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y david stein
Proving Himself to Clients
A Midwestern financial advisor believes clients
should thoroughly vet an advisor before any transactions take place
At Foguth Financial Group we'll help
you create a plan just right for you. You
can enjoy peace of mind knowing you
have a financial plan that provides you
with confidence that all of your financial
resources are working together toward
your long-term financial goals.
213 East Grand River
Howell, MI 48843
Phone: (517) 618-7207
Fax: (866) 845-4149
www.foguthfinancial.com
THE SUIT MAGAZINE - JULY 2014
In a trend popping up in financial
workshops across the nation,
presenters aren’t simply introducing
themselves at the beginning
of their segment. Many are now volunteering
a laundry list of credentials
vetting themselves for those in
attendance as transparency post The
Great Recession has taken the lead
in the financial services industry.
It’s a significant paradigm shift
from 2010 when a survey by the
self-regulated Financial Industry
Regulatory Authority noted that
only 15 percent of investors report
having verified the background and
credentials of their chosen financial
professional. Four years later,
in today’s stagnantly risk sensitive
financial world, more and more investors
aren’t just asking for proof
of an advisor’s background – they
are demanding it long before any
transactions taken place.
That is just fine with Michael Foguth,
president of Foguth Financial
Group based in Howell, Michigan.
“Investors should consult with
the various rating systems that are
available out there. These rating
systems provide them with as much
material and data as they can possibly
want regarding a financial advisor,”
Foguth said. “As an advisor,
that is the kind of client you want: A
client that is willing to put the work
in to do the research.”
He started in the financial services
industry during the market
corrections of the early 2000s. He’s
watched the dramatic up and down
swings of the past decade plus; he
witnessed the traumatic effects this
rollercoaster ride has on personal financial
plans.
It hit extremely close to home for
him.
“It was with my grandmother that
I began to see the effect the negative
economy had on her retirement and
her lifestyle,” he recalls. He quickly
discovered that her current advisor
was not proactive in taking
protective measures. He also came
to the realization that the problems
within the financial services industry
weren’t due to client behavior
but instead were attributable to the
complacent behavior of financial advisors.
He embarked on “a lot of selfstudy”
as he describes it, and then
began a nationwide training program
teaching advisors how to put
their clients first. A few years later,
he and his wife started a family and
the constant travel transitioned into
a full-time brick and mortar office at
which he began customizing financial
plans for his clients.
Now more than a decade into
having built his own firm, Foguth
welcomes the current national discussion
to establish a uniform fiduciary
standard.
“I look forward to the day it is
established because it will weed
out those product pushers with the
shiny financial object of the month
that just tries to jam a client into
a flavor of the month rather than
sitting down with that client and
finding out what is the right fit for
them,” he said. “They are going to
be out of business.”
Foguth Financial Group
www.FoguthFinancial.com