As the old saying goes: Time is money, and money is time. So, when it comes to getting advice on how to manage your money, why waste time with anyone but the best of the best?
Arkansas Money & Politics tapped five experts from this year’s group of the state’s Best Financial Advisors to give their thoughts on some of our most pressing financial planning questions.
With a wealth of knowledge and specialties covering everything from retirement to small business planning, advice from these professionals might well be worth more than just their “two cents.”
Carrie Russom Quraishi, JD, CAPP
Principal,
Quraishi Law Firm and Wealth Management
After graduating cum laude with a degree in Finance from Arkansas State University, Carrie Russom Quraishi earned her Juris Doctorate from Southern Methodist University’s Dedman School of Law. She has written several books and is frequently invited to speak about financial and legal topics. Her firm serves clients nationwide, with a focus on helping families and business owners create an integrated financial, legal and life plan to protect what matters most.
AMP: How has your experience practicing law influenced the advice you give to clients?
Quraishi: My background in law has helped me provide more comprehensive advice to my clients. Wealth management encompasses so much more than just investment advice. As both a lawyer and financial advisor, I’m able to help clients with tax planning, estate planning, long-term care, investing and so much more.
AMP: What advice would you give to younger clients to set them up for long-term success?
Quraishi: I would recommend younger clients to start saving right away. Don’t wait until you get that promotion, after you get married or whatever other milestone you may be working towards. I also recommend investing in your own financial knowledge! Don’t get your financial advice from social media, friends and/or relatives. Read books from successful financial professionals and put a game plan in action now.
AMP: What do you and your firm do to help clients feel confident about their financial situations?
Quraishi: All our new clients go through our TotalWealth™ Financial Planning process. We’re going to look at all aspects of their financial well-being and develop a comprehensive plan for their future. Having a plan takes out so much of the fear and worry most clients have about retirement, leaving more time to focus on things they enjoy.
AMP: What is the biggest mistake you see people make in regards to their finances, and how do you help your clients avoid it?
Quraishi: I think the biggest mistake people make is letting their emotions get in the way of a disciplined approach to investing. Fear, greed and herd bias can sabotage the best-laid plans. That’s why it’s so important to have a solid financial plan, but to also have a trusted advisor in your corner that you can talk to before making any final decisions.
David Trent
Managing Principal,
Legacy Capital Wealth Partners
David Trent graduated from Southern Methodist University in Dallas, Texas, with a BS in Mathematical Science and has over three decades of wealth management experience. At the end of 2020, he merged his firm, Trent Capital Management, with Legacy Capital. Trent takes a holistic approach to his clients’ needs, working with their attorneys, tax advisors and other professionals to put together the best solutions. His areas of expertise include asset management, estate tax and wealth transfer planning and retirement planning.
AMP: One of your areas of expertise is retirement planning. How have current economic trends affected the way your clients are planning for retirement?
Trent: In some cases, clients nearing retirement have delayed the decision, and those farther away from retirement are rethinking their projected work-life expectancy altogether. We have had many conversations with clients over the past year, helping them evaluate their individual situations in light of economic trends, and helping them determine whether delaying retirement is required to still achieve their objectives.
AMP: How do you see inflation affecting your clients, both in the short and long term?
Trent: Inflation is a major factor in the retirement planning process and can have a significant impact on real growth rates and future income needs during retirement. In the short term, inflation will continue to be challenging in many areas. However, current inflation levels are not the norm. Eventually, the inflationary pressure we see today will subside.
AMP: What advice would you give to younger clients to set them up for long-term success?
Trent: From a financial standpoint, I would advise them to save aggressively and make saving a habit early in adult life. Overall, long-term success in any business is largely dependent on the relationships you nurture and what you do with opportunities you have been given. Work hard in both areas, and success is almost guaranteed to follow.
AMP: What do you and your firm do to help clients feel confident about their financial situations?
Trent: We pride ourselves on educating and providing perspective to our clients regarding the financial world around them. As the world becomes more complex, the amount of information – specifically about investing – can be overwhelming. Our firm’s motto is “Making the complex simple.” We strive to do this with each family we work with so that they can be comfortable with their financial plan, knowing that it was created to meet their unique goals and objectives.
Kelley Curtis Dunlap, CRPC®
Senior Vice President/Investments,
The Curtis Team – Stifel
A graduate of the University of Arkansas, Kelley Curtis Dunlap has developed personalized strategies to address the complex needs of affluent families since 2002. A large majority of her clients are business owners, so she understands the impact that a well-thought-out retirement plan can have on a client’s operations. She is a member of the Stifel Chairman’s Council, which consists of the firm’s top-producing financial advisors nationwide.
AMP: Do you encourage people to take risks in their financial planning, or play it safe?
Dunlap: It depends on their risk tolerance, time horizon, needs and goals. When it comes to the financial planning process, we are more conservative in what we use as future projections. The Curtis Team at Stifel believes that the sleep factor plays a huge role. We are aware of the need for flexibility, which is why we review a client’s plan at least annually or when large events/changes in their life take place.
AMP: What guidance would you give to younger clients to set them up for long-term success?
Dunlap: We work with the children of our clients to help them avoid financial mistakes early in their financial life that could haunt them for years. We start with educating them on basics – how to start a budget and remain on track, how to build your credit responsibly and how much to save for an emergency fund as well as for retirement. The earlier in life a client can start saving, the more impact it will have on their future.
AMP: What extra considerations do business owners need to take into account when it comes to retirement planning?
Dunlap: Establishing a retirement plan for your company has several benefits. When employees are distracted by their personal finances, it can severely impact their work performance and the company’s bottom line. Adding a retirement plan that offers readiness, guidance and financial wellness tools for your employees allows them to have more control over their financial future, and gives them more time to concentrate on the job at hand.
When it comes to business owners’ personal exit strategy, we assist clients with a blueprint to the questions a well-thought-out plan should address. The Curtis Team works alongside the client, their tax attorney and their CPA to work on viable exit pathways, preplanning and deal structures that meet those goals.
AMP: What is the biggest mistake you see people make in regards to their finances, and how do you help your clients avoid it?
Dunlap: One of the biggest financial mistakes an individual can make is carrying out uninformed, short-term decisions and changing planning strategies due to the recency bias from a large market downturn. We try to assist with taking the emotion out of making financial decisions when it comes to investing for the future. We remind clients that we are investing for the long term.
Jason Chacko, CFP®, CRPS®
Vice President, The Chacko Group at
Morgan Stanley Wealth Management
Jason Chacko joined Morgan Stanley in 2009 and has over 11 years of experience in wealth management. Chacko prioritizes clear communication, using periodic reviews and up-to-date market information to provide the best information (and advice) possible. He holds the Certified Financial Planner® (CFP), Chartered Retirement Plans Specialist® (CRPS) and Portfolio Manager Designations. His goal with every client is to see the look of relief that comes when they see a roadmap for their financial future.
AMP: How do you see inflation affecting your clients, both in the short and long term?
Chacko: Inflation has been a bit of a silent drag on client accounts for a while, so if nothing else, it’s good to see clients pay more attention to how far their dollar goes. When we build financial plans, purchasing power plays a big part in determining how long the plan will be funded. While we can hope that the current high levels are transitory, we find it is more pertinent to prepare for the worst, rather than just hope for the best.
AMP: What advice would you give to younger clients to set them up for long-term success?
Chacko: Time is your most valuable asset. Throughout the history of investing, the strength of compounding returns has consistently shown to be one of the most important factors in building wealth. As you work towards financial wellness, there will be a point that you can afford to let your money work for you, and the earlier you recognize that, the better it can be.
AMP: What is one investment trend you dislike?
Chacko: Access to information is not the same as research. There are many websites that publish investments that are mentioned most often in social media, but just because people are talking about it, doesn’t mean it is the right investment for you. Understanding the goal behind any investment – and matching that to your risk tolerance and timeline – is not something you can do based on how many likes it has. Recognize the difference between trading and investing, and pick the one that fits your personal goals the best.
AMP: What is the biggest mistake you see people make in regards to their finances, and how do you help your clients avoid it?
Chacko: You are not your neighbor. Your financial needs are as unique as your fingerprint, so you should not compare your investments to anything but your established goals. An index doesn’t have the same time horizon, meaning it doesn’t need the money at the same time your plan may dictate. So instead of going for some imaginary number, or trying to beat an index that never has to take money out, trust your decision making from your financial plan, and aim to stay in line.
Loren Marshall Ipsen, CFP®
Certified Financial Planner Practitioner,
Ipsen Advisor Group
South Arkansas native Marshall Ipsen has almost 20 years of experience in the financial planning industry. After completing his Finance degree at Texas A&M Texarkana, he owned an Ameriprise financial advisory firm. In early 2021, he launched his own firm, Ipsen Advisor Group. Ipsen and his team provide services ranging from wealth management to sustainable investing with a broad spectrum of financial technology and tools.
AMP: One of your areas of focus is Social Security Retirement Benefits. What’s one thing everyone should know about Social Security in regards to retirement planning?
Ipsen: First, the program was never designed to be someone’s only source of retirement income; it’s usually about 30-35% of a retired person’s income. Second, there are many ways to file for Social Security, and the benefit grows by 8% every year it is delayed. Third, Social Security is taxable income. The Social Security Administration does not withhold state tax, because some states – including Arkansas – don’t tax the benefit. Talk to a professional before you file.
AMP: What advice would you give to younger clients to set them up for long-term success?
Ipsen: Establish an emergency fund first. It does not matter if it earns interest; it’s insurance against life’s surprises. Plan for bigger expenses on a monthly or weekly amount. Surprise, Christmas is in December this year! Start saving in January.
AMP: What is one investment trend you dislike?
Ipsen: Crypto, meme stocks, profitless companies. Currency is the medium of exchange for perceived value, not an investment. Just because everybody is jumping off a bridge doesn’t mean you have to as well. Reading about a public company on social media is not research.
AMP: What is the biggest mistake you see people make in regards to their finances, and how do you help your clients avoid it?
Ipsen: Overspending and debt. We prefer to educate clients on how to tell their money where to go instead of their money telling them where it went.
