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Lou has over 20 years' experience in the financial services industry. He provides complex solutions for women and divorcees with his wealth management strategies. Lou stated, "As an independent advisor, I have complete autonomy to assist my valued clients. Since joining TIC in , the guidance and support of the management team and home office staff has been overwhelming and I am flattered with receiving this distinguishable award.
About The Investment Center, Inc. Established in , The Investment Center, Inc. For more information about TIC, visit www. Broker-Dealers rated highest by their representatives are awarded "Broker-Dealer of the Year. Tags the investment center independent broker-dealer ralph j. All Rights Reserved. I will work with you to understand your needs, define your goals, and develop a plan that suits your personality and individual investment style.
Dream as big as you would like, and we will help you get there. Read More Retirees Enjoy the hard work of a lifetime, while also deciding how you would like to protect your family wealth moving forward. Please leave this field empty.
Since joining TIC in , the guidance and support of the management team and home office staff has been overwhelming and I am flattered with receiving this distinguishable award. About The Investment Center, Inc. Established in , The Investment Center, Inc. For more information about TIC, visit www.
Broker-Dealers rated highest by their representatives are awarded "Broker-Dealer of the Year. Tags the investment center independent broker-dealer ralph j. All Rights Reserved. Register Sign In. Email Print Friendly Share. View Image: S M L. And that has them seeking stocks that are primed for gains. Codiack BioSciences CDAK As we have all learned from coronavirus pandemic, some new thing in medical science can make huge impact on our world.
Codiack aims to turn that principle to good. This research-oriented pharmaceutical aims to turn exosome therapeutics into a whole new class of medicines. Exosomes are the degradation mechanism RNA, and can transfer genetic material around a body. And therein lies the potential. Codiack has developed a design platform for the engineering of exosome proteins capable of carrying and protecting drug molecules through cell walls.
If successful, exosome therapy offers doctors the ability to design a drug that will deliver specific agents to specific cells to fight specific disease. Codiack is involved in all aspects of exosome therapeutics, from design to manufacturing, and currently has an active pipeline of agents — seven, in all — in various stages of discovery, preclinical testing, and the beginnings of Phase 1 trials.
In the biosciences, success or failure is all about that pipeline, and in its diverse, active pipeline of agents in a new sector of biotechnological pharmaceuticals, Codiack has a fine resource to attract investors. To get those investors, the company went public this past October, selling 5. Among the healthcare name's fans is Goldman Sachs analyst Graig Suvannavejh.
Among a field of multiple competitors, CDAK has made the most significant progress on both fronts, and as such we view their technology platform as best-in-class. Arcutis is involved in discovering the next generation of dermatological treatments — an important niche, especially when one realizes that one common ailment, psoriasis, has not seen an FDA approval for a novel treatment in over two decades.
The company is leveraging recent advances in immunology and inflammation to find new approaches to skin treatment. The goal is to make it easier for patients and doctors together to manage conditions like psoriasis, alopecia, atopic dermatitis, seborrheic dermatitis, and vitiligo, to name just a few. The company's lead candidate, ARQ roflumilast cream , is about to enter a phase 3 trial for atopic dermatitis, and is in an advanced phase 3 stage in Plaque Psoriasis. Arcutis has recently issued an update on positive data from the Phase 2 trials of ARQ in atopic dermatitis.
The drug is a once-daily treatment, and has demonstrated significant patient relief from symptoms, especially itching and itching-related sleep problems. It has been in operation for eight years, and went public this past summer, holding the IPO in August.
Earnings per share matched expectations, at 15 cents. A planned expansion in Texas, involving a partnership with Walmart, is also proceeding as planned, and Oak Street has opened its first Walmart Community Clinic the Dallas-Fort Worth area city of Carrollton. Disclaimer: The opinions expressed in this article are solely those of the featured analysts.
The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. According to the poster, the new prices are for the Chicago area, but Ars Technica has confirmed that price hikes are coming to all customers across the US. John Buckingham of The Prudent Speculator investment newsletter provides a special screen of stocks for MarketWatch premium subscribers. House of Representatives and Senate. After what can only be described as a tumultuous year, with at the gate, both Wall Street and Main Street are exuding a sense of optimism.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. Rhythm Pharmaceuticals gained Food and Drug Administration approval for an obesity drug for patients with rare genetic deficiencies, and RYTM stock rocketed to a two-month high.
At age 57, this is an income stream I hope to outlive—but I could be wrong. Ford has been among the worst-performing auto stocks during the past five years. Its new CEO could help fix the company and send its share higher. Apple has been an American success story several times over with the Mac, iPod, iPhone and other inventions. But is Apple stock a buy now? Here's what its stock chart and earnings show. Looking for an alternative to low-interest savings accounts or bonds? Jeremy Siegel, the Wharton professor credited for calling Dow 20, in , predicted that the market could be in for a solid gain in the coming year based on three factors.
Citron Research editor and notorious short seller added another name to his holiday short list on Friday. Does not take a ball of crystal to know this will fall back to Arda," Left tweeted. Benzinga does not provide investment advice. All rights reserved.
But the year has also provided many interesting sub-plots. One of which has been the rise of Zoom ZM.
Lou: Lockwood was on the platform. And they were not part of Pershing at the time, they were their own deal. There were one or two others. And I did pay attention after a little while. Lou: So initially, I resisted, but after they presented things as they saw them — and they saw them very, very well — I really did appreciate it, and I still appreciate it, and I started to build it.
So I had worked with Provident Mutual. Lou: Career production and all those terms I never want to use again in my life, but I will here. No way. I know they existed but…. I had built a commissionable business. I really kind of like it. Lou: I wanted to be done with the sales job, Michael. My time spent in the business was time well spent.
I realize that now. On the precipice of failure, man, because I had spent all this time selling life insurance and now I was going to break that relationship. And any renewals that came along with that were gone. If I went to sell clients more life insurance or replace it, Nationwide would send people looking for me. So I had to start over, for the most part.
Fortunately, I had built really good relationships outside of just client relationships with COIs. They were a big help in getting me started back up with the broker-dealer and away from insurance, getting into assets under management, and then from there, really getting into the planning discussions.
The answer is I started to build. Not a lot for the time that it could have been. My wife was nervous, to say the least. Michael: I would imagine so. So she was nervous. So she pretty well thought I was nuts. A little bit crazy is okay. So you said at the beginning that you went in for the life insurance sales job, and they were pretty straight with you.
You did it for 12 years or so. And so you went in taking the life insurance sales job and by the end, you said essentially you were leaving because you wanted to be out of the sales job. So, what changed over the 12 years that you were happy to go into this gig but by the end, you were happy to leave and make the transition away? Lou: Well, I continued to seek education.
Can I do this? And that was of interest to me because of my desire to continue to learn. So I just had a desire to be better at the job and to advise rather than sell, and to get paid for the advice that I would give. Michael: So you decided to make this transition. So what was the process like then, of trying to find a place to land? Did you know what the independent broker-dealer world was? Did you know what you were looking for? How did you find where you were going next? You get the phone calls, and I had been recruited.
One was a local broker-dealer, an independent broker-dealer. They were local. They seemed like nice people. And after speaking with a few independent broker-dealers, the one that was local ruled the day. As you said, the tech demo from TCA was one of the key things that sold, that closed the deal. And so it would just come down to who had the best local presence of offices, facilities, and managers who would hopefully support your practice and not be a pain in your backside?
Their compliance department was very good. So I chose them and spent 12 years with them. So what did it look like when you got to The Investment Center? What was the business plan? What comes first, or next? Lou: All right. I realized I liked the AUM model, and I like all the models that have to do with doing the best job you can for your clients.
So, some charge by the hour, the retainer, the AUM. Just to sweep, get through that part of it. I thought it gave me the opportunity to stay focused on the clients, to build the business, to do it in a way that is giving them advice if they call up for whatever it might be. After a few years at The Investment Center and in building the structure of my office, I was fortunate enough to go out.
And I have hired some good people along the way. Lou: No, no, no, no, no. She was my first business coach, a wonderful woman who really had an enormous impact on my career and my life. And she presented to me the idea of building a proper business plan.
I did it. I listened to her. It was really an enormous help. I started a study group…. Michael: Sorry, let me pause there really fast. So what did they have you build? What did that look like at the time? What was the grand vision that was suddenly laying out for the first time for you? Lou: Okay. Who would you like to be? Well, I would like to give advice. I have this knowledge from all these years in the business, I have this knowledge of financial products. Estate planning — I went through multiple estate planning training programs through the insurance companies at the broker-dealer.
So I started with the fact that I wanted to give people advice, because I had all of these pieces in my brain that I could now share with very successful people, with people who were trying to be successful. So I started there. She was insistent that I get away from thinking in a sales mode. Always think of the client first. So I really get that independence. Michael: So what did that mean in practice?
Lou: Thank you for clarifying that. So what she meant is that at Provident, it was very clear what my job was. My job was to sell life insurance. So I was, if you will, a problem solver rather than an advice-giver at that point. What do they need? Are they business owners? Are they Wall Street executives? Are they small business owners, big business owners? Do you want to run k plans?
It took some doing. It took some back and forth to really work through that and start to define as an advisor what I wanted to present to people. And it did. It took some time, because I still had to earn a living. But I did it. Michael: I think you have an interesting framing for it. Ideally finding problems where life insurance is the solution to the problem.
Which is fine, if you actually are good at staying focused on that and just solve the particular problems that life insurance legitimately solves. But you have an interesting framing that, even reflecting back, because I started on the same path.
I started out on the life insurance side of the business and then moved to the advisory side. And I kind of had a similar experience. And I was really bad at selling it to anybody no matter what their problem was. That was what, I think for me as well, started shifting the mindset and the focus of…when I went down the journey and shifted from life insurance company to independent broker-dealer. And that was what took me from the life insurance world to the independent broker-dealer world.
Lou: So yes, I had that epiphany, who I wanted to be, and started down that path. And she was really great. But back to the really great hires — I made a really fantastic hire, Michael, and you have met her. I hired her and she took the work that the two business coaches put in place.
And I always give her compliments. Lou: Yeah, marketing business development. So can you talk just about what kinds of things she did that suddenly, rocket-fuel grew the business? And that was three and a half years later. Michael: Wow. So help us understand a little bit more about what she was doing or what changed. You said she really helped you focus and refine who you were going after and where to find them. How were you defining your target clientele at that point? Were you forming a niche?
Were you just kind of defining a target client? Who did you decide you were going after, and what did that look like at that point? It was niche marketing, and it was focused specifically on divorced women at the time, which I know has since become more of a market for other advisors. I really like to be respectful, and I wanted to work with them because I really did enjoy the process of helping during a situation that was very, very challenging.
She helped me refine that message, and also be a professional in working with them, to respect and understand who I was sitting across from and how I could be helpful. So that niche market was very important. She also worked diligently in relationship marketing to help the COIs understand the clients who should be working with Tranquilli Financial Advisor. Really, really important impact on the business.
Michael: So COIs at this point, centers of influence, were divorce attorneys and accountants who were seeing divorced folks. Was that kind of how the referrals started getting set up? Lou: Sure, that was part of it. So we would put together these…. Michael: What were you doing with them, or for them? Lou: That is correct, yes. Lou: Well, that sums it up well.
Yes, is the answer. Lou: Right. Why argue with success? Pick your spot, know who you are, and then get to work on it. And apply it as it should be applied to you. And I deliver value for that, and I can be effective. Were there particular things that you were finding that were working for you and starting to gain more traction than others?
Lou: Well, sure. You stated it earlier and it was accurate. I have become known as the person to reach out to. I do give up my time to someone who is in a fragile state, in a challenging time. I will give that person time to come to the office and I will provide them with explanations. And I will give those people the hour they need to understand the different elements of going through a divorce.
And then, of course, that shines a positive light on the COI and helps the person along as well. But you would still meet with everybody who was getting referred in, so that you maintained your relationship as the go-to, and you maintained a good relationship with the COI. The people who were getting referred to you — were they in your niche still, not necessarily everybody coming in off the street? Or were you not getting other folks coming in off the street, because you were already known for your divorce thing — was that why people showed up?
Lou: No, I still continue to receive referrals from a number of different places. I have given demonstrations of RightCapital, Riskalyze, and explained the custodial relationship. Lou: Sure, sure, sure. So we put together a group of clients and non-clients. We just had a meeting not long ago. And their insight on things like my logo, Michael, I had a few designers draw up my logo…. What logo do you prefer?
Even the name of the business. But there are so many other parts of it. We were talking about referrals to other clients. They referred me to clients, of course, but they also gave me confidence in the way I was delivering and offering financial advice.
I knew that with their knowledge of how I would deliver it, that I was doing it in the best fashion I could. It has been invaluable. Michael: So how did this advisory board get picked, or created, or established in the first place? How do you put something like this together? And you start there. So it really is a matter of going through different clients.
This is episode , so if you go to kitces. The one other question I do have to ask, just particularly from the context of the people who joined who were not clients, just help me understand how that conversation goes. One of the non-clients is a real estate agent and we crossed paths with some people who she had sold to or purchased from, or helped purchase homes locally.
So I knew her, and she knew me. We had this tangential relationship where we knew of each other. We probably spoke for six or eight months about work, and our different challenges at work. The other person is a technology person. How do you do business with the people you work with?
Or, how do you perceive that you would want to do business with someone like me? Michael: So you put together the advisory board, you formed this niche. So the niche led to a very strong base of being with an independent broker-dealer.
So I was looking for advisors to purchase. I did go to the broker-dealer directly and made it known that I wanted to make that happen. It was small, but it was someone who wanted to retire. And when I say he wanted to retire, it was August 1st, and by September 1st, he wanted to be in Florida. He shows up with three milk crates that look like they were from maybe , when I was two years old.
We had to wade through those and work through them. We ended up with some really, really excellent clients from that book of business. So that was the first. We had to go through conversations of how I work and how he worked. And that also went very, very well. So that was the exponential growth from the efforts in the office and then externally through the purchase from other advisors. Michael: So as you look back at this journey over 25 odd years from insurance agent to broker-dealer into the hybrid side and over to full RIA, what surprised you the most about trying to build your advisory business?
And that may be the engineer for one person, that may be the doctor for another person, that may be a divorced person for another. I think you have to seek that out. Go do it. Find a market that works or a niche that works for you, and go with it. And enjoy it. Lou: Well, how about if I answer that with this, Michael — I know there have been people who have not called me because they think I only work with divorced women.
I took that concern and made sure that we were presenting advice to the people who needed the advice at the time they were sitting in the office. Lou: I want to say , of course, but…what was the low point of the last decade or…? And I cannot wait for the next 25 years of ups and downs. I mean that, too. This is the greatest gig ever — I just love what I do. So I will answer it with…the break from the insurance business was not easy.
And I was top of the table. I never made it to Court of the Table, but I was top of the table. And that was a hard break. I worked through a brokerage out in Utah when I ultimately left Provident Mutual. And I had my rep who was very good at his job. And he was very disappointed, Michael, as you can imagine. But I stuck to it. The low point was a series of years, frankly, in making the decision to cut the cord from that sales job and become truly an advisor to clients.
There were four or five years, Michael, of concern. I have four kids, like I said, and I have a wife. Like everyone else, we have bills and all those things that come along with being a person. This is what it was, and this is what it is. Are you insane? Lou: Yes, is the answer to that. The patient will live. I was admittedly not confident, Michael, of getting there.
Well, I started by hiring Nicola Sutton, as I mentioned, and from there, once I built a niche and saw it and felt it, I then put together the advisory board and knew I was going in the right direction. For the business plan moving forward, I do have to take some time as this new RIA entity; I have to understand compliance, as I said earlier.
I do want to find those advisors who are looking to retire. That is key to the future. We can always work 24 hours in this job, always. I want to go find it and build it from here out there. The success is in the fact that I can lay my head down and know that I have had a conversation with someone who needed the advice and I delivered the advice to them or could direct them to someone that could properly advise them. That I have other financial advisors who I count amongst my very best friends.
Lou: Truly a pleasure to take a walk down memory lane. General Inquiries: Questions Kitces. We honor Lou and will support him with his vision for years to come. Lou has over 20 years' experience in the financial services industry. He provides complex solutions for women and divorcees with his wealth management strategies. Lou stated, "As an independent advisor, I have complete autonomy to assist my valued clients.
Since joining TIC in , the guidance and support of the management team and home office staff has been overwhelming and I am flattered with receiving this distinguishable award. About The Investment Center, Inc. Established in , The Investment Center, Inc. For more information about TIC, visit www. Broker-Dealers rated highest by their representatives are awarded "Broker-Dealer of the Year. Tags the investment center independent broker-dealer ralph j.