October 20, 2014

SECTOR PORTRAIT

Wealth Management

Amid global uncertainties and a slow, frustrating recovery, many are grappling with how to keep their money safe and make it grow at the same time. In this sector portrait, some of Florida’s leading financial advisers offer advice and perspective.

Robert Barboni, president, Ibis Financial Group, Boca Raton


[Photo: Scott Wiseman]
Best money advice ever received: I was told to start a college fund the day each of my two daughters was born.

Best money advice he's ever given: A very good friend had all his money, his entire retirement savings, in his company's stock in his 401(k). He was five years from early retirement. I told him to diversify the stock in case anything happened. Fortunately, he listened and did diversify because the company (Enron) went under.

Advice giving clients now: Verify the risk of investments and make sure it matches your risk tolerance. Then, stay the course. Don't try to time the market.

How he'd invest $50,000: I would take a percentage of it and allocate it toward my future needs. A portion of it would go into a 529 for my kids, and I'd put the rest of it away for retirement.

Adam Carlin
Director of wealth management, Bermont/Carlin Group at Morgan Stanley Smith Barney, Coral Gables


Best money advice ever received: Be careful with leverage. Don't let the bank own you. Other than sex scandals what gets people in trouble is leverage.

Best money advice he's ever given: I taught the MBA program at the University of Miami for five years. Two things I would advise the students about investing: Never forget to look at the details — always do your research — and don't follow the crowd.

Advice to clients now: For a young person, don't ignore the true potential of long-term compounding; invest at an early age and continue to do so. For all investors, never be afraid to ask questions — ever! Never lose respect for the word 'risk.' People don't understand the word 'risk' often until they've lost money. Also remember the math. If you lose 20%, you need 25% to get back to even.

How he'd invest $50,000: I would continue to invest in equities, more heavily rated international companies, particularly in emerging markets. I would also invest in high-quality municipal bonds at attractive prices.

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