Is Financial Advice like Medical Advice?

Palm TreeI noticed one of those annoying fold over advertising pages in the newspaper recently that advertised “cures” for a broad spectrum of common medical maladies. Many of these are conditions that might have been better “cured” at an earlier time with less costly, less complex medical interventions. The same is often true with financial issues. Neglect can exact a very high price.

Financial life planning requires both art and science. The same is true for medicine. I recall many years ago walking into a medical office building and seeing the sign that read “Medical Arts Building.” At first glance, I thought this was strange but upon reflection I realized that indeed physicians utilized science but applied that science artfully to individual patients.

Bringing art and science together is what makes us standout from others. We know that financial science leads us towards good long term results but how we apply this to each client differs.

Complicated medical treatments and complex financial solutions have the same origins. Both confuse complexity with “good” and simple with “bad”. Sometimes clients seem to prefer fancy sounding strategies or tactics versus more foundational advice like investing for a purpose, controlling behavior and saving more. Sometimes they just want the current “pain” to go away even if the cost is to derail their long term financial plan.

One of the themes we will be unveiling with our new website is encompassed in the phrase “life is more than numbers”. Numbers play a role of course, but life goals are much more important. To use medical verbiage, we start with “how you present”, where you are today. From there we point towards the direction you want to go and then set out to work on a dynamic, simple framework for getting there. Ready for a real conversation?

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