Have you been considering possible wealth management solutions? Great news, we’ve got a really well-timed ‘how to’ conversation for you this week!
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Episode 101 with Larry Sprung
Nervous about going all in without a sneaky peek? Don’t worry – we’ve got you covered!
Watch the conversation’s promo on your Apple device or on YouTube
Here’s what’s in this episode about wealth management solutions!
(Table of contents)
- Listen now via your favourite app
- Who is Larry Sprung and what is Mitlin Financial? (1m32s)
- A family tree is literally health and wealth (6m50s)
- Actions speak louder than words (11m09s)
- Advice for listeners who want to be proactive (18m59s)
- General wealth management advice (32m28s)
- Wendywoo’s Takeaway
- Larry’s links and goodies
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Who is Larry Sprung and what is Mitlin Financial?
Larry Sprung is on the surface of it all, a man offering wealth management solutions. He started his company, Mitlin Financial in 2004 with one focus-to put the needs of clients first.
His team is dedicated to providing them accurate information about their finances and empowering consumers through modern tools like mobile apps or web apps that make it easy for clients to manage their money and get insights without too much hassle.
In all these years since its inception there's always been an interesting story behind their name at Mitlin Financial and Larry shares it with us in this episode.
This episode, like many of our others, will also act as a how-to on wealth management for any listeners who really need some free advice on what to do next to protect the future.
A family tree is literally health and wealth
Larry is not just a wealth management expert, and that’s why he’s on the show.
In this episode, he explains to Wendy how the clients he helps bring him in almost like a member of the family during their most important hour of need.
None of us know exactly when we’re going to need to address our wealth management solutions, but knowing that Larry is there for them is why he’s built trust with the clients he’s serving.
Larry – “We have another family right now where mom is in hospice. And we got an email from the son the other day, and he said, hey, do you have a copy of mom's power of attorney? I need to update something for her. And they won't do it without a copy of her power of attorney. Now, that's not something that a lot of financial advisers or wealth advisors or firms usually have. It's something they make sure that gets done, but they don't proactively get copies a lot of times we do. And he emailed us, and within minutes, we basically shot him back a copy of Mom's power of attorney, that he was the power of attorney for her. And just the mere fact that in that instance where he's dealing with his own life, his own day to day, and now he's got to deal with his mom's situation, the mere fact that we were able to send that to him and save him the time, effort and energy of going to look for himself. That just adds a lot of value and it just impresses upon them.”
Actions speak louder than words
Wealth management solutions – one industry in which absolute transparency is vital.
They’re dealing with your money and they’re dealing with things that can impact in the future of your money after you’ve gone.
Once that’s happened, it’s too late, and so you really need to be able to feel like you can trust the person providing your wealth management solutions to be acting in your best interests at all times.
A magic formula? Nope.
And that’s a key point Larry raises in this episode when he talks about no one firm offering “a magic formula”, expanding on this by saying the differences are in single digit percentiles.
He explains how the value proposition is in the areas of extra support that lots of companies say they’ll help with, but seldom do.
Here’s an excerpt of the episode’s transcript
Larry – “And the reality is there is no adviser, there's no investment professional out there that has this magic bullet or magic formula that's going to get you significantly greater returns than everybody else over a long period of time. It doesn't exist. So when we talk to the families that we serve, we talk to them about when you're making a decision on who to work with. Don't do it about performance. And if you're going to do it about performance, we're not the firm for you because ideally we're going to be within maybe a quarter, half of 1% of every other advisor out there. There shouldn't be that much of a differential between any one adviser if they are doing things the correct way to your risk tolerance, your goals and objectives, we should be in relatively a very tight range. Where we add value is on all those other areas that you need help with and guidance with in order to prevent you from making pitfalls or mistakes that are going to cost you a lot of money in the long run. That's where we add value in saving you the time, the effort, and the energy and saving you from hopefully making mistakes that if you don't have us to call, you potentially would make.”
Advice for listeners who want to be proactive
Are you in a situation where you need to make provisions whether for a loved one or yourself?
Do you want to get ahead of the situations alluded to above (and described in case study stories shared in the episode)?
Then make a point of getting the episode playing right now at 19 minutes in.
That’s the moment of the key relevant bit of information you’ll need when it comes to your own specific wealth management solutions.
Here’s the player – look for episode 101.
Larry – “Again, I know that we've cited a number of examples where somebody was ill and then something was happening. But number one is there's a lot of life events that prompt us to relook at things. Right. And what we call them here are critical financial events. And those critical financial events could be good things in our life, and it could be negative things. We've talked about a few of the negative things, but some of the positive things could be a job change or a retirement or a marriage or buying a new home. Some of the negative things, as we talked about, could be death or disability or a divorce, maybe. It could be either one. It could be a good thing or a bad thing, depending on which stance you take there. But to your point and to your question, for all these critical financial events, it's always easier not to act or have to do something in a very reactive and under the gun, so to speak. ”
General wealth management solutions advice
So you’ve learned there’s stuff you need to know when it comes to helping your loved ones to get sorted out with their financial affairs.
But what if your needs are more generic, and more tiered towards.. well… wealth?
This episode has you covered.
Larry shares the insights you need to know whether your dream future is a $50,000 dollar retirement, or a $150,000 retirement.
They’re both completely different lives, and thus, they require completely different wealth management solutions.
Here’s a taste of the wisdom shared.
Larry – “So I think the importance of what we do is really creating that foundation as far as where you are today, learning again where you want to be, whether you're at 30, 45, it doesn't matter where you are today, where you want to be and when you want to be there and then figure out are you on track or off track? And if you're on track, great. What could we do to optimize things? If you're off track, what are things we can do to get you closer to reaching those goals and objectives? Right. And then what we do is we continue to monitor that progress over time.”
Shout out to Dan Sullivan
Listen to learn why Larry is a big fan of Dan Sullivan and the important life lesson he took away from this man.
You can hear that part at 25m27s.
Again, here’s the player if you want to skip straight on to that part of episode 101.
“Hmmm…. wealth management solutions. A broad term that can encompass a variety of services depending on the needs of the client.
In general, wealth management solutions aim to help individuals reach their financial goals, whether that includes saving for retirement, building assets, or mitigating taxes.
There are a few key things to consider when seeking wealth management advice.
First, it's important to understand your own financial situation and goals.
Second, you need to find an advisor who understands your needs and is aligned with your values.
Finally, it's important to be proactive about monitoring your progress and making adjustments as needed.”
Larry Sprung’s Links and Goodies
Mitlin Money Mindset™ on socials
Mitlin Financial, Inc®
Mitlin Financial, Inc. on socials
If you want to check out the various goodies Larry’s offering you, including a free webinar and budgeting guide, click below for the Carrying On The Conversation page and look for Larry’s section on there.