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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 david stein DANGER On The Way Down According to an “NBC World News” report, significantly more mountain climbers – including the well-trained Sherpa guides who accompany them – die on the descent from the peak of Mount Everest than do on the ascent to conquer the most-sought after mountain experience on planet Earth. It’s a fact that applies to financial mountain climbing as well, according to Les Howard, a partner with Legacy Financial Partners in Brookings, South Dakota and an owner via the Ameriprise Financial franchise network. “In fact, the mountain climbing analogy is one that Ameriprise representatives frequently utilize in training advisers and informing clients of potential pitfalls when the drawdown period of retirement planning begins,” Howard explains. Mountain climbing experts will tell you that climbers are more aware and exercise greater caution on the way up in anticipation of accomplishing their goal. As they descend the mountain, they are tired and as they pass through various climatic zones with varying levels of oxygen and barometric pressure, their brains can swell, causing lack of coordination. “I’ve been the guy who helps people get to the top of the mountain by investing wisely,” Howard said, noting that now many of his clients have reached their mountain top goals with retirement from their working years and are ready to head down to lush valleys filled with flowing streams. Yet, determining the pace at which they should descend (or spend down their funds) is as challenging as avoiding those deadly crevices that swallow far too many climbers. It is part of why he chose to align his longtime practice with Ameriprise Financial. “Ameriprise is known as a planning firm. They are very strong in this area and it had a lot to do with me joining them so that I could build my skills in this area to assist my clients.” Howard has worked in financial planning services since 1987, after hanging up his work gloves as a rancher/farmer in northeast South Dakota. A downturn in the economy nearly wiped him out financially, so he went to college, and at age 31, Howard earned a bachelor’s degree in economics. Between that and his current position representing the services of Ameriprise, Howard worked for the Investment Centers of America at a bank in Aberdeen, South Dakota, and then on to state government, marketing a supplemental retirement plan for state workers in the Mount Rushmore State. That job put him in front of many of the state’s key decision-makers, who noticed his capabilities. He was offered a position in the governor’s budget office as an analyst and four years later, he was promoted to division director. In 1994, via an association with Prudential, he returned to banking and financial services, opening his own firm called Howard and Associates, in Pierre, the state’s capital. In October 2005, Howard returned to Brookings where he went to college at South Dakota State University. A series of name changes to the firm THE SUIT MAGAZINE - JULY 2014
from which he conducted business began. He was the broker and manager of Trust Advisors, affiliated with First Bank and Trust. Then Howard represented AG Edwards and Sons, which became Wachovia Securities only to later be gobbled up by Wells Fargo Advisors. In 2012, he joined up with Ameriprise. “I’ve been really good for the sign companies in town,” he jokes. Throughout these transitions, which he admits could be challenging, Howard has brought some admirably loyal clients along with him for the journey. After the transition from Wells Fargo to Ameriprise was completed, he had to double-check the numbers presented to him. Howard found that 104 percent of the assets under management from Wells Fargo had transferred to his new affiliation with Ameriprise. “I have pretty reliable and picky clients,” he said. It might have a little something to do with the way he conducts business, too. Howard has no minimum requirements. He’ll help someone who can only begin with $25 a month find a no-load fund. And he dedicates time each week to talk with students at South Dakota State regarding financial planning. “The smaller clients I took on 15 years ago are my large clients now,” Howard observed. “We grow with them. My philosophy has always been that we will try to help anybody who wants to help themselves.” Yet in a place where rodeo is the state sport, Howard isn’t helping any of his clients to climb atop a bucking financial bronco. He’s using Ameriprise’s proprietary “Confident Retirement Plan” system – similar to the industry’s commonly referenced “bucket system” – to help clients secure a comfortable retirement income stream. “We key in on answering whether they have a consistent income flow that will cover their essentials such as food, clothing, shelter, taxes, a mortgage and insurance when they retire,” he said. “We want a guaranteed income source going into their bank accounts every month.” Past that, the various “buckets” of investment funds are allocated to asset classes based on when the client will need to We shape financial solutions for a lifetime ® spend returns. “Buckets situated further into retirement can be invested with greater, but controlled risk,” Howard noted. “That is not the money we are going to need to live on for the next five to ten years. We can be more aggressive with that and hope it will get the high historic returns we have gotten in the past,” Howard said. “As we are helping people retire now who will be living in retirement for more years than they actually worked, we cannot put all of it in what one might consider a ‘safe’ position, because in doing so you are just going to go backwards with it due to taxes, inflation and longevity.” Back Row (from left): Brad Ness CFP ® , Connie Kupec Client Service Manager, Robyn Jensen MSFP, CFP ® Front Row: Les Howard Financial Advisor 309 4th Street Brookings, SD 57006 605-692-5501 les.howard@ampf.com www.ameripriseadvisors.com/les.howard THE SUIT MAGAZINE p.35
- Page 1 and 2: Issue 61 JULY 2014 exclusive interv
- Page 3 and 4: publishers note ISSUE 61 | JULY 201
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from which he conducted business<br />
began. He was the broker<br />
and manager of Trust Advisors,<br />
affiliated with First Bank and<br />
Trust. Then Howard represented<br />
AG Edwards and Sons, which<br />
became Wachovia Securities<br />
only to later be gobbled up by<br />
Wells Fargo Advisors. In 2012,<br />
he joined up with Ameriprise.<br />
“I’ve been really good for the<br />
sign companies in town,” he<br />
jokes.<br />
Throughout these transitions,<br />
which he admits could be challenging,<br />
Howard has brought<br />
some admirably loyal clients<br />
along with him for the journey.<br />
After the transition from Wells<br />
Fargo to Ameriprise was completed,<br />
he had to double-check<br />
the numbers presented to him.<br />
Howard found that 104 percent<br />
of the assets under management<br />
from Wells Fargo had transferred<br />
to his new affiliation with<br />
Ameriprise.<br />
“I have pretty reliable and<br />
picky clients,” he said.<br />
It might have a little something<br />
to do with the way he conducts<br />
business, too. Howard has no<br />
minimum requirements. He’ll<br />
help someone who can only<br />
begin with $25 a month find a<br />
no-load fund. And he dedicates<br />
time each week to talk with students<br />
at South Dakota State regarding<br />
financial planning.<br />
“The smaller clients I took on<br />
15 years ago are my large clients<br />
now,” Howard observed. “We<br />
grow with them. My philosophy<br />
has always been that we will try<br />
to help anybody who wants to<br />
help themselves.”<br />
Yet in a place where rodeo is<br />
the state sport, Howard isn’t<br />
helping any of his clients to<br />
climb atop a bucking financial<br />
bronco.<br />
He’s using Ameriprise’s proprietary<br />
“Confident Retirement<br />
Plan” system – similar to the industry’s<br />
commonly referenced<br />
“bucket system” – to help clients<br />
secure a comfortable retirement<br />
income stream.<br />
“We key in on answering<br />
whether they have a consistent<br />
income flow that will cover their<br />
essentials such as food, clothing,<br />
shelter, taxes, a mortgage and<br />
insurance when they retire,” he<br />
said. “We want a guaranteed<br />
income source going into their<br />
bank accounts every month.”<br />
Past that, the various “buckets”<br />
of investment funds are<br />
allocated to asset classes based<br />
on when the client will need to<br />
We shape financial solutions for a lifetime ®<br />
spend returns. “Buckets situated<br />
further into retirement can be<br />
invested with greater, but controlled<br />
risk,” Howard noted.<br />
“That is not the money we are<br />
going to need to live on for the<br />
next five to ten years. We can be<br />
more aggressive with that and<br />
hope it will get the high historic<br />
returns we have gotten in the<br />
past,” Howard said. “As we are<br />
helping people retire now who<br />
will be living in retirement for<br />
more years than they actually<br />
worked, we cannot put all of it<br />
in what one might consider a<br />
‘safe’ position, because in doing<br />
so you are just going to go backwards<br />
with it due to taxes, inflation<br />
and longevity.”<br />
Back Row (from left): Brad Ness CFP ® , Connie Kupec Client Service Manager,<br />
Robyn Jensen MSFP, CFP ®<br />
Front Row: Les Howard Financial Advisor<br />
309 4th Street<br />
Brookings, SD 57006<br />
605-692-5501<br />
les.howard@ampf.com<br />
www.ameripriseadvisors.com/les.howard<br />
THE SUIT MAGAZINE p.35
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