I am entering my 11th year in the financial services industry this summer. I’ve never made much of milestones (maybe because I haven’t had enough!), but I never could have imagined what all I have learned in this past decade – so much about life, so much about people, so much about financial strategies. I’ve got a long way to go (I do share some “life-time learner” genetics after all!), but I thought I would highlight 10 things that have fundamentally resonated with me over my 10 years in the industry – 5 about life and 5 about finances.
- God is God, and we are not. This is something my pastor likes to say, and I find this to be truer every day. Some might find this to be frustrating (“why did this happen?”, “what am I supposed to do now?”, “how do I press on?”), but when I allow myself to step back, I find it to be such a relief. The Creator of the universe, who with one word arranged the whole cosmos, has the “whole world in His hands.” How freeing is this! Life in our fallen world will not be linear. It WILL create times of trials, but as a believer in Jesus Christ, you are eternally secure! So we approach life with thankfulness, gratitude, humble reliance, and eternal perspective. HIS plans are so much better than our own, and the setbacks we face are His doing, so that we will shift the focus away from ourselves and solely on Him, the One who deserves and is owed all glory, honor, and praise. One of our clients said it best recently- “just want you to know with all that is going on with our economy, we have great confidence in the Lord.”
- Vocation. When your work is a calling, not merely a job, it really isn’t work (in the secular sense) at all. God has placed each of us into the vocation where we can be His instrument to further His kingdom using our specific skillset. For those who are retired, your vocation hasn’t ended. Paul’s example in 2 Timothy is an example to us all. For Paul, he “worked” to his last days (2 Timothy 4:7- “I have fought the good fight, I have finished the race, I have kept the faith”), and provides encouragement to us all through his example (2 Timothy 4:8- “Henceforth there is laid up for me the crown of righteousness, which the Lord, the righteous judge, will award to me on that day, and not only to me but also to all who have loved his appearing.”).
- Balance. We all have things in our lives that merit attention outside of our careers. Spouses, children, grandchildren, hobbies, ministries, community service. The list goes on and on. And that’s my point. With these first two perspectives in mind, I have found it easier to achieve balance. I find myself feeling guilty when I am away from the office and have an auto-reply on my email – like I’m letting my teammates down, like I am letting our clients down. But God’s world doesn’t revolve around me. Processes are put in place, other people step up, that urgent need isn’t as urgent as it feels. So find the time- no MAKE the time- to be with your family, to experience the world around you, to serve others who are less fortunate, to refill your cup. And then, use that restored self to keep pressing on! God knew we would need rest, so much so that He modeled it in His creation.
- People. One of the most enjoyable things I have experienced over the past decade is sitting at the same table with clients. Simple enough, right? Each of you is unique, has your own stories, has so much wisdom to share, and I for one am better for it. Now I am sure that everyone in our position as wealth advisors says this (they are wrong!), but we have the BEST clients in the world. The opportunity to meet with you, to hear what is troubling you or what is exciting you, to face life with you, provides so much sense of purpose to me. How blessed am I- are we at the Thigpen Group- that we get to experience life with you! THANK YOU for choosing our team to partner with you, to walk alongside you, and to help you Live Your Life!
- Dad. I can’t make of list of things I have learned over my past 10 years without mentioning Dad. You refer to him as Scot, my kids refer to him as “Big Popi”, but only my brother and I have the honor of calling him Dad. In many ways, these takeaways are largely attributed to him. To those of you who know him well, you will know how much of his heart is aligned with all of these things. It seeps out of him in all that he does, and we are all better for it. I would not be the man I am today without him. People have asked what it’s like to work with your dad. My response is typically, “it probably isn’t for everyone, but I am glad it’s for me.” From my (possibly, no surely biased) opinion, you are in good hands!
- Framework. Now shifting to more of the financial. One of our core convictions is that decisions you face should not be made in a vacuum. I find myself saying, “it’s not right or wrong, it’s what’s right for you” multiple times over the course of a week. Without a personal, customized, financial plan, you are increasing the chances of making potentially costly mistakes. Google, Reddit, White Coat Investor, ChatGPT, or the “give me answers” tool du-jour, as valuable as they can be, don’t possess the ability to customize decisions for you. We will continue to see AI and future technologies advance and better our industry, ultimately to the benefit of you, but we will always be bullish where we fit in the equation, which is to partner with you to help develop, implement, and maintain your unique financial plan. If you don’t have a plan, or don’t have confidence in your plan, or haven’t revisited your plan in a while, would you allow us the opportunity to collaboratively develop one with you?
- Optimize. Beyond the need for a basic framework, another one of our core convictions is that conventional wisdom doesn’t always produce optimal results. We strongly believe that your plan can be optimized with some critical thinking, applying the knowledge that we glean from industry thought leaders. One of my personal favorite examples is collaborative and proactive tax planning. Concepts like asset location, strategic Roth conversions1, charitable giving planning, taxation of investment products2 and income streams- the list goes on and on, as does the value of knowing when and how to apply them. At the end of the day, what matters is after-tax results. Think of the impact that we collectively could have with more resources at our disposal!
- Risk. Always relevant, but particularly so given recent markets (more below). What is risk in the first place? In his book Around The Year With Nick Murray, Murray defines risk (as it pertains to the financial markets) as “the chance of permanent loss of capital.” Our industry has done a poor job of positioning risk, in my humble opinion. Risk does not equal volatility because volatility, or the fluctuations in price, will always be present if you are an investor. YOU, Mr. and Mrs. Investor, have the ability control your emotions regarding risk. That is simply because you have all the control of whether you turn a temporary decline (downside volatility) into a permanent loss of capital (sell). Barry Gilbert, Vice President, Allocation Strategist at Carson, recently shared his thoughts on this- “Being ‘risk tolerant’ doesn’t mean that you’re not going to feel bad when markets are down. It means that you know downturns are going to occur, you know you’re going to feel bad, and you are prepared to ride out the emotions. That may be the most important lesson for being an effective long-term investor. I can almost promise you that when we have the next major decline, whether tomorrow, in a month, year, or longer, it’s going to feel like the downturn is different from every other and that the normal rules don’t apply. It always does- that’s just the way volatility works. But as [we] like to say, volatility is the toll we pay to invest.” That is one of the reasons you have chosen to partner with us- so we can help you stick to your plan, investment planning included.
- Markets. Let me preface this by saying many of you have much more real world experience with markets than I do. I’m just 10 years in, BUT my 10 years have seen some pretty interesting market events. Brexit, trade wars, a global pandemic, inflation and interest rate hikes, foreign invasions, regional banking crisis, Japanese yen carry trade, and most recently Liberation Day. Concerns persist about the potential for stagflation, fiscal and monetary policy, debt ceilings, high P/E ratios. I don’t mean to minimize these things- there are valid concerns that we face. But when have there not been concerns? When have things ever been “all clear”? How you choose to respond to headlines is your choice. That is something you can control. We want you to voice your concerns and fears- it helps us understand you more and helps us provide advice specific to you. We won’t have all the answers, but we have the unique privilege of re-evaluating your personalized comprehensive plan with you. Unless you are just genuinely interested in the specifics of the market event of the day, what you are really wanting to know is, “am I still ok?”, and that is a question we can help answer.
- Money. What an emotional word, right?! We, individually, all have different definitions for it, and most certainly have our own unique emotional responses to it. Our team certainly wants to understand what those are for you- it is critical in framing all discussions we have with you. I will share mine, not to sway you into thinking the way that I do about it, but that it might be an encouragement to you. Money, in my view, is a tool. It is a means to an end. Money isn’t ours at all, in fact. It is a responsibility, given to us by God, to steward. The size of your portfolio, or your net worth, or your bank account, is meaningless in this definition. God has chosen each of us to steward our specific resources, but not for our benefit primarily (although He is gracious to allow us to benefit temporally). FOR HIS. HE is the giver of all things, including our finances, and so it only makes sense that we steward the resources He has entrusted to us in a manner that is glorifying to Him. I battle it every day but consider taking a step back with me, and let’s remember our place in the bigger (and more eternal) picture.
As I mentioned to begin, I have a lot left to learn, but when I reflect on the ways the Lord has been at work in my professional life over this past decade, my only reaction is to fall on my knees in thanksgiving. Thankful that He has placed me in this vocation, in this “mission field”. Thankful that He has allowed me the opportunity to be a part of your lives. Thankful that I can Live My Life for the One who has blessed me beyond all measure.
1Converting from a traditional IRA to a Roth IRA is a taxable event.
2This article is not intended to provide specific legal, tax, or other professional advice. For a comprehensive review or your personal situation, always consult with a tax or legal advisor.
