Zach and I got to sit down with Lynsey Freeman, a financial advisor and the managing director at WestPac Wealth Partners in Las Vegas, and she shared some very interesting information with us regarding personal investments and the importance of starting to save early.
You can watch our whole interview with Lynsey here, but I also provided a summary below.
Lynsey talks about how the majority of millennials are either not focused on saving money for the future or are too scared to. After watching the market crash in 2001 and again in 2008, and some of us even seeing our parent’s retirement accounts cut in half, why would we want to invest our money and see the same thing potentially happen to us? Well, Lynsey certainly changed my mind after talking about all of the benefits of starting to invest now.
Here are some of the other highlights from the video.
What services does Lynsey provide at WestPac Wealth Partners?
Lynsey stressed that one of the key things that she does for her clients is teach them about financial principals. In addition to helping them structure their investments and meet their financial goals, she works to make sure they understand and are confident with their financial status and outlook. This means helping them create budgets which leads to better spending habits, as well as giving them the tools, resources and information to make educated decisions when it comes to their money.
Who are Lynsey’s typical clients?
Some of Lynsey typical clients include business owners and closely held businesses, young families, medical professionals and professional athletes, but anyone can be a client. Lynsey has no account minimums and encourages everyone to get started and begin investing to create savings for the future.
What are some of the benefits of investing and how do you get started?
Lynsey starts by educating her clients on the risk versus return when it comes to investing. She understands the potential hesitation to get stared but also stresses that the compounding effect of investments is both a reason to get started as soon as possible, as well as one of the benefits of investing. The compounding effect is the ability for an asset to generate its own earnings, which means that over time a small amount of money invested now can create a large amount of savings for the future. Another benefit of investing are the returns and gains you get which can help to hedge against future inflation. Cash sitting in a bank account will lose value over time when you factor in the inflation that we see each year. The last benefit of investing that Lynsey mentions is developing better spending habits. By making set contributions each month, you may need to create a more strict budget and sticking to it will develop good habits for the future.
What are some of the differences between WestPac Wealth Partners and another major investment firm?
Lynsey believes that one of the biggest differences between WestPac Wealth Partners and one of the other major investment firms is the attention and care that WestPac Wealth Partners give their clients. Clients come first at WestPac. Lynsey believes that wealth planning should be an engaging process for her clients, and one which will allow them to develop a life-long relationship built on trust. She wants her clients to have a sense of relief when they walk out of her office knowing that they are comfortable with their financial decisions.
What are Lynsey’s top pieces of advice for potential or current clients?
Lynsey’s first piece of advice is to get financially organized, and to her this can be as easy as creating a simple budget and sticking to it. She mentions that Mint.com has a great tool for creating a personal budget. Her second piece of advice is to make sure that after you begin accumulating wealth, you make sure that you are protecting it. This means getting insurance and making sure you’re as prepared as possible for potential threats to your wealth. What are some of these threats you ask? Well, they can include everything from disability or other health related problems, to a rocky economy or other unforeseen or planned life events.
Does Lynsey have any resources she would recommend to those interested in investing?
Because the investment process can be so personal, Lynsey comments that it can be hard to provide a great resource that would work for everyone. Of course you can google questions and get some blanket advice; however, investment advice should be tailored to the individual based on their demographics and personal financial goals. Because of this, Lynsey says that your best resource should be a trusted financial advisor.
What is Lynsey’s outlook on Las Vegas?
Lynsey has a very positive outlook for Vegas. She’s extremely excited about all of the new sports teams coming into town, including the Las Vegas Knights and the Raiders, but in addition to all of this, real estate values are going back up, along with the average household income. All of this is great for the economy as well as the Las Vegas community.
As I mentioned in this post, it’s always best to reach out to a professional financial advisor when it comes to advice about investments. Everyone’s situation is unique and it’s important that your advisor understands your financial goals to create a personalized investment plan for you.
Lynsey is a phenomenal resource and can be reached phone at 702-286-6552 or by email at Lynsey_Freeman@theWP2.com.