Writer: Liz Palmer
2 min read August 2022 — In 2022 professionals in wealth management and financial advisory are focused on client education, long-term thinking and consistency. In Tampa Bay, leaders spoke with Invest: to discuss how they are watching their sector evolve to meet the needs of an ever-changing economic landscape and a new generation of investors.
Mike Salmon, Principal and Financial Advisor, Moisand Fitzgerald Tamayo LLC
Financial literacy is high on Moisand Fitzgerald Tamayo LLC’s priority list. Principal and Financial Advisor Mike Salmon credited his business partner Charlie Fitzgerald with advocating for Florida’s now required financial literacy credit prior to high school graduation. “We believe that education is certainly lacking and that basic things aren’t being taught to enough people,” Salmon told Invest:. “If it is, the focus is on the stock market, as you can see with day-trading apps that are growing in popularity. It is fun and gets your attention but there is more to personal finance and financial literacy than gambling with stocks. We are excited that the next generation of Floridians will have a better starting point with financial literacy.”
Jim Erb, Partner & Private Wealth Advisor, Continuum Wealth Partners
Jim Erb, partner and private wealth advisor of Continuum Wealth Partners, is also in support of making financial literacy education a requirement in Florida schools. He is eager to partner with local schools to assist in building a “solid foundation and understanding of finances” for students in the Tampa Bay area. “I’m glad to see that the state of Florida is adding financial literacy as a requirement in elementary school,” he said to Invest:. “The biggest challenge with financial planners is how to deliver service to people who otherwise can’t afford our work, and I know that if financial literacy is strong, a lot of people can avoid mistakes like buying a house that is too big or a car that is beyond their budget. Financial literacy is extremely important and I’m happy to see it is part of the required curriculum.”
Terry Igo, CEO, Tampa Bay Trust Company
Individual investing has brought a new generation of investors into the market, which CEO of Tampa Bay Trust Company Terry Igo sees as a double-edged sword. “Internet-based investing applications are great for people to get educated and get their toe in the water, but I fear that those types of applications are instilling a trader mentality; it is a short-term thing,” he explained to Invest:. “It’s not healthy. What is healthy about that is the exposure to investing for people who otherwise would not get the exposure and education.” Instead of more short-term trading through an app, Igo is focused on long-term strategy. “What we do is help clients buy high-quality equities and bonds that they will hold for a very long time. That’s how you make money over time.”
Ed Sutton, Founder and Owner, Sutton Wealth Advisors
Ed Sutton, founder and owner of Sutton Wealth Advisors, is bullish on what lies ahead for the industry and is laser-focused on financial education. “As the financial world has become more complex, people need and want education and assistance with their finances,” he said to Invest:. “That help is most likely to come from financial professionals with in-depth knowledge of not just equities and bonds but also alternative investments.” Sutton said the amount of financial information accessible to consumers is higher than it ever has been, but lack of context when relaying data makes literacy difficult and emotional. To address this, he guest speaks at Florida State University on personal finance and investing to those interested in learning more. Sutton Wealth Advisors also launched its “Financial Boot Camp” for those new to investing last year with plans to develop intermediate and advanced models.
For more information, visit:
https://moisandfitzgerald.com/
https://www.continuumwealthpartners.com/
