NEW YORK — Summer, the season for lazy beach reading, may be winding down. But for financial advisers, certain books are timeless.
In addition to sharing investment-related research, some advisers also send clients more mainstream books to help them navigate key life events. Below, financial advisers share reading recommendations for client milestones.
New Clients
Equius Partners Inc. gives new clients copies of “The Intelligent Asset Allocator” by William Bernstein and “Winning the Losers Game” by Charles Ellis, says Eric Nelson, a principal at the Novato, Calif., firm.
Ellis’s book is an easy read, and Bernstein’s delves deeper into markets, Nelson says, adding that both books explain clearly how markets work and the benefits of a low-cost, long-term, buy-and-hold investment approach.
The Planning Center Inc. in Moline, Ill., gives “The Financial Wisdom of Ebenezer Scrooge: Five Principles to Transform Your Relationship With Money” by Ted Klontz, Rick Kahler and Brad Klontz to many of its new clients, says certified financial planner Eric Kies. The book takes readers through a series of exercises concerning their relationship with money, Kies says. In some cases, he and colleagues ask clients to treat it like homework and come to a meeting prepared to discuss the exercises.
Children
The Planning Center also recommends “The Richest Man in Babylon” by George S. Clason to parents who want to teach their children about money and to young professionals just starting their careers. The book covers the fundamentals of wealth-building, Kies says.
Parents who work with West Financial Consulting Inc. in Huntsville, Ala., receive “Raising Financially Fit Kids,” by Joline Godfrey. This book addresses key financial skills children should learn between ages five and 18 and identifies specific activities to teach children about money management, CFP Jessica Hovis says.
Graduation
Lighthouse Financial Advisors Inc. gives “Why Smart People Do Stupid Things With Money: Overcoming Financial Dysfunction” by Bert Whitehead to new clients and to existing clients whose children or grandchildren are graduating from high school or college, says Frank J. Corrado Jr., a partner at the Red Bank, N.J., firm.
Cornell Capital Management in Clarence Center, N.Y., mails “A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing” by Burton G. Malkiel to the children of clients who are graduating from college. It’s a helpful guide for new investors, says President David Hartzell.
David Hultstrom, a CFP with Financial Architects in Woodstock, Ga., likes “Life is Tremendous’ by Charlie Jones for new graduates, describing it as a quick read full of positive messages.
“The Wealthy Barber: Everyone’s Commonsense Guide to Becoming Financially Independent” by David Chilton is a gift CFP Charles Buck sends college graduates and newlyweds. The book is easy to read and explores ways to structure one’s financial life to achieve one’s goals, says Buck, of Woodbury, Minn.
Singles & Couples
For unmarried clients, including same-sex couples, Warren Ward, a CFP in Columbus, Ind., distributes “Money Without Matrimony: The Unmarried Couple’s Guide to Financial Security,” by Sheryl Garrett and Debra Neiman.
Ward also gives “Happily Ever After: Walking with Peace and Courage Through a Year of Divorce,” by Kristin Armstrong to divorcing women.
Philanthropy
Jenny Fleming, a CFP with EquiStar Wealth Management in Austin, Texas, gives Tracy Gary’s “Inspired Philanthropy” to clients who express interest in exploring their current giving or future plans.
Holly Isdale, managing director at Bessemer Trust in New York often gives “The Gospel of Wealth” by Andrew Carnegie to clients starting a foundation. Written in 1889, this essay addresses the responsibility of the wealthy to ensure their money is used to benefit society.
Estate Planning
Kevin Jacobs, a CFP in Broken Arrow, Okla., uses “The Ultimate Gift” by Jim Stovall, who’s also from Oklahoma, to start conversations about estate planning. He also gives the movie version to clients who have already read the book.
Retirement
Brenda Knox, a CFP with Financial Elements Inc. in Rolling Meadows, Ill., likes “Encore: Finding Work that Matters in the Second Half of Life” by Marc Freedman for retirement-age clients. This book encourages retirees to pursue their interests and use their talents in creative ways, she says.
Financial Windfalls
“Sudden Money: Managing a Financial Windfall” by Susan Bradley helps people manage the emotions that can accompany sudden infusions of money such as inheritances or legal settlements, says Sheryl Clark, of Sunrise Financial in Tucson, Ariz.
