Traveling to Conferences for You

Brian A. Magnan CFP®, AIF®
Director – Magnan Family Wealth Management

 
Greetings from Dallas Fort Worth airport!  I’m waiting for my flight back to Chicago after attending two crucial conferences this pas week.  I believe these events are vital for enhancing your financial journey and achieving your goals.
The first conference with my favorite industry professional and author, Nick Murray, held at the Marriott Marquis in Times Square.  Nick always offers a unique, countercultural perspective on planning and navigating crises.  Despite the $3,000 price tag, I attend annually because his insights significantly shape our philosophy and contribute to our collective success. This trip is extra special as Tiffany, Archer, and Blaire joined me in the Big Apple.
 
One of the main ideas from Nick’s all-day discussion was the insight: Charlie Munger once said, “The first rule of compounding is to never interrupt it unnecessarily.” Nick Murray adds, “All interruptions of the compounding are unnecessary.”
 
There are more than a few reasons every year for the beginning or continuation of the next crisis.  This crisis can cause lower valuations of our portfolios.  As humans, we feel the pain of portfolio declines more acutely than the joy of gains.  Establishing a plan is paramount, but adhering to a plan during a crisis is difficult.  Nick suggests that our shared goal should be to reach the following three levels:

  1. Communication – Understanding our instinct to react to market declines.
  2. Resilience – Not reacting to market declines, and to continue to act on our plan.
  3. Anti-Fragility – Growing stronger with each crisis we endure.
At 52, I’ve seen the S&P 500 index halve three times. Yet, $100,000 invested in the S&P 500 right before the first decline on January 10, 1973, would have grown to over $20 million today. 
 
What level are you on? Let’s get to Anti-Fragile.

 
The second conference was hosted by Wells Fargo Advisors at the Loews Hotel, next to the Texas Rangers ballpark and Dallas Cowboys stadium.  Unfortunately, my New York trip meant I missed the home games before this event.
 
Wells Fargo Advisors invite the top 500 advisors nationwide to discuss new investment products, technology, advancements, planning strategies, lending solutions, and compliance actions.  It’s a fantastic opportunity to connect with department leaders and learn from fellow advisors.  Here a few key takeaways:

  • No texting business communications unless through the Hearsay app.
  • Mobile deposits have nearly eliminated the need to send checks to our office.
  • E-signatures are now available for most documents.
  • Upgrades to our planning, contact database, trading, and client management software.
  • Fewer accounts for you, as more investments can be held in a single account.
  • Our plans must prepare for higher taxes, regardless of the government party.

Want to chat more?  Reach out or let’s schedule a time.  I’d love to hear your insights.
Magnan Family Wealth Management

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