Wealth Protection

Assets, Advocacy, and Attitude guide firm's client profile

The federal government battled for and against creating a fiduciary rule across two presidential administrations. Legislation that would regulate how investment professionals could operate was introduced during the Obama era, but ultimately met its demise under the current administration dominated by the GOP.

No matter where the government stands in regulating the importance of a financial fiduciary – that is, advising in a client’s best interests without allegiance to specific investment products or financial institutions – Lawrence Sprung, CFP®, president of Mitlin Financial, Inc.. knew that’s how he wanted to operate. So, though he started as an independent broker, the firm became registered investment advisory firm (RIA) in 2011. As an RIA registered with the U.S. Securities and Exchange Commission, he is legally bound to act as a client’s fiduciary.

Sprung pegs his passion for the financial industry back to his childhood. His mother, Linda (the “lin” in Mitlin Financial) became very ill when he was young, and he remembers the impact illness had on his family.

miltin300x300“It’s the drive of wanting to help people through the events in their lives that might disrupt their situations. Some are planned like marriage, birth, and starting a business. Others aren’t planned like death, disability, and loss of a job. This was a great career choice for me to help people navigate through life’s situations,” said Sprung.

While many advisory firms have a minimum of assets required from prospective clients, Mitlin Financial, instead, evaluates other criteria which they informally refer to as “Triple A.”

First, they learn about a prospective client's “asset range,” Sprung explained. Next, they consider “advocacy” – the potential of client referrals to friends, family, and business associates that can benefit from the firm's expertise. The last component, “attitude” is based on a client’s desire to rely on the firm to manage their accounts.

“Attitude is the key component of us being a fit together and having a multigenerational relationship. We don't want to be everything to everyone, we want to be everything to a small select group of people,” Sprung said.

Mitlin Financial works to break down very complex financial concepts into bite-size pieces so that clients understand “industry terminology, how investment products work, and transparency in compensation,” said Sprung as he explained how the firm creates an atmosphere of open communication.

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“Part of our approach to retirement planning is to develop a formalized view of where the client is today and where they want to be, and then map out a game plan under current circumstances to see if they can achieve these goals under certain parameters,” he said, adding that inflation rates, investment return rates, and estimated contributions by the client over the years must be evaluated on a regular basis to make sure that their financial plan is moving towards the client's target. “The heavy lifting is to make sure that you're staying on top of all of these variables on a regular basis to make sure that you're getting closer to target, or you're staying on target.”

Based in New York, Mitlin Financial maximizes technology according to Sprung.

Clients each have their own web portal secured with encrypted technology where they can access their financial plan, assets, performance, and statements.

“As years go on, technology is key to get clients the information they need in a timely manner, and it’s the most effective way to get it done. Our web portal allows clients to get everything they need 24-7,” he said.



For more information, visit: Mitlin Financial, Inc.

 

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