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Focus on your Financial Wellness

Randal Engelmann & Erik Gould

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

Apr 28 6 minutes read

Gretchen discusses finances with Ellen Duffy, the owner of Parkway Wealth Management. Watch to get her three indicators of HAPPINESS and her inclusive approach to how she serves her clients.


Gretchen

Hi, this is Gretchen Lundgren with Focus Real Estate. I'm coming to you with our video series, Stay Focused. As we say at Focus, we have a passion for people and properties, and it's by design that the people come first in this equation. So with this video series, we are reaching out to members of the community to find out how we're all getting through these really tough times together. With me today I have Ellen Duffy. Ellen is not just a friend of mine. She happens to be my neighbor in West Roxbury, and also a small business owner. Ellen, could you please introduce yourself and tell us a little bit about your business?


Ellen
Well, sure thing. Gretchen, thanks so much for having me. My name is Ellen Duffy. I am a certified financial planner and the owner of Parkway Wealth Management, which is an independent financial planning and investment management firm right here in the community of West Roxbury.


Gretchen
Ellen, what does it mean to be a certified financial planner?


Ellen
A certified financial planner is a professional designation, Gretchen, and when you see the word certified financial planner or the CFP marks, you know that that person has completed a rigorous requirement process including demonstrating proficiency in several areas of investment, finance, retirement planning, tax, estate among others. The CFP process includes an education requirement, an exam requirement, an experience requirement, and finally, an ethical interview, an ethical requirement.


Gretchen
Ellen, we've all been having to adapt personally and professionally to what's going on. Could you talk to us a little bit about how your business is trying to adapt to these daily changes that we're experiencing?


Ellen
Sure thing, Gretchen. Certainly, everyone is adjusting to this very challenging time and unique time for most of us, especially small business owners. I feel very fortunate that for me, my day to day business is largely uninterrupted because so much of what I do can be accomplished electronically and through the technology that's available. I definitely miss seeing my clients and having those face to face meetings across the table. One thing that is probably most changed is the level of communication, so I've definitely increased my communication to try to keep people apprised of all of the changes that we're seeing really on a day to day basis.


Gretchen
And Ellen, what is the message that you'd like to get out there for people who are worried about their financial wellbeing at this time?


Ellen
Well, it wouldn't be natural if you didn't feel discouraged or concerned when you looked at your 401(k) or your 403(b) or investment statements, but it's important to remember that market are part of investing. They occur regularly, and they're generally unpredictable. So try to remember that, that over the longterm, generally speaking, markets do go up. They just don't go up in a straight line. We really want to make sure we're diversified, make sure we understand our investment portfolio, but we also want to keep focused on the longterm.


Gretchen
Ellen, one of the messages that I've heard from you over the past several years is that financial wellbeing is just one component of one's overall health and wellbeing. You've talked about the importance of physical health and community involvement in just having great social networks and connections. That message seems timely given what we're going through now. Can you just describe your philosophy on that for us?


Ellen
Well, thank you for mentioning that. This is really a part of my core belief system, Gretchen, health, wealth, community. Said another way it might be mind, body, spirit. And it simply means having a focus on physical health, being a steward of good health. As we know, health is truly your number one asset. Health is wealth.


Ellen
I'm being reminded of some research that I read years ago that basically stated that folks who express themselves as being in a state of happiness or feel to be in a state of wellbeing have three shared characteristics. The number one thing is they're physically healthy. The number two thing is they feel financially secure, meaning they don't feel burdened or overly concerned about their financial future. And the third thing is they feel a sense of community. They feel connected, and they have some strong social relationships that they rely on for their overall support and sense of wellbeing. So I think in these times, more than ever, it seems to make sense that health, focusing on your financial life, being a steward of your financial life, and nurturing those relationships that are so important to all of us for an overall sense of wellbeing and a better future.


Gretchen
Ellen, thank you so much for spreading that message in our community. It's been wonderful to hear, especially now, and it's a great resource to have you here to help us. So thank you so much for your time.


Ellen
Gretchen, thank you for having me. Stay safe and healthy. I'll see you soon.


Gretchen
Thank you so much. And to our viewers, thanks for tuning in. Stay tuned and Stay Focused.



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