Hello December!
Sometimes it is hard in finance to just write to a thought that moves me, so for this newsletter I’m going to do something a little different than the usual monthly newsletters I write. It is the most magical time of the year as they say, so why not discuss something a little magical. This is a personal story that I haven’t shared with any of you, I’ve been reminded of it in the last couple of months by a number of new people I’ve met – many of whom had roots in small, family banks that were later sold to a big guy or gal. I might take a bit in getting to the point, but it is how I feel legitimately about investing for you, my clients.
As many of you know, I was formerly at Morgan Stanley in San Francisco. One day I was presenting to a potential client on a rooftop deck South of Market right before I was to moderate a financial panel downstairs. I was nervous of course about the whole thing – a lot at once, but I had prepared. As I was presenting to this potential client, a man kept looking over at me watching me present, he seemed to be mentoring what I figured was a graduate student or something. I wasn’t sure if he was coming to our event that evening or not. A week later, he finds me on LinkedIn and asks to go for coffee. He is an esteemed professor at Stanford, both in the design and business schools. He mapped out security and disaster planning for NYC and is currently working on space commodities exchange. I’m happy to tell you more about him and make introductions if any of you are so inclined. He gets with me and says that I am no ordinary advisor he can tell, and that I legitimately care about my clients in a way not often seen in his many years in finance. We end up having very heady dialogs about finance – what is working and largely what isn’t. Ultimately, I left Morgan Stanley to form my own firm given the latter. The professor and I ended up speaking together on a number of panels going forward about ethics in finance - good finance, if you will.
The culmination of this is when the professor invited me to see “It’s A Wonderful Life” on December 24th in black and white and the Stanford Theatre in Palo Alto. I wondered why this was so important to him, but figured he had a reason, he always did. As the film plays, I begin to have tears run down my cheeks given the story – the hardships, the shrewd business practices, and ultimately the generosity exhibited - finance with a soul. Later the professor told me that he had a vision for a bank to be called “Good Bank” that would have fair and equitable practices, supporting those who have had a rough go with financial counseling for free, and more. As I turn to the news of big Wall Street Banks in Washington DC fighting against bigger cash deposits for banks in reserve, I think of this memory. As many of you know, I route for regional banks – they are pillars of our local economies and actually do lovingly invest in people and our communities. Per REG BI (best interests) which I am beholden to uphold at all times for all of you, always look at a bank’s financials and please do make sure that you have $250,000 FDIC insurance. If you have maxed out that limit at a bank, take the next $250,000 to another bank, and so on. We simply do not know who will be bailed out and who won’t in any bank failure. Are some banks too big to fail? We have seen big banks fail so I believe the answer is yes, they can.
A friend of mine’s mother started a bank in San Francisco back in the day that was for women. Another friend had a series of community banks in Pennsylvania. I highly respect regionals in Colorado that are doing some amazing things with lending and giving back to the communities they serve.
The point of the story is that finance, I believe, is personal. I am the kind of person that can have tears about stories that move me – when a client achieves a goal, when someone gets funding to start a business, when kids get sent to great schools, and so on. During this busy season, I just want to tell all of you “thank you” for your trust in me, and the partners that work with me to achieve your goals. Someone recently told me that they were happy when I am happy, that is how I feel about you – when you achieve your goals financially – I am happy, and who knows, maybe you will bring me to tears! That’s an awesome goal! If you haven’t checked in with me recently, let’s do so because I continue to love all of your stories and adventures!
With love and gratitude this holiday season! May all your holiday dreams come true!
Leise
President, Lion’s Eye Wealth
