Finance

Talk first, talk more - then plan

The conversation is missing from the world of financial advising. So says Michael Begin, president of Lifestyle Freedom in Milford, Conn.

And he is bringing it back – at least in the operation of his own practice as a certified financial planner.

“I spend a great deal of time with prospective clients in conversation before anything else happens,” Begin explains. “My first meeting with them is always in what I call ‘the conversation room.’ It is a comfortable setting with a couch and two chairs, like a living room where we can just talk.”

Begin’s purpose in this approach is to fully understand what is really important to the individual, coupl, or family unit sitting in the “conversation room” with him.

As the bulk of his clients are retirees or pre-retirees, the meat of these conversations deal with the types of lifestyle they want for their retirement. Hence, the name of his firm, “Lifestyle Freedom,” Begin told The Suit. He seeks clients who are serious about achieving their retirement goals through planning and risk mitigation instead of just limping along, unsure of the financing of their retirement years.

“People laugh when I say that,” Begin said. “But I am extremely serious about wanting to work with people who want to afford the retirement lifestyle that they would like for themselves. I want clients who are just as serious about the plan I put together for them as I am about the plan.”

This means having honest conversations regarding risk management.

Begin watched in 2000 when the Dot.com bubble sent the stock market plunging. At that point, he said that too many of his clients lost too much. This was when he learned the value of risk mitigation.

“I have spent the rest of my career looking at how to protect clients,” Begin emphasized.

By the time the Great Recession hit, Begin had not only mastered gauging his clients’ risk tolerance, but he had also learned methods to keep clients’ money in investments that offered little downside risk while retaining the ability to capitalize on the upside.

In 2008, Begin’s clients experienced miniscule losses and were well prepared to take advantage of the start of what now remains the third longest-running bull market.

He knows more volatility is ahead, believing the market activity at the end of August through September of this year is only the beginning. Both Begin and his clients are ready for it, largely because of Begin’s assertive communications with them. He calls each one when a major market drop occurs and sends out regular emails and newsletters. The professional money managers he uses communicate with clients once a week and he uses a proprietary money management software called Asset Lock that gives his clients the ability to check their account status online at any time.

Begin does not limit his client interactions to portfolio management. He wants his clients to talk to him about all of their financial decisions – big and small.

“I want my clients to understand that I am their go-to guy,” Begin emphasized. “Whether that means buying a car, giving something to their kids that is bigger than a birthday present or buying a second home, I am the guy for them to have that conversation with – no matter what.”

Learn more about Lifestyle Freedom online at: www.lifestylefreedom.com

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