Carnegie Investment Counsel Blog

A Day in the Life of Bill Anderson

Posted by Carnegie Investment Counsel on Jul 14, 2022 2:00:00 PM

A Day in the Life of Bill Anderson

A wide breadth of experience and a grounding in practicality are what make Bill Anderson good at what he does as a Wealth Advisor and Portfolio Manager for Carnegie Investment Counsel. Bill handles all aspects of investment portfolio management and client relationships. He has experience in just about all aspects of the wealth management industry, but also in the wider world, including issues around elder care, employment transition and family dynamics. Bill has a long track record in the wealth management field in Cleveland, Ohio. He also spent 15 years with Progressive Insurance, specializing in financial institution crime and liability insurance.

He earned his bachelor’s degree in business administration in finance and real estate, as well as an MBA in finance from Kent State University. He held the distinction of being the youngest graduate of both programs for several years. Additionally, Bill held the Wall Street Journal Award for the highest GPA in finance.

 

A Wealth Advisor and Portfolio Manager’s Average Day

Bill notes that, like most will find, there is no typical day at the office. He starts early in the morning, doing what he calls the “operational background.” This could be checking if any news broke overnight, following up on client emails or confirming cash positions for the day.

What fills up most of Bill’s time is calls with clients. He’ll talk through queries that range from, “I need a new sump pump and furnace repair” to “when is the right time to retire?” or even “I can't stand my job!” Bill explains, he recently worked with a 27-year-old individual with a modest inheritance trying to go back to college. “Together we walked through costs, where to go, how much debt to take on and what to study.” He notes that many people have been calling him with concerns about the stock market. Bill’s biggest piece of advice is “to remember that the uncertainty in the market today will pass.”

“The most rewarding part of the job is being able to help people with security for retirement and in accomplishing their life goals and objectives,” Bill says. In his more than 10 years in portfolio and wealth management, he still enjoys providing clients with a roadmap to retirement and the confidence to make important decisions.

 

Allaying Client Worries

“I think the biggest concern clients run into is: are they going to run out of money,” Bill shares. “What I do for people is ask: What is a reasonable amount where you can live comfortably and happily? From there we work backwards into the financial strategy, which is often very realistic.” Bills reminds his clients that “comfortable does not mean extravagant.” 

An example of a realistic portfolio expectation met was when “an artist client had a total of $300,000 in savings,” Bill notes. “But she comfortably lived off that for 15 years – and was probably the happiest person I ever met. It lasted her whole life, even though it was what people might consider modest assets.”

Bill finds that people who struggle the most with looking at and managing their finances are clients with, “sudden inheritances or wage earners who may not have developed the skills to manage finances themselves.” 

On the other end of the spectrum, he often finds that as people age, they become more interested in things other than the day-to-day management of what they own. “People hit a point in life where they have enough and will always have enough. At that point they decide they’re more interested in travel, grandchildren or gardening than finances.”

 

Create Your Plan for the Future

Bill’s goal for each client relationship is to nurture trust and patience. His cool-headed approach is one reason why so many clients stick with Bill. The key to remaining calm is having a solid plan in hand. Bill advises: “Plan for anywhere you are. Come get help and start.”

In his spare time, Bill Anderson is involved in community gardening and has a great passion for volunteering to help keep local parks clean and beautiful. He bikes and has also worked on the restoration of the 47-bell McGaffin Carillon in Cleveland and appreciates how it provides educational scholarship opportunities for kids in Cleveland. Be sure to ask Bill about the carillon. 

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Photos: one of the public gardens that Bill has rehabbed in the last couple of years and a picture of the carillon bells.

 

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Topics: Financial Planning, Relationship Management

Carnegie Investment Counsel

Written by Carnegie Investment Counsel

Carnegie Investment Counsel is an Registered Investment Adviser (RIA) providing personalized financial guidance to help you preserve and grow your wealth, so you are freer to enjoy your life. As your fiduciary, we are obligated to place your investing success ahead of our returns.

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