The world of trading and investment is one that is simultaneously always in flux, yet always bound by consistent expectations. Federal and state regulations and compliance requirements, basic financial principles, and the foundational goal of growing one’s investment encourage consistency, yet new technologies, changing political contexts, and shifts in social norms demand adaptability. To find success as an investment and trading advisor, the ability to strike this balance is crucial.
With over twenty years of experience in the industry, Joey Miller of New Braunfels, Texas has mastered that balance. Miller’s experience is broad in form, but focused in subject; he’s a published author, an economics and investing keynote speaker, an options trader, and a meticulous due diligence officer. His experience includes every aspect of investment management, and he brings that holistic perspective to the table for every client.
“I am focused on helping clients get great results and in that we have to stay on top of new ideas and what is changing,” Joey Miller says. “It’s the job of an advisor to always be researching on how they can better serve the client.”
The Challenge Of Creativity
Despite the evolving economy and thus the changing state of investments and trading, Joey Miller’s clients aren’t looking for drastic gains or high-risk, high-reward investments. These clients are looking for security, safety, and stability for and through their investments. This often means looking into low-risk and dependable systems and processes that are replicable, with a keen focus on results. This means that many fresh ideas aren’t a good fit for Miller’s clients.
“I help people invest their money, and fresh ideas are sometimes the exact opposite of what we are looking for,” Miller explains. “Our projects are about 90% practical and 10% creative. When the creative idea or tool is used and we love the results then the creative concept is proven practical and implemented.”
For a financial advisor whose business thrives on long-term relationships, trust is critical—and that trust is built first and foremost by consistency and transparency. For Joey Miller’s clients, who are searching for stability and not novelty, creative innovations can easily become far more of a risk than an opportunity. When it comes to investments, nobody likes a surprise. However, sometimes a client’s goals aren’t compatible with traditional strategies or systems, and a creative solution is demanded.
Innovation When Necessary
Despite its infrequency, those creative 10% projects are where Joey Miller is able to find unique solutions to his clients unique needs. The dependency and consistency clients look for in familiar systems is not always enough to meet their needs—some innovation is required. This often takes the form of new technology solutions, but novel or unique investment strategies have their place.
“Creativity is not a word we use a lot,” says Miller, “but when it comes to building models for individuals, we do have to look at all the options on the table and build a plan specific to the individual and their goals.”
These special, individualized models and strategies can mean taking advantage of cutting-edge innovations, strategies, and technologies. Keeping track of those potential solutions means keeping an ear to the ground with new strategies and innovations in the sector. Joey Miller is consistently learning, and encouraging his team to learn, about new developments he can use to best advise his clients.
“We are constantly looking at new CRM systems, document signing systems, research systems, and tools and or resources to help us be more proficient,” Miller says. “We go to events and seminars in our industry to see changes and meet new people in our industry.”
Striking The Balance
To Joey Miller’s experienced eye, the financial sector—and thus trading and investments—is in an unstable position. The stock market may be overvalued, commodities are slow to rise, real estate is suffering from higher mortgage rates, and more, all combining to create unique challenges for his clients’ investments. Navigating these economic challenges for clients is Miller’s job, and that requires knowing when creativity is a risk, and when it’s a requirement.
“The client doesn’t want a cute, ‘look how we were super creative’ in a trying economic time frame,” Miller says. “They want reassurance, safety, and confidence that this event will pass. We are working together safely to get to the other side of this situation together and with the least amount of drama along the way.”
That doesn’t mean Miller isn’t innovating. Considering the confusing and tangled web of rules, regulations, and best practices that is the world of investing, Joey Miller has realized that—as ever—clear communication and education is the secret to success. Jargon abounds in investment spaces already plagued by the confusing and dense list of regulations, which makes investment incredibly opaque and intimidating for anyone that hasn’t made a career out of it. Joey is working on his own solution, one that isn’t directly involving the finances of his clients.
“I’m currently writing a book for my clients,” he says. “I’m focused on clearing up the water, making investing less confusing, and instilling more confidence for the investor when we discuss ideas.”
Joey Miller understands that things change in the financial world constantly, one way or another. But he also recognizes that, at a systems level, that change is best handled slowly, with new innovations tested and proven before being adopted at scale. Sometimes, the best places to innovate and creatively solve problems aren’t in the trades and investment strategies. Sometimes the best way to innovate is to get truly out of the box, and approach a problem from a new angle entirely.
“It takes time to see systems pay off, often years but generally we get feedback first that lets us know if we are moving in the right direction,” Miller says. “So how are we creative? In our communication approach and leaving all the options on the table when discussing with clients what to do in the economy.”
