Financial advisors making New Year’s resolutions say they want to follow more of the advice they’re giving their clients — but also to remember to treat themselves.
Overall, both financial and personal well-being are top of mind for most advisors, MarketWatch writes.
Jennifer Weber, vice president of financial planning at Weber Asset Management in Lake Success, N.Y., tells the web publication she plans “to go back to advice I give and want to follow” regarding budgeting to ensure she and her husband are saving enough for retirement and their children’s education as well as travel, sticking with a simple budget: “50% of take-home pay on necessities, 30% of take-home pay on wants, 20% of take-home pay on savings and debt repayment.”
Mike Silane, the founder and managing partner of 21 West Wealth Management in Irvine, Calif., tells MarketWatch he’s taking time during the holiday season to update his “investment wish list” and allocate to it after considering his liquidity needs.
Leibel Sternbach, the founder of Yields4U in Melville, N.Y., meanwhile, plans to hire a financial advisor, according to the web publication.
“One of the hardest lessons for me to learn was that when it comes to yourself being objective is incredibly hard,” he tells MarketWatch.
David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J., is taking stock of all his financial accounts and ensuring his wife has access to them if he dies or becomes incapacitated, he tells the web publication.
But New Year’s resolutions are not just about saving and investing. Ian Bloom, the owner of Open World Financial Life Planning in Raleigh, N.C., plans to buy his wife a new couch, he tells MarketWatch. And after telling his clients and friends “hundreds of times” to buy cheaper used cars, Ron Strobel, the founder of Retire Sensibly in Nampa, Idaho, plans to buy two new ones over concerns that his 12-year-old cars are posing a risk, he tells the web publication.
“I suppose you could say that my goal for 2020 is to stop being so frugal and treat myself occasionally, especially when it comes to my own well-being,” Strobel tells MarketWatch.
Tara Unverzagt, founder of South Bay Financial Partners in Torrance, Calif., is also taking well-being seriously, according to the web publication. She plans to “start riding my bike regularly, do my yoga every week, and take a few moments every day to meditate and clear my mind,” Unverzagt tells MarketWatch.
“I expected my financial life will be no worse off and who knows, my business may thrive even more because of it,” she tells the web publication.