It wasn’t until his last semester of college that Shane Sumlin found his calling. He enrolled in a class on i vestments and day one knew it was what he wanted to do. It’s what he’s been doing ever since!
Shane started at Merrill Lynch in 1994 and in 1998, was hired by AG Edwards. AG Edwards was ought by Wachovia securities and about a year after many bad investments they were bought by Wells Fargo. Wells Fargo does over 1/3 of the loans in U.S. They are not a bank but a wholly owned brokerage firm. As the largest broker dealer in U.S., they have over 15,000 (ten) and Shane’s book of business is currently at $115,000,000. It’s times like this past week that proves just how important it is to have a financial advisor who’s primary goal is to help his customers succeed financially.
There are four different components of wealth management…
1) INVESTMENTS…. CDs, bonds, etc. as determined by the clients objectives and goals
2) LIABILITIES MANAGEMENT…assists business owners in need of access to capital
3) ASSET PROTECTION INSURANCE…Shane has had his insurance license for many years
4) ASSET TRANFER… What happens when the owner of the investment passes? Shane wants to meet the kids and insure he keeps the business in his books, generation after generation.
The action steps he takes with all his clients…
1) Sit down and have a discovery meeting. Find out their objectives and goals.
2) Wealth plan analysis which is the development and envision plan.
3) Implementation of the plan which can take weeks or months in some cases.
4) Ongoing monitoring and tracking in which he tracks the goal and monitors how your accounts are doing to make sure they stay on track.
Hot topics of discussion right now…
China: The 2nd largest economy out there, which is hitting 6-7% growth annually. This year they are only projected for a 3-4% growth which is making the world nervous. China has devalued their currency which means there products are less expensive and they are counting on us buying their goods. This is a china problem not a U.S. Problem
Interest rates: 5/10 chance that the fed is going to raise rates in September. Expect Cash, CDs, bonds, rates to rise. Shane recommends refinancing NOW and if you have high debt, get it off the books because rates
are going up.
Markets are a Pricing mechanism of earnings: Our economy is sluggish right now, it’s ok despite what you may hear. They predict 4-6 weeks more volatility.
If u have a retirement plan, an old one or not one at all, CALL SHANE SUMLIN OR J GARCIA immediately. Retirement plan prices have gone down a great deal and now is the time to re-evaluate yours.
His best advice…try to find your objective, what’s your end game?
If you don’t have a plan you need to get one.
It’s your activity and attitude that really defines who we are in life.