{"id":40743,"date":"2023-07-26T12:01:44","date_gmt":"2023-07-26T16:01:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/boston-advisor-managing-3-billion-says-the-key-is-being-paranoid\/"},"modified":"2023-07-26T12:01:45","modified_gmt":"2023-07-26T16:01:45","slug":"boston-advisor-managing-3-billion-says-the-key-is-being-paranoid","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40743","title":{"rendered":"Boston Advisor Managing $3 Billion Says The Key Is Being Paranoid"},"content":{"rendered":"
\n

Name: <\/strong>Tom Mitchell<\/p>\n

Firm: <\/strong>Sconset Wealth Management \/ Northwestern
\n NWE
\n <\/fbs-ticker> Mutual<\/p>\n

Location: <\/strong>Boston, MA<\/p>\n

AUM: <\/strong>$3.2 billion<\/p>\n

Forbes Rankings: <\/strong>America\u2019s Top Financial Security Professionals, Top Financial Security Professionals Best-In-State<\/p>\n

Background: <\/strong>Tom Mitchell grew-up in Glastonbury, Connecticut with parents who were living paycheck to paycheck, he recalls. The family eventually moved to Boston before he attended Central Connecticut State University. During his senior year, Mitchell took a course designed to help figure out what profession would best suit him. The result: He would be a great financial advisor. Shortly after speaking to some advisors that his professor put him in touch with, Mitchell knew it was his calling. He joined Northwestern Mutual as a wealth management advisor in 1994, shortly after graduation, and immediately started studying to get all of his designations. \u201cThat also helped me gain a lot of confidence as well,\u201d he recalls. Mitchell has been with the firm since: Many of his clients work in finance and he is now part of a team of six full time advisors.<\/p>\n

Competitive Edge: <\/strong>\u201cMy team pays incredible attention to detail and we treat each client as an individual,\u201d says Mitchell. \u201cTo us, it\u2019s not a job but more something we just love to do.\u201d He credits his high retention rate to the fact that he tries to befriend all of his clients. \u201cI\u2019ll send a picture of a cool car that I see if there\u2019s one client who really likes cars, for example.\u201d<\/p>\n

<\/fbs-ad><\/p>\n

Lessons Learned:<\/strong> \u201cIt\u2019s important to have a plan for any possible risk and that gives clients confidence,\u201d says Mitchell. \u201cI\u2019m paranoid and that keeps me sharp for my clients.\u201d<\/p>\n

Biggest Challenge: <\/strong>\u201cMeeting the right client can be challenging,\u201d says Mitchell. \u201cWe have to be selective about who we bring in because we dedicate so much time to each client.\u201d<\/p>\n

Investment Philosophy\/Strategy: <\/strong>\u201cOverall, the stock market is efficient,\u201d Mitchell says. A big chunk of each of his client portfolios is devoted to exchange-traded funds, with a smaller portion focused on active strategies in areas such as emerging markets. More recently, he has also blended in alternatives like private credit and hedge funds, while also a big fan of direct indexing. \u201cWe like to control what we can control\u2014and that\u2019s taxes, not investments.\u201d<\/p>\n

Investment Outlook: <\/strong>Mitchell is bullish on the market in the long term: \u201cSetbacks are always temporary,\u201d he says. \u201cIt\u2019s important to always have a plan for down markets\u2014create a buffer portfolio for clients with safe dollars that they can turn to as needed.\u201d With clients who are worried about inflation, Mitchell recommends weighting more toward equities as a long-term hedge.<\/p>\n

Best Advice:<\/strong> \u201cBe an advisor, don’t be a salesperson,\u201d Mitchell suggests. \u201cFinancial planning cannot be rushed.\u201d<\/p>\n

Favorite Book: <\/strong>His favorite book to recommend to clients is Morgan Housel’s The Psychology of Money<\/em>: Timeless Lessons on Wealth, Greed, and Happiness.<\/em><\/p>\n

<\/fbs-ad>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Name: Tom Mitchell Firm: Sconset Wealth Management \/ Northwestern NWE Mutual Location: Boston, MA AUM: $3.2 billion Forbes Rankings: America\u2019s Top Financial Security Professionals, Top Financial Security Professionals Best-In-State Background: Tom Mitchell grew-up in Glastonbury, Connecticut with parents who were living paycheck to paycheck, he recalls. The family eventually moved to Boston before he attended […]<\/p>\n","protected":false},"author":1,"featured_media":40744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-40743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nBoston Advisor Managing $3 Billion Says The Key Is Being Paranoid | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Name: Tom Mitchell Firm: Sconset Wealth Management \/ Northwestern NWE Mutual Location: Boston, MA AUM: $3.2 billion Forbes Rankings: America\u2019s Top\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=40743\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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