Getting the right advice at the right time makes all the difference. For example, many veteran experts praise their success to mentors who emphasize principles such as prioritizing long-term growth over short-term profits and knowing the story behind numbers. Others have learned the importance of adaptability. It provides information about market trends and embraces innovation.
Below, 20 Forbes Finance Council members each share financial advice that not only shaped individual careers but also strengthened financial strategy and leadership practices that promote lasting success.
1. Don’t fall in love with stock picks
Behavioral finance research teaches that humans are emotional and often make rash decisions to their disadvantages. One of my first bosses simply said, “Don’t fall in love with the Stock Pick.” Emotions cloud good judgment, and clear thinking is important in finance. -Sonya Thadhani Mughal, Bailard, Inc.
2. Provide clarity to build trust
People appreciate clarity, not confusion. Decompose complex ideas into simple, digestible concepts to build trust and engagement. When others feel informed and empowered, they are more likely to work with you. -Steven Furtado, Savoir Wealth
3. Build wealth through patience and discipline
Wealth is not built by chasing returns. It is built by mastering patience and discipline. Our most successful focus is on long-term value, compound growth and risk management rather than short-term profits. Investing, managing your money, building a career, and more, consistency and resilience really set you apart. Beyond that, it is important to recognize that empathy for others can really help. -Terry Chen, Mosulate Inc.
4. Focus on people and processes
The best advice I received from my mentor was to focus on people and the process. A strong team and a well-enhanced workflow are the foundation for operational success. Prioritize clear communication, adjust goals, and invest in technology and training to streamline your processes. -Dessy Prasad, RIA Innovations
5. Identify mission statements and live
There’s a mission statement! It reminds me of why I come to work every day and maintain my passion for my profession. I aim to use empathy, creativity and expertise to help more people achieve their financial goals. Whether it’s a 401(k) consulting business or personal asset management, we are extremely fortunate to see the impact our team has. – Gregory Fortier, Sentinel Financial Group
Forbes Finance Council is an invitation-only organization for successful accounting, financial planning and asset management companies. Are you qualified?
6. Know that when your client is successful, you will succeed
“When our clients succeed, we succeed.” This simple yet powerful perspective underscores the importance of focusing on the long-term success of the people we advise. When we commit to their success, everything else falls into place. Our role is not to provide services or achieve our goals, but to truly coordinate our interests with our clients. – Lance Scott, Bay Harbor Wealth Management
7. Understand that trust controls transaction speed
“Trust controls transaction speed” is one of the most important principles given to me early in my career. Since then, I have cultivated the understanding that it is one of the most valuable currencies of my life and should never be compromised. Sometimes, you need to throw away your money for a while to gain trust. Ultimately, money only creates moments, but trust creates movement. – IBS facility capital, Dr. Jason Jackson, IBS Investment Bank Sister Co.;
8. Always sleep soundly
When I bought my partner, my business coach told me to always sleep soundly. You may lead your way when you are disappointed enough that life can face anything. That didn’t help me worry. Because I knew it would be counterproductive in solving morning problems. The best advice ever! – Sharon Bradworth, White Oakswells Advisor
9. If someone shows poor personality, don’t do business with them
“There’s no good business with bad people.” As a banker, there are no more important requirements than characters. This lesson is number one. Don’t even think about doing business with someone with character issues. – Keith Costello, local bank
10. Know how to talk about numbers from a business perspective
Finance functions are the strategic pillars of an organization, and CFOs are more than just bean counters. He or she should be able to talk about numbers from a business perspective. This way they can position themselves as business partners for CEOs and other senior executives. -Odiri Oginni, United Capital Asset Management Limited
11. Focus on risk management before maximizing risk
The best advice I received was, “Focus on risk before the return.” Early in my career, I prioritized maximizing my profits, but my mentor taught me that true success comes from managing the downsides. This change in mindset has helped us to build more resilient strategies and ensure long-term growth while protecting capital. -Wealth Company International FZCO, Gianluca Sidoti
12. “What is the worst possible situation?”
My mentor recommended that I ask 50 years ago, “What’s the worst thing that happens?” Sets the risk appetite. Identify all possible bad events. If risk occurs, we assess likelihood and impact. Develop, avoid, share, or reduce responses to non-appetite risks through preventive and detective measures. It gains confidence in bold moves, leading to big wins while avoiding major trouble. – Johnny Frank, Stoneturn
13. Test financial assumptions with feedback from colleagues
Finance is an inherently sensual practice that captures the current and future state of business. As a financial expert, it is important to test your financial assumptions and models with feedback from colleagues who build and sell products and services. This is the most important advice from a mentor who was with me. -Abhishek Nanda, Revalize
14. Lead by example
I was a third generation entrepreneur and grew up watching my dad and grandfather run small businesses. I learned early on that I was proud of my hard work and that you must lead by example. When you own a small business, there are no fake sick days or lazy days as your employees’ livelihoods depend on you. If you have grit, resolve, focus, you go far. -Eyal Lifshitz, Blue Vine
15. Focus on team motivation
The best advice I received in the finance industry was, “In chaos, which focuses on motivating talent, whether finance or operational, we openly address issues. Motivated teams find ways to navigate the challenges, adapt and ultimately move the organization forward, even during difficult times. -Mahdi Yazdizadeh, Ereele Capital
16. Remember that every job involves learning from mistakes
My first boss told me, “Rent only when you have to, save something from all your pay and retire without debt.” He also told me that doing your job on all levels involves making mistakes and learning from them. Words to live! -Gale Simons-Poole, BHG Financial
17. Please listen to the client’s stories
The best advice I received was “I have two ears and one mouth for a reason.” You need to listen to the client. We are their trustworthy advisors. We must hear their concerns and find ways to improve their financial lives. Record or take notes during the meeting and then summarise them in writing for the client to make sure we are all on the same page. -Aviva Pinto, Wealthspire Advisors
18. Make a strategy before you dive in
Best advice related to developing a strategy before diving into work. My mentor often quoted Sun Tzu: “Tactics without tactics are the slowest route to victory. Tactics without strategy are the noise before defeat.” -Tanmay Gupta, Fortitude Re
19. Put people first
“Serve first. The rest will continue,” the mentor taught me that true success is not chasing money. Early in my career, I focused on numbers, but when I prioritized authentic care, my trust and growth surged. Finance is not just about wealth. It’s about impact. When you serve with all your heart, success takes care of itself. -Bob Chitrathorn, Simplified Wealth Management Wealth Planning with Bob Chitrathorn
20. Protect and save wealth
It’s not just how much money you make, but how much you keep. Early in your career, revenue is important, but at some point, protecting your wealth becomes essential. Investing hours in an offshore asset protection plan can bring more benefits for wealth than decades of work. – Blake Harris, Blake Harris Law
The information provided here is not investment, tax or financial advice. Advice regarding a particular situation should be consulted with a licensed professional.
