Molly C. Reinfried, a certified financial planner, has been at HM Payson for four and a half years and was recently named chair of the firm’s wealth management group. The promotion comes at a time when the stock market’s volatility has shaken some investors. Her job is to encourage clients to take the long view […]
Molly C. Reinfried, a certified financial planner, has been at HM Payson for four and a half years and was recently named chair of the firm's wealth management group.
The promotion comes at a time when the stock market's volatility has shaken some investors. Her job is to encourage clients to take the long view — and she expects to have more of those conversations this year. To clients looking for a guidance, she asks about the long-term perspective.
“We typically say, 'OK, let's talk about the near term. What do you need from your portfolio? Do you have enough cash flow so you don't have to draw on investments?' Volatility is scary,” she says, but urges clients to continue to save and take a long-term approach.
“What we've seen over the past 12 months is we've had some strong markets and we've had vulnerable markets,” she says. “The client reaction has been different in each instance.”
She has noticed that clients are becoming better educated about their own finances: investment balance and cash flow, but also the amount of disability and life insurance they carry, estate planning and making a record of beneficiary information. That applies to younger working professionals as well, she says.
“Clients are more proactive in controlling their personal finances,” she says. “They want to know where they stand. There's a lot more conversation about personal finance and financial independence.”
“We ask clients to take an inventory of their finances and there's a lot of work that comes out of that,” she adds. “It's important to rank your priorities so you have a starting point.”
Read more
Economic development: Maine needs business and job growth to reach national levels
