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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 amy m. armstrong CANDID CONVERSATIONS Talking about and planning for the “what-ifs” is key for this Certified Financial Planner TM , practicing in a desert oasis filled with retirees. There’s an important and notable, yet very easy-to-miss trend taking shape within retiree communities. Professionals engaged in advising the baby boomer generation on how to plan for and proceed into retirement, indicate that women are taking much more active roles in this process than in previous generations. Just ask Jill L. Ditter, CFP®. Her practice – JD Wealth Management, LLC, based in Palm Desert, California – is smack dab in the middle of it all. Ditter’s practice puts her finger squarely on the pulse of what is happening among the baby boomers. As a group of relatively healthy Americans, the Social Security Administration estimates that boomers are hanging up their working clothes at nearly 10,000 per day. Palm Desert is one of this group’s favorite destinations for actively living out the golden years before “old age” and health-related challenges set in. It also is one location where a significant paradigm shift is occurring. “The biggest shift that I have seen from the time I was getting started in this business in 1983 to now, is that in the early 1980’s, I had a lot of husbands coming in and saying to me, ‘Please do not tell my wife that I have these accounts.’ They didn’t want their wives to know the details of the family finances,” Ditter recalls. “Today, I experience men to be, not only willing to work with female advisors like myself, but to request that the advisors assist them to engage their wife and/or children. Male investors today are much more open and sharing about the family finances. They are pro-actively teaching the wife and kids – and talking to them about how to take over the keys to the family’s financial portfolio.” This is a change Ditter welcomes, not only from a social standpoint, but also because it lines up with some alarming statistics. The 2011 Financial Experience & Behaviors Among Women survey by Prudential Research indicates that 86 percent of women do not know how to invest or choose a financial product. Less than two in every ten women indicate they feel “very pre- pared” to make wise financial decisions. More than half say they “need some help” and at least one-third say they “need a lot of help.” Couple this with the well-documented fact that most women outlive their spouses. The Federal Administration on Aging states that seven out of every ten baby boomer women most likely will outlive their husbands by as much as 15 years, leading Ditter to stress the need for open and frank conversations Jill L. Ditter, CFP® JD Wealth Management, LLC 72960 Fred Waring Dr. STE #1 Palm Desert, CA 92260 760-773-1000 Office CA. Insurance Lic# 0796239 jill@jillditter.com Email www.jillditter.com Website THE SUIT MAGAZINE - JULY 2014
As one destination is reached, a new dream begins... Is your retirement plan keeping up with your vision? regarding the potential fall-out when a husband dies. “I share with my investors what it is like for the beneficiaries when the “financial steward” of the family is gone.” Ditter related. “It can be a real eye-opener,” she admits. “The more we can have those conversations up front, the better the family can go through that experience when it inevitably happens.” It’s one of the reasons Ditter established her own practice in May 2013, after a 30-year corporate career advising clients during several volatile periods, including the 1987 Black Monday, the savings and loan crisis from 1986 to 1995, the Persian Gulf War, the collapsing Tech Bubble of 1999 through 2001 and its resulting Dot-Com Bust, as well as the recent Great Recession of 2007 to 2009. Ditter’s final position was an eight-year stint as Vice President, Senior Account Executive of Fidelity Investments Private Client Group in Palm Desert. While providing planning and guidance for 423 households with more than one billion in assets, Ditter had a first-hand look at the concerns of high net worth investors – and a front row seat on how major nationwide and global financial events can impact that wealth. “I finally listened to my own inner wisdom and said good-bye to working for the big brand,” she said. “I saw the gaps in how big firms, in general, are serving and delivering to investors and decided that I could build my own practice just by filling in those gaps. So I started my own practice.” One of those gaps that Ditter clearly perceived was the aforementioned lengthy series of conversations regarding death and its effect on family wealth that she – as a financial advisor – wants to have with her clients. “I believe that you cannot do that if you are at a big firm that will only provide guidance on their product solutions as opposed to advice,” she said. “When the advisor is required to meet a substantial amount of metrics each day, it may make it difficult for the advisor to have those quality conversations.” Ditter, a person who is big on communication, is enjoying the national discussion on establishing a uniform fiduciary standard to govern all types of financial advisors. “It really is an interesting time right now,” she said, adding with a laugh that she’d have to defer to legal experts, regulators and a crystal ball to determine if such a standard will ever come to pass. Yet Ditter feels the dialogue is valuable. “It stems from concerns about how the investor is served. The investors I come into contact with are largely unaware of what this all means for them. I think investors do need more disclosure from their advisors about whether that advisor is merely giving guidance as a representative of a product provider or a registered representative of a broker dealer or being advised by an investment advisor representative– and what these differing roles mean. A candid conversation about how the representative is compensated should be clear and transparent.” Yet, Ditter believes that these conversations may not be discussed with clarity to the consumer. Instead, she believes many investors view whoever provided a proposal and recommended a product to be their “trusted” financial advisor looking out for their best interests – which in many instances may not the case. “We need to deal with this matter within our industry,” Ditter states, adding she isn’t convinced a blanket standard is the answer. “If my vote counts, don’t put everything in one box. Instead, focus on preventing abuses in the industry in a way that enforces the disclosure we already know we should be making in this business.” Jill Ditter is a Registered Representative with and securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through Gallacher Capital Management, LLC a Registered Investment Advisor. JD Wealth Management and Gallacher Capital Management are separate entities from LPL Financial. Custodial Services offered through either LPL Financial or Fidelity Investments.’ THE SUIT MAGAZINE p.57
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y amy m. armstrong<br />
CANDID<br />
CONVERSATIONS<br />
Talking about and planning for the “what-ifs” is key for<br />
this Certified Financial Planner TM , practicing in a<br />
desert oasis filled with retirees.<br />
There’s an important and notable, yet very easy-to-miss<br />
trend taking shape within retiree communities. Professionals<br />
engaged in advising the baby boomer generation on how to<br />
plan for and proceed into retirement, indicate that women<br />
are taking much more active roles in this process than in previous<br />
generations.<br />
Just ask Jill L. Ditter, CFP®. Her practice – JD Wealth Management,<br />
LLC, based in Palm Desert, California – is smack<br />
dab in the middle of it all. Ditter’s practice puts her finger<br />
squarely on the pulse of what is happening among the baby<br />
boomers. As a group of relatively healthy Americans, the<br />
Social Security Administration estimates that boomers are<br />
hanging up their working clothes at nearly 10,000 per day.<br />
Palm Desert is one of this group’s favorite destinations for<br />
actively living out the golden years before “old age” and<br />
health-related challenges set in. It also is one location where a<br />
significant paradigm shift is occurring.<br />
“The biggest shift that I have seen from the time I was getting<br />
started in this business in 1983 to now, is that in the early<br />
1980’s, I had a lot of husbands coming in and saying to me,<br />
‘Please do not tell my wife that I have these accounts.’ They<br />
didn’t want their wives to know the details of the family<br />
finances,” Ditter recalls. “Today, I experience men to<br />
be, not only willing to work with female advisors<br />
like myself, but to request that the advisors assist<br />
them to engage their wife and/or children.<br />
Male investors today are much more open and sharing about<br />
the family finances. They are pro-actively teaching the wife<br />
and kids – and talking to them about how to take over the<br />
keys to the family’s financial portfolio.”<br />
This is a change Ditter welcomes, not only from a social<br />
standpoint, but also because it lines up with some alarming<br />
statistics. The 2011 Financial Experience & Behaviors Among<br />
Women survey by Prudential Research indicates that 86<br />
percent of women do not know how to invest or choose a<br />
financial product. Less than two in every ten women<br />
indicate they feel “very pre-<br />
pared”<br />
to make wise financial decisions.<br />
More than half say<br />
they “need some help” and<br />
at least one-third say they<br />
“need a lot of help.”<br />
Couple this with the<br />
well-documented fact that<br />
most women outlive their<br />
spouses. The Federal Administration<br />
on Aging states<br />
that seven out of every ten<br />
baby boomer women most<br />
likely will outlive their husbands<br />
by as much as 15<br />
years, leading Ditter<br />
to stress the need<br />
for open and frank<br />
conversations<br />
Jill L. Ditter, CFP®<br />
JD Wealth Management, LLC<br />
72960 Fred Waring Dr. STE #1<br />
Palm Desert, CA 92260<br />
760-773-1000 Office<br />
CA. Insurance Lic# 0796239<br />
jill@jillditter.com Email<br />
www.jillditter.com Website<br />
THE SUIT MAGAZINE - JULY 2014
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