First Mid Wealth Management

Joshua A. Schuette, CLU®, ChFC®, MBA, Vice President - Sr. Investment Officer.

Building Client-Centered Investment Strategies for Long-Term Growth

Joshua A. Schuette

Investment Management Specialist

Joshua A. Schuette is a wealth management professional with over two decades of experience serving individual, corporate and institutional clients. He specializes in investment research, portfolio management and strategy evaluation, supported by an MBA from the University of Illinois Springfield and a business administration degree from Southern Illinois University Edwardsville.  As a life-long learner, he also completed both the educational and experience requirements to complete his CLU® and ChFC® financial services specific designations with the American College.

Aligning Investment Decisions with Client Goals

Each evaluation is unique and customized to the client's individual investment objectives, risk tolerance, time horizon, income and liquidity needs. These variables are determined by asking several pointed and direct questions and carefully documenting their responses.

As I ask them to dream courageously about their future, I write down their goals and summarize what they told me back to them in a discovery letter or email. It is updated and revised every time we meet going forward.

Managing Portfolios through Market Uncertainty

Portfolio management theory tells us that approximately 80 to 90 percent of a client's portfolio account performance is directly related to the selected asset allocation, and the other 10 to 20 percent of outperformance or underperformance is related to security or asset manager selection.

“I focus primarily on getting their plan correct, as this is reflected in their asset allocation.”

For this reason, I focus primarily on getting their plan correct, as this is reflected in their asset allocation. We stay with the plan for one calendar year, to take the common emotions of fear or greed out of the equation. We do not make investment decisions based on these two emotions. We do not try to time the markets.

However, if there are indicators of market momentum or uncertainty, we use metrics and leading market indicators to make asset allocation adjustments for that period, which may be quarterly, semi-annual or annual adjustments.

Evaluating Investments through Research and Oversight

I utilize Morningstar Direct, FI360, LSEG, Bloomberg, JP Morgan Portfolio Analyzer and other tools to objectively vet, evaluate and continuously monitor all investment securities and holdings. Various metrics indicate to me whether a particular holding is a Buy, Hold or Sell recommendation. Such holdings that are a Buy or Sell are maintained on an approved holdings list with multiple options for each asset class. This is updated monthly, and accounts are rebalanced based on those ratings.

Combining Personal Advice with AI-Enabled Research

I believe that high net worth and Ultra-high net worth clients will always prefer to deal with individuals in person (or via Zoom when convenient) in matters pertaining to their risk management, wealth accumulation, wealth preservation or legacy planning needs.

However, I believe that AI Tools will become ever more prevalent and useful in research and other redundant duties. Empowering AI Tools to assist in specific functions will make me 30 to 40 percent more efficient and allow me to see many more prospects and clients. Those financial advisors who do not employ such tools will be less efficient and eventually left behind by those who do embrace and utilize AI.

Putting Client Relationships at the Center of Leadership

I have learned that people do not care about what you know as much as they care about how much you truly care. It is not about me; it is all about them and their goals and aspirations. If they trust me, I get to help them achieve their goals and aspirations, and that is the most rewarding aspect of what I do.

I would advise new advisors not to make it about the money, but to make it about their clients. As the great Zig Ziglar said, "if you help enough people get what they want, you will also get what you want."

In addition, have a good team by surrounding yourself with others who are smarter than you. When developing, people take the long view; not only considering what they can do today just to complete a given task, but to develop this person into their full potential and who they will become well into the next decade.