Below is the text of the introduction I made at the beginning of our most recent conference call, held for clients on September 23rd. Nate Gendelman, our Director of Investments, joined me on the call and there is a link to his comments below.

We thank those who were able to dial in and we apologize for some of the technical glitches that made listening difficult at times. We are diligently working to correct those issues to ensure a better experience.

Dear Client:

Not many of us have a personal connection to what has brought the financial system to its knees. We don't own a sub prime mortgage, we didn't invest in a hedge fund, we didn't work for Lehman Brothers or have a big stake in Fannie Mae options. It may feel like this is happening to someone else. And yet, with the daily headlines of fear and worry, it feels like the world as we know it is about to collapse.

I want to remind our clients that the soundness of your financial picture is specifically the result of a series, almost a sequence, of very specific financial decisions that you made (yes, with good analysis and information from us). We started with what was, we analyzed what would be, we discussed getting on the best path, we manage you to stay on that path. The end goal of every relationship we have is your complete and total financial security. But we can't get there without a willing participant. So give yourself some credit and put the headlines in perspective.

Don’t be drawn in by platitudes (save 20% of your income, in a down market postpone retirement, carry 5x your income in life insurance, etc.), the guidance we provide is based on your unique circumstances, and addresses your desired future. We answer questions like: how much can I spend from my portfolio during retirement, how much can I gift to children, when should I sell and downsize my primary residence, when can I safely retire, etc. There are prudent answers to these questions and then there are hoped for, made up, and even irresponsible answers to these questions. And these usually come back to bite investors during financial times such as these. So questions like, "what should investors do now" (a typical question from the media these days) are out of sync with us. Our clients are already doing it.

I only remind you of this because you may not give yourselves enough credit for having already done what most people are just now beginning to seek guidance about. And, yes, for some of those people, it may be a little too late.

Nate’s comments :Notes from Our September Conference Call

Posted September 29, 2008 by Mary Malgoire