Financial firm founder Barry Ritholz says that the vast majority of people in the investment business spend most of their time chasing new business. Finding clients or trades consumes most days and a lot of nights—it is their main job.
Dialing the phone, putting on seminars, networking, joining boards, sending spam email…there are a lot of ways to meet people.
That Ritholz Wealth Management needs to do none of these things is what he calls “our exorbitant privilege.” We feel the same way.
My vision when I was forty was to find and retain a circle of clients who, if I took care of them, would take care of me. I did NOT want to wake up at sixty, needing to run up and down the highways to find a deal to pay my bills. The vision became reality.
You know our business objective is to strive to grow your buckets, and have them serve you as you need. The interesting paradox is that we have grown since we stopped looking for new business.
We frequently mention how important you are to the process. You saved the money to begin with, you share our philosophy of investing, you do the right thing even when it is difficult to do so. Clients may not be retaining nearly as much money if they routinely sold out in panic or insisted on buying into fads.
Now we have a better way to express our appreciation for you. It is our exorbitant privilege to serve you as we do.
Clients, if you would like to talk about this or anything else, please email us or call.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.