The importance of 'stopping and smelling the roses'

For adviser Brian Fenn, the horrific events of 9/11 provided affirmation that he was on the right track with his planning practice
SEP 04, 2011
For adviser Brian Fenn, the horrific events of 9/11 provided affirmation that he was on the right track with his planning practice. “We're a true comprehensive financial planning firm, and we're real big on getting into all aspects of clients' lives,” he said. In particular, Mr. Fenn had made a habit of getting many hard-charging clients to slow down at retirement age, and either begin a second career or retire. Clients have to work too hard and make too many sacrifices to retire early, said Mr. Fenn, who is president of Carolina Capital Consulting Inc. in Charlotte, N.C., which manages $140 million under management. “We say, "Don't work yourself to death,'” he said. “All our plans are about stopping and smelling the roses.” To do that, he has discussions about how clients might find a “second act” — a less stressful career they're passionate about and could be happy doing until age 75. A drop in income caused by the career change is offset by the delayed retirement age. “They can free up some time today and go spend it with the family,” Mr. Fenn said. “They can take that nice vacation, because that's what the family will remember.”

'LIFE IS SHORT'

After 9/11, Mr. Fenn sent a note to his clients updating them on what the market might do in the aftermath. “But I also got into how this type of event is what I've been talking about — you never know what can happen. Life is short, enjoy it.” Before that September day, though, Mr. Fenn wondered if he had spent too much time on the “soft side” of planning by digging into clients' lives and passions, and not enough on the analytical side. But from the feedback he got from clients, “we heard we were absolutely on the right track with our approach,” he said.

Latest News

Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney
Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney

Nine-month electronic trading freeze and share lending program at the center of dismissed claim.

RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone
RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone

Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.

Rethinking diversification amid a concentrated S&P 500
Rethinking diversification amid a concentrated S&P 500

With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.

Merrill pays second settlement to former Miami Dolphins player, client of ex-broker
Merrill pays second settlement to former Miami Dolphins player, client of ex-broker

Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.

Schwab touts AI as its biggest growth lever at investor day
Schwab touts AI as its biggest growth lever at investor day

The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline