This past summer, I found myself at several backyard cookouts and summer parties, surrounded by family, friends, and a few new faces. I enjoyed listening to their stories, sharing laughs, and making connections. There was one common occurrence that gave me pause, though.
Many times, if I mentioned my work as a wealth advisor, someone would either openly ask or pull me aside to say, “Got any stock tips?”
It’s not surprising. Despite all the progress made in financial planning and the growing awareness around fiduciary responsibility, many people still associate wealth managers with stockbrokers. In their minds, I’m glued to market screens all day, hunting for the next hot stock, ready to make a cold call the second I find it. The media and Hollywood have perpetuated this image for decades, so I can understand why it lingers.
But here’s the truth: That world is miles away from what I do.
Misperceptions About Our Work
While stockbrokers still exist, the role of a wealth manager today is a completely different game. Rather than trying to time the market or make bold stock picks, great wealth managers focus on building well-diversified portfolios that help clients achieve their long-term financial goals. And in a world where algorithms and institutional investors dominate the market, the idea that any one individual has special knowledge that can beat the market consistently is a fantasy.
Trying to outsmart the collective wisdom of millions of investors? It’s a losing game. The truth is, most people who chase after hot stock tips end up buying high and selling low—exactly the opposite of what they intended.
The Reality of True Wealth Managers
In my time at Deerfield, I’ve never given a recommendation to buy a particular stock. We encourage clients to focus on what they can control: their savings rate, minimizing taxes, managing risk, staying disciplined, and how their financial plans align with their life goals. The path to wealth isn’t paved with “hot tips.” It’s built on a foundation of disciplined savings, smart spending, and diversified investments that match your risk tolerance and time horizon.
Our approach is simple but powerful: low-cost exchange-traded funds (ETFs), mutual funds, and carefully selected individual bonds form the core of our clients’ portfolios. These investments support the larger financial plan, helping our clients grow and preserve their wealth over time.
More importantly, we spend our time getting to know our clients—understanding what drives them, what they value, and how they define financial independence. Because at the end of the day, wealth isn’t about outperforming the S&P 500. It’s about living a life that aligns with your values and dreams, whether that means more time with family, travel, or even just attending more summer cookouts.
Asking the Right Questions
When someone asks me for stock tips at a party, I often want to respond (politely, of course): “If I had a hot tip, how would it make a meaningful difference in your life?”
It’s a question that catches people off guard because they’re often focused on short-term gains, not long-term impact. But this is the kind of deeper, more meaningful question we ask at Deerfield. Wealth management isn’t about today’s market swings. It’s about helping our clients pursue their best lives—however they define it.
By asking the right questions, we help clients shift their focus from stock performance to life performance. It’s not about what XYZ stock will do next week; it’s about what you want to do next year, or even a decade from now. Through our WealthwhileSM approach, we work with clients to map out a plan that gets them where they want to go, with confidence and clarity.
So, next time you think about asking for a stock tip, consider this: What’s your plan for the bigger picture? Because that’s the question that truly matters.
About Marcus
Marcus Miller is Wealth Manager and Shareholder at Deerfield Financial Advisors, a fee-only financial services and wealth management firm with offices in Indianapolis and Chicago. His role includes strategic planning, income tax optimization, insurance and estate planning, and investment management for a diverse group of clients. Implementing Deerfield’s unique financial planning approach called WealthwhileSM, Marcus helps clients live their best lives and focus on their most worthwhile passions. He is passionate about helping them pursue, experience, and maintain true financial independence for their families, without the sales pitch. He truly enjoys helping people and developing deep, meaningful relationships with clients.
Prior to joining Deerfield in 2012, Marcus gained valuable experience at a Big Four accounting firm, a nationally recognized brokerage house, and a distinguished independent advisory firm. He holds a Bachelor of Science and Master of Science in Accounting from Ball State University, the Certified Public Accountant and CERTIFIED FINANCIAL PLANNER® designations and is a NAPFA Registered Financial Advisor. Marcus serves on the Board of Happy Hollow Children’s Camp and on the Planned Giving Committee at the Indianapolis Zoo. He is a member of the Professional Advisor Leadership Council at the Central Indiana Community Foundation (CICF) and is involved at his daughters’ school.
Marcus resides in Carmel, IN, with his wife, Andrea, and their two daughters. They love spending time outdoors hiking, bicycling, camping, and traveling to national parks. (They have a goal to visit all 63 national parks; Yosemite is the current favorite.) An avid reader, especially of non-fiction, history, and finance books, Marcus also trains in Brazilian Jiu-Jitsu, likening it to a physical chess match that involves problem-solving and mental strengthening with physical consequences. To learn more about Marcus, connect with him on LinkedIn.
