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June Swoon

“Most people overestimate what they can do in one year and underestimate what they can do in ten years.” ― Bill Gates

The June Swoon is an old Wall Street adage that resurfaces just about every year with the idea being that the stock market enters a lull period during the summer months. It goes hand-in-hand with the (debunked) meme of “Sell in May and Go Away.” (See Charlie Bilello’s post here that lays that myth to rest.)

But that’s not the June Swoon I’m referring to. What I’m writing about today are my feelings of pure joy and excitement – the Swoon – in what is shaping up to be an incredibly meaningful month for me – the June.

This week marks my tenth anniversary (!!!) working at Huber Financial Advisors. I marvel at everything that our talented and hard-working team has been able to accomplish over the last decade. Milestones are great and all, but what makes this month so special to me are the wonderful things happening in the midst of it.

On Tuesday this week, I will be participating on a panel discussion at the annual Morningstar Investment Conference here in Chicago:

I remember attending my first Morningstar conference early in my career, amazed by the quality of the content and the collection of investment talent all under one roof. Never in a million years did I think I would be sitting on the stage one day during one of the breakout sessions.

If that wasn’t enough, a couple of weeks later I have the privilege of speaking at the Evidence Based Investing conference, or EBI, in Dana Point, CA.

I’ve written before about my experience at EBI. The first one I attended was one of the best investment conferences I had ever been to. Much like Morningstar, it feels surreal to be asked to contribute to the event.

The cherry on this sundae of a month was being included in this year’s Investopedia Top 100 Financial Advisors list. To say that I am in esteemed company is an understatement. Josh Brown. Michael Kitces. Ron Carson. These are industry luminaries that I admire and aspire to mirror in my own career. Josh wrote on his blog this week “I’ve always said that being on a list is only as impressive as the other people who are on it with you.” Couldn’t agree more.

This post isn’t meant to be a self-congratulatory pat on the back, but rather a chance to pay homage to the people who have facilitated the aforementioned opportunities and recognition.

Most people would be lucky to have just one mentor in their career. I’ve been fortunate enough to have two – Dave Huber (our CEO and my dad) and our Rob Morrison (our President.) I owe them both a massive debt of gratitude for taking a chance on me and allowing me to grow within this organization.

When I started at the company, it was Rob who I reported to. He didn’t care who’s son I was and for that, I thank him. He was tough on me from the get-go – and for good reason. I entered the workforce with a work ethic that left a lot to be desired. Rob was instrumental in instilling good habits in me and letting it be known that nothing would be handed to me. He’s taught me countless lessons about what it means to be a leader, the importance of developing others, inspiring confidence and security in clients, fostering a culture that brings out peoples’ best, focusing on the Big Rocks, and the difference between busy and productive. Rob is one of the most driven people I have ever met and it’s safe to say we wouldn’t be where we are as a company without his vision and leadership.

As for my dad, where do I begin? He’s been my hero my whole life, but it wasn’t until I saw him in action when I interned over the summers during high-school and college that I realized how much I wanted to emulate him professionally. He has this innate ability to connect with people and engender trust like no one I’ve ever seen. When I was a kid, I always assumed he did what he did for a living because he was good with numbers and could be his own boss. And sure, that was part of it. But then it dawned on me that it wasn’t investments he was passionate about – it was investors. His clients. Every day I strive to make him as proud of me as I am of him. While it is my tenth anniversary, it is the firm’s thirtieth anniversary this year! I can only imagine what it’s like for him to witness the evolution of his “baby” from its humble beginnings to the institution it is today. Some people might balk at the idea of working with family. I wouldn’t have it any other way.

My first decade in the wealth management industry has been a helluva ride so far. Like the stock market itself, it was tested by corrections, setbacks and volatility. But the long-term trend was positive. I have no idea what the next ten years hold, but if the last ten are any indication I’m extremely bullish.

About the author

Phil Huber, CFA, CFP®

Phil is the Head of Portfolio Solutions for Cliffwater, a leading alternative investment adviser and fund manager. Prior to joining Cliffwater in 2024, Phil was the Chief Investment Officer for Savant Wealth Management, a multi-billion dollar wealth management firm. Phil has been involved in the financial services industry since 2007. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a member of the CFA Society of Chicago. More about me here. Twitter: @bpsandpieces

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