Our approach to wealth management: listen, explain, and apply
Malcom Forbes, the late publisher of Forbes Magazine, was fond of saying, “First get thee understanding…” as he closed each edition of the magazine. It may be stating the obvious to say that the information gathering aspects of our job is where a quality relationship begins. What is less obvious is how the information gets knit together to provide a customized client investment solution. We are hard put to add value to a client achieving “OK” without asking questions comprehensively and listening very, very carefully.
A few years ago Spence Partners was the subject of a feature article in a trade publication on the subject of our role as a teacher. We aspire that our clients know both how their money is invested but also why. While experience can be a fine teacher, the fact of the matter is that a new client may not have the benefit of this resource. We take whatever amount of time is required for our clients to become comfortable with how their money will become invested. Particular emphasis is placed upon the question of how we attempt to mitigate risk.
Building a client's portfolio is a process. Ours entails systematic accumulation of assets as opposed to a one-and-done solution. Warren Buffet is famous for saying he wakes up each day hoping the market will go down. He understands bargains are often associated with controversy. We aspire to add value for our clients through accumulating shares methodically, taking advantage when possible of periodic price weakness. When we are able to identify a discount, it is always appreciated. Achieving them often requires patience.
The team has been listed on two occasions in the Barron’s Top 100 Advisor Annual List as well as being featured on two occasions by Registered Rep as a part of their Top Fifty List. Recognized as the top Financial Advisor Team by the Oregon Business Journal in 2008 and 2009.