9 minute read
Investing in Life Together
A wealth of knowledge for clients who are handled with compassion and care.
PAID PROMOTIONAL FEATURE
Though The Villages has continued to grow and Fross & Fross has grown with it, you’ll find they still offer the same compassionate and caring service each client has always come to expect. Neither their objectives nor their process for unwavering standards of service has changed. Their relationship with their clients comes before the financial aspects.
Since beginning to offer Wealth Management Services in The Villages over 19 years ago the business has continued to evolve, not just with the incredible growth of the community, but also with drastic changes in the market environment. Cofounding twin brothers Thomas “Thom” and Robert “Rob” Fross say the growth they’ve experienced is reflected in better service and availability for clients.
“There are no mulligans in retirement,” Thom says. “Most clients have never retired before and this is unchartered territory for them. They’ve only one shot to do it right the first time. Fortunately for them, we’ve gone through this process with hundreds of clients. It’s not unchartered territory for us. We’ve retired with client after client and they are leaning on us for our wisdom and guidance.”
“We are staying true to our philosophy of being selective with the people we work with,” Thom adds. “But we have added additional sta to better serve our clients. It’s better service to our clients and that’s our aim.”
Rob adds, “Every client is so important to us, and all of their needs are unique. We want to make sure we were able to scale in anticipation of the unique needs that a growing aging clientele brings.”
The two brothers also offer advice to a growing audience such as Forbes columnists and CNBC & Fox Business contributors.
When Fross & Fross advisors meet with a client, there is a clear objective in every meeting. They utilize a four-phase process of establishing what their clients need and how to fulfill those needs through goals and objectives.
The four phases are: discovery, strategy, implementation, monitoring/adjusting.
Discovery for Fross & Fross means getting to know you personally: your family, your hobbies, your future plans, your ideal financial perimeters. You’ll notice the financial element of this process is at the bottom of the list because it’s important to the wealth advisors at Fross & Fross that they know their clients on a personal level first so that they can truly understand their unique needs.
“We must always anticipate growth,” Thom says. “However, we also strive to provide the same personal touch we’ve always given our clients.”
With strategy comes the development of an effective, long-term investment plan. With constant communication, research, and the work of their highly-skilled staff, Fross & Fross strives to make this process quick and easy for you.
In 2018, the professionals at Fross & Fross became a part of LPL Financial, the largest * independent broker/dealer in the United States for 21 years straight. LPL shares the same philosophy that Fross & Fross does by stating on their website that “social responsibility is integral to who we are as a company, how we interact with each other, our communities, and our planet, and how we conduct business.”
“The reputation Fross & Fross has developed by giving white-glove treatment to clients means we’ve had to grow to continue to provide the personal service clients appreciate,” Thom says.
The implementation phase of the Fross & Fross process is meant to be done fastidiously but in a stress-free and prompt manner for the client. This phase is when staff members come together as a team to successfully execute your investment strategy.
“We don’t go into any meeting thinking of one product to fill every need of a client,” Thom says. “We provide a personalized plan for every household. There is no cookie-cutter plan at Fross & Fross.”
The final phase of this process is where the relationship with the client is most important. Accounts are monitored regularly to ensure they perform according to the intention of the client. When circumstances change or a shifting global market requires a different approach, Fross & Fross never hesitates to make adjustments and keep clients informed.
“It’s a team effort,” Thom says. “We make sure we’re all on the same page on investments. We see clients as real people with real needs, and we want to ensure those needs always reflect positive growth and success.”
One of those team members is Casey O’Rourke, who works as an advisor with clients alongside Thom. Casey is a member of the investment committee and is responsible for much of the research used in the development of their portfolios.
“He’s an essential part of our firm’s investment committee,” Thom says. “His remarkable skill with research and asset allocation is vital to the company’s success.”
Casey truly enjoys being able to create a strategy for retirees as well as monitoring their well-being. “I give them the best resources they can possibly have. My parents live in The Villages, so I can relate to our clients in that way,” Casey says. “I am always putting my best foot forward to help clients improve their lives, just as I would do to help my own family.”
“We are friends with our clients, we are family, and they appreciate that. We meet with them regularly and get to know them,” Casey says. “Trust is very important and it happens naturally. We pride ourselves in going the extra mile.”
In addition to wealth management, the financial firm is also well known for the personal time they spend with their clients. Fross & Fross clients are invited to exclusive events such as company cruises, polo tournaments, drive-in movie nights, happy hours, dinner dances, shopping days, online virtual events, and many more. “This is a way of deepening our relationships on a more personal level with our clients, as well as a way for them to meet each other and form relationships and friendships of their own,” Thom says.
Another integral part of Fross & Fross’s growth has been in their ability to help women who are recently widowed or divorced. According to the National Center for Biotechnology Information, men have a 60 percent higher mortality rate than women. “We have noticed this to be true in The Villages and have taken steps to anticipate the needs this fosters,” says Renée Springstead, the firm’s first female financial advisor.
Focusing on financial planning and investments for women is essential, and Renée Springstead is a strong resource. She understands firsthand as she originally came to Fross & Fross as a client.
“I know personally as you’re going through this kind of difficulty, it’s important to have a strong team on your side,” Renée says. “I quickly learned what they do here not only aligned with my fundamental belief system but also made me realize I could be a part of this same team and help those who need it just like I did.”
A now long-term employee, Renée also serves an integral role on the investment committee and as a wealth advisor who specializes in working with female clients.
“Renée is a dedicated wealth advisor and is an incredible asset to the firm,” Thom says.
“Renée understands the challenges women may face during the most difficult times of their lives. She assists them and makes the process of what they need to do easier.”
“This is a very fulfilling role. I know firsthand how important it is to have a place to turn to, to have someone to help you through situations you’ve never faced before,” Renée says. “I enjoy helping a widow who may have been previously uninvolved in their investment portfolio gain knowledge and confidence because of the education we provide.”
Renée sees herself as a team member with these women and takes very seriously the responsibility of explaining and providing them the finer points of budgeting and financial planning and helping them transition to a new way of life.
“As you deepen these relationships, the women become more comfortable with the financial aspects and I feel I become their teacher, counselor, and confidante as well as a shoulder to cry on when needed,” Renée says. “No one has to put that in our job descriptions. Having the type of personality where you want to help people is an expectation here.”
—THOM FROSS
Patrick Fross, RICP, vice president and wealth advisor is the much-appreciated older brother of Thom and Rob. He holds the Retirement Income Certified Professional designation**.
“I feel the team approach we have adds value to what we do. Growth is a natural, evolutionary part of business,” Patrick says. “Rather than turn clients away, we have increased staff making us able to assist new clients and still provide the Ritz-Carlton experience for those already with us.”
Patrick notes that the firm is always looking for areas to improve and he firmly believes in the “one size does not fit all” philosophy. He provides in-depth financial planning for those newly retired or about to retire.
“Clients need to know if there is sustainability in a portfolio for the next 30 years,” Patrick says. “Everything changes at retirement—wealth distribution and wealth protection. We do not pigeonhole clients into one specific product. Their goals, objectives, and needs dictate our plans.”
Patrick compares financial planning to the important task of selecting a doctor: you can go to your favorite family physician for most problems, however, if you’ve had a heart issue you want to see a cardiologist. “Our goal is to help people plan for retirement, and then retire and stay retired.”
One way Fross & Fross is focusing directly on retirement issues is by their creation of a Retirement GPS model: growth, protection, and spending.
“We want to determine what your most important needs are so we can create a strategy based on the answer to those three significant parts of retirement,” Thom says.
“It’s possible some of our clients will spend more years as a retiree than they did working to get here,” Thom adds. “How do you make sure they don’t run out of money before they run out of breath?”
One single message comes through when talking to Thom and the other members of the team at Fross & Fross— they really do care what happens to their clients.
“We view our clients as fathers, mothers, aunts, uncles, and grandparents,” Thom says. “We fall back on our Midwestern values that our grandmother and great-grandmother taught us. We’re able to use our experiences to make the trip down this retirement road less intimidating.”
FROSS & FROSS WELATH MANAGEMENT/ 352.205.7800 / frossandfross.com / 910 Old Camp Road, Lake Sumter Landing
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC *As reported by Financial Planning magazine, June 1996-2020, based on total revenue. **Retirement Income Certified Professional (RICP) conferred by The American College.
