One City Built to Last
The news is in: On November 7, 2014, the justices announced they would decide on a lawsuit claiming that the language of the Affordable Care Act doesn’t allow the government to provide tax-credits to low-and-moderate-income health insurance consumers using federally funded Obamacare exchanges operating in more than 30 states. Indeed, there’s a medical quagmire. And there is a lack of communication between doctors, staffing and patients. For example, the Affordable Care Act isn’t just about insurance coverage. The legislation is also about transforming the way health care is provided. In fact, it has brought in new competitors, services and business practices, which are in turn producing substantial industry shifts that affect all players along health care’s value chain. Read Amy Armstrongs story on page 16. On page 21, our reporter Judy Magness, profiles companies all over the country making incredible advances. Take a look at Functional Medicine and the driving breakthroughs in breast cancer while The news is in: On November 7, 2014, the justices announced they would decide on a lawsuit claiming that the language of the Affordable Care Act doesn’t allow the government to provide tax-credits to low-and-moderate-income health insurance consumers using federally funded Obamacare exchanges operating in more than 30 states. Indeed, there’s a medical quagmire. And there is a lack of communication between doctors, staffing and patients. For example, the Affordable Care Act isn’t just about insurance coverage. The legislation is also about transforming the way health care is provided. In fact, it has brought in new competitors, services and business practices, which are in turn producing substantial industry shifts that affect all players along health care’s value chain. Read Amy Armstrongs story on page 16. On page 21, our reporter Judy Magness, profiles companies all over the country making incredible advances. Take a look at Functional Medicine and the driving breakthroughs in breast cancer while
y peter suciu A BALANCE OF EMOTION AND ECONOMICS Helping Clients Through Financial Hardship While most 23- year old college graduates were looking for their first post-school apartments, Rhonda Klch was already purchasing her third property. Throughout high school she saved money, invested well and went to college on a business scholarship. What she learned there not only prepared her for a career, but it set her on the road toward property ownership. She utilized the funds she had saved to buy a house, and then bought two more. It was at that time when Klch's attorney introduced her to a mortgage professional who became her mentor. Now, nearly two decades later Klch is CEO of Equity First LLC. Rather than simply helping people who have the money to buy a home, Klch also helps those who are over-extended or THE SUIT MAGAZINE - NOV 2014 who have fallen into hardship make the right decisions for keeping their homes. Breaking into the business wasn't exactly easy for a 4-foot, 11-inch woman – even one owning three properties. It was also a very different time in the world of mortgages. “I was let loose into what I call a man's suit and tie industry at 23 years old,” Klch told The Suit Magazine. “It was very difficult for me to be taken seriously. This was was before subprime and there were generally just two types of programs available – general mortgages and FHA mortgages.” Instead of giving up, Klch hit the pavement. She began talking to attorneys, realtors, CPAs and other professionals in the housing market, and started asking for their “throwaways.” Those were the people to whom others simply said, “No, you can't buy a house,” and those people became her clients. “My personal niche became working with people who needed more assistance and guidance. And that is how Equity First came to be,” Klch explained. “Instead of working with the A level borrower, I was working with clients who needed more help. I worked with them to develop strategies – to work on their credit, to work on their debt and to help readjust their expectations. A lot of the time, these so-called 'throwaways' were the result of the mortgage professional being unable to set the appropriate expectations.” “For the client – they may have been approved for a mortgage or had pre-approval the whole time, but the level they were able to be approved at was just not the level they wanted to be. So by working through their budget and expectations, I quickly devel-
Continuously striving to set new industry standards for businesses and consumers nationally. trigger that has brought them to us,” Klch noted.Once they become clients, many of them will learn a new word – accountability. “Our debt settlement program revolves around their having some accountability. We make them put their own money into a separate bank account. Based on the budget, we help them assess how much they can afford to put into a program,” she added, noting that this can be hard. “A lot of these people stopped learning how to save once they stopped paying their bills. We put them through a program so they can see how much disposable income they have without sacrificing too much of their lifestyle quality at the same time.” “It takes an emotional toll on the clients. We try to prepare them to move forward and we will help them restructure their debt.” All this can result in a payoff, if the client is serious. Once enough money has been put aside, Klch can help clients settle a debt, and then – and only then – does her firm get paid a percentage of the saved money. “If we go through the motions and we don't save them any money, then we do not collect a fee,” Klch emphasized. oped a pipeline and it stuck.” Today, Equity First LLC is built around catering to these clients. While many firms have sprung up since the economic debacle of 2008- 09, this firm is not the result of the housing bubble, and was helping those in need long before the downturn. “A lot of new firms opened up to offer quick relief programs, so you saw a lot of loan modification agents, a lot of debt settlement companies that would – not to say take advantage of marketplace – but there was a shift in their direction,” she added. “We did not open our doors specifically for a time of crisis. We were around before the market collapsed.” Finding clients, especially since the downturn, hasn't been a problem for Equity First, even though it doesn't advertise. Instead, 100 percent of its business comes in via referrals from those in the industry. For Klch not every referral means new business either. She guides potential clients through determining whether they can qualify for industry-standard programs that allow clients to make manageable adjustments to debt. In other cases, Klch may refer them to a bankruptcy attorney. “When we sit with the client, generally there is a budget to assess where they are. This is a realistic budget. We go through their income and their assets – and not everybody is a fit for our business. I work with a number of alliance partners.” She also stressed that many clients aren't simply overextended. Many have faced some sort of crisis or disastrous life event, whether it is losing a job, dealing with the loss of a spouse or even a sick child at home. “Generally there is some sort of 625 Middle Country Road, Suite 100 Coram, NY 11727 Phone: 631-521-7607 info@equityfirstusa.com www.equityfirstusa.com THE SUIT MAGAZINE p.73
- Page 22 and 23: n HORMONE AVERTi HEALTHY BREAST PRO
- Page 24 and 25: Alternative medicine emerged as con
- Page 26 and 27: y amy m. armstrong Intensive Specia
- Page 28: y rich monetti NEVER MAKE the Same
- Page 31 and 32: product, sell it to the hospital an
- Page 33 and 34: y peter suciu Compliance is Key for
- Page 35: their needs are, but still require
- Page 38 and 39: y enid burns HELPING SMALL LENDERS
- Page 40 and 41: y amy m. armstrong Employee non-Com
- Page 42 and 43: y g. levin Health Agent says Everyo
- Page 46 and 47: y amy m. armstrong Providing More t
- Page 48 and 49: EARLY IDENTIFICATION OF LD AND ADHD
- Page 50 and 51: y rodric j. bradford Commitment to
- Page 52 and 53: y enid burns THE CORNERSTONES OF Ho
- Page 54 and 55: y mary minor davis Offsetting the T
- Page 57 and 58: y gerald h. levin Shifting Markets
- Page 59 and 60: the economic downturn of 2008-09. D
- Page 62 and 63: y dan harvey Thinking the UNTHINKAB
- Page 64 and 65: y judy scinyamagness EXPERT witness
- Page 66 and 67: y felix badea Familial Advice at An
- Page 68 and 69: y enid burns On a Mission to Create
- Page 71: y peter suciu GUIDING PEOPLE THROUG
- Page 75 and 76: that obstacle a challenging one,”
- Page 77 and 78: y peter suciu GUIDING CLIENTS COMMU
- Page 79 and 80: “Retirement is not necessarily th
- Page 81 and 82: OUR MISSION AT BRIDGEWORTH IS TO PA
- Page 83 and 84: abuse did occur,” Arragg said.
- Page 85 and 86: explained Travis. “And then I rea
Continuously<br />
striving <strong>to</strong> set new<br />
industry standards<br />
for businesses<br />
and consumers<br />
nationally.<br />
trigger that has brought them <strong>to</strong> us,”<br />
Klch noted.Once they become clients,<br />
many of them will learn a new word<br />
– accountability. “Our debt settlement<br />
program revolves around their having<br />
some accountability. We make them<br />
put their own money in<strong>to</strong> a separate<br />
bank account. Based on the budget, we<br />
help them assess how much they can<br />
afford <strong>to</strong> put in<strong>to</strong> a program,” she added,<br />
noting that this can be hard. “A lot<br />
of these people s<strong>to</strong>pped learning how<br />
<strong>to</strong> save once they s<strong>to</strong>pped paying their<br />
bills. We put them through a program<br />
so they can see how much disposable<br />
income they have without sacrificing<br />
<strong>to</strong>o much of their lifestyle quality at the<br />
same time.”<br />
“It takes an emotional <strong>to</strong>ll on the clients.<br />
We try <strong>to</strong> prepare them <strong>to</strong> move<br />
forward and we will help them restructure<br />
their debt.”<br />
All this can result in a payoff, if the<br />
client is serious. Once enough money<br />
has been put aside, Klch can help clients<br />
settle a debt, and then – and only<br />
then – does her firm get paid a percentage<br />
of the saved money.<br />
“If we go through the motions and<br />
we don't save them any money, then<br />
we do not collect a fee,” Klch emphasized.<br />
oped a pipeline and it stuck.”<br />
Today, Equity First LLC is built<br />
around catering <strong>to</strong> these clients.<br />
While many firms have sprung up<br />
since the economic debacle of 2008-<br />
09, this firm is not the result of the<br />
housing bubble, and was helping<br />
those in need long before the downturn.<br />
“A lot of new firms opened up <strong>to</strong> offer<br />
quick relief programs, so you saw<br />
a lot of loan modification agents, a<br />
lot of debt settlement companies that<br />
would – not <strong>to</strong> say take advantage of<br />
marketplace – but there was a shift in<br />
their direction,” she added. “We did<br />
not open our doors specifically for a<br />
time of crisis. We were around before<br />
the market collapsed.”<br />
Finding clients, especially since the<br />
downturn, hasn't been a problem for<br />
Equity First, even though it doesn't<br />
advertise. Instead, 100 percent of its<br />
business comes in via referrals from<br />
those in the industry. For Klch not<br />
every referral means new business<br />
either.<br />
She guides potential clients<br />
through determining whether they<br />
can qualify for industry-standard<br />
programs that allow clients <strong>to</strong> make<br />
manageable adjustments <strong>to</strong> debt. In<br />
other cases, Klch may refer them <strong>to</strong> a<br />
bankruptcy at<strong>to</strong>rney.<br />
“When we sit with the client, generally<br />
there is a budget <strong>to</strong> assess<br />
where they are. This is a realistic<br />
budget. We go through their income<br />
and their assets – and not everybody<br />
is a fit for our business. I work with a<br />
number of alliance partners.”<br />
She also stressed that many clients<br />
aren't simply overextended. Many<br />
have faced some sort of crisis or disastrous<br />
life event, whether it is losing<br />
a job, dealing with the loss of a<br />
spouse or even a sick child at home.<br />
“Generally there is some sort of<br />
625 Middle Country Road, Suite 100<br />
Coram, NY 11727<br />
Phone: 631-521-7607<br />
info@equityfirstusa.com<br />
www.equityfirstusa.com<br />
THE SUIT MAGAZINE p.73
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