Who’s Lifestyle is Your Advisor Focused On?

Six Things You Should Know

1. Equity Markets – were down this week with U.S. stocks (S&P 500) sliding -0.22% while international stocks (EAFE) fell -1.53%.
2. Fixed Income Markets – were also down this week with investment grade bonds (AGG) losing -0.92% and high yield bonds (JNK) declining -1.29%.
3. U.S. Jobs Report – The U.S. added just 29,000 jobs in September—well below expectations—while unemployment edged up to 4.2%, prior months were revised down by 60,000 jobs and annual wage growth slowed to 3.0%. The data reflect a “low-hire, low-fire” labor market, as elevated rates, energy costs and economic uncertainty restrain hiring while historically low jobless claims show layoffs remain limited.
4. U.S. GDP – U.S. second-quarter GDP growth was revised sharply higher to a 2.2% annualized rate from the previous 1.5% estimate, confirming that the economy remained resilient despite slowing modestly from 2.5% in the first quarter. The upgrade primarily reflected stronger consumer spending, business investment—particularly AI-related capital expenditures—and exports, partly offset by rising imports.
5. Cybersecurity Reminder – Scammers are increasingly using Remote Access Tools (RATs) along with phishing emails or texts to take control of devices like phones, tablets, and computers. Once installed, these tools can give cybercriminals access to sensitive information, including your Schwab accounts. These attacks can be hard to spot, so if something doesn’t feel right- like unusual account activity or suspicious messages- trust your instincts. If you sense suspicious activity, please call us immediately or report any concerns to Schwab at 800-515-2157. 
6. Key Insight – [VIDEO] We were fortunate to have our good friend and colleague Iran Harvell in office this week, meeting with the team and a number of clients. She also joined Dave and Mike presenting at this week’s Quarterly Event and we recap the night with them in this week’s video. [ARTICLE] I regularly talk with other advisors, whether some “kicking the tires” on TEN Capital, discussions at conferences, etc., as well as see and be the recipient of countless sales pitches from firms on why to join them. A common refrain that drives me crazy is the concept of creating a “lifestyle” practice that functions on “autopilot.” This week we discuss our philosophies around TEN and how they stand in stark contrast to these mindsets.

Insights for Investors

A Message on Mission by Tim Mitrovich 

Whose Lifestyle is Your Advisor Focused On? 

I think a lot of investors would be shocked to hear how their advisors discuss their practices and careers “behind closed doors.” I have heard things like, “I’m just trying to make the most amount of money doing the least work possible,” “I have a lifestyle practice,” “I’m trying to just work part time” and more – but you get the idea.  

Of course, when you visit advisor’s websites you will never see those kinds of admissions but rather things like, “client-centric” or “dedicated to your success.” 

I recently saw an ad targeted at advisors where an advisor put out publicly that he was late-stage career and had a practice on “autopilot.” (I’ll leave him nameless, but you can find the ad with a decent ChatGPT search). I wasn’t shocked that such an attitude existed but was surprised that someone would have the audacity to say it out loud on a national ad campaign. 

I am often asked by prospective clients, “what questions should I be asking you?” I have never thought to tell them they should push any advisor to truly discuss their philosophy, how they continue to personally develop, as well as improve their firm with specifics, or challenge them on what kind of hours they keep or what their day-to-day looks like. That said, I will from now on. 

The Industry Owes You More 

This industry sits in a special place of trust with those that engage it, and quite frankly too many are taking that trust for granted and focusing on their own lifestyle and profit as opposed to those they are supposed to be protecting and partnering with. 

I happened to see the above ad on the same day I saw our entire team working incredibly hard, coming along side clients that had recently had a spouse pass away, a spouse get diagnosed with cancer, and couples sitting down with Iran Harvell and advisors here at TEN in emotional meetings around planning for the future and making sure their beloved families would be well taken care of.  

This isn’t to say we are perfect, or the only good advisors out there, but it is to say advisors should do better and clients should challenge their advisors to demonstrate their passion for helping clients achieve their desired lifestyle – and not just their own. Of course, I would also argue that such a passion should be pretty evident without such questioning. 

Purpose, Partnership, and Our Focus at TEN 

And while the juxtaposition between the ad reflecting a brazen industry attitude left me a little angry, I also walked out of the door to head home incredibly proud of my colleagues as well as our colleagues/partners at Hightower, like Iran, and the work they are doing to not just build and support clients’ well-being, but their genuine care and willingness to walk alongside them through life’s inevitable challenges and heartbreak. 

One of our new teammates saw and heard all that was going on and stopped to ask me how I was doing. I was honest with her… it was a hard day. Lots of emotion, lots of work, lots of heartbreaking situations.  

But this career framed correctly isn’t about convenience, it’s about purpose. So yes, there are days that leave you drained in many respects, but also leave you feeling so full of purpose. 

In one of the first messages we sent out to clients 15 years ago, I promised that at TEN, we may not be able to promise perfection, but we would attempt to put forth a perfect effort, and that as our firm grew, our passion for the client experience would result in new tangible ways.  

I believe we continue to live up to that promise. 

This week I saw that manifest in many ways with my colleagues, but it was also special to have Iran with us and see the care she put into our clients, the passion she brought to a number of client events and engagements, and willingness to be so generous with her time. 

In Closing 

I know for many of you reading this you’ve already placed your trust in TEN, I hope you know that to us, our work is not a paycheck but a purpose, and you are not just a client but a valued part of our community. 

If you are not, we’d certainly welcome that chance but just as importantly, whether you ever work with us or not, encourage you find a partner that is truly passionate about their work and walking alongside you to help you and your family find your desired lifestyle. 

In the weeks ahead, the message our guests at the Quarterly Event got to hear from Iran, Dave, and Mike will be shared in a series of videos that I hope you will take the time to listen to. 

Have a wonderful weekend, 

Tim and the team at TEN Capital 

Data, Just the Data

• U.S. Jobless Claims – initial claims fell by 1,000 last week to 197,000 and remain near 57-year lows. Continuing claims also fell by 11,000 to 1.701 million, the lowest since April 2023. 
• U.S. ISM Manufacturing PMI – moved slightly lower in September to a reading of 54.5 but still pointed to robust expansion in the manufacturing sector. 
• U.S. Consumer Confidence – the University of Michigan’s consumer sentiment index fell to 48.1 in September, near historically weak levels. Forward looking inflation expectations rose to 4.6%, the highest since June. 
• U.S. Personal Incomes – rose by 0.2% month-over-month in August led by a 0.3% increase in employee compensation. Disposable personal income levels also rose by 0.3%