Patrick Traverse

Personal Finance, Investing, Lifestage Based Planning
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“Patrick Traverse is a financial planner and investment manager. He founded MoneyCoach to be the firm he wished he hired as an investor when he played professional hockey. Patrick was awarded one of the Top 100 Most Influential Advisor by Investopedia.”
Firm:

MoneyCoach

Job Title:

Owner

Biography:

Patrick Traverse, founder of MoneyCoach, decided to get into financial services after an 18-year professional hockey career. His journey to his new career started as a young investor during his early twenties as he became frustrated with the type of help he was getting from his advisors. He felt compelled to learn on his own about everything he needed to know to make proper financial decisions. His new passion for the intricacies of the markets and personal finance pushed him to choose financial planning as a second career.

Patrick and his team know that clients are busy with their life and sometimes feel they don’t have the time to get to learn everything they need to know. Patrick thinks it is important that he advises his clients on every facet of their financial life. He feels that every piece plays hand in hand with each other and if an area of their finances is neglected, it could mean that their whole life plan could come down crashing.

After more than 4 years in the business, Patrick founded MoneyCoach in 2016. He uses his experience as a top-level athlete to help his clients become financially successful. He feels that the most important missing component that most investors do not have is accountability. By being their financial coach, Patrick guides his clients to control their money. Not that money is everything, but so much of our lives depends on how we manage money!

Education:

Organizational Leadership, Quinnipiac University

Assets Under Management:

$10 million

Fee Structure:

Fee-Only

CRD Number:

6089405

Disclaimer:

MoneyCoach LLC and/or Patrick Traverse offer Investment advisory and financial planning services through Belpointe Asset Management, LLC, 125 Greenwich Avenue, Greenwich, CT 06830 (“Belpointe), an investment adviser registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services Belpointe Asset Management offers, or that or its personnel possess a particular level of skill, expertise or training. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. MoneyCoach LLC is not affiliated with Belpointe Asset Management, LLC. Additional information about Belpointe Asset Management is available on the SEC’s website at www.adviserinfo.sec.gov.

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    Investing, Choosing an Advisor, Stocks
Should I go with mid-risk investments?
100% of people found this answer helpful

It sounds like the financial advisor recommended investments based on your age. There is a financial services rule of thumb that says that you should reduce risk as you are getting older. I see it a little differently. I help my clients with their investments based on their risk tolerance and their financial plan. Here's a basic idea of what I think would be the right way to invest:

1) Any money you will need over the next year should be held in cash equivalents. I know banks do not pay much right now, but I don't think it is worth investing in the markets and trying to get 5-7% gains and risk taking a 20% loss.

2) Any money you will need within the next 2-5 years would be invested conservatively. 

3) Any needs that are longer than 5 years can be invested more aggressively depending on your risk tolerance. 

The reason for this structure is that we know that stocks offer the best growth prospects for our investment in the markets over the long-term. However, we also know that they are volatile in the short-term. The idea is to shuffle money from Step 3 to 2 and Step 2 to 1 every year to meet your retirement needs while reducing the risk of having a drop in the market affect our lifestyle. 

Not all financial advisors think alike. Finding one that helps you plan your finances in a way that makes sense to you is important. If your advisor do not offer the type of advice you need, it might be time for you to look for another one.

I hope this helps.

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