Once upon a time (in 1737, to be exact) conventional wisdom held that, “A penny saved is two pence clear,” and later (in 1758) that, “A penny saved is a penny got.” If these phrases sound familiar, it’s because they’re what some historians claim Benjamin Franklin actually stated, versus the famously attributed idiom, “A penny saved is a penny earned.”
Even if a penny saved was never a penny earned, the seasoned businessman Franklin was no doubt well versed in all manner of sound financial advice. Nowadays, advice on managing money comes in all shapes, types and sizes, many of them intimidating to the average Jane or Joe.
Knowing the basics for success can be a different thing from knowing how to apply them. The Tucson-based TCI Foundation aims to ease the common fears of financial planning, free of charge and now in Northern Arizona.
A 30-year financial industry veteran, TCI Foundation founder Bob Swift says that his two-part mission aims at promoting an industry shift in thinking and approach to how financial advice is given. Swift and his business partner started the foundation in mid-2013. Swift says that he “liked the business, but didn’t like the industry,” exclaiming he feels “there is a better way to deliver financial guidance, and we are doing it by helping working-class and young people.
“We hope to offer people at no cost the ability to meet with professionals, not only to educate them, but also to advise and just be a resource all along this journey on an on-going basis, the same way we treat millionaires here in Tuscon. We believe small investors deserve the same access to professionals that a millionaire does, that age or lack of money shouldn’t be a deterrent to getting good education, good financial planning and advice,” he said.
TCI’s business philosophy is that it is committed to the practice of providing independent investment and financial planning advice. TCI is 100 percent owned by shareholders active in the firm, thereby allowing the company to steer clear of any conflicts of interest that may arise when a firm is owned by a company that has a proprietary product-based investment solution. TCI’s long-standing relationships with other like-minded financial professionals allows the firm to provide successful, conflict-free and unbiased financial guidance, based solely on the needs and expectations of each client.
The foundation’s 3-Part Series on Investing focuses on helping clients demystify the stock market, and understand how markets work and how to make them work for themselves. In addition to stocks, the series covers the other fundamentals of investing, including bonds, mutual funds, tax-advantaged investments and more.
Swift says his foundation’s goal is also aimed at attracting like-minded financial teachers interested in educating and encouraging average citizens in achieving their financial goals.
“Deep down, I hope to go to other good advisors around the country with this model we’re building and say, ‘You’ve got to have a little obligation and responsibility to the smaller, younger investor other than telling them what books to read.’ So that’s what we’re trying to do, to fill that gap.”
Despite the general skepticism some feel toward financial planning, Swift foresees a positive reception to the foundation’s efforts locally.
“Of course, some are skeptical because Wall Street has screwed people for a long time. But it’s now been 18 months, and we’re building some awareness here in Tucson and we hope to host classes in Northern Arizona, because I think there’s a pretty good audience for what we’re trying to do,” he explains.
Northern Arizona region advisor Jennifer Edwards elaborates on TCI’s guidance approach. “The plan is two-fold, it’s education and it’s one-on-one client meetings. The education is, you can come to the classes and we’re teaching about investing, with a conservative investing approach. It’s not timing the market, it’s not trying to pick stocks, it’s not gambling, it’s not trading. It’s how do you take advantage of the fact that the stock market is going to grow over time, and that your money can work for you if you know how to use it.”
She continued, “So many people are afraid to use it because they don’t really know how it works. They hear what the news says about the market. Fear actually helps the market do what it does, so people sometimes (invest and divest) at the wrong time, or wonder, ‘Am I going to lose all my money?’ or ‘If I don’t invest it, will it depreciate over time?’ With the investing class we’ll dissect that. We’ll teach what you need to focus on and basic principles that aren’t really complicated.”
Edwards concluded, “You don’t have to have a finance degree to understand them, and anybody can use them to help their own portfolio so that they can reach their own investment goals. And because we aren’t charging our clients and aren’t making any money, our clients can look at the advice objectively. We aren’t selling them something. We aren’t getting anything out of what we do other than hoping that we can help them to trust us and trust the information, and that they will be able to reach their financial goals.”
TCI’s first area Investment Series will be held from 5:30 to 7:30 p.m. on Tuesday and Wednesday, Sept. 29 and 30, at the Northland Pioneer College Painted Desert Campus in Holbrook. Registrants will receive specific campus room location details with their enrollment confirmation. For more information, visit http://tci-foundation.org.
