Jean WolfeCFP, CIMA, CPWA

Vice President

Minnetonka Office
Phone: (952) 249-7617
Toll Free: (888) 831-6426
Fax: (952) 249-7650
Email Me
Baird
601 Carlson Pwy
Suite 950
Minnetonka, MN 55305
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Jean’s Journal August 30 -2017 “The Why?”

I recently met a very intelligent young millennial. She worked in California Tech for several years until she recently started working with Simon Sinek’s organization.  For those who haven’t read this fascinating individual – he is truly insightful on passion and understanding the why of doing what you do.  I like his 10 rules for success as most definitely, I strive to follow these 10 rules.  Please share his message with others as he has great insight on success but also direction:  Simon Sinek 10 Rules for Success

For the past 30 years since fall of October 1987, I have tried to provide clients with an intangible service.  I always wanted to help reduce the stress of managing your wealth and improve outcomes -- How I add value to improve the odds of building/protecting and managing your wealth.
  1. Keep you safe from your blind spot, bias or assumptions of straight line of investment returns. I.e. the average return rarely is – i.e. to get an average of 7% you may have a 14% return and 0% return for 2 years; greed or fear may have you consider extrapolating either return.  Remember that with every great year, there are likely some less stellar returns sometime in the future.  We forgot the 2001-2011 S&P500 return of nary a +2% average for 10 years.   As investors passively buy and hold –but by not managing a growing concentration even in S&P 500 index – this is an act of “active” decision not to trim profits in stocks/strategies or rebalance your portfolio to the proper risk level. 
  2. Provide direction to you with investing as well as spending strategies that impact to your overall wealth – retirement planning is different than managing wealth and spending your wealth in retirement.  Calculating your return on a dollar basis is very wise – making sure your timing and sourcing of spending cash and distributions supports best outcome with the balance of your wealth.  Make sure your investment returns are based on this calculation as it takes into account your timing! Also paying the toll of capital gains tax is part of this process – trimming profits are one of the best ways to improve your wealth by protecting your wealth from concentration risk.
  3. Embracing the management of many things – from beneficiaries on IRAs to updating your estate plan. If we keep little “messes” cleaned up in timely manners –tidy financial affairs helps when life gets busy, complicated and diverts your attention.  Change occurs with time – insurance become obsolete –financial and life goals may also adjust. Managing change in interest rate risk, taxes, markets, and your goals is what we consider on an ongoing basis.
  4. Looking ahead provides great opportunity to navigate future stages, review options and gives us plenty of lead time to implement.  We don’t know where we are going if we haven’t looked at the map and considered many routes – so I consider one of my roles to be your “google map” on all items relating to taxes, strategies, spending, investing and estate planning.    Your journey will be less surprising and stressful if you map it out first.
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