Carolyn Tadamala was recently hired as a financial adviser with Spinnaker Asset Management. She previously was a financial adviser with Merrill Lynch Wealth Management.
Prior to that, she worked for 12 years in the nonprofit world in India, where she also founded her own bakery business. She has a degree in nursing from Loyola University Chicago.
PBN: How does your experience as an international business owner shape your approach to working with small-business clients on financial management and retirement?
TADAMALA: My experience as a successful international business owner allows me to know the problems and challenges experienced by my business clients.
The world is ever-changing, and people need business to thrive more now than ever. To survive in this new unknown world, where the pressures of irregular cash flow and cost-cutting are of the utmost concern, it is critical to get the right strategies and systems in place for growth.
Successful businesses create jobs, serve communities and, most importantly, provide for those we love most dearly, our families. This is why I am on a mission to help small-business clients.
PBN: What are the biggest challenges the COVID-19 pandemic has created for your industry?
TADAMALA: This pandemic has created a new “normal.” The problems we face are no longer linear. Unable to meet in person with prospects and clients, we have restructured how we produce solutions to our clients. However, this has also opened new doors and increased accessibility to those with busy schedules.
PBN: Are people more reluctant to invest or save for retirement right now because money is tight?
TADAMALA: In my experience, those who are committed to fully embracing their financial future and taking ownership for their finances have been more committed now than ever. They understand that life can change in a heartbeat and they want to be prepared. Those who have faced financial difficulties have reduced their spending and saving and been very conscious of their intention to get back on track to their retirement goals.
PBN: What advice would you give to clients about how to invest and save during this uncertain economic time? Is it different than what you would have advised prior to the pandemic?
TADAMALA: Putting aside skepticism about the market, there is no better time to get active about saving and investing than the present. My advice is to create a simple plan where you invest a certain amount each month towards your investing and saving. It’s like a monthly payment you pay yourself, and each month it gets automatically moved into those accounts. The savings you use in the event of an emergency and the investments you use for longer-term goals.
Financial competence is essential to living a comfortable and peaceful life. In addition, finding a financial adviser who maximizes your time and creates efficient systems and strategies will enable you to achieve your goals with ease.
PBN: What long-term impact will COVID-19 have on how people invest and save?
TADAMALA: Though it’s early to predict the long-term impact of COVID-19 on people’s investing and saving, people have been more inclined to save and have been cautious to invest. The drop in the market in late March decreased the value of retirement funds by tens of thousands of dollars. This has created an urgency to get proactive and create financial planning outside of being dependent on the workplace.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
