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course, Mitchell says, “Te worst thing that anybody can do is really listen to all the noise, and in this day and age, the noise is 24/7 between all the news cycles. Te news is very repetitive and the old cliché is, ‘Don’t drink too much to celebrate when things are going in the right direction and don’t drink too much to dull the senses when things are going in the wrong direc- tion.’ Tis is about planning. It’s not about the short-term investment.” Keeping people’s spending and bor-
Planning For Life’s Uncertainties
By Martin Miron F
inancial advisor Seth Mitchell, of the Te Mitchell Wealth Management Group at UBS Financial Services,
grew up in the West Greenwich Village, in New York City. He graduated from the School of Business and Public Adminis- tration (now the Leonard Stern School of Business) at NYU in corporate banking and finance and international business. Start- ing at Prudential Securities in 1989 in the New York taxable fixed income division, he moved to their retail division in 1992. “I came over to UBS Financial Ser-
vices, which is the largest wealth man- ager in the world, because aſter 18 years at Prudential Securities, I felt that this would be the best place to be able to have the infrastructure and the depth and the scope of intellectual capital to continue to service my clients,” explains Mitchell. “It’s a virtual team.”
22 Hudson County
NAHudson.com His clients—institutional, corporate
and individual—have a diversity of needs, including asset management, estate, trust and retirement planning strategies, invest- ments for growth, dividend income and tax-exempt status. “I think that women are not going to be as traditional as their roles used to be over the years. Obviously, there’s a wage gap between men and women, but they’re rising to that occa- sion, narrowing that gap,” says Mitchell. “Tey’re choosing to get married later in life or perhaps not get married at all, in which case they have to be proactive in seeking advice and well-versed in the world of finance and investment.” Although events of the day can send the stock market on a seemingly erratic
rowing and budgeting really in check is part of the planning process. “Investment strategy planning starts with a comfortable, calm discussion, trying to take emotion out of things, but trying to be honest with one’s self as far as what does one really want, what does one really need. And the actual investment comes dead last. What we do here is we’re kind of like financial doc- tors. We do the CAT scans, the MRIs, the bloodwork. We do all the due diligence. We analyze and crunch all the data, and there are different specialists and experts that are part of this process. It’s certainly not just myself.” He counsels, “We never give any tax
advice. We never give any legal advice, but we do work very closely with clients’ other fiduciaries and their advisers, specifically the estate planning attorneys and the CPAs. We are that team for the client.” Mitchell advises that the key to main-
taining a sound portfolio is diversification. “Tat’s an old-fashioned term, and a lot of people lose sight of that when people ei- ther get greedy or overly frightened or just forget that they really are in it for the long haul. You’re always going to have cyclical recessions every several years, and you’re always going to have down markets. It’s not a straight line; it can go lower before it goes higher. If you’re in a hurry, you’re going to be taking on more risk.” He notes that diversification is very different to-
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