Forbes, Northwestern Mutual CEO visit Syracuse on game plan tour

SYRACUSE  —  Steve Forbes says not to trust your gut when it comes to drawing up a financial game plan.

“The gut is a bad guide,” says Forbes, the chairman and editor-in-chief of New York City–based Forbes Media. “The key is, don’t let your emotions take over.”

Forbes was at the Oncenter in downtown Syracuse May 2 as part of a seven-city tour titled, “The Power of a Game Plan.” The tour had Forbes and Northwestern Mutual Life Insurance Co. Chairman and CEO John Schlifske discussing the economy, financial markets, and financial planning.

Their stop in Syracuse concluded a day when Forbes and Schlifske spoke earlier in Boston and Manchester, N.H. Later in the week, on May 3, the tour hopped to Grand Rapids, Mich. and Pittsburgh. It wrapped up May 4 with visits to Memphis, Tenn. and Cincinnati.

“We travel to these cities and we do a presentation, and we’ve found it’s very helpful to people,” Schlifske says. “The notion of a game plan is very simple. What you’ll hear us talk about is how important a plan is in terms of achieving what you want.”

The tour covered components of a financial game plan including insurance for protection against unforeseen events, investments to help grow assets, and retirement savings. Other components include tax preparation, estate planning, and intergenerational planning.

Some of the advice may sound as if it is tailored for individuals. But Schlifske stresses that business owners should also consider it.

“The things we talk about really make sense for a small business as well,” he says. “The idea that you need to have a plan around your financial health — that you probably need some level of insurance because you probably have one or two key employees that are vital to the success of your company. And then there are all the issues that go with passing the business on from a generational perspective.”

The stock market can be a risk for financial game plans, because volatility can affect investment income, Forbes says. He recommended investing a certain amount each month and not jumping in and out of the market.

He also endorsed a diversified approach that includes reliable investments like permanent life-insurance policies.

“That kind of diversified approach, it’s not going to excite people at the cocktail party,” Forbes says. “But what you end up with is something that’s going to provide you with a very solid foundation as you move forward. Over time, those things do accumulate cash, and it’s nice to know that you have something that’s not going to drop out if the market does take a hit.”

Economic projections

Schlifske and Forbes predicted better economic times in the future, both for the United States and for regions like Syracuse and upstate New York.

Short-term pain is likely to persist, according to Schlifske, who did not give an exact time frame. However, he added that he’s “bullish” on the long-term future of the economy.

“I don’t know about Syracuse, but we’re headquartered in Milwaukee, which is oftentimes referred to as an old rustbelt city,” Schlifske says. “What we see in Milwaukee, it’s very encouraging. 

“One of the reasons I think many cities in the Midwest are going to have an upswing is this notion of reinvention and innovation,” he says. “Milwaukee has moved away from being strictly a manufacturing-of-heavy-equipment kind of city to being a city that’s got a high financial services sector that’s growing and is very robust.”

Forbes says he thinks an economic turnaround is inevitable.

“This is not going to last,” he says. “This is highly unusual in American history. And there is no reason why upstate New York should be depressed.”

Changes in public policy could play a role in boosting economic prospects in Upstate, according to Forbes. Gov. Andrew Cuomo has shown some positive signs on that front, he says.

“I hope Cuomo follows through,” he says. “I say, ‘Pretend you’re a business person. What is standing in the way of doing well in New York, in upstate New York?’ [Fix that,] and you’ve got a pretty good policy.”

The Northwestern Mutual Life Insurance Co. has $1.2 trillion of life-insurance protection in force. The company’s network office in DeWitt, called The Greater New York Group, hosted the tour stop in Syracuse. A total of 67 people work at the firm’s DeWitt office.  

SYRACUSE  —  Steve Forbes says not to trust your gut when it comes to drawing up a financial game plan.

“The gut is a bad guide,” says Forbes, the chairman and editor-in-chief of New York City–based Forbes Media. “The key is, don’t let your emotions take over.”

Forbes was at the Oncenter in downtown Syracuse May 2 as part of a seven-city tour titled, “The Power of a Game Plan.” The tour had Forbes and Northwestern Mutual Life Insurance Co. Chairman and CEO John Schlifske discussing the economy, financial markets, and financial planning.

Their stop in Syracuse concluded a day when Forbes and Schlifske spoke earlier in Boston and Manchester, N.H. Later in the week, on May 3, the tour hopped to Grand Rapids, Mich. and Pittsburgh. It wrapped up May 4 with visits to Memphis, Tenn. and Cincinnati.

“We travel to these cities and we do a presentation, and we’ve found it’s very helpful to people,” Schlifske says. “The notion of a game plan is very simple. What you’ll hear us talk about is how important a plan is in terms of achieving what you want.”

The tour covered components of a financial game plan including insurance for protection against unforeseen events, investments to help grow assets, and retirement savings. Other components include tax preparation, estate planning, and intergenerational planning.

Some of the advice may sound as if it is tailored for individuals. But Schlifske stresses that business owners should also consider it.

“The things we talk about really make sense for a small business as well,” he says. “The idea that you need to have a plan around your financial health — that you probably need some level of insurance because you probably have one or two key employees that are vital to the success of your company. And then there are all the issues that go with passing the business on from a generational perspective.”

The stock market can be a risk for financial game plans, because volatility can affect investment income, Forbes says. He recommended investing a certain amount each month and not jumping in and out of the market.

He also endorsed a diversified approach that includes reliable investments like permanent life-insurance policies.

“That kind of diversified approach, it’s not going to excite people at the cocktail party,” Forbes says. “But what you end up with is something that’s going to provide you with a very solid foundation as you move forward. Over time, those things do accumulate cash, and it’s nice to know that you have something that’s not going to drop out if the market does take a hit.”

Economic projections

Schlifske and Forbes predicted better economic times in the future, both for the United States and for regions like Syracuse and upstate New York.

Short-term pain is likely to persist, according to Schlifske, who did not give an exact time frame. However, he added that he’s “bullish” on the long-term future of the economy.

“I don’t know about Syracuse, but we’re headquartered in Milwaukee, which is oftentimes referred to as an old rustbelt city,” Schlifske says. “What we see in Milwaukee, it’s very encouraging. 

“One of the reasons I think many cities in the Midwest are going to have an upswing is this notion of reinvention and innovation,” he says. “Milwaukee has moved away from being strictly a manufacturing-of-heavy-equipment kind of city to being a city that’s got a high financial services sector that’s growing and is very robust.”

Forbes says he thinks an economic turnaround is inevitable.

“This is not going to last,” he says. “This is highly unusual in American history. And there is no reason why upstate New York should be depressed.”

Changes in public policy could play a role in boosting economic prospects in Upstate, according to Forbes. Gov. Andrew Cuomo has shown some positive signs on that front, he says.

“I hope Cuomo follows through,” he says. “I say, ‘Pretend you’re a business person. What is standing in the way of doing well in New York, in upstate New York?’ [Fix that,] and you’ve got a pretty good policy.”

The Northwestern Mutual Life Insurance Co. has $1.2 trillion of life-insurance protection in force. The company’s network office in DeWitt, called The Greater New York Group, hosted the tour stop in Syracuse. A total of 67 people work at the firm’s DeWitt office.