Edit ModuleShow Tags
Edit ModuleShow Tags

Planning the Fiscal Future

Keeping the “personal” in personal investment



Doug Garone

 


There’s a big difference between wealth management, financial advisement and retirement planning. One doesn’t necessarily need the assets of J.R. Ewing to warrant a financial planner, but sometimes it helps.
 

According to the experts, wealth management is for high net worth individuals. Financial planning, on the other hand, is what most people will need at some point in their lives. Likewise, retirement planning has become a big part of financial planning, since people are living longer into their retirement years.

“Most people are going to fall into the financial planning category,” says Doug Garone, a financial adviser with Edward Jones Company. “That primarily involves working with middle-class families to save for their kids’ college, perhaps saving for retirement or simply putting together a family budget. Whatever your wealth situation is, we can help with a plan of action.”

It’s important, Garone said, to work closely with his clients to help understand what’s important to them and what their goals are.

“We have an established process at Edward Jones to work with our clients and basically partner with them to determine their best investment strategy,” he says. “That means sitting down with them one-on-one to find out what their goals are and how we can help them achieve those goals. Usually someone will already have a goal in mind. Maybe they’re saving for … a daughter’s wedding. Is there a medical need? Perhaps they want to travel or do some home renovations. Finding out their goal and what they have saved now is a primary starting point for us.”

Edward Jones has been around since 1922, and Garone said the company serves nearly 7 million investors from more offices than any other investment firm in the country. And one important thing to remember is that it is never too late to start planning for the future.

“All the models and all the reports you see out there, of course, will show the benefits of early investing,” he says. “But in my opinion – and I think every financial adviser would agree with me – it’s never too late to start some kind of investment strategy.”

Garone quoted financier Warren Buffett, saying he believes in his strategy of holding investments for the long term.

“Basically, Warren Buffett says his favorite holding period is forever,” Garone says. “And I think that would be one of the top recommendations I would give: Plan to stay in it as long as possible. During the housing bust of 2007, many people saw their portfolio at that time take a significant loss in value, and may have opted to close out their plans or stop contributing to their employers’ 401k, and, to me, that just goes against the philosophy that we are in it for the long haul.”

The old cliché about not putting all your eggs in one basket is true for investing, Garone added, and he advises clients to diversify when they can. He also believes in a new trend that has become known as “rebalancing.”

“That has become extremely important over the last several years,” he says. “In other words, if you’ve been a moderately conservative investor in the past, but maybe you’ve had a promotion at your job, or received an inheritance or settlement, or some other large sum of funds, you may now want to become a little more of an aggressive investor. When you look at your portfolio you designed 15 years ago, you might see it is much more conservative than where you are today. So, it may be wise to come back in and let us take a look and re-balance that portfolio.”

 

Fred Mischler


When it comes to investing, there’s really no such thing as a safe bet, Garone said, other than taking all your money and putting it into gold bars – and that is not something he recommends. But the bottom line is to find a financial adviser with whom you are comfortable, and trust them to guide you along the way.

“I look at life and investing sort of like a roller coaster ride,” Garone says. “There will be ups and downs, and as your adviser, we are there with you keeping you within the parameters, making sure you are safe and protected.”

Another piece of advice comes from Fred Mischler, a financial adviser with Waddell & Reed. These days, advertisements for do-it-yourself investment solutions are everywhere. But in the long run, it pays to have an experienced adviser on your side.

“While most of us know the basics of saving and investing, not all of us have the time to plan,” Mischler says. “I believe that’s where my clients find value in having a financial adviser. Doing it alone can become daunting and frustrating; having someone who has experience with the process can be helpful.”

Mischler has more than 30 years of experience as a tax consultant, attorney and financial analyst. He, too, firmly believes in spending the amount of time necessary to listen to and understand his clients’ needs and goals, and then helping them design an appropriate financial plan to help them reach those goals.

“I seek to be the personal ‘CFO’ for each of my clients, advising them on how to pursue their financial goals, and insure their lives, their families and their assets,” he says. “My job as a financial adviser is to be familiar with my clients’ needs, whether a secure retirement, saving for a college education, building wealth – the approach should be decidedly personal.”

Recommending and providing investments in stocks, bonds, mutual funds, life insurance and annuities is how Mischler helps his clients achieve their goals. And while there are a number of organizations and financial advisers available, he said it’s important to choose the right one.

“The majority of my clients are referral-based,” he says. “I feel that taking a personal approach and making a connection with your adviser is key. Attitudes, values and outlook can also be important ways to connect with anyone, and that is no less important here at Waddell & Reed. I believe that in life, a plan is important – and having someone to stand by you to support you is just as important.” 

 

Edit ModuleShow Tags

Archive »You Might Like

Speaker Box: May’s Show Saturation

Exceptional May concerts coming to the Jones Assembly and Tower Theatre; Ariana Grande lights up the Chesapeake Arena.

Magic Carpet Ride

If redecorating is on your mind this spring, find a dose of design magic in these carpets and rugs from local retailers.

Matters of the Mouth

The Oklahoma Dental Association’s Dr. Shannon Griffin talks about Mission of Mercy and the advancement of dental health.

Add your comment:
Edit ModuleShow Tags
Edit ModuleShow Tags
Edit ModuleShow Tags

Calendar

May 2019

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Start your Sunday morning by perfecting your practice during our outdoor yoga class. Enjoy the beauty of yoga outdoors in the glow of the Ferris Wheel lights! This class welcomes all levels, from...

Cost: Free

Where:
Wheeler Ferris Wheel
1701 S. Western Ave.
Oklahoma City, OK  73109
View map »

More information

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

MILLER IN MAY HOME TOUR HIGHLIGHTS CHARACTER AND CHARM The 20th anniversary of Miller's beloved home tour Miller Neighborhood's most popular event is back for 2019… and...

Cost: $10 - $30

Where:
Miller Neighborhood
NW 10th to NW 16th, N Villa to N May
Oklahoma City, OK  73107
View map »


Sponsor: Miller Neighborhood Association
Telephone: 405.642.5982
Contact Name: Elizabeth Beard

More information

Escape the ordinary, and learn about OKC from a different point of view. Relax in the climate controlled cabin on one of our 65’ cruisers, or enjoy the breeze on the...

Cost: Adult: $20 Seniors and Children: $15

Where:
Regatta Park Landing
701 S. Lincoln Blvd
Oklahoma City, OK  73119
View map »


Sponsor: Oklahoma River Cruises
Telephone: 405-702-7755
Contact Name: Che Loessberg
Website »

More information

OKC's premier chamber orchestra, the Oklahoma Virtuosi, presents their season finale concert.  Concert will include: St. Paul's Suite Op.29 No.2 by Gustav Holst,...

Cost: Free

Where:
21C Hotel
900 W. Main St.
Oklahoma City, OK  73106
View map »


Website »

More information

As the first anniversary of her sixth album Conversation With A Ghost approaches in June, Italian-born and Austin-based singer-songwriter Giulia Millanta possesses a...

Cost: $15-$20

Where:
The Blue Door
2805 N. McKinley Ave.
Oklahoma City, OK  73106
View map »


Sponsor: The Blue Door
Telephone: (405) 524-0738
Website »

More information

Show More...
Show Less...

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Piedmont Airlines will be hosting a Information Session for ramp agent jobs at Embassy Suites in OKC. Please plan to spend up to 3 hours with us, as we will have you fill out applications, listen...

Cost: Free

Where:
Embassy Suites
1815 South Meridian Ave.
Oklahoma City, OK  73108
View map »


Sponsor: Piedmont Airlines
Telephone: 704-359-2477
Contact Name: Nick Calo
Website »

More information

Show More...
Show Less...

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Show More...
Show Less...

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

Show More...
Show Less...

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Show More...
Show Less...

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

A nationally touring exhibit “Bison: Ancient. Massive. Wild.” will open May 24 at the Chisholm Trail Heritage Center in Duncan, OK. This exhibit explores the significance of...

Cost: $4 - $6

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Toni Hopper
Website »

More information

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Show More...
Show Less...

More than 90 visual artists will line the streets of the Historic Paseo Arts District, selling original artwork in a wide variety of media, from painting and photography to wood and jewelry, and...

Cost: Free

Where:
Paseo Arts District
3022 Paseo
Oklahoma City, OK  73103
View map »


Sponsor: Paseo Arts Association
Telephone: 405-525-2688
Contact Name: Paige Powell
Website »

More information

Enjoy all your favorite activities at the Orr Family Farm for a special price! Admission is only $8 per person on this day only.

Where:
Orr Family Farm
14400 S. Western Ave.
Oklahoma City, OK  73170
View map »


Telephone: 405.509.9312
Contact Name: Lauren Daughety

More information

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Save $5 on a Dual Park Pass this Memorial Day Weekend! Get a full day of fun at Andy Alligator’s Fun Park and Water Park for only $29.99. A Dual Park Pass includes Unlimited Rides &...

Cost: Save $5 on a Dual Park Pass!

Where:
Andy Alligator's Fun Park & Water Park
3300 Market Place
Norman, OK  73072
View map »

More information

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

A nationally touring exhibit “Bison: Ancient. Massive. Wild.” will open May 24 at the Chisholm Trail Heritage Center in Duncan, OK. This exhibit explores the significance of...

Cost: $4 - $6

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Toni Hopper
Website »

More information

Escape the ordinary, and learn about OKC from a different point of view. Relax in the climate controlled cabin on one of our 65’ cruisers, or enjoy the breeze on the...

Cost: Adult: $20 Seniors and Children: $15

Where:
Regatta Park Landing
701 S. Lincoln Blvd
Oklahoma City, OK  73119
View map »


Sponsor: Oklahoma River Cruises
Telephone: 405-702-7755
Contact Name: Che Loessberg
Website »

More information

America’s largest interactive comedy murder mystery dinner show is now playing at the Skirvin Hilton Hotel. At The Dinner Detective, you’ll tackle a challenging crime while you...

Cost: $59.95

Where:
The Skirvin Hilton
1 Park Ave
Oklahoma City, OK  73102
View map »


Sponsor: The Dinner Detective
Telephone: 866.496.0535
Website »

More information

Show More...
Show Less...
Edit ModuleShow Tags
Edit Module Edit ModuleShow Tags