The Balance
The newsletter that isn't terrible
Sarah Around Town
What does is really mean to be a fiduciary?
According to the CFP Board Code of Ethics, exercising a fiduciary standard of care means, among other things, placing the interests of the client above that of the CFP Professional.
Feels a little abstract, doesn't it?
This past week, I grew to understand, in a very visceral way, what it really means to put someone else's interests ahead of my own.
Back in 2021 I bought my first pony, Chico, and have been in love with him ever since. That same year he was injured and that left me spending thousands on medical interventions, countless hours on rehabilitation, and him cooling his heals in a box stall (bored and anxious) so that he could heal quickly and come back to work.
He did heal and he did come back to work. But it was a miserable and grueling nine months for both of us.
Last week I got the devastating news that he was injured again and I found myself at a crossroads.
I could once again spend thousands on interventions, subject both of us to months of rehabilitation, and keep him in a stall with little company or enrichment to get him back to work. Or, I could allow him to convalesce in a natural setting, letting his body heal on its own while his mind was enriched and occupied with little hope of him returning to work.
I have chosen the latter.
He will need at least a year to rest. The expense of maintain him will not go away but the benefits will. And our future is very uncertain.
But it's the right thing to do. His interests must come first.
The true essence of being a fiduciary is to introspect and examine choices so that we truly put your clients first rather than rationalizing our way to the choice that might serve us instead.
As I serve you, I keep at the front of my mind the trust you invest in me and my duty to serve you with loyalty and care. It's an obligation that I take seriously and an obligation that is more real to me than ever.
Wealth Management 101
UTMAs for Young Investors
February 2024
Most of us started our investment journey as young adults with our first 401(k) or IRA. I find many investors are largely unsure of how to invest but press on anyway because they know it is important to save and invest for the future.
If this was your experience, ask yourself: What if instead of being confused and uncertain you had been confident? Would that have
changed anything about your present and future?
While we can’t go back and change our past, we can make a better future for our children. That better future starts with education.
Most of our money education still happens at home and we still often learn by doing. If you want to include education about investing, there is a tool available to you in the form of a UTMA.
Foxy Finances
Stock market volatility can get to all of us now and again. Especially when the headlines seem to be screaming about doom at every turn.
But periodic market sell offs are normal and a feature of a health functioning stock market.