The Inside Press

Magazines serving the communities of Northern Westchester

perspective

Getting to Know Richard Bloom: The Making of a Great Financial Advisor

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Richard Bloom’s first memory of the stock market was when he was a young child. He would hear his grandfather talking about buying shares of GE. “I didn’t know what it meant, and actually thought he owned the whole company! Eventually he taught me what it really meant to buy and own a piece of a company.  As a way to educate myself and my siblings, he asked us to pick a company we liked and agreed to buy us each 10 shares of that company.”

Of course, as any kid would do, Bloom chose Toys R Us! “As this was the pre-internet era, he bought us graph paper and taught us how to look up the ticker in the newspaper each day and chart the price of the stock,” said Bloom. It was his first introduction to investing, “but more importantly, it was a great learning experience and bonding opportunity with my grandfather.”

This early introduction ignited a desire in Bloom many years later to study finance in college. From his career’s start nearly 15 years ago, he has worked with the same team, The MayerGelwarg Group at Morgan Stanley. His two partners, each with over three decades experience have taught him that what makes a great advisor is not only helping clients develop sound financial plans, but doing so at the highest level of service.

Building Relationships

Today, the part of Bloom’s job that he loves the most is the deep lasting relationships that he has built with his clients. “My job is not only to ensure they are taking the right steps toward financial security, but to assure and reassure so they can handle the emotional side of investing in the markets,” he explained. “This entails asking very specific individualized questions during a first and second meeting to understand how the client views the world and what impact that will have on their emotional fortitude during the inevitable ups and downs we will experience together.

“From the moment I meet a prospective new client, it is my responsibility to demonstrate financial acumen and understanding of their unique needs,” Bloom continued. “Knowing my clients seek out and trust my guidance is incredibly rewarding.    

Since the pandemic, Bloom has interacted with many individuals within and outside of the industry who wonder how he and his clients are handling the stress and uncertainty. While acknowledging the increased demand in terms of time and energy, Bloom has also found it to be one of the most fulfilling moments of his career. “Now more than ever, clients and potential clients are razor focused on the importance of having an experienced financial advisor. I continually remind my clients of the plan in place to ensure their short-term needs will be met under any market conditions without jeopardizing their long-term financial goals. And most importantly, if/when there are changes to their personal situation, we can make any necessary adjustments needed. While we cannot control the markets, we have complete control over the decisions we make together.”

Discipline as Key to Success

Bloom emphasized that although there are virtually no barriers to investing in the markets on your own, a great deal of discipline is required to be successful in the long run. “Investors must develop a strategic asset allocation and stick to it; they have to rebalance across asset classes including selling outperforming investments; they also must understand the tax ramifications of each trade because at the end of the day, it’s not about what you make, but what you keep.”

If any one thing frustrates Bloom, its hearing of investors who panic and sell out of the markets at the lows and miss the inevitable rebounds. During his local “Wine and Wealth” seminars at Le Jardin in Chappaqua, Bloom has maximized the opportunity to educate numerous members of the community. “These are fun, low-key social and educational events where I team up with one of our portfolio managers to present on different investing topics,” he said. “My goal is for all attendees to walk away with a few investment concepts that they can use to prevent themselves from making financially detrimental mistakes.”

Bloom and his partners also practice what they preach. “We make it a focal point of our business not to invest our clients’ assets in anything we ourselves or our families are not invested in. Most financial advisors cannot say that,” he stated. “Our asset allocation, or the mix of stocks and bonds, may differ but the portfolios we utilize for various asset classes are the same. We do this to eliminate any conflicts of interest and our clients take comfort in knowing that we are invested alongside them.”

Westchester Living

Bloom is proud to call Westchester home, a perfect choice to establish roots personally and professionally. His wife Marisa grew up in Chappaqua. Bloom, originally from the Philadelphia suburbs, originally thought he would move back there. “However, I quickly learned that once I married a New York girl, I’d be here for life. And now I absolutely love it.

He said his kids love spending time at Gedney Park, and always look forward to the Chappaqua Children’s Book Festival and the Armonk Cider and Donuts Festival. His family visits the local farmers markets every weekend as well. “We make it a priority to shop at and support local businesses. We couldn’t be happier living up here.”

But no matter how grounded one might feel in the community, Bloom understands how ‘unsettling’ the markets can be right now, and the feeling of uncertainty that comes along with it. “The markets also tend to operate in the exact opposite way of how we live our lives and are hardwired to think,” said Bloom.

“In the very short term, people generally know what is going to happen to

them–what their schedule is going to be tomorrow or next week or next month. Where we will be in 10 years has a much wider range of outcomes and very little certainty.

The ‘Long Term’ Mindset Advantage

“The markets, on the other hand, have much more certainty in the long run while there can be extreme volatility in the short term. Understanding this helps alleviate my concerns for what is happening in the world right now. No doubt we are experiencing sea-level changes in our country and society; however, when you look back in history, changes are always taking place with industries being disrupted. Being able to take advantage of these changes, block out the noise, and stick to your long-term plan through it all provides you with the best chances of success.”

A recent article by Bloom in this press discusses strategies to help investors remain focused during turbulent times, even when it can be hard to think clearly. (https://www.theinsidepress.com/staying-focused-in-turbulent-times/)

Most meaningful for Bloom has been growing with his clients and witnessing wonderful things that happen to them in their lives. What he has found is that many times those great things do not have anything to do with wealth. That thinking has accorded Bloom perspective. “There are three simple rules I try to live by: First, be a good person and respect others. Second, surround yourself with people you like and can learn from. And lastly, don’t ever sweat the small stuff, including a bad day in the markets!

To reach Bloom, write to Richard.Bloom@morganstanley.com

Back to School: Then and Now

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Full disclosure – Deadlines being what they are, I am writing this back to school piece at the end of June. School just ended today and my youngest son graduated high school a week ago. As the weather is finally starting to get steamy, it’s a bit hard to imagine school resuming again, though of course I know it will.

Things have changed a lot since my oldest son started kindergarten in 1996. Back then, there was no online shopping and no prepackaged school supplies vendors. We would take the supply list we received by snail mail to Staples and, in scavenger hunt style, search for each item. There were always one or two items we had difficulty finding and we would go to another store on our way home to complete our task.

By the time my youngest son began school in 2006, to quote B.B. King, “The Thrill Was Gone” and I was only too happy to take an easier route and get the prepackaged box of supplies from Supplies to Please, rather than dragging all three kids to the store. I admit that although it was easier, there was a small part of me that missed the annual ritual.

Another thing that was different “way back when” was that there was no portal. Our district didn’t launch it until my middle son was in high school and, initially, it was only for report cards at the mid-point and end of each quarter. Now, in addition to report cards, there are grades for each test, homework assignment and more. The portal was accessible all the time until the district shut it down during school hours because some kids were checking their grades between each class, which was extremely anxiety provoking.

Although I found there were certain advantages to having a portal, I also felt that with its implementation something was lost. I missed the days when a teacher would have to pick up the phone to tell me my kid was screwing up. The portal made things impersonal and wasn’t always even all that accurate–some teachers seemed to update it all the time, while others (despite district guidelines) were slow to post on it. Having come late to the portal technology, I never got the hang how often I was supposed to be checking and how much responsibility I should leave to my child, although maybe there isn’t one right formula for that.

Another less-than-positive change is the pressure of getting into college, which has escalated to an alarming degree over the ten-year spread between my oldest and youngest. Living in a high achieving town where educators and parent put undue emphasis on college ratings, there were always demands on the students.

Recently, it’s gotten completely out of control, as was highlighted by the college admissions scandal.

Whereas some of my oldest son’s classmates were tutored for college entrance exams or an occasional subject in which they were struggling, now there are tutors for everything–SATs, ACTs, Regents, SAT 2s, even the ELAs. I thought my youngest was joking when he told me that but, apparently, it’s a thing. While it may be good news for tutoring businesses, it’s incredibly expensive, as well as time-consuming.

While schools are offering mindfulness classes and workshops for parents billed as “How to help your student manage stress,” they seem to be swimming against the tide. Parents are stressed. Kids are stressed. I am not sure where it’s all heading but I can say for sure that where someone goes to college is way less important than what they do when they get there.

There are a lot of mental health issues and angst in college and strengthening the skills that can alleviate some of those issues before a kid starts college is crucial. Working on independence, self-advocacy, balance between work and play, etc. needs to take precedence over getting admitted to a school a few slots higher on the US News and World Reports college lists.

Even though much has changed over the decades, I can say for sure that one thing that has not changed is the desire well-meaning parents have to do the best they can for their children, whatever form that might take. I am curious to see what transformations in edu-cation occur in the upcoming years.

Although I will be a spectator and not an active participant in the 2019-2020 school year, I wish all the parents and their students a successful year, one that’s filled with growth, learning, and joy in the process.

Community Matters: Mindful Advice on Conflict Resolution

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mywayBy Jodi Baretz

Conflicts can be personal, community-based, global. They can cover all sorts of topics and divide us in a variety of ways. Conflict is part of the human condition, and, while inevitable, is healthy and normal too. However, just as we all experience conflict in different and unique ways, so too do we go about resolving our issues using a variety of methods and manners. Often, it is not the conflict itself, but the resolution process that determines the outcome and impacts our ongoing thoughts and feelings.

Gathering ideas from different viewpoints can be informative and helpful. Town meetings and, more recently, social media are great ways to share ideas and come together; however, there are challenges as well. Emotions and tensions can run high at the meetings, and words and posts can be misconstrued on social media.

Social media is a wonderful resource, but it can also be a place where tension and conflict arise. Local online forums (whether Chappaqua, Armonk, Mount Pleasant or others) reflect community interest in a range of helpful to hot-button topics such as coyotes, community pools, dog curbing, train track crossings and future developments like that of Chappaqua Crossing. It is wonderful that we all have opinions, but pausing to think about how we express them is critical.

When we respond too quickly, based on emotion, we often regret it. Creating space between stimulus and response can make a huge difference. Victor Frankl, author of Man’s Search for Meaning, writes: “Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and freedom.” Before you respond to conflict, you may want to stop and ask yourself–am I being clear and respectful? What am I really reacting to here? Is it the issue itself or is this personal? When have I felt like this before? Craig Ferguson, late-night host and comedian, had this to say on communicating with his ex-wife: He asks himself, “does this need to be said, does this need to be said by me, does this need to said by me right now?”

The ability to create space sounds great in theory, but in the moment can be difficult to attain. It takes a lot of practice and we are always a work in progress. Personally, I work on this through meditation and mindfulness, but still have moments where I forget to pause. Just recently, I reacted to a situation, without the pause, and ended up hurting someone I care about and regretting my actions. After apologizing, I immediately tried to use this experience as a way to understand myself and uncover what triggered me. Even though it was a less than ideal response, it was an opportunity to examine my behavior in a compassionate non-judgmental way, understand that I am human and that I make mistakes. Hopefully, this will lead to growth, healing and forgiveness, and it won’t happen again.

We all have different triggers depending on our past experiences and how we were raised. People can have varying reactions to the exact same stimulus. We tend not to be open to new ideas and beliefs and only really “see” the ones that we agree with, what we already know to be true. If we can drop our ego when conflict arises, and try to understand what exactly we are reacting to, as well as the other viewpoint, we will be more effective at coming to a resolution. Understanding, rather than accusing, goes a long way in conflict resolution. This does not mean you have to agree with the other side or condone their viewpoint or actions. We are usually protecting something that means a lot to us when we are fighting for it; for example, it is likely that a wildlife conservationist and small dog owner will have different opinions regarding the coyotes in our midst. Opening to what the other person is fighting for can really help with reaching a compromise. It will make you more effective in your position. Can we learn to see our experiences through a wider lens?

When we engage in conflict and get angry at others, it often results in stress and inner turmoil. We want to get our point across, but when we fight, we end up harming ourselves. We may feel wronged, disrespected, misunderstood, but holding on to anger and hostility can affect us more than our adversary. I tell my clients to try to let things go and forgive selfishly. Nelson Mandela once said, “Resentment is like drinking poison and hoping it kills your enemies. “

The open exchange of ideas is what all relationships are built upon. Understanding another’s perspective makes us better leaders and more effective problem solvers. Thinking about why we are triggered by certain issues can be useful, give us insight, and help us respond rather than react. Coming together, we accomplish more; cooperation rather than discord. In the end, we want the same thing, a prosperous vibrant community.

Jodi is a psychotherapist and holistic health coach with a private practice at The Center for Health and Healing in Mt. Kisco. She runs a variety of mindfulness workshops and small groups. Jodi helps “stressed out” adults manage the challenges of daily life and build harmonious relationships with their kids, spouses, bodies and themselves, so they live with more joy, peace and fulfillment.