By Marc Singer, Singer Xenos Schechter Sosler Founding Partner & Advisor
One of the most important things anyone can do – industry, expertise or regional differences aside – is recognize the issues that are impacting all of us. Not only does this allow one to evolve to become more relevant, but sometimes we’re faced with new, growing challenges we can’t ignore. These challenges force us to take a step back, evaluate, and apply a plan that properly addresses it.
At Singer Xenos, that’s how we, as financial advisors, create strategies to protect our clients’ portfolios. We can’t control what we’re dealt, but by studying how issues, like climate change, impact our clients’ assets and overall portfolios we can then advise with real solutions that truly safeguard our hard-earned possessions and investments. I’ll be expanding on the specific strategies Singer Xenos develops and employs to reach those solutions during my participation on a panel November 14th called “Florida Water Woes – Threats and Resilience” during Miami Herald’s Florida Priorities Summit at the University of Miami, a worldwide-reaching event bringing together various speakers to talk about the biggest issues facing our state.
My contribution at Florida Priorities Summit this year will be in line with my recent profile in the Miami Herald, where we again highlight “The Singer Xenos Rule of 50 Percent,” focusing on vulnerable real estate and how it affects all of us in South Florida, especially if you own or invest. Simply put, if you have more than 50 percent of assets in vulnerable real estate, which is essentially all South Florida – with emphasis on near or along the coast – you need to begin diversifying immediately and investing elsewhere until that number is 50 percent or below.
The issue of climate change is not new, and it will continue to become increasingly relevant and further impact how we live our lives, and how we invest. As Singer Xenos predicts a 30 percent drop in property value in the next few years, a reasonable correction, our “Rule of 50 Percent” will help clients avoid a dip in the housing market – and know, that dip is an imminent one. At the same time, as we experience more flooding events and strong storms, like Hurricane Michael in the Florida Panhandle this month, any recovery in a real estate cycle will likely be impaired by the stigma of sea rise and climate change. Bottom line, prices won’t bounce back. In fact, you shouldn’t expect the value of your home in South Florida to rise at all, or at least to your expectations anymore.
As we look forward, it’s imperative to have positive, constructive conversations with those who have lived and worked here for years, know the problem is a real one, and collaborate by sharing the different ways climate change and sea level rise affects each type of business and industry so we learn from each other and develop solutions, which is exactly what The Florida Priorities Summit will do.
By sharing how Singer Xenos continues to adapt, study, and deal with the environmental challenges from sea level rise and understanding how it impacts wealth management, we will at the same time gather greater insight to allow us to continue staying out in front of issues, further educate ourselves as well as clients through expert findings, and remain first in identifying and addressing pertinent matters with our clients.
Check out my recent interview with the Miami Herald to learn more about “The Singer Xenos Rule of 50 Percent.”
And, visit Florida Priorities to learn more about the event or register to attend.