O'Reilly logo

The New Wealth Management: The Financial Advisor's Guide to Managing and Investing Client Assets by Harold Evensky, Stephen M. Horan, Thomas R. Robinson, Roger Ibbotson

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTER 17

PHILOSOPHY, PROCESS, AND PEOPLE

Find your niche; listen closely; reward substance; insist on value; recognize quality; demand quality; question basic assumptions; encourage simplicity; question certainties; imagine the future; become better informed; give the most.

—Harold Evensky

Our previous chapter, “Selecting Investment Managers,” suggested that the criteria for selecting a money manager should be philosophy, process, and people. We believe that wealth managers should be judged by the same standards. This concluding chapter is about these three Ps: philosophy, process, and people. The following section describes the practice philosophy at Evensky & Katz (E&K). The astute reader may view it as a summary of much the book. This would be correct, but should not be a surprise. Any wealth manager’s practice philosophy should reflect his or her core investment management style.

PHILOSOPHY

Without a clearly defined philosophy, the process is irrelevant and the people rudderless. The following is the philosophy of Evensky & Katz. As with all of the opinion pieces in this book, it is not intended as a recommendation or model for everyone’s practice. It is offered as a framework for readers, to stimulate them to develop their own philosophy. It is important that wealth managers have a philosophy, not that they adopt the E&K model.

Having set the scene for this chapter, the following is a formal statement of the philosophy that defines E&K’s practice. The entire staff participates, ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required