In a world where financial headlines move quickly and investment trends shift overnight, many of the principles behind building long term wealth remain surprisingly consistent. Understanding those fundamentals can help investors navigate an ever-changing financial landscape.
For Michael Sisney, CFP® and Duke Carlton, CFP®, financial advisors with Wealth and Investment Services at State Bank of Southwest Missouri and registered representatives of LPL Financial, helping clients navigate those principles often begins with perspective, patience and a clear financial planning strategy.
One of the most common misunderstandings they encounter is the relationship between income and wealth.
“Income is not always associated with wealth,” Sisney says. Over the years, he has seen high income earners who are still carrying substantial debt, often because spending habits and lifestyle expectations can be difficult to adjust.
Building wealth over time, they explain, also requires patience and endurance. Long term investing can be especially difficult when markets are down, and emotions start to influence decision making. For that reason, they encourage clients to consider their investment goals, timeframe and risk tolerance, then stay focused on the plan.
Emotion, they note, plays a larger role in financial decisions than many people expect.
A portion of the Certified Financial Planner™ examination is dedicated to the psychology of financial planning, including behavioral finance, client and planner bias, and communication techniques. Sisney notes that many advisors spend a great deal of time helping clients manage emotions and behaviors that may conflict with their own investment goals.
In an era filled with financial advice across social media, they encourage investors to stay grounded in fundamentals.
“If it’s boring, patient, time-tested it’s probably good advice,” Carlton says.
While social media may be a place to begin learning, they caution against treating a Reddit article, TikTok video, influencer or blogger as objective truth in the financial world. In most areas of life, they believe it is helpful to talk with a professional, especially when decisions are personal, long term or complex.
Values also play an important role in shaping financial decisions.
“Our values are a large part of who we are as people,” Carlton explains. Their role, he says, is to educate clients about products and investment opportunities that may fit their financial goals and plan, then help them understand options and weigh opportunity costs more clearly.
At the same time, they emphasize that financial discipline does not require sacrificing the present.
Both can exist together. Building good financial habits, even small ones, can compound over time. Sisney notes that once those habits are built and someone begins to reframe what money can do now and, in the future, the process can become more meaningful.
When it comes to getting started, Carlton often points to a quote that sits on his desk.
“When is the best time to plant an oak tree? Twenty-five years ago. When is the second-best time? Today.”
For many people, the first step may simply be developing a plan, learning more about investing or speaking with a valued advisor who can help bring clarity to the process.
Wealth and Investment Services
State Bank of Southwest Missouri
Springfield, Missouri
Michael Sisney, CFP®
Duke Carlton, CFP®
417wealth.com
(417) 882-1400
No strategy assures success or protects against loss. Investing involves risk including possible loss of principal.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. State Bank of Southwest Missouri and Wealth and Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Wealth and Investment Services, and may also be employees of State Bank of Southwest Missouri. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, State Bank of Southwest Missouri or Wealth and Investment Services. Securities and insurance offered through LPL or its affiliates are:
Not Insured by FDIC or Any Other Government Agency | Not Bank Guaranteed | Not Bank Deposits or Obligations | May Lose Value
Building wealth over time requires patience, endurance and emotional discipline, especially when markets are down and investors are tempted to let short-term uncertainty influence long-term financial decisions.