Mission Wealth's Spotlight on the Team for July is Client Advisor Associate, Shane Holt. Shane joined the Mission Wealth team one year ago in July 2018. Shane has over 11 years of experience within the industry and is currently pursuing his CFP® designation. In this interview, read about Shane's love for travel and the outdoors, his knowledge of Behavioral Finance, and his reverence for Fleetwood Mac's album, Rumors!
What are a few childhood experiences you had that formed who you are today?
I have been very fortunate to have a loving, caring family, and a wonderful diverse friend circle over time. They have greatly influenced who I am today, and I am grateful for that in a way that is hard to fully express in print.
How do you like to spend time outside of Mission Wealth?
I really enjoy traveling to see friends and family. Some hobbies include skiing, cycling, sailing and golf. With traveling, it’s great to get out of your comfort zone a bit, as a way of resetting, and reminding yourself where you are in the universe.
Are you a raving fan of anything – like a sports team or band or school?
In general, I am a fan of anything that is well designed / well thought out: where customers are often pleased with their experience and see value in continuing to go back. I realize that’s a broad range of things, but it’s true. Ok, maybe if I had to single out one ‘raving-fan’ thing, it would be the album Rumors by Fleetwood Mac. Probably one of the best albums ever produced. Not many albums hold a candle to it.
What’s something interesting that people don’t know about you?
I have a strange obsession with Ruffles potato chips. I just don’t buy them at the store, because I will eat the entire bag when I get home. Shoot, cat is out of the bag now. But I am very Irish, so I guess you could have inferred the potato thing already. Also, I do talk to dogs as if they are people.
If you could offer any advice to your younger self, what would it be?
Buy Amazon stock! I’m joking, as I believe in mostly efficient markets. On a deeper note: I would say to be nice to people, and appreciate the time they share with you. Also, admit your mistakes and limitations, share the spotlight by deflecting praise to others, and be open to new ideas, advice, and feedback.
Are you a part of any organizations or clubs?
When I lived in San Francisco, I volunteered at a school for boys for 12 years on Sundays. The history of the school is impressive, as it has been around for about 165 years, serving the youth of Marin County. I have found a similar outreach organization here in Santa Barbara this last year, within the St. Vincent de Paul group of a local parish. In sum, it’s helping people in between phases of life. I also crew on two sailboats, one of which was built back in 1927. Along with three other close friends, we did a full restoration back in 2011-2012, and have sailed it quite competitively since. The Bird Boat Association is the group - where I am currently the class Social Chair and Secretary of the Association.
Is there something about your personality that guides your approach?
I try to be as caring, understanding, and patient as possible, and I often look for the good in people. I also tend to joke around a lot, but only after I know the clients a bit more.
What are your favorite kinds of clients to work with and why?
I don’t think I have a favorite. I like to work with all types of clients, as I feel that we can learn something from each other.
What kinds of issues do you help your clients with and what kinds of unique services do you provide your clients with to help them with these issues?
Help them stay more organized, and add clarity to different steps of the financial planning process.
Give me one piece of financial advice you would offer clients:
Take the time to think about what you what you want to achieve with not just your money, but with your life. I think it can be very understandable to get busy in life, and forget that there are other types of ‘currencies’ other than dollars and cents. Who do you socialize with, connect with, and how do you feel you contribute to your community? I realize that you can’t buy groceries and pay rent without dollars, but there are other ways of feeling like you have ‘enough’ and I think that comes from human connections, shared humor, and associations with groups and teams.
What is a subject or area of finance that not many people know a lot about, but understanding it could really help their financial picture?
Behavioral finance; for one to be able to understand their own emotions, biases, habits, and limitations, would help them make better decisions.
What are some important things to consider when choosing a financial planner?
You may have heard the saying ‘price is what you pay, value is what you get.’ When it comes to selecting a financial planner, do you feel like they are hearing your needs and concerns? How are they being compensated? What types of tools do they use for your portfolio, their internal planning, trading and research software, and what other advisors do they associate with outside of their scope of expertise to help them achieve this? I would be very careful to simply choose the least expensive financial planner. A good financial planner can pay for themselves in multiples, that is, the ultimate value that is delivered.