The day after Labor Day 1986, this 31 year old, with a wife, 4 year old son and a mortgage, hung out his shingle as a CERTIFIED FINANCIAL PLANNER™, hoping he could make enough money to simply replace the bank salary he just left. Thanks to the trust and confidence that all of you have placed in me, I’ll be celebrating 30 years in the profession in a few days.
It seems like yesterday, yet it seems like an eternity ago. In 1986, the Dow Jones Industrial Average was around 2000. The ten year Treasury note was yielding nearly 10%. I got the stock market report at the top of every hour by listening to the radio and stock prices were updated daily by getting the prices out of the Wall Street Journal. I had no computer and a four drawer file cabinet just waiting for a client file.
In that 30 year span, I’ve experienced the largest one day decline in stock market history, a 25% drop in October 1987; the meltdown of the savings and loan industry; one of the greatest bull markets in history lasting from 1990 to 2000; two unbelievably bad bear markets (2000-2002: 2008-2010); bursting of the tech bubble and the bursting of the housing bubble; almost 30 years of declining interest rates and now nearly 8 years of interest rates near zero. I saw the Twin Towers, a place I was supposed to be in on 9/18/2001 come crashing down on 9/11/2001 from a terrorist attack, an event that rattled the very foundation of our nation. Oil prices climb to over $100 a barrel only to collapse back down to under $30 a barrel. Countless wars and conflicts. During that 30 year period, Presidents Reagan, Bush, Clinton, Bush 2, and Obama have all served. Democrats and Republicans have exchanged majorities in the House and Senate. Technology has made the world smaller and events that we may not have even heard of are now routinely broadcast into our homes or posted on Facebook or YouTube.
But what I really remember over that time is seeing the joy on your faces when you retired, or when your son or daughter graduated from college. I remember that look of concern of your faces as we experienced some of the tough times and your determination to stick it out with me. I remember your tears when your husband or wife passed away and we had to start a whole new chapter in your life. I remember the countless pictures you shared with me of your grandchildren and great grandchildren. I remember you encouraging me in the tough times too!
Throughout the last 30 years my intent was to do the best I could to help you reach your goals, to be honest and earn your continued trust and to put your interests above my own. I’ve tried to instill those traits in the people who have come to work for me. I can safely say that Linda, Dan, Jeff, Serenity, Sondra and Peggy all share them and exhibit them every day.
I’ve been asked many times lately when I’m going to retire. Retirement to me is doing something that you want to do instead of doing something you have to do. I’ve been doing what I want to do for the past 30 years, so maybe I’ve been retired for 30 years now.
Thanks for the past 30 years and thanks for however many more we share together!
Mike Berry is a Registered Representative offering securities through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Legacy Wealth Management, LLC and Cambridge are not affiliated. Cambridge does not offer tax advice.
Copyright ©2016 Mike Berry. All Rights reserved. Commercial copying, duplication or reproduction is prohibited.
