It’s not always easy to step into the shoes of others who may have mismanaged or misstepped along the way. But it is important for those who are honest and open to get that message approach. This is what Essex Financial Services is doing in the aftermath of some bumpy times. Charles R. “Chuck” Cumello Jr. is the CEO and President of the company which is insisting on transparency and trust.
Today, they have close to 50 financial advisers and a reported $3.4 billion in assets and are one of the largest independent financial-services companies in the state of Connecticut.
When discussing how they approach the market, Cumello says that he usually recommends a percentage split of 60-40 between stocks and bonds. He continued, “Everything is possible if you have a plan. A lot of our work is retirement income planning.”
The planning process for the future is certainly made easier with the scenarios Essex Financial can run through their computers. They weigh many factors including life expectancy, charitable giving, paying for college and more.
Cumello explains that much depends on timing. Those who retired in 2007 or 2008 certainly needed more time to recoup their losses than do those retiring today. As Cumello said, “It’s been a heck of a run.”
Certainly, he offers sound advice when he says, “A bull market doesn’t just die of old age — something happens. Our biggest job is not to make emotional decisions.”