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Marcus Lemonis, a serial entrepreneur and host of the show “The Profit” on CNBC, is a true survivor in the corporate world. The native-born Lebanese business man endured the chaos of a civil war in Beirut and eventually moved to Miami. Lemonis was exposed to the automotive industry throughout his upbringing - his grandfather owning two of the largest Chevrolet dealerships in the United States and Lee Iacocca serving as the family friend and later mentor to Lemonis. On page 12, we conducted an interview with “Profit” host Marcus Lemonis, who offers struggling small businesses capital investment and his expertise in exchange for an ownership stake in the company. In the latter part of the magazine, we interviewed countless wealth advisors during these tough economic times. We recognize that some of the changes in 2013 and 2014 require relevance for financial planners. Therefore, the financial industry continues to push for more realistic standards and reforms. Marcus Lemonis, a serial entrepreneur and host of the show “The Profit” on CNBC, is a true survivor in the corporate world. The native-born Lebanese business man endured the chaos of a civil war in Beirut and eventually moved to Miami. Lemonis was exposed to the automotive industry throughout his upbringing - his grandfather owning two of the largest Chevrolet dealerships in the United States and Lee Iacocca serving as the family friend and later mentor to Lemonis. On page 12, we conducted an interview with “Profit” host Marcus Lemonis, who offers struggling small businesses capital investment and his expertise in exchange for an ownership stake in the company. In the latter part of the magazine, we interviewed countless wealth advisors during these tough economic times. We recognize that some of the changes in 2013 and 2014 require relevance for financial planners. Therefore, the financial industry continues to push for more realistic standards and reforms.
y felix badea Talking Face to Face Social media – with its Tweets, LinkedIn groups and the never-ending accumulation of “likes” and comments on Facebook pages – continues to entice those financial advisors seeking to mine it for client contact. Yet some industry professionals remain committed to the old-fashioned face-to-face conversation to stay in the groove with increasingly technologically savvy investors who want to stand their financial ground in a continuously volatile market. Steve Hoover is one of those advisors who is fully aware that clients need his undivided attention, reassurance, guidance and even a little entertainment now and again, to create and maintain the caring, committed community that defines his practice – The Retirement Pilot – based in Overland Park, Kansas. As a ticket holder to a local dinner theatre, Hoover thought he’d offer current and prospective clients a package: Attend dinner theatre along with a presentation in an adjacent meeting room about The Retirement Pilot. “It worked very well in terms of the number of people who attended,” he explained. “We used to do dinner only presentations. But a lot of my professional brethren are doing the same thing and attendance began to dwindle. So we thought the dinner theatre might be an interesting spot. It was very successful.” “People really love that sort of thing,” he said. “I can make sure my clients are comfortable bringing friends with them and we can get introduced in a non-threatening, no pressure environment.” With a wealth of financial advisors to choose from, Hoover knows that a sense of relationship is key. Once on board, clients can tap into his 18 years of financial planning experience. Hoover began with a small advisory group handling business succession and retirement planning, plus estate tax reduction and investments for owners of closely held companies. Focusing strictly on retirement income planning, today he seeks coach-able clients who want direct interaction with him. This mode of operation is part of why he believes Kansas City Magazine has named him as a Five Star “Best in Client Satisfaction Financial Advisor” every year since 2007. “The one main thing that I attribute this to is the way I work with my clients – when they call, they talk to me. I am accessible and able to answer their questions,” Hoover said. “All too often, the advisor is the rainmaker gathering people, who then get shuffled to an assistant. Not with me. People want to talk to the person their money is being entrusted with. I make sure I am accessible – and I make sure people are taken care of and that they have access to me going forward in our business relationship.” www.retirementpilotkc.com THE SUIT MAGAZINE - JULY 2014
y david stein INVESTING WITHOUT STRESSING Liam Timmons, President and Founder A recent American Psychology Association poll indicates that 75 percent of stressed-out Americans list money management and financial matters as the leading cause of their anxieties. Between work, family obligations and associated commuting and travel, adequate time just can’t be carved out to thoroughly manage and monitor the financial aspects of their lives. This doesn’t surprise Liam Timmons. It is part of why he started his own investment advisory practice. He is the founder and president of Timmons Wealth Management located in Attleboro, Massachusetts. The bulk of his clientele are established professionals and entrepreneurs who have achieved a high level of success early in life and are typically undergoing or preparing for significant life changes such as marriage, birth of children, job changes and retirement. “My clients typically face significant time constraints and lack the knowledge and focused financial education necessary to properly address a wide range of complex investment and financial planning needs,” Timmons explains. “They need an experienced hand to guide them toward achieving their long term financial goals.” To do so, Timmons Wealth Management designs and implements investment portfolios to achieve strong absolute returns over a full market cycle, clearly aligning each client’s long term financial goals with investment strategies that shun short-term thinking in favor of longer term opportunities. So, is the quest for alpha in investing dead? “No, not necessarily,” Timmons responded. “I think it would be a bit presumptuous to assume that investment advisors have given up on adding alpha,” he said, while emphasizing an important caveat. “Clients still want to see good performance, but my firm’s focus is less on matching or exceeding broad market indices over the short term and more focused on achieving strong absolute returns over the long term enabling clients to achieve their most important financial goals.” Customizing each portfolio to match the client’s specific needs and risk tolerance is Timmons’ approach to growing and safeguarding the assets clients have entrusted to his firm. The first step in every new advisory relationship is a detailed interview process. “This includes an in depth discussion of where clients stand financially, assessing and quantifying financial goals and establishing appropriate savings strategies long before any investments are made,” Timmons explains. For each client, he provides a written record of the client’s current financial situation, a statement of their goals, an explanation of expected investment returns, an assessment of their risk tolerance and a proposed investment strategy in the form of an Investment Policy Statement. “We believe full transparency in our interview and Investment Policy Statement process helps to avoid surprises down the road, which enables our clients to stick to their investment strategies during good times and through the inevitable market downturns,” Timmons said. Timmons Wealth Management 8 North Main Street, Suite 403 Attleboro, MA 02703 (774) 331-2172 www.TWealthManagement.com THE SUIT MAGAZINE p.25
- Page 1 and 2: Issue 61 JULY 2014 exclusive interv
- Page 3 and 4: publishers note ISSUE 61 | JULY 201
- Page 5 and 6: BUSINESS / FINANCE 31 Equity Exposu
- Page 7 and 8: THE SUIT MAGAZINE p.7
- Page 9 and 10: nia cities reveals still lower mini
- Page 11: STILL PUZZLED ... by your supply ch
- Page 14 and 15: to finance struggling businesses on
- Page 16 and 17: y diane e. alter TRIVIA ISN’T TRI
- Page 18 and 19: The 7 Most Common Negotiating Mista
- Page 20 and 21: BAD BYOD HABITS THAT CAN EXPOSE YOU
- Page 22 and 23: y david stein >>> Lease - Don’t O
- Page 26 and 27: Meeting With The Wife Too Both spou
- Page 28 and 29: STILL PUZZLED ... by your supply ch
- Page 30 and 31: y judy magness Building Wealth in S
- Page 32 and 33: y judy magness The Complications of
- Page 34 and 35: y david stein DANGER On The Way Dow
- Page 36 and 37: Brave Investing During a Sell-Off P
- Page 38: y judy magness Off Campus Housing P
- Page 41 and 42: part of why he attained a certifica
- Page 43 and 44: With the utmost of integrity, we ta
- Page 46 and 47: MOTIVATED CLIENTS ALWAYS WELCOME En
- Page 48 and 49: y amy m. armstrong A DISCIPLINED AP
- Page 50 and 51: y judy magness Guiding Investor Ris
- Page 52 and 53: y amy m. armstrong LEARNING FROM MI
- Page 54 and 55: Promoting World-Changing Innovation
- Page 56 and 57: y amy m. armstrong CANDID CONVERSAT
- Page 58 and 59: y david stein Proving Himself to Cl
- Page 60 and 61: y judy magness Alternative to Tradi
- Page 62 and 63: y diane e. alter Revealing Risk Tol
- Page 64 and 65: y a. marie velthuizen One Uniform S
- Page 66 and 67: WHY RENEWABLE ENERGY? Save money. R
- Page 68 and 69: y judy magness FROM RETIREMENT DREA
- Page 70: y judy magness Sometimes, a term bu
y felix badea<br />
Talking<br />
Face to Face<br />
Social media – with its Tweets, LinkedIn groups and the<br />
never-ending accumulation of “likes” and comments<br />
on Facebook pages – continues to entice those financial<br />
advisors seeking to mine it for client contact. Yet some<br />
industry professionals remain committed to the old-fashioned<br />
face-to-face conversation to stay in the groove with<br />
increasingly technologically savvy investors who want to<br />
stand their financial ground in a continuously volatile market.<br />
Steve Hoover is one of those advisors who is fully aware<br />
that clients need his undivided attention, reassurance,<br />
guidance and even a little entertainment now and again, to<br />
create and maintain the caring, committed community that<br />
defines his practice – The Retirement Pilot – based in Overland<br />
Park, Kansas.<br />
As a ticket holder to a local dinner theatre, Hoover<br />
thought he’d offer current and prospective clients a package:<br />
Attend dinner theatre along with a presentation in an<br />
adjacent meeting room about The Retirement Pilot.<br />
“It worked very well in terms of the number of people<br />
who attended,” he explained. “We used to do dinner only<br />
presentations. But a lot of my professional brethren are doing<br />
the same thing and attendance began to dwindle. So we<br />
thought the dinner theatre might be an interesting spot. It<br />
was very successful.”<br />
“People really love that sort of thing,” he said. “I can<br />
make sure my clients are comfortable bringing friends with<br />
them and we can get introduced in a non-threatening, no<br />
pressure environment.”<br />
With a wealth of financial advisors to choose from,<br />
Hoover knows that a sense of relationship is key.<br />
Once on board, clients can tap into his 18 years of<br />
financial planning experience. Hoover began with<br />
a small advisory group handling business succession<br />
and retirement planning, plus estate tax<br />
reduction and investments for owners of closely<br />
held companies. Focusing strictly on retirement<br />
income planning, today he seeks coach-able clients<br />
who want direct interaction with him.<br />
This mode of operation is part of why he believes<br />
Kansas City Magazine has named him as<br />
a Five Star “Best in Client Satisfaction Financial<br />
Advisor” every year since 2007.<br />
“The one main thing that I attribute this<br />
to is the way I work with my clients – when<br />
they call, they talk to me. I am accessible<br />
and able to answer their questions,” Hoover said. “All too<br />
often, the advisor is the rainmaker gathering people, who<br />
then get shuffled to an assistant. Not with me. People want<br />
to talk to the person their money is being entrusted with.<br />
I make sure I am accessible – and I make sure people are<br />
taken care of and that they have access to me going forward<br />
in our business relationship.”<br />
www.retirementpilotkc.com<br />
THE SUIT MAGAZINE - JULY 2014
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