Ask the Experts: Vincent J Puma
05/02/2008
Vincent J. Puma
Vincent J. Puma is Chairman of Hudson Wealth Management, a dynamic financial management firm dedicated to helping clients achieve their business and personal goals.
Vincent J. Puma is Chairman of Hudson Wealth Management, a dynamic financial management firm dedicated to helping clients achieve their business and personal goals.
His passion and impressive track record of growth and success shines through in his investment management and business consulting skills. Puma’s grasp of the market and asset management has led to several business success stories, including the growth of Roan Capital Partners, from 5 to 140 employees, and Hudson Partners’ strong performance as hedge fund managers. In his work and his personal life, Vincent embodies the core principles of Hudson Wealth Management: experience, honesty, and commitment.
When choosing an adviser what are the key indicators that may tip the scale for a consumer to go with one versus another?
The key indicators and influences in a consumer selection of an adviser include the approach of the adviser and his ability to communicate his desire for understanding the personal and business financial goals of the consumer. The resources available to the adviser to form a plan and provide the best financial options to meet the client’s objectives are also key indicators. And last, but of equal importance, is the trust factor – the trust that the adviser will provide the same care and concern about “my financial health and well-being as his own.“
In today’s volatile economy what kinds of mistakes do you see people making that you might steer them away from otherwise?
The most common mistake people make in a volatile economy is making financial investments on their own based upon previous market performance. People tend to react to two emotions during a volatile economy: fear and greed. In a “down” market the driving force is fear, and the tendency is to “get out” quickly. In an “up” market the driver is greed, with the desire “to hold” in order to make even more money. The adviser keeps his eye and objective on the client’s long-term goals and long-term plan. He removes the emotions so the client can make good decisions based upon their long-term objectives.
Sounds crazy, but what does it mean to be a wealth adviser versus a financial planner?
The truth of the matter is both the wealth adviser and financial planner offer similar services. The difference lies in approach and focus. The financial planner focuses on retirement planning…“what do I do with my money”…while the wealth adviser takes a more encompassing approach and focus. He reviews all financial objectives: “How do I create a life plan and legacy?”
How do you see the election positively or negatively impacting the investor community over the next year?
Regardless of which party is victorious in the upcoming election there will be change, and with change comes uncertainty. With uncertainty, decisions are made based upon emotion. The adviser is the rock…the voice of reason in times of uncertainty. He removes the emotion and provides focus for making solid decisions that provide alignment with long-term goals.
What advice would you give to parents who are trying to develop their kids’ financial knowledge and decision making?
My advice to parents is to teach, as early as possible, the importance of saving at an early age. With the compound interest factor, it is so critical to begin those savings habits as early as possible to optimize the ultimate financial gain. The key is to simply illustrate for the child how even a small amount of money growing for a long period of time can most often outpace a larger amount growing for a shorter period of time. In addition, to assist in building good financial decision making and responsibility, start giving tasks to your children when they are very young to allow them to learn the value of earning money (i.e., allowance), saving their earnings, and then spending their money on items that they value, rather than just handing out money with no guidance or expectations. Teach the value of earning money to build responsibility and appreciation, which in turn will create understanding and help build that decision-making muscle that everyone needs throughout life.
Vincent J. Puma
Hudson Wealth Management
Red Bank, NJ 07701
(732) 747-1900
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