The Art of Wealth Management

I am neither an economic savant, nor do I hold a Nobel Peace Prize for work in monetary dynamics and optimum currency areas like Robert Mundell, but I do know a thing or two about our economy. I also know a thing or two about people, specifically human behavior. If I didn’t, I probably wouldn’t have a job at a wealth management firm – at least not one that relies heavily on economic data and fundamental analysis while making decisions. Moreover, my interests lie significantly outside the realm of standardized investment programs and pushing commissioned products on clients. With respect to others in our industry, those things don’t require much thought. I would do just about anything else. 

Studying Business and Economics at Hampden-Sydney College was a privilege. Learning how to think has proven beneficial in the wealth management space. This is probably what will allow me to continue my career in this industry, so I owe my alma mater dearly. Understanding, explaining, and applying information is, and always will be, an art. Please don’t misconstrue this message…some artists are better than others. Just because you can understand, explain, and apply something doesn’t make you a genius…just like putting paint on a canvas doesn’t make you Michelangelo.  

At OmniStar, our 10 elements of wealth management are the key to understanding, explaining, and applying information. The elements symbolize the paint, paintbrush, and canvas. It’s interesting to think about…the elements that can make you nearly impenetrable can also wreak havoc on your financial future. In other words, if the 10 elements are appropriately coordinated, you likely have a nice painting in front of you. If not, you might not have anything on the canvas.  

It takes a team to coordinate 10 elements. Notice I wrote the elements make up the materials, not the artist. It is our job to use the materials to create a beautiful picture. This requires thought. It requires experience and commitment. It requires skill. For those of you who paint, you know how satisfying it is to complete a piece of work. You also know that piece of work had some ugly days before turning into something worthy of a wall.  

Rather than conveying a message through metaphors, allow me to write with more of an edge. We are professionals. We know what we are doing, and we are here to help you achieve your goals. We know how to coordinate the elements of your financial household to create desired outcomes. There are reasons for the positions in your portfolio and we are adept at anticipating lifestyle changes that directly affect your cash flow (partly why we spend so much time building relationships with all of you). We explore reasons you should sell your business (or not), and we review legal documents like wills and trusts to ensure they align with your wishes. We give you the green light to retire, build a house, give to charity, fund grandchildren’s college accounts, and assist with the transition from one chapter of life to the next.  

When market turbulence occurs, especially at levels experienced over the last several weeks, wealth managers tend to get more questions. Am I still on track to meet my goals? Why don’t I hold certain positions in my portfolio? Should I still build this house? Can we be doing something differently? Is our economy broken? What happens if the US dollar folds? If you find yourself asking these questions, don’t keep them to yourself. Call us. We are happy to answer your questions. If you know someone asking these questions, introduce us to them. If you don’t work with us but would like to get our opinion on your financial affairs, we are happy to paint on your behalf. We tend to paint well and enjoy opportunities to expand our gallery when appropriate.  

“A man paints with his brains and not with his hands.” 

• Michelangelo 

Be well, 

Spell Carr