The craft of being a wealth management advisor brings together a potpourri of skills necessary to succeed. A wealth manager has to be analytical, yet posses the communication skills to express complicated concepts while being empathetic to clients feelings. There also must be an understanding that investors may act different with investments than with other purchases or activities. In many cases, the psychology of investing is often nonsensical or the opposite of normal behavior. For example, consumers typically purchase less of an item if the cost of that item has increased. If the cost of a good or service has a historical increase, consumers may cut out that good or service all together or find an alternative. Yet, investors are attracted to rising prices. Recently, several of my clients have brought up the idea that real estate is going to be the answer to making money quickly. While real estate has seen the largest increase in Denver’s history over the last three years, is there another product you would want to buy more of when the prices have gone up irrationally? What are the known and unknown risks? Now, it may work out and money may be made, but at what risk? The most recent article published in ColoradoBiz Magazine explores some of these irrational nuances with the psychology of investing…ColoradoBiz!
Should You Invest the Way Bob Does?
- Post author:Kevin McNab
- Post published:August 31, 2016
- Post category:General
Tags: Colorado, Denver, investing, psychology, real estate, Wealth Management, westminster wealth management
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Kevin McNab
This article is written by Kevin J. McNab. Kevin is President of ACE Wealth Partners, LLC and is a CFP®, ChFC®, and CRPC®.
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