We are so delighted to share some amazing visual stories of our client families LIVING FULLY! We asked you to share and you answered – with wonderful images of you living your dreams. Stay inspired and thank you for sharing!
Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be taken as such.
Having been born and raised in Seattle, the start of fall is always a bittersweet feeling for me. I get sad that our short but beautiful PNW summer is ending, but I love that football season is beginning. I have seen many terrific and many not-so-great Seahawks teams over the years, but I always continue to show up as a fan. After having watched the start of our season thus far, one word comes to mind: uncertainty. Over the past few years, we’ve lost cornerstone players to other teams and to retirement. This truly reached a new level when we traded away our star quarterback this past summer. Those players had brought us over a decade of stability and success. All we knew was winning, and we easily left behind the memories of the 2008 and 2009 seasons where we had 9 wins and 23 losses.
I can’t help but notice the parallels between the Seahawks and the financial markets in 2022. This year has been full of uncertainty and volatility for investors. After more than a decade of mostly positive returns, we easily forget the pain of going through the short but sharp decline of 2020, the financial crisis of 2008, and the many bear markets before that. It’s human nature to do so. So, as we are currently in the midst of a difficult season, how do we put together the right team to win you a super bowl trophy (or at least help you achieve your goals)?
Your financial advisor will be your quarterback. You and your advisor must create the proper game plan together for what you are looking to achieve. They will be responsible for knowing exactly what play every teammate is supposed to carry out, and you need to keep in constant communication as the game progresses in order to make the necessary adjustments.
Your research and investment team will be your offensive line. They are critical to protecting your assets and marching your team down the field. As your research team watches the markets, like a great coach, they need to understand when to bring an additional player to the line for extra strength—especially when churning through tough, muddy times. They also need to understand when to send an extra player such as a tight end out on a passing route for additional firepower for your offense.
Many other players are vital to the functioning of your team. These positions are filled by your client service members, your trading department, internal operations, and outside experts like accountants and attorneys. If just one of these pieces is lagging, then your roster will be exploitable.
It is important to call out that not every drive down the field is going to result in a touchdown, much like financial markets won’t generate positive returns every year. But if you can put together an excellent roster, minimize mistakes, and follow a well-crafted dynamic game plan, then you put yourself in a position for success.
Are you ready to have a team that supports you? I really enjoy watching football, but I LOVE helping clients make it to their financial goal line. Call me this season, and let’s strategize on some plays!
Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be taken as such.
Merriman Wealth Management, LLC, an independent wealth management firm with over $3.6 billion in assets under management, is pleased to announce the additions of Geoffrey Curran, CPA/ABV, CFA, CFP® and Paige Lee, CFA, CFP®, CSRIC™ to the firm’s investment committee.
“The addition of Geoff and Paige to Merriman’s investment committee will provide valuable insight and experience to help us continue to seek the best investment outcomes for our clients,” said Jeremy Burger, CFA, CFP®, CEO of Merriman. Merriman has a six-member investment committee that oversees the firm’s two core investment strategies and hedge fund.
Geoffrey joined Merriman as a Wealth Advisor in January 2016 after spending three years at TD Ameritrade. Geoff graduated from the University of Tulsa and has earned three distinguished credentials in the industry – CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Certified Public Accountant (CPA), and Chartered Financial Analyst® designation (CFA®). Geoff is an active member of the South Puget Sound community including serving on the investment committees for the Tacoma Employees’ Retirement System pension and the Greater Tacoma Community Foundation.
Paige joined Merriman as a Wealth Advisor in December 2019 after spending 3 years at other advisory firms and prior to that working in the tech industry. Paige graduated from the University of Notre Dame and has earned three distinguished credentials in the industry – CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Chartered Financial Analyst® designation (CFA®), and Chartered SRI Counselor (CSRIC™). Paige has expertise in providing guidance around sustainable, responsible, and impact investing options.
SEATTLE, Washington — Wealth management firm Merriman is opening a new office in Bellevue as part of its strategic growth plan.
The 6,461-square-foot Bellevue office at 10900 NE 8th St., Suite 780, will have 16 employees using it as their primary office starting January 19, with additional hires planned.
According to Jeremy Burger, Merriman CEO, there were several reasons for opening the new office. One top driver was talent acquisition and retention. The Merriman team grew by 15 percent in 2021 and is poised for additional growth this year to support the complex financial needs of its clients in the Pacific Northwest and nationwide.
“Having a presence on both sides of the lake will dramatically increase the number of highly qualified employees who may choose to work with Merriman,” Burger said.
The new office offers proximity to a larger number of current and prospective clients in the growing Bellevue/Eastside market. But it is also a practical move – most of the 16 employees who will be based out of the new office live on the Eastside.
Along with the new Bellevue space, Merriman has relocated its Seattle office to 920 5th Ave., Suite 2720. The 5,929-square-foot downtown space is home to 23 employees.
“Hybrid work allows us to have wonderful client meeting spaces now in Bellevue and Seattle while also providing high quality remote options for clients, prospects and our growing team,” Burger said.
Merriman also has offices in Spokane and Eugene, Oregon.
About Merriman
Merriman is an independent, fee-only investment advisory firm which manages approximately $3.67 billion for clients across the country. Founded in 1983, Merriman has a strong focus on creating deep relationships built on empathy and understanding and combining that with expertise to give our clients agency and confidence to use their money to achieve true wealth. To help our clients be truly successful in achieving their goals, we offer a comprehensive approach to wealth management that includes not only investment planning, but also encompasses taxes, estate planning, insurance, risk management, charitable giving and more.
I love working with the tech community. I started my career at Microsoft and have since been inspired by the creative and innovative minds of folks working at tech companies large and small. I also enjoy working with tech employees, because as a personal finance nerd, I get to help people navigate the plethora of benefits available that are often only available at tech companies. Between RSUs, ESPP, Non-Qualified or Incentive Stock Options, Mega Backdoor Roth 401(k)s, Deferred Compensation, Legal Services, and even Pet Insurance, it is the benefits equivalent of picking from a menu of a Michelin three-star-rated restaurant.
Through my own experience as a tech employee and my experiences now as an advisor working with tech professionals, I’ve identified some of the biggest financial planning mistakes that can hold the tech community back from achieving financial independence and success.
Mistake #5 – Not Hiring an Advisor
Yes, I get it. Hiring an advisor means paying fees. And hiring a bad advisor can be more harmful than helpful. But just like everything else in life, there can be a lot of value in employing the knowledge and resources of an expert. I don’t cut my own hair for a reason, and I wouldn’t dream of providing my own defense in any sort of lawsuit. If you have a handle on your investments, are rebalancing your portfolio like a pro, and have done extensive research on your company’s benefits and how to utilize them, then by all means, carry on, you fellow financial-planning nerd. I wish everyone fell into this category, but it is rare that I talk with someone who doesn’t need help in at least one major financial planning area.
If you do hire someone, be sure to hire a fee-only fiduciary advisor. You’ll need to explicitly ask this question, and if the answer is no, I suggest you run far, far away. Also, if you’re afraid of commitment, ask what the process and cost is of leaving an advisor if you aren’t seeing value from the relationship. Work with an advisory firm who isn’t going to make it difficult or expensive to end your relationship. Without any significant barriers to exiting the relationship, your advisor will be motivated to make sure you are getting great service and will want to remain a client for years to come. If you’re looking for an advisor you’re compatible with, consider perusing our advisor bios.
Be sure to read our previous blog posts for additional mistakes to avoid as a tech professional.
Disclosure: The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.
I want to acknowledge that all women are wonderfully unique individuals and therefore these tips will not be applicable to all of us equally and may be very helpful to some men and nonbinary individuals. This is written in an effort to support women, not to exclude, generalize, or stereotype any group.
I was recently reminded of a troubling statistic: Two-thirds of women do not trust their advisors. Having worked in the financial services industry for nearly two decades, this is unfortunately not surprising to me. But it is troubling, largely because it’s so preventable.
Whether you have a long-standing relationship with an advisor, are just starting to consider working with a financial planner, or are considering making a change, there are some simple tips all women should be aware of to improve this relationship and strengthen their financial futures.
Tip #1 – Work with an Advisor You Like
You may think this is obvious or that this shouldn’t matter. Unfortunately, it isn’t obvious to many people, and I would argue that it may be the most important factor. If you don’t like someone, you are unlikely to trust them; and if you don’t trust them, you are unlikely to take their advice, even when it’s advice you should be taking. You’re also more likely to cut your meetings short or avoid them altogether. Chatting with my clients is one of my favorite parts of my job, and it’s also when I usually find out about the important changes in their life that they might not even realize impact their financial plan. It’s an advisor’s job to identify the financial impacts of your life changes, and your advisor can’t help if they are not aware of the changes. The better your relationship with your advisor, the more likely you will keep them updated—and the more likely they can help you make smart financial decisions.
Take some time to consider what’s most important to you when building a trusting relationship, and don’t be afraid to ask an advisor about their personality traits or communication style. You may need someone who is approachable and compassionate, or it may be more important to you that they are straightforward and detailed. I’ve worked with enough advisors to know we come in every shape and size you can imagine, so don’t settle for someone who isn’t a good fit.
This chart can be an extremely helpful tool for identifying your preferred communication style(s). Once you’ve identified your preferred style, you should be able to easily tell whether your advisor is communicating effectively according to your personality. If they aren’t, send them the chart! Strong communication skills are essential in financial planning, so they should be able to adapt to fit your preferences.
Aside from communication style, it may be important to you that you work with an advisor who shares certain values that you hold dear. I recently met with some new clients who I could tell were not completely at ease even though I thought we had hit it off. They were squirming in their seats when they finally got up the courage to ask me about my political leanings. When they learned that we felt the same way, they were visibly relieved. It was important enough to them that I don’t think they could have had a trusting relationship without this information. If you feel this strongly about anything, ask about it when interviewing advisors.
If you find you are having a hard time getting to know your advisor, ask to go to lunch. Once you get away from the office and their financial charts, it will likely be easier to build a connection. You may even get a free lunch out of it!
Tip #2 – Tell Them What You Want
Studies have shown that women tend to be more goal-oriented than men. I have found it to be true that women are more likely to focus on goals like maintaining a certain lifestyle in retirement, sending children to college, or making sure the family is protected in the event of an emergency, while others may focus more on measuring investment performance.
At Merriman, we believe all investing and financial planning should be goal-oriented (hence our tagline: Invest Wisely, Live Fully), but many advisors still set goals that focus on earning a certain percentage each year. This can be especially difficult if your partner focuses on this type of measurement as well. Women (or any goal-oriented investor) can sometimes feel outnumbered or unsure of how to direct the conversation back to the bigger picture. You made 5%, but what does this mean for your financial plan? Can you still retire next year? The issue is not that you don’t understand performance or lack interest in market movements, whether or not this is true. The issue is that the conversation needs to be refocused on the things that matter to you. All of the truly excellent financial planners I have worked with have known this and do their best to help clients identify their goals, create a plan for obtaining them, and then track their progress. If you’re not experiencing this, it’s either time to look for a new advisor or to speak up and tell them what you want. Also, note that speaking up is more easily done when you work with an advisor you like (see tip #1).
Tip #3 – Know the Difference Between Risk Aware & Risk Averse
Countless studies have shown that women are not necessarily as risk averse as they were once thought to be. As a group, we just tend to be more risk aware than men are. Why does this matter? First of all, I think it’s important to be risk aware. If you aren’t aware of the risk, you can’t possibly make informed decisions. But by not understanding the difference, women sometimes incorrectly identify as conservative investors and then invest inappropriately for their goals and risk tolerance. Since most advisors are well-practiced in helping people identify their risk tolerance, this is an important conversation to have with your advisor. During these conversations, risk-aware people can sometimes focus on temporary monetary loss and lose sight of the other type of risk: not meeting goals. If you complete a simple risk-tolerance questionnaire (there are many versions available online), women may be more likely to answer questions conservatively simply because they are focusing on the potential downside. Here is an example of a common question:
The chart below shows the greatest 1-year loss and the highest 1-year gain on 3 different hypothetical investments of $10,000. Given the potential gain or loss in any 1 year, I would invest my money in …
Source: Vanguard
A risk-aware, goal-oriented person is much more likely to select A because the question is not in terms they relate to. It focuses on the loss (and gain) in a 1-year period without providing any information about the performance over the period of time aligned with their goal or the probability of the investment helping them to achieve their goal. A risk-averse person is going to want to avoid risk no matter the situation. A risk-aware person needs to know that while the B portfolio might have lost $1,020 in a 1-year period, historically it has earned an average of 6% per year, is diversified and generally recovers from losses within 1–3 years, statistically has an 86% probability of outperforming portfolio A in a 10-year period, and is more likely to help them reach their specific goal.
A risk-aware person needs to be able to weigh the pros and cons so when presented with limited information, they are more likely to opt for the conservative choice. Know this about yourself and ask for more information before making a decision based on limiting risk.
Tip #4 – Ask Questions
Studies have shown that women tend to be more realistic about their own skill level. It’s not necessarily that we lack confidence—more that we lack overconfidence. I think that’s a good thing; however, it means women lacking financial expertise are more likely to feel self-conscious about asking a question that could be perceived as foolish. This can be particularly hard if there is a third party present (such as a spouse) who has a greater understanding, likes to use the lingo, and/or tends to monopolize the conversation. If necessary, don’t be shy about asking for a one-on-one meeting with your advisor so you have a chance to ask all the questions you want without someone interrupting you or changing the subject.
I would always prefer that someone ask questions rather than misunderstand, and it can be difficult to gauge a client’s level of understanding if they don’t ask questions. I have many highly-educated clients who have never had any interest in investing or financial planning, so it just isn’t their strong suit. There is nothing to be embarrassed about. I promise that an experienced advisor has heard any basic question you might ask a thousand times before. If an advisor is unhelpful or condescending when you ask a question, you should not be working with that person. There are plenty of advisors out there who are eager to share what they know with you. Sometimes the hard part can be getting us to stop talking once you’ve asked! And of course, being comfortable enough to ask questions is always easier if you like the person you are working with (see tip #1).
Tip #5 – Go to the Meetings
I haven’t seen any studies on whether or not women attend fewer meetings. However, if two-thirds of women don’t trust their advisors, I have to believe they aren’t eager to sit in a room with someone they don’t trust for an hour. I sometimes hear that one spouse “just isn’t interested in finances” so they don’t attend meetings. It’s perfectly fine to not be interested. My spouse isn’t! One thing I always find fascinating about working with couples is seeing all the different ways we decide to divide and conquer household tasks. Those lines are often logically drawn based on who has the most interest or the most time. However, even if you completely trust your spouse to handle the finances and you don’t have any interest, it’s important that you are part of the big picture conversations. You may not have any opinion on whether you invest in mutual fund XYZ, but you may have goals that aren’t even on your spouse’s radar or strong opinions about whether your entire portfolio is invested conservatively or aggressively. I find that when one spouse “just isn’t interested in finances,” it means that they attended meetings with other advisors in the past where the conversation wasn’t properly framed to address their goals, or they felt uncomfortable asking questions.
In addition to making sure your financial plan properly addresses your goals and takes your comfort level into account, it’s also important to build a relationship with your advisor so that if you do have questions, if you separate from your spouse, or if they pass away, you have someone you trust to turn to for help.
You may notice that all five of these tips are easier to follow when you follow tip #1—work with an advisor you like. There are many different considerations when hiring an advisor: Are they a fiduciary? Do they practice comprehensive planning? How are they compensated? What is their investment philosophy? They may check off all your other boxes, but if you don’t like them, you are unlikely to get all you need out of the relationship. If you’re looking for an advisor you’re compatible with, consider perusing our advisor bios.
Disclosure: The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.
Merriman Wealth Management, LLC, an independent wealth management firm with over $3.5 billion in assets under management, is pleased to announce the promotion of two new principals – Wealth Advisors Aimee Butler, CFP®, and Chris Waclawik, AFC®, CFP®.
Merriman Wealth Management, LLC, an independent wealth management firm with over $3.6 billion in assets under management, is pleased to announce the additions of Geoffrey Curran, CPA/ABV, CFA, CFP® and Paige Lee, CFA, CFP®, CSRICTM to the firm’s investment committee.
Over the past few years, we’ve been asking our clients—to hear it in their own words—about the value they gain from working with us. Check out these top ten reasons why clients hire us.
I was recently reminded of a troubling statistic: Two-thirds of women do not trust their advisors. This is troubling, largely because it’s so preventable. Check out these tips all women should be aware of to improve this relationship and strengthen their financial futures.
One of the provisions of the CARES Act was a suspension of 2020 Required Minimum Distributions (RMDs). For individuals who took a distribution early in 2020, they were given the opportunity to “undo” part or all of that distribution by returning funds to their IRA by August 31, 2020. Learn more about the tax reporting.
Geoffrey joined Merriman as a Wealth Advisor in January 2016 after spending three years at TD Ameritrade. Geoff graduated from the University of Tulsa and has earned three distinguished credentials in the industry – CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Certified Public Accountant (CPA), and Chartered Financial Analyst® designation (CFA®). Geoff is an active member of the South Puget Sound community including serving on the investment committees for the Tacoma Employees’ Retirement System pension and the Greater Tacoma Community Foundation.
Paige joined Merriman as a Wealth Advisor in December 2019 after spending 3 years at other advisory firms and prior to that working in the tech industry. Paige graduated from the University of Notre Dame and has earned three distinguished credentials in the industry – CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Chartered Financial Analyst® designation (CFA®), and Chartered SRI Counselor (CSRIC™). Paige has expertise in providing guidance around sustainable, responsible, and impact investing options.
Source: Vanguard 
