Your Personal Currency

Peter Katevatis - Nov 15, 2017
In today’s world of online services and packaged product I am noticing much less attention to everyone’s personal needs.  You answer a short 5-question survey and *poof* the perfect solution is presented to you.  Companies have focussed more on effic

In today’s world of online services and packaged product I am noticing much less attention to everyone’s personal needs.  You answer a short 5-question survey and *poof* the perfect solution is presented to you.  Companies have focussed more on efficiencies and servicing the masses than making sure people have what they need.

 

Sadly, this is also becoming very prevalent in our industry of financial services.  We have a tendency to quickly pigeon-hole individuals into a pre-packaged plan and claim this is the perfect solution for them.  We gravitate to Exchange Traded Funds (ETFs), Separately Managed Accounts (SMAs), or model portfolios to give ourselves operational scale.  We can often lose focus of the things that matter to our clients that combine into their personal currency.

 

Katevatis Wealth Management - Your Personal Currency

 

Your personal currency is unique to you and your family and it is comprised of four parts:

 

  1. Money – Your bank account gives you the financial capability to do all the things you want to do.  When invested it can “work” for you and add further comfort to your ability to achieve your goals.
  2. Time – The one declining asset that we all struggle with is time.  You must use it efficiently yet take your time to smell the roses.  In financial services, the best we can do is be prepared so that our client meetings are completed quickly, being respectful of people’s time.
  3. Feeling Safe – Beyond some sturdy locks on your house, feeling safe means you are not looking over your shoulder.  The comfort of safety allows you too look forward and focus on the important things.
  4. Feeling Special – A second “feeling” category, but this is probably where financial services fail people the most.  If you don’t spend the time to learn about individual clients they will never feel special.  This is the bond that Artificial Intelligence (AI) will never fully grasp.

 

When working with a financial professional, ensure that they cover all the items that combine into your personal currency.  It may not be as literal as a cryptocurrency labeled MyCoin but it does encapsulate all of your goals and fears.

 

If your plan has not addressed all of your needs feel free to contact us and we will be happy to help.