Last week I met with several new additions to the Implementation Resources team. Staying on top of the news and strategies of each practice area represented by our implementation resources is a value added benefit to our clients. The common thread of my meetings seemed to be a back to basics approach.

First, I met with Steve Barth who is a partner and the chief investment officer at Bennett Thrasher Wealth Management. He is a CFA and CPA. We discussed how he is managing this difficult market environment. Steve led me through his asset management strategy which utilizes the talent available in the Atlanta area. One note that struck me was a comment he made about the credit rating on fixed income. Choosing a quality credit rating on fixed income has always been important, but bond insurance has perhaps offered a false sense of security about the safety of riskier bonds. This is particularly true when we now experiencing an environment where the insurers are rated lower than the issuers. An interesting predicament?

Speaking of insurance, I also met with Weldon Baird managing partner of The Baird Group in Atlanta. Weldon represents Northwestern Mutual with an emphasis on executive benefits, income replacement and wealth transfer strategies. Weldon was kind enough to host a luncheon for financial professionals with guest speaker Brian Henning, J.D. who is the managing director of specialty markets for Northwestern Mutual (NW).

Brian took a break from the cold weather in Milwaukee and joined us as we discussed how NW has “weathered” the current economic storm. He too commented on the benefits of a sticking to the basics and continuing a common sense approach. NW has remained solid because they haven’t strayed from the basics with “gimmicky” products. The leadership at NW resisted the allure of easy upfront earnings and continued to provide the same straightforward quality insurance products they have provided for years.

So what we are learning, hopefully, is to avoid the too good to be true – get rich quick schemes. Instead, develop a well thought out financial plan with a common sense approach in order to provide you and your family a sturdy financial foundation.