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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.
MOTIVATED CLIENTS ALWAYS WELCOME Entrepreneurs and small business owners often simply cannot afford to keep full-time specialists in financial matters on their payroll. Yet, the success of firms often depends on making informed decisions in these areas. For small companies in the Southern Tier of New York along the state’s border with Pennsylvania, an Endicott, New York-based firm meets that need. “This business has been the culmination of life experiences for me,” explains Cindy Rounds, owner and president of Wealth by Design Financial. “I had family members who were entrepreneurs. And on the other side, I had family members who worked for corporations. So I saw the differences between – and challenges of – being self-employed versus working for a big company very early in my life.” When her father died at age 43, she witnessed the distress her mother experienced. Rounds says it was the “big reason” that pulled her into the financial services business and she continues to be especially supportive of women’s unique financial issues. In addition to providing services for small businesses, Rounds also helps individuals and families, and understands the complicated, often unexpected transitions they face. After working in human resources, handling defined benefit pension and retirement plans for the health industry, and then with an insurance firm specializing in retirement plans, Rounds gained first-hand knowledge of how confused most people are regarding their benefits and planning for their golden years. A couple of years later, she formed her own firm to address this big problem as well. “I saw that very few people – no matter their financial status – were aware of what they had for retirement packages until the day they walked in my door and said, ‘I want to retire, what am I going to get every month?’” Rounds recalls. “I felt there was much more consumer education to be done and so I pursued my licenses.” Rounds’ focus today is to prepare savings plans that clients can stick to, by taking their current expenses and expenditures into account, and then seeking some simple ways to help them cut costs and fatten their retirement accounts. She likes to give clients a three-month trial period to evaluate the plan’s effectiveness. “If they feel that they can’t do it, then we need to change it, so that it produces an outcome that is not only favorable toward their savings, but also something they can live with,” Rounds said. “I look for people who are motivated and committed to the process. If the person in front of me is ready to take on the challenge – ready to do the work and get some education, I am happy to take them on.” Securities offered through LPL Financial, Member FINRA/SIPC 423 East Main Street, Suite 3 Endicott, New York 13760 Office Phone: (607) 239-6033 www.wealthbydesignfinancial.com THE SUIT MAGAZINE - JULY 2014
y judy magness Simple Plans Empower Clients At the year marker since the SEC made sweeping changes in the daily operations of broker-dealers, these additional responsibilities – including the requirement that money markets at brokerage firms be insured by the Federal Deposit Insurance Corporation (FDIC) – continue to give financial advisors a level of comfort many have not experienced since before the Great Recession. Christine Byrne, CEO of Back Cove Financial in Falmouth, Maine, affiliated with Commonwealth Financial Network, is one of those advisors feeling slightly more secure about the operations of the market. “One thing reassuring me is that now the money markets at most brokerage firms are FDIC insured,” she said. “The collapse of Lehman Brothers shook up a lot of firms. They were suddenly saying, ‘we need to protect our clients’ cash to their expectations.” And Byrne likes what she sees, as investors go back to basics and harbor more realistic expectations towards long-term performance. As the market continues to stabilize, strong corporate balance sheets and global economic opportunities gives her additional confidence to ease the concerns of her clients. To Byrne, her clients aren’t just the people she happens to do business with. Each one is a relationship she carefully tends, just as a gardener tends new plants, maintaining close communications with each one as they give the relationship time to take root and ultimately bloom. These healthy relationships produce results, in the form of referrals that Byrne can use to grow the firm. “One hundred percent of my clients are from referrals. Over the course of my career I have (also) bought some practices from gentlemen here who have retired.” Her goal is to create a welcoming atmosphere in her office that encourages clients to “just stop by” even when they don’t have quarterly or annual investment or insurance review appointments. “I want clients to know this is a warm, open place – and I want them never to hesitate calling when things happen in their lives,” she said. Her approach to managing client’s investments is simple. Byrne does not load clients down with cumbersome financial jargon and reams of long-winded investment strategy explanations destined to get filed in a cabinet without the client ever reading past page two. “The plans I put together for clients are pretty short and concise, with bullet points rather than pages and pages of things they may not want to follow,” she said. “I tell them, okay, take this – this is your action plan.” After spending eight years working in Massachusetts with Commonwealth Financial Network, Byrne has been working in Maine’s largest metro area since 2001. She has her MBA from Boston College, and holds the Financial Industry Regulatory Authority (FIN- RA) securities registrations numbers 7, 24, 63 and 65, as well as being a chartered retirement plans specialist and holds insurance licenses for Maine and Massachusetts. www.backcovefinancial.com THE SUIT MAGAZINE p.47
- 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 24 and 25: y felix badea Talking Face to Face
- 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
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- Page 34 and 35: y david stein DANGER On The Way Dow
- Page 36 and 37: Brave Investing During a Sell-Off P
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- Page 41 and 42: part of why he attained a certifica
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- Page 48 and 49: y amy m. armstrong A DISCIPLINED AP
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- 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
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- Page 66 and 67: WHY RENEWABLE ENERGY? Save money. R
- Page 68 and 69: y judy magness FROM RETIREMENT DREA
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y judy magness<br />
Simple Plans Empower Clients<br />
At the year marker since the SEC made sweeping changes in the daily operations of broker-dealers,<br />
these additional responsibilities – including the requirement that money markets at brokerage firms<br />
be insured by the Federal Deposit Insurance Corporation (FDIC) – continue to give financial advisors<br />
a level of comfort many have not experienced since before the Great Recession.<br />
Christine Byrne, CEO of<br />
Back Cove Financial in<br />
Falmouth, Maine, affiliated<br />
with Commonwealth Financial<br />
Network, is one of those<br />
advisors feeling slightly<br />
more secure about the operations<br />
of the market.<br />
“One thing reassuring me<br />
is that now the money markets<br />
at most brokerage firms<br />
are FDIC insured,” she said.<br />
“The collapse of Lehman<br />
Brothers shook up a lot of<br />
firms. They were suddenly<br />
saying, ‘we need to protect<br />
our clients’ cash to their expectations.”<br />
And Byrne likes what she<br />
sees, as investors go back to<br />
basics and harbor more realistic<br />
expectations towards<br />
long-term performance. As<br />
the market continues to stabilize,<br />
strong corporate balance<br />
sheets and global economic<br />
opportunities gives<br />
her additional confidence to<br />
ease the concerns of her clients.<br />
To Byrne, her clients aren’t<br />
just the people she happens<br />
to do business with.<br />
Each one is a relationship<br />
she carefully tends, just as a<br />
gardener tends new plants,<br />
maintaining close communications<br />
with each one as they<br />
give the relationship time<br />
to take root and ultimately<br />
bloom.<br />
These healthy relationships<br />
produce results, in the<br />
form of referrals that Byrne<br />
can use to grow the firm.<br />
“One hundred percent of<br />
my clients are from referrals.<br />
Over the course of my career<br />
I have (also) bought some<br />
practices from gentlemen<br />
here who have retired.”<br />
Her goal is to create a welcoming<br />
atmosphere in her<br />
office that encourages clients<br />
to “just stop by” even when<br />
they don’t have quarterly or<br />
annual investment or insurance<br />
review appointments.<br />
“I want clients to know this<br />
is a warm, open place – and<br />
I want them never to hesitate<br />
calling when things happen<br />
in their lives,” she said.<br />
Her approach to managing<br />
client’s investments is simple.<br />
Byrne does not load clients<br />
down with cumbersome<br />
financial jargon and reams<br />
of long-winded investment<br />
strategy explanations<br />
destined to get filed<br />
in a cabinet without<br />
the client ever reading<br />
past page two.<br />
“The plans I put together<br />
for clients are<br />
pretty short and concise,<br />
with bullet points<br />
rather than pages and<br />
pages of things they<br />
may not want to follow,”<br />
she said. “I tell<br />
them, okay, take this<br />
– this is your action<br />
plan.”<br />
After spending<br />
eight years working in Massachusetts<br />
with Commonwealth<br />
Financial Network,<br />
Byrne has been working in<br />
Maine’s largest metro area<br />
since 2001. She has her MBA<br />
from Boston College, and<br />
holds the Financial Industry<br />
Regulatory Authority (FIN-<br />
RA) securities registrations<br />
numbers 7, 24, 63 and 65, as<br />
well as being a chartered retirement<br />
plans specialist and<br />
holds insurance licenses for<br />
Maine and Massachusetts.<br />
www.backcovefinancial.com<br />
THE SUIT MAGAZINE p.47
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