We had an intern this summer at The Krause Collective. In lieu of “grunt work,” we opted to have her help us with research, learn about portfolio strategy, and attend meetings with our amazing clients during reviews and Wealth Plan meetings. From our perspective, our intern absorbed information and how we do what we do like a literal sponge. She taught us about her generational perspective, identified financial education opportunities for our next-gen clients, and how we could utilize AI. Before she left, Sydney shared with us her key takeaways from the experience: 1. Savers vs. Spenders; 2. Have a Plan; 3. Balanced may be boring, but beneficial; 4. Staying connected. These are great takeaways I think everyone can learn from.
Savers vs Spenders – There are two types of people: savers and spenders. Saving is an investment in yourself and your longevity. A Financial Advisor's best clients are savers; they partner with their advisor and allow the money to grow over time. By saving, you not only have more money to invest, but more importantly more time for potential growth and more likely to achieve goals. This could be retirement, sending kids to college, a dream vacation, a second home or remodel. On the flip side, spenders tend to shoot themselves in the foot and wonder why they can't walk. They save a little, spend it down, then question why their investments aren't performing. If you're spending more than your investments are earning, you're a spender and might want to start tracking your spending habits to ensure what you spend is in alignment with your goals. Often, the more you make, the more you're likely to spend, and not necessarily know where it went. People who come into unexpected money often spend it the fastest; it seems like a too-full, never ending, cookie-jar to dip into. If you want to meet your goals, don't touch your money—let it grow.
Wealth Plan – Clients may be fortunate to have an amazing financial team, yet they rarely ask the right questions. When clients meet with Heather, the first conversation is about goals and aspirations. At a client review, Heather asks: What's changed? How is your health? The family? What else is on your mind? Estate plans in order? These questions matter; they allow the team to use this information to build a wealth plan tailored to each client’s needs. It gives a visual representation of whether your decisions might succeed or fail. Each plan accounts for income, savings, invested assets, and real estate and then predicts the odds of achieving the goals. Wondering if you can travel extensively and still retire comfortably? Your wealth plan shows you clearly what may happen.
Balanced is Boring – Many clients don’t realize what long-term growth expectations mean. It isn’t about finding the next big thing, market timing, or an idea from your nephew. Prudently diversified portfolios—an appropriate blend of fixed income (CDs and Bonds), equity (stocks) and cash—can provide healthy growth over time and allow the portfolio to fare better through market dips and economic cycles. By keeping it boring, you are benefiting.
Connected – Beyond wealth management, The Krause Collective stays connected to the community through sponsorships, events, and personalized client recognition. The team discusses each client every week—administrative needs, upcoming goals, bond maturities—in a consistent cadence to help ensure nothing slips through the cracks. This effort is further driven through client newsletters, blog posts,client-focused events and personalized cards, illustrating a team that genuinely cares. The team’s reputation, strengthened through genuine client care and community involvement, doesn't just impress clients, it attracts new ones.
“I am incredibly grateful for the opportunity to intern with the Krause Collective this summer. They are amazing people who genuinely prioritize their clients' needs. Johanna and Natalie taught me how impactful strong client associates are, not just in answering the phones and executing tasks, but in building meaningful client relationships. Cherie showed me the power of a Wealth Plan and how it transforms hopes and aspirations into achievable goals. Natasha demonstrated effective marketing and how client relationship management directly impacts client satisfaction and team efficiency. Heather has taught me what separates good Financial Advisors from exceptional ones. She truly listens to clients, digs deep into their goals, and builds trust. She has transformed my understanding of this industry and I'm deeply grateful for what I've learned at The Krause Collective.”