Friday, March 28, 2025
In an age of constant media noise, financial advice shows have become a form of entertainment rather than genuine guidance. As Forbes wisely pointed out in 2021, turning off these programs and seeking professional advice remains the soundest approach to achieving your financial goals. Four years later, the advice remains more relevant than ever.
The talking heads on financial shows often serve up what can only be described as financial entertainment — flashy segments on hot stocks and market predictions designed to grab attention rather than provide personalized advice. These shows prioritize ratings and advertising dollars over your financial well-being.
During my early career in the investment business, I was asked by my manager to visit a client who was making trades online. In the previous week he had tried to make 15 trades, many of them in direct opposition to his risk tolerance. When I visited, I discovered that he had been injured at work, and for a week he had been watching the financial news channels.
When I asked why he had made the trades, he told me those were the hot stocks or sectors that the commentators were talking about. I reviewed his risk tolerance and goals with him, and then told him the bad news: Had we allowed him to make those trades, he would have lost each time, because he was buying at the high point of the stock or sector.
What the TV shows fail to point out is that successful investing isn’t about chasing the latest trend; it’s about building a portfolio aligned with your risk tolerance and time horizon. A retirement portfolio for someone in their 30s looks dramatically different from one for someone approaching retirement in the next five years — context that gets lost in the one-size-fits-all recommendations of TV pundits.
The alternative to media noise is developing a relationship with a qualified financial adviser who can create a comprehensive plan tailored to your unique circumstances. That begins with an initial consultation, to which you should bring all relevant financial documents: tax returns, investment statements, insurance policies and employer benefits information.
More important, you need to arrive with clarity about your financial goals: education funding for your children; retirement timing and lifestyle expectations; geographic preferences for retirement; long-term care considerations; and legacy planning intentions.
Working with a financial adviser is comparable to collaborating with an architect on your dream home. The initial planning phase requires substantial effort, but it’s just the foundation of the journey. The real value emerges from implementing the action items identified in your plan.
The implementation phase typically involves fundamental but crucial steps: securing appropriate life and disability insurance, establishing automatic contributions to retirement accounts and education savings plans, and reviewing property and liability coverage. This way, your financial security won’t be compromised by an unforeseen event or inadequate coverage.
Financial planning isn’t a one-time event, but rather an ongoing process. Life rarely follows a straight line — career changes, family developments, health challenges and economic shifts all impact your financial trajectory. This reality necessitates regular reviews, typically annually, when your adviser can run projections to determine if adjustments are needed to keep you on track toward your goals.
Think of these reviews as similar to your annual physical. Just as your doctor monitors your health markers, your financial adviser assesses the health of your financial plan, making recommendations to strengthen areas that may have weakened or capitalize on new opportunities.
Financial success isn’t achieved through sprint-like approaches or quick fixes. It’s a marathon requiring patience, discipline and consistency. The financial media’s emphasis on day-to-day market movements contradicts this fundamental truth, potentially encouraging harmful behaviors like market timing and emotional decision-making.
Your journey toward financial well-being begins with a single step: scheduling an appointment with a qualified financial adviser who can serve as your coach throughout this marathon. With professional guidance and a well-designed plan, you can tune out the noise and focus on the disciplined approach that leads to genuine financial success.
Gary Slavin is a financial adviser who serves on the boards of the New York State Professional Insurance Agents and the Massapequa Chamber of Commerce. Comments? Gslavin@lebenthal.com.
