1. markets Wall street
Big Apple Business
Henske has carved out a niche in the center of the U.S. financial industry.
By Tammy B. Johnson
T
homas J. Henske, CFP, ChFC, area of the financial industry, he said, or California; Stamford, Connecticut; and
and his partners have found they prefer to keep their personal finan- Chicago, Illinois.
success targeting a group of cial lives separate from their jobs.
clients who are an unlikely market for Lenox, a full-service financial services Unique concerns
financial advice. firm, is managed by five partners. Hen- Henske said the majority of the firm’s
As a partner of Lenox Advisors Inc., ske and two of the partners are MDRT clients are first-generation wealth who
Henske, an eight-year MDRT member members: Both from New York, Mi- have found success working in Wall Street
from New York, New York, targets the chael A. Book, CLU, ChFC, is a 16-year firms and hedge funds. “Our clients grew
people who work in the center of the member and Gregory K. Large, CLU, up in modest backgrounds, rolled up
U.S. financial industry: Wall Street ChFC, is an 18-year member. Marketing their sleeves, got to work and ended up in
executives, hedge fund managers, law themselves as “Personal CFOs,” Lenox well-compensated fields,” he said.
firm partners and entrepreneurs ages advisors are able to coordinate all aspects Working long hours in high-stress
30–50. “One would think these people of their clients’ financial lives, includ- environments, he said, this group
already have their finances taken care ing retirement planning, asset and risk pays a high price for success. Henske
of, but they don’t because they’re so management, estate planning, insurance said most want to know the soonest
busy. They’re a classic example of the and education planning. Lenox opened date they can retire from their current
shoemaker’s kids not having the right its doors in 2000, and Henske merged profession.
shoes. They just don’t have the time,” his business with the firm in early 2003. “Our clients’ goal is to stop doing
Henske explained. Many also know A staff of about 150 — one-third of what they’re doing, not because they
little about estate or insurance planning those are producers — serve clients out don’t like their work, but because of
because they specialize in one narrow of four offices: New York; San Francisco, the frantic pace and lack of family
rOUNDtHetaBle.OrG JANUARY/FEBRUARY 2010

2. time,” he said. “Yet, they’ve created
this big lifestyle, so they have to
keep working to support it.” This
cycle indicates a misalignment of
the client’s values and lifestyle, and
a key step in the Lenox approach is
getting the client to recognize this.
Values conversation
During their initial meetings, Henske
asks questions that get his clients to
articulate their values, such as, “What
is it about money that’s important to
you?” and “Where do you want to be
in five years?” He then helps clients
determine whether their lifestyle
choices, to include their financial de- Henske and his partners (left to right): Richard P. Van Benschoten, CFP;
cisions, are in concert with those val- Book; Gregory L. Olsen, CFP, CLTC; Large; and Henske.
ues. Clients are encouraged to think
about their decisions in the context of into the future. “Investing a substan-
their life goals. For example, does the Lenox CFO tial amount of time and money in
desire for a new house outweigh their Lenox CFO is a financial planning our infrastructure ultimately allows
desire to retire early? platform designed to coordinate us to be more productive,” Henske
every area of a client’s financial said. “The more productive we are,
Gaining entry life. Henske uses a Web-based the bigger the footprint.”
The majority of Henske’s prospects tool to help with the organiza-
are from the Wall Street compa- tion of a client’s financial profile. Team player
nies of existing clients. Access to a Clients pay a monthly fee for a Henske encourages advisors who
high population of prospects and single access point to all their want to target a similar market
clients in a condensed area allows finances. Information on invest- to team up with other financial
Henske to be extremely efficient. “I ments, insurance, tax planning, services professionals. Henske
can fit in five meetings in one day bank accounts, group benefits and said the Lenox philosophy is to
because they’re all in one build- online brokerage can be accessed. divide responsibilities, become
ing,” he said. Henske and his part- By monitoring their finances from an expert in your area and trust
ners advise their corporate clients one location, clients can more your partners to do a good job in
on different types of benefit pro- easily focus on the bigger financial areas that are not your core com-
grams and qualified plans for their and estate planning picture. “Cli- petency. He details the evolution
employees, including customized ents want to see everything under of Lenox in his new book, “From
programs for senior executives. one roof so they can make heads Me to We.”
This is a major source of revenue or tails of it,” Henske explained. “It’s easier to go at it with a
for Lenox and often the catalyst The service provides a recur- group of trusted partners than
for building long-term relation- ring revenue source to maintain to go it alone,” Henske said. “My
ships with the participants of those and grow the firm’s infrastructure, partners and I have very differ-
plans. The goal is to eventually such as support staff, he said, which ent personalities and talents, and
provide comprehensive planning is necessary to continue to serve that balance should be embraced
advice, facilitated by a fee-based clients beyond the sale of a product because that’s what makes a good
financial planning platform. and is essential to the firm’s growth organization.” n
Fee-based financial planning services offered through Lenox Advisors, Inc. Lenox Advisors, Inc., offers access to securities and asset management services through
MML Investors Services, Inc., 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 adviser representatives of MML Investors
Services, Inc. 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 Investors Services, Inc. Services offered through Lenox Advisors, Inc.
as an Independent Registered Investment Advisor are not sponsored or offered through MML Investors Services, Inc. CRN201201 – 129564