West Bloomfield, MI -- (ReleaseWire) -- 07/23/2015 --"Retrospect is a wonderful mechanism for examining one's past accomplishments and subsequently experiencing pride. However, retrospect pales in comparison to hearing the phrase "Dad I want to write a book about what I've learned from you and your career."
– stated Paul Hack father and partner of Jay Hack in The Steady Club
The philosophies Jay Hack has learned from working with his father, Paul all these years are what set them apart as a wealth management firm. "We're guiding people on a journey to manage wealth," states Paul in describing just one of his philosophies to his son. For the past decade, Jay has been a practicing Certified Financial Planner™ at Hack Wealth Management in Farmington Hills, Michigan. Together, Jay and Paul run client portfolios of $300+ million.
Long-term investing, like mountain climbing, is a journey with no shortcuts to success. In The Steady Climb, Jay Hack, financial advisor and former mountain guide, shares a philosophy of wealth management passed down from his father. Optimistic, fundamentally sound, and patient, it is a philosophy based on the wisdom of history's great investors and a philosophy that applies to more than investing. As the stories in this book illustrate, taking the long-term approach isn't always easy emotionally, whether in the markets, the mountains, or anywhere in between but, historically, very effective.
Hack had never considered the connection between mountain climbing and a career in wealth management. As he wrote this book he realized he had lived the principles taught by his dad every day in the mountains, that he internalized it and made it his own. Conditions could change at any moment, and it was his job to advise his clients on the best course of action in the face of these inevitable challenges. To do this, he relied on the fundamentals of guiding to ensure their safety, and always took the long-term view when assessing risk.
"The wealth management journey, struck me as the perfect metaphor—not just because long-term investing is a journey, one that takes time and follows a path with many ups and downs, but also because it acknowledges the importance of having a trusted and experienced guide. As financial advisors, our mission is to help you succeed on your journey to manage wealth, just as it was my mission as a mountain guide to help my clients return safely from each and every expedition," explains Hack.
The Steady Climb offers an innovative approach and a reference source when considering major changes in your investments. The Steady Climb addresses historical fluctuations and investors' reactions to those fluctuations. By looking back on what investors did right and wrong at critical points in the stock market cycle, readers can gain insight into the emotional extremes and psychological biases that so often lead to people to make inappropriate decisions at inopportune times.
Hack will be quick to tell you this isn't a how-to guide for investing or a checklist for success. It is a story of what makes Jay and Paul unique in their business and their relationship with each other different, and with their clients so special. For Jay, the story began in a rainstorm in the Nevada desert; for Paul it began 46 years ago because he joined a brokerage firm straight out of college. Together, united in a commitment to their clients and a shared belief that taking a long-term view and doing what is fundamentally correct is the best way to increase the chances of achieving realistic financial goals on the journey to manage wealth, and in life you will have The Steady Climb.
About Jay Hack
Jay Hack is a Certified Financial Planner™, at Hack Wealth Management of Raymond James in Farmington Hills, Michigan. Before he became a financial advisor Jay was a mountain guide for the American Alpine Institute. He lives in Detroit with his wife.
Hardcover: 180 pages
Publisher: Steady Climb LLC (July 1, 2015)