According to WealthManagement.com, financial advisors can and do use memory aids used by advisors to help them serve clients. Here are the ten that the publication recommends:

1. KISS: Keep It Simple, Stupid
   • KISS is a tribute to broad-based index funds, which allow advisors to construct a portfolio with a complete understanding of how a particular fund/asset class will react while imposing lower expense ratios.
2. SGNOLG: Short-Term Greed Never Outweighs Long-Term Growth
   • This mnemonic helps advisors remember not to take shortcuts and always look toward long-term opportunities rather than high-risk greed-based investments. The SGNOLG mnemonic summarizes the central lesson that short-term greed should never outweigh long-term goals.
3. WILMA: (W- withdrawal rate I-inflation L-longevity M-medical expenses A- asset allocation)
   • The WILMA mnemonic helps advisors remember the "big five" retirement risks. The mnemonic is helpful because it focuses on the risks putting the client's retirement in jeopardy instead of portfolio returns.
4. FOMO and FOLIA: Fear of Missing Out; Fear of Losing It ALL
   • FOMO is the Fear of Missing Out or worrying about not participating in a hot investment trend, like when cryptocurrencies or SPACs peaked earlier this year. The opposite is the Fear of Losing It All (FOLIA). According to Ryan P. Johnson, director of portfolio management and research at Buckingham Advisors, "Recognizing when you are especially fearful or greedy is helpful as an investor, and it often pays to do the opposite of how you feel."
5. TANSTAAFL: There Ain't No Such Thing as a Free Lunch
   • The mnemonic reminds advisors that nothing comes for free. Even if an advisor did not pay for something directly, the fact is that somewhere in the supply chain, someone else did. Ultimately, keeping this in mind helps advisors stay mindful of the costs regarding decision-making and consumption.
6. HALTS: Hungry, Angry, Lonely, Tired, Scared
   • The HALTS mnemonic reminds advisors not to miss the human element in establishing and maintaining client-advisor relationships.
7. Umbrellas in a Downpour Prevent Immense Mess - Advisors find this mnemonic useful to keep in as they support their teams. The mnemonic slows down the process enough to ensure that advisors evaluate the unique details of each client, their beliefs, strengths, and weaknesses.
   • Understanding the client's situation, both quantitative and qualitative.
   • Identify goals with the client.
   • Analyze current course and potential course of action.
   • Develop recommendations for the client.
   • Present financial plan to the client.
   • Implement the financial plan and recommendations.
   • Monitor the progress of the plan and adjust accordingly.
8. HEMS: Health, Education, Maintenance and Support
   • HEMS is a powerful tool to break through clients' fears by simplifying the legal drafting process and easing clients' minds who want to ensure their children and grandchildren can access trust assets when they genuinely need them.
9. The Three Fs: Fees, Funds, Fiduciary
   • This is a great mnemonic to help clients understand what they hold/own. Advisors use the mnemonic to dig deeper into the details of a client's fees, funds, and fiduciaries.
10. PRIMED - The PRIMED mnemonic helps advisors capture the significant types of risk clients are exposed to when investing.
    • Purchasing power risk
    • Regulatory risk
    • Interest rate risk
    • Environmental risk
    • Default risk

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