Robert Toomey, CFA/CFP, is Vice President of Research for S. R. Schill & Associates on Mercer Island.

Robert Toomey, CFA/CFP, is Vice President of Research for S. R. Schill & Associates on Mercer Island.

What do “thanksgivings” have to do with financial planning? | Guest column

  • Friday, November 13, 2020 4:37pm
  • Opinion

Many of us associate November with Thanksgiving. This year’s Thanksgiving will be one unlike any of us have ever known given the COVID-19 situation.

It is unfortunate that we have not been able to materially reduce COVID, and with colder weather coming, case counts are expected to rise. But in thinking about November “thanksgivings,” despite COVID, I believe there are a number of things for which we can be thankful.

To name a couple, we have made significant strides in medical treatments for COVID which is helping to save lives and reduce the fatality rate. There are also several promising vaccine candidates that are expected to be ready within months which should help combat the spread of COVID. The analytic and design capabilities of modern bio and genomic technology are truly amazing and are helping us to rapidly address and better cope with many diseases, including viruses. We can certainly be thankful for how quickly our biotechnology industry has been able to speed development of a vaccine for COVID.

But what do “thanksgivings” have to do with financial planning? As it benefits clients, I think these “thanksgivings” have quite a bit to do with financial planning. As planners, we have a number of advanced planning tools that harness the power of computer technology to provide more detailed, thorough, and useful financial plans. The power of these tools also allows us to run multiple scenarios that can bring increased clarity to the client’s situation. As planners, we are thankful for the power of these tools that enable us to provide better services and solutions to our clients and greatly help improve their lives.

As part of a financial plan, we also help our clients in setting an investment strategy that improves the odds of achieving their financial goals. The long-established functioning and role of our capital markets enables this by allowing us as planners to provide a wide array of equity and fixed income investments that represent the financial underpinning a financial plan. These investments include stocks for growth and bonds for income and risk mitigation. As planners, we are thankful for functioning and liquid capital markets in our country that allow us to obtain the most optimal investments in helping clients achieve their goals.

Finally, we also associate November with elections. With this I mind, we need to be thankful for our democracy that allows each of us to have a voice in determining our elected officials and having some impact on the direction of our country’s future. Importantly, our functioning democracy provides the philosophical foundation for not only free enterprise and business formation but also for a free capital market system that has for over 200 years provided opportunity for growth of wealth through sound long-term investing.

Robert Toomey, CFA/CFP, is Vice President of Research for S. R. Schill & Associates on Mercer Island.


In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@mi-reporter.com.

To share your opinion for publication, submit a letter through our website https://www.mi-reporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) We reserve the right to edit letters, but if you keep yours to 300 words or less, we won’t ask you to shorten it.

[flipp]

More in Opinion

Guest columnist Greg Asimakoupoulos is chaplain at Covenant Living at the Shores in Mercer Island.
With praise for St. Arbucks | Guest column

A milestone worthy of celebrating recently came and went and hardly anyone… Continue reading

Robert Toomey, CFA/CFP, is Vice President of Research for S. R. Schill & Associates on Mercer Island.
Financial planning implications of Biden’s tax proposals | Guest column

As financial planners, we understand that taxes and tax management can have… Continue reading

Federal Way resident Bob Roegner is a former mayor of Auburn. Contact bjroegner@comcast.net.
Democrats, Republicans, budgets and taxes | Roegner

Because the Democrats control the state’s House, Senate and the Governor’s Office,… Continue reading

Guest columnist Greg Asimakoupoulos is chaplain at Covenant Living at the Shores in Mercer Island.
National Poetry Month: Rhymes and reasons not to | Guest column

April is National Poetry Month. It was established 25 years ago this… Continue reading

Jayendrina Singha Ray is a PhD (ABD) in English, with a research focus on the works of the South African Nobel Laureate John Maxwell Coetzee. She teaches English Composition and Research Writing at Highline College, WA, and has previously taught English at colleges in India.
Asian women and racial violence in the aftermath of Atlanta | Guest column

In her famous essay “The Laugh of the Medusa,” Hélène Cixous resurrects… Continue reading

Federal Way resident Bob Roegner is a former mayor of Auburn. Contact bjroegner@comcast.net.
Violence Against Women Act becomes political victim | Roegner

The last thing this country need is to politicize violence against women.… Continue reading

Robert Toomey, CFA/CFP, is Vice President of Research for S. R. Schill & Associates on Mercer Island.
One year later: COVID’s impact on the stock market | Guest column

It has now been over one year since the economic shutdowns and… Continue reading

Guest columnist Greg Asimakoupoulos is chaplain at Covenant Living at the Shores in Mercer Island.
Unmasking our hope this Easter weekend | Guest column

This is the weekend that Christians around the globe celebrate the resurrection… Continue reading

Federal Way resident Bob Roegner is a former mayor of Auburn. Contact bjroegner@comcast.net.
Tax on capital gains stirs debate in Olympia | Roegner

Going into the 2021 legislative session, there were many major issues for… Continue reading

Robert Toomey, CFA/CFP, is Vice President of Research for S. R. Schill & Associates on Mercer Island.
Let’s take a closer look at the Fed and inflation | Guest column

The stock market has recently experienced mild turbulence due, ironically, to concerns… Continue reading

Guest columnist Greg Asimakoupoulos is chaplain at Covenant Living at the Shores in Mercer Island.
When interruptions become opportunities | Guest column

The Chinese character for the word “crisis” is actually the linkage of… Continue reading

Stock photo
The right to vote helps rehumanize incarcerated people | Guest column

By Kim Bogucki, For The Reporter In 2008, I began asking incarcerated… Continue reading