Biggest Challenges Faced By A Wealth Advisor At Buena Vista Financial Planning
AK's biggest challenges as a Founder/Wealth Advisor include the emotional toll of client loss—"it hit me like a ton of bricks"—and the inherent uncertainty in financial markets, requiring skillful communication to align couples with differing perspectives and manage anxieties around unpredictable events like job loss and fluctuating investment performance; the advisor focuses on proactive planning to mitigate these anxieties, urging clients to consider, "What are we gonna wish that we would've done three to five years from now?"
Client Relationships, Financial Markets, Uncertainty Management, Communication Skills, Risk Management
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
AK Mashhoon
Founder / Wealth Advisor
Buena Vista Financial Planning
Cuesta College and Cal Poly, SLO
N/A
Business Management & Admin
Finance (Banking, Fintech, Investing)
Finance
Worked 20+ Hours in School, Transfer Student, Student Athlete, First Generation College Student
Video Highlights
1. The emotional toll of losing clients and the importance of resilience in handling setbacks.
2. The inability to control external factors (market performance, tax laws, etc.) and the need for effective communication and client management during uncertain times.
3. The challenge of aligning couples with differing financial viewpoints and fostering a shared understanding of risk and uncertainty in financial planning
Transcript
What is your biggest challenge in your current role?
There are a couple of things to consider. The first is losing a client. That's challenging, just from the perspective of getting up in the morning.
The first time I lost a client, it hit me hard, and I didn't feel good for about a month. Even after that month, I wouldn't say I felt good. That's really difficult to deal with.
Another way to look at challenges is that there's a lot we can't control. We definitely can't control investment performance, tax laws, who's in office, or whether someone will be hired or laid off. We can't control so much.
I'm constantly describing these things to clients, especially during scary times related to the stock market. I'll ask, "In three to five years, what are we going to wish we had done right now?" I know it's scary, and stocks may have come down 20%.
What are we going to wish we had done three to five years from now? Let's think about it. We want to make sure we have enough cash for job loss. We know what has happened in the future, and we may wish we had invested now. Let's think it through, not force anything.
But definitely, the lack of certainty and communicating with couples who have different viewpoints, getting them on the same page to understand and be comfortable with uncertainty, is challenging.