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Issue 62 SEPT 2014 

Of Mice and Medicine Men 

Medical Breakthrough 

Toxic Tobacco Deals 

Leaves US Billions in Debt 

Entrepreneur Trailblazer 

The Profit - Marcus Lemonis 

NYSE New Ownership 

Preservationist Approach 

exclusive interview with 

dr. se-jin lee; 

award 

winning 

scientist

Built for the road ahead. 

Designed for living. Engineered to last. 

Vertrek Crossover 

w/ Ford’s Kinetic Design 

Eco-Boost Engine 

Hybrid Regenerative Braking 

w/ Auto-Stop-Start Technology

publishers note 

ISSUE 62 | SEPT 2014 

Publisher 

Erwin E. Kantor 

Managing Editor 

Michael Gordon 

Editor in Chief 

Helen Moss 

Editorial 

Robert Jordan 

Lisa Walker 

Sean Goldstein 

Rachel Feinstein 

Staff Writers 

L. A. Rivera 

Matt Camara 

David Gordon 

Dan Harvey 

A. Marie Velthuizen 

Judy Magness 

Enid Burns 

Felix Badea 

Peter Suciu 

David Stein 

Mary Davis 

Amy M. Armstrong 

Annabelle Preston 

Gerald Levine 

Rodric Hurdle-Bradford 

Asst. Art Director 

Marienne Hilahan 

Illustrators 

Paul Kales 

Steve Delmonte 

Steve Smeltzer 

Norman Jung 

Marketing / Advertising 

Monica Link 

Sean Rome 

For subscription details, contact: 

editorialdept@thesuitmagazine.com 

For advertising inquiries, contact: 

advertising@thesuitmagazine.com 

Imagine a mouse with bulky muscles 

and a bulging physique able to leap a 

single bound over a labyrinth’s maze. 

Welcome the new breed of Mighty Mouse 

with more than twice the normal amount 

of muscle mass. Thanks to Dr. Se-Jin Lee 

of John Hopkins University, it’s considered 

one of the most important discoveries 

in modern medicine. 

The mice, described today in the journal 

Nature, owe their bulging physiques 

to the lack of a gene that would normally 

limit muscle growth. The function of the 

gene was previously unknown, and its 

discovery, by a team led by Dr. Se-Jin Lee 

of Johns Hopkins University, is considered 

an important advance. 

A new breed of mice with more than 

double the normal amount of muscle may 

lead to meatier chickens and cows and, 

eventually, new treatments for people 

with muscle diseases, researchers are reporting. 

‘’It has opened up completely new ideas 

about the control and regulation of muscle 

growth,’’ said Dr. Brigid Hogan, a professor 

of cell biology at Vanderbilt University. 

Another researcher who was not involved 

in the study, Dr. Lee Niswander 

of the Memorial Sloan-Kettering Cancer 

Center in Manhattan, said: ‘’Until now, we 

didn’t have a clue about what told muscle 

cells to stop dividing. This gives us a handle 

on understanding it. It’s powerful.’’ 

Read our special report by Amy Armstrong 

in The Suit. 

From a business perspective, the world 

is equally wondrous and full of extraordinary 

potential. New markets, new sourcing 

opportunities, new financial resources, 

new medical breakthroughs - they’re 

all out there, and ready to be tapped. 

In this issue you will also discover how 

Wall Street tobacco deals left states with 

billions in toxic debt on page 8. On page 16 

we bring to you the Profit that airs starring 

Marcus Lemonis, his third season starting 

October 14 at 10pm. Ten new episodes are 

slated to air, including an entire episode 

devoted to follow-up segments on many 

of the businesses featured in the first two 

seasons. 

And take a close look at the New York 

Stock Exchange Preservationist Approach. 

On page 18 we examine history in the 

making-the NYSE-the Big Board and the 

world’s largest market. 

Taking risks is part of what successful 

entrepreneurs have to do occasionally. 

Best, 

Erwin Kantor 

Erwin Kantor, Publisher

CONTENTS 

SEPT 2014 

Issue 62 SEPT 2014 

12 

Of Mice and Medicine Men 

Medical Breakthrough 

Toxic Tobacco Deals 

Leaves US Billions in Debt 

Entrepreneur Trailblazer 

The Profit - Marcus Lemonis 

NYSE New Ownership 

Preservationist Approach 

exclusive interview with 

dr. se-jin lee; 

award 

winning 

scientist 

8How Wall Street Tobacco Deals Left 

States With Billions in Toxic Debt 

Politicians wanted upfront cash from a legal victory over Big Tobacco, 

and bankers were happy to oblige. The price? A handful of states 

promised to repay $64 billion on just $3 billion advanced. 

FEATURES 

12 Of Mice and Medicine Men 

The work of an unassuming and somewhat humble 

Johns Hopkins researcher holds the potential to 

revolutionize the treatment of diseases sapping 

away muscle strength, as well as to mitigate some 

of the muscle-draining effects of aging. 

16 Pulling Nighttime Viewers into CNBC 

By day, the hosts, the moderators and the guests on the 

CNBC cable news network are clad in corporate business 

attire as they guide their audience through business 

and financial news on shows such as “Fast Money,” 

“Squawk Box” and “Mad Money with Jim Cramer.” 

18 New Owners of the NYSE 

The New York Stock Exchange often times 

called “The Pit” - involves shouting and the 

use of hand signals to transfer information 

about buy and sell orders 

Robots Aiding in Eldercare 

22 and Beyond 

The word “robot” was originally created by Czech 

science fiction writer Karel Čapek, who envisioned 

artificial people someday working alongside real 

people. 

BUSINESS / FINANCE 

26 

Change of Focus Brings Profitable Business 

Mercer Advisors 

28 Looking Back Helps Advisors Look Ahead 

McLaughlin Ryder Investments, Inc. 

30 Putting Baby Boomers on Track 

Retirement planning provides workshops and direction to set 

retirement goals 

32 A Less Transparent Market is Risky 

Makes a case for being realistic about risk 

33 Financial Services Roles Need Defining 

“It’s a great idea, however …” 

34 Combining Education with a Scientific Approach 

Professional Financial Strategies 

8 

16 

THE SUIT MAGAZINE - SEPT 2014


37 Giving Clients an Extra Edge 

Profiting through Strategic Supply Chain Management 

38 

Understanding Your Options 

NewBridge Retirement Advisors 

40 Gagne Wealth Management 

Dusting off the History Books to Calm Clients Fears 

41 Independent But Connected 

An Independent Consultant Who Sees Her NETWORK 

as a Key to Success. 

42 

A Worry-Free Retirement 

McNeil, Ahrens, & Lambert Financial Group, LLC 

46 

Retirement Plan Advisors of Virginia 

Tech Savy Consumers Leads to Better informed clients 

47 Testing The Risks 

David Adams Wealth Group 

48 REI Associates LLC 

Real estate Opportunities Abound 

50 Enjoying the Experience 

Soloff Wealth Management 

51 Success is a Two-way Street 

Chartered Financial Consultant (ChFC) 

52 

TransAct Merchant Solutions 

Merchant Services and Data Breach Protection 

53 Odyssey Advisors, Inc 

Banking on an Independent Streak 

54 

Diversified Financial Consultants 

Financial planner uses education, dialogue to forge 

long-term relationships with clients 

55 Hapanowicz & Associates 

Transparency in Client Investment is the Basis of Trust 

57 Novus Wealth Advisors 

Rocket Scientist Becomes Financial Advisors 

58 Manarin Investment Counsel LTD 

Accentuating the Fundamentals While Devaluing the Noise 

58 

The Waverton Company 

More Options for Commercial Financing 

59 Innovative Wealth Management Services 

Retirement Planning Isn’t Just About That Big Number 

60 Investment Planning Advisors 

Simple is Better When Building Client Relationships 

62 

63 Issachar Fund (LIONX) 

Daily Decision-making PROTECTS ASSETS 

64 

Helping Clients Streamline and Automate 

SCIO Strategies and Analytics, a division of Financial Technologies 

Your Financial Coach Inc 

The Challenges of Inheritance 

66 

Lasting a Lifetime 

Stuffing Cash Under the Mattress 

67 

Prescription Plans that Save 

Professional Risk Asset Management Insurance Services 

THE SUIT MAGAZINE p.5


68 

Estate Planning: Take the Time Now 

Sabrina Winters, Attorney at Law, PLLC 

69 Planning is for Everyone 

Empower Wealth Advisors 

71 

72 

Protecting the Principal 

Circle of Safety Advisors, LLC 

73 

Unveiling Micro-Cap Opportunities 

Perritt Capital Management 

Econologics Financial Advisors 

Staying engaged In financial planning 

74 

CapRock Wealth Advisors 

Building Bridges to Financial Independence


y cezary podku 

How Wall Street Tobacco Deals 

Left States With Billions in Toxic Debt 

Politicians wanted upfront cash from a 

legal victory over Big Tobacco, and bankers 

were happy to oblige. The price? A handful 

of states promised to repay $64 billion on 

just $3 billion advanced. 

In November 1998, attorneys general from 

across the country sealed a historic deal with 

the tobacco industry to pay for the health care 

costs that resulted from smoking. Going forward, 

nearly every cigarette sold would provide 

money to the states, territories and other 

governments involved – more than $200 billion 

in just the first 25 years of a legal settlement 

that required payments to be made in 

perpetuity. 

Then, Wall Street came knocking with an offer 

many state and local politicians found irresistible: 

Cash up front for those governments 

willing to trade investors the right to some or 

all of their tobacco payments. State after state 

struck deals that critics derided as “payday 

loans” but which proponents deemed only 

prudent. As designed, private investors – not 

the taxpayers – would take the hit if people 

smoked less and the tobacco money fell short. 

But things haven’t exactly worked out as 

planned. 

A ProPublica analysis of more than 100 tobacco 

deals since the settlement found that 

they are creating new fiscal headaches for 

states, driving some into bailouts or threatening 

to increase the cost of borrowing in the 

future. 

One source of the pain is a little-known feature 

found in many of the deals: high-risk debt 

that squeezed out a few extra dollars for the 

governments involved, but promised massive 

balloon payments – some in the billions 

– down the road. 

These securities, called capital appreciation 

bonds, or CABs, have since turned toxic. They 

amount to only a $3 billion sliver 

of the approximately $36 billion 

in tobacco bonds outstanding, according 

to a review of bond documents 

and Thomson Reuters data. 

But the nine states, three territories, 

District of Columbia and several 

counties that issued them have 

promised a whopping $64 billion to 

pay them off. 

Under thees deals, the debts must 

be repaid with settlement money and 

not tax dollars. Still, taxpayers lose 

out when tobacco income that could 

be spent on other government services 

is diverted to pay off CABs. And states 

can’t simply walk away from the debt – 

bondholders have a right to further tobacco 

payments, even after a default. 

“It’s going to cost taxpayers, either directly 

or indirectly,” said Craig Johnson, 

an associate professor of public finance at 

Indiana University in Bloomington, who 

has studied tobacco bonds and CABs. “I 

don’t doubt that at all.” 

ProPublica’s analysis is the first to 

measure the magnitude of high-risk debt 

involved in the tobacco deals and to calculate 

how much Wall Street’s dealmakers 

earned. It also shows how much of 

the tobacco money has been securitized 

– that is, turned into payments that go 

to investors. As of this year, at least one 

out of every three dollars coming in 

under the settlement is pledged to investors, 

according to bond disclosures 


and payment data from the National 

Association of Attorneys General, 

which tracks the flow of funds. 

The sure winners so far are investment 

bankers from Citigroup, 

the now defunct Bear Stearns and 

others who, along with consultants 

and lawyers, have pocketed more 

than $500 million in fees for their 

financial engineering, according 

to ProPublica estimates. They now 

stand to make even more as the 

governments look to rework old 

deals and try to get even more tobacco 

cash up front. 

In part, troubles with tobacco 

bonds arise from the same kind of 

miscalculation that led to the housing 

bubble. 

Just as mortgage lenders bet that 

home prices would keep rising, the 

tobacco deals relied on optimistic 

predictions of how much Americans 

would still smoke. Forecasters 

rightly saw that cigarette sales 

would continue to decline, but now 

the yearly drop – about 3 to 3.5 percent 

– is nearly double what was 

cooked into the deals. 

Because the bonds sold to investors 

can stretch 40 years or more, 

these outdated estimates mean an 

ever-widening gap between what 

states expected to collect under the 

settlement and the payments they 

promised investors. 

The CABs promise gigantic payouts 

– as high as 76 times what’s 

borrowed – because nothing is due 

on them for decades. Meantime, interest 

compounds on both the principal 

and accumulating balance. 

Defaults by state and local governments 

are rare, but rating agencies 

have been warning that tobacco 

bonds in general could go under 

en masse. Moody’s said in May 

that up to 80 percent of the tobacco 

issues it tracks are likely to default. 

For CABs, defaults appear certain. 

“They’re doomed,” said Jim Estes, 

a finance professor at the California 

State University, San Bernardino, 

who helped ProPublica 

analyze the bond documents. “It’s 

not a question of whether or not, 

it’s a question of when.” 

Wall Street firms are already 

pitching their services to help unwind 

the deals they helped create. 

The first state to act was financially 

strapped New Jersey. In March, 

it rescued two CABs that were part 

of a larger 2007 deal. The CABs 

promised to repay $1.3 billion in 

2041. To pay off that giant tab before 

it comes due, the state agreed 

to hand over $406 million of its remaining 

tobacco proceeds beginning 

in 2017, money that otherwise 

would have gone into state coffers. 

Barclays handled the transaction 

for New Jersey, earning $4.5 

million. The state also got $92 million 

in upfront cash out of the deal 

to help Gov. Chris Christie and 

lawmakers plug a budget deficit. 

Still, rating agencies were not impressed: 

They downgraded the 

state anyway, making it costlier for 

New Jersey to borrow. 

In late July, Rhode Island announced 

a plan to buy out some 

holders of $197 million of the CABs 

it sold in 2007. The deal would 

shave $700 million off a $2.8 billion 

tab due on the bonds in 2052 

and let the state refinance some of 

its older tobacco bonds at more attractive 

interest rates. Now, some 

bondholders are suing to block the 

deal. 

Most of the deals involving CABs 

sold right before the 2008 financial 

crisis, ProPublica found. As the 

horizon darkened, the market for 

them began falling apart, with one 

lone buyer keeping Wall Street’s 

CAB machine going. Pitch documents 

show that bankers pressed 

the states to act fast before the window 

shut. 

“We are confident that we can 

stimulate demand,” Bear Stearns 

bankers told Ohio prior to a 

$5.5 billion tobacco bond package 

championed in 2007 by then State 

Treasurer Richard Cordray, who 

these days heads the U.S. Consumer 

Financial Protection Bureau. 

Ohio’s tobacco deal was the largest 

ever. It included CABs that 

brought in $319 million in return 

for an eventual $6.6 billion balloon 

payment – a nickel on the dollar. 

Bear Stearns, Citigroup and other 

Wall Street firms made about $23 

million in fees on the transaction, 

according to the bond offering document. 

Then there is Puerto Rico, a government 

with a long history of financial 

woes. 

In April 2008, as Bear Stearns was 

collapsing, it closed a $196 million 

tobacco bond sale that saddled the 

Puerto Rico Children’s Trust, a fund 

set up to benefit island families, 

with an eventual $8.6 billion balloon 

payout. Bear Stearns and Citigroup 

made $1.4 million in fees. 

This year, Puerto Rico’s tobacco 

settlement receipts fell 13 percent 

below what was forecast when the 

deal was done. The commonwealth 

is also struggling to prevent default 

on a mountain of other debt. Officials 

there did not respond to written 

questions, phone calls or interview 

requests. 

Critics have repeatedly lambasted 

the states and other jurisdictions 

for violating the intent of the tobacco 

settlement by spending the money 

on uses other than anti-smoking 

programs and health care. 

“The securitization scheme not 

only accelerated the expiration of 

the usefulness of that money, but 

basically guaranteed that it would 

never be used for its conceived 

purpose,” said Dave Dobbins, an 

executive with the American Legacy 

Foundation, a nonprofit created 

under the settlement to fund smoking-prevention 

programs. 

“Now the money’s gone, the securitization 

scheme is sort of coming 

home to roost for some people 

… and the tobacco problem is still 

there: 480,000 people [are] expected 

to die this year due to tobacco-related 

disease,” Dobbins said. 

“It’s a grim story.” 


COVER STORY 

Of Mice 

and Medicine MEN 

reported by amy armstrong 

Dr. Se-Jin Lee, MD., PhD. has increased 

muscling on mice in research laboratory 

trials showing promising potential 

The work of an unassuming and somewhat humble 

Johns Hopkins researcher holds the potential to 

revolutionize the treatment of diseases sapping 

away muscle strength, as well as to mitigate some 

of the muscle-draining effects of aging. 

Dr. Se-Jin Lee, M.D., Ph.D., who is 

the Michael and Ann Hankin and 

Partners of Brown Advisory Professor 

in Scientific Innovation and Professor 

of Molecular Biology and Genetics at 

Johns Hopkins University School of Medicine 

in Baltimore. Lee was interviewed regarding 

the current status of his research 

into the effects of a protein he discovered 

in 1995 and named myostatin. Naturally 

occurring in mammals, this protein plays 

a crucial role in regulating muscle growth 

by preventing muscles from growing too 

large for the skeletal frame upon which 

they function. 

Lee’s research demonstrated that the 

myostatin protein signals other dormant 

or non-active muscle-building cells to activate 

when muscle building or repair becomes 

necessary. This discovery led to a 

number of questions, the most important 

of which revolved around what effects the 

removal of myostatin would have on muscular 

development. The pharmaceutical 

industry responded with interest in how 

people suffering from muscle depletion 

could be helped, and the sports industry 

was also interested, hoping that mastery 


of myostatin could lead to enhanced 

performance, possibly 

proving to be an alternative to 

controversial steroids. 

Interestingly enough, Lee – 

an avid sports fan himself, to 

say the least – is much more 

interested in the potential 

that medical regulation of the 

myostatin protein presents 

for an aging America losing 

its muscle strength and for 

patients whose illnesses leave 

them fighting muscle deterioration, 

than he is in myostatin’s 

application to sports 

figures, including any accompanying 

financial windfalls 

that might result. 

In 2008, he told David Epstein 

from Sports Illustrated 

that he would do an interview 

on the condition that Epstein 

make it eminently clear to 

readers that Lee’s work was 

not now – and would not be 

– directed toward enhancing 

athletic performance. Epstein 

complied, and the sports 

world learned first-hand from 

Lee about the medical applications 

of his research at a 

time when national attention 

focused on anabolic steroid 

abuse as the Roger Clemens 

scandal unfolded in professional 

baseball. 

Fast-forward to 2014, and 

Lee’s insistence that his muscle-regulating 

protein discovery 

be limited to medical uses 

appears to be holding firm. 

The list of current research 

trials he provided to The Suit 

Magazine addresses medical 

issues such as muscle wasting 

after hip fracture surgery, 

muscle atrophy post hip replacement, 

muscle weakness 

after a fall and myostatin’s 

role in treating various types 

of cancer. Each of these trials 

represents common geriatric 

health issues that Lee has 

regularly insisted his research 

needs to address. 

After attending Johns Hopkins, 

Lee graduated from the 


Medical Scientist Training Program, a 

federally-funded MD/PhD program, 

spending time as a staff associate at the 

Carnegie Institution of Washington’s 

Department of Embryology in Baltimore. 

Then Lee received an offer from 

the Johns Hopkins Molecular Biology 

and Genetics Department – one of the 

best departments in biological sciences 

anywhere in the world. “The department 

has had three sitting members 

receive the Nobel Prize in Medicine 

or Physiology, including our current 

chair, Carol Greider, who received the 

prize for her work on telomerase,” Lee 

said. 

Believing that he was in an excellent 

position to make a difference scientifically, 

little did he know that the discovery 

by his team would trigger such 

a firestorm of interest in slow-paced, 

repetitive scientific research. 

Lee spent a number of years focusing 

on genetically engineered mice, 

either to delete individual genes or 

to produce too much of an individual 

protein. It was in 1995, while working 

with laboratory mice in an attempt to 

understand the role signaling molecules 

played in regulating embryonic 

development and adult tissue homeostasis, 

that Lee and his team discovered 

the myostatin protein. 

Lee and his research staff genetically 

altered some of the mice by limiting the 

amount of myostatin in their systems. 

“We found that deleting the myostatin 

gene in mice led to mice with 

about twice the normal muscle mass 

throughout the body, demonstrating 

that myostatin normally acts to limit 

muscle mass,” Lee said. This lack of 

myostatin produced mice with significantly 

larger muscle mass, quickly 

earning them the name “knockout 

mice” within the scientific community. 

The publication of his initial research 

results in a standard research 

paper outlining their findings opened 

a floodgate of questions from within 

the medical pharmaceutical industry 

regarding practical applications. In 

relatively short order, the somewhat 

unwanted media spotlight zeroed in 

on Lee. 

His efforts currently focus on two 

general areas. The first is in continuing 

to understand how myostatin works at 

the molecular and cellular level. There 

are still many unanswered key questions 

regarding the protein, and Lee 

believes that a greater understanding 

of the mechanisms by which it 

acts will have important implications 

for the development of therapeutics 

targeting this pathway. The second 

area his research impacts is a potential 

understanding regarding the role 

of myostatin in diseases having muscle-wasting 

symptoms, along with the 

consequences of manipulating this 

pathway in various disease states. 

Although Lee’s current work focuses 

almost entirely on mice, his research 

has shown that naturally occurring 

mutations in the myostatin gene also 

lead to increased muscle mass in other 

species, including cattle, dogs and 

sheep. In addition, there are some interesting 

studies showing that variants 

of myostatin can increase racing performance 

in horses, according to Lee. 

Currently, Lee and his research team 

continue to focus on a group of proteins 

referred to as the transforming 

growth factor-ß superfamily. “This 

group of proteins function as signaling 


molecules that act to regulate the state 

of growth and/or differentiation of 

target cells and tissues,” Lee explains. 

“Because these normally act from 

outside the cell, manipulating the activities 

of these molecules, it is more 

straightforward than those that act intra-cellularly.” 

The body-building industry is wildly 

interested in the effects it perceives 

the regulation of myostatin could have 

on muscle enhancement. The 2008 

Sports Illustrated article highlighted 

current speculation that myostatin 

regulation could lead to gene therapy 

aimed at altering DNA. In theory, this 

type of muscle enhancement might be 

able to circumvent drug testing. The 

body-building community, by envisioning 

yet another way to manipulate 

muscle mass, has been controversial, 

to say the least. Lee remains adamant, 

however, that the goal of his work is 

not to improve the odds of athletes, 

but to help aging America trade in 

their canes and wheelchairs for more 

active golden years. For now, he has 

been able to limit myostatin research 

to valid medical purposes only. Yet, he 

knows that once a myostatin regulator 

hits the market, it’s highly likely that 

some people will get their hands on 

the drug and use it for enhancing athletic 

performance in humans and animals, 

bodybuilding, bulking up food 

sources and other, as yet unidentified 

non-medical uses. 

Despite lamenting these possibilities, 

Lee believes that the medical ramifications 

warrant continued research. 

“People who suffer from a disease 

can develop a severe wasting process, 

which is called cachexia,” Lee 

explains, “Cachexia is also known as 

a wasting syndrome – meaning loss of 

weight, muscle atrophy, fatigue, weakness 

and significant loss of appetite in 

someone who is not actively trying 

to lose weight. The formal definition 

of cachexia is the loss of body mass 

that cannot be reversed nutritionally. 

Even if the affected patient eats more 

calories, lean body mass will be lost, 

indicating a primary pathology is in 

place.” 

Ten different clinical trials are in the 

second phase of research aimed at developing 

myostatin inhibitors to treat 

patients with muscle loss. “For now, 

we are focused on myostatin – but this 

type of research always ends up moving 

in directions that may be unexpected, 

so it is difficult to predict where we 

will be in the future,” said Lee. “My 

work on myostatin has certainly been 

interesting. It is too early to say how 

important this will be one day, but I 

am anxiously awaiting the results of 

the clinical trials to see whether this is 

going to work.” 

This last statement came with the 

kind of knowing chuckle that only a research 

scientist could fully appreciate. 

Lee cautions that any medical usage of 

myostation regulation is not years, but 

most likely decades in the future. Yet, 

the possibility that his work has more 

than laid the foundation for advancements 

in muscular support to aid coming 

generations as they age, seems to 

be an unusually bankable one. In our 

opinion, savvy biomedical investors 

might wisely evaluate pharmaceutical 

companies currently running clinical 

trials based on the potential changes 

that mastery of this protein represents 

for the medical community. 

Learn more about Dr. Lee’s research 

online at http://pages.jh.edu/~sejinlee/ 


eported by judy magness 

Pulling Nighttime Viewers into CNBC 

By day, the hosts, the moderators and the guests on 

the CNBC cable news network are clad in corporate 

business attire as they guide their audience through 

business and financial news on shows such as “Fast 

Money,” “Squawk Box” and “Mad Money with Jim 

Cramer.” 

when evening comes, the network 

transforms itself into 

BUT 

CNBC Prime. No neckties with perfect 

knots, no patent leather pumps. Just the 

rolled-up sleeves of the small business 

owner, the salt of the earth. Television 

studio sets, tailored clothing, and makeup 

chairs are replaced with cluttered back offices, 

roomy polo shirts and drugstore lip 

gloss. The network’s primetime lineup is 

dedicated to the entrepreneurial spirit of 

middle-Americans who are trying to make 

a buck and live the dream – their dream – 

and who don’t want to sit in a cubicle and 

answer to a corporate suit. 

Although CNBC’s nighttime lineup includes 

some fan favorites like, “The Car 

Chasers,” the new “Restaurant Startup” 

and reruns of “Shark Tank,” it is“The 

Profit,” starring Marcus Lemonis, that is 

a breakaway hit for the network and it's 

back for a third season starting October 14 

at 10PM. Ten new episodes are slated to 

air, including an entire episode devoted to 

follow-up segments on many of the businesses 

featured in the first two seasons. 

While avid viewers know and love Lemonis, 

those new to the show should know 

that he is a self-made millionaire and entrepreneurial 

trailblazer who invests his 

own time and money to help the struggling 

businesses agreeing to be featured 

on the reality show. In fact, they ask for 

his help. “In over 14 episodes, Marcus 

Lemonis has invested more than $7 million 

in small businesses featured on the 

series,” according to a CNBC source. 

He also has investments in over 100 

other businesses. And, oh yes, he is 

also chairman and CEO of Camping 

World, the country’s largest RV and 

outdoor retailer – and Good Sam, the 

largest RV owners’ organization in 

the world. 

According to Lemonis, CNBC 

identified an under-served niche – 

people’s fascination with the small 

business market. They saw a programming 

opportunity to draw in 

new viewers who were blasé about 

the network’s traditional offerings. 

“Candidly, going to CNBC was a 

huge gamble because it didn’t have 

nighttime programming. The reason 

that I made the decision for CNBC is 

because I felt like they really wanted 


me … and they wanted to do 

it. They believed in it,” explained 

Lemonis. 

CNBC President, Mark 

Hoffman and Lemonis met 

only briefly before the synergy 

between them was obvious. 

They both came to the 

table with a similar concept. 

“I didn’t have to sell them 

on me or what I was trying 

to do. It was a really good fit, 

and I think it has worked for 

them,” Lemonis said about 

the relationship he shares 

with the network. 

It seems that nighttime is 

the right time for those with 

a thirst for entrepreneurship 

– and the ratings tell the tale. 

“One of CNBC’s biggest success 

stories of 2014 is ‘The 

Profit,’ the most-watched 

original series among P18-49 

and P25-54 in network history,” 

reported The Nielsen 

Company, who also said that 

the audience grew by 225 

percent among adults 18-49 

years-old from the first season 

to the second. 

Lemonis has developed 

a cult-like following of entrepreneurs 

who watch his 

every move on each episode 

of “The Profit.” They can 

recite the guiding principle 

Lemonis created and uses to 

evaluate each business on the 

show: People. Process. Product. 

Both Lemonis and Hoffman 

agreed that they wanted 

to produce a show that was 

authentic and that portrayed 

the good, the bad and the 

ugly of saving small businesses 

on the brink of closure. 

“Whatever happens, happens 

– and that’s it,” said Lemonis. 

“And in the end, if the 

reality of what happens isn’t 

entertaining, the viewers are 

going to tell us and they’re 

not going to watch. If it is 

entertaining, they’re going to 

watch and keep on watching. 

They’re going to want more, 

the thing is going to go viral 

and it’s going to be fantastic.” 

While the actual airtime for 

“The Profit” is about 44 minutes, 

production teams shoot 

some 70 hours of footage. According 

to Lemonis, the space 

between filming and airtime 

is wildly tight. “You could 

watch a show on Tuesday 

night and I could have finished 

filming the last part of 

it seven to ten days before,” 

he said. 

“Two things don’t lie – the 

camera and your numbers,” 

said Lemonis on being asked 

by The Suit how he feels 

when business owners don’t 

know the complete story of 

their financial situations. 

“I feel bad for them more 

than I am angry. I don’t have 

any right to be angry; I’m 

not their judge. I feel bad 

that their businesses ended 

up at this place because of a 

lack of knowledge about the 

numbers. If you don’t know 

what the results are, how do 

you make decisions to affect 

the results? It’s like throwing 

darts in the dark.” 

www.cnbcprime.com/the-profit 


The New York Stock Exchange often 

times called “The Pit” - involves shouting 

and the use of hand signals to transfer 

information about buy and sell orders 

Significant changes – are emerging today including 

a nod to the history of the New York Stock Exchange 

– are in the works for the Big Board, which 

is by far the world’s largest stock exchange and 

financial player in terms of market capitalization. 

Discussions are ongoing 

regarding allowing 

tourists and other 

members of the general 

public back onto the public 

viewing gallery to 

watch traders in action, according 

to a Sept. 2, 2014, 

report in the Wall Street 

Journal. After the 9/11 attacks 

on the World Trade 

Center, the public gallery 

was closed because of security 

concerns. 

This is only the first 

move being considered 

by the NYSE’s new owners. 

In December 2012, 

the NYSE’s then parent 

company, Euronext, was 

purchased by InterContinental 

Exchange (ICE) for 

$8.2 billion. At the time of 

the sale, media attention 

and watercooler scuttlebutt 

focused on what 

this particular purchase 

represented in terms of a 

changing global economy 

and increases in stock 

purchases on an international 

basis. ICE was 

then only a 12-year-old 

start-up specializing in 

commodities, futures and 

derivatives trading with 

headquarters in Atlanta, 

Georgia. Today, it has 

dual headquarters, with 

its second location in New 

York City. While transactional 

operations remain 

focused on developing 

global economic opportunities, 

regular discussions 

regarding how to restore 

some of the NYSE’s lost 

history are also on the 

conglomerate’s agenda. 

Should tourists be allowed 

back on the public 

viewing gallery, the action 

they will see might not be 

as bustling and frantic as 

in years gone by. Crazed 

shouting by brokers trying 

to outbid one another, 

interspersed with messages 

sent across the floor by 

speedy runners has largely 

been replaced by more 

silent brokers focused on 

hand-held mobile devices. 

Yet, when a hot button 

item hits, a crowd still 

gathers around that particular 

trading post and 

the frenzy of fingers flying 

across keyboards remains 

a sight not seen at many 

other tourist destinations. 

Perhaps the most ambitious 

return to historical 

standards being bandied 

about by ICE officials 

involves a return to the 

NYSE's past physical appearance. 

Back in the early 

1980s, the need to keep 

pace with changing technology 

and computerization 

saw the erection of an 

expansive metal support 

system designed to hold 

up dozens of screens and 

other heavy equipment. 

In addition to being an 

eyesore, the massive metal 

framing more than obscured 

the 

New Owners 

NYSE 

take a 

PRESERVATIONIST 

APPROACH 


view of the beautiful 

hand-carved wooden 

buttonwood flowers on 

the trading floor’s ceiling. 

Buttonwood is a significant 

symbol of the very 

beginnings of the NYSE, 

from trading under the 

buttonwood tree at the 

foot of Wall Street, to the 

Buttonwood Agreement 

of 1792 formalizing an 

association of traders that 

became the NYSE. At the 

time this framing was installed, 

many lamented 

the change – yet conceded 

it was necessary to forward 

electronic progress. 

Enter Jeffrey Sprecher, 

founder, chairman and 

CEO of ICE. As reported 

in the New York Times in 

mid-January 2013 – just a 

few short weeks after his 

firm purchased Euronext 

– Sprecher was a most unlikely 

candidate to purchase 

the NYSE due to 

his status as a Wall Street 

outsider. Yet, with his bid 

to purchase Euronext also 

came his personal leanings 

toward architecture, 

engineering and his firm’s 

reputation for using lightening-speed, 

bleeding 

edge computer systems 

needing significantly less 

structural support than 

the technology currently 

sitting on the NYSE trading 

floor. 

According to the Wall 

Street Journal, one of 

Sprecher’s first priorities 

was putting ICE employees 

to the challenging 

task of analyzing how to 

remove the existing information 

system and its 

obtrusive metal support 

system from the trading 

floor, while replacing it 

with a faster, more technologically-capable 

system 

requiring far less 

in the way of support 

structure. Sprecher seeks 

a more open, airy feel to 

the trading floor – somewhat 

reminiscent of its 

look preceding the 1980s 

installation. 

Doing so will require 

a mega-financial commitment 

on his part. Estimates 

currently under 

discussion regarding this 

transformation – which 

will include building a 

temporary floor to conceal 

wiring and duct 

work exposed during 

removal of the current 

computer support system 

– are already tallying up 

into the tens of millions. 

Sprecher is currently 

committed to a more than 

$80 million price tag for a 

top to bottom renovation, 

which includes refurbishing 

the trading floor and 

revamping all of the offices 

housed in its 23 stories. 

No matter what, it will 

be a tricky job. The building 

housing the NYSE at 

11 Wall Street, along with 

its instantly recognizable 

1903 main building at 18 

Broad Street, was placed 

on the National Register 

of Historic Places for the 

National Park Service in 

1978. Designed by Trowbridge 

and Livingston, 11 

Wall Street was completed 

by Marc Eidlitz and 

Sons in 1922, and is located 

to the right of the famous 

facade of the earlier 

building. The NYSE has 

been situated on portions 

of its present site since 

1865. 


strength 

in 

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y peter suciu 

A GREAT POTENTIAL 

Robots Aiding 

in 

Eldercare and Beyond 

Norrie J. Daroga, CEO and Co-Founder 

THE SUIT MAGAZINE - SEPT 2014 

The word “robot” was originally created 

by Czech science fiction writer 

Karel Čapek, who envisioned artificial 

people someday working alongside 

real people. Today, however, “robot” is 

a universal term for both physical machines 

and also for software. Although 

they have the potential to aid real people, 

one sticking point has been human-robot 

interaction and human trust. 

Geppetto Avatars is a company that is 

pioneering efforts in this field. 

Norrie J. Daroga, CEO of Geppetto 

Avatars, Inc., credited the company’s 

technology as a way for people to have 

meaningful interactions and conversations 

with machines that could improve 

their lives. Although this technology, 

first developed at Geppetto Labs and later 

assisted by Avatar Ventures, Inc., the 

combination of which formed Geppetto 

Avatars, could have potential applications 

in education, financial services 

and even in the entertainment industry, 

right now the company is focusing on 

the world of health care. 

“There are a number of situations 

where the avatar is able to have a conversation 

and observe your behavior, or 

listen to your concerns when a doctor 

or a nurse is not available,” Daroga told 

The Suit Magazine. “The typical application 

(could be) patient engagement, 

where you want to know information 

about a particular drug, or (when) you 

are concerned about something you observe 

on your body and want to see a 

doctor.” 

The application is far more interactive 

than a mere online form or questionnaire 

by providing a graphical representation 

of a helper – an avatar – that could go

FOR HELPING HUMANS 

How we do it. 

Gestures, expressions, tone and context – you 

can’t have an effective conversation without them. 

We’ve recognized a need to develop systems that 

support patient engagement. The characters we 

build have hearts, minds, and personalities of their 

own, giving people a better way to get important 

information when they need it. 

through question and answer scenarios 

with a potential patient. Based on the information 

provided, the avatar could have the 

ability to do pre-screening or collect enormous 

amounts of information about the patient 

for the doctor, thus saving a doctor’s 

time. Daroga added that this technology, 

when integrated with a camera, will allow 

users to take pictures if necessary. 

From this interaction, “your doctor can 

let you know if you have a serious problem 

or something that can wait for a week,” 

Daroga suggested. 

On the surface, this technology might 

have the feel of science fiction from Čapek 

or even Star Trek but it is something that 

Geppetto Avatars Inc. has been working on 

since the company was founded just over 

a year ago. Daroga, along with co-founder 

http://vimeo.com/88315494 

HD 


Mark Stephen Meadows, who previously 

worked in the labs where Apple’s 

Siri was developed, set out to 

make their vision a reality. Although 

the company only wrote its first line of 

code this past January, its technology 

will debut this fall. 

“In early September we plan to 

have MVP (minimal viable product) 

launched with a client who will be using 

it for eldercare,” said Daroga. “That 

is a pretty dramatic leap and series of 

advances in six months.” 

While there is a five year plan – and 

Geppetto Avatars Inc. continues to raise 

seed money – Daroga noted that it was 

launched simply with investment from 

friends and family. The MVP is thus a 

crucial next step for the company. 

“We are in conversation with different 

venture capital firms,” Daroga noted. 

“Getting the product out will help 

us a lot so that people will be able to see 

where it is working.” 

One hurdle in the medical world is 

that clinical studies take time, while 

this technology continues evolving at 

“warp speed.” However, the firm has 

developed Sophie, the first interactive 

software robot designed to interact 

with human patients and she could 

have an advantage over other, similar 

technologies. 

“She is able to conduct 10,000 interviews 

in an hour, as opposed to one 

interview in four hours,” said Daroga, 

sounding much like a proud parent. 

Sophie can also be finely tuned to discuss 

all sorts of medical conditions and 

“her” software is programmed to work 

like a doctor thinks, according to a recent 

commentary on Fox News introducing 

Sophie. 

“The avatars will have expertise in 

different chronic diseases; there will be 

a robot for diabetes, asthma and psoriasis,” 

he explained. “So essentially, the 

avatar only needs to know about a particular 

type of expertise.” 

Moreover Sophie isn’t just a pretty 

face acting as the front for an input 

device. She can actually react to the 

emotions of the user. This means that 

Sophie won’t necessarily be limited to 

only diagnosing conditions, as her bedside 

manner could be adjusted to encompass 

other applications. 

“The more interesting application is 

that the avatar has the ability to sense 

your emotions and it uses both your 

words and your tone. And, in a few 

months, it will be able to observe your 

facial expressions,” said Daroga. “It 

converts this into sentiment and one of 

its uses in connection with that is eldercare. 

There are over 60 million people 

taking care of family members in this 

country.” 

Because Sophie is software based, 

she can also be changed to meet each 

client’s needs – and doesn’t even need 

to be a she! 

“It is software, so you don’t need to 

have a physical presence and you can 

have many different characteristics 

built into it. You can have people of different 

color, male or female, and you 

could have characteristics you desire 

– that you empathize with and trust,” 

added Daroga. 

The next step may be to take the software 

and integrate it with robotic hardware. 

One of the investors interested in 

Geppetto Avatars is a robotics firm, and 

after the September launch, Daroga 

said he hopes that the robotic industry 

will take notice. 

In showing us his vision of the future, 

Daroga asks, “Can you imagine 

if a physical robot could engage with 

you?” 

GEPPETTO AVATARS, INC. 

1341 W. Mequon Road, Suite 210 

Mequon, WI 53092 

414.704.0986 (Mobile) 

262.643.4740 (Office) 

www.geppettoavatars.com 


y felix badea 

Change of Focus Brings 

EXPANDED PROFITABLE BUSINESS 

That time-worn adage: “Change is inevitable,” is certainly 

an overworked, road-weary cliché. But when 

applied to economics, those changes might reflect 

these lyrics instead, “A change is gonna do me good,” popularized 

by songs credited to Etta James and Elton John. 

At least, that’s what Dave Barton, President and CEO of 

Mercer Advisors in Santa Barbara, CA, will tell you. 

The Great Recession forced Barton to revamp what was 

once a successful business model – one that had worked 

since 1985. Prior to 2010, Mercer Advisors had focused 

solely on advising dental practices. But when the economy 

developed a gaping financial cavity, the pain was as real as 

a flaring root canal. 

“It was a tough time for dentists. It was a tough time for 

us from a client standpoint and it really challenged our 


HELPING PEOPLE 

LIVE THEIR DREAMS 

FOR 29 YEARS. 

context of modern portfolio theory and global asset 

allocation. Rather than chasing returns through stock 

picking or market timing which more often are not 

winning strategies, Barton said that Mercer Advisors 

opts instead for overweighting or tilting their portfolios 

towards scientifically validated areas of higher expected 

return, and then systematically filter out stocks 

that do not meet the firm’s pre-established holding criteria. 

He is not a believer in trusting gut instincts; he 

just doesn’t believe advisors are always right in their 

human analysis. 

“If you look at some of the recent surveys, they indicate 

that 65 percent of active managers fail to meet or 

exceed their own benchmarks over a one-year period,” 

Barton said. “And 75 percent fail to meet or exceed their 

benchmark over a five-year period. That is not a great 

batting average.” Our scientific approach to investing 

consistently beats our benchmarks, produces great returns, 

without risking our clients’ nest eggs. 

business model,” Barton said. 

“As a high percentage of all dental care is discretionary, 

its expense was an obvious one to defer during the Great 

Recession,” Barton explained. What many high net worth 

individuals and families felt they couldn’t afford to take 

out of their budgets, however, was comprehensive financial 

planning. That’s where Barton and Mercer Advisors 

turned in 2010 – and made their mark. 

“We increased our staff and began delivering comprehensive, 

customized financial plans through certified 

financial planners,” Barton said, adding that estate planning, 

asset protection, tax planning and succession planning 

were new areas of expertise which Mercer Advisors 

opted to include. “We wanted to bring a full suite of professional 

services, under one roof, to clientele.” 

Today, Barton proudly points out that altering the business 

focus to a full suite of financial solutions was admittedly 

a big risk – but was also one that has paid off. Today 

Mercer Advisors has more than $5.7 billion in assets under 

management spread across its 15 offices nationwide, serving 

4,200 clients. In the past three years, Mercer Advisors 

added seven new offices and 1,200 new clients, and has 

nearly doubled their assets under management since 2008. 

Barton described his firm’s approach to investing as a 

scientific one, utilizing the four-factor model within the 

1801 East Cabrillo Boulevard 

Santa Barbara, California 93108 

www.merceradvisors.com 


y judy magness 

Looking Back 

Helps Advisors Look Ahead 

Shawn P. McLaughlin, AIF®, 

President and CEO 

Professional • Honest 

Knowledgeable 

Trustworthy • Ethical 

Those are the qualities that you want 

to describe the financial advisor who 

will help you develop and execute the 

strategy to achieve your financial goals. 

Those are qualities that are non-negotiable. 

Those qualities describe the entire 

team at McLaughlin Ryder Investments. 

1421 Prince Street, Suite 200, Alexandria, VA 22314 

Phone: 703-684-9222 Website: www.mclaughlinryder.com 

In 2011, “The Wall Street Journal” 

reported that the Financial 

Crisis Inquiry Commission— 

appointed by the Federal government 

to investigate the financial 

crisis of 2008—“blamed failures in 

financial regulation, flaws in corporate 

governance, and excessive borrowing 

as key elements leading to 

the meltdown.” The warning signs 

were there as experts from finance, 

government, and industry now 

concur, but as they, say hindsight 

is 20/20. 

Shawn P. McLaughlin, President 

and CEO of McLaughlin Ryder Investments, 

Inc., agrees. “It’s easy to 

see the warning signs in retrospect, 

but what is clear today was very, 

very foggy back then,” he said reflecting 

back to a time where Americans 

suffered through economic 

shock treatments. 

Probably one of the biggest signs 

was how easy it was to buy a home 

said McLaughlin. “Almost anyone 

could get approved for a mortgage 

loan. People were taking out more 

money than they needed for the 

home purchase so they could invest 

the rest and make a great return. 

That was a huge red flag,” he said. 

McLaughlin Ryder Investments, 

based in Alexandria, VA, uses a 

conservative approach, is committed 

to solid investments, and has 

a penchant for patient investors. 

As a result, their clients survived 

the economic turmoil. “We have 

always taken a balanced approach 

so we were not 100 percent equity 

oriented in our clients’ portfolios,” 

said McLaughlin making the comparison 

that it was no different in 

his approach in the early 2000’s 

when the dot.com bubble burst. 

While they did have some holdings 

in internet technology and growth, 

they didn’t sell their long-time favorite 

blue-chip holdings in favor 

of them. 

McLaughlin is an Accredited 

Investment Fiduciary (AIF®), a 

prestigious designation earned by 

completing in-depth training and 

examinations. AIF® status brings 

added value to the client relationship 

and demonstrates an advisor’s 

commitment to perform in the client’s 

best interests. 

The slow and steady increase in 

longevity that has occurred in the 

U.S. is an area that is top of mind 

at McLaughlin Ryder Investments. 

“People are living longer - It is a 

disservice not to help your clients 

properly plan for a retirement cycle 

that could be as long as you were in 

the wage earning cycle,” said Mc- 

Laughlin. 

Vice President and Director of 

Human Resources, Julie Theobald 

added, “We encourage both spouses 

to come to meetings and participate 

so it is not just one of them that 

understands the financial aspects 

of their big picture, and that both 

spouses understand the assets they 

own and their financial plan.” 

McLaughlin was named as a Top 

Financial Professional by “Northern 

Virginia Magazine” in 2014, 

2013 and 2012. He observes that 

today, people have more questions 

compared to what he experienced 

early in his 30-year career and he is 

happy to listen, as long as it is an 

open dialog. 

Member FINRA & SIPC 

Securities offered by McLaughlin 

Ryder Investments, Inc. 

Investment Advisory Services offered 

through McLaughlin Ryder Advisory 

Services, LLC a Registered Investment 

Advisor. 


the fixed side. 

Continuously making adjustments in how 

it attracts clients, today Eikenberry Retirement 

Planning markets mainly to people aged 

55 to 65. 

“Fifteen years ago we decided to be more 

specialized, and focused on people who were 

preparing for retirement,” Eikenberry told 

The Suit Magazine. “That has been the focus 

for us.” 

As with many financial planners, Eikenberry 

Retirement Planning made the shift from 

an alpha to a more conservative approach in 

advising its clients. Since the market downturns 

of 2008 and 2011, which caused it to 

make significant changes as to how it now it 

positions client’s individual assets, the firm 

has been steadily evolving. 

“We are conscious of that,” Eikenberry addby 

peter suciu 

Putting Baby Boomers on Track 

Retirement Planning Provides Workshops and Direction to Set Retirement Goals 

John Eikenberry, President 

Eikenberry Retirement Planning 

With more than four decades of financial 

service experience, John Eikenberry, 

president of Eikenberry Retirement 

Planning, said that he started out in 

the world of investing around the time “they 

started creating dirt.” After working more 

than a decade for Life of Virginia, he decided 

to go independent in 1984 and from there, 

built a large clientele comprised of individuals, 

small business owners and retirees. 

Eikenberry made the switch to independent 

financial planner in order to do his own due 

diligence for what he could provide to clients 

– instead of being told what he should provide. 

During the past 30 years, the practice he 

created has evolved significantly – starting the 

firm with no clients, to upwards of 600 clients. 

His firm now has more than $40 million under 

management, with another $40 million on 


ed, noting that the firm isn’t always going to outperform indexes 

such as the S&P or Dow, but instead “aims to minimize the downsides 

of a 2008 or even a 2011, especially the third quarter of 2011. 

We’ve seen some much improved results.” 

The market corrections experienced during those years have left 

many baby boomers suddenly unprepared for retirement – and 

without the necessary time to rebuild back to comfortable levels. 

“The buy and hold process might be suitable for someone 30 

to 40 years of age, but not somebody who is 65 or 70. It doesn’t 

hold water in my humble opinion,” Eikenberry stated bluntly. 

“We made transitions after ’08 and ’09, looking at platforms 

which were very tactical in nature, with a rules base process, so 

that when markets start to trend and change, the portfolio would 

change along with that change.” 

Moreover, he said that when one looks back to ’08 stocks – and 

definitely certain bonds that lost money – there were still assets 

that made money and offered a reasonable return on the investment. 

“Why couldn’t our clients have the ability to be in those 

assets that made money?” he pondered. “We’ve now aligned 

with platform managers who understand that process and 

had good successes in ’08 that were on the plus side and not 

the negative side. Doing this has played very well for us, and 

we’re very pleased with the results.” 

To that end, Eikenberry also agrees that the industry as a 

whole needs to do a better job of protecting client money, 

notably on the brokerage side of things. 

“In my industry, the fee-based planners are doing their job 

in the best interest of the client. I’m not saying they’re not doing 

it on the brokerage side,” he suggested, stressing, “It is a 

higher standard and we have to maintain that standard, but 

there are definitely conflicts on the brokerage side.” 

To help ensure that clients are still on track, especially 

those looking toward retirement in the near future, Eikenberry 

Retirement Planning offers regular report cards on assets 

that includes a yearly look at the portfolio. 

“It gives tremendous knowledge to spouses who aren’t as 

savvy about the money issues, so that together, they can really 

see what is going on with their money,” he emphasized. 

“Or if there is an issue, we can address it at that time – to give 

them better assurances.” 

The portfolio review is especially important for those clients 

who plan to stick around for a while and enjoy retirement 

without the fear of outliving their money. Doing this 

includes factoring in social security as an asset, in addition to 

401k, IRA and other assets – and determining how all assets 

will work together. 

“We look at when you should take your social security,” 

Eikenberry explained. “And how does that affect the assets 

you’ve set aside over your 30- to 40-year working career? 

We’re able to distinctly break that up into parts where we 

look at things as immediate for income, more intermediate 

growth and then assets for long term growth. We probably 

won’t delve into the latter for income but it can be utilized.” 

Eikenberry noted, “Some couples also have a strong desire 

to leave a legacy for the family. Others do not have such a desire 

and are (of the mindset), ‘If the last check bounces when 

I die – I’m OK with that too.’ ” 

3729 Shawnee Road 

Lima, OH 45806 

Phone: (937) 222.1128 

www.eikenberryretirement.com 


y matt camara 

A LESS TRANSPARENT MARKET IS RISKY 

INDEPENDENT FINANCIAL SERVICES FIRM 

Makes a case for being realistic about risk 

Matthew P. Havens, CFP, 

Conservative investing can be 

a tough sell to clients, but a 

less transparent market and the 

increased risk it brings makes 

wise purchases vital. 

“Even if it’s all laid out in a 

prospectus, people don’t understand 

it, and the risk [today] is 

a lot higher,” said Matthew P. 

Havens, CFP, a partner in Global 

Vision Advisors LLC. “Right 

now, our perspective is that every 

asset is being pumped up by 

central banks around the world 

artificially suppressing interest 

rates and pumping money into 

the market.” 

That situation has never ended 

well historically, Havens 

said. It probably won’t end well 

this time around, either. That 

means clients need to be realistic 

about their goals, prepared to 

save wisely and able to rely on 

their financial advisor to steer 

them toward financial health. 

Global Vision Advisors, based 

in Norwell, Mass., provides clients 

with independent advice 

and customized solutions aimed 

at improving financial health, 

not beating indexes. 

“We refer to it as a family 

wealth index. People call it their 

personal benchmark, in other 

words, focusing on what kind 

of return a client needs to 

achieve as opposed to whether 

somebody’s beating an index,” 

Havens said. 

Havens, who cut his teeth 

at Ameriprise and later 

worked for eight years at A.G. 

Edwards, said he works to establish 

a partnership with his 

clients — goal-oriented people 

who are used to determining 

what they want and working 

for it, and baby boomers 

THE FUTURE OF YOU 

It helps to know where you’re going before you start out on 

a journey. Together we can help you clarify your vision and 

achieve your way to success. 

who’ve built businesses and 

are thinking “Now what?” 

as retirement looms — and 

strives for a real conversation 

with them to clarify and prioritize 

goals. Working toward 

those goals can require a conservative 

approach, but one 

that also injects a dose of outside-the-box 

thinking. 

“Currently, the environment 

is trying to suggest that 

all you need to do is put your 

money in high risk assets and 

wealth is assured,” Havens 

said, explaining how the recent 

financial debacles of 2008 

and 2009 jolted clients into 

thinking broadly about their 

wealth. “But one of the lessons 

we had in ‘08 and ‘09 is 

that the process of achieving 

goals is more than just putting 

money in the stock market.” 

Havens encourages his clients 

to consider how to generate 

income from real estate, 

save wisely and look at creative 

ways to generate income 

so that they can ride out the 

new 30-year retirement that 

has become common. Just 

throwing money into a 401k 

isn’t going to cut it anymore. 

By building strong relationships 

with clients, Global 

Vision Advisors seeks to give 

them a deeper understanding 

of how their money is working 

for them. 

“[We’ll discuss], why are 

things happening the way 

they are?” he said. “As opposed 

to the general pabulum 

that you see in much of the financial 

industry.” 

www.globalvisionadvisors.com 


y felix badea 

Financial Services Roles Need Defining 

“It’s a great idea, however …” 

That short and incomplete sentence 

sums up how Tracy Ann 

Miller CFP®, CEO and chief 

portfolio officer of Portfolio Wealth 

Advisors, LLC, headquartered in Oklahoma 

City, OK, views the current discussion 

regarding the establishment 

of a nation-wide, uniform fiduciary 

standard governing the activities of all 

types of financial advisors. 

“It is an idea that has a lot of merit, 

but also has a lot of difficulties,” Miller 

said, noting that much of the difficulty 

comes from within the industry itself. 

“The industry needs to put aside its 

differences and step up and do what is 

right for our individual clients.” 

Miller believes that clear and distinct 

definitions of the various roles 

within the financial services industry 

are needed. As examples, she cites 

that professionals within the industry 

will describe their work to clients by 

saying, “I am an advisor,” or “I am an 

accountant,” or “I am a money manager,” 

or “I am an insurance agent” – but 

most clients have little understanding 

of those roles. 

“All of these terms can relate to the 

exact same activity in any given instance, 

so it is no wonder people are 

confused. From that point of view, 

establishing a national uniform fiduciary 

standard might make sense and 

clear things up,” Miller pointed out. 

“There simply is too much jargon in 

our industry that our clients do not understand. 

If we don’t work on cleaning 

that up, we are not going to make any 

progress.” 

She said that what clients do clearly 

understand after the financial debacle 

of 2007 to 2009, is that they are transparency-minded. 

They want to know 

exactly how much they are paying in 

fees. 

“And rightly so,” Miller agreed. 

“The Great Recession put a big dent 

in the trust level people had in the financial 

services industry,” she said, 

explaining, “The low-interest environment 

after the Great Recession shifted 

investing away from banks over to 

insurance companies offering various 

types of product solutions to create 

long-term income streams.” Miller believes 

that what was aimed at serving 

needs and decreasing confusion has 

actually only made things even more 

difficult for Joe the Consumer to understand. 

“The products and services 

available today are as different from 

what was offered in the past as the car 

phone from 30 years ago is to the 

smartphone of today.” 

That is why she insists on regular 

planning and communication with her 

clients, building a platform allowing to 

her to forecast their needs and determine 

what will help meet those needs. 

She counsels all advisors working for 

her firm to employ flexible communication 

methods – whether they be 

FaceTime, Skype, email, Facebook 

messaging, text messages, telephone 

calls or good old-fashioned face-toface 

meetings in the office – because 

each client has a different preferred 

method of communication. 

Miller emphasized, “It’s like what 

Dwight Eisenhower is quoted for saying: 

‘Plans are useless, but planning is 

indispensable.’” 

www.portfoliollc.com 


y peter suciu 

Combining Education with a 

Scientific Approach 

There is an old saying that “you can’t teach an old dog new tricks.” 

But in professional financial planning, education about investing 

concepts is essential to ensure that clients don’t make uninformed 

decisions when meeting financial challenges. 

Certified Financial Planner® Paul 

Byron Hill looks for a quality of 

“coachability” in potential clients. 

While clients need not become 

expert, they are expected to be knowledgeable 

in the basics of what matters 

for success in planning and investing 

for their lifetime goals. 

“They must be smart enough to learn 

the basics,” he said, emphasizing the importance 

of education. Hill – president 

and founder of Rochester, N.Y.-based 

Professional Financial Strategies – relies 

on research by leading economists, including 

academics on the board of Dimensional 

Fund Advisors. “A couple actually 

wrote today’s book on investing. 

While academic research evolves, Wall 

Street keeps doing what it did 30 years 

ago, just in another fashion.” 

Hill uses an investment strategy 

drawn from the pioneering work of 

recent Nobel laureate Eugene Fama to 

deliver outsized results. Utilizing innovative 

“multifactor” asset allocations 

developed by Dimensional Fund Advisors 

in collaboration with Professor 

Fama and others, Hill has redefined 

investing at his firm. By doing so, he 

has helped his clients not only survive 

major market declines over the past 20 

years, but even thrive because of them. 

Given the disappointing outcomes 

for most investors during and after the 

Great Recession and the earlier tech 

bust – which together have been called 

a “Lost Decade” – Hill’s strategies have 

resulted in solid client results. Hill explained 

how he began to use a scientific 


approach after earning an MBA at the 

University of Rochester’s prestigious Simon 

Business School. “I was introduced 

to modern financial economics and advanced 

investing concepts I never understood 

before, even though I 

had earned a CFP,” he said. 

“I learned to think in a new 

way.” 

How it started 

Before Hill earned his 

MBA, like most financial 

advisors still do, 

he sold products using 

conventional methods, 

including speculating 

about “opportunities” 

or making predictions 

about stocks, fund managers, 

the economy and 

of course, market movements. 

Founding Professional 

Financial in 1993, Hill committed 

to using a scientific 

investing approach to planning, 

a decision criticized by 

many peers, accustomed to 

“tried and true” ways. Hill 

said that his new direction 

in investing was based on 

decades of academic empirical 

research, including 

that of Professor Fama and 

his collaborator, Professor 

Kenneth French, whose 

PhD was also from the Simon 

School. Having seen for 

himself before his MBA that conventional 

Paul wisdom Byron in investing Hill CFP ®

didn’t work very well, Hill broke 

with tradition. His early advisory mistakes 

taught him that forecasting for 

investing a lifetime of wealth for some 

people was not smart – and unlikely to 

maintain the trust so essential for client 

advisory relationships. 

Wealth management is not only money 

management 

For Hill, central to successful wealth 

management is teaching clients about 

making smart decisions about money. 

“Wealth management is an overused 

term by financial advisors today,” Hill 

added, suggesting, “It’s often confused 

with money management, which is a 

product delivery method focused on 

“winners” and “losers.” Wealth management 

is a comprehensive approach 

that also includes mitigating taxes, taking 

care of heirs and protecting assets 

from loss.” 

Wealth management is more of “a 

long-term process for achieving a client’s 

needs, goals, and dreams,” Hill 

stressed. “Money management focuses 

on performance and the short term.” 

In addition to coachability, Hill looks 

for integrity in his clients – in the sense 

that they possess the character and maturity 

necessary to commit to a longterm 

investing approach. 

“Our clients were well prepared for 

the panic and events ending in a Great 

Recession,” Hill said. “Because they 

were disciplined and committed to their 

investment strategies, they not only recovered 

their losses, but five years later, 

they’re back on track for their long-term 

goals.” 

Hill decided soon after founding his 

firm to use a fee-only approach rather 

than popular commission-based method 

for providing services. This newer 

practice is being adopted today by more 

advisors, since it allows clients to better 

understand what they’re paying for. 

Key concern of the affluent 

Planning to preserve money as well 

as growing wealth is another key 

differentiator in Hill’s investing 

approach. Hill told the Suit that 

Professional Financial serves as 

the chief financial officer for its 

clients, which include affluent 

professionals, physicians and retirees. 

Most clients approaching retirement 

age are concerned about 

preserving their wealth. That includes 

needing reliable outcomes 

they can plan for. Performance is 

usually secondary, says Hill. 

“For many, their concern is not about 

getting rich,” he said. “They’re already 

wealthy. What they’re really concerned 

with—or should be concerned with—is 

that they never die poor.” 

Hill said that for a successful financial 

experience, investors must learn not to 

dwell on chasing returns, but to focus 

on things they can control, like spending, 

saving, taxes and expenses. “A single 

big mistake can ruin years of even 

the best returns. Rule number one is: 

don’t make mistakes.” 

Hill offers a complimentary “Second 

Opinion Service” for clients’ family and 

friends, especially since so many investors 

today are feeling unsure about the 

advice they get from their advisor. 

“The first meeting is a series of questions 

to explore whether we’re the right 

firm to accelerate their financial success,” 

Hill said. “After reviewing their 

information, we decide if we can make 

a major impact. If not, we point them in 

the right direction to others that may be 

a better fit. It’s a win-win for everyone.” 

PLEASE VISIT: 

www.professionalfinancial.com 

or www.linkedin.com/in/paulbyronhill 

Professional Financial Strategies, Inc. 

Powder Mill Office Park 

1159 Pittsford-Victor Road 

Pittsford, New York 14534 

(585) 218-9080 

Professional Financial Strategies, 

Inc. is an independent investment 

advisor registered with the State 

of New York. 

A current disclosure is available upon 

request by email to: 

planning@professionalfinancial.com 

Kam-Lin “Katherine” Hill CFP ® 


y peter suciu 

Profiting through Strategic Supply Chain Management 

Giving Clients an Extra Edge 

Starting a business during a time of economic downturn 

might seem like a risky move, but for Dr. Randall 

Mauldin it wasn't as much of a risk as it was a strategic 

play, when he set out to found Jack Quinn Solutions, LLC. 

The firm was developed to help clients maximize efficiency 

through strategic innovation focusing on supply chain 

solutions. 

“What is supply chain management,” Mauldin, Jack 

Quinn Solutions CEO and president, asked rhetorically. 

“Buying the things you need to support your company is 

part of your supply chain.” 

To Mauldin, it is also much more than just the raw materials 

and products needed to make “stuff.” Supply chain 

management can be measured in a client's return on 

investment. “Our solution was for companies to 

look at their supply chain, look at how they are 

spending money and to do it more deliberately, 

more strategically. This includes making strategic 

buys – not just buying supplies on the fly 

when they absolutely need them.” 

While existing tactical or transactional approaches 

may represent business as usual 

for many companies, Mauldin said that the 

strategic approach can be seen in the bottom 

line. 

“There is software that can help companies 

do procurement better and faster, 

but what we are finding is that there are 

a lot of folks who don't understand supply 

chain management as a strategy,” 

he told The Suit Magazine. “So even 

with all these e-sourcing tools and purchasing 

aids in place, they are still purchasing 

in a way that is transactional and 

tactical – and not strategic and secure for 

the supply chain.” 

“E-sourcing has really dehumanized the purchasing process,” 

Mauldin added. “Companies need to train people to 

manage their supply chains.” 

Jack Quinn Solutions offers training to help clients better 

understand the procurement process, and then become certified 

in supply chain management. The firm offers a monthly 

boot camp at locations throughout the country, putting 

clients through the certification review process. 

“It is three days and it is very intense,” Mauldin explained. 

“It is eight hours a day for three days, and we just 

go through the information in a way that hammers home 

the most important supply chain management concepts that 

someone needs to know – not only to help that person pass 

the test, but to implement successful supply chain management 

in their company. It is focused on getting people 

certified.” 

There are good reasons for staying on course toward 

obtaining certification rather than merely 

becoming educated in supply chain management. 

Certification shows business owners and executives 

that a company's purchasing and supply 

chain management meet a professional 

standard, just like its accountants and 

attorneys must. Considering that a single 

supply chain manager can be responsible 

for spending $24M or more of a company's 

money, it makes perfect sense for 

the CEO to be confident in knowing that 

supply chain managers are fully qualified 

through professional certification. 

Such a rigorous process not only helps 

clients find unanticipated ways to generate 

additional profits for their company, but it 

is also designed to insure that those going 

through the boot camp will become certified 

afterward in supply chain management. The 

clients will be certified, or the firm will pay the 

re-exam fees. 

Mauldin emphasized, “We're the only one 

guaranteeing these results, and we work with 

clients until they get that certification.” 

www.jackquinnsolutions.com 


y mary minor davis 

UNDERSTANDING 

YOUR OPTIONS 

Pete Carmasino, 

Retirement Advisor 

During his first week at a large brokerage firm, the new intern 

thought the firm was just having an unusually busy 

day. As it turns out, young Peter Carmasino found himself 

smack dab in the middle of the 1987 stock market crash. 

“I was hooked into the organized chaos of 

it all,” he said, recalling its intensity. The 

next day he bought The Wall Street Journal 

and began to study the market. Now, more 

than 25 years later, Carmasino will tell you 

plainly that the organized chaos which so 

attracted him in the first place is now the 

very thing he tries to avoid. 

Carmasino started his own company, 

NewBridge Retirement Advisors, focusing 

Building from a client’s 

existing assets, Carmasino 

explained how NewBridge 

applies a unique approach to 

creating a plan. They offer a 

“functional diversification,” 

a strategy that goes beyond 

the typical asset allocation 

model by taking advantage 

of trends in the marketplace. 

on building relationships with clients by For today’s pre-retiree, 

providing balanced strategies to meet their 

long-term financial needs. New Bridge 

works best with clients in the pre-retirement 

stage, with base assets of about 

$250,000. “That’s really our sweet spot because 

it gives us the capability of running a 

multi-faceted, multi-strategy plan.” 

Carmasino’s advice is to understand 

that longevity is 

the number one reducer of 

retirement income or assets. 

Longevity is increasing, making 

long term care as well as 

planning for inflation critical 

to developing a successful 

multi-strategy plan. 

“Traditionally, people have 

come into retirement from 

an accumulation plan – their 401(k), or an 

IRA, for example – looking for it to perform 

the best it can for as long as it can,” he said, 

continuing, “But then we have the kind of 

recession we had between 2007 - 2009. I 

am meeting prospects today who are just 

now starting to see a better than break-even 

point from the pre-2007 days. If you retire 

into that kind of environment with an accumulation 

strategy, it’s almost impossible to 

make back the money that you withdrawal 

in a declining market.” Income planning 

provides a foundation for the portfolio’s 

stability, and NewBridge then starts to 

strategically take on risk based on trends. 

“The team of money managers that we use 

have strategies that will move in or out of 

the market based on the current trends,” 

Carmasino detailed. 

His retirement planning method creates 

what he refers to as an “income floor” first. 

This income is matched to the household 

expenses. After that is established the remaining 

assets are exposed to the markets. 

This method helps gives the investor a predictable 

income for 8 - 10 years while allowing 

a smaller portion of their assets to grow 

in the markets. 

By making use of client communications, 

reporting, and clearly defined fee structures, 

NewBridge places clients in a better 

position to understand the advice being 

given and the benefit to them. This in turn 

creates trust be¬tween the client and advisor, 

which is the foundation for a long term 

relationship. “We’re on the side of the client 

much more than the average advisor,” 

Carmasino emphasized. “But I encourage 

clients to trust, and then verify where their 

assets are being placed.” 

10000 Lincoln Drive, East Suite 201 

Marlton, NJ 08057 

1-844-INCOME-4 - Toll Free 

(856) 780-5865 - Local 

www.newbridgera.com 


y amy armstrong 

Dusting off the History Books 

TO CALM CLIENTS FEARS 

Jay Gagne is more 

concerned with what 

he calls “headline risk” 

than he is with the 

cyclical ups and downs 

of the stock market. 

“We wake up in the morning and 

the wrong headline is blasting across 

the TV. Suddenly the market reacts 

violently to the downside – and then 

clients are panicking when they really 

don’t need to,” he said. 

That’s when Gagne, the managing 

partner of Gagne Wealth Management, 

an independent Raymond James firm 

located in Indianapolis, Indiana, takes 

an academic approach. He transforms 

from financial advisor to history 

teacher, going over the checklist of 

downturns, as well as national and 

world events that the stock market 

and the U.S. economy have survived. 

His list includes World Wars I and II, 

the Korean War, the Vietnam War, the 

Democratic Party being in control, the 

Republican Party being in control, the 

assassination of President Kennedy, 

the credit crisis, rising interest rates 

and lowering interest rates, just to 

name a few. 

“This market has been through 

everything,” Gagne said. “All we 

have to do is pull out the history 

book and dust it off to see how the 

markets reacted when a similar time 

approaches us today. We can look 

at how many months it took for the 

markets to recover – and what were 

the policy decisions that worked and 

what did not work.” 

He gained this confidence because 

of a professional move he made 

in 2001, after earning the Certified 

Investment Management Analyst 

(CIMA) designation from the Wharton 

School of Business at the University 

of Pennsylvania. He believes earning 

this distinction changed his career 

by upping his game as a financial 

advisor.“My greatest success was that 

wake-up call in 2001 when I got the 

additional certification from Wharton 

and turned into a true professional by 

applying the principles I learned there 

to my book of business,” Gagne said. 

“I learned all of the things I did not 

know.” 

The changes he made must be paying 

off. Gagne doesn’t have to prospect 

for clients; they all come via referral 

from the 220 households of doctors, 

physicians and others in the medical 

industry that comprise his current book 

of business. He noted that the average 

account size under his management is 

in the $1 million range. 

Not only are Gagne’s clients high 

net worth individuals, but they are 

very educated and very sophisticated. 

Yet, even they experience a myriad of 

emotions when the market takes another 

spin on the financial rollercoaster. 

“One of the things I tell my clients over 

and over again is that market turbulence 

is an eventuality and there is no way 

to avoid it,” Gagne emphasized. “But 

this is how we are going to handle it: If 

things get cheaper, we are going to stay 

put even more resolutely. I don’t know 

where the bottom is, I don’t know when 

things are oversold and I don’t know 

when things are overbought. What I 

do know is that downs are always only 

temporary and the gains made during 

the ups are always permanent.” 

Learn more about Gagne Wealth 

Management Group online at 

6505 East 82nd St., Suite 108 • Indianapolis, 

IN 46250 • Direct: 317-577- 

6030 • Toll-Free 1-866-461-7673 

www.raymondjames.com/gagnewealthmanagement 


y felix badea 

INDEPENDENT BUT CONNECTED 

An Independent Consultant Who Sees Her NETWORK as a Key to Success. 

The Capital Legacy, 

LLC is an independent 

consultancy 

firm that helps individual 

investors make better-informed 

decisions 

about financial products 

through unbiased advice. Their 

team builds lasting client relationships 

based on honest conversation and accountability, 

leading custom strategies 

which strive to meet specific objectives. 

Susan Allen has been a financial advisor 

for 34 years and with her mother, 

Jane, built their consultancy from 

the ground up. Now, Susan and her 

daughter Laura are extending that legacy 

by adhering to Susan’s business 

philosophy: “There is no greater feeling 

than to help a client obtain their 

dreams.” 

Susan’s independent business offers 

unbiased advice and guidance grounded 

on the principle that investors don’t 

need to be sold investment products, 

rather they need to be treated like family, 

consulted with and understood. 

In a time of rapid change and government 

regulation, when it is unnecessary 

and difficult to try to be an expert 

in everything, Susan has discovered a 

source of professional support for her 

“There is no 

greater feeling 

than to help a 

client obtain 

their dreams.” 

independent enterprise through her 

affiliation with THE Financial Services 

NETWORK, made up of over 230 Independent 

Financial Advisors who share 

a “Common Bond of Excellence”. 

THE NETWORK was started over 30 

years ago to provide Advisors with a 

source of service, support and solutions 

to stay at the forefront of the industry. 

Advisors affiliated with THE 

NETWORK have easy access to reliable 

support in the areas of practice 

and client-facing technology, investment 

management, financial planning 

and day-to-day service. THE 

NETWORK is independent Advisors 

supporting one another, but it’s also 

a resource-rich business partner who 

supports Advisors’ businesses across 

the board, from education and training 

to help with complex compliance 

issues. Susan’s affiliation with THE 

NETWORK maintains her independence 

while giving her many advantages 

that directly benefit her clients—and 

in the end that’s what it’s 

all about. To learn more go to www. 

FSNWeb.com. 

Securities and advisory services offered 

through LPL Financial, a registered 

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FINRA/SIPC. 

780 Newtown-Yardley Road, 

Suite 310 Newtown Office Park 

Newtown, PA 18940 

Phone: (215)860-8400 

www.capitallegacypa.com 


y peter suciu 

A WORRY-FREE 

Retirement 

s the saying goes: “there is no ‘I’ in team,” and for 

the McNeil, Ahrens, & Lambert Financial Group, 

LLC, that motto is exactly how the Mobile, Alabama 

firm operates each and every day. The 

team approach is what partner John R. Mc- 

Neil, Sr. credits as the best method to help 

clients maneuver through today’s complex 

financial services world, so they can retire 

with confidence. 

Partner / John R. McNeil, Sr. 

For McNeil, the team isn’t just like his 

family; it truly is his family. He joined 

the firm in 1979, after majoring in finance 

at the University of Alabama and 

went to work with his father and grandfather 

– a tradition that has been carried 

on since. 

“My grandfather started the firm in 

1922, my father joined after the war in 

1946,” McNeil told The Suit Magazine. 

“I joined in 1979 and my daughter, Virginia, 

joined the firm two years ago. 

Someone in our family has been with the 

firm for four generations.” 

This isn’t to say that since 1922, it has 

been only business as usual for the Mc- 

Neil clan or for the firm. When he joined 

in 1979, it was common for firms to represent 

one company, making it basically 

an insurance company at that time. In 

the early 1980s, the firm shifted from a 

general agency to a brokerage agency 

and rather than representing one company, 

it opened to other companies, 

“provided those companies had the 

ratings and financial stability for us to 

entrust our clients’ money with them,” 

McNeil clarified. 

Today the emphasis is on retirement 

income distribution and on helping clients 

maximize their income while minimizing 

taxes. The goal is positioning 

client assets so that, in the words of Mc- 

Neil, “(They) can move from a growth 

and accumulation phase into the decumulation 

phase, while making sure that 

they don’t run out of money before they 

run out of time.” 

A shift from the alpha approach to a 

more conservative approach was made, 

especially for those new baby boomer 

clients who had to live through the 

‘lost decade’ following losses in 2000 

and again in 2008. McNeil has helped 

clients see where they were before, noting, 

“They never understood what their 

money was doing. People in the past 

didn’t understand how they were invested 

and how risk and reward were 

overlapping. They didn’t realize that 


4332 Boulevard Park South 

Suite E 

Mobile, AL 36609 

Office: (251) 666-5000 

info@malfinancial.com 

www.malfinancial.com 

their mutual funds were invested in 

the same stocks.” 

This conservative approach was 

ingrained in what McNeil’s father 

taught him as he was getting into the 

business 35 years ago. “It is the Will 

Rogers approach (to be) ‘more concerned 

with the return of my money 

than the return on my money.’” 

There is also the understanding of 

the difference between ‘money’ and 

‘income’ and McNeil stressed that 

these are very different concepts that 

need to be well understood. He said 

that he often hears clients tell him 

that their biggest fear is being scared 

of outliving their money. To this end, 

McNeil stated boldly, “Money is not 

the important thing – it is outliving 

the income. It is nice to have money 

but you’ve got to have income to survive.” 

“The textbooks used to teach us that 

the expected withdrawal rate should 

be no more than four percent,” he explained, 

“But some experts are now 

saying that it shouldn’t be more than 

three percent so you don’t run out of 

money.” 

McNeil’s firm credits income riders 

on a portion of the invested assets as 

a way to help guarantee that there is 

income that can’t be outlived. This in 

turn can provide an individual with an 

asset in the portfolio to overcome one 

of the greatest fears for people over 65, 

which is outliving their money. 

“With these income riders, with 

highly rated insurance companies, 

we feel are probably the most important 

asset people can have as they 

approach retirement to protect principal 

but also attractive interest rate 

growth,” McNeil said. 

If clients aren’t meeting the necessary 

projections, modifications can be 

made to get them on track while still 

having liquidity, should it be needed. 

“When we set out a plan, it is not set 

Whether you are young or old, experienced or inexperienced, 

ready to retire or want to start or grow your existing retirement 

accounts, MAL Financial is ready to develop a customized 

financial plan for you, your family and your business to help accomplish 

your goals. The experienced advisors and helpful staff 

are here for you when you need us. 

in concrete, but it is set firm enough if 

they follow the guidelines as we set 

them out, they’re going to be fine,” he 

stressed. “We know circumstances are 

going to come up.” 

Keeping their clients informed is 

also a crucial part of the business for 

McNeil, Ahrens, & Lambert Financial 

Group. While the firm dates back to 

the days before the Great Depression, 

it now utilizes the latest technology, 

including social media, to stay connected 

with clients. Instead of a static 

company website that never changes, 

it is now updated throughout the day 

with links to articles and blog posts. At 

the same time, the firm keeps clients 

informed through traditional newsletters 

as well as an electronic media 

weekly alerting them to changes in social 

security, taxes and other financial 

information. 

For McNeil, an informed client will 

have the money – and the income – to 

enjoy retirement, worry free. 


TECH SAVY CONSUMERS 

LEADS TO BETTER INFORMED CLIENTS 

Rudy Garcia, a Chief Retirement Wealth Advisor with 

Retirement Plan Advisors of Virginia, understands 

his clients are logging on more and has chosen to take 

advantage of the social media platform as one means to inform 

and educate clients. “I’ve chosen to work in this space 

to benefit my clients,” he explained to Suit Magazine. “Due 

to compliance requirements, it’s challenging to create original 

content but there is a lot of information out there that 

is very informative that I use primarily as information and 

education tools.” 

Education is the foundation of Garcia’s service to clients. 

With a focus on the mid-market, he recognizes that challenges 

such as the uncertainty of social security and shifts in defined-benefit 

plans to defined-contribution plans mean that 

today’s consumers must be more in control of their retirement 

than ever before. His approach is to work with clients 

to identify their long-term goals, align that with their current 

assets and identify the gaps where solutions are needed. He 

accomplishes this by using the latest client facing technology 

such as the “HBW Client First” financial management website 

for all clients. 

“Building a good client-advisor relationship is about being 

transparent about who I am and what I’m trying to do,” 

he shared. “I’m dealing with intelligent people—it’s about 

clients knowing what their options are and helping them to 

understand the choices that are right for them.” 

Retirement Plan Advisors of Virginia uses HBW Advisory 

Services LLC to handle the management and investment of 

By Mary Minor Davis 

Technology is perhaps one of the most important trends facing financial advisors today. With 

more tech savvy consumers having access to a greater cache of online resources, advisors must 

work to stay ahead of the curve. 

assets through a unique, tactically managed, 

multi-manager approach designed to avoid large losses. 

Using this approach allows Garcia to provide a stronger 

risk management portfolio that balances the peaks and valleys 

of the market. This also provides another layer of transparency 

as assets are deposited directly with the custodian, 

Trust Company of America. 

As part of his own business goals, Garcia said he and his 

partner are continuing to focus on building a stronger presence 

with small businesses and their 401(k) needs. 

“By the end of 2015, we want to be recognized as the group 

that is looking out for small business.” 

*Investment advisory services offered through HBW Advisory 

Services LLC. HBW Entities are located at 3355 Cochran 

St, Suite 100, Simi Valley, CA 93063 (800) 473-3856. 

Rudy Garcia is an Investment Advisor Representative dba 

Retirement Plan Advisors of Virginia. Retirement Plan Advisors 

of Virginia , HBW Insurance & Financial Services, 

Inc. and HBW Advisory Services LLC are separate entities 

which do not offer legal or tax advice. 

802 Rivanna Woods Dr. 

Fork Union, VA 23055 

www.RPAVA.com 

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Testing the RISKS 

The 2008 financial crisis left lingering, 

unpleasant memories in 

its wake – and now investors expect 

wealth management advisors to handle 

risk much more effectively. That’s 

what David Adams, President of the 

Nashville-based David Adams Wealth 

Group, hears now when he speaks with 

clients. 

“I would agree that clients as a whole 

really desire a more customized, tailored, 

comprehensive financial planning 

approach,” Adams said. “I think 

this fundamental shift started gaining 

momentum after 2008, when many investors 

lost over half of their portfolio 

values.” 

Adams, who offers securities through 

Raymond James Financial Services, Inc. 

Member FINRA/SIPC, said that his firm 

is fiercely independent, putting clients’ 

needs first by sitting “on the same side 

of the table” as they do. Adams added 

that he vowed to never work for a 

company pushing specific investment 

products. 

Part of keeping clients at the center 

is making sure they feel confident their 

money will last a lifetime and could survive 

stress tests. To do that, 

Adams’ uses sophisticated 

software that can test investments 

against predicted 

stresses – recessions, a collapse 

similar to 2008, longterm 

illness – or against investor 

fears, such as living 

longer than expected. These 

tests help Adams and his 

team further customize the 

advice they provide. 

“It’s the ultimate problem-solving 

task we have to 

address as advisors, that our 

clients don’t outlast their 

money … By the end of this 

simulation, clients know 

where they stand,” said Adams, a Certified 

Public Accountant and Certified 

Financial Planner . 

Adams told The Suit that his team – 

which handles a diverse clientele comprised 

of households, singer/songwriters 

and professional athletes – performs 

these simulations. “My competition 

doesn’t go to this level of detail- it’s 

what makes us different,” he said. Adams 

and his team also provide “white 

by matt camara 

glove” treatment for every client, and 

enjoy having genuine conversations 

with them and continuing to have those 

conversations as situations change and 

plans evolve. 

Adams emphasized, “I feel that financial 

plans are meant to be dynamic, 

not static.” 

www.davidadamswealthgroup.com 


y felix badea 

REAL ESTATE 

Opportunities Abound 

For potential home buyers seek creative financing vehicles, after the 2008 

financial meltdown and the 2007 housing bubble, rent-to-own options are 

no longer a method of last resort, but have become a viable and dependable 

path to home ownership in a very slowly recovering economy. 

For Jeff Shadrick, president of REI 

Associates, LLC, based in Birmingham, 

Alabama, using rentto-own 

financing to help credit-challenged 

clients has expanded his firm’s 

presence in the real estate market. It 

is also a proven method, capable of 

taking on the challenges of a downed 

economy, to produce opportunities 

not dependent on a full-fledged recovery. 

“From the beginning, I was focused 

on building a client-trusted, sustainable 

real estate investment services 

company that was diversified enough 

to remain profitable no matter what 

stage of the real estate cycle our primary 

markets were in,” Shadrick explains. 

In 2010, he left the banking industry 

to found REI Associates, LLC. Shadrick 

had spent his 18-year career helping 

high net worth clients structure and 

manage their investment accounts, but 

his spare time was spent investing in 

personal real estate and construction 

projects. 

It was a “hobby” he came by naturally. 

Shadrick grew up in a family involved 

in the construction and home 

remodeling industries, and spent 

much of his youth learning the “ins 

and outs” of properly remodeling a 

home to suit an incoming family. 

When the housing bubble burst 

in 2007, Shadrick knew exactly how 

quickly the massive halting of new 

home construction would produce an 

overwhelming need for single family 

rental properties. Likewise, he knew 

that potential homeowners could not 

achieve the basic American dream due 

to either a recent home foreclosure 

or to banks that had simply stopped 

lending. 

Shadrick’s early experience, coupled 

with his banking expertise, told him 

that a unique opportunity to purchase 


deeply discounted foreclosed 

properties was right in front of 

him. Believing he could renovate 

acquired foreclosed properties, 

Shadrick felt he could 

convert those single family 

homes into income producers. 

He was right. 

Four years later, Shadrick 

and his team – with over 50 

years of combined real estate, 

investment, construction and 

property management experience 

– have completed more 

than 200 projects of either new 

construction or renovation of 

existing properties. They’ve 

made a sizable contribution to 

the housing market in Alabama 

and provided home ownership 

opportunities for people no longer 

served by traditional real 

estate lending. 

Shadrick’s firm provides clients 

with different entry points 

into the real estate market. The 

first is its real estate division, 

through which Shadrick partners 

with other real estate investors. 

Options range from 

outright purchase of properties 

that REI Associates will manage, 

or a more passive approach 

to real estate investing, by becoming 

a lender, financing REI 

projects. Shadrick is adding an 

educational component to this 

division of his firm, making 

consulting and training options 

for real estate investors available 

by the end of this year. 

The second option involves construction 

and remodeling, and Shadrick 

noted that, by the end of 2014, REI 

Associates will offer a third option. 

He is adding a full-service real estate 

brokerage division employing agents 

engaged in listing and showing properties. 

These options are all part of Shadrick’s 

efforts to enhance his already-expansive 

network of real estate agents, 

mortgage brokers, other lenders, contractors, 

attorneys and title companies 

that he and his team have created 

across the state of Alabama. 

“We present ourselves as a full service, 

one-stop shop for the real estate 

investor or for the person who needs 

home remodeling services,” Shadrick 

said. “One of the major benefits of 

working with REI Associates, LLC, is 

our network of national investors and 

the real estate educators affiliated with 

our team.” 

When Shadrick said “national,” he 

meant it. Although his firm and the 

bulk of REI’s real estate projects are 

based in Alabama, many of the firm’s 

investors reside elsewhere. 

“We network and mastermind with 

some of the top names in real estate 

nationwide, and by working with us, 

an investor gains access to our extensive 

network of real estate experts and 

up-to-date real estate investment strategies” 

Shadrick emphasized. 

That includes the kind of client-convenience 

strategies that fly in the face 

of traditional real estate methodology. 

For instance, REI Associates does not 

charge sellers fees or closing costs – a 

transaction generally shared by the 

seller and buyer in the traditional real 

estate world. Rather than requiring 

sellers and buyers to meet at a title 

company to sign documents, REI Associates 

brings the title paperwork to 

both, either at home or the workplace. 

Buying a home can be exciting, stressful and puzzling, 

all at once. After all, you are making what’s likely 

to be the largest purchase of your lifetime. And your 

home is not only a financial asset; it’s a place for you 

to build your life and your family. 

As Shadrick points out, “We have 

built a fantastic team of individuals 

who are all motivated to help clients 

learn and profit from the current real 

estate market, and we continue to provide 

solutions to our clients.” 

www.reiassociates.com 


y mary minor david 

Enjoying 

the 

Experience 

Adam Soloff, CFP®, EA remembers the early years of getting 

started as a financial planner all too well. “I cut my teeth 

cold-calling people out of the phone book,” he told The Suit Magazine. 

“We figured it out – and I think I was making about $1.25 

an hour for the first three years.” 

Today, he runs Soloff Wealth Management, a successful 

Pennsylvania firm specializing in personal financial 

planning and employee benefits. Soloff himself 

has also become a leading voice in the industry, teaching 

financial planning within the Pennsylvania State University’s 

Professional Development Program, and serving on the 

board of directors for the Financial Planning Association’s 

Philadelphia and Tri-State chapters. He is also an enrolled 

agent with the IRS, the highest credential awarded by the 

IRS. 

Soloff’s comprehensive approach to clients starts with, 

as he puts it, “really defining clients’ financial needs and 

wants, and then providing a team to work together on their 

financial life.” When looking at the big picture, he adds that 

it’s important for all components to be managed together. 

“We call it the four legs: investment, taxes, insurance and 

estate planning – all working cohesively together,” Soloff 

explained. 

According to Soloff, his firm works really well with clients 

who are either newly retired or approaching retirement 

within a 10-year window. Together they establish a 

plan providing guidelines for the level of risk that can be 

managed within that investment portfolio. As an enrolled 

agent with the IRS, Soloff adds that he can also provide 

expert advice in distributing income through the “most 

tax-efficient manner possible.” 

One common mistake he sees repeatedly with new clients 

is a portfolio exceeding the risk level needed to meet 

their long-term goals. By helping them identify milestones, 

he can redirect their investments to match an appropriate 

risk strategy that also provides the flexibility of adjusting to 

changing market conditions. 

“We operate under a very strict fiduciary standard as advisors,” 

Soloff emphasized. “We put ourselves on the same 

side of the table as the client. When they succeed, we succeed.” 

The company’s philosophy is to build long-term relationships 

with clients stemming from clear and transparent 

communications, and utilizing tools to protect against unforeseen 

circumstances. “We don’t get many calls into the 

office, because we’re constantly monitoring our clients and 

stay in touch with them regularly,” Soloff said. This intense 

focus on clients is why the majority of the firm’s business 

comes in through referrals. 

Soloff notes that one of the major trends he is seeing today, 

is people wanting to enjoy their retirement more as opposed 

to leaving a financial inheritance. 

“We’re finding that our clients feel that leaving a large 

legacy is not necessarily the best thing for their heirs,” Soloff 

noted. “They’ll leave real estate, like a beach house, preferring 

to create experiences during their lifetime and leaving 

their children something that they can experience after 

they’re gone.” 

Looking ahead, he sees the overall fundamentals of the 

economy – and his company – remaining strong. 

Soloff pointed out, “I’m very lucky, in that I’ve surrounded 

myself with people and clients who are similar to me. 

We recognize that making money is necessary, but it’s not 

the most important thing in life. We have a nice balance.” 

To learn more visit: www.SoloffWealth.com 

Securities offered through LPL Financial, member FINRA & SIPC. 

The opinions expressed in this material do not necessarily reflect 

the views of LPL Financial. 


Success is a Two-Way Street 

Richard ichard C. C. McDowell McDowell Jr., Jr., Chartered Chartered Financial Financial Consultant 

Consultant 

(ChFC), is one of those fortunate people whose career 

(ChFC), is one of those fortunate people whose career 

hurdles and detours led him toward a path to greater success. 

hurdles and detours led him toward path to greater success. 

After starting out in 1985 as a conventional advisor, Mc- 

After starting out in 1985 as conventional advisor, Mc- 

Dowell moved into financial planning in 2003. “The firm I 

Dowell moved into financial planning in 2003. “The firm was with went under, so I applied to graduate school and 

was with went under, so applied to graduate school and 

earned my ChFC designation,” he recalls. “I subsequently 

earned my ChFC designation,” he recalls. “I subsequently 

joined an independent brokerage firm, LPL Financial. The 

joined an independent brokerage firm, LPL Financial. The 

move changed how I work.” And it changed his life as well. 

move changed how work.” And it changed his life as well. 

That career shift benefited him and his client base. As someone 

providing guidance and service to individuals and busi- 

That career shift benefited him and his client base. As someone 

providing guidance and service to individuals and businesses 

in the Denver, Colo. area for more than 25 years, Mcnesses 

in the Denver, Colo. area for more than 25 years, Mc- 

Dowell’s association with an independent brokerage firm 

Dowell’s association with an independent brokerage firm 

without proprietary products supported independence of 

without proprietary products supported independence of 

thought and action, giving him complete flexibility to customize 

clients’ investment plans. 

thought and action, giving him complete flexibility to customize 

clients’ investment plans. 

Using that freedom, McDowell offers his clients wide-ranging, 

non-proprietary investment options – including mutual 

Using that freedom, McDowell offers his clients wide-ranging, 

non-proprietary investment options including mutual 

funds, stocks, bonds, REIT’s, ETF’s, and variable and fixed 

funds, stocks, bonds, REIT’s, ETF’s, and variable and fixed 

annuities – on a commission or fee basis. An expert in investments, 

insurance, tax planning, retirement planning 

annuities on commission or fee basis. An expert in investments, 

insurance, retirement planning, tax planning, 

and estate planning, McDowell focuses on a collaborative 

and estate planning. McDowell focuses on collaborative 

approach to wealth accumulation. 

approach to wealth accumulation. 

“Everything done is mutually agreed upon. I make suggestions 

and the clients make the decisions,” he emphasized. 

“Everything done is mutually agreed upon. make suggestions 

and the clients make the decisions,” he emphasized. 

And McDowell ensures that each client’s decisions are individually 

appropriate – whether that means conservative 

And McDowell ensures that each client’s decisions are individually 

appropriate whether that means conservative 

or aggressive investing. That’s why education forms a major 

or aggressive investing. That’s why education forms major 

part of his relationship with clients. To this end, he places 

part of his relationship with clients. To this end, he places 

data in simple, easily understood formats. McDowell does 

data in simple, easily understood formats. McDowell does 

three reviews each year, making the client part of the larg- 

three reviews each year, making the client part of the larg- 

er process which, in 

er process which, in 

turn, strengthens their 

turn, strengthens their 

client/advisor relationship. 

client/advisor relationship. 

“I place clients in a 

“I place clients in better position to take 

better position to take 

advantages of world 

advantages of world 

changes, as I am proactive instead of reactive,” McDowell 

changes, as am proactive instead of reactive,” McDowell 

explains. “I understand each industry and what companies 

explains. “I understand each industry and what companies 

focus on. I see what’s going to happen ahead of time.” 

focus on. see what’s going to happen ahead of time.” 

But he has one educational problem related to retirement 

But he has one educational problem related to retirement 

planning – and it’s a thorn in the side of many other advisors. 

“I can’t convince enough people about the value of 

planning and it’s thorn in the side of many other advisors. 

“I can’t convince enough people about the value of 

long-term health care,” McDowell says. “I can help make 

long-term health care,” McDowell says. “I can help make 

assets cover retirement expenses, but a personal health crisis 

assets cover retirement expenses, but personal health crisis 

can cause everything to come tumbling down.” 

can cause everything to come tumbling down.” 

Still, his work provides him with great satisfaction. “My 

Still, his work provides him with great satisfaction. “My 

true love is helping others,” he says. That love is requited, 

true love is helping others,” he says. That love is requited, 

too. “Clients don’t leave me.” 

too. “Clients don’t leave me.” 

McDowell has but one regret: “I didn’t get my designation 

McDowell has but one regret: “I didn’t get my designation 

sooner.” 

sooner.” 

www.richardcmcdowell.com 

www.richardcmcdowell.com 

Securities offered through LPL Financial, member FINRA/SIPC 

Securities offered through LPL Financial, member FINRA/SIPC

y rich monetti 

Merchant Services 

and Data Breach Protection 

Target is still not able to calculate 

the cost of the monumental 

credit card breach that compromised 

the data of tens of millions of 

customers last year. Even though various 

reports put the loss at around $1 

billion, a trip to the mall in Anywhere, 

USA finds that the big red bulls-eye 

still hangs high, appearing largely unaffected. 

Conversely, any small business 

experiencing only a tiny fraction 

of such a massive oversight would not 

find itself to be quite so lucky, possibly 

being forced out of business completely. 

So, while staying that crucial step 

ahead of criminal hackers can never 

be completely assured, TransAct 

Merchant Solutions provides at least a 

little peace of mind, especially for the 

smaller, more vulnerable businesses 

with fewer technology 

options. 

“We are about 

to provide a 

cyber-security 

insurance package 

where 

any small 

business in 

America 

can participate 

and receive protection for their businesses 

processing and EMR records of 

at least $1 million dollars on the low 

end and $25 million on the high end,” 

says CEO Joseph Cherry. No other 

company in America can, or does, provide 

a similar solution for its clients. 

TransAct makes sure clients are 

PCI (Payment Card Industry) compliant 

– and that they fully understand 

what that means. TransAct also enters 

business arrangements by being 

a resource of knowledge for the client, 

even about their own industry. “We 

do study their industry, so that when 

we walk through the door we’re not 

just offering a solution for merchant 

services. We’re offering a solution that 

their industry has said is important to 

them for merchant services. So it’s a 

whole different conversation,” Cherry 

explained. 

As a registered ISO/MSP (Independent 

Sales Organization / Member 

Service Provider) of Chase Paymentech 

Solutions, TransAct provides a 

complete platform of services for merchants, 

including credit and debit card 

programs, electronic checks, gift cards 

and automatic recurring payments. 

Additionally, using PCI-certified 

equipment and innovative processing 

solutions, along with valuable 

customer retention tools like 

loyalty cards and free online reporting, 

can help ensure business 

growth. “One-stop solutions 

that improve merchants 

operating efficiencies and save 

money,” according to Trans- 

Act. 

The regional, district and national 

network of associations with which 

TransAct is affiliated increases buying 

power for clients, spreading the 

savings even further. “It allows us to 

provide businesses the ability to get 

reduced pricing in a lot of different areas,” 

Cherry noted. 

Nonetheless, some degree of risk 

always accompanies each interchange 

between the merchant and the MSP. 

TransAct counteracts most of these 

negative possibilities by focusing clients 

on vision. “I think for any business 

to be successful, you really have 

to first understand the vision of your 

company – and as long as you stay 

true to that, you can minimize the 

risks,” Cherry emphasized. 

Averting high risk transactions then 

becomes one of the vital functions of 

TransAct’s reinforcement of small 

business efforts – and during that process, 

the company generally lets the 

clients do the talking. 

“We train our people to listen,” says 

Cherry. 

In the end, that leaves clients open to 

a full understanding of all the services 

at their disposal for improving and 

safeguarding their own businesses. 

www.transactms.com 


y gerald h. levin 

BANKING ON 

an Independent Streak 

“The biggest thing we sell is independence,” said Parker E. Elmore, president and 

CEO of Odyssey Advisors, Inc., a Connecticut-based retirement planning firm that 

he founded in 1998. Odyssey serves small to medium-sized clients in 37 states, including 

a new Las Vegas office, along with even a few in Europe. 

Parker, with over 25 

years of experience 

in the industry, relishes 

the independence 

of his company. “We’re 

an independent provider. 

We don’t manage money. 

We don’t want to manage 

money. We work with 

people in that business,” 

he explained, continuing, 

“Clients understand that 

the advice we give is independent 

because we get 

paid only by them.” Odyssey’s 

independence with 

brokers exists because – as Parker puts 

it, “We can work with any of them.” 

Odyssey’s business is a 50-50 split 

between private companies and municipalities. 

He said that six or seven 

years ago, it was more like 90-10, private 

versus municipalities. Since then, 

the number of municipal clients has 

exploded. 

“The tipping point,” Parker told The 

Suit, “was the emergence of GASB 45, 

an accounting standard that became 

effective in 2008.” GASB stands for 

Governmental Accounting Standards 

Board. 

“Municipalities around the country 

have promised medical benefits to 

their future retirees. And, what GASB 

45 basically says, is that you have to reflect 

on your books what the value of 

that promise is.” 

Parker seized the opportunity that 

GASB 45 presented and turned it into 

a focal point for his firm. “We’ve been 

doing that kind of work since the 

founding of the company, and I’ve 

been doing it since 1992. So, it was a 

natural fit for us to get into that market.” 

For private companies, Parker said 

that ESOPs (Employee Stock Option 

Plans) can be good alternatives to 401K 

plans. 

Providing employees with ownership 

in the company as a retirement 

benefit means that participating employees 

have “skin in the game.” Parker 

acknowledged, “Ultimately, 

the value of that stock they’re 

receiving in their benefit plan 

is going to go up or down, depending 

on how the business is 

doing.” 

ESOPs also allow company 

owners to sell portions of their 

business to the plan, a chunk at 

a time. “Owners get a chance to 

take a portion of their net worth 

and diversify into something 

else,” Parker said. And, though 

it may not the most lucrative 

way to exit their companies, 

owners can ease their way into 

retirement. They don’t have to sell the 

business and walk away. 

Regarding 401K plans, Parker emphasized, 

“Most have far too many 

funds. Fifteen years ago, eight to 10 

funds was the norm. Today, it’s 40 

to 50 funds, if not more.” As a result, 

the average participant doesn’t know 

which funds to invest in. 

“It’s the paradox of choice,” he said. 

“Too much choice is no choice at all.” 

www.odysseyadvisors.com 


FINANCIAL PLANNER USES EDUCATION, DIALOGUE 

TO FORGE LONG-TERM RELATIONSHIPS WITH CLIENTS 

“Some of my wealthiest clients did not create their wealth investing 

with our firm,” says Alan Jay Levine, president of Diversified Financial 

Consultants in northern New Jersey. “They are clients because of 

other services that we provide, which they see as value-added.” 

Levine says two main differences exist between Diversified 

and other companies. “We are non-proprietary, 

we don’t manufacture a product that has to be pushed 

on the public. And, our training is more extensive.” 

Diversified Financial Consultants originated in 2002. The 

firm, which has 12 reps on staff and assets approaching $1 

billion, evolved into its present form in 2010, when it affiliated 

with LPL Financial, one of the nation’s largest independent 

broker-dealers. 

“We are fully vested in our clients’ futures,” Levine says. 

“It behooves us to provide services that safeguard our clients’ 

assets regardless of what kind of risks they may take. 

Education is critical.” 

He sees clients having a more intense interest in retirement 

and legacy planning, compared to a few years ago. 

“They’re doing things now that they’ve been putting off. 

They want to be done and taken care of. We’re there to hold 

their hands.” 

Levine says Diversified is apt to tap experts – accountants, 

lawyers and estate attorneys, for instance – to review 

clients’ plans. “We have full knowledge ourselves, but we 

like to get second and third opinions.” He says the firm discusses 

client portfolios every quarter. “LPL Financial also 

pushes us not to leave accounts dormant.” 

Public debate of “alpha, beta and gamma” – terms used to 

assess the value of financial planning – is an example of the 

information overload that hovers over the industry, Levine 

says. 

“Financial noise is everywhere. Our firm philosophy 

doesn’t change with the gyrations on Wall Street. We have 

a long-term approach, but keep an eye on opportunities the 

world can provide.” 

www.diversifiedfinancialconsultantsllc.com

y peter suciu 

TRANSPARENCY IN CLIENT INVESTMENT 

IS THE BASIS OF TRUST 

After beginning his career with Advest, which was later acquired by Merrill Lynch, Robert E. Hapanowicz 

founded Hapanowicz & Associates in 1989. He began as its only employee but since that 

time the team has grown, and now manages and/or supervises over a quarter billion dollars in assets. 

He has continued to address concerns that clients weren’t even aware of previously, including the 

crafting of a plan agreeable to the clients and re-balancing to stay within what he calls “risk budget.” 

After beginning his career 

with Advest, which was 

later acquired by Merrill 

Lynch, Robert E. Hapanowicz 

founded Hapanowicz 

& Associates in 1989. He 

began as its only employee 

but since that time the team 

has grown, and now manages 

and/or supervises over 

a quarter billion dollars in 

assets. He has continued to 

address concerns that clients 

weren’t even aware of previously, 

including the crafting 

of a plan agreeable to the clients 

and rebalancing to stay 

within what he calls “risk 

budget.” 

Hapanowicz sought to go 

out on his own, based on 

his belief that the traditional 

broker-dealer approach 

of the 1980s was flawed as it 

often promoted products it 

had created, which resulted 

in what he saw as a potential 

for conflict of interest. H&A, 

which is an SEC registered 

investment advisory firm, 

serves clients and institutions 

primarily in western 

Pennsylvania and it offers 

investment management, 

fee for service financial planning, 

retirement and divorce 

planning, tax, estate and 

insurance planning. It also 

strived to be a cut above the 

traditional financial planner. 

“Our differentiators are: 

one, the quality and depth 

of our team, (which) we are 

able to focus on our clients’ 

needs as we work with limited 

clientele; and two, we 

start with planning first,” 

Hapanowicz told The Suit 

Magazine. “Planning is the 

foundation. Build a strong 

foundation and it will guide 

us in everything we do.” 

This approach to “risk 

budget” has included focusing 

less on portfolio alpha, 

the traditional excess return 

over a benchmark, and more 

on portfolio construction 

that is in line with and in 

support of the clients’ risk 

budget and financial plan. 

“It’s a conservative approach 

with many less surprises,” 

added Hapanowicz. 

“We implement with proven, 

well-known, cost effective 

managers, each with a specific 

role in our clients portfolio. 

An exception would 

be our Special Situations 

Equities Strategy, which is 

very focused on generating 

alpha.” 

Hapanowicz also reiterated 

that credit is due to the 

quality of the team, which he 

has said can’t be overstated; 

along with the detail to the 

planning process that goes 

into it each portfolio. 

“It’s impossible to anticipate 

everything, but the premature 

death of a loved one 

can not only be emotionally 

traumatic it can have severe 

financial repercussions,” he 

noted. “If there is an illness, 

as an example, we attempt to 

address this issue as part of 

the planning.” 

The key is also being transparent 

in how the firm operates. 

“It helps me sleep well at 

night,” Hapanowicz noted. 

“It’s the basis of building 

trust. Generally most clients’ 

risk tolerance has stayed the 

same, some have become a 

bit more conservative and 

that’s fine. We’ll have a discussion 

about risk based 

investing, their risk budget, 

and if the client wants to 

make an adjustment, that’s 

fine. It’s better 

to stay invested, 

even in a lower 

risk portfolio, 

than exit the markets 

altogether.” 

Hapanowicz & Associates 

301 Grant Street, Suite 300 

Pittsburgh, PA 15219 

Phone: 412-261-5966 

www.hapanowicz-associates.com 

*Securities offered through 

LPL Financial, Member FIN- 

RA/SIPC. Investment advice 

offered through Hapanowicz 

& Associates Financial 

Services, Inc., a registered 

investment advisor and separate 

entity from LPL Financial. 


y amy armstrong 

ROCKET 

SCIENTIST 

Becomes 

Financial 

Advisor 

A financial advisor doesn’t 

have to be a rocket scientist. 

But for Brett Ramsey, owner 

of Novus Wealth Advisors 

with three locations in the 

greater Indianapolis, IN area, 

actually being one turned out 

to be a big boost. 

“It is a bit of an unusual 

background,”Ramsey 

concedes with a chuckle. 

Yet, the attention to detail 

required for successful 

aeronautical engineering, 

turned out to be a great 

launching pad for the careful 

scrutiny of client financial 

matters. 

Ramsey worked 

at NASA while 

earning his bachelor’s 

degree in mechanical 

and aerospace 

engineering 

before working 

another decade in 

manufacturing for General Electric 

Company. While working on his 

masters at Duke, a classmate who 

worked at GE Capital offered Ramsey 

a job in the financial services industry. 

He took it, and began sales 

and marketing for a large, national 

insurance company. 

That experience proved to be a productive 

laboratory. Ramsey discovered 

that he was more interested in 

working as an independent financial 

practitioner than as a salesman distributing 

financial products through 

a national network. In 2002, he 

earned his license and launched his 

own firm, Novus Wealth Advisors, 

providing wealth advising, insurance 

services and retirement planning. 

Ramsey knew there was ample territory 

to explore – especially in the 

atmosphere of the senior market. He 

finds that far too many older Americans 

are floating adrift without anything 

to get them where they need to 

be. 

“With my experience in the insurance 

side of things, I ran into two 

types of people: Those who already 

were well established financially and 

had the means to maintain their lifestyle 

in retirement, and those who 

were not. I realized I could help some 

of them, even though it is really difficult 

for someone in their 70s to make 

up that much ground to solve financial 

problems. So I made an intentional 

decision to start working with people 

earlier in the retirement process.” 

And this is where his career as a financial 

advisor has settled into orbit. 

He works with employers, providing 

education to their employees regarding 

retirement benefits and the retirement 

process. Ramsey’s approach 

isn’t designed to meet the needs of 

high net worth individuals, focusing 

instead on the financial needs of folks 

from middle class America. 

This is the sector where he intends 

to remain, by increasing his 

firm’s work site education initiative 

through employers. 

“We are 12 years into this – and 

we have really figured out who it is 

that we help,” Ramsey said. “We help 

people in that space prior to retirement. 

Work site education allows us 

to come in, meet more people, and 

start working with them much earlier 

in their retirement planning cycle, assisting 

them to make these important 

life decisions.” 

Novus Wealth Advisors 

9465 Counselors Row 

Indianapolis, IN 46240 

www.novuswa.com 


Accentuating the Fundamentals While Devaluing the Noise 

By Dan Harvey 

The biggest misconception about money, as Roland 

Manarin points out, relates to one word: safety. 

Manarin, founder and president of Manarin Investment 

Counsel Ltd., helps clients protect their money. “For instance, 

most of my industry peers place about 50 percent 

of their client’s money into bonds – which are instruments 

that confiscate someone’s buying power,” he notes. 

His Omaha, Nebraska-based firm guards clients from the 

consequences of inappropriate counsel by helping them 

become owners of their own money. Freeing clients from 

counterproductive investment approaches becomes all 

about money ownership – and financial empowerment. 

Manarin explains, “You can spend, lend or own your money. 

If you spend it, I can’t help you. If you lend it, you won’t 

build wealth; it’s a guaranteed loss of purchasing power. If 

you own it, you’ll build or maintain your wealth.” 

Offering asset management and investment advice for 

small business retirement plans, families and individuals, 

Manarin Investment uses a common sense approach to 

risk-managed investing. For 35 years, the philosophy of 

ownership has formed the core of the firm’s portfolio investment 

theory. Simply put, money ownership results in 

higher returns. Within that theory is one inarguable guarantee 

of the firm’s success: Manarin himself is its own best 

customer. 

Disenchantment initially motivated him to establish the 

firm. “I became a stockbroker in 1977, and I found it to be 

sales-oriented, not client-oriented,” 

he recalls. “I realized I’d 

rather help people.” Starting out 

by conducting investment seminars, 

he was just teaching – without 

selling. In 1979, Manarin created 

his independent advisory 

firm and built it up by hiring only the best money managers. 

Now Manarin Investment Counsel offers multiple 

investment models designed to grow income and leverage. 

Many of his clients are retirees or those about to retire. For 

them, he advises eliminating the negative: the news – or 

“noise” – that can fill the head with debilitating doubts and 

fears. And as the best forward-thinking investment advisors 

will tell you, the news that you read in the papers and 

hear on TV is already a day old by the time its printed or 

aired. 

“We don’t base decisions on the noise du jour,” Manarin 

explained “We understand the consequences of fiscal policy, 

so we see what the future brings and position portfolios 

to best benefit from economic direction. If you follow the 

crowd, the best you can hope for is mediocrity.” 

www.manarin.com 

More Options for Commercial Financing 

By Judy Magness 

Mark Wetzig, Senior Partner of The Waverton Company, worked in sales and business development in the food 

industry for almost 30 years. Repeatedly, he saw his clients, who were mainly restaurant chain owners, hit the 

same roadblock. It was difficult for them to obtain financing for equipment, franchise costs and other expenses to 

keep their businesses thriving and competitive. 


In the summer of 2013, Wetzig started 

The Waverton Company, a commercial 

lending solution for a full range of 

businesses needing financing. In doing 

so, he stepped out of the corporate world 

into entrepreneurship – something he 

had wanted to do for a long time. 

According to Wetzig, commercial lenders 

consider three criteria when evaluating a business: credit, 

collateral and cash flow. “Given the current economic 

conditions, those factors aren’t in perfect shape for a lot of 

businesses. Many traditional lenders don’t appreciate that, 

whereas the lenders I use in the secondary market will take 

that into consideration,” Wetzig explained. “Many of these 

lenders specialize in different areas of real estate, equipment 

leasing, or accounts receivable financing so they have 

a very good understanding of what is needed to consider a 

customer is a good risk.” 

Wetzig has made communication and responsiveness to 

clients a priority at The Waverton Company, and clients notice 

those efforts. One client recently told Wetzig that his 

firm has a distinct advantage over other lending firms because 

they actually reply to inquiries 

Another advantage of the Colorado-based firm is the 

range of the financing options. Instead of offering just a 

few different types of loans to clients, often the case in commercial 

lending, The Waverton Company has established 

relationships with over 50 niche, focused lenders. Wetzig 

emphasized, “Our job is to match a lender with a client. 

With our business model and the amount of variation we 

have in lending options, we eliminate trying to fit a square 

peg in a round hole.” 

www.thewavertoncompany.com

Retirement Planning Isn’t Just About That Big Number 

By Amy Armstrong 

Effective retirement planning 

shouldn’t focus on one huge, comprehensive 

dollar amount that retirees 

need to set aside before beginning 

that phase of their lives. Instead, Bruce 

Doner of Innovative Wealth Management 

Services in Berlin Township, New Jersey, 

tells his clients that financing retirement 

spending will be quite similar to the way 

they handled their finances during their working years. 

“I get my people to focus on retirement planning by asking 

them how they live their lives now,” Doner explains. 

“They answer, ‘I get my check from work, I meet my budget 

and I go on from there.’” 

Doner says it’s a big relief to his clients when he tells them, 

“Well, that is what we are going to do now in retirement.” 

Instead of talking about a massive number such as $1.6 or 

$2.4 million needed to fund an entire retirement, Doner prefers 

to work out a monthly budget, just as his clients needed 

to do while they were working nine to five and raising children. 

“Numbers like that really scare people,” he said. “There is 

no need to do that.” 

Doner begins with an analysis of a client’s Social Security 

benefit – noting that many clients are already well on their 

way to achieving those large overall numbers based solely 

on that guaranteed life-long income stream they automatically 

paid into throughout their working years. 

Then he determines the shortfall each client will need to 

cover based on the type of lifestyle each wants to maintain. 

Doner advises clients on a variety of investments to bridge 

the gap, and also advises clients on a variety of investment 

strategies that can produce multiple income streams.. 

“We want a portion invested for growth to keep pace with 

inflation, but also a portion dedicated to creating conservative 

income streams that will not run dry if a client lives beyond 

their life expectancy,” he explains. 

His investment philosophy must be working. Please visit 

my website for a list of awards received for best in client satisfaction 

in the tri-state region of New York, New Jersey and 

Pennsylvania areas. Less than seven percent of all financial 

managers registered with the nationwide Financial Industry 

Regulatory Authority (FINRA) or the U.S. Securities and Exchange 

Commission in the tri-state area qualify. 

**Securities offered through Securities America Inc. Member 

FINRA/SIPC. Securities America companies and Innovative 

Wealth Management Services are not affiliated companies. 

www.innovative.wealth.sarep.com

Simple is Better When Building Client Relationships 

This southern gentleman proves the straight forward approach works best for his clients. 

By Mary Minor Davis 

Pat Paxton, Managing Director of Investment 

Planning Advisors brings 

a simple approach to the world of 

financial advising. Speaking in his deep 

southern drawl, he shares his philosophy 

on how he focuses on helping clients 

identify their long-term retirement needs 

in a straight-forward approach that eliminates 

the jargon. 

Founded in 2001, and located in the suburbs of Atlanta, the 

firm provides over 45 years of unbiased 

and objective advice to clients within 

the local Cumming area. “I work with 

everyday people,” Paxton explained. 

“These are hardworking, honest people 

who don’t like the salesmen, flashy approach. 

That’s my style—I don’t bring 

flash,” he said. 

What his clients do expect is to work 

with someone with good character, 

strong values and integrity, all characteristics 

with which Paxton credits both 

himself and his company. 

In an industry with a lot of jargon, it’s incumbent upon 

Paxton and his team to insure clients understand the products 

and options available to them and the risks involved in 

a language that they can understand. “People get confused,” 

he adds. “They don’t want to hear all of the industry terms. 

They don’t need a salesman; they need a counselor who can 

help guide them through the planning process,” Paxton said. 

Following the 2007 and 2008 recessions, “Our business was 

better than ever,” Paxton told The Suit, “mainly because we 

focus on the goals and communicate with our clients.” He 

added, “Where a client is today, where they want to go, and 

how they want to get there, is a crucial lifelong journey that 

IPA and their team of financial advisors are ready to provide. 

The most important things we do, is help to build longterm 

relationship. “Being there when a client needs you the 

most, assisting clients when spouses 

pass, or helping clients adjust to unexpected 

financial obstacles,” Paxton explains, 

“is critical to having a successful 

financial planning practice.” 

“We have to manage emotions and 

risk tolerance—this is a huge factor of 

our business. It’s all about education,” 

Paxton said. 

www.investplanadvise.com

y rich monetti 

Helping Clients Streamline and Automate 

SCIO|Financial Technologies 

305 Madison Avenue 

Suite 4600 

New York, NY 10165 

www.sciostrategy.com 


The unraveling of the American 

economy in 2008 left many U.S. 

companies teetering on the brink of 

disaster. Many tried stepping back 

from the edge by issuing pink slips. 

But employee cutbacks don’t always 

solve the problem, especially if the 

work can’t get done. Strong strategy 

and data management firms were 

well positioned to help companies 

make up the difference with customized 

technology – and these firms actually 

experienced growth at a time 

when others were at a loss. 

“In the past four or five years we 

have been thriving,” says Young Lee, 

CEO of SCIO Strategies and Analytics, 

a division of Financial Technologies. 

The company’s approach focuses 

primarily on an examination of manual- 

and labor-intensive tasks that 

not only waste time but are difficult 

to transition to new hires. In doing 

a cost benefit study for clients, Lee 

says, “We understand their processes, 

and then automate and streamline 

those processes.” 

But there’s more to business than 

simple nuts and bolts. “We don’t just 

look at the project. We look at the 

personality, the relationship, the political 

environment and everything,” 

she says. 

Operating mostly by word of 

mouth, SCIO’s level of success allows 

them to narrow clients down to 

those companies that have a potential 

for improvement and exhibit an 

open mind toward Lee’s assistance. 

“We give our clients what they need 

– even when they are not quite sure 

what they want,” she emphasizes. 

A department of a top-tier health 

insurance provider cited as a SCIO 

case study was struggling to maintain 

P&L reports for their 1200 client companies. 

After a thorough examination 

of the stakeholders and the numerous 

data feeds involved, “SCIO built 

an automated process to extract, validate, 

and combine these data (feeds) 

to deliver on-demand P&L reports 

with current month, YTD and Rolling 

12 month views. The client is now 

able to quickly re-process an entire 

year of results as updated historical 

data arrives,” the case study reported. 

Confidentiality aside, Lee is not 

afraid to drop names. “We just became 

the official partner of IBM’s 

Watson,” she says modestly. 

A budding partnership with an analytics 

software as a service company 

has SCIO anticipating a bright future. 

“We are engaging with a data company 

that has a $200 million in assets to 

become their IT provider,” she says. 

Despite their success, this CEO 

grounds her company in a philosophy 

that puts excellence over the 

pursuit of profit. “We have this fundamental 

principle where we truly 

believe in doing what we love to do, 

doing it well – and the profit will follow,” 

Lee concludes.

y felix badea 

Daily Decision-making 

PROTECTS ASSETS 

While much of today’s world of 

financial advising relies on the 

mantra “invest for the long term,” 

some advisors take a daily approach 

to monitoring risk exposure and rate of 

return in an effort to guard the assets 

under their management. 

Dexter P. Lyons, portfolio manager 

of the Issachar Fund (LIONX), is one 

of those advisors. Based in Lafayette, 

LA, he is far away from the hustle and 

bustle of Wall Street but close enough 

via the Internet to make a proactive 

daily assessment of how the Issachar 

Fund assets under management are 

performing in the stock market. 

“The way I view the fund is, I manage 

my account and watch it like a 

hawk each and every day,” Lyons explained, 

regarding the management of 

the mutual fund he began in March 

2014, hanging out his own shingle 

after nearly two decades of managing 

other people’s money. 

Lyons said he learned long ago that 

he cannot control the return his investments 

receive from market activity. 

What he can control – and what he can 

keep a tight rein on – is the amount of 

risk he is taking with the assets under 

his management. 

“I simply try to manage the risk in 

the fund every day and I let the market 

determine the return that I receive. 

My goal is to get a decent return on my 

investment without taking undue risk 

and protecting my assets,” Lyons emphasized. 

He knows, from painful personal experience, 

about losing assets. 

His first chosen career as a diesel 

mechanic was cut short by a blast of 

high volume air rupturing a disc in 

his neck at age 21. His doctor advised 

a career change. Worse yet, Lyons had 

entrusted half of his savings to a stock 

broker, whose poor investment choices 

ended up causing a complete loss for 

him. Lyons was determined to not let 

this happen to himself, or anyone else, 

again. As a student at the University 

of Louisiana majoring in business administration, 

Lyons said that he fell in 

love with the activity and trends of the 

stock market and the use of computers 

in trading. He’s been fascinated with 

the daily activity of the market ever 

since. 

“At the time, the neck injury – what I 

thought was a traumatic curse – turned 

out to be a blessing in disguise,” Lyons 

said. 

Today, he uses those two experiences 

to guide investments in the Issachar 

Fund. The name is taken from the Biblical 

reference in I Chronicles 12:32, “the 

sons of Issachar were known for their 

understanding of the times.” Lyons believes 

this applies to investing today as 

well, and noted that he uses his understanding 

of the market’s volatility and 

discernment of current financial conditions 

in his stewardship of the assets 

under his management. 

The Issachar Fund has a $1,000 minimum 

for new clients. 

The Issachar Fund is a Non-Diversified, Unconstrained, Tactical, No-Load, 

No-Transaction Fee and No-Redemption Fee 1940 Act Mutual Fund. By 

prospectus, LIONX can be up to 190% Long, up to 150% Short, 100% in 

Cash or anywhere in between at the portfolio manager’s discretion depending 

on his perception of risk in the market. By prospectus, LIONX can use Mutual 

Funds, ETFs, Stocks, Bonds, SWAPS, Futures, Options and Derivatives to position 

itself in order to achieve its goal of Long-Term Capital Appreciation. The 

Issachar Fund is a 1940 Act Mutual Fund designed with Hedge Fund abilities. 

www.LIONX.net 


y peter suciu 

The 

Challenges 

of Inheritance 

To say that Jeffrey C. Furest, 

president of First Financial 

Services of Michigan, 

was born to manage money 

isn’t far from the truth. The 

Co-Principal and Chief Compliance Officer 

of Your Financial Coach Inc. has 

more than 30 years experience in financial 

coaching and consulting, and he 

helped launch First Financial Services 

(FFS) as one of southeastern Michigan’s 

largest financial seminar providers for 

public and private organizations. He is 

the third generation of his family in the 

business, beginning with his father and 

great uncle. 

“I was born into this industry,” Furest 

told The Suit Magazine. “It’s not a 

job – it is a calling. There was always 

a passion to be in the business, not just 

to work with my dad, but to have an 

independent career and be my own 

boss.” 

First Financial Services of Michigan, 

located about 20 miles north of Detroit, 

was founded in 1977. Its main 

focus is business and estate planning 

for business owners and executives. 

Throughout the 1980s, the firm was 

one of southeastern Michigan’s leading 

financial education providers, with 

more than 3,000 individual investors 

passing through its financial coaching 

programs since 1985. 

In 2010 the company expanded both 

its services and organization by forming 

Your Financial Coach, Inc. a Registered 

Investment Advisor, now with 

nine advisors in five states. 

“We’ve seen it all – I’ve seen it all. 

I’ve seen traditional financial planning 

models; I’ve seen traditional brokerage 

models; And I’ve seen the transition to 

the fee-based arena,” added Furest. 

An asset allocation presentation by 

a long time friend was a flashpoint 

in Furest’s career. The transition to a 

fee-based service model was sparked 

through its affiliation with the Cincinnati, 

Ohio-based firm, Matson Money, 

Inc., founded in 1991 by Mark E. Matson, 

a registered investment advisor 

with the SEC. Currently, Matson manages 

in excess of $5.5 billion in assets 


for more than 20,000 private 

and public clients through select 

financial advisors nationwide. 

Furest said “I got back to 

the office that day, gathered 

our 13 advisors and said to 

“follow on this new model or 

get out of the way”. Within 

six months, the firm had 

shed some advisors, but took 

on a strategy that was different 

from the rule of the 

day. “Stock picking, market 

timing – we’ve known that 

aspect of management has 

not worked for a very, very 

long time. There is not one 

academic study showing that 

alpha, beta, stock picking, 

market timing, in-out – that it 

works.” 

Furest is now one of 700 

advisors strictly practicing 

Modern Portfolio Theory, or 

MPT, involving the application 

of Nobel Prize winning 

theories in economics and 

finance developed from 1952 

to 1990. As a philosophy, 

MPT does not employ active 

management techniques, but 

rather, relies on the coordination 

of dedicated asset class 

investments (market-based 

investments containing all 

global stocks and bonds) with 

dissimilar levels of risk to 

provide lower portfolio risk 

as a whole while attempting 

to maintain market rates of 

returns. It also utilizes the 

application of “standard deviation” to 

monitor the individual asset classes in 

a portfolio and monitor and maintain 

a specified risk level in a portfolio to 

achieve stated return objectives. “We 

wanted to differentiate ourselves from 

the traditional broker or even financial 

planners and fee based advisors,” he 

noted. “Investors need to be protected 

against themselves – from making 

irrational decisions. We developed 

a way to work with the client and 

their behavior with their money with 

the highest investment standard out 

there.” 

The firm also differentiates itself by 

how it attracts new business. Instead 

of advertising, FFS now relies on natural 

referrals to attract new clients. 

After more than 35 years in business, 

the firm now finds itself working with 

many third generation clients, including 

the children – and even the grandchildren 

– of the original investors. 

“The goal,” said Furest, “is to work 

with an existing client base to preserve 

the wealth that has already been built 

up through solid financial planning.” 

However, following the Great Recession, 

changing opinions by younger 

investors remains one of the greatest 

hurdles for FFS to overcome. 

“The biggest challenge is to transition 

wealth from our first and second 

generation clients to the millennials,” 

explained Furest. “It is probably the 

biggest challenge our industry is facing. 

A study reported by Reuters earlier 

this year stated that by 2016, the first 

level of transition of wealth to millennials 

is $6 to 9 trillion dollars. By 2024, 

at the apex, it represents $36 trillion 

going to millennials. The 23-year-old 

right now does not trust the financial 

industry, does not trust brokers 

and is more conservative than great 

grandparents were during the Great 

Depression. The average millennial 

keeps more than 50 percent of their 

money in cash. At the same time, they 

are self-empowered and want instant 

gratification. It is a difficult generation 

to wrap arms around.” 

And the younger crowd are not the 

only ones who have come to distrust 

the financial industry after the 2008 

market corrections as well as scandals 

like the Bernie Madoff ponzi scheme. 

Furest admitted that while the average 

portfolio had depreciated by 27 percent 

in 2008, the best strategy was still 

to stay the course, and the recovery exceeds 

135%**. 

“The commonality was fear,” Furest 

admitted. “The positive for most clients 

who listened was to keep investing. 

Over time you will have a lower 

purchase price and a higher market 

value.” To that end, he pushed clients 

not to sell anything at the bottom, and 

to buy while prices were down. “This 

is where your value will come back 

when the markets do recover. Clients 

understood that staying invested is the 

right thing to do.” 

Furest said confidently, “We’ve got 

clients that we’ve brought on since the 

Great Recession who have the greatest 

peace of mind that they’ve ever, ever 

had about their financial future.” 

**Footnote: Return information as reported 

by Matson Money, Inc, Global Investment 

Performance Standards Composite 

2013 Annual Report, dated May 6, 2014, by 

Ashland Partners & Company, LLP. 525 

Bigham Knoll, Suite 200, Jacksonville, OR 

97530. www.MatsonMoney.com 

www.yourfinancialcoach.com 



lasting a Lifetime 

The Center for Applied Research – part of the State Street Corporation, 

an international financial services holding company – released a report 

in May entitled, “Stuffing Cash Under the Mattress.” In it, they shed 

light on the behavior and preferences of individual investors. 

“ 

Despite the market hitting record 

highs, retail investors, with investable 

assets ranging from less than 

$250,000 to more than $1MM, have 

dramatically increased their allocation 

to cash. Cash allocations have jumped 

in the past two years with the global 

average rising from 31% in 2012 to 

40% in 2014. In the US, allocations rose 

from 26% in 2012 to 36% in 2014,” stated 

the report. 

These statistics come as no surprise 

to Gary Montgomery, president and 

CEO of Wealth Security LLC, a feebased 

financial advisory firm in Austin, 

Texas. 

“The 2008 recession has refocused 

a lot of attention on capital preservation 

– and the event put fear into investors, 

keeping them from taking the 

appropriate amount of risk, particularly 

baby boomers approaching retirement,” 

said Montgomery. 

Wealth Security LLC has helped people 

reenter the market who, because 

of the recession, had largely pulled 

out and were sitting on significant 

amounts of cash. “We’ve encouraged 

them and helped them make better 

decisions,” he explained. Referencing 

one such client who was helped to understand 

the right mix of risk and capital 

preservation, Montgomery noted, 

“We’ve done extremely well with her 

portfolio. In fact, she’s so much more 

comfortable with the amount of assets 

that she has, that she is encouraging us 

to take larger risks.” 

Montgomery is currently involved 

in a pro bono project for the military 

to help soldiers returning to civilian 

life. He is a graduate of the United 

States Military Academy at West 

Point, where he studied engineering as 

an undergrad. Later on, he earned an 

MBA, and with experience in mergers 

and acquisitions, also became a Certified 

Financial Planner. 

“Because I come from an analytical 

background, I look for left-brained clientele 

– the left brain being logical, analytical, 

and objective,” Montgomery 

emphasized. “I can apply my analytical 

skills to help make better decisions 

for them. I recognize that emotions 

are part of any decision, so we match 

logical and analytical thinking with 

the emotional aspects and help clients 

make good financial decisions to preserve 

or increase their wealth.“ 

Foreseeing a time when people could 

be retired for more years than they actually 

work, Montgomery related, “In 

the future, the expected lifespan is going 

to be age 100 or higher. It’s likely 

that people are going to be retired for 

35 to 40 years, and their retirement 

money has to last.” In answer to that, 

Wealth Security LLC has developed a 

paycheck system for retirees. Similar 

to they way money was handled when 

they were working, retirees receive periodic 

paychecks, annual bonuses and 

pay raises. 

Montgomery said, “We link the performance 

of the pay raises and the bonus 

as it relates to the portfolio performance, 

which ensures that it will last 

their lifetime.” 

Wealth Security LLC 

100 Congress Ave. Suite 2000 

Austin, Texas 78701 

Office: 1-877-256-1681 

Fax: 1-877-276-5696 

info@wealthsecurityllc.com 

www. wealthsecurityllc.com 


y enid burns 

PRESCRIPTION PLANS THAT SAVE 

The changing face of healthcare in 

the United States signals a change 

for many businesses involved in 

that industry. David Wilson, Chairman 

and founder of Professional Risk Asset 

Management Insurance Services – also 

known as PRAM – sees opportunities 

for underwriters and auditors, as well 

as a shift toward savings on prescriptions. 

Since founding PRAM in Orange 

County, California in 1989, Wilson 

adapted technology to make the business 

of underwriting prescription plans 

much more efficient. Initially formed as 

a benefits consultancy, Wilson looked 

for a way to quickly differentiate PRAM 

from other businesses. 

“I felt that the prescription drug area 

was wide open, since there seem to 

be few consultants who had any idea 

about how to control costs in this area,” 

Wilson told The Suit Magazine. He paid 

particular attention to understanding 

how pharmacy benefits management 

companies or PBM develop and control 

costs. “In most cases the clients didn't 

have any idea as to what [these PBMs] 

were doing.” 

Services performed by PRAM typically 

start with an audit. “The process usually 

begins for us an off cycle audit of 

the client's prescription drug card program. 

It is through this information that 

the client learns for the first time how 

their PBM – their pharmacy benefits 

management company – is managing 

prescription drug costs. They become 

fluent in understanding what possible 

problems could be associated with a 

contract that they signed.” 

Two prescription programs created 

by PRAM help the member, or custom- 

er – as well as the plan provider – save 

money. 

“Frankly, we have very exciting programs. 

We offer a number of underwriting 

opportunities that can curb the 

impact of prescription drug costs on 

families who have children with special 

needs,” Wilson explained. “The key 

program we offer under PRAM's mail 

services allows a 90-day supply with 

zero copay for the member, and at a far 

less cost for the plan sponsor than savings 

available under traditional pharmacy 

programs.” 

Elderly members receive a similar 

benefit under the plans that PRAM underwrites. 

“Every effort is made to include 

them when underwriting seniors 

for state, local and national employer 

groups,” said Wilson. “For seniors, getting 

a zero copay for a 90-day supply 

of maintenance drugs is pretty exciting 

– and frankly, we think it is a one-of-akind 

program that controls costs dramatically 

for [seniors] throughout the 

country.” 

According to Wilson, PRAM's underwriting 

services are available in all but 

two states, however, PRAM's consulting 

services and self-funded programs are 

available in every state. 

We are experts in helping 

our clients deal effectively 

with Pharmacy Benefits 

Managers (PBMs), insurers 

and other third parties. 

711 East Imperial Highway, #100 

Brea, California 92821 

(714) 671-3951 

www.pram.com 



Estate Planning: 

Take the Time Now 

LexisNexis, a leading legal research 

corporation, reports that 

more than 55 percent of American 

adults do not have an estate plan 

or even a simple will. An estate plan 

is the umbrella containing all relevant 

documents that fall within the scope of 

the plan – a will or a trust, along with 

all advanced care directives. There 

are differences among the documents 

that could be prepared. One difference 

between a will and a living revocable 

trust, for instance, is that a will must 

go through probate, while a living revocable 

trust does not. Choosing the 

most beneficial course depends on estate 

planning, a process that is more 

comprehensive than a simple list of 

who receives assets and other belongings. 

It can also include legal documents 

for advanced directives and tax 

planning – not only upon death – but 

also if the individual becomes incapacitated. 

“Part of estate planning isn’t just 

what happens when you die; it needs 

to protect the client during every potential 

stage in life. If you don’t have 

these advanced directives, like a 

healthcare power of attorney or a living 

will, your wishes may not be followed,” 

explained attorney, Sabrina 

Winters, who recommends that these 

documents should be created at a time 

when there is not an urgent need to do 

so. Further, Winters points out how 

much additional stress family members 

suffer when trying to sort through 

difficult issues and make decisions 

without knowing a loved one’s wishes 

and preferences. “Often times, people 

don’t make the best decisions when 

it’s an emergency situation,” she said. 

Based in Charlotte, NC, the firm of 

Sabrina Winters, Attorney at Law, 

PLLC, opened in 2005. Today, the majority 

of their clients are high net worth 

C-Suite executives and physicians, as 

well as people retiring or just starting 

their families. 

“We really hold our clients’ hands 

from the moment they call our office 

for the first time, to the day when they 

pick up their final documents. It’s all 

about understanding the client, and 

it’s making sure they know that we 

care about them as individuals,” 

said Winters. 

She added that 

everyone at her firm 

ensures clients are informed 

at every step 

of the estate planning 

process. “It’s not just 

about the documents; 

it’s about getting the 

client’s wishes on paper 

and really understanding 

what they 

want – and then drafting 

the document so 

that their plan will 

ultimately work,” she 

said. 

Another critical aspect of estate 

planning is naming legal guardians of 

young children in the event of parental 

death. Her firm has also gained significant 

experience pertaining to special 

needs children. “Kids need a voice,” 

said Winters. “If something happens 

to one or both of the parents, that child 

needs to be taken by the hand immediately. 

If a parent with a special needs 

child doesn’t have a written plan in 

place, it could really set that child 

back. Estate planning is not something 

you do for yourself; it is one of the 

most loving things you can do for your 

family and loved ones.” 

In addition to general estate planning 

services, Winters also assists clients 

with Medicaid planning, veterans 

pension assistance, probate and tax 

issues in implementing dynasty trusts, 

irrevocable life insurance trusts and 

IRA trusts. 

www.ncestateplanninginfo.com


Planning is for Everyone 

In its “7th Fidelity® Advisor 

Insights” study released in 2013, 

Fidelity Investments reported 

that many financial advisors are 

not taking the necessary steps 

today to sustain their businesses 

in the future. One contributing 

factor outlined in the study is 

that 43 percent of advisors “did 

not feel it is important to evolve 

their practice to meet the needs of 

younger investors.” 

Empower Wealth Advisors, 

in conjunction 

with their broker/dealer 

Commonwealth Financial 

Network, uses social media 

platforms – including Twitter, 

LinkedIn and Facebook 

– to connect with a new and 

younger audience. 

Chris Powers, managing 

partner of the financial advisory 

firm, cited recent research 

reporting that only 4 

percent of children use the 

same financial advisor as 

their parents. While Powers 

sees that as a disturbing 

statistic, he also identifies it 

as an exciting opportunity 

to continue the growth of 

his own practice by being of 

service to an up and coming 

generation. 

“A top goal for us is reaching 

out to our clients with 

children who are starting 

their financial life, preparing 

them for potential inheritance 

and getting them set 

up with a firm financial 

foundation,” 

explained 

Powers, as he 

outlined growth 

strategies for his 

firm. “In a lot 

of high schools 

– and even colleges -- kids 

come out so ill-prepared, or 

under-prepared, for managing 

their personal finances.” 

In 2000, Powers started 

the firm with a focus on insurance 

and in the ensuing 

years he continued his professional 

development to 

become a Certified Financial 

Planner (CFP), an Accredited 

Estate Planner® (AEP), 

and an Accredited Investment 

Fiduciary® (AIF). 

Empower Wealth Advisors 

provides a holistic approach 

to wealth management, including 

retirement planning, 

business planning, 

estate planning and risk 

management. 

Investable assets and account 

minimums typically 

define a financial advisory 

firm's clients. Empower 

Wealth Advisors, based in 

San Antonio, Texas, uses 

broader criteria, engaging 

with clients who want 

comprehensive planning 

and unbiased advice. For 

instance, they design estate 

planning strategies for farm 

and ranch owners and the 

firm is very involved with 

owners of oil and gas interests 

in Eagle Ford Shale 

– a major economic initiative 

that is “redefining 

South Texas as an oil 

industry hotbed.” 

As a boutique financial 

firm dedicated to 

professional and personalized 

service, Empower 

Wealth Advisors makes it 

their goal to help people 

reduce the stress associated 

with managing their finances. 

“After several years 

of recovery following the 

2008 market decline, people 

approaching retirement are 

more apprehensive about 

market risk. They want 

solutions that minimize 

their risk versus focusing 

on excess returns created 

by managers,” said Powers, 

commenting on the current 

mood of investors. “Clients 

are willing to give up liquidity 

with a portion of their 

portfolio to invest in more 

alternative investments and 

seek more customized solutions 

for their retirement income 

needs.” 

www.empower-wa.com 


y amy m. armstrong 

UNVEILING MICRO-CAP 

OPPORTUNITIES 

Those companies represented in the 

micro-cap investing arena – especially 

those companies not analyzed stringently 

by traditional Wall Street traders – are 

exactly the opportunities Michael Corbett 

of Perritt Capital Management seeks 

for his firm’s various mutual funds. 

“That lack of attention is a true opportunity 

within this inefficient asset class. 

The inefficiency stems from the perspective 

that micro-caps are neither efficiently 

analyzed nor traded properly across 

the markets, because research to identify 

the opportunities is just not done in 

great detail by the major traders,” Corbett 

said. “This is exactly what we talk 

about with our clients. The micro-cap 

stocks are what we call a truly inefficient 

asset class. We at Perritt pride ourselves 

on this because we are the ones doing 

the necessary research in great detail.” 

Micro-cap investing is a niche that 

Corbett has developed for his firm over 

the past two decades. Always drawn 

to the entrepreneurial spirit because 

of working for local businesses in his 

hometown, after his college days, Corbett 

knew he wanted to work with people 

who were equally passionate about 

the merits of entrepreneurship and an 

appreciation of the free spirit of capitalism 

associated with small business. 

Corbett joined the Chicago-based 

firm right out of college, starting in the 

research department for Investment 

Information Services, which produced 

the financial newsletters started by Dr. 

Gerald Perritt, founder of Perritt Investments, 

the forerunner of today’s Perritt 

Capital Management Services. Corbett 

worked his way over to the money management 

side of the firm, becoming Lead 

Portfolio Manager in 1999 and owner in 

2007, when he purchased the firm. 

Today he holds a variety of titles – 

CEO, CIO, Portfolio Manager and majority 

owner of the firm – and he strives 

to educate potential clients on the value 

of investing in micro-cap and small business. 

“The spirit of small business is what 

this country was founded on. Much of 

the excitement in our economy is focused 

now on small business,” Corbett 

emphasized. “Smaller companies hire 

people and create jobs. The real passion 

and the true value that enhances our 

economy and our communities comes 

from smaller companies.” 

Corbett explained how keeping that 

excitement about small business at its 

peak is one reason Perritt Capital employs 

an in-house compliance team. In 

this highly-regulated industry, Corbett 

believes that using outside compliance 

is too cumbersome. It delays getting 

marketing materials out to potential 

clients and slows down the flow of information. 

“Having compliance in-house helps 

us put material together in a timely 

manner, signed off for legal purposes 

and properly documented so we are 

able to have a strong compliance process 

that also allows us to get information 

to our clients in a pretty fast and 

efficient manner,” Corbett said. “The 

only drawback to this industry is that 

is highly-regulated and I don’t see that 

going down, but only increasing.” 

PERRITT CAPITAL MANAGEMENT, INC. 

(312) 669-1650 300 S. Wacker, 

Suite 2880 Chicago IL 60606 

www.perrittcap.com 



PROTECTING THE PRINCIPAL 

Generally, financial 

planning firms 

charge an annual 

fee for their services. 

How they establish this 

fee is likely based on criteria 

such as the advisor’s 

credentials and years of experience in the 

financial planning industry, along with 

the range of services required based on a 

client’s individual financial situation. Research 

reported in 2012 by Cerulli Associates 

and Phoenix Marketing International 

stated, amazingly, that: “60 percent of investors 

either did not know how their advisors 

got paid or thought that the service 

they offered was free.” 

Circle of Safety Advisors, LLC, based in 

Reno, Nevada, was started by John Holman 

and his wife, Karis. Their goal was 

to be “a different type of financial planning 

firm.” And, they are very different. 

Here’s why. 

First, Circle Safety clients are not 

charged an annual fee. Second, the firm 

does not sell any products through which 

a client can lose principal. “In fact, in almost 

all of the products that we offer, the 

clients know upfront exactly what kind 

of rate of return they are getting over a 

period of time,” explained John Holman. 

“I’ve watched thousands of people 

do better,” said Holman. A former civil 

trial attorney turned Certified Financial 

Planner®, he also received his certificate 

as a Certified Investment Management 

Analyst® (CIMA) from the Wharton 

School of Business. “We offer federally 

insured CD’s that are tied to both the 

stock market and to commodities markets 

where you can never lose principal. 

The only question is how much you 

make every year.” 

Karis Holman is in charge of Circle 

of Safety’s first circle, which according 

to John Holman is something that clients 

don’t often ask about – and very 

few advisors ever talk about. “Property 

and casualty insurance is where you 

need to start if you are going to protect 

somebody. Most people don’t have an 

umbrella policy to protect them against 

liability in today’s litigious society,” he 

said. While every state recommends that 

people review their property and casualty 

insurance yearly, Holman suggests 

that very few people actually do that. 

For the next step in the Circle of Safety 

process, Holman works with clients until 

they have complete protection of principal 

to cap their downside risk, and start 

to earn the benefits of long-term investing. 

“Our principle is to protect capital, 

produce income – and to allow people 

to sleep better at night,” Holman emphasized. 

As a financial planning and investment advisory firm, William 

Howard helps clients meet their stated financial goals through a 

proven, logical, and customized financial planning process. 

over the years lose way too much of their 

principal. I realized that if you never lose 

principal and you just have positive rates 

of return – even if they are not as high as 

they might be if you live with the cycles 

of the market – over time you’re going to 

Circle of Safety Advisors, LLC 

16520 Wedge Parkway, Suite 200 

Reno, NV 89511 

775-971-8300 

www.circleofsafetyadvisors.com 



STAYING ENGAGED 

IN FINANCIAL PLANNING 

In a June 2014 report entitled, “Does Past Performance 

Matter? The Persistence Scorecard,” 

S&P Dow Jones Indices reported the following: 

“Very few funds can consistently stay at the 

top. Out of the 687 funds that were in the top 

quartile as of March 2012, only 3.78% managed 

to stay there by the end of March 2014.” The 

world’s largest provider of financial market indices 

also stated that, “1.90% of the large-cap 

funds, 3.16% of the mid-cap funds and 4.11% 

of the small-cap funds remain in the top quartile.” 

These findings come 

as no surprise to P. 

Christopher Music, 

founder and president of 

Econologics® Financial 

Advisors based in Clearwater, 

FL, who said he 

has never seen a study 

confirming that a fund 

manager can consistently 

predict over time which 

stocks will perform well, 

and who can accurately 

predict when to buy and 

sell. 

Econologics® is a results-based 

financial 

planning® system Music 

developed in direct 

response to the market 

crash of 2008. “Econologics® 

is actually a subject 

on personal finance that 

really evolves current financial 

planning technology 

to a new level, based 

on predictable results, as 

opposed to being more 

sales-oriented for financial 

products and services,” 

Music explained. 

In addition to Econologics® 

Financial Advisors, 

which is a financial planning 

firm working with 

professionals in private 

practice, Music also operates 

Econologics® Institute, 

a financial education 

organization. 

While there is no minimum 

investment required 

to begin working 

with Econologics® Financial 

Advisors, there 

are some quite unique 

client requirements. Music 

developed a three-day 

workshop called “Private 

Practice Millionaire® 

Academy” that all clients 

are required to attend 

along with their spouses. 

Clients learn about the 

Econologics® system and 

about what Music calls, 

“results-based transition 

planning.” That is, how 

to build maximum transition 

value into a profes- 

P. Christopher Music, 

Founder & President 

sional practice – something that 

Music said is not addressed in 

the financial planning world 

when dealing specifically with 

small business owners. 

“My belief is, if a person is 

willing to increase the income 

of their practice, is willing to 

take a part of those profits 

every year and reinvest them 

into personal wealth – and is 

willing to stay engaged in our 

financial planning process – 

then we don’t really care what 

they start with as far as assets,” 

said Music. “As long as they 

are willing to commit to the 

process and do it, then everybody 

wins.” 

Music’s view on the fiduciary 

responsibility of a personal 

financial advisor is an all-encompassing 

one, and far from 

textbook. “We help our clients 

achieve an optimum financial 

condition in their households 

as best we can, regarding their 

whole entire financial experience 

– not just their investment 

experience. But see, that 

is a unique definition different 

from what any other financial 

advisor would define as fiduciary 

responsibility,” Music 

insisted. 

Appearing on national television 

as a financial expert, 

Music has been featured in 

Forbes and Newsweek, and is 

also a best-selling author. 

www.econologicsfinancialadvisors.com 


y rodric j. bradford 

Building Bridges to 

Financial Independence 

At age 12, most boys are in love 

with baseball cards, video 

games or a girl in their sixthgrade 

class, but for CapRock Wealth 

Advisors president Christian Bridges, 

this age marked the beginning of a 

lifelong career in the financial services 

industry. 

“I fell in love with the stock market 

at age 12 and knew that this was what 

I wanted to do,” Bridges recounted. 

“I have a real passion for wanting to 

help people, and that passion flows 

throughout CapRock.” 

That passion led Bridges to use the 

“LIVE” strategy – Longevity, Inflation, 

Volatility and Expectation – as a means 

to discuss all scenarios and options 

with clients to keep the lines of communication 

open and work together toward 

building financial independence. 

“Since 2008 we have made even more 

improvements to continue to be open 

and transparent with clients,” says 

Bridges. “We always talk with them in 

terms of LIVE and risk tolerance, transparency 

and capital preservation.” 

CapRock Wealth Advisors helps 

a wide range of clients – from young 

adult to those of pre-retirement age, to 

longtime retirees. 

“No matter where our clients are in 

their careers, we let them know it is not 

about how much they build, but how 

much they get to keep,” says Bridges. 

“We want them to grow and preserve 

the assets that are there.” 

To pursue that goal, CapRock Wealth 

Advisors sets clear expectations for 

each client, taking into account the full 

realm of family and life events, from 

marriages and divorces to childbirth, 

to funerals. 

“In this new financial environment, 

we make sure to educate our clients on 

what investments are being used and 

why, and how investments interact 

with each other,” Bridges explained. 

“If the market changes, we want to react 

early and appropriately. We need 

our clients to know what to expect as 

the markets change.” 

Regardless of the status of the markets, 

one variable that has to be constantly 

addressed is the issue of longer 

retirements. A generation ago, a decade 

was the norm, but now a retirement 

spanning a quarter-century or 

more is quite common. One of the pillars 

of CapRock’s success has been being 

able to successfully guide retirees 

through this transition, to make their 

money last. 

“In the past, advisors assumed the 

home was paid off and there was not 

a lot of debt, but now we assume they 

need 100 percent of their income to 

maintain their lifestyles unless we are 

told otherwise,” Bridges said. 

By making assumptions that minimize 

risk while enhancing client communications, 

every day Bridges is still 

living out the dream that he fell in love 

with as a child. 

“My greatest success is being able 

to sit down with clients to see where 

they are and how to get them to where 

they want to be,” Bridges emphasized. 

“That has been my passion since I 

started investing myself at age 12 – and 

Our staff consists of experienced professionals with a “hands on” approach 

to financial guidance. Not only will you find our team members 

knowledgeable, but you will also discover that our staff truly cares about 

making your dreams a reality. As your Financial Professionals, we will 

do everything in our power to keep you focused on where you want to go, 

advise you on how to get there, and continually remind you of the importance 

of maintaining a disciplined approach to realizing your dreams. 

it still is today.” 

For a list of states in which I am 

registered to do business, please visit 

www.caprockwa.com 

Securities offered through LPL Financial, 

Member FINRA/SIPC 

www.finra.org and www.sipc.org

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