Magazine Articles
   
 

Make Like Madonna

Registered Rep Magazine - November 2008

"Market share shifts in periods of crisis — just ask Jamie Dimon. You have to make bold moves to get a maximum share of the opportunity. If you are in a rut, there is no better time to consider transforming yourself. No one can attest to the power of reinvention better than Madonna. Her 30-year career has cemented her position as the top-selling female recording artist of all time and (thus far) earned her $400 million dollars. At the age of 50, she shows no signs of retiring and is currently on yet another worldwide tour. How does Madonna do it? Change!" More >>


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Slaying Your Inner Dragons
Registered Rep Magazine - June 2008

"At one time or another all of us have said or done something that was contrary to our own best interest, damaging to an important relationship or just plain wrong. We kind of knew it at the time, but we went ahead and did it anyway. The question is, why? I learned about the Seven Dragons from Laurie Skreslet, the first Canadian citizen to reach the summit of Mount Everest."  More >>

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Seven Financial Sins of Millionaire Households
Registered Rep Magazine - April 2008

"Raising five kids in any U.S. metro area means big bucks if you want the best in education — a challenge well known to one affluent family who faced a total bill of about $2 million spread around among private schools, private colleges, books, living expenses and other costs. After laying down that chunk of change to help their children get a leg up in a competitive world, they were unprepared to shell out another $1 million in a single year to keep their kid's name clean." More >>
 
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Looking Out for Numero Uno
Registered Rep Magazine - March 2008

Top advisors know that there is an uneasy balance between helping their clients and protecting themselves. The reality is that providing a high level of personal service and advice to other people is very difficult and demanding. My father, a retired physician, finds it amusing when financial advisors, admonishing clients to follow a recommendation, compare themselves to doctors: “If your doctor told you to do something, you'd do it — I'm like your financial doctor.”  More >>


Sink or Swim
Registered Rep Magazine - February 2008
by Steve Gresham

 

I was watching a TV documentary recently about a middle-aged man who was preparing to swim the English Channel. A reporter asked him why he had chosen to undertake this particular challenge — especially since the man, a popular TV comedian, was not known to be a swimmer or even much of an athlete. The man said that when he was a boy, he saw a television program about a man who swam the Channel, and decided then and there that it was something he too would like to do. “It became a goal of mine,” the man explained. “Now seems to be the perfect time, because I don't have much else going on at the moment.” More >>
 
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The Words Not Spoken
Registered Rep Magazine - December 2007
by Steve Gresham

If you are like most advisors, you usually approach client meetings in one of two ways: If the market is up, you underscore the recent growth in the client's assets, and the progress made toward the achievement of his or her financial goals. If the market is down, you emphasize how a diversified portfolio shielded the client from significant losses.

Either way, you have demonstrated your value by giving the client a greater sense of financial security. Or have you? A recent survey by Prince & Associates found that 89 percent of millionaire households feel that they are vulnerable to a financial reversal, yet only 15 percent of advisors were aware that their clients harbored such fears. That is a staggering disconnect — but an understandable one.  More >>
 
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Beating Recession Depression
Registered Rep Magazine - February 2008
by Steve Gresham

Now, what are you doing about it? Have you called your clients?

If you haven't, you're not alone. At an investment advisor seminar about a month after the 2001 terrorist attacks, the speaker asked members of the audience to raise their hands if they had reached out to clients in the weeks that had passed since that horrible day. Only about one in four of the seminar attendees raised their hands. The speaker pointed to a man in the audience who hadn't raised his hand and asked, “Why haven't you called your clients?” The man sheepishly replied, “Because I wouldn't know what to tell them.” A woman sitting nearby — one of the relative few who had raised their hands — spoke up and said, “Have them call me. I know what to tell them!”  More >>

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The Big Shift
Registered Rep Magazine - September 2007
by Steve Gresham

 

Don’t get too comfortable with the way you run your business. Retiring baby boomer clients want more services than you provide.

Is your practice retirement-ready? As you may have heard, in the coming years nearly 80 million Americans will bid farewell to their careers. In so doing, they will end the wealth accumulation phase of their financial lives, and begin the wealth distribution phase. Many of them will seek the help of a financial advisor for the first time. There seems to be an unspoken understanding among financial advisors that the industry will enter a golden age as boomer retirees turn to them for assistance ...
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Sticker Shock
Registered Rep Magazine -
March 2007
by Stephen D. Gresham and Glen E. Gresham, M.D
 

My father and I had the same reaction when we looked at our copies of The New York Times on a Saturday morning at the end of January. On the front page, just above the fold, was an article entitled, “A Contrarian View: Save Less and Still Retire with Enough.” Had we read that headline correctly? After decades of helping retirees cope with financial and medical issues, our shock and dismay were the same as if a parenting magazine had declared “Let Kids Play in Traffic — It's Fun.”
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Grandma's Got A New Boyfriend
Registered Rep Magazine -
February 2007
by Stephen D. Gresham and Glen E. Gresham, M.D.
 

“Mother, you must be out of your mind!” Ellen Fulton's eyes blazed with indignation as she put down her coffee cup with a shaking hand. “He's the same age as your children, for goodness' sake! Have your little fling, if you must, but stop talking nonsense. Marriage, indeed! You can't be serious!” ... More>>
 
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The Price Isn't Right
Registered Rep Magazine -
January 2007
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
If you stop to think about it, there are a number of surprising parallels between the medical and financial-advisory professions. Both remedy issues vital to long-term happiness: health and wealth. Both require highly technical knowledge, coupled with personal and intimate service. Both require an initial assessment and diagnosis a look at past and family records, a talk about current conditions ... More>>
 
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Diagnosing Your Prospects' Pressure Points Millionaire Hot Buttons
Registered Rep Magazine - December 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
The end of each calendar year provides a natural setting for serious prospecting. Full-year performance and other results are easy to present to potential clients and their accountants, who can quickly make comparisons among competing advisors, retirement plans, mutual funds and managed accounts. So how can you use this moment to capture additional assets and referrals ... More>>
 
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Partners In Care
Registered Rep Magazine - November 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 

It had been a festive family reunion. Len and Gloria Benton reclined on the veranda of their upscale retirement community condominium and happily rehashed every detail. “We're so lucky,” sighed Gloria. “Thanks to your good planning, we've been able to retire early, buy this great place and really enjoy getting the whole family together — our kids, grandchildren and our parents!” ... More>>
 
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Caregiver for Life
Registered Rep Magazine - October 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
After her traumatically brain-injured (TBI) son, Jim, had finally settled down and gone to sleep, Adelaide Newton sat alone in her living room to ponder her current situation.  While her two older children were married, had children and were living independent lives of their own, Adelaide, a widow in her early 60s, had to decide how to deal with Jim, 19, once a very promising college student. A skiing accident had left him with permanent mental limitations. She had barely recovered from the loss of her husband from a sudden heart attack when the call had come that Jim was being airlifted to the regional trauma center ... More>>
 
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Scaling Old Peaks
Registered Rep Magazine - September 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
The longest block of Kenilworth Road in our town has so many physicians that it has been jokingly referred to as “Pill Hill.” It is a tree-lined street in affluent suburbia dotted with large stately houses — most designed in the Tudor style — that were built between the two World Wars. They were ideal homes for affluent physicians and their broods in the 1950s and 1960s. Those doctors are now senior citizens. the kids are long gone and the houses are too large, too much work to maintain and — for many — too lonely. This brings a previously unthinkable agenda: selling the home and moving to a smaller place ... More>>
 
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Retirement Roulette
Help clients prepare to win the longevity sweepstakes
Registered Rep
Magazine - July 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
The members of the Cadeucis Colloquium, a discussion group of retired and semi-retired physicians, sat together in Dr. Kaplan's living room overlooking the lake one recent afternoon. Dr. Kaplan finished serving drinks and asked: “Who goes first?”
“I noted in the New England Journal of Medicine [April 20 issue] that overall life expectancy at birth in the U.S. has reached 77.2,” Dr. Whiteside said. “We're catching up with Canada, Britain and Japan — at last. Of course, they've always achieved their superior figures with less than half of our per-capita cost for health care. But, let's take time off from talking costs and just consider the impact of this demographic on our thoughts about aging.” ... More>>
 
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The Final Reward
Registered Rep Magazine - May 2006
by Stephen Gresham and Glen E. Gresham, M.D.
 
A patient fidgeted in his chair in a doctor's waiting room. Impatient as always, he was torn between complaining about being kept waiting and a creeping anxiety about what the doctor might tell him. Approaching 60, he had always been healthy, hard-charging and successful. His marriage was still solid, his kids were launched on promising careers, he still excelled at tennis and he had no “financial worries.” There were, however, clouds gathering on his horizon. For several months, he hadn't felt quite up to par. He was frequently tired, sometimes edgy and having “gut problems.” His initial hope that this would all just go away was fading and, when his urine had turned dark, he caved and called the doctor ... More>>
 
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The Rewards of Risk Review
Registered Rep Magazine - April 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
Life is full of risks, and the financial advisor's job is largely to minimize the financial perils their clients face. What the risks are, how they will be reduced and what it will cost to do so must all be taken into account with the knowledge that the task will vary from one household to the next. Nor are the concerns of every generation the same. Contrary to what you would expect from conventional wisdom and this space, the greatest fear of baby boomers is not death or a market collapse. Instead, according to Age Wave guru Ken Dychtwald, their chief worry is the loss of independence characterized by contracting a major illness or being confined to a nursing home. A Dow debacle didn't even make the list ... More>>
 
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Prime Time Risks
Registered Rep Magazine - March 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
Buttoning his shirt at the end of the physical exam, he was the very picture of a clean bill of health: A handsome, fit businessman, who, at 47, was in the prime of his life. Call him Matt Parsons. That's not his real name, but what happened next that day in the doctor's office is based on a true — and too common — story:
“Well, what do you think it is, Doc?” a subdued Parsons said. Parsons was having problems walking and his doctor started by explaining that it was due to muscle spasm, which probably meant that some changes were taking place where his nerves originate in the spinal cord. Parsons also had episodes of blurred vision and his doctor discussed them with him, too. They needed to be evaluated and his doctor would schedule an appointment with a specialist as soon as possible ... More>>
 
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Reaching Boomers
Registered Rep Magazine - February 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
The following letter, based on a real life situation with a friend and the friend's financial advisor, offers a peek at issues concerning boomer clients (all names are fictitious): Dear Roger: Thank you for spending so much time counseling our niece, Amanda, about how her recent inheritance should be invested. I had told her to listen carefully to your advice, as I have been most favorably impressed by your management of my wife's portfolio (which, of course, is similarly based on an inheritance) ... More>>


 

 

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