Talking About Finances with Onyx Bridge Wealth Group

The timing could not have been worse. Jared Cohen founded the Onyx Bridge Wealth Group, a company of financial advisors, just before the COVID-19 pandemic disrupted every aspect of life around the globe. Yet, with wise investment strategies and a personal approach that they call Holistic Wealth Therapy, the company not only survived, it thrived. The Tarrytown firm has more than doubled its size in just three years.

We spoke with Cohen, the CEO and founder, about the current uncertain financial climate, the importance of having a financial advisor, and what strategies people should follow to protect their savings and investments.

Q: What is Holistic Wealth Therapy?

Everyone thinks of financial planning as just the numbers: How much should I be saving? How much should I be investing? But it’s also important to look at how you are feeling, what’s important to you, and what your goals and objectives are.

When clients sit down with us, we’re going to work with them so that they have the confidence and peace of mind to know that we’re going to get them where they want to be. It’s about the enormous emotions behind the numbers, rather than just the numbers themselves.

Especially in times like these, when we are bombarded with news about rising prices, clients need someone to talk to so they feel confident that they’re going to reach their goals.

Holistic Wealth Therapy is having the ability to call your trusted advisor and walk through your concerns. That trust and connection is what we’re all about.

Q: What is the firm’s history?

I began my career more than 20 years ago and have been fortunate to assemble a great team. We realized a few years ago that we could do more for our clients, so we decided to launch a brand-new firm, Onyx Bridge Wealth Group.  We launched it in February 2020, about three weeks before the world shut down. It was a challenge. We were moving our clients’ assets in the bulk of a pandemic. We shut the office, learned new systems and helped clients, all while working from home. Fortunately, we have a team of amazing individuals, so we were able to accomplish everything we needed to get done. The vast majority of our clients at our previous firm came with us.

We started as a team of eight. Now there are 18 of us—12 advisors and six full-time staff members.

Q: What strategies do you recommend for weathering these uncertain times?

It goes back to focusing on the likelihood of achieving [clients’] goals. The vast majority of people are not going to need to adjust their lifestyles or future goals because of short-term market fluctuations. Based upon the market, we have made small tactical changes along the way. By sticking to the game plan, such as dollar cost averaging strategies, we help clients see the bigger picture.

Q: Is this era unique, or have we seen this in the past?

Every time there is a major market event, it feels like the first time. And we have lived through some major events. In 2008, it was the first time that banks were on the verge of collapse. In 2020, we had the pandemic. In 2022, we have record levels of inflation. We tell our clients: The market has always recovered from what I would call short-term events. This time will be no different.

Q: Should people be concerned?

People who have not planned appropriately may be concerned. People who have been working with an advisor and have a plan need to make sure they monitor their plan and make changes as needed. I never tell a client not to be concerned about what’s going on. They see high gas prices, high food prices, perhaps they have job insecurity. It’s a challenging time, but times like these are part of the normal market fluctuations. We’ve already done the portfolio management to adjust accordingly.

Q: Are we headed for a recession?

By classical definition, we’re already in one.  Whether we officially enter one remains to be seen based on how the economy reacts to rising interest rates. People have to be prepared for the unexpected and that’s what planning is all about. Making emotional decisions in the midst of volatility is typically the worst thing you can do. A number of clients will call us and will be concerned about market fluctuations, and we have to be sure that we don’t react emotionally and that we react factually, keeping an eye on the big picture.  Our recommendations and advice are based on facts and research, not emotions.

Q: When the Fed adjusts the interest rate, what does that mean for the average person?

The cost of burrowing will be significantly higher. Mortgages and auto loan interest rates are significantly higher than a year ago. If someone utilized $100,000 from their home equity line of credit to renovate their home during Covid, it’s now costing them several hundred dollars more per month because their HELOC rate increased. If things cost more, people may spend less. If people spend less, the economy suffers, and corporations may cut jobs. It’s a cycle the Fed is trying to avoid, in what they call a “soft landing.”

Q: People are often alarmed if they see their 401k or retirement fund dipping. Should they resist pulling money out?

Pulling money out would be an emotional reaction that rarely proves to be beneficial over the long-term. Human emotion tells us to run (sell) when things are bad, and jump back in (buy) when things are good.  That’s the exact opposite of what we want to be doing.  We’ve all heard of buy low, sell high, but that’s typically not something we’re emotionally prepared to do. While we advocate making tactical changes to their portfolio, completely deviating from your plan is something we’ll advise against. If someone is unsure their investments are suitable for them and not sure what changes to make, that’s why we’re here.

Q: How important is it to have an advisor rather than investing on your own?

Anyone can do things on their own. I could cut my own hair, but that doesn’t mean it’s a great idea! Studies show the value of having an advisor and how clients with advisors typically outperform do-it-yourself-ers. Your advisor will be a sounding board and prevent you from making catastrophic mistakes.

Q: What else should people know?

A trusted advisor is always here for them at Onyx Bridge Wealth Group.  We’ll help someone with all aspects of their financial situation—it’s not just about investing. We’ve helped clients with day-to-day decisions, such as whether to buy or lease a car. Holistic Wealth Therapy encompasses many things, and your Onyx advisor will always be there for you. Our staff and administrative team is among the best in the business. Clients constantly compliment me on their experiences with a staff member. You can buy a stock or mutual fund anywhere. Receiving an amazing client experience and having feelings of trust and confidence is what we believe matters most. Anyone interested in working with one of our amazing advisors can receive a complimentary consultation.

***Cohen has spent over two decades helping individuals and families with their finances, specializing in financial planning, wealth creation, retirement income planning and legacy planning. His holistic approach to wealth management is based not only on the stage of the client’s life, but also how they want to live a life that’s truly driven by their closest-held ideals. This approach serves as a guiding principal for all activities at Onyx Bridge Wealth Group and was the impetus for forming Onyx Bridge Elite Partners so that advisors had access to a comprehensive suite of services, tools, and professionals to deliver a superior client experience. As CEO of Onyx Bridge Wealth Group, Cohen oversees all client facing activities and provides leadership for our advisors.