Election? What election?

Presidential election years are often a tense time for investors and, by extension, financial advisors. We don’t know who the new president will be or how that person will affect the economy. We can’t be certain of their approach to the labor market, the stock market, international and domestic trade, and a thousand other things. These big question marks can be nerve-wracking for Americans, but that’s usually not the case for my clients.

I’ve noticed this summer that I have hardly heard a peep about the elections. My clients have been businesslike—attending to their portfolios and estate planning much like they have during non-election years. Their level of calm and “business as usual” is so notable, I’ve found myself questioning whether it is truly an election year!

Why is that? Why are my clients so nonplussed by the upcoming elections?

It’s not because they live “unplugged” lives and don’t watch the news. It’s not because they are especially resilient or stoic. And they certainly do not have crystal balls. Rather, the main reason my clients are unbothered by the fuss is because they are prepared.

That may sound simple and straightforward, but this preparedness involves in-depth planning, smart rebalancing, and steady wealth-building. It also involves a rejection of fads and “get rich quick” schemes. My clients understand that wealth planning is not a short-term endeavor, built on whims. Instead, it is a long process that is based on tried-and-true practices and smart decisions.

More specifically, this type of planning involves:

  • Smart, practical, and diversified investing
  • Building a robust emergency savings account
  • Customizing your investment, wealth-building, and legacy planning by considering your unique circumstances
  • Thorough and thoughtful estate planning
  • The discipline and prudence to “stay the course,” even when others are panicking
  • Working closely with a trustworthy financial planner who can guide you through the ebbs and flows

As an investor, you deserve the guidance and expertise of a financial planner who cares about your long-term success and prosperity. Make sure this person has your best interests at heart and is putting in the legwork required to help you on your financial journey. If the financial planner does not ask many questions, presents you with a cookie-cutter plan, or is more concerned about short-term gains than long-term planning, those are all bright red flags!

My hope is that more Americans will take the same course as my clients and focus on long-term, prudent financial planning. It may not be as exciting as cryptocurrency or NFTs, but many decades of data prove that this approach works. This is why my clients are not frightened by the whims of the market or temporary economic dips. They aren’t nervous about a change of leadership or what that might entail. They are prepared for any scenario—they will sail through the highs and weather the lows.

Is your financial plan this resilient? Would a federal policy change severely affect your wealth? If that’s the case, it may be time to build a more diversified, judicious, and long-term-focused wealth plan.

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