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Guiding Investor
Risk Tolerance After 2008
Solomon Chemo, CFP®
Managing Partner
Phone: 718-351-1161
3117 Richmond Road, Suite 2
Staten Island, NY 10306
www.richmondgroupwa.com
Our mission is to deliver and execute the most comprehensive strategy for our
clients, to create a synergistic team environment, to have each member continue
to enhance his or her abilities and role within the group, to effectively
communicate our abilities to the community, and to efficiently balance our
careers with our personal lives.
As he thought back to the financial
crisis that emerged as
George W. Bush ended his second
presidential term in 2008,
Solomon Chemo, Managing Partner of The
Richmond Group Wealth Advisors, LLC,
said, “No one thought we would be in that
situation. It was a time of uncertainty for
everyone. We did everything we could to
manage our clients’ portfolios and their
plans while not knowing what tomorrow
would bring. But, we assured them that
we were going to get them through it.”
His dedication was bolstered by words his
father had once told him: “Anybody can
perform well when things are going well,
but it takes a true leader to perform when
things are going bad.”
“
So you're seriously
thinking about
retirement...
As symptoms of the failing
economy set in, financial
advisors and clients
alike began to experience
the potent side effects of
investment risk. What
seemed to be a superficial
economic wound would
turn into a critical injury
– and the country wondered
when the bleeding
would stop. Chemo, a
Certified Financial Planner®,
observes that while
the pain has eased somewhat,
the after-effects of
2008 remain, leaving clients
still very sensitive to
capital losses.
Today, some people are
hedging risk altogether –
but that, too, comes at a price. Some fear they
may outlive their money due to healthcare
costs, inflation, low interest rates, high market
volatility and an unstable global economy.
This is a challenge for financial advisors
and while Chemo doesn’t recommend that
people throw caution to the wind, he does
emphasize longevity statistics. “If we look
at mortality risk compared to investment
risk, it puts things in a different perspective.
Some clients aren’t taking enough risk which
they need to in order to meet their goals for
the long-term,” Chemo explained.
Chemo does have a way of looking into
the future. The Richmond Group is part of
the Wells Fargo Advisors Financial Network,
and able to use the Envision® process – a sophisticated
statistical model that helps them
determine the probability of clients outliving
their money. “This allows us to come back
to the present day and put a plan together
to do what needs to be done to reach a client’s
goals. It is an ongoing process, and if a
client’s life situation changes, we revisit the
plan,” said Chemo.
Based on Staten Island, The Richmond
Group Wealth Advisors, LLC., provides individuals
and institutions comprehensive investment
services, retirement programs and
a broad range of services specifically tailored
to the needs of executives, businesses and retirees.
The firm takes great care in customizing
financial strategies tailored to help each
client achieve their immediate and long term
goals. This team of professionals believe that
each clients’ relationship begins with integrity.
The foundation of their practice is their
commitment in helping their clients to ensure
that their future is secure. Consistently
working on the clients’ service experience,
The Richmond Group is guided, yet again,
by the words of Chemo’s father, “Always put
the clients’ interests above everything else.”
THE SUIT MAGAZINE - JULY 2014