There are three things Tim Rueter focuses on as a financial planner. The first one is being a student of the industry.
“You have to learn what is important. You have to learn what drives the client and what things are important to them,” the wealth advisor at Illinois-based Foundation Wealth Strategies, said.
The second is being a good teacher and third is being a practitioner.
“You have to make sure that once all those things are in place, you follow up and that you continue to monitor and tweak the plan, based on what's going on in the outside world and what changes happen to the clients in their personal world.
“I've really stuck to that philosophy of being a student, teacher and a practitioner. All three in one,” Rueter added.
Having this philosophy has certainly served Rueter well. He is being recognized as an InvestmentNews Awards 2024 Excellence Awardee, with the winners announced on June 20 at 583 Park Avenue, New York City in a glitzy, red carpet ceremony. Click here to register to attend.
While the wealth management industry offers several rewards for those who decide to pursue it, Tim Rueter believes there’s one in particular that standout above the rest.
“The most rewarding thing is when clients say ‘I’d like you to help my son or daughter get into investing or learn how to invest,” he says. “Personally, my dad didn't get into this business until I was in high school, so I got in at a late age, even understanding what it was to invest. But working with kids and grandkids of our clients is very rewarding.”
The industry also has its downsides, Rueter says, reflecting on how quick a life can be cut short.
“You get to know a lot of people, and [there are] many funerals you have to attend. I was just at a funeral on Saturday. You become their friends, and you become close to them. You attend a lot of funerals, which is the downside of this business. Everyone eventually comes to their demise.”
Rueter highlighted that he’s a second-generation advisor, who got into the industry because of his father, who started with Thrivent in 1989. He quotes his dad as being his hero.
“As much as we did buttheads a lot, I got to work with him in the office for about two years before he retired. He really taught me a lot about patience, being there for clients and doing the right thing.”
Going forward, Rueter says his priorities are to build a bigger team, one that’s “more robust and has the best expertise and knowledge of anyone in the area.”
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