Happy New Year! My first word of advice for 2008 is to not let that New Year's hangover linger too long. We have lots of work to do and there's no time like the New Year to rededicate ourselves to those things in life that we love and care for so much.
I am glad to share one of my professional resolutions for 2008. I have resolved to continue to do what is necessary to stay on the cutting edge of all things relevant to my practice and this great yet ever-evolving industry. This really relates to my relentless quest for self-improvement, increased knowledge and skills, and the desire to be the best at what I do. Folks, two words come to mind in describing this resolution: passion and education.
There is absolutely no substitute for either word, especially in an industry that seems to reinvent itself every couple of years. I have always taken an academic approach to my career — thoroughly studying all of the variables that impact my practice — and then making the most sound decision based on the information I have collected.
I would like to share part of a conversation I had recently with a client of mine who I have worked with for about six years. During a regular review meeting, I summarized for him all of the various accounts we help manage for him, what their rates of return have been over the past year (as well as since the inception of the accounts) and what the overall asset allocation was. This is a report that I routinely provide for my clients as it provides a timely snapshot of their entire portfolio.
