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Lenox Overview
 

Lenox Overview

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    Lenox Overview Lenox Overview Document Transcript

    • Lenox Advisors, IncIntegrating financialsecurity into financial success
    • Welcome to Lenox Advisors Lenox Advisors is a unique wealth advisory firm focusing on high-net-worth individuals, including corporate executives, business owners and entrepreneurs. Most of our clients retain us to be their “personal CFO.” We coordinate all aspects of their financial lives, including retirement planning, asset management, risk management, estate planning, insurance, children’s college education, etc. For our corporate clients, we advise them on all different types of benefit programs and qualified plans for their employees, including customized executive carve-out insurance programs for senior executives. Lenox Advisors offers:○ Private Wealth Management ○ Lenox Corporate Benefits > Fee-Based Financial Planning/Lenox CFO™ > Group Insurance Benefits > Asset Management > Corporate Executive Carve-Out Insurance Programs > Lenox RPC™ (Retirement Plan Consultancy) Platform○ Insurance Brokerage > Life Insurance > Disability Income Insurance > Long Term Care Insurance > Annuities
    • “We help our clients realize their dreams by integrating and overseeing virtually every aspect of their financial lives.” Michael Book, Managing Partner, Lenox Advisors Achieving financial success does not always simplify life. In fact, A single-source wealth advisory firm for successful executives, affluent affluence generally increases the complexity of the decision-making individuals, business owners, professional athletes and entertainers, process. The greater one’s wealth, the more time and knowledge must be Lenox Advisors provides oversight and strategic management of invested in maintaining its growth, protection and ultimate distribution. every aspect of clients’ financial lives, from asset management to financial planning; from risk management and insurance to estate Attorneys, accountants, insurance brokers and financial planners can and retirement planning. Lenox Advisors’ highly skilled specialists offer invaluable advice, but most offer services independent of one listen closely to clients, learning their values and goals, then craft the another. It is often up to their clients to sift through the individual strategies and engineer the follow-through to help ensure continued recommendations, evaluating each to determine which are the most financial success. Lenox Advisors reduces the complexity in clients’ appropriate. financial lives, which helps to increase clients’ financial security. The ideal solution is a wealth advisory firm that can help define and Lenox Advisors counsels not only individuals but also corporate achieve each client’s unique, long-term goals through a comprehen- clients, from small firms to global businesses. Designing competitive, sive, holistic program of investments, tax planning, asset allocation, flexible benefit packages is a top priority for successful businesses— risk management, insurance, retirement planning and estate planning. and because compensation and benefits often comprise a significant portion of the net worth of affluent individuals—corporate services is Lenox Advisors helps provide that solution…in an independent, a top priority. objective and integrated fashion. page 1
    • lenox private wealth managementLenox CFO™ ○ Cash Flow/Retirement ○ Estate Planning Strategies Planning ○ Risk Management/ > “What if” Scenarios Insurance Coverage > Major Purchase ○ Lenox Vault for all Expense Modeling Personal Documents > Retirement Income, ○ Balance Sheet/Net Distribution and Worth Statements Tax Minimization ○ Lenox Money-Smart Strategies Kids™ Program ○ Asset Allocation > Financial Literacy Strategies Resources ○ Account Aggregation > Age-Based Lesson ○ Education Funding Plans for Childrenpage 2
    • “Managing your wealth can be an intimidating process. We turn anxiety into empowerment by working with our clients to develop a set of financial goals and a game plan for achieving them.” Rick Van Benschoten, CFP® Managing Partner, Lenox Advisors , As their wealth grows, affluent individuals express concern that their financial lives are increasingly complex. They face a wide array of complicated decisions every day. How can they secure their financial future, including estate planning, retirement and asset management? How do they communicate their financial values to their children? What is the best way to care for aging parents? How do they meet philanthropic aspirations? Clients hire Lenox to become their “personal CFO.” As a single- A key differentiator of Lenox is our values-based approach to wealth source financial advocate, Lenox works collaboratively with clients’ management and how it threads throughout your relationship advisors to create a focused, vertically integrated strategy that with Lenox. All of our recommendations are sourced through your drives all present and future financial-related decision-making. The “Money Constitution,” a document reflecting your (and your spouse’s) Lenox CFO™, the firm’s proprietary platform for streamlining the relationship to money. financial planning process, enables Lenox to coordinate each client’s financial matters—asset management, risk management, retirement, For example, what are the values you grew up with and what do you insurance, children’s college and estate planning.* want to pass on to your children? What values do you and your spouse agree and disagree on? What would we have to do together over the ® Lenox Advisors’ team of Certified Financial Planners (CFP professionals), next five years for you and your spouse to believe we’ve succeeded in Certified Public Accountants (CPAs) and attorneys work together to managing your financial affairs? provide clients with comprehensive planning advice, continuously, as the economic environment and their personal circumstances change. Realizing that wealth management is a family issue, Lenox has a proprietary platform, the Lenox Money-Smart Kids™ Program, to help Cutting-edge technology gives Lenox Advisors’ clients the ability to parents communicate their financial values and educate their children organize all of their advisors and assets and consolidate them in the about money and philanthropy. Lenox knows preserving generational same place, at the same time. This frees them from the smallest (but wealth cannot be accomplished without preserving values. often the most critical) details of wealth management, giving clients the freedom to devote more time and attention to other important aspects of their lives. page 3
    • lenox private wealth managementLenox Asset ManagementSuccessful wealth management is a process, not an event. Securing one’s financial future, particularlyin an uncertain economic environment, requires continuous oversight by an integrated team offinancial professionals who are able to provide insightful advice and timely execution against anagreed-upon set of financial goals. Such oversight provides strategic perspectives on specific issues,including: What asset allocation is appropriate for your level of risk tolerance? Or, in which accountsshould you own specific investments in order to maximize after-tax returns?page 4
    • “The one certain way to improve investment returns is to reduce expenses, and the greatest expense in most investment portfolios is taxes. We believe wealth is amassed by focusing on after-tax returns, not pretax returns.” David Carter, Chief Investment Officer, Lenox Advisors ○ Access to Separately Managed Accounts ○ Municipal and Taxable Bond Portfolios ○ Equities ○ Hedge Funds ○ Real Estate Investment Trusts ○ Commodities-Based Funds ○ Oil and Gas Partnerships ○ Equipment Leasing Programs ○ Mutual Funds ○ Variable Annuities Lenox Advisors takes the time to listen to clients and understand investment vehicles Lenox Advisors has no proprietary prod- how they accumulate their wealth: success in a self-built business, ucts, and utilizes an open architecture through consulting firms that inherited money, a concentrated stock holding in a public company. assist in the initial and ongoing due diligence of money managers Lenox then structures recommendations based on each client’s and hedge funds. Lenox implements portfolios through some of the particular financial goals, including spending needs, multigenerational best money managers and private firms available, and uses passive estate planning goals, and future philanthropic aspirations. We believe investments where appropriate. successful asset management should be part of the overall estate, business and financial planning and should not be operated as a stand- Asset ownership Often overlooked, asset ownership is an alone silo. Thus, all analyses and recommendations are based upon important aspect of investment planning. For example, tax-inefficient Lenox Advisors’ understanding of each client’s objectives. investments can possibly be moved to tax-deferred accounts, and assets targeted for future philanthropy or future generations will have Asset AllocAtion Lenox Advisors takes an institutional approach different allocations than those assets required for current spending to individual investing, encouraging clients to approach their portfolio or the current generation. These types of investment details could asset allocation similar to a college endowment or charitable foundation. yield far more in returns than market timing or investment selection. All asset allocations start with the basic percentage allotments to cash, stocks and bonds in relation to a given time horizon. Diversification into performAnce And portfolio monitoring Specific goals and traditional and nontraditional investments within each sector is then monetary aspirations can change over time. Likewise, the cycles of added to help increase the return expectation while also effectively the global markets and the structure of the world economy ebb and helping to reduce the downside risk of the overall portfolio. Emphasizing flow through the years. Lenox Advisors meets regularly with clients to asset classes and investment vehicles that have little or no correlation constantly update the recommended asset allocation, rebalance the in a market cycle helps to increase success. overall portfolio or replace the investment vehicle or manager. Any modification is made based on a clear understanding of each client’s current situation and future goals, and on up-to-date economic and investment vehicle analyses. page 5
    • Lenox Insurance Brokerage ○ Life Insurance ○ Disability Income Insurance (Personal and Corporate Sponsored) ○ Long Term Care Insurance (Personal and Corporate Sponsored) ○ Fixed and Variable Annuities ○ Private Placement Life Insurance ○ Private Placement Variable Annuities ○ Home, Auto and Umbrella Liability Insurance* ○ Ownership Structure, Trusts ○ Buy/Sell Agreements (Life and Disability) ○ Key Person Coverage ○ Business Succession Planning *Provided by third-party vendorspage 6
    • “Insurance planning can be an intimidating process. We focus on educating our clients so they can make informed decisions on protecting themselves and their families.” Greg Olsen, CFP® Partner, Lenox Advisors , Because asset protection, risk management and insurance are critical elements in any financial plan, Lenox Insurance Brokerage customarily reviews clients’ insurance portfolios and identifies the creative strategies designed to help meet their changing needs at every stage in their lives. Do clients have the right amount of coverage? Do they have the right policies and carriers? Would an annuity be an appropriate part of their risk management planning? Lenox Advisors’ life insurance portfolio consists of products offered And finally, as long-term-care costs continue to rise, about 10 million by some of the country’s best insurance carriers. Whether the client Americans age 65 and older now depend on long-term-care services, needs a simple life insurance policy or a more complex private and that number is expected to double by 2040. Additionally, an esti- 1 placement life policy, Lenox Advisors’ specialists have the expertise mated 70 percent of people who reach the age of 65 will need some and resources to meet that need. form of long-term care before they die. Our long-term-care specialists 2 work with each client to identify the appropriate coverage and carrier The ability to earn an income is the bedrock for financial security. that will best protect their assets and preserve their independence. What would happen if that were taken away? Lenox understands the importance of disability income insurance, an often overlooked piece Selecting the right insurance is a critical element in a comprehensive of an individual’s financial affairs and specializes in providing the most program of risk management, but it’s only one element. As clients’ lives appropriate coverage for our clients. change, so do their needs. The specialists at Lenox Advisors review with clients their entire portfolio regularly to help minimize risk and maximize financial security.1 "Report Projects Future Need for Long-Term Care, Effects on Family and Public Policy." The Urban Institute. 5/7/07.2 Council of Economic Advisors. Economic Report of the President. Washington, DC: U.S. Government Printing Office. February 2007. page 7
    • Lenox Corporate BenefitsLenox Advisors Group Benefits differentiates itself by having the technology and resources of a largeoperation, but providing the personal attention of a smaller, specialized firm. Is your staff trainedand prepared to administer the new HIPAA and COBRA regulations? Have you explored minimumpremium or self-insuring your group benefits? Have you considered a Section 125 plan? Lenox createscustomized, scalable recommendations in an end-to-end service platform. A team staffing structureprovides constant access to professionals in the employee benefits field so that corporate clients cancontinue being experts in their own fields.page 8
    • “Our group benefits practice is designed around one concept: extraordinary service. We treat your executives as if they were our own.” Gregory K. Large, CLU, ChFC, Managing Partner, Lenox Advisors ○ Bullet List group Benefits A key resource for our clients is the bswift® HRIS executive cArve-out / multilife cApABilities At Lenox (Human Resources Information System) and benefits tool. It’s an Advisors, we treat corporate executives as if they were our own. integrated web-based solution that combines benefits, HR and payroll We specialize in designing and implementing corporate voluntary administration. One which includes state-of-the-art technology to benefit offerings with discounted individual insurance and executive help administer online enrollments, detailed reporting, and tracking benefit strategies. and performance management. bswift also offers a unique “plug and play” upgrade capability to help offer additional best-in-class service We have the technology and resources of a large operation, but provide technology as desired. the personal attention of a specialty firm. With a national presence, we can execute voluntary benefit programs on a face-to-face basis. Corporate clients can also access the Lenox RPC™ (Retirement Plan Consultancy) Platform to help implement and monitor their 401(k) When companies endorse Lenox Advisors to provide objective assess- and Defined Benefit Qualified Retirement Plans. It’s designed to help ments of their executives’ individual insurance coverage, we take this plan sponsors address issues from establishing the Investment Policy as a serious responsibility—to them, their executives and ourselves. Statement to the ongoing selection, monitoring and recommendations of the qualified plan’s investments. Our investment option review is We use web-based technology enabling us to efficiently and effectively SM fueled by a unique Scorecard System, which includes the rankings ensure that your executives are getting individualized attention every of a plan’s investment options in approximately 14 asset classes—a step of the enrollment and application process. comprehensive process similar to what the largest and most advanced investment institutions utilize. Lenox Advisors’ expertise, personalized support and administrative capabilities yield higher participation levels in employer-sponsored Lenox Advisors’ proven processes can deliver some of the most voluntary insurance offerings than you may have thought possible. productive benefits programs possible for clients, educating and increasing the appreciation and loyalty of their most valuable assets: their human capital. page 9
    • Lenox Corporate Benefits ® ○ bswift HRIS (Human Resources Information System) Technology ○ Group Benefits Brokerage and Consulting ○ Health and Welfare ○ Disability/LTD ○ Group Life Programs ○ State DBL Programs ○ STD/A.S.O. Programs ○ Voluntary Benefit Programs ○ Executive Carve-Out Programs ○ Lenox RPC™ (Retirement Plan Consultancy) Platformpage 10
    • Imagine working with Lenox Advisors and accumulating goodwill from your executives without bearing additional administrative burden and costs. Lenox provides personalized benefits consultation for executives: Lenox adds value without adding cost or administration.○ Our team of highly skilled experts meet one-on-one with every ○ Our voluntary offerings cost companies nothing. The employees executive to discuss his or her unique situation. choose to apply and pay for the offerings.○ We do not inundate executives with marketing materials and enrollment ○ There is little or no additional administrative burden to your firm. We or application forms. We sit down, face to face, and review the offerings. can do virtually everything:○ Executives can gain a deeper personal understanding of the benefits > Coordinate and manage insurance carrier and vendor relationships offered, how they work with the existing coverage and fit into their > Oversee underwriting processes overall financial portfolios. > Plan and execute employee communications○ We save human resource professionals valuable time by being the > Offer one-on-one and online educational and application services point people who field executives’ questions and inquiries. ○ Our web-based technology allows us to monitor every detail of the enrollment and application process to help ensure that your program Executives gain access to a firm that Investment Advisor magazine is successfully implemented. describes as the “epitome of wealth management done right.” * ○ We develop communications that reinforce your key messages and philosophy about benefits. We find good communications result in○ With Lenox Advisors, executives are introduced to knowledgeable and better and more effective perceptions of the program itself as well as highly skilled professionals; professionals who will help them seize its follow-on messages. unique opportunities while saving them time, effort and frustration. ○ Our personalized service extends well beyond underwriting and○ Our parent company, National Financial Partners (NYSE:NFP) provides delivery of the policy. Whether it’s a general question about the policy, us access to a wide range of insurance carriers and the critical mass a need to revise coverage policy or even the need to initiate a claim, needed to negotiate favorable rates. This enables us to identify appropri- the employee can deal directly with his or her Lenox representative. ate strategies designed to help meet your executives’ specific needs. ○ Companies gain value by providing a tremendous opportunity for○ Our corporate programs usually allow for discounted rates not available executives to get something they may not be able to get elsewhere. in the individual retail market. Companies are helping executives secure their financial future and○ We can often leverage the industry’s leading electronic application demonstrating in a very real way that they are important. Showing you technology to help maximize the efficiency of your executives’ care goes a long way in the race to attract and retain talent. benefits experience. *Investment Advisor, July 2006 page 11
    • Independence, Objectivity and IntegrationIt takes the combined expertise of a team of trusted advisors—attorneys, accountants, insurancebrokers and financial planners—working in concert, collaboratively and seamlessly, to help assurefinancial security. Lenox Advisors integrates financial security into financial success by delivering anunprecedented level of specialized expertise and personalized service entirely focused on helping ourclients grow, protect and distribute their wealth.page 12
    • “It’s no surprise that our business is built almost entirely from referrals from clients, accountants and attorneys.” Thomas Henske, CFP® Partner, Lenox Advisors , Lenox Advisors’ approach is founded on building a deep understand- For further information, call Lenox Advisors at (212) 536-8700, ing of the unique needs of each client. It is Lenox’s mission to become email them at info@lenoxadvisors.com or visit the firm’s website at aware of the changes in clients’ life circumstances in order to antici- www.lenoxadvisors.com. pate and respond creatively to new risks and emerging opportunities. The end result is a coordinated financial plan, updated regularly, that will help meet each client’s individualized wealth management goals. Lenox is a part of National Financial Partners (NFP), a publicly traded company focused on the distribution of financial services to high- net-worth individuals and growing entrepreneurial companies. This gives Lenox the ability to offer its clients the benefits of objective, independent advice together with all the resources of a leading national organization.
    • Corporate Headquarters 530 Fifth Avenue 11th Floor New York, NY 10036 Tel: (212) 536-8700 Two Stamford Plaza 281 Tresser Boulevard Suite 1004 Stamford, CT 06901 Tel: (203) 978-2200 300 South Wacker Drive 8th Floor Chicago, IL 60606 Tel: (312) 347-1680 535 Pacific Avenue 2nd Floor San Francisco, CA 94133 Tel: (415) 486-2180 www.lenoxadvisors.com info@lenoxadvisors.comNational Financial Partners Corp. (NFP), 340 Madison Avenue, 19th Floor, New York, NY 10173, (212) 301-4000, www.nfp.comNational Financial Partners Corp. (NYSE: NFP) is a national network of owned and affiliated independent financial advisors specializing in life insurance and wealthtransfer, corporate and executive benefits, and financial planning and investment advisory. Founded in 1998, NFP provides its independent financial advisors access tofinancial products and services offered by some of the industry’s leading companies, along with the support of our infrastructure and intellectual capital. NFP Firms aremotivated to expand their competitive position and enhance their ability to better serve their clients—all while preserving the entrepreneurial independence that makesthem top producers in their field. NFP’s national network consists of over 180 owned firms and more than 320 members in 41 states and Puerto Rico.*Estate planning is done in conjunction with your estate planning attorney, tax attorney and/or CPA.Fee-based financial planning services offered through Lenox Advisors, Inc. Lenox Advisors, Inc., offers access to securities and asset management services throughMML Investors Services, LLC., 530 5th Avenue, 14th Floor, New York, NY 10036, 212-536-6000, member SIPC.Investment adviser representatives of Lenox Advisors, Inc. offering fee-based financial planning services may also be registered representatives and investment adviserrepresentatives of MML Investors Services, LLC. for purposes of offering securities and asset management services, as applicable.Lenox Advisors, Inc. is a wholly owned subsidiary of National Financial Partners Corp. (NFP). Lenox Advisors, Inc and NFP are not affiliates or subsidiaries of MML Inves-tors Services, LLC. Services offered through Lenox Advisors, Inc. as an Independent Registered Investment Advisor are not sponsored or offered through MML InvestorsServices, LLC.For more information:www.lenoxadvisors.com#CRN201101 – 115495