor, born in the first year of the Millennial generation, has experienced a common decision-making process of whether or not to use his parents’ financial advisor. In this interview, he shares his experience over the course of 16 years sharing the same advisor.
Barry (not his real name) is single, thirty-seven, and a cyber security expert who has an MBA. Barry describes himself as a methodical person who does not get rattled easily. Barry has had the same advisor since right after graduating college, and in fact he uses the advisor his parents have been using. Mark (not his real name) has been working with Barry’s parents for many years, coming to the house to discuss various issues, so Barry has known him for a long time. Mark started his career as an insurance agent, then later got his series 7 license and now only gives investment advice and securities brokerage services, no longer selling insurance. When Barry was about to graduate from college, Mark invited him to his office to give him tips on his résumé and job hunting. Barry was very appreciative, and found it refreshing that Mark took an interest in Barry’s career and future.
In Barry’s first job, he participated in his employer’s 401(k), then started getting guidance from Mark. Later, he opened an IRA and a Roth IRA with Mark and contributed as much as he could each year. During the 2008 recession, Mark called Barry very frequently to see how Barry was doing, as so many people were rattled and making emotional decisions. Barry had to tell Mark to call less often; he was fine, and understood markets go down. He was confident in his investments.
Over the years, Barry has met with other advisors, but none have given him the comfort level Mark has. Mark understands what level of detail and information Barry needs, is always prepared, and knows when to persist on a certain topic and when not to. Barry’s primary goal is to fund retirement, and possibly get out of the corporate life and start his own business in the future, in order to control his own earnings destiny. Because he started early and stayed the course, he is on pace—and in fact, ahead—of most of his peers.
This story first appeared in my book THE TRUTH SHALL SET YOUR WALLET FREE: Secrets to Finding the Perfect Financial Advisor, published in 2018 by Post Hill Press.
Nicholas W. Stuller is the Founder and CEO of MyPerfectFinancialAdvisor the premier matchmaker between investors and advisors using personalized data, proprietary algorithms, and deep industry experience.