Receiving the right advice at the right time can make all the difference. For example, many seasoned professionals credit their success to mentors who emphasized principles like prioritizing long-term growth over short-term gains or knowing the story behind the numbers. Others have learned the importance of adaptability—staying informed about market trends and embracing innovation.
Below, 20 Forbes Finance Council members each share the pieces of financial advice that not only shaped their individual careers but also strengthened the financial strategies and leadership practices that drove their lasting success.
1. Never Fall In Love With A Stock Pick
The study of behavioral finance teaches us that humans are emotional and often make rash decisions to their detriment. One of my first bosses put it simply: “Never fall in love with a stock pick.” Emotion clouds good judgment, and in finance, clear thinking is key. – Sonya Thadhani Mughal, Bailard, Inc.
2. Provide Clarity To Build Trust
People appreciate clarity, not confusion. Break down complex ideas into simple, digestible concepts, and you’ll build trust and engagement. When others feel informed and empowered, they’re more likely to collaborate with you. – Steven Furtado, Savoir Wealth
3. Build Wealth Through Patience And Discipline
Wealth isn’t built by chasing returns—it’s built by mastering patience and discipline. The most successful among us focus on long-term value, compound growth and risk management over short-term gains. Whether investing, managing money or building a career, consistency and resilience are what truly set you apart. Beyond that, it’s vital to recognize that empathy for others truly goes a long way. – Terry Chen, Modulate Inc.
4. Focus On People And Processes
The best advice I received from a mentor was to focus on people and processes. Strong teams and well-refined workflows are the foundation of operational success. Prioritize clear communication, align goals and invest in technology and training to streamline processes—everything else will follow. – Dessy Prasad, RIA Innovations
5. Identify And Live By Your Mission Statement
Have a mission statement! It reminds me why I come to work every day and maintains my passion for my profession. I aim to use my empathy, creativity and expertise to help more people accomplish their financial goals. Whether that be through our 401(k) consulting business or personal wealth management, I am very fortunate to be able to see the impact our team makes. – Gregory Fortier, Centinel Financial Group
Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
6. Know That When Clients Succeed, You Succeed
“When our clients succeed, we succeed.” This simple yet powerful perspective underscores the importance of focusing on the long-term success of the people we advise. When we’re committed to their success, everything else falls into place. Our role isn’t just about providing a service or achieving our own goals but about truly aligning our interests with our clients. – Lance Scott, Bay Harbor Wealth Management
7. Understand That Trust Controls The Speed Of Transactions
“Trust controls the speed of transactions” is one of the most significant principles that was bestowed upon me early in my career. Since then, I’ve developed the understanding that trust in itself is one of life’s most valuable currencies and should never be compromised. At times, gaining trust requires abandoning money for a moment. In the end, money only creates moments, but trust creates movements. – Dr. Jason Jackson, IBS Institutional Capital an IBS Investment Bank sister co.
8. Always Get A Good Night’s Sleep
When I bought out my partner, my business coach told me always to get a good night’s sleep. You can face anything life sends your way when you are well-rested. That helped me not go to bed worrying, as I knew it would be counterproductive to solving the issues in the morning. Best advice ever! – Sharon Bloodworth, White Oaks Wealth Advisors
9. If Someone Shows Poor Character, Don’t Do Business With Them
“There is no good business with bad people.” As a banker, there is no more important requirement than character, and this lesson is number one. Don’t even think about doing business with someone who has character issues. – Keith Costello, Locality Bank
10. Know How To Speak About Numbers From A Business Perspective
The finance function is a strategic pillar of the organization, and the CFO is more than just a bean counter. He or she should be able to speak about the numbers from a business perspective. That way, they can position themself as a business partner to the CEO and other senior executives. – Odiri Oginni, United Capital Asset Management Limited
11. Focus On Managing Risk Before Maximizing Returns
The best advice I’ve received is: “Focus on risk before returns.” Early in my career, I prioritized maximizing gains, but a mentor taught me that true success comes from managing downside risks. This shift in mindset helped me build more resilient strategies, ensuring long-term growth while protecting capital—an approach that has consistently benefited both my clients and my business. – Gianluca Sidoti, The Wealth Company International FZCO
12. Ask, ‘What’s The Worst That Could Happen?’
My mentor advised me 50 years ago to ask, “What’s the worst that could happen?” Set risk appetite. Identify all possible bad events. Assess the likelihood and impact if risks occur. Develop a response for risks outside of appetite―accept as is, avoid, share or reduce through preventive and detective measures. Gain the confidence to make bold moves, leading to big wins while avoiding big trouble. – Jonny Frank, StoneTurn
13. Pressure Test Financial Assumption With Feedback From Colleagues
Finance is an inherently cross-functional practice that captures the current and future state of the business. As finance professionals, it’s critical that we pressure test financial assumptions and models with feedback from colleagues who are building and selling the products and services. This is the most important piece of advice from a mentor that has stayed with me. – Abhishek Nanda, Revalize
14. Lead By Example
I’m a third-generation entrepreneur and grew up watching my father and my grandfather run their small businesses. I learned early on that there is pride in hard work and that you must lead by example. When you own a small business, there are no fake sick days or slacking off because your employees’ livelihoods depend on you. If you have grit, determination and focus, you will go far. – Eyal Lifshitz, Bluevine
15. Focus On Motivating Your Team
The best advice I’ve received in the finance industry is this: “In chaos, whether financial or operational, focus on keeping your talents motivated. Address the issue openly—don’t hide anything—but always present a tactical solution to keep them engaged and driven.” A motivated team will find ways to navigate challenges, adapt and ultimately drive the organization forward, even in difficult times. – Mahdi Yazdizadeh, Ereele Capital
16. Remember That Every Job Involves Learning From Mistakes
My first boss told me, “Borrow only when you have to, save something from every paycheck and retire without debt.” He also told me that doing your job at any level involved making mistakes and learning from them. Words to live by! – Gale Simons-Poole, BHG Financial
17. Genuinely Listen To Clients
The best advice I have received was, “You have two ears and one mouth for a reason.” We need to listen to clients, not preach to them. We are their trusted advisors. We must hear their concerns and find ways to make their financial lives better. I record or take notes during meetings and then summarize them in writing for clients afterward to make sure we are all on the same page. – Aviva Pinto, Wealthspire Advisors
18. Have A Strategy In Place Before Jumping In
The best advice related to having a strategy in place before jumping into the work. My mentor often quoted Sun Tzu: “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” – Tanmay Gupta, Fortitude Re
19. Put People First
“Serve first; the rest follows.” A mentor taught me that true success isn’t chasing money—it’s putting people first. Early in my career, I focused on numbers, but once I prioritized genuine care, trust and growth skyrocketed. Finance isn’t just about wealth; it’s about impact. When you serve with heart, success takes care of itself. – Bob Chitrathorn, Wealth Planning By Bob Chitrathorn of Simplified Wealth Management
20. Protect Your Wealth And Save
It’s not just about how much money you make but how much you keep. Early in your career, earning is key, but at a certain point, protecting your wealth becomes essential. Investing a few hours in an offshore asset protection plan can do more benefit for your wealth than decades of working. – Blake Harris, Blake Harris Law
