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Nick Murray is coming out with a new book: "This Time Isn't Different."
If you're not familiar with Nick Murray, he's a pretty iconic guy on the investment management side of financial services. His book "The Excellent Investment Advisor" (written before "The New Financial Advisor") is, I believe, a required read as is his book "The Game of Numbers."
Nick Murray has a solid belief in the power of equities, especially long-term.
That being said, I'm not sure I believe his first bullet point that he's promoting with this new book:
1) Remind clients that they own great companies, not just volatile stocks.
2) Be up front about crises: they are frequent, often significant... and always temporary.
3) In a crises, people don't need an advisor: they need a friend they trust to keep them from panicking out.
Points #2 and #3 are great, and when you've incorporated life insurance and annuities, you can show that those assets are protected from such bad news - yes, even variable contracts depending on any protection riders.
Point #1... depends on how you own those companies.
- If you own them as an individual stock, that may be true.
- If you own them in mutual funds or in a managed portfolio... you probably need more faith in the management and the investment strategy of those holdings, not the companies themselves.
We can look at various houseold name companies and that they didn't adapt with the times:
Here's the link to Nick Murray's site to learn more about his new book and other books he's written.
nickmurray.com
If you're not familiar with Nick Murray, he's a pretty iconic guy on the investment management side of financial services. His book "The Excellent Investment Advisor" (written before "The New Financial Advisor") is, I believe, a required read as is his book "The Game of Numbers."
Nick Murray has a solid belief in the power of equities, especially long-term.
That being said, I'm not sure I believe his first bullet point that he's promoting with this new book:
1) Remind clients that they own great companies, not just volatile stocks.
2) Be up front about crises: they are frequent, often significant... and always temporary.
3) In a crises, people don't need an advisor: they need a friend they trust to keep them from panicking out.
Points #2 and #3 are great, and when you've incorporated life insurance and annuities, you can show that those assets are protected from such bad news - yes, even variable contracts depending on any protection riders.
Point #1... depends on how you own those companies.
- If you own them as an individual stock, that may be true.
- If you own them in mutual funds or in a managed portfolio... you probably need more faith in the management and the investment strategy of those holdings, not the companies themselves.
We can look at various houseold name companies and that they didn't adapt with the times:
- Yahoo didn't foresee the power of Google.
- Blockbuster could've bought Netflix and didn't.
- Sears could've been Amazon, and certainly isn't.
Here's the link to Nick Murray's site to learn more about his new book and other books he's written.
This Time Isn’t Different | Nick Murray Company
nickmurray.com
