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.

More in Opinion

Email editor@mi-reporter.com
More Mercer Island candidate letters | Election 2021

Editor’s note: Due to the volume of letters endorsing Mercer Island candidates… Continue reading

Don C. Brunell is a business analyst, writer and columnist. He retired as president of the Association of Washington Business, the state’s oldest and largest business organization, and lives in Vancouver. He can be contacted at thebrunells@msn.com.
Why should the threat to Taiwan concern us in WA? | Brunell

Unfortunately, what happens in Taiwan doesn’t just stay in Taiwan — it… Continue reading

Federal Way resident Bob Roegner is a former mayor of Auburn. Contact bjroegner@comcast.net.
Election 2021: Closer look at King County races | Roegner

The race for Mayor of Seattle will dominate the regional media, but… Continue reading

A photo of Greg Asimakoupoulos' father in law.
A tale of two Hughs | Guest column

This week marks the 90th anniversary of an event that put my… Continue reading

Federal Way resident Bob Roegner is a former mayor of Auburn. Contact bjroegner@comcast.net.
Questions surround vaccine exemptions for state workers | Roegner

With about 4,800 state employees in 24 agencies requesting vaccine exemptions, which… Continue reading

Dr. Jayendrina Singha Ray serves as Faculty of English at Highline College. Her research interests include postcolonial studies, spatial literary studies, British literature, and rhetoric and composition. Prior to teaching in the U.S., she worked as an editor with Routledge and taught English at colleges in India.
What the Afghan wants to say: Arezo’s journey to America | Guest column

In our little Zoom room, I hear my interviewee break into sobs.… Continue reading

Federal Way resident Bob Roegner is a former mayor of Auburn. Contact bjroegner@comcast.net.
Can a Texas-style abortion law happen in Washington? | Roegner

If politicians really want to anger women voters, the easiest way is… Continue reading

Don C. Brunell is a business analyst, writer and columnist. He retired as president of the Association of Washington Business, the state’s oldest and largest business organization, and lives in Vancouver. He can be contacted at thebrunells@msn.com.
Reasons to ban Gov. Jay Inslee’s natural gas ban | Brunell

Column: Switching from natural gas to electricity is complicated and will impact everyone.

Don C. Brunell is a business analyst, writer and columnist. He recently retired as president of the Association of Washington Business, the state’s oldest and largest business organization, and now lives in Vancouver. He can be contacted at thebrunells@msn.com.
Vaccinations improve our health and employment numbers | Brunell

It is not surprising that COVID-19, which ravaged the world, was disastrous… Continue reading

Federal Way resident Bob Roegner is a former mayor of Auburn. Contact bjroegner@comcast.net.
Firefighters vs. the governor’s vaccine mandate | Roegner

We all thought we were in this fight with the coronavirus together,… Continue reading

Providence employees look at anti-vaccine mandate protesters as they cross the street outside of Providence Regional Medical Center Everett on Aug. 18, 2021. Olivia Vanni/Sound Publishing
Editorial: A message to the unvaccinated and unmasked

We know you’re frustrated with mandates and advice, but consider our frustrations and, yes, our anger.

Federal Way resident Bob Roegner is a former mayor of Auburn. Contact bjroegner@comcast.net.
Back to the classroom during abnormal times | Roegner

If it didn’t feel so normal, we might forget about the coronavirus… Continue reading