The importance of continuing your financial education for investment success
Each year I travel to a number of different investment conferences and financial education events with the goal of furthering the resources and positive impact that Riedmiller Wealth Management can help to have on Nebraska, Iowa, Missouri, Kansas, South Dakota and Colorado baby boomers. Since our main offices are located in Omaha and Lincoln, most of our clients are located in the Midwest. We also enjoy helping several clients that live across the country which is possible from technology.
Recently, I attended a financial conference at Las Vegas. At Riedmiller Wealth Management we strive to help our clients achieve their financial goals with smarter financial planning. At the conference in Las Vegas, I learned many new things coming to the world of investing and financial planning. I had the opportunity to meet other financial professionals from different parts of the United States, learn about new investing tools, technology and form some new strategic partnerships. It can be important to continue to learn and grow in any area of life that a person wants to improve upon. When it comes to money, investing and financial planning, this can be especially important.
My #1 goal is helping people like yourselves to secure your financial future. This is why I will be attending a number of additional financial conferences throughout 2018. When it comes to investing, I believe it’s important to continue to learn and grow. We cannot sit back and hope things will continue to go well or improve. So while other financial advisors might be content to “rest on their laurels”, I refuse to not obtain the newest information for my clients (many who I consider friends and that I care about very much).
Just think of all of the new things that we read about almost daily: artificial intelligence, self driving cars, space trips to Mars, same day delivery from Amazon, retail stores going out of business, robots and 3D printing. The list could go on and on. Facebook and Twitter did not exist 20 years ago. Many of us remember before we had smart phones, the internet and even cable television. Yes, the world we live in is changing, and will continue to change. It’s the same in the world of investing.
In 2017, many of us experienced the continued “bull run” of the stock market with strong growth. 2018 has continued with even more growth to many of our investment accounts. While nobody really knows what will happen in the markets for the rest of this year and into 2019, what we do know at Riedmiller Wealth Management is that having a defined financial plan can help to put you and your investments in a better position for potential success.
If a person was going to start a business and wanted a loan from a bank, one of the first things they would be asked for is their financial plan. What does your written financial plan look like? If you have been working with a Wall Street commission broker (which you might be if your money is invested with one of the big box firms), it is likely that you do not have a written financial plan. Monthly account statements of your brokerage account are not a written plan, as many people found out the hard way back in 2001 and 2008 when the markets crashed. Or if you have been handling your own investments up until this point, do you have a written and defined plan? Unfortunately, I find that most people do not.
If there is one piece of advice that I could offer…
There can be huge financial benefits to having a written financial plan and working with a financial professional.
Just think of the field that you are employed in (or used to be employed in if you are retired). Remember the training, education and on the job experience that you gained, and the experience that you had. You would probably laugh if somebody told you that they could do your job after reading some articles on the internet and listening to a few television or radio shows. Unfortunately, many people do this very thing with their money and finances. They make the mistake of not having a written financial plan, and they try to handle their investments on their own. There have been several studies that show the benefits of goals and written plans. Statistics also show that working with a financial advisor can help to put your investments and finances on a better path.
Just think about a food recipe. Leaving out just one or two ingredients can have a big impact on the taste and quality of the food. It can be the same with your investments and financial plan. If you are missing one or two elements, things that you have not thought of or do not have the proper financial education (training), then it could have a long term negative impact on your financial future. The so-called gurus on television and the radio do a good job of dispensing some of their general financial opinions. The challenge can be that many times, what they are talking about has nothing to do with your specific situation. How can they really offer anything of value until they know your financial goals, investments, risk tolerance and more?
At Riedmiller Wealth Management, we take a comprehensive approach to our clients’ investments and financial planning. We have a process that is called “Results in Advance Planning”. We will learn about your financial goals and look at your current investments. We will then “stress test” your investments to so what has been performing well, what might not be working so well, and also factor in any investments that you have been considering. We will look at historical rates of return, standard deviation, fees and more. Then we will work closely with you to determine if you are on the right track, or if some simple changes could help to improve your financial situation.
Attending different financial conferences each and every year helps me and my team at Riedmiller Wealth Management to continue to improve this powerful process that many of our baby boomer and retiree clients in Nebraska, Iowa, Missouri, Kansas, South Dakota and Colorado have benefited from (along with all of our other clients from across the United States). I have been to several different conferences over the years at places such as Scottsdale, Miami, Orlando, Minneapolis, Des Moines, Kansas City and Salt Lake City to name a few. I really do not care where the conference is held since my goal is to learn as much as I can so I can help more people like you. If there was a conference that I thought would be beneficial being held in Alaska in the winter, then I would probably be there. I refuse to accept anything but the very best when it comes to financial planning and serving my clients.
2018 is here, and so is the ever changing world of money and investing. Things will not be exactly the same this year as they were in 2017. The markets will either perform better or worse. Many people feel there will be a market downturn / correction / crash coming in the future. What we do not know is when this will happen. What we do know is that by having a financial plan in place before a major market event can help to put you in a much better position for several years to come.
Let’s chat about your financial situation so I can answer any questions you might have. You can contact the Riedmiller Wealth Management offices at 402-904-7575. We can look at your current situation and see if there are some things that can be done to help you accomplish your important financial goals. This phone call could be the best 15-30 minutes that you spend all month. Plus I can share with you some of the new things that I learned at this recent financial conference!