JANUARY 2022
ISSUE 106
ADVISORS
magazine
EXCLUSIVE INTERVIEW
LEEZA GARBER SCOTT OLSON HIRING CYBERSECURITY TEAMS
Serving Clients in 2022 Industry executives weigh in
Advisors Screening Clients Anthony Trupiano shares insights
Women in Wealth Management Fresh perspectives to financial planning
“The Spiritual Side to Money” by Dawn Santoriello
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Erwin E. Kantor Michael Gordon Jude Scinta L. Guerrero
CEO & Publisher Managing Editor Editor-in-Chief Writer-at-Large
Eric Daniels
Billing
Sean Rome
Creative Director
Bobby L. Hickman Amy Armstrong Joe Innace Bill Millar Eddie Miller Harold Gonzales
Senior Feature Writer Feature Writer Senior Feature Writer Feature Writer Business Reporter Business Reporter
CONTRIBUTORS & GUESTS Steven Selengut IAR, Jeffry Weldon, Elaine Eisenman, John Lohrenz, Tim Sheehan
AN ADVISOR MAGAZINE PUBLICATION Headquartered at: 3642 NE 171st Street, Suite 305, North Miami Beach, FL 33160 (718) 675 4060 Advisors Magazine is published bi-monthly and printed by Blurb, Inc. Reproduction of any material from this print issue or our digital issue or transmitted in any form of by any means without prior written consent of the publisher in whole or in part is strictly prohibited. ©2021 by Advisors Magazine. All rights reserved. For a free digital subscription email: editorial@advisorsmagazine.com To obtain a print issue, visit: www.magcloud.com/user/advisorsmagazine ADVERTISING lsubasic@advisorsmagazine.com QUESTIONS & COMMENTS info@advisorsmagazine.com LETTERS TO THE EDITOR editorial@advisorsmagazine.com
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ADVISORS MAGAZINE / 3
contents jan 2022 on the cover
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Hiring Cybersecurity Teams Businesses of all size face increasing cybersecurity threats, particularly from ransomware attacks, as the pandemic continues to affect how cybercriminals hack into the workplace.
features
6 Serving Clients in 2022 Three industry executives weigh in on serving client needs for the new year.
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Advisors Screening Clients - It’s a Family Affair One-stop shops for financial services are cropping up across the US, providing on-site access to accountants, tax advisors, attorneys and other professionals.
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RANSOMWARE THREATS GROW LARGER Cybersecurity requires technological & behavioral skills
advisors serve clients in
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44 Women in Wealth Management
Women advisors bring fresh and needed perspectives to financial planning.
2022
book review
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“The Spiritual Path to Prosperity…The Truth About Money,” written by Dawn Santoriello.
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it’s a family affair
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made for you
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Our picks from around the globe.
jan 2022 advisor interviews
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Shunning the Wealth Manager Moniker Not every investment advisor fits the wealth manager mold—nor cares to. Just ask Pat Harmon, president Harmon Financial Advisors, Inc.
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The Essence of Constant Client Engagement
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harmonizing financial planning
Listening to clients and prospects is at the foundation of Cornerstone Wealth Partners LLC
hearing is passive listening is active
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From Values-Based Investing to Playing Cupid The percentage of investors wanting to invest in ESG products have nearly doubled and is projected to nearly double again in the next two years. the importance of financial literacy
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Coaching for the Childfree Lifestyle What about couples living childfree? How does a childfree lifestyle have an impact on a couple’s finances and financial plans?
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childfree lifestyle
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Persistent Portfolio Management A portfolio’s allocations will vary because clients’ goals and objectives are different, and that requires constant attention.
vaule based investing
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Clients get the educational resources tailored to their needs, pace of learning, and they become part of the planning and investment process.
Volunteering in their community such as offering basic financial literacy classes can bring significant returns on both a personal and professional level.
Customizing Client Education
3 Keys to a Lasting Client Relationship
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HOW CAN ADVISORS BETTER SERVE THEIR CLIENTS IN 2022? By Bill Millar
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hen big picture analysts like Deloitte take a look at the wealth management industry, they tend to spotlight the need for change in areas as broad as robo-advisory, big data and expanding asset classes. While understanding changes of a seismic nature is absolutely vitally important, wealth management in the real world is ultimately a hands-on, practical exercise. So it is from this perspective that we see three industry executives weighing in on what they feel they are doing in order to better serve client needs.
Getting the family involved! Leland Gross, CFP®, founder and CEO of PeaceLink Financial Planning LLC believes that one of the biggest challenges for the industry is 6 / ADVISORS MAGAZINE
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finding ways to help entire families – not simply investors and retirees themselves – navigate the details. According to Gross, “US insurers see over $7 billion in unclaimed life insurance policies because beneficiaries didn’t know the policy
existed, so they didn’t claim their benefit.” At the same time, “15% of siblings have fought over their inheritance, and 33% of families have seen siblings lose their relationships over such disputes.” The point is, “It is important that the industry learns to help families engage with these conversations; find ways to stay informed on family finances.” Along this vein, “when parents do not feel comfortable talking to their kids, I have them complete a financial guide, sharing information about their insurance, investments, loans, wills, safety deposit boxes, and similarly
important issues. We also point out key contacts like their CFP, CPA, or lawyer. I keep a copy, have the client keep a copy, and give a copy to their children. Whatever works best, it is important to the health of the family financially and relationally to foster openness and clarity around money.” Crushing the “get rich quick” mentality! Cryptocurrencies, GameStop, daytrading, house-flipping, selling on eBay: the list of get-rich stories is almost never-ending.
Consequently, Michael J Hardy, CFP®, Senior Wealth Advisor and President at Williamsville, New York’s Ocean Wealth Group, believes the industry needs to do more to educate investors about the importance of a long-term focus. “Today, there are just too many people hearing stories of people getting rich quick,” says Hardy. “But to be a successful investor you need to have patience, structure, and a long-term time horizon. In the world that we live, too many people are hearing stories of getting rich quick. As advisors, we need to preach to our clients that the route to successful investing and retirement is long-term buy and hold.” Greater financial literacy, Hardy continues, “allows a person freedom and choices over their lifetime. Without money you can find yourself limited in life. Unfortunately for young people, they don’t take financial literacy or financial planning courses in college and what a shame that is. Without the backbone of basic financial planning concepts along with the ability to have a good relationship with money, people are at a loss when they begin their careers. Money and financial planning are a like a car with premium gas and a high performing engine. It will take you places faster than you can get on foot.” Getting clients to get out and do something! Carrie Cook, CFP®, CRPC® and founder and CCO at Bellbrook, Ohio-based What About Us Financial believes the industry needs to do more to help clients understand the importance of staying active and avoiding isolation following retirement. “One of the largest issues my clients struggle with as they approach or enter retirement is their own personal socialization,” says Cook. “As many of
us experienced amid Covid-19, feeling no pressure to walk out our front doors makes it easy to become homebodies. And for older generations, the workplace has been the primary source of daily social activity. Water-cooler chat is how many of us keep up on current events within our circle.” “But upon retirement, many of my clients have realized their social network has weakened significantly,” continues Cook. “So maintaining existing relationships requires vigilance and diligence. When clients come to me with a plan to relocate upon retirement, I’ve began advising they reconsider with social impacts in mind – maintaining and preserving healthy relationships can be as crucial to health and longevity as diet and exercise!” Reaching out to women and minorities! Also on Cook’s mind is the belief that the wealth management industry isn’t doing enough for various underrepresented groups. “We need to address exclusionary practices,” says Cook. “Finance is a deeply important aspect in all our lives, and should be made accessible to, and be tailored for, all of us, both as individuals and as communities. When we provide financial literacy to everyone, instead of locking it behind ivy-league tuitions, opaque acronyms, and aloof bankers, we empower people to take better control of their lives and become less dependent on traditional, often exploitative, loans and employment models. We also empower them to support their families and communities by sharing this knowledge with younger generations.” These are four areas where three industry executives we polled say change is needed. So, what additional ideas do you have to share? Email us your thoughts at editoral@ advisorsmagazine.com ADVISORS MAGAZINE / 7
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I N V E S T M E N T S
Insights from Wealth Management Authority,
ANTHONY TRUPIANO
By Joe Innace
Advisors Screening Clients It’s a Family Affair At a time when one-stop shops for financial services are cropping up across the United States, providing on-site access to accountants, tax advisors, attorneys and other professionals, Trupiano & Associates and its affiliate company, Safe Money Solutions, stay in their own lane. Trupiano & Associates focuses on group benefits, life insurance, disability, and fixed annuities, while Safe Money Solutions keeps focused on 401k & profit sharing plans along with individual institutional investing.
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he combined practice zigs when others zag— even turning away potential clients if prescreening reveals a prospect’s lack of interest in understanding what is being recommended. Based in Florida, Trupiano & Associates’ primary mission is to provide financial solutions to family-owned businesses. A family affair itself, Trupiano’s key team members include Anthony Trupiano, founder and CEO, his wife Sally, CFO and co-founder, and daughter Brianna serves as director of marketing and communications.
“I always wanted to have my own company since I was probably seven or eight years old,” Anthony said. “I dreamed of creating the Trupiano Corporation.” But at 16 years old he returned home late one evening from an away wrestling match to learn his father, at age 45, had died of a heart attack. “He hadn’t paid his life insurance premiums and he had no retirement savings. My mom never worked a day in her life,” Anthony recalled. “Almost overnight, we fell on really, really tough times. And I always
“We stay away from tax advice and legal advice,” Anthony told Advisors Magazine in a recent interview. “We prefer to be a spoke in the wheel. We want to work with a client’s accountant and their attorney. And we don’t ever try to think we’re the quarterback.” The company was started in 2001, leveraging Anthony’s more than 30-year expertise in the financial industry. And it sprang from his vision as a young boy, a vision which took sharper focus after a family tragedy.
thought that I never wanted this to happen to my family one day.” He also realized that similar circumstances were likely causing other families to suffer, and it would be great if they were better prepared. His father had owned three gas stations over his career but had sold them all. “I guess he knew that he was sicker than we knew he was, and it always bothered me that no one ever went to his station to ask about helping him with financial planning,” Anthony said. ADVISORS MAGAZINE / 11
Flash forward, and today Trupiano & Associates focuses almost exclusively on family-owned businesses. The family niche accounts for nearly 85% of all the firm’s business. “We want to make sure that people are getting the right advice, that’s why we’re a fiduciary,” Anthony added. “And we really don’t consider ourselves selling anything. We’re just providing a solution that’s right for our clients.” Being totally independent, Trupiano & Associates is free to search the entire industry for the specific solution for a specific client. The firm is able to go to any carrier, any annuity company, or any institutional mutual fund. Beyond helping individuals prepare for retirement, Sally mentioned that the company is also very big in the group benefits arena for family-run businesses, providing key staff and key management retention and 401 (k) expertise. “We call our Group Benefit and 401 (k) clients every single month,” Anthony added. “We take care of things right away, it’s a proactive mindset.” Back in 2001, Sally and Anthony knew no one after moving to Florida from New Jersey. From scratch, the Trupiano family has built the business to now having more than 500 clients in 12 different states. Importance of educating our clients There is no minimum investment sought by the firm, but Anthony says they are quite selective when taking on clients. “We’re in this for the long haul, so we consider the big picture and who we want to be doing business with,” he said. “We want clients who really want to learn how things work; we screen them,” Anthony explained. “If I’m sitting down with a potential new client and they say, ‘Oh, you know, you don’t have to explain the process to me, I trust you,’ we won’t take them on as a client.” A core value at Trupiano & Associates is that clients must grasp the financial concepts and understand the industry. “We want them to be aware of what goes on behind the curtain and why having an independent fiduciary is so important.” As such, clients need to know that 12 / ADVISORS MAGAZINE
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the firm is not just selling products for a company that might pay them commissions and if compensation is being received it must be fully disclosed to the prospect or client. The combination of independence and education espoused by Trupiano & Associates makes it that much harder for another advisor to use confusing financial jargon and pitch some kind of sales tactic or product. “After screening those willing to learn, our clients become very astute,” Anthony
emphasized. “They know what’s going on and know how things work.” For example, the Trupianos may meet initially with a business owner and show how that business is overpaying in fees, or disclose some possibly hidden revenue sharing or commissions related to the business’ group medical coverage. “Chances are that business never knew how much an agent was getting paid and how little service it was getting in return,” Anthony said. “Creating such awareness is a great tool. And that’s basically how we get a ton of referrals.” Referrals and client retention is, in fact, an area of sharp concentration at Trupiano & Associates. In 20 years, Anthony estimates that 94-95% of clients have been retained. “We have a saying in our office: for 5,000 years, great customer service has never gone out of style,” he smiled.
Increased Communication Despite the pandemic, a recent national study showed that 82 percent of workers are still saving for retirement through employer-sponsored plans, such as a 401(k) or similar plan, and/or outside the workplace. In fact, people were quick to seek out financial advice during COVID as they had more time to assess their situations—and firms like Trupiano & Associates have responded in kind. “We now live in this world of conference calls and Zoom meetings, and we just want to make sure we’re reaching out more and paying attention,” Anthony said. “We’ve always been great at paying attention. For instance, we know when a client’s parents are having hip surgery or knee surgery, or what’s going on with their kids—everything goes on our own calendar,” he continued. “If anything,
that calendar is even fuller, because when it comes to communication, we’ve ramped things up even more.” It’s that kind of personal attention to detail that doesn’t make Anthony feel threatened by the rise of so-called roboadvisors, online trading platforms or apps using algorithms. Still, he believes most technology is beneficial. “We’re dealing with familyowned businesses, and there’s a shared, inherent trust that we’re a family-owned business,” he said. “We understand what’s involved in running a family business.” Technology and artificial intelligence (AI), can be useful tools for financial services, Anthony acknowledges. “We’ve embraced technology. Specifically, we use Riskalyze software to help customize client portfolios.” He sees the investing platforms, on the other hand, as mostly attractive ADVISORS MAGAZINE / 13
to younger individuals who have not amassed much wealth, but are learning about markets and market volatility. In that sense, robo-advisors can serve as an initial introduction to investing. “But I’m also starting to understand that there are a lot of fees hidden in those online platforms, and they typically do not use institutional funds, they use retail,” Anthony added. For the most part, Safe Money Solutions concentrates its investments on institutional funds. But this is now the 13th year of the historic bull market, which many have been riding, and investors and experts are wondering
of these lifestyle-centric events in 2022. “Health and wellness tips and advice about cyber security are topics our clients love to hear about nowadays,” Anthony added. In fact, the firm is planning just such an event for February 2022. Also, sometime in the fall of 2022, Trupiano’s third book will be published. The working title is Tenacious Abundance. It will share habits and hacks for being happy, healthy, wealthy, wise, and the importance of feeling blessed and grateful. He believes lessons gleaned from the book will appeal especially to his core clients, the
TODAY’S RETIREMENT IS DIFFERENT. IT’S NOT THE FINAL CHAPTER IN THE BOOK OF LIFE BUT RATHER THE BEGINNING... A SECOND ACT
ANTHONY TRUPIANO when the next shoe will drop. “So, as far as investor returns, we need to be realistic,” Anthony said. “By using the Riskalyze software, we will show a client, for example, that even increasing risk by 10 points doesn’t really generate that much more of a return.” Given much of the current market uncertainty, he mentioned that the firm is relatively conservative with its clients’ money. “Managing expectations is huge,” Anthony added. “The pandemic has probably made almost everyone tired of the conference and Zoom calls and wanting to get out more, see each other and have real relationships again,” Anthony observed. “So, they may pass on the robo-advisor and look forward to sitting down and talking with someone that brings more to the table.” 14 / ADVISORS MAGAZINE
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An online platform or robot is also unlikely to offer social security planning. Trupiano & Associates will set up software-based customized income models, inputting all a client’s accounts including social security to determine the pay out of future income. “I just don’t think AI is going to be able to customize the things we can do as individuals with real life experience,” he said. “We’ve been in business here 20 years and have never had a client run out of money.” Living a longer abundant life With people everywhere living longer and retirement funds needing to last longer, Trupiano & Associates is also
adapting, now emphasizing health and well-being more than ever. “Much of the client information we put out there, and content of client events, is now about 50-60 percent based on lifestyle tips,” Anthony said. Topics like a healthy diet and exercise, and cuttingedge technology like PEMF magnetic therapy and vibration machines are now routinely part of the financial well-being conversation. “If you’re going to live longer, you want to be in good shape and in good health to enjoy your retirement,” Anthony said. He recognizes this is of paramount importance now to individuals and their families; people want to enjoy their money, rather than see it go to costly long-term care. And with the pandemic subsiding, the firm is planning on hosting several
majority of whom are business owners. “It’s really about having the mindset and developing the habits for creating an amazing day and replicating that, so it just ends up being a great life,” Anthony summarized. For more information, visit: trupianoassociates.com linkedin.com/in/anthonytrupiano
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RANSOMWARE THREATS
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LARG COVER STORY BY BOBBY HICKMAN
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GER RANSOMWARE
THREATS ADVISORS MAGAZINE / 17
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HIRING CYBERSECURITY TEAMS Technological & Behavioral Skills a Must
Businesses of all size face increasing cybersecurity threats, particularly from ransomware attacks, as the pandemic continues to affect how cybercriminals hack into the workplace. “Malicious actors have taken advantage of the rapid transition to work-from-home and hybrid environments by targeting private corporations and government entities of all sizes,” cybersecurity experts Leeza Garber and Scott Olson told Advisors Magazine. “Everyone is a target.” Garber, a legal analyst, consultant, and keynote speaker, is also an on-air analyst for Fox News and Fox Business News. Olson, a former FBI assistant special agent in charge of intelligence and counterintelligence, is founder and CEO of HR consulting firm GlenHaven International, LLC. Garber and Olson have teamed up to write a new book, Can. Trust. Will. Hiring for the Human Element in the New Age of Cybersecurity, which offers guidance on hiring and building effective cybersecurity teams. “We’ve seen the largest growth in the use of ransomware and double extortion ransomware, which not only holds a system hostage until a ransom is paid, but also breaches the data and holds it for blackmail purposes,” Garber and Olson said. “By the end of 2021, it was estimated that nearly seventy percent of all cryptocurrency transactions were for illegal activities.” Keeping pace with the increasing number of cyber threats requires
knowing your organization’s vulnerability points, they continued. Many companies of all sizes employ internal or external IT personnel, but those defensive measures often do not provide enough protection. “During the pandemic, organizations ramped up cyber-hygiene best practices, implemented ongoing employee education (including mock phishing exercises), and hired for privacy and cybersecurity positions,” they said. “Still, it’s a game of cat-andmouse. Hackers have more efficient and effective ways to target and successfully breach systems. Also, the lines between employees’ professional and personal lives are even more blurred as work-fromhome becomes permanent. People are working longer hours and are more likely to accidentally click
on the well-crafted spear phishing email, and executives want to bypass security mechanisms that they find tedious.” Ransomware in particular grew at a rapid pace in 2021. Ransomware threats typically use the same mechanism as cyberattacks: a phishing communication (email, text, social media, etc.). Everyone in an organization needs to be on guard against those penetration methods. While Benjamin Franklin was not talking about cybersecurity, they said, his advice still applies: “An ounce of prevention is worth a pound of cure.” Garber and Olson added, “It’s not a question of if you’ll be breached, but when. Once you accept you are always a target, cybersecurity transitions from being just another budget line item to a value-add. Being proactive means
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protecting your clients, maintaining business continuity, and demonstrating compliance to regulators: a triple threat that saves money, time, and relationships in the long run.” Unfortunately, there is no one-sizefits-all solution to ransomware attacks. Every organization’s situation is different, based on such factors as: • How quickly and how far did the ransomware spread? • Are backups available and readily 20 / ADVISORS MAGAZINE
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deployable? • Is a team ready to assist in disaster recovery? • What type of ransomware hit your organization? Although federal agencies suggest that companies never pay the ransom nor negotiate with cybercriminals, Garber and Olson said, many companies feel they have no choice but to make the payoff. Sometimes organizations do
not have backups or their systems cannot be restored quickly enough. They may not want to report the incident to authorities under the present mixture of state and federal laws. Disclosing a breach can bring negative publication and a potentially devastating loss of consumer trust and business. In addition, double extortion ransomware – which steals data for blackmail purposes as well as encrypting the company’s data – has
your best option in a bad situation. Garber and Olson agreed that these “basics” can be time-consuming and expensive, depending on the breadth of your systems. Also, drafted plans are meaningless without testing, so companies should perform frequent tabletop exercises. They should also consistently update response plans to any kind of cyberattack in timely and meaningful ways. Hiring for Cybersecurity Success The key to addressing all of the issues around cybersecurity is building and inspiring a high-performance team to handle the challenge. While cybersecurity is often perceived as a technological issue, Garber and Olson characterize it more as a human problem. Beyond technical knowledge about battling social engineering scams and other human-based penetration techniques, they said, cybersecurity professionals require a variety of behavioral traits to succeed. “What we’ve consistently found in our research is that the hardest systems to penetrate are those which are constantly patrolled and examined by diverse teams who look for abnormalities and changes, and who strive to stay ahead of the curve. No matter how sophisticated AI {Artificial Intelligence} and machine learning is, it
become more commonplace. ”Put simply, if you attempt to figure out a response after a ransomware attack hits, you’re just too late,” they continued. “The basics are easy: have accessible backups; keep remote backups; form a relationship with the lawyer/PR specialist/digital forensics team/FBI local office you would need to call; and write a detailed plan -- even if that means understanding how you could pay up in cryptocurrency, if it is
each cybersecurity role to be filled, and then successively narrowing down the applicant pool to identify the best candidates for each position “There’s an article out every week about the lack of cybersecurity talent to hire, or the unfortunate ratio of cybersecurity job openings to candidates,” they said. “We approach hiring differently and offer a new and highly effective process for private companies and government entities looking to fill the gaps in their security teams.” Their method begins with employers first evaluating the needs for each specific job or role. The first question is: What are our legal and compliance requirements? Secondly, who can and will accomplish those tasks? Answering those questions means identifying, in specific detail, the objectives of the role while articulating the behaviors that correlate to success. “While we argue this is true of all hiring, it’s particularly crucial to have a process in cybersecurity (and privacy, for that matter),” Garber and Olson said. “The rules are constantly changing, and the threat vectors are constantly adapting.” Sorting resumes into piles of “interview” and “reject” by methods such as AI or manual review by an intern ensures poor hiring decisions,
“A team that agrees easily is missing important threats. High-performing teams – whether made up of full-time employees, vendors, or a mixture – are composed of differing perspectives, approaches, and experience.” cannot replace human creativity. Gray matter matters.” In response to the increased postpandemic threats, Garber and Olson said, they have expanded their practices to make assisting companies with the cybersecurity hiring process their principal focus. The approach includes identifying success criteria for
they said. “As we write in our book, developing and implementing solutions to ongoing cyberattacks and data breaches requires creative, focused, and highlytrained employees. The challenge is finding the right people who are capable of creating effective solutions to evolving problems.” ADVISORS MAGAZINE / 21
Scott Olson, Former FBI agent served 21 years as Assistant Special Agent in Charge of Intelligence and Counterintelligence and the Legal Attaché in Baghdad, Iraq.
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High-performing teams, whether made up of full time employees or vendors or a mixture, are composed of differing perspectives, approaches, and experience.
That book, Can. Trust. Will., details best practices for such topics as identifying cybersecurity hiring needs; how to handle resumes; and what a behavioral interview should address. They outline mistakes they see employers repeatedly make that lead to the downfall of cybersecurity teams. “One of the key tips is that before you start trying to hire, reconcile what leads to success and what leads to failure in each job role in your company,” they said. “This will allow you to begin to write a serious description of what you actually need.” Cybersecurity candidates may come from academic backgrounds; had experiences learning to hack from their basements; or by working their way up in various roles in a company that show them what vulnerabilities exist and how they are missed. Candidate pools should also showcase diverse talent. “Diversity, in all respects, is an operational necessity,” they said. “A team that agrees easily is missing important threats. High-performing teams – whether made up of full-time employees, vendors, or a mixture – are composed of differing perspectives, approaches, and experience.” The hiring model outlined by Garber and Olson focuses on processing pools of candidates. The approach begins with the easiest differentiators (such as determining whether an individual has the required technical skill set) and progresses to the most difficult (the behavioral interview). During this process, the candidate pool becomes smaller until, in the final phase, an individual can be chosen from the refined group. The initial easy steps are less expensive, while difficult ones require time, expertise, and money. The three steps in the process (which is also useful for non-cybersecurity candidates as well) are: • CAN: This is a binary question: either candidates have the technical skills to perform the required tasks, or they do not. Addressing skills first allows the hiring manager to quickly and inexpensively differentiate between those who have the capabilities and those who are aspirational. • TRUST: This aspect can be addressed by determining whether someone is honest. The question of trust becomes more complex for high-access roles, with components involving integrity, high-pressure decision making, and choosing between one’s personal agenda and the enterprise’s interests. • WILL: The final step takes the most time and resources to evaluate. “There’s always a gap between what a person can do and what they will do, particularly ADVISORS MAGAZINE / 23
effective onboarding process particularly important. The co-authors devote an entire chapter to onboarding because there are many different methods to integrate people into a team. “The key is remembering that the purpose of onboarding is to build relationships,” they added. “Every time a new person joins a team, the team dynamic shifts. Everyone adjusts and interacts in slightly different ways. Onboarding must facilitate these interactions so adjustments can be made quickly and with minimal disruption.”
when under pressure,” Garber and Olson said. “It’s crucial to understand what a candidate will do before offering them a position. The key is understanding you can articulate what you need a person to do – the behavioral characteristics – required to be successful in the specific role in your company. It is also crucial to also understand you can differentiate candidates: it is possible to know what 24 / ADVISORS MAGAZINE
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a specific candidate will actually do in specific situations. That’s why we spend so much time on the behavioral interview.” However, hiring does not end with a job offer, Garber and Olson noted. Hiring ends when your new staff members are fully integrated into your teams. High-performance teams function on the interactions between members, making an
Addressing Small Business Vulnerabilities Small businesses are particularly vulnerable to cyber threats, so they need the Can-Trust-Will process even more than large enterprises to address security needs, the co-authors said. “Many small businesses avoid setting up processes because they think they can’t afford the expense,” Garber and Olson said. “The reality is: small businesses can’t afford to waste money with bad hiring decisions. Small businesses will build smaller candidate pools and run through the Can-TrustWill process more quickly than larger companies, but the savings and efficiencies are produced regardless of scale. The key is to begin by specifying what success looks like and what failure looks like for each job role to be filled.” Whether your business is a small financial advisor or a larger firm, they suggest answering the following questions: • What laws apply to your firm? • What obligations do you have to your clients? • What are your obligations to employees? • What cyber risks do you face? “For larger organizations, this means opening up continuous and constructive lines of communication – across legal, finance, information technology, human resources, administration, operations – to acknowledge and appreciate where
the gaps are,” Garber and Olson said. “For smaller businesses, the only way to ensure your bases are covered is to begin with a thorough data mapping exercise, and then audit it frequently.” (Data mapping identifies what data you possess, and tracking racing where it comes from, how it is collected, and where it is stored.) They also noted it is important to stay up-to-date on how your industry is responding to cybersecurity. For example, the U.S. Department of Labor recently announced its first-even cybersecurity guidance. The guidance for firms regulated by ERISA (such as fiduciaries and plan sponsors) aims to protect both retirement benefits and
personal information. There are numerous vendors offering SaaS (software as a service) cybersecurity solutions for businesses of any size. Features include cloudbased storage, threat detection, and compliance with specific state laws such as the California Consumer Privacy Act (CCPA). “Like all vendors, they require a meaningful vetting process,” Garber and Olson added. “This may translate to more than just requesting a security certificate, but auditing that certificate as well. This process is due diligence that can mean the difference in staying online and up-and-running – as the recent slew of distributed denial of
service (DDOS) attacks demonstrates.” Garber and Olson regularly conduct seminars to explain new regulations impacting various industries (such as federal financial laws revisions and new data breach reporting requirements). They also offer workshops on how cybersecurity best practices can be applied to a certain company, or how a sales team can market its employer’s cybersecurity protocols as a value-add to prospective clients. Can. Trust. Will. Hiring for the Human Element in the New Age of Cybersecurity by Leeza Garber and Scott Olson
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by joe innace
Pat Harmon, CPA/PFS, CFP® President Harmon Financial Advisors, Inc.
SHUNNING THE WEALTH MANAGER MONIKER Zeroing in on small business 401(k)s
The wealth management industry in the United States is estimated at about $29 trillion, according to the publication Business Insider, citing statistics from Aite Group. And assets under management (AUM) of North American wealth managers are expected to increase more than 26 percent by 2025, notes a recent Insider report titled Wealth Management Ecosystem 2021: Industry trends, stats, and firms undergoing digital transformation.
S
till, not every investment advisor fits the wealth manager mold—nor cares to. Just ask Pat Harmon, CPA/PFS, CFP® and president of Jackson, Mississippi-based Harmon Financial Advisors, Inc. “I don’t have a firm minimum (investment) number one, and number two, I don’t call myself a wealth manager,” Harmon told Advisors Magazine in a recent interview. “You see that title in a lot of organizations, but I make myself available to just about anyone who has a need for financial planning.” Originally a CPA with a tax practice dating back to 1987, many of Harmon’s tax clients sought out his investment advice. So, after just a couple of years he decided to shift focus to financial planning and joined a large financial institution to better learn the business. The move was more suited to his personality because as a tax specialist, Harmon felt he was working in the past. “I was more interested in projections and working in the future on planning and helping clients prepare for
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upcoming events,” he explained. Eventually, Harmon started thinking about opening his own firm. By the mid-late 1990s, he had received his designations as a Certified Financial Planner® and a Personal Finance Financial Specialist and has maintained an active financial planning service practice ever since. He noted that early on, he never really put a price tag on advice, and was more dedicated to educating people and helping them move forward. CPA partner Clint Brown is an Investment Advisory Representative who has been associated with Harmon Financial since 2013. He has over 10 years of experience guiding clients toward a successful and fulfilling retirement. His background in tax planning and preparation provides him additional resources to provide clients a full spectrum of financial advice. Most clients are referrals. “When prospective clients come to me, I tell them on the front-end if a fee is involved after I meet their needs; and if I end up managing their assets, the fee is generally a percentage
ADVISORSMAGAZINE MAGAZINE // 27 27 ADVISORS
Harmon explains why the Harmonize™ Retirement Planning Program partners with Vanguard®
One-on-one financial planning meetings with small business employees help reduce workplace stress
Harmon educates employers and zeros in on their goals
Employees leave their meeting feeling more confident about their financial future
28 / ADVISORS MAGAZINE
JAN 2022
of AUM,” Harmon said. “But I never exclude anyone,” he insisted, “And I maintain a proper, unique relationship with each client.” Fact is, Harmon said there aren’t many like him in Mississippi wearing the dual hats of financial planner and CPA, and handling both tax work and investments. “It may be different in other areas, but I find that while there are a lot of CFPs out there, there aren’t many CPA-CFPs capable of also doing the tax work. I think it would be a good thing and I’d like to see more CPAs in the planning business,” he said. New direction: 401(k)s for small business A goal of Harmon’s for 2022 and beyond is an all-out commitment to providing 401(k) plans for small businesses. “I think it’s an absolute necessity that we move in that direction,” Harmon said. “I believe it’s the best way to educate a larger segment of people who normally wouldn’t have access to that kind of financial education.” He feels by blending his own talents and skillset and one-on-one style with technology, he can provide the 401(k) plan advantage to more individuals. “That’s where the practice is headed, and I’m dedicating some resources toward that goal.” Harmon also thinks the federal government wants to enhance small businesses and is moving toward allowing more of them to offer 401(k) plans. Specifically, Harmon is leveraging the perfect suitability of his own surname. He has trademarked The Harmonize™ Retirement Planning Program and partnered with Vanguard®, one of the world’s largest investment management companies. As such, Harmon Financial Advisors can now offer businesses and their employees retirement plans to fit the needs of each individual at every level of a company. Services center around traditional 401(k), Roth 401(k), Safe Harbor 401(k) or 403(b) plans. Side-by-side comparisons with existing business retirement plans illustrate how Harmon can help reduce fees paid, while adding unbiased, comprehensive financial advice. At hand is completely neutral investment advice with thousands
of investment options to choose from. Additionally, bundled recordkeeping and third-party administration help employers manage fiduciary risk. What’s more, Harmon’s status as a CPA and tax expert can help small businesses navigate the complexities of the Employee Retirement Income Security Act (ERISA), assuring that any company’s 401(k) plan is ERISA compliant. Harmonize™ makes certain that every plan meets six requirements as part of its baseline service. Such service includes an investment policy statement, an organized plan compliance file, provider benchmarking every three years, distribution of quarterly investment reports, quarterly educational information, an annual review, and yearly employee educational sessions. Education, absolutely To Harmon and his clients, education is the key. He sees it as the absolute best way to get clients to commit to helping themselves and sets them up for success by effectively managing their finances. “The only way clients will fully achieve their financial goals is to understand all the jargon and all the moving parts,” Harmon said. He works to simplify talk of stock and bond markets by zeroing in on client goals, spending habits, saving, managing a budget and their own timelines. “We discuss their individual risk tolerances, get into the fundamentals of stocks and bonds and how investments relate to their asset allocations,” he explained. “It’s an ongoing process; I don’t do it all at one time,” Harmon added. “I spend a lot of time on the front-end with each client and prospect.” He said he makes sure that every individual understands that while they don’t need to be investment experts, they must understand the vital importance of saving and what investments can do for them. The education process, Harmon maintains, also builds mutual trust. The more clients understand and proactively respond to helping themselves, the more they come to trust Harmon to help them make good decisions going forward regarding their asset allocations.
“Clients learn that my goal is to minimize their risk,” he emphasized. “And that doesn’t always allow the maximum upside, but it’s preferable to being exposed to greater downside.” In fact, Harmon said that the financial advisory industry still needs to make progress in two key areas: one is in providing adequate education to the public, and the other is that all advisors representing clients must function as fiduciaries. He noted that most clients do not have any idea what the term fiduciary means, especially as it pertains to the financial advisor relationship. “I explain it to a client in very, very simple language; in our profession, it involves trust,” Harmon explained. “And from our professional standpoint, it means that the advisor always acts in the best interest of the client.” Interestingly, Harmon quickly pointed out that it’s also important to behave as a fiduciary even before a person is an actual client. “I even act in a prospective client’s best interest when I am presenting to somebody,” he noted. These days, it’s easy for almost anyone to call themselves a financial advisor in some form or fashion, according to Harmon. Separating him from the pack are his professional designations — not only as a CPA, but more specifically as a Certified Financial PlannerTM practioner and Personal Financial Specialist. And he is quick to point these out to prospective clients. “These require me to act as a fiduciary to my clients, and my firm is also a Registered Investment Advisor, which does the same,” Harmon said. Explaining in detail and sharing full transparency about fees and costs is just one example cited by him regarding his fiduciary approach. And as the fiduciary-client relationship is rooted in trust, the advisor can better delve into all financial aspects of a client’s life. “Clients gradually realize there are steps in the process that lead me to know exactly who they are, what they want from life and what they have now,” Harmon said. “From a financial aspect, I get to know them as well as I can, and the decisions made are decisions we make together.” Covid reinforced the value of communication The majority of Harmon’s current clients have been with him a long time, and most have
been referrals from other clients. This being the case, communication during the pandemic has not been an issue. “It may sound odd, but I have not noticed any effect on my practice from the pandemic,” he said. “Mine is a smaller practice with longterm clients and we all communicate very well.” Bottom-line, there is a comfort level between Harmon and his clients, and the pandemic hasn’t really changed the way he runs his practice. As a CPA, he does their income tax returns, so that requires them to get together at least once a year, and sometimes two or three times a year. “Generally, we communicate electronically or by phone,” Harmon said. “And if we do meet in-person, we follow the pandemic guidelines for using masks and for social distancing. We do discuss vaccination status and procedures if clients want to,” he added. “Overall, I’m comfortable — and my clients are comfortable — with the way we’re dealing with the stages of the pandemic going forward.” Harmon uses state-of-the-art planning software to get a baseline on a client’s retirement desires. All advisors face the same challenge today with people living longer, he says, but the methods for determining that a client will not outlive their money are all fairly simple. “It boils down to what has been saved so far and what are you projecting to save going forward,” Harmon said, adding “also expected social security benefits and can they be delayed as long as possible.” Then there’s the client’s spending projections in retirement. “I’ll also get into healthcare,” Harmon noted, “having them talk about their current health and family longevity or medical history — just as possible things to consider — because while we are living longer, we’re not necessarily living healthier.” Harmon will also take some time to explain Medicare and Medicaid. Or, if there is an interest in long-term care, what the costs might be and how such costs could potentially affect one’s resources in retirement. For more information, visit: harmonizefinancial.com
Pat Harmon, CPA/PFS, CFP®, has 30 years of experience in the financial services industry.
Clint Brown CPA, serves as Investment Advisory Representative with over 10 years of industry experience
ADVISORS MAGAZINE / 29
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by joe innace
THE ESSENCE OF
CONSTANT CLIENT ENGAGEMENT Listening is the key
Research indicates that the average person hears about 25,000 words each day. But there’s a big difference between hearing and listening. Hearing is passive, taking in sounds. Listening is active — working diligently to understand what has been heard, be they words or noise.
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Listening to clients and prospects is at the foundation of Cornerstone Wealth Partners LLC, located in Forked River, New Jersey. “My practice is not designed to purchase a financial product and move on,” Paul Ha, founder of Cornerstone Wealth Partners told Advisors Magazine in a recent interview. “It’s about constant client engagement,” he added. Ha explained: “You just have to listen — a
lot, and ask questions— a lot, and talk to your clients — a lot. That’s what this industry really needs. There is no oneoff, silver bullet product or solution that will last for someone’s entire financial life.” In placing such high value on earnest conversation, Ha maintains that these pandemic times have made his client relationships even stronger. Quarterly calls, annual meetings and
other forms of regular client communication have always been the norm at Cornerstone Wealth Partners. Such interaction — with both sides listening — increased due to COVID. More vital was what both parties gleaned from a trying period. “Without a doubt, the pandemic has made us all rethink how we see the world, including advisory relationships,” he explained. “Like any period of uncertainty, it
gives advisors and clients time to test each other and to see each other more clearly.” Ha added: “Who knew that COVID was going to shut down the entire world for a period of time?” That time, however, has brought Ha even closer to his clients. “We’ve learned so much more about each other,” Ha explained, adding that every single client is called on a regular basis during the pandemic. “One thing they learn is how I handle such a time,” he continued. “And
I learn how clients react to such uncertainty.” Ha emphasized: “I usually say, even in the initial appointments, that I can create financial plans all day, that’s simple. But you understanding who you are—especially in turbulent times—that’s a difficult thing to realize.” During such a time, according to Ha, when both sides are truly listening, the parties find out exactly what and how much the other can handle. “And that will help us again in the next difficult period,” he said, “because we all know there will be a next one; but we get tested, stronger and more prepared by each one.” Ha recalled that he knew early on he always wanted a career as a financial professional, taking a keen interest in the stock market even before college. Immediately after graduation from Rider University in Lawrenceville, New Jersey — where he excelled in statistics, investment analysis and international finance — Ha was hired as a financial advisor with an insurance company. Always dealing directly with clients, Ha also spent 10 years with a large wirehouse where he honed his listening skills by providing advice on daily basis. The next natural step was to open his own firm. And to this day, Ha’s ideal client is one who is actively seeking advice. There is no account minimum. His core philosophy is
LISTENING TO CLIENTS AND PROSPECTS IS THE FOUNDATION OF CORNERSTONE
straightforward. “Listen as much as possible—and then listen some more; and be versatile in your solutions,” he said. “Education with clear explanation is the foundation of a long-term relationship,” Ha stressed, “And these are the types of relationships I am seeking.” An organic path to earning trust Ha says he has found that people don’t want to hear a list of what he does or see an itemization of his values. “People want to feel it,” he said. “So again, if you take the time to listen to someone’s situation, moving to wherever the conversation takes you, and then bring up the gaps that the person doesn’t see, I think those are the moments where they kind of say, ‘Wow, this person really wants to see me succeed.’” And during such exchanges clients and prospects should come to appreciate that the advisor has experience and smarts. Mutual values will become evident, and as Ha said: “The path to earning trust will naturally occur.” It’s not always quick, and that’s fine. Because Ha says he respects
that clients will always be first to take a leap of faith since they are the ones entrusting their life savings. And once a client takes that leap, Ha sets about tailoring a plan for them. When it comes to retirement planning, specifically, he has the technology to work with multiple clients. “A lot can be accomplished today at the click of a button,” he said. “So, we’re looking at more clients, different clients, tailoring their plans with the tools we have.” Ha acknowledged that it’s now much easier to track and keep a single person on the path they’re on, even though no plan is identical to any other. “There are many technical advances in this space that allow me to work faster than ever before,” Ha added, “but I work granularly to ensure that it’s a wellthought-out process and that each plan is executed properly.” Today’s technology is a big help, but it all starts with upfront listening skills. For more information, visit: cstonewealthpartners.com
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC.
ADVISORS MAGAZINE / 33
by Joe Innace
VALUES TALK
INTERVIEW
From Values-Based Investing To helping play Cupid
S
Grant Meyer, CFP® Founder of GTS Financial
Transform Your Life. No jargon here, just straightforward advice.
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ince the pandemic, the percentage of investors wanting to invest in environmental, social and governance (ESG) products has nearly doubled, according to a recent survey conducted by Ernst & Young, and that figure is projected to nearly double again in the next two years. For sure, socially responsible investing (SRI) is an increasingly popular buzz phrase. But at Bloomington, Minnesota-based GTS Financial, it’s not just lip service. “I’m proud that for us socially responsible investing is more than just words,” Grant Meyer, CFP®, founder of GTS Financial told Advisors Magazine in a recent interview. “It’s part of our culture and organization, and we go above and beyond in that area,” he added. Case in point: GTS Financial believes that business can be a force for the betterment of communities, which is why
JAN 2022
it offers pro bono financial planning. Meyer also founded a non-profit organization, Advisors For Good, to advocate for SRI/ESG in the financial advising world. GTS Financial does not require a minimum investment and operates as a fee-only fiduciary. In addition to helping retirees, widows and widowers, Meyer said the firm works with a lot of younger professionals who might have high incomes, but not many assets at this point in their careers. Many of them are looking to align their investments with their values, which is a nice fit with the GTS core philosophy of socially responsible investing. “This philosophy has resonated with a lot of our clients,” Meyer noted. “And we’ve gotten a lot of prospective clients coming in asking about our SRI service, as well.” Early on, Meyer did not expect to pursue financial planning as a profession. He thought a career as a financial planner meant being a high-pressure salesperson. However, he went to a career fair during college and was surprised to learn of the many financial advisors who help and care about people. “I realized that for some advisors, there was no product to push, no earning of commissions,” he recalled. “Instead, you get to truly help people and make an impact in
their lives — and that just kind of blew my mind.” He took an internship at the start of 2008 with a local financial planning practice that shared the client-first philosophy. From there, he was hooked and has found his lifelong calling. The next step was starting his own practice. Refusing to be pigeon-holed as a stock picker eyeing the next hottest investment, GTS Financial’s strong suit is working closely and collaboratively with clients on virtually any decision involving money. And that approach has taken Meyer and his team into some atypical — but enjoyable — financial guidance areas. “So, just the other day, a client tells us he wants to find a significant other; and there are many different dating services and matchmaking coaches out there,” Meyer said. “Some of them require four-figure down payments and have various fee structures.” Without hesitation GTS Financial jumped in to help. “We analyzed dating services and dating coaches with him,” Meyer smiled. This is typical – GTS Financial aims to help with all decisions involving money, which can take some interesting twists and turns. Indeed, transforming lives— not just money—is a GTS hallmark. For more information, visit: gtsfinancial.com
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by joe innace
COACHING FOR THE CHILDFREE LIFESTYLE A unique financial advisory niche
In the United States, the average inheritance received from parents with a college degree was $92,700 from 2016 to 2019, according to the Federal Reserve. For many children it can be substantially higher—thanks to financial planners and their focus on building wealth and family legacies. But what about those couples living childfree? Are there differences? How does a childfree lifestyle have an impact on a couple’s finances and financial plans? These are questions often answered by Jay Zigmont, PhD and CFP®. He has built an entire financial coaching and advisory practice devoted to the niche. Based in Missis36 / ADVISORS MAGAZINE
sippi, Live Learn Plan, LLC specializes in what Dr. Jay calls ‘childfree wealth.’ “Ten percent of people in the U.S. have chosen not to have children,” Dr. Jay told Advisors Magazine in a recent interview, “and while I will provide services for everybody, my specialty is with this childfree population.” Childfree means that they have chosen to not have JAN 2022
kids and do not plan on ever having kids. In short, he sees the childfree demographic as being more financially flexible. “For example, where they live and the school system is not as important. They are freer and can pick up and go almost anywhere,” Dr. Jay explained. “Life cycle changes are different for them and they embrace change more readily,” he added. “So, it becomes a different financial approach. It’s not necessarily all about retirement, but more about allowing them to be able to do what they want with their money and achieve their goals.” Dr. Jay is an advice-only
Jay Zigmont, PhD and CFP®
15.2% of Older Americans (over the age of 55) are childless - US Census https://www.census.gov/content/dam/Census/library/publications/2021/demo/p70-173.pdf
and fee-only fiduciary. There is no minimum investment required and he offers advice and financial coaching on a monthly retainer basis. A typical monthly retainer is $500, which includes a Zoom meeting each month, the building of a comprehensive financial plan over time that involves an additional hour of preparation and background work on the plan, and access to RightCapital software for the planning. Additional work and sessions can be added at an hourly rate. “My background is actually from academia and healthcare,” he explained. “My PhD is in Adult Learning (from the University of Connecticut) and my focus is on helping people learn how to manage their finances. I’ve been a coach in all areas of life and business for more than a decade.” On his website, Dr. Jay notes that he grew up broke and was never taught how to manage
money. “I earned my first million by the time I was 21 and spent it before I was 25,” he said. Dr. Jay didn’t learn until much later how to manage and invest his money. And today he applies that knowledge to helping others learn how to invest and work toward financial freedom. What’s more, Dr. Jay and his wife are childfree. “I know that the ‘standard’ financial planning advice doesn’t fit a childfree lifestyle—the choices are different and need to be valued,” he insists. Coming from academia and with a specialty in lifelong learning, Dr. Jay places considerable value on financial literacy. And that goes for his childfree and other clients alike. “The way I look at it, I’m 43 and when I went to high school all we were taught was how to balance a checkbook, which is completely useless at this point,” he
said. “So, what I’m finding is that people want to know how to manage their money, but don’t really know where to start and they’re just thrown into it.” Dr. Jay added that people might be making good money in their career, but it soon becomes a matter of what to do with their income. “I dive in deep, get the big picture and start to develop a financial plan,” he explained. “Then we essentially make one improvement each month to their financial plan. And with everything they invest in, everything that they do, it is all understood beforehand.” Dr. Jay added: “One of my rules is that you shouldn’t be investing in anything unless you completely understand what it is and why you’re doing it.” He said that often takes time, and it’s where the deep dive and ongoing coaching become critical. “For example, people will hear about something
and just focus on the rate of return they heard—the percentages and the numbers—but they have no clue what the product is. They will tell me, ‘Hey, this sounds good.’ But that’s not the way to invest; that’s just a sales pitch.” Dr. Jay maintains that the difference with his practice comes down to delegation versus empowerment. He offers advice-only and does not do investment management for his clients. “The classic financial planning approach is to delegate one’s investment management,” he explained. “An advisor charges fees based on assets under management (AUM), and who knows what else,” Dr. Jay continued. “But my approach is they do the investing themselves after they learn it. Yes, I worked with them. I advised and coached them through the decision-making, but they’re ultimately pulling the trigger on the buy and the sell, and all the trading and any products.” And that, Dr. Jay contends, is the best way for a client to know what he or she is doing and why. For more information, visit: childfreewealth.com
ADVISORS MAGAZINE / 37
made for you
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In a world of fast food and one-size-fits-all sensibilities, how often does something feel made especially for you? The "Made for You" section celebrates those items that are created with such high quality of hand workmanship and degree of customization that they become individual to you. In each issue, our editors will endeavor to bring you special things from anywhere on the globe, choosing them solely on the basis of outstanding quality. Our goal is to give you guidance on the best of everything. 1 MONTBLANC — POLYCARBONATE SUITCASE As well as being able to slip through the tightest of airport queues and squeeze into the overhead cabin lockers, a stylish travel bag should add serious verve to your jetsetting outfit. How you emerge from an arrivalnow been given the OK (for the most part), some quality luggage is a particularly timely investment, too. mrporter.com.com
4 JOLITAC WINDER — DOUBLE WATCH WINDER Watch winder has a luxury black/walnut piano lacquer surface, polished for a high gloss finish. The acrylic glass window of the box keeps your watches from magnetizing, and carbon fiber PU leather helpful to avoid scratches. Luxurios quailty Japanese motor, automatic rotation and rotates clockwise or counterclockwise. A perfect a gift for your families, friends or business partners on birthday, Thanksgiving, Christmas or celebration day. amazon.com
2 IRISHMAN SINGLE MALT — BEST IRISH WHISKEY This staple bottle is a firm favourite for all kinds of Irish whiskey lovers. This triple distilled expression is soft and sweet. A warm amber bottle, The Irishman Single Malt is heavy on the fruits, with apricots and mangos taking centre stage on the palate. Its good value ensures you’ll never feel like you’re wasting this bottle, whether you’re sipping on ice or mixing into a round of cocktails with friends. walshwhiskey.com
5 OMEGA — SPEEDMASTER Omega has been delivering exceptional luxury watches for more than 170 years. Meanwhile, the Omega Speedmaster Professional was the first watch to be worn on the moon—on the wrist of Buzz Aldrin. To this day, most American astronauts will only wear an Omega Speedmaster. Omega watch has you covered. In short, it’s no coincidence that the Omega is Greek for greatness and perfection. omegawatches.com
3 MR PORTER — MELANGE WOOL COAT This wool coat is the height of sophistication and will keep you looking suave no matter how cold it is outside. Mr P’s Oversized Mélange Wool Coat is truly the dictionary definition of a winter coat. The combination of a smooth grey colourway and the luxe feel of this premium quality wool act as the deciding factor when choosing whether or not to invest in this winter coat. Maybe it’s time to swap the tropical island getaway for a wintery European break this year. MR Porter.com
6 2022 GENESIS GV80 — EVOLVING LUXURY EXPLORATION The Genesis GV80 is a well-rounded vehicle that delivers everything you could want in a luxury SUV. Stylish interior is spacious and upscale, a satisfying balance of engaging performance and good fuel economy. Rated as best car in Northern America. The GV80 takes on the BMW X5 and the Mercedes-Benz GLE-class. Genesis’s first SUV is powered by a standard turbocharged four-cylinder or a twin-turbo 3.5-liter V-6 engine. genesis.com
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book review
THERE IS A SPIRITUAL SIDE
TO MONEY MANAGEMENT
Y
CONNECTING SPIRITUALITY TO YOUR FINANCES by Amy Armstrong
ou don’t have the financial status that you say you want because you aren’t manifesting it in your spiritual life.
www.dsfinancialstrategies.com
40 / ADVISORS MAGAZINE
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This is the premise behind the new book, “The Spiritual Path to Prosperity…The Truth About Money,” written by Dawn Santoriello, president of DS Financial Strategies. In the 116page book, Santoriello – who was placed in the foster care system at age five because her grandmother could no longer provide for her and her and her two siblings – discusses her personal journey through financial mistakes, tragedies along her pathway, and eventually to what she describes as “financial triumph.” The turning point for her came early in her career when she recognized that she had only $200 to her own name, even though her clients were thriving. Something had to change. “I knew how to make money for my clients and had all the analytical skills I needed, but because I was spiritually blocked
around money, I wasn’t making it for myself,” Santoriello told Advisors Magazine. Huh? What does spirituality have to do with financial issues? That was Santoriello’s first thought when her intuitive counselor suggested that her financial challenges really were a spiritual matter. As she explored the idea, her counselor further suggested she write a book about her own experience. “I said, ‘no way, that is too woo-hoo,’” Santoriello recalls. “Everyone will think I am crazy. I will lose all of my clients.” Then the COVID-19 pandemic hit. And while the crisis brought plenty of fear and uncertainty to nearly everyone’s financial situation, for Santoriello the challenges of running her firm during the pandemic provided her with the courage to tackle the spiritual aspects of finances. “I finally let go of my own fear,” she said. Not an easy feat to accomplish when the economy is spinning out of control and your boyfriend – the one you are thinking is “the one” – up and leaves you. “Here I was all alone in the middle of this pandemic with my biggest fear coming to the surface to be healed and cleared out of my way so I could have a much
to be healed and cleared out of my way so I could have a much better future,” Santoriello shared. “Out of all that darkness, light comes.” She realized that one cannot make positive gains in finances if one is always thinking negative thoughts about money and the economy. And, she began sharing this philosophy with her clients. One gentleman was seeking a better home for his family and did not get the nod for a particular house he had identified. She suggested that he manifest what he really wanted through prayer and asking his higher power – however he defined that – for assistance. Later, this client joyfully shared with Santoriello that he had secured a much nicer home in a better neighborhood once he released his disappointment regarding his previous purchase attempt. It was the proof that boosted her confidence in the notion that spirituality can indeed impact finances. To avoid the need for a spoiler alert, we won’t include the prayer Santoriello wrote for herself, clients, and others to use as they work through financial spiritual blocks – you’ll have to read her book for that. But, what we will
share is that it is similar to the Serenity Prayer which encourages one to accept what cannot be changed and have the courage to change what they can – except with a bit of a twist: Santoriello’s prayer challenges a person to manifest the destiny he or she wants for their financial situation. Call it part “name and it claim it” or “ask and you shall receive.” Santoriello’s point is that when one speaks to what they want financially, they have taken a big first step in clearing the roadblocks keeping them from that. It is a mindset change, she said. “We have to let go of the past to create space where we can accept future abundance,” she said. “We have to resolve to do better in the future with everything.” Embracing the role of spirituality in finances does not mean that basic economic rules are ignored. Eliminating overspending, paying down debt, and making investments for the long haul with a goal in mind rather than trying to beat the market remain her basic
tenents. Yet, Santoriello has added the freedom for clients to visualize their financial goals and hopes by also acknowledging the spiritual aspects of money management. So far, it appears her focus is a winner. On the launch day of “The Spiritual Path to Prosperity…The Truth About Money,” in mid-July, the book ranked number one on Amazon’s best seller’s list in the Budgeting & Money Management category and number two in the Investing category. Those accolades are reassuring signals of publishing success to Santoriello, but in her thought pattern, her greatest success comes she sees her client’s financial achievements. “My soul’s calling is to show people the truth about money so they can have more abundance and peace of mind in reaching their goals,” she said. “I love making a positive difference in their lives when it comes to showing them how money really works.” Learn more about Dawn Santoriello, president of DS Financial Strategies based in King of Prussia, PA. “The Spiritual Path to Prosperity…The Truth About Money” is available on Amazon and Book Locker.
ADVISORS MAGAZINE / 41
CLIENT TALK Tom Balcom CFP®, CAIA, MBA
Founder 1650 Wealth Management
By Joe Innace
Persistent Portfolio Management
Client evolution is a constant In mid-September, CNBC polled about 400 chief investment officers, equity strategists, portfolio managers, and CNBC contributors who manage money about their market views for the rest of 2021 and 2022. More than three-quarters of the respondents said now is a time to be very conservative in the stock market when asked what kind of market risk they are willing to accept for themselves and their clients.
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For the clients of Florida-based 1650 Wealth Management, the common denominator has long been conservative growth of portfolios and wealth preservation. “Our clients are pretty similar,” Tom Balcom, CFP®, CAIA, MBA, and founder of 1650 Wealth Management, told Advisors Magazine in a recent interview. “We don’t have any clients that are ultra-aggressive, and our niche is creating customized solutions for them.” A portfolio’s allocations will vary because clients’ goals and objectives are different, and that requires constant attention, according to Balcom. “As advisors, we need to be aware of a client’s situation and changing circumstances, and portfolios should be adjusted; they are constantly evolving,” he added. “So, we attend industry conferences and meet with experts to learn ways to improve the client experience, as well as their portfolios. And if ever we are not actually doing whatever we need to do to improve a client’s portfolio, then we should be fired,” Balcom said. Balcom received both his undergraduate and graduate
degrees from the University of Miami. It was after getting his MBA in 2000 that he knew he wanted a career in finance. He spent 10 years with a Miami-based financial advisory firm before deciding to stay closer to home (Lauderdaleby-the-Sea) and started his own practice. That was now 11 years ago. Today, 99 percent of new business is from existing client referrals. “We work to simplify all the financial jargon and filter out the noise,” Balcom explained, “and get down to a client’s goals and objectives for their money.” And he always tells prospective clients: “Whether you work with our firm or another firm, you have to like the advisor, trust the advisor, and be confident in the advisor’s competence. If you don’t have all three of those, the relationship is bound to fail.” All three and then some were in full gear for 1650’s clients at a critical period of the pandemic. As markets spiraled downward in March of 2020, Balcom and his team reached out to each client to explain what was being done to protect their wealth. “We reassured them that this was a short-term event and not to
panic, and that the worst thing is to sell off at an inopportune time,” Balcom recalled. “And six months later, clients were calling me, thanking me for not allowing them to panic. It was a great feeling to not only preserve their wealth, but to see many of them actually grow their portfolios.” Balcom noted: “One client was even able to make a down payment on a new home. It made me very, very happy to help him
that I’m helping them preserve and protect their wealth for retirement.” In fact, 1650 Wealth Management takes its name as an homage to the year 1650 when Dutch settlers built a 12-foot protective wall, known as the New Amsterdam palisade, to guard their colony. Known today as Wall Street, it also embodies the firm’s mission statement: ‘To Protect and Grow Our Clients Wealth.’
make sure to be clear about all that.” Balcom pointed to an analogy: “No one goes to a mechanic and says, ‘Hey, repair my car,’ without asking how much it will cost. But many will begin working with an advisor without any idea what they are paying and it could be thousands of dollars.” It’s worth noting that Balcom is frequently a guest on major media, being interviewed
reach his goals.” And reaching client goals is something where robo-advisors and online trading platforms can fall short, even though Balcom holds a largely positive opinion of them. “I think robo-advisors are good in that they allow more people— especially young people—to get involved with investing and saving for the future,” he said. “But the fact remains that I am continually involved in adjusting portfolios, scrutinizing them and rebalancing when needed. Clients appreciate that because they know and trust
As a fiduciary, 1650 is a fee-only, registered investment advisor and the typical minimum investment is $100,000. As an independent, boutique practice, the firm is free from corporate mandates or sales commissions and transparency is a valued operating practice. When it comes to the financial advice industry in general, however, Balcom maintains that transparency can still be improved. “Many people still don’t know what they’re paying for, what services they’re receiving and the risks involved,” he said. “We
on topics from personal financial management to asset management to effective use of hedging investments in client portfolios. As such, he’s been featured in Forbes, CNNMoney, Bloomberg Businessweek and many other top outlets. For more information, visit: 1650wealth.com
ADVISORS MAGAZINE / 43
women in
wealth management by bill millar
W
omen advisors often bring a fresh and needed perspective to financial planning. Consider Baytown Texas-based Jennifer Marcontel – number six on the Forbes list of America’s top women wealth advisors now managing $1.2 billion in client assets. Quoting from the article Marcontell says: “Before I joined the industry, I went to a financial planner with my husband and it was a really bad experience. He spoke only to my husband—and I was the one who had stock options that I needed to do something with. He never addressed me. After reading about financial advice, I thought it was something I could do. So I decided to launch my business.” Women helping women That’s a life and career story that resonates soundly with Stacy Francis, CFP®, CDFA®, CES™ and 44 / ADVISORS MAGAZINE
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president and CEO of Manhattanbased Francis Financial, Inc. “The finance industry has traditionally catered to men, explains Francis. “As more and more women have prioritized the importance of planning for their future and working with financial and wealth-management professionals, a more diverse financial-planning workforce is needed. However, this need will go unmet unless the demographics of financial experts start to reflect the population of those who seek their support and advice.”
Four
Perspectives
Francis insists “that financialservice firms must face their workforce gender imbalances to meet the needs of all their customers. Making more room for women in the profession is key to promoting inclusion and helping women recover and rebound from the pandemic and economic challenges, in general. By taking these first steps, the financialadvice industry will make financial advice more accessible to women and be the catalyst for meaningful change.” Francis also believes that women, in general, need greater access to financial services that meet needs from their unique perspective. For these and related reasons, Francis is the founder and board chair of Savvy Ladies, an online portal featuring a vast array of wealth, finance
the profession by transcending geography and time. So instead of fitting your life around your work, your work can now fit around your life. I think the pandemic showed everyone, not only advisors, but also clients, that you don’t have to be in the office. You can do virtual meetings and still accomplish the same results without all the travel time. You can take it home, on the road, or to your children’s soccer game.” However, Larsen-Wieber maintains that new technologies are only part of the reason why more women are entering the wealth and retirement planning fields. “Being able to serve clients and allowing you to work where you want to is a powerful draw for anyone, but especially for women. I know. I can attest to being a woman who has transitioned from being a CPA partner in a thriving tax practice to her own financial advisory practice. I love to serve people.” and retirement management education and resources tailored specifically for women. She is also a frequent contributor to the CNBC Financial Advisor Council. Technology plus a pandemic become the catalyst Women today – as always – after giving birth often go on to continue playing a lead if not the lead role in child-rearing. Traditionally, this could be limiting in terms of career choices as the mother would seek out jobs offering significant flexibility for both time and place. No more. Enter Covid-19, says Carolyn Larsen-Wieber, CPA/PFS and owner of Sanford, NC-based CLW Financial Planning LLC. “Technology being brought to the forefront during the pandemic is bringing more women to
Broadening perspectives Women are doing much more than merely joining the ranks of the wealth and retirement advisory profession, they are enriching its scope. For example, Sarasota, FL-based Jennifer R. Lee, AWMA®, AIF®, founder of Modern-Wealth says her group is working hard to broaden participation in wealth planning to include more family members. Lee feels that it’s important to discuss wealth with heirs. “We work hard to save, invest, and provide for our family while we’re here,” says Lee. “But money can be a burden and it can be squandered. So when I ask clients if they believe their kids or grandkids are capable and prepared, they often say no.” Indeed, maintains Lee, “financial literacy is not widely taught and
many people lack the depth or preparedness necessary to manage, retain, and enjoy the assets. Subjects such as beneficiary designations, inheritance, and legacy are natural places to consider whether your heirs have the aptitude and the skillset to manage wealth. We hope that we assist in providing character, education, values, and work ethic.” At Modern Wealth, “we discuss the aptitude of the kids, sometimes engage them early and establish an advisory relationship. Other times, we coordinate family meetings. It really depends on the personal desires of the elders.” Lee suggests a number of avenues available for bringing heirs up to speed. “You can conduct a series of family meetings where you can provide education and context about saving, values, the time value of money, leveraging professionals like your attorney, accountant, advisor, banker, mortgage broker etc.” Next, “you can introduce them to your advisor. Now their educational journey moving can expand to include cashflow planning, discretionary spending, asset allocation, income planning, business consulting.” Finally, “you might have them meet with your estate planning attorney to walk through the trust documents.” Or alternatively, “you can take none of the above steps and just let your heirs fend for themselves whatever happens, happens.” Lee says “I vote for options 1, 2 or 3.” Above we’ve presented profiles and ideas from four women playing at the forefront in wealth and retirement planning. Have something to add to the discussion? Email us your thoughts at editoral@ advisorsmagazine.com ADVISORS MAGAZINE / 45
by joe innace
Customizing Client Education
Attuned to all generations More schools require high school students to complete classes in finance and economics, but change is still needed and fast. The 2020 Survey of the States – conducted by the Council for Economic Education – is beginning to show an increase in the number of states with graduation requirements in both economics and personal finance. Twenty one states now require high school students take a course in personal finance. Twenty five states require students complete an economics class. “I’m concerned with the lack of financial literacy of young adults graduating from both high school and college,” Pamela Zell, CFP® and co-founder of Six Point® Financial Group told Advisors Magazine in a recent interview. And that is why she, partner Karen Evans, and their firm are doing something about it. “We really excel on the educational side with clients,” she explained. “We get them engaged and we offer guidance, as needed, for their children and grandchildren —whether it’s college planning, managing credit cards or leveraging all the helpful apps that are available now.” Each client experience at Six Point® is unique and personalized. Six Point®, Zell noted, is an independent financial planning firm. The partners have nearly 50 years of combined experience, and the firm has a staff of nine. Zell and Evans each have a team of four, and they share an office manager. They currently manage close to $400 46 / ADVISORS MAGAZINE
million in assets under management for high-net-worth clients. “We are a boutique firm which allows us the freedom to fine tune all aspects of our clients’ educational experiences,” she added, “from events where clients participate together, to individual meetings.” She said financial education takes place at each client’s own pace. “Everyone’s got a lot of things going on, so we don’t overwhelm them with the education,” Zell said. “It’s vital they feel like they are part of the process, and that it’s not us just telling them what they need to do.” “In the initial meeting with clients, we express it is a team approach, that we are not making decisions on their behalf, that we do this all together,” Zell explained. “And it’s at that stage we find out where they are along the spectrum of financial knowledge.” Clients are encouraged to bring ideas. “And then we decide at what level do they want more from us,” Zell added. “Do JAN 2022
L/R: Partners Karen Evans, CFP® and Pamela Zell, CFP®
they want us to send them a book, a web resource or an app? Whatever the case, they get the educational resources tailored to their needs, pace of learning, and they become part of the planning and investment process.” Zell started her career in the corporate insurance arena, demonstrating an aptitude for problem-solving at a corporate level. This compelled her to obtain her CFP® designation and re-direct her skills to help individuals with personal financial planning.
She joined Sterling Financial Advisors in 2001 which is where she met Karen Evans. In 2015, Zell and Evans rebranded the company and co-created Six Point® Financial Group LLC, located in Chesterfield, Missouri. Evans noted that the level of work Six Point does when onboarding a client is extensive. Turns out clients very much appreciate such proactivity. After onboarding, the attention does not wane. “For example, we reached out regularly during the pan-
Why financial literacy is important: saving, education, life skills
demic,” she said. “We know those clients that may require handholding along the way.” Most out-of-state clients were already accustomed to video meetings. Older clients preferred the phone and the team accommodated them. Also, the newer clients to Six Point® had never been through such volatile market activity. “Our clients are comfortable with the way we approach different market conditions,” Evans said. “They will talk about that with their friends, praising what we do, and everything that we do now is through referrals.” A silver lining of the pandemic is that it has been good for the business, according to Zell. “There were a lot of
advisors who simply did not contact their clients during the 2020, early-pandemic market downturn,” she added. “And so that’s when we started seeing a sharp increase in referrals. It presented an opportunity to demonstrate our proactive approach.” In fact, Zell and Evans have found that Six Point® traditionally tends to see more business whenever there is market chaos. “It is definitely a time when our firm begins to grow,” they said. The key is to never skip a beat when it comes to client connections, according to Zell. We proactively create “value add” ideas for our clients. The most recent example was a piece titled “Ways to Fight Inflation” which focused on apps and money saving ideas
Standing L/R: Santiago Munoz, AAMS®, Karen Evans, CFP® Eric Horn, FPQPTM Seated; Pamela Zell, CFP® and Shawn Zell
for the current inflationary environment. We are working on a piece that will offer ideas for apps to teach and create dayto-day cashflow management habits for children, young adults and seniors. As both educators and financial planners try to teach a new generation to save and invest, Six Point® is successfully finding ways to work effectively with, and to
educate, Generations X, Y and Z. These are often the children or grandchildren of existing clients, and such generational continuity would help secure the legacies of both the firm and its clients. For more information, visit: Six Point Group
Registered representative offering securities through Crown Capital Securities, LP ~ A Registered Broker/Dealer Member FINRA/SIPC : OSJ Karen J Evans, CFP® ~ Partners: Karen J Evans, CFP® & Pamela J Zell, CFP® 14755 N Outer 40 Drive, Suite 204 ~ Chesterfield, MO 63017 ~ 636-519-0049 ~ www.sixpointgroup.com.
ADVISORS MAGAZINE / 47
Preserve your wealth with CitiTrust’s knowledge and
Financial Management Solutions www.cititrust.biz
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By Bobby Hickman
RELATIONSHIP
3 Keys to a Lasting Client Relationship
Education, community & service
M
any financial planners find that volunteering in their community through such activities as offering basic financial literacy classes can bring significant returns on both a personal and professional level. “One of the things we like to do is give back to the community,” said Charles (Chuck) Cooper CFP®, owner and president of The Master’s Financial Group. Based in Greeley, Colorado, the firm also operates an office in Grand Rapids, Michigan.
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The Certified Financial Planner Board of Standards, Inc. (CFP Board) 2021 survey of CFP® professionals found 74 percent of certified financial planners reported engaging in volunteer activities over the past year. Eighteen percent of those responding said they participated in workshops that helped people deal with financial difficulties. Cooper said members of the firm’s Michigan office began teaching the Dave Ramsey “Financial Peace University” course
TALK
at their church. Soon afterwards, the Colorado office also brought the personal money management course to their community. “That’s been a real plus for us,” Cooper said. “Now we are being approached by businesses who want us to teach those courses to their employees. Those employees wanted to take the course because they’ve seen the results in some of the churches they attend.” The Ramsey courses provide valuable lessons on saving money, spending wisely, and investing for the future. However, there are some parts of Ramsey’s overall program that differ from the advice Cooper
Our process involves gathering relevant financial information and then assessing your present position.
2
Once the work of creating the strategy is completed, we will help you to implement it, and keep it going throughout your life’s many changes.
3
No one knows what the future holds, and it is only prudent to seek wealth-building and protection advice.
4
At The Master’s Financial Group we are focused on helping you to stick to the good financial decisions and goals you made and not to make bad decisions that can derail your financial plan. We help you manage your expectations through clear communication.
”
1
gives to his own clients. Ramsey provides general guidance, but “one size fits all” does not work for everyone, as many people need customized advice tailored to their individual situation. Ramsey’s guidance that people should not carry debt – including paying off their home mortgage early – can be problematic. “A couple of years ago, one of the ladies in our class asked me whether I had paid off my house,” Cooper recalled. “I told her I had not and did not plan to do so. She replied, “That’s not what you are teaching us. Dave tells us to have our house paid off; why isn’t yours?” I reminded her that, at the beginning of this class, I told everyone there were certain things in the course that I disagreed with as a financial professional. I could pay off my house and be entirely debt-free, I continued. However, exercising the privilege to pay off my house would cost me around $60,000 in capital gains tax. Also, the money I would use to pay off my mortgage is earning me eight to ten percent a year, but I’m only paying two percent on my mortgage. I don’t know if I’ll ever pay it off. I would love to have my clients pay off their house: that would get rid of a lot of stress for them. But every individual’s situation is different, so each client requires specific advice for those circumstances.” The importance of education applies to clients
YOU MUST GAIN CONTROL OVER YOUR MONEY OR THE LACK OF IT WILL FOREVER CONTROL YOU.
— Dave Ramsey
”
and prospects as well as community outreach initiatives to the general public. Cooper said his firm understands it is important to help educate clients about financial matters. “It does not matter how much education people have when they come to us, but how much we can help them,” he said. “I don’t care if you are someone who has a doctorate: there are many people who don’t have a clue about cash flow and 401(k) s and those types of things. We have to help educate them.” Since most people seldom discuss or understand finances, Cooper’s team focuses on getting people to talk about what they do know and what they have done in the past. He said the firm trains its people to ask the right questions to draw out new clients. That helps advisors understand the client’s level of knowledge. One priority is using terms and concepts clients can understand while avoiding confusing industry jargon and buzzwords. Cooper said the firm uses a couple of different systems to gather information about new ADVISORS MAGAZINE / 51
clients. For a family, they ask both spouses to fill forms to gather financial planning data. Then the advisor compares the two sets of answers to make sure family members are on the same page before they begin working together. “I prefer to hire new people and train them into the industry,” Cooper added. “I’ve had people that have come from other firms, and most of the time it doesn’t seem to work well for us. I would prefer to hire a brand new person and train them, especially if they are younger people.” The Master’s Financial Group also works with people from all walks of life. The group does not have a firm minimum, Cooper said. He said the typical new client probably has assets of $500,000 to $1 million when he begins working with them. “I’ve just never felt that I wanted to be a part of working with a minimum,” he said. “If there is some young person who wants to get started, but they can only give you a hundred bucks a month, I still want him or her to 52 / ADVISORS MAGAZINE
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be able to do that with somebody’s help.” The need for constant learning also applies to the firm’s employees. The financial services industry is constantly changing, with new products and services being introduced virtually every day. Cooper said his firm relies on partners such as its broker dealer and life insurance companies to help educate advisors on changes in the marketplace. Meanwhile, continuing education required to keep professional certifications and licenses up-todate helps advisors stay on top of new trends. “I also stay current through a study group with approximately 20 other financial professionals,” Cooper added. “We used to meet in person twice a year but lately the meetings have been virtual, although we want to get back to doing the face-to-face meetings. On the life insurance side of the financial planning world, we learn a lot from tabletop meetings with the Million Dollar Round Table. I find that between the study group, our
broker dealer’s annual meeting, and a couple of other companies that I deal with, we have access to great opportunities to learn more about the industry and the changes underway. We have to educate ourselves.” Keeping pace with technology is also important. Cooper does not expect recent innovations such as robo-advisors and trading platform apps to have a significant impact on his business now, but it might in the future. “I have several clients who like to play with a little money,” Cooper said, “so for them, these new apps worked out pretty well for that. But I get the serious money.” He added, “My son has been working with me for five years, and millennials like him are a different breed than those I am used to dealing with. You could see this new technology possibly affecting the younger people more than the boomers.” Looking ahead, Cooper said his main focus in 2022 will be on continuing to grow the business. He plans to explore some of these new programs that are available and decide whether there is a place for them in the firm’s portfolio. The Master’s also hired several new representatives late last year, so it will be important to get them off to a good start towards becoming successful. “I really encourage all my representatives to understand that this business is all about your relationship with the client,” he added. “When people call, I want them to return those calls within 24 hours. It seems crazy how much it matters if you don’t do those little things, but in the end, that’s what makes you money.” For more information on The Master’s Financial Group, visit mastersfinancialgroup.com
Small Business Retirement Plans
Give Your Employees Financial Education, And They’ll Give You More Productivity
Recent studies all point to one conclusion that impacts employers across the U.S.: The majority of employees worry more about their finances, now more than ever. That stress makes them less productive today, and every day. In fact, 15.3 hours of productivity and engagement are lost by each financially-stressed employee each week. And that affects the bottom line. The Harmonize™ Retirement Planning Program partners with Vanguard® to customize retirement plans to fit the needs of each individual at every level. To find out more, contact Pat Harmon at harmonizefinancial.com. The sooner you start, the sooner your workforce gets more productive.
Small Business Retirement Plans
Source: Brightplan, 2021 Wellness Barometer Survey
HarmonizeFinancial.com
is for contributing more to retirement whenever you can.
Get more tips from your Retirement Coach AVO at: SM