Avid equestrian and J.P. Morgan Wealth Management Wealth Partner Louise Armour shares how investing in your interests can pay off.
Palm Beach-based J.P. Morgan Wealth Management Wealth Partner Louise Armour recognizes that people who share a high-stakes hobby can face unique financial challenges and have specific goals.
Many of us have our thing—that one activity, sport or collectible that piques our interest in such a profound way that we’d go anywhere and put all our efforts into pursuing it. Some passions can be costly, but if they’re important to you and add to your life, they should also be an important part of your wealth planning.
Palm Beach-based J.P. Morgan Wealth Management Wealth Partner Louise Armour understands this firsthand. For her, it’s horses that evoke that unexplainable feeling. From the time she could walk, Armour was “riding” pretend horses around the house, and by the time she was a teenager, she was already working at a New York racetrack, polo center and horse veterinarian’s office. Surrounded by notable horses like Secretariat, Ruffian and Foolish Pleasure, Armour found valuable opportunities and connections that changed the course of her life.
From the time she was young, Armour was passionate about horses.
“Equestrianism has exposed me to the profoundly diverse group of people that are involved with horses,” she says. “And from a business perspective, I understand what makes passionate people tick, and I know what’s necessary to help them work towards their financial goals.”
Being so involved with horses herself, Armour recognizes that people who share a high-stakes hobby can face unique financial challenges and have specific goals. This deep understanding of the equestrian world allows her to help her horse-loving clients navigate their financials by walking them through the strategic impacts of equine assets.
“My team at J.P. Morgan offers special events and educational content to connect like-minded individuals around their equestrian pursuits,” Armour says. “We also leverage the scale and scope of J.P. Morgan’s global resources to help clients enhance their enjoyment of this exciting world.”
After nearly four decades in wealth management and Palm Beach, and a lifetime of pursuing her interests, Armour has learned a thing or two about the benefits of investing in what moves you.
Plan for Your Passion
Many people put a lot of time, money and effort into their hobbies, and one like horse riding can come with high costs. Armour says that working with an advisor can help you make smart money decisions related to your interest areas and help ensure they are included in your broader plan, so you can continue doing what you love while keeping your financial goals in check.
Wealth advisors can help you make smart decisions when it comes to investing in the things you love.
While many understand that they should talk to their advisor about their spending and financial goals, some people might forget to include their hobbies in these discussions. Armour notes that it’s important to share these personal priorities with your advisor—you might even find that you have a shared love for a sport or activity. It's also not just about your own hobbies: Some clients might want to consider planning for a child who has fallen in love with a sport or activity with higher costs and time commitments.
“When my team works with a client, we often help them think about their spending and goals based on three different buckets,” Armour says. “The first bucket is to fund your short-term and intermediate needs, such as your recurring expenses, your hobbies, your family. The second is investing for the long term and next generation estate planning, and the third is for charitable endeavors. As a financial advisor, I help my clients stay focused to find the right balance for these buckets and try not to let emotions adversely impact financial decisions.”
Fund for The Future
Another way advisors can help their clients is by connecting them with lending resources that might tie to their personal interests, such as art or aviation. Armour brings resources to her clients to help them take advantage of both sides of their balance sheet.
“I’ve worked with clients to connect them to many lending resources,” Armour says. “A client might be passionate about equestrian real estate, for example, and make that a business endeavor. Or they could have an art collection and borrow against their collection to fund a new venture or investment.”
When working with a financial advisor, it’s important to be comfortable talking to them about your financial goals but also your personal goals as they’re so often intertwined.
“Passionate people tend to be intensely focused and dedicated to making their interests succeed. While it sometimes can be profitable from a financial perspective, pursuing an interest you love is personally fulfilling,” Armour says. “Life can be stressful, but any passion, whether it’s golf, horses, boating, cars, art or something else, can enhance the quality of your life.”
J.P. Morgan Wealth Management financial advisors are dedicated to educating their clients and helping them reach their goals. Throughout our “Build Your Wealth” article series, these advisors will provide valuable insight into ways you can help maximize your financial future.
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