“The next decade will be critical in terms of moving your objectives forward,” shared David Emmes, Western Region President of BNY Mellon Wealth Management.
At the Vistage National Conference today Emmes talked about how the upcoming decade is also going to be characterized by some things we haven’t experienced in the past:
- Slow, Erratic and Elusive Growth (particularly in domestic markets)
- Policy and Economic Headwinds (economic pressures, domestic & global deficit, unemployment, etc.)
- Changed Beliefs (broken investor trust, altered belief structures—not just short term sentiment)
“The ‘New Normal’ has us facing new realities. As a result, “we need to develop better ‘knowledge’, not just ‘information.’ It’s time to redefine what diversification means. Today it’s important to be thinking about objectives and different opportunities.”
According to Emmes, there are 3 Key to Success:
1. Investment Innovation and Rigorous Discipline
2. Seamless, Dynamic Planning
3. A Different Quality of Client-Advisor Engagement
What needs to change? Start by finding correlations that aren’t alike and be nimble and prepared to look at opportunities. It’s time to define your lifestyle and wealth transfer goals and determine what they really mean. Get clear on the following:
- What are Your Lifestyle Objectives? (Wealth Preservation, Income Generation, Wealth Communication)
- What are Your Wealth Transfer Objectives? (Multi-generational Transfer, Legacy Funding)
Once you determine your lifestyle and wealth transfer objectives you can start to build out an effective plan with your advisor.
It‘s clear that the game has changed…how prepared are you?
Writer Rachel Kowalski is blogging for the Vistage National Chief Executive Conference.