Fiduciary Standards

Take emotion out of the equation

Set specific time horizons

According to a 2019 survey conducted jointly by CNBC, and investment-trading platform Acorns, some 75 percent of Americans manage their own finances with no help from a professional provider or online service.

Stuart Schiffman, founder and managing director of Compound Wealth Advisors LLC, understands that desire, he once was one of those people.

“As a Wall Street veteran, I thought I could do everything myself which turned out to be a mistake,” he told Advisors Magazine in a recent interview. “First, you have to learn to take your emotion out of investing. And second, you have to invest with specific time horizons in mind.”

“Even though I worked on Wall Street early in my career it wasn’t until I completed the CFP® certificate program in financial planning that I really began to put it all together,” Schiffman added.

schiffman quote
Schiffman says he’s seen all kinds of mistakes. “The common ones include chasing performance, thinking you know something the market doesn’t, and listening to TV commentators for stock advice,” he noted.

“My suggestion is to treat your financial health the way you would your physical health,” Schiffman advised. “Always get a second opinion. I’m willing to look at anyone’s portfolio to see if it matches up with their goals.”

Schiffman’s Connecticut-based firm focuses on creating and managing portfolios for pre-retire to retirees with a minimum of $250,000 in investable assets. He creates unique portfolios for each client based on an in depth understanding of their circumstances.

“I believe it’s vitally important to get to know your clients and then tailor custom solutions around them,” he said. “Each client is unique and I want to give them portfolios that match their personality. If it’s a good match they will stick with their investments for the long term.”

His client service philosophy is to deliver outstanding value. “I want my clients to be really successful. To me that means treating them as I would myself,” Schiffman commented. “I want them to get the most out of their money so they can have more freedom in their lives; so I offer my skills and experience at a very reasonable price.”

He stays in touch with clients frequently and always asks them if there is anything that he needs to know that might have changed since they last spoke.

Stocksy txp76b98bfeJ3u200 Medium 876711He noted that he has been reaching out a little bit more due to the market volatility this year, but overall his clients are not concerned.

“I spend the time upfront educating my clients about volatility so when we get a sell-off no one panics. In fact, it’s often an opportunity,” Schiffman said.

He maintains that the secret of becoming a really good investor has been gleaned after years of experience. A lot of investing is counterintuitive and highly fluid.

“I certainly would not want my clients spending their time trying to understand investing,” Schiffman added. That’s a brain drain. They are better off leaving that to dedicated professionals. I’ve been investing for over 40 years and I’m very confident in what I do.”

As for online investment platforms, like Acorns, he notes that he likes their business concept, getting people to invest early and often compounds over time and that is the best free lunch of all.

For more information on Compound Wealth Advisors LLC, visit: compoundwealthadvisors.com

 

Follow Us

Subscribe to Our Newsletter

What's Next, Updates & Editorial Picks In Your Inbox

© 2017-2019 Advisors Magazine. All Rights Reserved.Design & Development by The Web Empire

Search