May 2024

“Humility is superpower that prevents overconfidence.” -Morgan Housel

Our team recently returned from ELEVATE, the national conference and key educational opportunity we look forward to each year. We want to take this chance to thank you for the extra patience you gave us during this time when we may not have been able to get back to you quite as quickly as usual.

The conference was a great success and each of us felt positive about what we had gained. Generally, this event is like drinking from a firehose from early morning to late in the evening. We have classes for all the various positions on our team as well as keynote speakers and expert panels. There is just too much content for any one person to take it all in. This is where we gain a distinct advantage by bringing the entire team; we can divide and conquer. We will spend the next several weeks comparing notes and discussing key takeaways to fill each other in and working as a group to see what things we can implement to make your investment and wealth situation even better.

One of the sessions I enjoyed best was the expert panel with James Camp, Ed Mills, and Larry Adam. You likely recognize the names. James Camp is widely recognized as one of the leading managers in the bond market, focusing on Fed action, interest rates, and of course how the political environment might impact those. Ed Mills is our key partner Raymond James’ political expert. He is one of only a couple of economists I find worth listing to. You may recognize him from his short, to the point, commentaries that show up each quarter in our Worthwhile magazine. Larry Adam is the capital markets strategist that seems to put quirky twists on market related activity.

It is eye opening when they are all on stage answering questions live, and we can see what points they agree on and where they are very different. Each of them is quite opinionated; however, they kept it civil, and no punches were thrown. Feel free to ask us our take on these things.

Another highlight of the conference was our town hall meeting with Bob Woodward, famous for his part in breaking open the Watergate scandal. He would like to believe that his notoriety comes from the 30 other mostly forgetful books he has written, but the specter of Watergate will be with him forever, along with the controversy of CIA involvement and the question about how a first-year rookie reporter got onto the biggest story (not so big compared to these days) and brought down a sitting president. Unfortunately, what could have been a very enlightening interview and town hall was mostly left with questions that were answered with diatribes that had nothing to do with original question. Cynically, it makes my inquisitive mind wonder if perhaps a political career is still in his future.

Some of the best sessions were things that many of you would find mundane but which will help us with our ability to service you, especially in the technology area. There were lessons on enhancements to our trading systems, cyber security, service portals and more. You get the idea. There was even a presentation by yours truly that had me on stage speaking to other advisors from around the country about how to deliver premium service and highlighting some of the advantages of what we at Collins and Krank deliver as true wealth management when so many others are simply selling products. All in all, it was another successful and worthwhile event.

One of the things that continues to impress us is the accessibility of senior management and all levels of leadership from our partner, Raymond James. As many of you know, Jeff and I have been around the financial services industry for a long time and have had experience with many firms between us. Never have we encountered the kind of access we get in working with this company. They express a true desire to hear us and our needs and trouble spots. Even though at times it may feel like nobody is listening, it is great to meet up with some of these people and find that things we have been asking for have been heard and solutions have been provided. We deal with many partners for different aspects of our business, and it is hard to beat this level of intention. The final night we have a dinner with all of management and our peers, which ends with a charitable event, some recognition, and some dancing. This time the band had a special Motown vibe going on that seemed to resonate well. It was remarkable to be dancing with Darla and recognize that I was dancing right next to and with Tom and Mary, which would be Tom and Mary James, namesake and Chairman emeritus of Raymond James. I point this out only to say, he can still dance and to illustrate what I was saying about their accessibility.

Our Collins and Krank Investor Event will be happening soon, June 11th. Seating is quite limited so RSVP right away if you want to plan on attending. Thank you for letting us work with you and your families. We continue to look for ways to do better for you.

Have a super day!

Sincerely,

Brien Krank

Financial Advisor, RJFS

Senior Portfolio Manager

Managing Partner – Collins and Krank

Hear me on the radio Wednesday mornings from 7:35 to 7:55 on 1100am The Flag and 970am WDAY.

Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.

Opinions expressed are those of Brien Krank or of the author in the attached articles and not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. There is not guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance does not guarantee future results. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Individual investor’s results will vary. Raymond James is not affiliated with Nick Murray or First Trust.