o_19grqq7snim9mn019q11f7ds26a.pdf
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.
Promoting World-Changing Innovation By Judy Magness The 2013 Halo Report published by the Angel Resource Institute sheds light on current U.S. trends in angel investing: “Healthcare, mobile, and internet start-ups claim nearly 80% of angel group dollars.” California leads the field, followed by the Great Lakes area in share of deals by region. Angel investing is just one funding source used by Birmingham Consulting Group Inc., a Michigan-based firm specializing in corporate profitability and management consulting. In addition, they use traditional sources such as banks and IPO facilitators. “We try to help entrepreneurs and inventors, who may not have a lot of business expertise, to get funding and get their businesses organized,” explained Charles Townsend, CPA and president of the firm. “We try to get involved in things that are really important to the world.” A rundown of current projects shows how Birmingham Consulting Group is doing just that. One client’s invention addresses what Townsend calls one of the most fundamental problems facing our world – the lack of potable water. The client holds a patent on an improved waste-water treatment system that can cut operating costs of a treatment plant by up to 30 percent. Other innovative projects represented by the firm include: • A process to convert from 2-D to 3-D television viewing without wearing special glasses. • Heating school buses without using the current method of lighting a fire underneath them. • A mammogram device, currently in FDA testing, that is far more accurate, much less intrusive and less expensive than existing devices. • An electric short haul truck costing less than a gasoline truck of the same capacity. • A nanotube covering that extends the life of fighter jet canopies by protecting them from UV rays. Birmingham Consulting Group also specializes in estate planning and in unusual investment options such as unregistered business investments, currency holdings, physical asset allocation and real estate options. 330 E. Maple #287 Birmingham, MI 48009 ph: 248-563-5368 www.bcg84.com Financial Advisors for Middle Americans When Patricia Raskob, and worth. Over a period of time under the sors have an active presence on social her business partner, Patricia Kambourian, Financial launched Leaders Arizona to reach their financial goals and Facebook, and Twitter. “We find we are guidance of the firm, they have gone media including LinkedIn, Google+, Promotion Raskob Kambourian Financial Advisors, LTD., in 1986, they wanted to “We classify ourselves as life plan- found us on the web. It has made a dif- objectives. getting people in their 30’s who have work with middle income Comprehensive families and ners,” said Financial Raskob. “We look Planners at not just Address ference and has drawn some younger did not set a minimum portfolio All size— the Things the assets That that we Make manage, Life but what Enjoyable clients,” shared Raskob. Yet, referrals but they did set minimum fees. This makes life worth living, and the kinds still rank number one. “Our best referrals come from our happy clients.” Raskob Kambourian Financial Advisors, Ltd. was a gutsy move then, and it is just as of things you want to accomplish before investing heavily you in local leave charities. this The Better world, Business Bureau and awarded who the firm the you 2011 gutsy today. she said, adding that the firm serves espite unprecedented market alist multi-generations could possibly offer.” of 38 families. expertise no single gener- Currently, solid financial planning Dvolatility, one for Middle America is hard group to of come investors is by. Not As Just Financial the only fee-only comprehensive More often than not, financial unusually advisory confident Planning financial – Life advisory entity registered about their life plans. Planning firms welcome people with In 1986 a minimum these individuals and families began Southern Arizona’s only with Raskob Kambourian the SEC is in Tucson and Southern of $250,000 in manageable assets—this Arizona, Raskob Kambourian Financial planning Advisors financial is also well-known for working with Tucson, “fee only” comprehensive leaves average Americans Arizona-based to fend Raskob for life Kambourian Financial advisory entity registered themselves. Advisors, Ltd. As Patricia with their SEC assistance and the to non-profit organizations. such company in Both Raskob and Kambourian F. Raskob, CFP and are first her team helped them the state. The firm takes Certified Financial Planners®, navigate through booms, and a holistic approach that expansions and crises, the The Raskob Kambourian staff is committed to making southern Arizona a better place by coordinates every aspect they hold additional prestigious credentials. They have numerous the uncertainty caused suc- by want which were founded to benefit and directed by staff when members. you are gone. We life, including trust and level of trust grew. Even “Good Neighbor” Torch Award for its support of philanthropic organizations, several of of a client’s financial the 9/11 attacks elicited custodial services as the cess stories about helping only the two phone average calls from concerned protect futures Raskob Kambourian’s by doing collegial business the savings area’s only National Advisors Trust Joe—and they don’t mind investors. them Today, young 85 percent of and the firm’s planning model is a rarity that in the clients financial services need, but we referral base is from satisfied clients who industry. Raskob calls her team the “Best either. The firm has worked recommend with Raskob college students who recently graduated goals in the present.” Kambourian also to help of them Best Minds” fulfill in the field their – eight life dreams friends, children and grandchildren. veterans with professional designations “When you make financial plans like Certified Financial Planner, Enrolled and came to them with a based negative on your own net personal dreams, Raskob Agent, Kambourian Accredited Tax Advisor, Financial Certified Advi- www.rkfin.com THE SUIT MAGAZINE - JULY 2014 desires and risk capacity rather than focus on beating the indices, you are more likely to achieve your goals,” explains Raskob. “We spend more time talking to clients about what in life matters most to them today, their five Senior Advisor, Chartered Mutual Fund professional and Trust Representative. They are all supported with industryleading research resources. “We work together as a team for the benefit of every client,” explains Raskob. member. With no minimum portfolio size required, the firm also offers service packages on a retainer basis, making expert advice competitively priced for clients with smaller amounts to invest. “Clients increasingly ask us to help them organize their personal and business concerns, including decision support for making major purchases like cars, homes and travel,” says Raskob. “Our goal is to help them fully enjoy their lives now while appropriately planning
Transparency ON BOTH SIDES According to a recent survey, only 40 percent of investors indicated that their financial advisor(s) clearly explained how they are compensated. In this same survey – the Envestnet Fiduciary Standards Study – 52 percent of investors did not believe that all financial advisors were bound to a standard requiring them to act in the client’s best interest. In the post-Great Recession era, these findings are exceedingly troublesome. Brad Sherman, president of Sherman Wealth Management, serving clients in the greater Washington, D.C. metro area, has built his practice around improving those statistics. Sherman is a big believer in full disclosure and complete transparency for his clients regarding his fees and how he works with their accounts. He’s also a big believer in total transparency from the client. “For the relationship to fully benefit the client, there has to be transparency on both sides of it,” Sherman said. “I have to provide a completely transparent structure so everyone knows what they are paying for what they are receiving – so that there are not any surprises to the client. On the other hand, the client has to fully disclose to me what their financial situation and goals are so I can make appropriate recommendations for them.” He doesn’t have a firm minimum for his clients and in reality, most of his clients wouldn’t fit into the advisor marketplace niche requiring a quarter of a million to start. The bulk of his clients are his peers – people ranging in age from 25 to 40ish – who are starting careers, marriages and families. They are at the beginning of the accumulation phase of savings plans and many are buying their first homes. “They are comfortable with me and with taking my advice, because I either have been just recently in the same situation or am still doing the same things they are,” Sherman said. He started Sherman Wealth Management in January 2013 after spending 12 years working in financial services for other firms. He also had just completed his master’s degree in quantitative finance from American University, and it seemed like the appropriate time to hang out his own shingle. Since then, Sherman has taken on 50 clients and and wishes to develop relationships with additional clients seeking affordable, tax-efficient and customized advice. Sherman said that his decision to become a registered representative with Lincoln Financial Securities Corporation Member SIPC gives him the flexibility to craft portfolios specifically matching the individual needs and goals of each client. “Not all clients are the same,” he said. “That is why we customize every solution. Some of the bigger companies get into trouble by putting people into cookie cutter molds that may not be right for them. By representing Lincoln Financial in a fee-based model, there is no pressure on me to sell something that is not suitable for any of my clients.” LFS-949357-061714 by felix badea www.shermanwealth.com Dependable advice in a fluctuating market THE SUIT MAGAZINE p.55
- 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
- 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 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
Transparency<br />
ON BOTH SIDES<br />
According to a recent survey,<br />
only 40 percent of investors<br />
indicated that their financial advisor(s)<br />
clearly explained how they<br />
are compensated. In this same<br />
survey – the Envestnet Fiduciary<br />
Standards Study – 52 percent of<br />
investors did not believe that all<br />
financial advisors were bound to<br />
a standard requiring them to act<br />
in the client’s best interest. In the<br />
post-Great Recession era, these<br />
findings are exceedingly troublesome.<br />
Brad Sherman, president of<br />
Sherman Wealth Management,<br />
serving clients in the greater<br />
Washington, D.C. metro area, has<br />
built his practice around improving<br />
those statistics.<br />
Sherman is a big believer in full<br />
disclosure and complete transparency<br />
for his clients regarding his<br />
fees and how he works with their<br />
accounts. He’s also a big believer<br />
in total transparency from the client.<br />
“For the relationship to fully<br />
benefit the client, there has to be<br />
transparency on both sides of it,”<br />
Sherman said. “I have to provide<br />
a completely transparent structure<br />
so everyone knows what<br />
they are paying for what they are<br />
receiving – so that there are not<br />
any surprises to the client. On the<br />
other hand, the client has to fully<br />
disclose to me what their financial<br />
situation and goals are so I can<br />
make appropriate recommendations<br />
for them.”<br />
He doesn’t have a firm minimum<br />
for his clients and in reality,<br />
most of his clients wouldn’t<br />
fit into the advisor marketplace<br />
niche requiring a quarter of a million<br />
to start. The bulk of his clients<br />
are his peers – people ranging in<br />
age from 25 to 40ish – who are<br />
starting careers, marriages and<br />
families. They are at the beginning<br />
of the accumulation phase of<br />
savings plans and many are buying<br />
their first homes.<br />
“They are comfortable with me<br />
and with taking my advice, because<br />
I either have been just recently<br />
in the same situation or am<br />
still doing the same things they<br />
are,” Sherman said.<br />
He started Sherman Wealth<br />
Management in January 2013 after<br />
spending 12 years working in<br />
financial services for other firms.<br />
He also had just completed his<br />
master’s degree in quantitative finance<br />
from American University,<br />
and it seemed like the appropriate<br />
time to hang out his own shingle.<br />
Since then, Sherman has taken<br />
on 50 clients and and wishes to<br />
develop relationships with additional<br />
clients seeking affordable,<br />
tax-efficient and customized advice.<br />
Sherman said that his decision<br />
to become a registered representative<br />
with Lincoln Financial Securities<br />
Corporation Member SIPC<br />
gives him the flexibility to craft<br />
portfolios specifically matching<br />
the individual needs and goals of<br />
each client.<br />
“Not all clients are the same,”<br />
he said. “That is why we customize<br />
every solution. Some of the<br />
bigger companies get into trouble<br />
by putting people into cookie<br />
cutter molds that may not be right<br />
for them. By representing Lincoln<br />
Financial in a fee-based model,<br />
there is no pressure on me to sell<br />
something that is not suitable for<br />
any of my clients.”<br />
LFS-949357-061714<br />
by felix badea<br />
www.shermanwealth.com<br />
Dependable advice<br />
in a fluctuating market<br />
THE SUIT MAGAZINE p.55
Change language