Few professions tax the memory more than financial advising. Advisors are required to memorize not just rules, rates and values but also intricate details where the order of events is as critical as the accuracy of the details themselves. As a result, many advisors rely on common or idiosyncratic mnemonics to help them better serve their clients.
A mnemonic is simply a memory aid that’s easy to remember. Most of us have learned a few, such as “Thirty days hath September . . .” to help us remember the number of days in each month, or “Please Excuse My Dear Aunt Sally” to remember the order of operations in calculations.
A mnemonic can take the form of an acronym, phrase, sentence or rhyme. Mnemonics (the initial “m” is silent) help advisors remember critical information. They are particularly helpful for remembering lists, especially when the order of events is critical.
WealthManagement.com polled financial advisors to share the mnemonics that they find particularly helpful in doing their work, serving their clients or managing their practices. Here are the 10 mnemonics we think are the most relevant and interesting and why the individual advisors recommend them.