As he thought back to the financial crisis that emerged as George W. Bush ended his second presidential term in 2008, Solomon Chemo, Managing Partner of The Richmond Group Wealth Advisors, LLC, said, “No one thought we would be in that situation. It was a time of uncertainty for everyone. We did everything we could to manage our clients’ portfolios and their plans while not knowing what tomorrow would bring. But, we assured them that we were going to get them through it.” His dedication was bolstered by words his father had once told him: “Anybody can perform well when things are going well, but it takes a true leader to perform when things are going bad.”

As symptoms of the failing economy set in, financial advisors and clients alike began to experience the potent side effects of investment risk. What seemed to be a superficial economic wound would turn into a critical injury – and the country wondered when the bleeding would stop. Chemo, a Certified Financial Planner®, observes that while the pain has eased somewhat, the after-effects of 2008 remain, leaving clients still very sensitive to capital losses.

Today, some people are hedging risk altogether – but that, too, comes at a price. Some fear they may outlive their money due to healthcare costs, inflation, low interest rates, high market volatility and an unstable global economy. This is a challenge for financial advisors and while Chemo doesn’t recommend that people throw caution to the wind, he does emphasize longevity statistics. “If we look at mortality risk compared to investment risk, it puts things in a different perspective. Some clients aren’t taking enough risk which they need to in order to meet their goals for the long-term,” Chemo explained.

Chemo does have a way of looking into the future. The Richmond Group is part of the Wells Fargo Advisors Financial Network, and able to use the Envision® process – a sophisticated statistical model that helps them determine the probability of clients outliving their money.  “This allows us to come back to the present day and put a plan together to do what needs to be done to reach a client’s goals. It is an ongoing process, and if a client’s life situation changes, we revisit the plan,” said Chemo.

Based on Staten Island, The Richmond Group Wealth Advisors, LLC., provides individuals and institutions comprehensive investment services, retirement programs and a broad range of services specifically tailored to the needs of executives, businesses and retirees. The firm takes great care in customizing financial strategies tailored to help each client achieve their immediate and long term goals.  This team of professionals believe that each clients’ relationship begins with integrity.  The foundation of their practice is their commitment in helping their clients to ensure that their future is secure. Consistently working on the clients’ service experience, The Richmond Group is guided, yet again, by the words of Chemo’s father, “Always put the clients’ interests above everything else.”

For more information, visit: www.richmondgroupwa.com