Tag Archives: financial planning for engineers

Holistic financial planning allows you to understand how realistic financial decisions you make affect other areas of your life. This way you can consider its short and long-term effects on your life goals thus allowing you to adapt more easily to life changes and feel more secure that your goals are on track.

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Specializing in engineers, I have come to realize that I enjoy working with intelligent people. I find myself enjoying the conversations outside of finance more than I do talking about the markets. We have a great depth of engineering clients that work on amazing things and I find it expands my knowledge base just knowing that some of these things exist and how much time and effort is put into them. Over the past few years we have started a lunch and learn program that is attended by many engineers. We have had great feedback from those who have engaged our services as to how they feel about having their financial affairs handled by professionals.

Herein lies the issue of being smart vs. being a professional. Is it that these clients are not smart enough to handle their own finances? Do not understand how the markets work? Not at all. They recognize that simply comprehending a subject does not qualify them as a professional in that field.

I consider myself to be a reasonably smart guy. That said, could I go home every night and study books on engineering? Read about historical engineering feats? Brush up on my physics and calculus? Yes, I could, but the fact remains is nobody in their right mind would trust me to design a crane! Even further, if I designed a crane and successfully used it on some jobs, would you put your life at risk using it? Of course not! My crane may have gotten lucky here and there, but perhaps it was not exposed to the many elements that have to be taken into consideration when engineering a crane (i.e. terminal stress levels; lifting loads on a windy day; etc.)

Case in point, many engineers make this very mistake. Regardless of your intellect, it does not make you a professional in every field or industry. Substitute an investment portfolio with the crane. Many people have designed an investment portfolio over the past five years and it has performed very well. The caveat, in engineering terms, is designing a crane for half the price of what professional engineers charge and to prove your crane’s ability, show it can lift the required weight under perfect conditions.

We, at The McClelland Financial Group, are professionals. We have 4 CFP’s (Certified Financial Planners) in the office. We have seen the markets at their best and worst and know how to respond. We are well aware of the financial components that lead to a successful plan. In my experience, I have realized that one of engineers’ biggest pet peeves is when engineers by trade, refer to themselves as professional engineers. The sentiment is the same in the financial arena. Similar to how you have gained the trust of your clients for being a professional engineer, trust in the fact that you have hired a financial professional to manage your affairs with the same duty of care and responsibility.

Mike Connon, B.Sc, CFP
Senior Financial Planning Advisor, Co-Branch Manager, Certification in Estate Planning and Trust Strategies

Specializing in engineers, I have come to realize that I enjoy working with intelligent people. I find myself enjoying the conversations outside of finance more than I do talking about the markets. We have a great depth of engineering clients that work on amazing things and I find it expands my knowledge base just knowing that some of these things exist and how much time and effort is put into them.

Over the past few years we have started a lunch and learn program that is attended by many engineers. We have had great feedback from those who have engaged our services as to how they feel about having their financial affairs handled by professionals.

Herein lies the issue of being smart vs. being a professional. Is it that these clients are not smart enough to handle their own finances? Do not understand how the markets work? Not at all. They recognize that simply comprehending a subject does not qualify them as a professional in that field.

I consider myself to be a reasonably smart guy. That said, could I go home every night and study books on engineering? Read about historical engineering feats? Brush up on my physics and calculus? Yes, I could, but the fact remains is nobody in their right mind would trust me to design a crane! Even further, if I designed a crane and successfully used it on some jobs, would you put your life at risk using it? Of course not! My crane may have gotten lucky here and there, but perhaps it was not exposed to the many elements that have to be taken into consideration when engineering a crane (i.e. terminal stress levels; lifting loads on a windy day; etc.)

Case in point, many engineers make this very mistake. Regardless of your intellect, it does not make you a professional in every field or industry. Substitute an investment portfolio with the crane. Many people have designed an investment portfolio over the past five years and it has performed very well. The caveat, in engineering terms, is designing a crane for half the price of what professional engineers charge and to prove your crane’s ability, show it can lift the required weight under perfect conditions.

We, at The McClelland Financial Group, are professionals. We have 4 CFP’s (Certified Financial Planners) in the office. We have seen the markets at their best and worst and know how to respond. We are well aware of the financial components that lead to a successful plan. In my experience, I have realized that one of engineers’ biggest pet peeves is when engineers by trade, refer to themselves as professional engineers. The sentiment is the same in the financial arena. Similar to how you have gained the trust of your clients for being a professional engineer, trust in the fact that you have hired a financial professional to manage your affairs with the same duty of care and responsibility.

When I go to events with other advisors to share our stories and learn from the greatest minds in finance, the same question keeps coming up…’What are our “type” of clients?’ Some will say doctors, dentists or business owners. I say The McClelland Financial Group attracts many engineers.

Engineers by nature are curious, detail oriented individuals who like to know how everything works. They also like to have things explained to them in a clear and concise manner. Many advisors stay away from engineers because of these types of personality traits. These advisors themselves do not understand how and why their methods work, and are therefore unable to communicate this to others. Many advisors are told by their company how to manage the clients money; end of story. This is where we stand apart from most advisors. We understand our methodology and are able to communicate it well. We do not follow, we lead.

My favorite question asked by many of our engineer clients is “Why do you manage the portfolios the way you do, and how does it work?” If you would like to know the answer, ask me and I would be more than happy to share. All of us at The McClelland Financial Group are passionate and believe in our investment strategy. We all have our investments in this strategy. We are not afraid of the details. No good advisor should be. Engineers love process and detail…so do we. If you don’t like details, we have no need to bore you with them but it is our job to understand them just in case you ask.

Another great thing that attracts Engineers is our positive outlook and belief that the world works. Engineers are the same. They tend to be optimistic about the future. They understand the relationship between risk and return. They understand the importance of a plan. They believe in efficiency…so do we.

If you know of any engineers, and for that matter anyone else, who feels their advisor should better understand how their clients are invested please let them know we exist and we would love to tell them our story.

Mike Connon, Senior Financial Planner – The McClelland Financial Group

For more information please contact The McClelland Financial Group at 905. 771. 5200