R. Bryan Hankla CFP®, Continuing Education Experience

 

R. Bryan Hankla CFP®, NAPFA-Registered Financial Advisor

During the last week of October, Bryan was in New York, where he and approximately 50 advisors had an exceptional opportunity to spend much of two days with Royce Mutual Funds.  One of the significant parts of the program was a series of small group meetings for just six advisors and one or two individual top people, including Mr. Royce.  This whole program is not like a sales presentation.  It is more like a time to ask his questions and hear other smart advisors ask their questions of the people who make the decisions.  More than twenty years ago, when Pennsylvania Mutual was the Royce fund Resource Advisory Services used, David had opportunities to spend hours with Chuck Royce in a similar way.  Those visits are still important for the ways we manage client portfolios.  Royce was clear about his philosophy and methods.  We have never seen evidence of changes.  Those who have been with Resource Advisory Services through good and bad markets have experienced our similar tenacity.  Bryan’s experience will likely be just as important for him.

Bryan brought back a Chuck Royce quote that has become one of our recent favorites to communicate the need for diversification.  “Large positions have a tendency to go bump in the night.”  Through the years we have had many people comment on the relatively large number of mutual funds we keep on our list and in client portfolios.  Keeping the positions relatively small is the reason.  As much as we like Royce, and have for many years, we do not want too much of anyone’s wealth dependent on this one family of mutual funds.

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