By Steve Crifasi, CTFA, CFP®
As a wealth manager, I’m often asked what books people should read to become more financially literate. While there are countless excellent books available for retirement, budgeting, and investment management, I’ve discovered that some of the most important lessons about money—and life—come from unexpected sources.
The books below didn’t just expand my knowledge about investing; they taught me about people, their motivations, and their complicated relationship with money. By sharing these influential reads, my hope is to inspire you on your own journey.
1. Unreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect
By Will Guidara
This first book isn’t specifically about finance, but its central theme of going above and beyond to create unforgettable experiences is extremely applicable to any service-based sector, including financial advising.
Author Will Guidara’s mission is to turn restaurants like Eleven Madison Park into world-class attractions by emphasizing “unreasonable hospitality”—exceeding expectations to anticipate and fulfill customers’ needs, often before they even realize them.
2. When Genius Failed: The Rise and Fall of Long-Term Capital Management
By Roger Lowenstein
When Genius Failed is firmly rooted in the finance world. It chronicles the history of Long-Term Capital Management (LTCM), a hedge fund established by John Meriwether and managed by a group of brilliant minds, including Nobel laureates in economics. LTCM used extremely complex mathematical models and leveraged positions to generate significant returns, initially attracting enormous capital.
From a financial perspective, When Genius Failed is a cautionary story about the value of diversification, risk management, and being aware of the limitations of financial models. The demise of LTCM highlights the risks associated with excessive leverage, even when used by seemingly brilliant individuals.
3. The Great Bridge: The Epic Story of the Building of the Brooklyn Bridge
By David McCullough
The Great Bridge tells the engaging story of the Brooklyn Bridge’s construction, a remarkable technical advancement of the 19th century. The book details the Roebling family’s decades-long struggles, failures, and victories, especially those of Washington Roebling, who managed the project in spite of a crippling caisson illness.
Despite its apparent lack of connection to finance, The Great Bridge has insightful lessons that can be applied from the viewpoint of a wealth manager. The significance of long-term vision and perseverance—qualities essential for both constructing a bridge and pursuing financial prosperity—is illustrated in the book.
4. Atomic Habits
By James Clear
James Clear’s book Atomic Habits examines the physics behind habit formation and provides a useful framework for creating positive habits and breaking negative ones. According to Clear, the smartest strategy for bringing about meaningful long-term change is to concentrate on making tiny, gradual changes—the “atomic habits.”
While not specifically geared toward finance, Atomic Habits gave me fresh insight into how to help my clients pursue their financial goals. For example, I was able to apply the book’s logic to the idea that long-term financial prosperity depends on developing solid financial habits, such as consistent saving, prudent investment, and avoiding impulsive spending.
5. The Checklist Manifesto: How to Get Things Right
By Atul Gawande
The Checklist Manifesto argues that checklists (typically thought of as simple and elementary) are effective tools for reducing errors and enhancing performance in a variety of complex fields. Gawande shows how even highly skilled professionals can make errors due to oversight, memory declines, or the utter complexity of modern life.
As a wealth manager, reading this book gave me insight into how to boost our firm’s overall effectiveness and provide better client care. I discovered that checklists can be used for a variety of tasks, including executing investment strategies, reviewing portfolios, onboarding new clients, and verifying regulations are followed.
6. Benjamin Franklin: An American Life
By Walter Isaacson
Walter Isaacson’s narrative of Benjamin Franklin’s life provides a comprehensive and engaging portrait of one of America’s most fascinating Founding Fathers. The book follows Franklin’s extraordinary journey from his modest beginnings as an apprentice printer to his ascent to prominence as a scientist, inventor, statesman, and diplomat.
While not specifically a business book, Benjamin Franklin: An American Life provides wealth management professionals like me with insightful lessons. Franklin’s emphasis on diligence, thrift, and the value of investing and saving aligns well with the fundamentals of smart financial planning.
Reach Out
Please get in touch if you want to collaborate with someone who has a similar outlook on life or if you simply want to discuss your favorite books that have helped you develop and learn. I’m constantly searching for new books to help me develop both personally and as a wealth manager.
You can reach me by calling (302) 427-9600 or emailing [email protected]. I look forward to hearing from you.
About Steve
Steve Crifasi serves as Associate Director of Wealth Management and Business Development at Westover Capital Advisors, an independent, fee-only, and privately owned investment and wealth management firm founded in 1999 and based in Wilmington, Delaware. Steve provides tailored guidance and works in partnership with his investment, tax, and planning colleagues to understand clients’ wealth management goals and objectives and help fulfill them. Steve thrives off developing personal relationships with clients, serving as their reliable and trusted financial partner; and as a fiduciary, he provides advice that is always in their best interests.
An advisor since 2008, Steve has over 15 years of experience in the financial services industry. He began his career as a research analyst at Penn Square Capital focusing on the equity and private real estate markets and spent over 13 years at Glenmede and Wilmington Trust as a relationship manager for high-net-worth clients. Steve received a BBA in Finance from Villanova University and also holds the CERTIFIED FINANCIAL PLANNER® certification and Certified Trust and Financial Advisor (CTFA) designation from the American Bankers Association. In addition to his role at Westover, Steve is a member of the Delaware Estate Planning Council and Wilmington Tax Group. He has also served on committees for several local charitable and nonprofit organizations in and around Wilmington. To learn more about Steve, connect with him on LinkedIn.
