We often ask prospective clients if they are clear on their fees, returns, and allocation. Most are fuzzy on the answers. In our world, we value transparency and keep a close eye on fees, exerting pressure where there is room for a reduction. We are pleased to share that Dimensional Funds just announced meaningful reductions in management fees for the equity funds we invest in for our clients and ourselves. The majority of our clients will experience 20% lower fees on the equity portion of their Dimensional investments. We’ll be sharing the details in future client meetings, but for now, know that the odds of long term success just got better!

Here at HIG, we are passionate about service and hospitality. What does this really mean to us? In this short post, I’ll share a couple of points on how we approach serving you. Since our founding 15 years ago, we have talked inside our walls about the magic combination of two places: Cheers and the Four Seasons. 

If you are under age 35, you might not be familiar with the fictional bar Cheers. For the rest of us, we know Cheers is the home away from home, where everyone knows your name. While we may not scream out your name when you walk through our doors like those famous Cheers regulars, we seek to create a welcoming space at HIG. Our goal is that everyone who walks through the door, from our favorite mail carrier (Saronda we’re talking to you) to our newest prospect, feels this intention. 

We also look to the Four Seasons approach, where any staff member is empowered to solve a client’s problem and even anticipate her needs. This means each one of us on the team takes personal responsibility for helping our clients. How does this change your experience? In short – we make it happen. Whatever you need. One recent example, my colleague Abby recently completed a last-minute, socially-distant emergency notarization for a client before their child left for college.

Now that you know more about our aim, we want you to hold us accountable. If you have any suggestions for us, let’s talk. You can book 15 minutes with me here.

One question we hear often is, how do I teach my kids about money?

We’ve shared our conversation with Marilyn Wechter about subtle ways to set our kids up for success with money and talked about how not to be a snowplow parent, but what about the nuts-and-bolts? How can we teach our kids the basics of saving, the power of compound interest, and how capital markets work? In other words, how do we make finance fun?

Recently, John and I had a crash course in teaching a trio of teenagers. We thought we’d share some valuable takeaways you can incorporate into your own “money talk” with your kids. 

The meeting’s highlight was “Roll with the Market”, a dice game that aimed to replicate the stock market. We also introduced them to our version of Finance 101: budgeting, savings, goals, credit cards, and Rick Hill’s favorite Rule of 72.

In “Roll with the Market”, the kids decided if their money was “in” or “out” through 10 rounds of dice rolls. The game gave the kids a taste of what it’s like to be invested in the stock market, simulating a rising or falling market’s emotional effects and changes to their investments. To our surprise and satisfaction, the three kids stayed in the market all 10 rounds, never once deciding to sit out (equivalent to going to all cash). Even at this young age, they were able to intuitively understand and take the long view!

Here are a couple of tips for keeping children engaged as they learn:

• Use cold hard cash – Once we threw some cash on the table and got them involved in helping manage it, they were hooked. 
• Gameify the essential topics – Making the lesson a game reframed their idea of money from obscure to practical and made it fun! They were also able to practice and absorb the lessons without just listening to us drone on. 
• Make it relevant – We believe the real power of wealth lies in creating freedom and options to lead the life you choose. By asking a couple of pointed questions, we were able to help them understand that money can power their dreams, even now. The key was showing them money matters today – not just in the future. Each member of the family was totally engaged, asking great questions, participating in thoughtful conversation.

If the idea expressed here sounds good to you, let us take “the money talk” off your hands. Contact us about scheduling a family meeting. You never know what small spark will set off your child’s long-term success with money.