New Year’s Resolutions Financial Advisors Wish Clients Would Make

Every financial advisor knows the feeling of having their good advice ignored. Clients splurge when they shouldn’t, play it safe in retirement when they can afford to spend more, and just won’t update those darned beneficiary designations. But what if advisors could create New Year’s resolutions for their clients? Granted resolutions and follow-through are two different matters, but for this week’s Barron’s Advisor Big Q, we invited five advisors to create resolutions for their clients. Here’s how they responded.

Craig Robson, founding principal, managing director, Regent Peak Wealth Advisors

Create or pursue your own stretch goals. Those could be financial, personal, or relational. We always bucket aspirational goals in our clients’ plans, and I will periodically remind them and ask, “What is preventing you from pursuing those goals?” Another way to say it is, “If not now, when?” Examples could be building your dream home, starting a business, going for that C-suite job opportunity.

The second resolution is to take chances. Make yourself available for some new opportunities. For me, the pandemic was a huge reminder of this. We started our firm eight months before the pandemic started. In the summer of 2020, I decided to negotiate a five-year contract for brand-new office space. When everybody was leaving and parking lots were empty, we were going back in. We negotiated fantastic financial terms and got great new fresh office space in Atlanta. Obviously, think it through and be educated, but there’s nothing wrong with taking some chances.

Emily Millsap, manager, financial planning, Avantax Wealth Management

Take thetime to learn your generational wealth story. So many of our beliefs about money and financial behaviours are tied to what we’ve learned and observed from our family and our culture and our community. And we always try to make money about math and logic, but there’s a lot of emotion tied into why we make the financial decisions we do. Understanding how our current behaviours and beliefs are connected to the stories of those who came before us, and then passing those stories to the next generation, is such a powerful and healing thing.

There are a few books out there that I really like on this topic. Loaded: Money, Psychology, and How to Get Ahead without Leaving Your Values Behind touches on some of that. Anything by Dr. Brad Klontz; Mind over Money: Overcoming the Money Disorders That Threaten Our Financial Health is a great one. Those are good places to start, and then talking to your parents, grandparents, aunts, uncles, about what they remember, what they learned, how they felt about money.

If you really want to do a deep dive, you can build a genogram, which is like a family tree, but you outline levels of education and career and how ancestors behaved with money and what they thought about money. Another resolution is that anyone who carries anxiety about their financial future will seek out experts who can help calm their fears and make a plan.

Dane Burkholder, private wealth advisor, Ameriprise Financial

New Year’s resolution No. 1 is to update your financial plan. People spend so much time focusing on markets and investments and rates of return. But the beginning of the year is a really great time to step back and say, “What are my financial goals, and am I on track for those financial goals?” No. 2 is doing a 401(k) audit. That could be as simple as rebalancing the assets inside of the 401(k) or setting the account to automatically rebalance throughout the year. If you were fortunate enough to get a raise, increase your contributions.

Resolution No. 3 is looking at your emergency fund. We have a unique opportunity to get a positive return on cash, with money-market accounts and CDs at 5%. People who are sitting on large cash balances have a tremendous opportunity to keep money liquid and available, but earning some interest. No. 4 is managing emotions: There are going to be points where the market pulls back or potentially corrects, but sometimes the best strategy is to take no action. When you use emotion to create action, generally the result isn’t beneficial. If you have a house that’s worth $800,000 and you go on Zillow the next day and it’s worth $700,000, you’re not going to sell your house.

Andrew Crowell, vice chairman, wealth management, D.A. Davidson & Co

The markets moved upward dramatically last year, and it’s very likely that clients’ target allocations are different than their current allocations. Somebody who owned a little Nvidia at the beginning of the year now has 220% more in terms of market weighting. So it’s important to rebalance annually, because you may inadvertently be carrying more risk than you need to or want to.

And if Santa makes a list and checks it twice, we have to do the same with all of our beneficiaries on every retirement account, with our trust documents, and so forth. Things change, relationships change. People die, people divorce, people marry, and the list that may have been valid 12 months ago may not be valid today. So make an annual checkup appointment and look at all the beneficiaries listed on your company 401(k), the IRA rollover from your first job out of college and whatever else.

It’s always helpful to set a budget and prioritise what you are going to be saving for this year and create spending guardrails. Banks and brokerage firms will soon allow you to download spending summaries from the prior year; pie charts breaking out spending by category. It can be eye opening to see, “Wow, I know we ate out a lot, but that restaurant line is a lot bigger than I thought.”

Nicholas Yeomans, president, Yeomans Consulting Group

Start with getting organised. Folks say they have that desire, but when it comes to actually getting organised and lining up all their affairs, to put together their tax documents, their estate-planning documents, their portfolios, their 401(k)s and IRAs, everything’s everywhere. I work with a lot of people who are retired, and as you get older, things unfortunately happen, from incapacity to death. Often, there is one spouse left holding the bag, and now they’re hunting and pecking and trying to find out where everything was. They’re already in a state of emotional distress, and now you’ve compounded that distress. Organising is a gift to the spouse who might end up having to take care of you or make those final decisions after you’re gone.

My second resolution is to communicate with family. Younger generations are more proactive in communicating with their kids, but unfortunately, a lot of folks in that 60- to 85-year-old group tend to do a much poorer job. We’re talking about the organisation of your finances and who is in charge of what. Who’s your trustee, who’s your power of attorney, what are your wishes with your healthcare directive? Is everything in a lockbox in your office? And what were you thinking when you put your will together? Why did Sandy get more than Charlie? [Explanatory] letters are a great idea. However, it’s even more meaningful to bring everyone together every two or three years and give them an update as to what you’re doing and why you’re doing it.

Give gold bugs their due. The yellow metal has been a light in the investing darkness. At a recent $3,406 per troy ounce, it’s up 30% this year, to the envy of stock, bond, and Bitcoin holders. Cash-flow purists will call this a flash in the pan, but they should look again. Over the past 20 years, SPDR Gold Shares , an exchange-traded fund, has surged 630%—85 points more than SPDR S&P 500 , which tracks shares of the biggest U.S. companies.

That isn’t supposed to happen. If businesses couldn’t be expected to outperform an unthinking metal over decades, shareholders would demand that they cease operations and hoard bullion instead. So, what’s going on? If this were gasoline or Nike shoes or Nvidia chips, we would look to supply versus demand. With immutable gold, nearly every ounce that has ever been found is still around somewhere, so price action is mostly about demand. That has been ravenous and broad since 2022.

That year, the U.S. and dozens of allies placed sweeping sanctions on Russia, including its largest banks, and China went on a bullion spree. Its buying has since cooled, but other central banks have stepped in. Perhaps this is unsurprising, in light of a decades-long diversification by finance ministers away from the U.S. dollar, which is down to 57% of foreign reserves from over 70% in 2000. But the recent uptick in gold stockpiling looks to JPMorgan Chase , the world’s largest bullion dealer, like a debasement trade. Investors are nervous about President Donald Trump’s tariffs, his browbeating of the Federal Reserve Chairman over interest rates, and blowout U.S. deficits.

Surging Demand

It isn’t just bankers. Demand among individuals for gold bars and coins has been surging, with some dealers experiencing sporadic shortages. Gold ETFs were bucking the trend, but flows there have turned solidly positive since last summer, including recently in China. All told, there is now an estimated $4 trillion worth of gold held by central banks, and $5 trillion by private investors. Calculated against $260 trillion for all financial assets, including stocks, bonds, cash, and alternatives, that works out to a global gold portfolio allocation of 3.5%, a record.

What’s next? BofA Securities says that central banks have room for much more gold buying, and that China’s insurance companies are likely to dabble, too. RBC Capital Markets analyst Chris Louney says ETFs could drive demand growth from here, especially if angst reigns. “Gold is that asset of last resort…the part of the investing universe that investors really look for when they have a lot of questions elsewhere,” he says.

Russ Koesterich, a portfolio manager for BlackRock , a major player in ETFs including the iShares Gold Trust , says that gold has proven itself as a store of value, and deserves a 2% to 4% weighting for most investors. “I think it’s a tough call to say, ‘Would you chase it here?’ ” he says. “There have been some pullbacks. Those might represent a good opportunity, particularly for people who don’t have any exposure.”

Daniel Major, who covers materials stocks for UBS , points out that gold miners mostly haven’t wrapped themselves in glory in recent years with their dealmaking and asset management. As a result, a major index for the group is trading 30% below pre-Covid levels relative to earnings. UBS increased its 2026 gold price target by 23%, to $3,500 per troy ounce, before gold’s latest lurch higher. Many miners are producing at a cost of $1,200 to $2,000. Major has bumped up earnings estimates across his coverage. “I think we’re gonna see further upward revisions to consensus earnings,” he says. “This is what’s attractive about the gold space right now.”

Major’s favorite gold stocks are Barrick Gold , Newmont , and Endeavour Mining . More on those in a moment. We also have thoughts on how not to buy gold—and what not to expect it to do: Don’t count on it to keep beating stocks long term, or to provide precise short-term protection from inflation spikes and stock swoons. But first, a little history, chemistry, and rules of the yellow brick road.

Flesh of the Gods

The first gold coins of reliable weight and purity featured a lion and bull stamped on the face, and were minted at the order of King Croesus of Lydia, in modern-day Turkey, around 550 B.C. But by then, gold had been used as a show of riches for thousands of years. Ancient Egyptians called gold the flesh of the gods, and laid the boy King Tutankhamen to rest in a gold coffin weighing 243 pounds. The Old Testament says that under King Solomon, gold in Jerusalem was as common as stone. Allow for literary license; silicon, an element in most stones, is 28.2% of the Earth’s crust, whereas gold is 0.0000004%.

Marco Polo described palace walls in China covered with gold. Mansa Musa I of Mali in West Africa, on a pilgrimage to Mecca in 1324, is said to have splashed so much gold around Cairo on the way that he crashed the local price by 20%, and it took 12 years to recover. To Montezuma, the Aztec king whose gold lured Cortés from Spain, the metal was called, as it still is by some in Central Mexico, teocuitlatl —literally, god excrement. Golden eras, gold medals, the Golden Rule, and golden calf—so deep is the historical association between gold and wealth, excellence, and vice that it seems to have a mystical hold on humanity. In fact, it’s more a matter of chemical inevitability.

Trade and savings are easier with money. Pick one for the job from the 118 known elements. Years ago on National Public Radio, Columbia University chemist Sanat Kumar used a process of elimination. Best to avoid elements that are cumbersome gases or liquids at room temperature. Stay away from the highly reactive columns I and II on the periodic table—we can’t have lithium ducats bursting into flame. Money should be rare, unlike zinc, which pennies are made from, but not too rare, unlike iridium, used for aircraft spark plugs. It shouldn’t be poisonous like arsenic or radioactive like radium—that rules out more elements than you might think. Of the handful that are left, eliminate any that weren’t discovered until recent centuries, or whose melting points were too high for early furnaces.

That leaves silver and gold. Silver tarnishes, but rarer, noble gold holds its luster. It is malleable enough to pound into sheets so thin that light will shine through. And, despite the best efforts of Isaac Newton and other would-be alchemists, it cannot be artificially created—profitably, anyhow. Technically, there is something called nuclear transmutation. If you can free a proton from mercury’s nucleus or insert one into platinum’s, you’ll end up with a nucleus with 79 protons, and that’s gold. Scientists did just that more than 80 years ago using mercury and a particle accelerator. But what little gold they produced was radioactive. If you think you can do better, you’ll likely need a nuclear reactor to prove it, but a large gold mine is one-fifth the cost, and we have to believe the permitting is easier.

We passed over copper due to commonness, but it has become too valuable to use for pennies. The 95% copper content of a pre-1982 penny is worth about three cents today. The equivalent amount of silver goes for $3.10, and gold, more than $320. But the three trade in different units. A pound of copper is up 17% this year, at $4.72. Silver and gold are typically quoted per troy ounce, a measure of hazy origin and clear tediousness, which is 9.7% heavier than a regular ounce. A troy ounce of silver is $32.70, up 13% this year.

Some Finer Points

Confused? This won’t help: The purity of investment gold, called its fineness, is measured in either parts per thousand or on a 24-point karat scale. A karat is different from a carat, the gemstone weight, but our friends in the U.K.—who adopted troy ounces in the 15th century—often spell both words with a “c.” Gold bricks like the ones central banks swap are called Good Delivery bars, and weigh 400 troy ounces, give or take, worth more than $1.3 million. If you buy a few, lift with your legs; each weighs a little over 27 regular pounds (as opposed to troy pounds, which, it pains us to note, are 12 troy ounces, not 16).

There are many options for smaller players, like Canadian Maple Leaf coins, which are 24-karat gold; South African Krugerrands, at 22 karats, and alloyed with copper for durability; and Gold American Eagles, 22 karats, with some silver and copper. Proof coins cost extra for their high polish, artistry, and limited runs, and may or may not become collectibles. Humbler-looking bullion coins are bought for their metal value. Prefer the latter if you aren’t a coin hobbyist. Avoid infomercials and stick with high-volume dealers. Even so, markups of 2% to 4% are common. Costco Wholesale , which sells gold in single troy ounce Swiss bars, charges 2%, but often runs out, and limits purchases to two bars per member a day. Factor in the cost of storage and insurance, too.

ETFs are more economical. For example, iShares Gold Trust costs 0.25%, not counting commissions. For long-term holders, as opposed to traders, there is a smaller fund called iShares Gold Trust Micro , which costs 0.09%.

Resist fleeing stocks for gold. The surprisingly long outperformance of gold is mostly a function of its recent run-up. From 1975 through last year, gold turned $1 invested into about $16, versus $348 for U.S. stocks. That starting point has a legal basis. President Franklin Roosevelt largely outlawed private gold ownership in 1933; President Richard Nixon delinked the dollar from gold in 1971; and President Gerald Ford made private ownership legal again at the end of 1974.

Gold has been a so-so inflation hedge over the past half-century, and at times a disappointing one. In 2022, when U.S. inflation peaked at a 40-year high of over 9%, the gold price went nowhere. The problem is that high inflation can prompt a sharp increase in interest rates. “If people can clip a 5% coupon on a T-bill, often they’d prefer to do that than have either a lump of metal or an ETF that doesn’t produce cash flow,” says BlackRock’s Koesterich.

Likewise, while gold has generally offset stock declines this year, it hasn’t always done so in the heat of the moment. Recall tariff “liberation day” early this month, which sent U.S. stocks down close to 11% in three days and pulled gold down nearly 5%. “This isn’t an uncommon scenario,” says RBC’s Louney. “When investors were losing elsewhere in their portfolio, gold was sold as well to cover those losses.”

Our top tip on how gold behaves is this: It doesn’t. People do the behaving, and they are appallingly unreliable. Use bonds as a stock market hedge. If they don’t work, fall back to patience. For inflation protection, think of assets that are a better match than gold for the goods and services that you buy every week. A diversified commodities fund has precious metals but also industrial ones, along with energy and grains. Treasury inflation-protected securities are explicitly linked to the consumer price index, which measures inflation for a theoretical individual whose buying patterns differ from your own, but are close enough.

Own a house. Stick with a workaday, reliable car. Yes, cars deteriorate. But so does nearly everything on a long enough timeline. Rely mostly on stocks, which represent businesses, which wouldn’t endure if they couldn’t turn raw inputs like commodities into something more profitable. There’s even a miner, Newmont, in the S&P 500.

The Case for Mining Stocks

Speaking of which, UBS’ Major recently upgraded both Canada’s Barrick and Denver-based Newmont from Neutral to Buy. “Both very much fall into that category of having a challenging recent track record,” he says. Newmont has lost 20% over the past three years while gold has gained 76%, which Major blames on difficult acquisitions and earnings shortfalls. Barrick, down 8%, has been in a dispute with Mali since 2023, when its government instituted a new mining code that gives it a greater share of profits. In recent days, authorities have shut the company’s offices in the capital city of Bamako over alleged nonpayment of taxes.

These are the sort of headaches that Krugerrands in a safe don’t produce. But Major calls expectations “adequately reset,” free cash flow attractive, and guidance achievable. Newmont, at 13 times next year’s earnings consensus, is selling assets, and Barrick, at 10 times, has healthy production growth.

Major also likes London-based, Toronto-listed Endeavour Mining , up 40% over the past three years and trading at nine times earnings, although he says it has “higher jurisdictional risk.” It is focused on West Africa, especially Burkina Faso, which had a coup d’état in 2022. You’d think the stock would be doing worse amid such political upheaval. Then again, Burkina Faso since 1966 has had eight coups, five coup attempts, and one street ousting of a president who tried to change the constitution to remain in power. That works out to an uprising every four years, on average.

Montezuma’s scatological name for gold might have been prescient, considering the sometimes-odious consequences for small countries that find it.